Market leading conveyancers My Home Move carried out a survey with 1,500 UK home buyers September 2020 to discover which elements of buying a house they find the most confusing. Uncertainties included how to find the best mortgage, which can of course be based on many different factors. Other home truths surfaced including 38% of buyers not knowing what solicitors or conveyancers actually do.
Ed Percival, Director & Operational Quality and Compliance, My Home Move Conveyancing responded. ‘‘We take care of all of the legal work to transfer the title of the property. We make sure you understand all the legal obligations which will impact you and protect your rights during the transaction.
If you’re taking a mortgage, we’ll also work with your lender to make sure that the property is suitable for them to lend against, that you fulfill any special terms or legal obligations your lender imposes and to ensure the funds are correctly dealt with’’
26% of people surveyed also admitted they weren’t actually sure what stamp duty was, a surprising fact considering the buying ‘frenzy’ that the covid-19 induced tax holiday has sparked within the housing market. This surge in home buying has seen one in seven properties being sold within a week of going on the market, according to Rightmove.
Further to the tax break, national lockdown has triggered some other interesting buying behaviours. Inquiries into the commuter belt of London has tripled as people seek to move further out of the city as working from home becomes more widely accepted.
21% of people also said they felt confused around what to look for in a new home. The survey revealed while good transport links continue to be important for Londoners (40%), further north in Leeds it’s gardens that top the list for 50% of homebuyers. More practically, people across the board were looking for ample storage space (46%) and a double garage (46%) which scored just as high as the more fanciful dream of an open fire (46%).
My Home Move offer handy tips for home buyers unsure of what to look for in a house and overwhelmed by all the jargon that’s involved with the house buying process on their website.