Lexingtons - Residential Sales Lettings & Property Management

When the time comes to sell your home, what determines your choice of estate agent?

You have a tremendous choice of agencies on the surface and most appear to do more or less the same thing. However, there is far more to simply finding a buyer and it is critical that when the time comes, you chose the right agent for you, your property and your situation.

A good starting point is to find an agent who understands, clearly the stresses involved in moving and who accepts that you are likely to want to sell your home with minimum stress and for the most attractive figure that the current market will pay within a convenient time scale.

WHY CHOOSE LEXINGTONS TO SELL YOUR PROPERTY

Many agents make unrealistic claims and rash promises. In order to choose the right agent to sell your home, we have listed some guidelines.

1. Local expertise

Buyers overwhelmingly, prefer to work with local experts whom they regard as in the know, so choose a well established local agent.

Beware it is well known that some agents deliberately over value in order to impress you to secure your instruction so don’t fall into the trap of simply choosing the agent with the highest valuation. An inflated price attracts the wrong buyers to your property and the right buyers never get to see it. This results with the property going stale in the market. This often leads to the property falling below its true market value. The issue of the correct valuation is paramount. It is critical that you appoint an agent who not only has a track record of successful sales in the area but also has a thorough working knowledge of current buyer activity and who can interpret prevailing market trends to your advantage.

Many sellers are unaware of the considerable differences between agencies and have no alternative than to decide who to appoint on the level of commission charged. This is often a huge mistake and is a bit like buying a car purely on price consideration. All cars go from A to B but the vast price differential is related to issues of quality, security, reliability and performance as well as the whole driving experience. The same is true of estate agents. Some agents simply cannot afford to provide a level of service that is either effective or makes the selling experience hassle free. For example they are often the last firms to provide adequate staff training or post-offer support resulting in missed offers, slower sales and lower prices. Cut price estate agents usually require a higher turnover of stock in order to survive and they are therefore less likely to be concerned about securing the best price for their clients. The net amount in your pocket is surely more important than the percentage fee charged!

4. Communication

Too many agents only communicate good news! That’s easy! Good agents are in frequent contact with their clients and have guts to advise you if anything needs to be done to improve your chances of an impressive sale.

If an agent is not enthusiastic about your property, don’t instruct them. A positive approach to selling your home is essential if buyers are to be inspired into buying your home.

6. The Directors

Choose an agent that is owned and run by property professionals who are interested in your sale rather than by people who are simply employed to build an empire. Could you get hold of a director if you needed to? Lexingtons is personally run by its directors.

Does the agent accompany all viewing? What about evenings and weekends? It is incredible that so few estate agents provide accompanied viewings. Apart from the obvious security issues, only when agents accompany buyers around a property can they probe, listen and understand what the buyer really wants. Agents who develop a picture of the buyers' preferences, in addition to those few key ones that were registered, tend to have much higher viewing/sales ratio and do not frustrate their clients with unsuitable viewers.

When you are choosing a selling agent, do make sure you choose one who also does lettings. Letting agents have long term buy-to-let property investors permanently on their books who buy regularly. They know the agent, and they make quick decisions and reliable offers. They prefer to buy through an agency that does lettings because it is easy for them to let out their new investment. Many tenants also register to buy. Good letting agents build strong relationships with their tenants and are in good position to help them buy one of their own selling clients' properties.

The internet is a valuable tool in estate agency but don’t be impressed by any hit claims. All web enabled agents are exposed to many buyers, but how well do they qualify those buyers, when it comes to discussing your home. It is very easy for a buyer to register a passing interest. It takes a well trained agent to identify those buyers who have a serious and pressing need to move. Find out how easy it is for the buyer to use the agent's property search facility by visiting their website yourself. Is it impressive, state-of-the-art, and does it provide useful buying and selling advice.

Unlike other agents Lexingtons owns a number of domain names which are designed to attract more web traffic to our website.

10. Property Portals

Over 80% of buyers use the internet when looking for a property. So you need to be sure that your property is found and promoted-quickly and easily. An agent might have a great website, and that’s fine, but do they subscribe to the most effective property portholes because this is how buyers are directed to your property when they search using the search engines such as Google, Ask Jeeves, Exite, or Yahoo. Two of the best in the UK are Findaproperty.com and Primelocation.com. If your agent does not feature your home on findaproperty.com or Primelocation.com then you are at a considerable disadvantage, so that is worth checking.

