How to deal with your estate agent | WIS Mortgages
Self Employed Page Banner

How to deal with your estate agent / builder?

Are you looking for the house of your dreams? You are well off and can afford the monthly payments? What’s drawing you back? Is it being a first-time buyer with no experience at all? Buying a house, especially for the first time will be intimidating. This decision will could cost you are saved you thousands of pounds.
In this short guide, our focus will be on to emphasize the tips a person should follow when dealing with a builder/estate agent.

Is there anything a person would want to know about the house he is going to buy?

The biggest fear is there is some negative factor which has caused the sale. There are many factors a person should consider; whether the local railway station is close by? How is the drainage system? How about the traffic conditions and neighborhood? Whether the estate agent can explain the energy performance certificate? How old is the property? It is always good to discuss with the estate agent, next door neighbors and local shop keepers s on the crime rates, quality of schools in the prospective neighborhood.

What is included in the sale?

There are times the estate agents provide incentives. The incentive may be a contribution towards the deposit/ stamp duty, fixtures & fittings, flooring, white goods etc. The buyer will have to always make sure he sees what he is getting as an incentive. A good solicitor will ensure the purchase includes everything promised at the viewing. If a particular person is getting a Help to Buy loan there are restrictions the lenders have on these incentives. These restrictions will differ from a lender to a lender. It is always good to talk to an expert in the mortgage industry as they can assist if there are any restrictions.

Dealing with the timelines

Mostly off-plan properties/new builds have deadlines imposed by the developers of the site. This is mainly because of the high demand for new builds. The deadline will usually be in between 21-28 days. This will be counted from the day buyer’s solicitor receives the contract pack from the seller’s solicitor. Buyer’s solicitor should be able take necessary steps to meet the agreed deadline. Otherwise, the buyer will lose the property and the reservation fee.

Property valuation

Generally, the estate agents are inflating the property value. A buyer may agree on the price and will proceed with a mortgage application. The surveyor appointed by the lender will down value the property. The property value will depend on number of external reasons; Selling prices of houses in the neighborhood, poor condition of the house, how long the property has been in the market, demand for the properties in the particular area etc. If there is a down valuation the buyer can always negotiate with the estate agent to reduce the price.


Buyer will be legally bound to the transaction when at the exchange of contracts stage. The buyer is required to pay at least 10% of the purchase price to the seller’s solicitor. The client will be legally bound so far before the completion of the transaction. A number of things can happen in this period of time. Therefore, the buyer will have to make sure his solicitor understands the risk of the transaction and necessary steps have been taken to protect the buyer and specially the deposit that is with the developer/estate agent.

At WIS, we consider your priorities and circumstances and discuss the complications with the business development managers of the lenders when and where it is required. As we are operating throughout the whole of the market, WIS is always capable of providing you the most suitable deal.

So, why not contact us to take you to the right option?

Your home may be repossessed if you do not keep up repayments on your mortgage.

Join our mailing list to keep up to date with information about the housing market. You can unsubscribe at any time