MMiPropertyHeadsUp! v2.01

The current market is challenging particularly for both first-time buyers and second time buyers moving up the housing ladder.

The pandemic has turned the property market upside down and while there is no doubt that Summer 2022 sees a slowing down of the market there remains an issue. The fundamental problem is that there is insufficient supply to meet demand which has been exacerbated by the impact of the pandemic with more people working from home or wishing alternative living arrangements.

What are the repercussions?

Prices have increased and in some cases the successful offer is substantially above the Home Report valuation.

For the first-time buyer, the greater that the premium is above Home Report valuation the larger deposit that person will require.

Bidding Wars

All of this manifests itself in many properties having a closing date though, as stated above, this is less problematic than earlier this year. This is when the selling agent calls a particular date and time when all offers require to be submitted.

The impact of these closing dates is to push the price up and that is obviously bad news for purchasers particularly first-time purchasers.

It is said in business that you "cannot buck the market" and that is true of today's Scottish property market. The size of your available deposit will generally determine the likelihood of success. We find, again and again, that purchasers reluctantly need to turn to their family for assistance to make progress in this market. It is a dysfunctional property ladder; matters should not be this way which is not good for the individual or society. But it is today's reality.

If you do have access to family financial assistance which increases your bidding capability, in this market it is wise to do that earlier rather than later.

Reducing Disappointment

It is disappointing when clients are looking to progress their lives following the pandemic that they find these limitations in the availability of property. 

If your ability to obtain your preferred property type is restricted by your available finance, realism is required. Well presented properties are likely to achieve a premium at closing dates. Provided that there are no structural issues or serious repairs, less well presented properties often represent greater opportunities.

Areas in vogue will be also command a premium over the same property type even nearby.

It is best to look at this in three stages. 

Quotation

This first stage is about providing you with a quotation which is a regulatory requirement. Legal costs are split into two categories. 

ONE fees which is the charge for our time and expertise

TWO disbursements which are mostly government taxes. The disbursements will change depending upon the price of the property and may be impacted as to whether or not you are a first-time buyer.

Seeing a property

When you see a property in which you're interested you must have your interest noted. 

Noting interest   is where we contact the selling agent to formally advise them that you are interested in buying a particular property. This means they should provide you with an opportunity to offer but if there is more than one note of interest they will generally call a closing date.

Once we have noted interest, the next step would be to offer either at any set closing date or on a negotiated basis (where there is no closing date)

Conveyancing and Mortgages

If you are fortunate to have your "offer accepted" remember this is not contractual at this stage. It is just the first step where the seller is agreeing to engage with the third step in the process. 

This third stage comprises the

• completion of your loan application 
• conveyancing, 
• negotiation and completion of a contract,
• receiving instructions from your lender to create their mortgage and 
• all of the other legalities that comprise the acquisition of the property. 

Generally speaking the period following a successful offer to the date of entry will be between 8 and 12 weeks. Sometimes the only basis on which your offer may be successful is an early date of entry but you have to be very certain that your finance will be available for that earlier date. Lenders are very busy at the moment following the pandemic and the speed in which they can process applications is, in some cases, more restricted than in previous times. Additionally if there is an accelerated date of entry, there will be additional legal cost because of the extra resource required.

Why MMiPropertyHeadsUp!

As explained the property market is exceptionally busy. The impact of the pandemic and a severe lack of stock means that many people are chasing too few properties.

Traditionally we noted interest and submit offers without a cost because we would hope that the activity would quickly turn into fee paying work. 

The current market conditions makes that impossible as we are often submitting multiple offers and spending a substantial amount of time.

We need to find a realistic balance when pricing our service. Economics no longer allow free offers but we want to be approachable and empathetic.

Accordingly we look for a deposit of £100 + VAT (£120) at the outset of our relationship which will be set againt fees that we charge. You will be pleased to know that the first offer/negotiation we make on your behalf (and fingers crossed that it will be successful!) remains free of charge. Any subsequent offers/negotiations will costs £75 + VAT (£90).

If you are happy with the quotation the next consideration is:- 

ONE Have you seen a property in which you are interested in pursuing an interest? if this is the case please go to the next section to start!!

TWO if you are just looking we would stronly suggest that you book MMiHeadsUp now. Go to Section 7 below The benefits of MMiPropertyHeadsUp! while looking

I am interested in a property: where do I start?

As explained above, we ask all new clients to use our MMiPropertyHeadsUp! service which is a vital benefit in such a contested and difficult market. Please fill in the form accessible by the link at the foot of this section and follow the instructions. 

Step 1: You will receive an immediate notification and our expert negotiators will contact the selling agent to note interest. You will receive an email confirming their initial findings.

Step 2: Thereafter  the negotiator will call you to discuss strategy. 

You can always call our team on (0141) 333 9688 and select Option 3 or email us at newbusiness@mcvey-murricane.com.

Remember to say that you are a MMiPropertyHeadsUp! client and you will receive a priority service. Our helpful colleagues will ask your name and details so that they can match up your MMiPropertyHeadsUp! confirmation..

What are the advantages of booking MMiHeadsUp now even if I have not found a property?

If you want to book your legal costs at the quotation level and the MMIHeadsUp service then you can do that by paying £100 plus VAT (£120) fully deductible against future costs with McVey & Murricane. 

Most purchasers prefer to utilise this option because at the moment there is a shortage of legal services to meet the current need and a very difficult market where advice is at a premium.

Making that deposit against your future fees provides you with a fast track service when you find property. 

If you wish you to wait until you find a property,  you will still need to make that payment of £120 when you do see a property and deal with our information requirements before we can push matters forward on your behalf.

Remember this is not a payment for making an offer but rather a deposit against your future legal costs with McVey & Murricane when you are successful. 

In today's 24 hour world speed matters;  especially where there is a surfeit with  regulation. It accelerates matters up if you can utilise our MMiHeadsUp system which will provide you with a pace advantage in dealing with that property on which you have set your heart.

Book MMiHeadsUp by clicking on the link below.

What is the difference to me in making a payment for £120 for MMiPropertyHeadsUp! now rather than when I see a property.

The biggest advantage is that you obtain strategy advice on your property search. You have access to our expert negotiators immediately which can often mean a greater chance of success and less heartache.

You can wait until you see a property but you will have missed out on that strategic advice and you will not have booked the current pricing arrangements and your place as a client.

We work hard to provide you with as seamless a service as possible. We see that service as maximising your opportunity of buying a property. Sometimes that advice will not always be welcome but it will be professional, honest and most of all practical advice in what is an extraordinarily difficult and pressurised market.

We do need to emphasise that we will not be able to have discussions or provide advice without you first signing up to MMiPropertyHeadsUp!. It just is not possible in today's market.