Advertising in traditional newspapers is being gradually eroded by the modern use of the internet and by estate agencies having and promoting their own Web Sites. Indeed if someone is presently looking to buy a property in this area, they are very likely to get online and search for properties via an agent's web-site or through one or more of the property portholes mentioned above. At Lexingtons we have noticed a diminishing return from our traditional newspaper based advertising and now we reserve paper based advertising to specific properties that may be of special interest or where the vendor has specifically requested it.

12. Window displays

Many agents use traditional window cards as part of their window display that promotes specific properties. Some agents also use eye-catching LCD or Plasma screens which attracts attention and creates interest from passers by. Lexingtons approach is a combination of both window card display coupled with an interactive touch screen window monitor. Properties from this monitor are persuasively marketed to the full in a non aggressive way 24 hours a day, 7 days a week. Prospective buyers have the option to search a relevant property from our database as well as the ability to register their details simply by touching a keyboard on the window monitor. This effective technique is used by the retail sector but very rarely in property and has accounted for a significant rise in the number of local buyers registered with us.

Ultimately you are best served by choosing an agent who holds values that are similar to your own. One who has time to listen, one who understands your needs and concerns, one who can offer real straight talking advice, one who takes pride in his integrity, combined with a passion for results.

Needless to say Lexingtons not only fulfils but also goes beyond many of the recommendations outlined here. You owe it to yourself to make the right choice so when the time comes to sell or rent your property, choose wisely, choose Lexingtons.

Home Information Packs

Lexingtons is offering a basic Home Information Pack (HIP) as part of its service to clients. The information contained in a basic HIP will assist our clients in the sale process, meaning that potential buyers will have access to relevant information at an earlier stage in the transaction process. We take a positive view and consider the extra work on our part should not be a major issue. Our clients can rest easy in the knowledge that we will arrange for their Pack to be put together and they need not be concerned about undue delays in the marketing process. Set out below is a guide which gives detailed information on the various elements of the Pack.

What is in a HIP?

A HIP contains important information that buyers and sellers need to know. When anyone markets a residential property for sale, they will be required to have a HIP for that property. Whilst initially, packs were required for properties with four or more bedrooms, from 14th December 2007 all properties with one bedrooms or more have been phased into the scheme.

Do you need a pack?

You do not need a Home Information Pack for: Properties where there is no marketing (eg a sale to member of your family); Non-residential properties; Seasonal and holiday accommodation; mixed sales (eg shop with flat); right to buy and similar sales; sales of portfolios of properties; properties not being sold with completely vacant possession; or unsafe properties and properties to be demolished.

What will a HIP contain?

The following are compulsory documents in the Home Information Pack - otherwise known as 'required' documents, as opposed to the optional 'authorised' documents: Energy Performance Certificate; sale statement; searches; evidence of title; leasehold and commonhold documents; and Home Information Pack index.

Energy Performance Certificates

An Energy Performance Certificate (EPC) tells you how energy efficient a home is on a scale of A-G.The most efficient homes should, in theory, have the lowest fuel bills and are in band A. The EPC also tells you, on a scale of A-G, about the impact the home has on the environment. Better rated homes should have less impact through Carbon dioxide (C02) emissions.The average property in the UK is in bands D-E for both ratings.The EPC also includes recommendations on ways to improve a property's energy efficiency. Sellers of newly built homes will have to provide a predicted assessment of the energy efficiency of the property, but a full EPC should be provided to the buyer when the home is completed.

The sale statement should provide some basic information about the property, including: The address of the property being sold; Whether the property is freehold, leasehold or Commonhold; Whether the property is registered or unregistered; and whether or not the property is being sold with vacant possession.

The HIP must include:

The local land charges register relating to the property being sold.

If the search is carried out by the local authority, an official search certificate will be provided from the local authority or from a personal search company.

Other records held by the local authority on matters of interest to buyers, such as planning decisions, road building proposals and the provision of drainage and water services to the property.These are referred to as local enquiries in the Home Information Pack. Again a personal search company can provide this information.

Evidence of title

These documents prove that the seller owns the property and therefore has the right to sell it. Where the property being sold is registered, certain documents that are available on request from the Land Registry must be included in the Pack.These provide an up-to-date official record of who owns the land, and consist of:

Official copies of the individual register (made up of a property register, proprietorship register and, typically, a charges register;

An official copy of the title plan; and for sales of unregistered land

The Pack must include copies of a certificate of an official search of the index map (obtained from the Land Registry), and those documents that the seller intends to rely on to provide evidence of title to the property, and thus the right to sell it.

