20 Things To Ask An Estate Agent BEFORE Making An Offer

Video Breakdown

0:00 – introduction

0:40 – Let’s talk money & mortgages

1:25 – Why are they selling the property?

2:13 – What is staying in the sale?

2:54 – When was the boiler last replaced?

4:12 – Was there any rewiring done?

4:44 – Has any structural work been carried out on the property

5:25 – How long have they had the property on the market for?

6:02 – How old is the property?

7:01 – How long has the landlord lived in the property?

7:22 – Do they have issues with the neighbors?

8:22 – Any serious issues at the property?

9:04 – What is the minimum price the seller may accept?

9:58 – What other offers have been made?

11:03 – Is the seller in a chaina and when will they move out#

12:08 – Has any worker been carried out on the property?

12:51 – Is this a listed property?

13:51 – Council tax band

14:30 – What are the bills like?

15:21 – What is the service charge and ground rent?

16:20 – How long is left on the lease?

Video Transcript

Podcast Hosts:

Gemma (Host)
Ifthikhar (Ifthi) – Accountant, Mortgage Advisor, and Founding Director at WIS

Introduction

Gemma:
Today we’re covering 20 essential questions to ask an estate agent or seller before purchasing a property.
Especially important for first-time buyers to avoid surprises.

Q&A Discussion

Q1: Why are they selling the property?
Ifthi:
Crucial to understand any underlying reasons for selling.
Sellers may not disclose certain issues; asking helps you avoid future problems.

Q2: What is staying in the sale?
Ifthi:
Clarify what fixtures or appliances are included (e.g., chandeliers, curtain poles, washing machines).
Don’t assume anything stays—include desired items in your offer.

Q3: When was the boiler last replaced?
Ifthi:
Important for older properties.
Older boilers are less efficient and may require replacement, which can cost thousands of pounds.

Q4: When was the boiler last serviced?
Ifthi:
Regular servicing ensures proper function and efficiency.
Can be part of negotiations—ask the seller to service it before moving.

Q5: Has any electrical wiring been done?
Ifthi:
For older properties, wiring could be outdated (e.g., 1940s systems).
Replacement can be expensive; consider a survey for verification.

Q6: Has any structural work been carried out on the property?
Ifthi:
Important to check for planning permission and warranties.
Unpermitted structural changes could become your responsibility.

Q7: How long has the property been on the market?
Ifthi:
Helps with price negotiation.
Longer time on market may indicate overpricing, giving room to negotiate.

Q8: How old is the property?
Ifthi:
Older properties may have issues like old boilers, wiring, or structural wear.
Helps with budgeting for potential repairs.
Consider a full structural survey if unsure.

Q9: How long has the landlord lived in the property?
Ifthi:
Short occupancy may indicate hidden issues with the property.

Q10: Are there issues with the neighbors?
Ifthi:
Essential to know before moving in.
Problematic neighbors can significantly affect living conditions.

Q11: Are there any serious issues with the property?
Ifthi:
Examples: leaking roofs, faulty double glazing.
Always ask directly—estate agents or landlords are obliged to answer.

Q12: What is the minimum price the seller would accept?
Ifthi:
Helps in negotiation.
Estate agents may hint at flexibility—always worth asking.

Q13: What other offers have been made?
Ifthi:
Indicates competition and bargaining power.
Fewer offers could allow price negotiation; multiple offers may require offering asking price.

Q14: Is the seller in a chain and when will they move out?
Ifthi:
Chain delays can affect completion timeline.
Sellers in a rush may offer bargains; slow chains may delay your move.

Q15: Has any work been carried out on the property?
Ifthi:
Check warranties for new installations (e.g., ovens, wardrobes, extensions).
Can be part of negotiation.

Q16: Is this a listed property?
Ifthi:
Listed properties have restrictions on structural changes.
Understand limitations and potential extra costs before purchase.

Q17: What is the council tax band?
Ifthi:
Important for budgeting; council tax can vary significantly by area.
Check online government resources to calculate expected bills.

Q18: What are the utility bills like?
Ifthi:
Ask current owners about gas, electricity, and other bills.
Gives insight into property efficiency and potential future costs.

Q19: What are the service charge and ground rent?
Ifthi:
Common with apartments and some new builds.
Service charges can be high, especially in city apartments; check year-on-year changes.
Ground rent is generally lower but still a recurring cost.

Q20: How long is left on the lease?
Ifthi:
Short leases make mortgages difficult to obtain.
Lease extensions can be costly; understand the costs before committing.

Closing Remarks

Gemma:
These questions may not all apply to every buyer or property.
Always consult an advisor to ensure they are relevant for your situation.
Reminder: Mortgages are secured against your home or property and may be repossessed if repayments are missed.

20 Things To Ask An Estate Agent BEFORE Making An Offer | First-time Buyer