Don’t lose out financially if home sale falls through

LETTINGS • NEW HOMES • COMMERCIAL • FINANCE • PRIVATE SALES • DIRECTORY

CURRENT housing trends in the UK reveal that more people are moving to the suburbs and away from the hustle and bustle of the city.

Detached homes in the suburbs have grown in price in the last year more than any other property type; by almost 9% according to Land Registry data. Interestingly, this rise is significantly more than in any other area; inner city prices grew by 7.1% whilst rural prices grew by almost half the rate at 5.3%.

It’s not too difficult to see why, in a typical representation of idyllic family life, one could imagine that many folks aspire to have a detached family home accompanied by plenty of greenery.

Not only this, but commuters are increasingly starting to recognise that prices as you move outside of London can start to become very attractive when factoring in all the different variables when it comes to choosing home.

Savills recently published a study showing that for those willing to make a commute of between 25 and 34 minutes, an average property is about £30k cheaper; a journey of 35 to 44 minutes sees average property prices at around £90k less; and at 55 to 64 minutes, the average buyer can save £150k.

The trends are showing that buyers are growing wise to the idea of a commuting lifestyle, and particularly indicating this; houses that are in close proximity to stations with convenient commutes have risen on average by 58% over the last decade.

For those considering looking outside of the city, it may be worth noting that of the main house types; town houses, farmhouses, cottages and manor houses, as you might expect, town houses offer better value and are on the market for less time on average.

If you’re a property owner, investor or are looking to buy or make a change, we’d be delighted to have a chat, and maybe even find you the perfect home in the suburbs! O, YOU’VE found a home you want to buy and you’re ready to put in an offer. It’s then that you start paying for solicitors, surveyors, mortgage advisers and other services to help you with your purchase. This soon adds up to thousands of pounds – a big investment that could be lost if the purchase falls through.

Frustratingly, conveyancing completion statistics indicate that one in three property transactions fail.

A recent survey conducted by emoov in August 2015 indicated that 13% of buyers experienced gazumping during their purchase (down from 22% in 2014).

To help give our clients peace of mind when going through this stressful time, Turbervilles Estate Agents as part of Turbervilles Solicitors, offer free insurance for home buyers and sellers which can protect you in the event of being gazumped, or if the seller changes their mind.

When you instruct Turbervilles, your standard conveyancing package will automatically include a home buyers’ or home sellers’ insurance policy which covers you for up to £1,500 in the event that your transaction fails to complete, subject to the policy terms.

The policy has one main aim in mind; to reimburse the costs that would have been lost if a property purchase falls through for the new buyer.

Even though there are between 750,000 and 1,000,000 successfully completed residential transactions PEACE OF MIND: Turbervilles estate agents, which has branches in Hillingdon (above) and Uxbridge (right) is offering free insurance to protect buyers and sellers if their sale or purchase is aborted per year in the UK, there are still more than 170,000 transactions that fall through.

On average, each of these aborted transactions costs the consumer £9966 in abortive solicitors’ fees, survey fees, , mortgage lenders’ arrangement fees and disbursements.

This is why we are really pleased to be the only firm in the Uxbridge area to offer our clients home buyers’ or sellers’ protection.”

So if you want to have allimportant peace of mind when buying or selling your home, call 01895 231311 to find out how Turbervilles can help you.