Leasehold and Commonhold documents

Most of the documents that must be included in a HIP are applicable to all transactions, but some are needed only for leasehold and Commonhold sales. The required leasehold documents are: a copy of the lease; any regulations or rules that apply to the property that are not mentioned in the lease and any proposed amendments to same; statements or summaries of service charges covering the previous 36 months; where appropriate, the most recent requests for payment of service charges, ground rent, insurance against damage for the building in which the property is situated, and insurance in respect of personal injury caused by or within the building during the 12-month period before marketing began; The name and address of the current or proposed lessor, and details of any managing agent that has been appointed or proposed by the lessor to manage the property; and A summary of any works being undertaken or proposed that will affect the property or the building in which it's situated.

The compulsory documents include a HIP index, listing all of the documents contained in the Pack. The index provides a checklist for sellers, buyers, agents and enforcement authorities.Where a document that must be included in the Pack is unavailable, the index must say so, give the reason it is missing, and indicate what steps are being taken to obtain it. Where documents are added to or removed from the Pack at a later stage, the index should be revised accordingly.

The optional parts of a Home Information Pack (known as 'authorised' documents) include the following:

Home Condition Reports
Legal summary
Home use/contents forms
Other documents

Note: only required and authorised documents may be included in the Pack.

Home Condition Reports

A Home Condition Report contains information about the physical condition of a property, although its limitations are such that most purchasers of older properties are likely to commission a more detailed structural survey to ensure the right perspective is given in describing the condition of such property.

HIPs will contain some complex documents that can be difficult to understand.The optional summary of the legal content of the pack could therefore be very helpful to buyers, although it will not remove the need for buyers to take their own legal advice as well.

Home Use/Home Contents Forms

Home Use and Home Contents Forms let sellers give buyers information on a range of matters relating to the property, including information on boundaries, notices, services, sharing with neighbours, planning permissions and other matters of interest to potential buyers.

It is usual for sellers to declare which fixtures and fittings and other contents of the property are included in the sale, which are excluded from the sale, or are subject to negotiation.

Other documents
Sellers could speed up the sale if they include non standard searches in their HIP, where appropriate. For example, it is standard practice to obtain a mining search in areas where coal mining has taken place. Sellers in these areas will save time if they provide this search in the Pack. Other searches cover rights of way, ground stability and actual or potential environmental hazards such as flooding and contaminated land. Sellers will also want to include guarantees and warranties for work already carried out on their homes.

Lexingtons is centrally located and strategically positioned between Hampstead, Belsize Park and Swiss Cottage all within a short walk. This is an area known as Belsize Village. This location gives Lexingtons a large catchment area that also includes West Hampstead, South Hampstead, St. Johns Wood, Primrose Hill, Chalk Farm, Camden, Regents Park, Golders Green, Kentish Town, Highgate and Gospel Oak.

Established in 1992 Lexingtons has been renting, selling and managing properties in these areas for a varied clientele base who are both from the surrounding area and internationally.

Lexingtons has advised many prospective Buyers and Landlords about buying the right property that meets their needs be it for investment or for owner occupation. Likewise Lexingtons has acted for numerous Landlords in finding suitable tenants as well as advising them on how to get the maximum return from their property. Lexingtons works in partnership with its clients to reach a mutual goal that is collectively rewarding to both parties.

With a balanced and committed approach Lexingtons has a team of highly trained, enthusiastic and motivated personnel that are committed to caring for your property needs.

With the fluctuations and recent changes in the property market, not only in price, but also statutorily, Lexingtons is prepared to meet the future challenges by keeping abreast of market trends and legislation.

Lexingtons is also geared up to meet the technology drive that has permanently changed the property marketplace and is constantly evolving. With Lexingtons internet presence as well as on our office touch-screen display where prospective buyers and sellers, landlords and tenants can collectively search for their ideal property as well as register their property and contact details. Lexingtons has managed to have a competitive edge on other property professionals.

Statistically, Lexingtons is the licenced Hometrack agent to cover the geographical immediate and surrounding Postcode Areas of NW3, NW6 and NW8. Working in partnership with Hometrack allows Lexingtons to provide a specific and unique eight page report for all residential sales valuations that show the client the prevailing property trends in the area as well as comparable evidence of other similar properties that have sold in the immediate and surrounding vicinity.

REQUEST A FREE VALUATION AND HOME TRACK REPORT

We highly recommend that you read a Hometrack Report when you are thinking of selling your property. This report is just one of many ways that differentiate us from our other local Estate Agents. We feel a Hometrack Report is so important as it offers you independent proof of the current market conditions and gives you an exact number of properties that have actually sold or been re-mortgaged in your area. You are selling one of your biggest assets and being mislead or accepting poor advice could ultimately cost a great deal of time and money.