Channel 4's stress survival guide to ... housebuying
by Kendra Inman
From the minute the For Sale board goes up outside your house, to the minute you put the key in the lock of your new home – moving house can be a stressful business.
© stockbyte
When the British public was questioned recently about which life event they found most stressful, moving home came top. A total 44% found it drove them into a frenzy compared to 15% who identified changing jobs as their most stressful experience, according to the survey in 2000 carried out for the health and disability insurance company Unum Ltd.
The pitfalls are many. Fear of a sale falling through can make buyers pay over the odds for a new property. Sellers on the other hand can find themselves dropping their price to keep their sanity and prevent the sale collapsing. And then comes all the anxiety over surveys, searches, exchanging contracts and – if you are lucky – moving in.
Jeremy Leaf, estate agent and housing spokesperson for the Royal Institution of Chartered Surveyors, says the tension in moving house comes from dealing with people or events over which you have no control.
House buyers may be left chewing their nails, while 'those who hold vital information have no intention of moving to your time scale,' he says.
selling
According to the government, the current system for buying and selling a home in England and Wales is so stressful that it needs an overhaul. The government launched reforms designed to smooth housebuying and selling in 2000 but the proposed legislation ran out of parliamentary time and is now waiting to be reintroduced. In the meantime, the government is pressing ahead with developing one of the key reforms in the bill – to introduce 'sellers' packs' aimed at speeding up the buying and selling process.
Under the plans, sellers must prepare the packs before they put their property on the market. The packs will contain a survey, a draft contract and details of local authority searches. By making homeowners provide essential information up front, the government hopes to cut down on the time it takes to sell the property. Another aim is to reduce the likelihood of gazumping, where a buyer accepts a higher offer after already agreeing a price with the first buyer.
The sellers' packs will cut a great deal of stress out of moving, says Hugh Dunsmore-Hardy, chief executive of the National Association of Estate Agents, which is fully behind the changes.
Research commissioned by the government as part of its review towards the legislation found that it takes an average of eight weeks from acceptance of an offer on a property to exchange of contracts. You can find out more information about the plans at www.housing.odpm.gov.uk/factsheet/homebuy/index.htm.
In Scotland, the process already moves a little quicker. Buyers make a 'bid' for their chosen property and the best bid opened on a given deadline clinches the deal. The disadvantage of buying in Scotland is that every serious buyer has to pay for searches, surveys and mortgage valuations without knowing whether their bid will be successful.
In England and Wales, one in 10 home purchases falls through and 12% of sales fail after the offer has been accepted. The government researchers found that when a buyer or seller is better prepared, the transaction proceeds more quickly and fewer problems ensue.
With odds like these it pays to be prepared, says Hugh Dunsmore-Hardy. 'The sellers' packs are unlikely to be with us for another two years. But there's nothing to stop sellers from preparing their own version,' he suggests.
To do this, you should ask a solicitor to start collecting the papers they will need to send to potential buyers before putting your property on the market.
'This means buyers will be prevented from holding up proceedings at a later date by claiming they're still waiting for paperwork,' he says.
buying
Impatience with the property professionals is driving many Britons to the internet to sell or hunt for a new home.
There is a bewildering array of internet property sites. Some sites, like www.propertylive.co.uk, are owned by estate agents and are used to advertise properties on their books. You can save the stress of treading the streets hunting for a new home, by 'virtual viewing' – where you visit properties online. Others are for DIYers, who want to save on estate agents' fees and cut down on stress by marketing their home themselves.
On one of these free sites, www.easier.co.uk, sellers can post property details and even scan in a picture. Some sites will provide For Sale boards to fix outside your house for a small fee. While marketing your home puts you in control, the downside is you are left to negotiate with potential buyers and there is no agent to hide behind if you want to drag your feet during the transaction.
Estate agents can act as a useful sounding board, according to Jeremy Leaf. Talking through problems with a sympathetic professional can prevent buyers taking it out on their family and friends.
'You can say things to an agent that you can't say to the owner of the house you're buying without jeopardising the sale. Often shouting at an agent is a way of relieving the pressure,' he says.
Smart buyers can also avoid a chain altogether if they follow in the footsteps of Hugh Dunsmore-Hardy.
'I decided to sell my house first and move into rented accommodation until I found somewhere I wanted to buy, thereby taking the pressure off,' he says.
The success of this depends on the state of the housing market at the time. If prices are rising rapidly then it would be unwise to come out of the market altogether, he adds.
Like sellers, buyers will have a less stressful time if they're well prepared. David Hollingworth of mortgage brokers London and Country, says buyers should sort out their loans before house-hunting.
'Borrowers can get an agreement in principle from most lenders after they've carried out a credit check,' he says. 'Lenders can move from the application to a final offer in a couple of weeks if the paperwork is in order.'
Purchases can be needlessly delayed, he says, because loan applicants fail to gather together essential documents like payslips and mortgage statements. Another tip for speeding things up is to find out who in your company holds responsibility for providing lenders with an employers' reference for your loan.
'You need to ensure that the forms aren't going to sit in someone's in-tray for a month,' he adds.
moving
A common mistake made by movers is failing to put to one side essentials needed for moving day, such as a kettle, teabags and keys, says Nigel Bishop, managing director of removal firm Bishop's Move.
'The stress starts when the load has to be unpacked to find out where they've been put.'
Mr Bishop's advice is to label an area 'Do Not Remove' for storing essentials. 'Better still put it all in the car,' he adds.
Movers should also label everything to get the right furniture in the right rooms at the new address. Colour coding – placing a red dot on everything destined for the lounge and a red dot on the lounge door – works for most people. The Bishop's Move website www.bishopsmove.com has a list of other tips designed to make moving less stressful.
help and info
Channel 4 is not responsible for the content of third party sites.
organisations
Bishop's Move
102/104 Stewarts Road
London SW8 4UF
Tel: 0207 498 0300
Website: www.bishopsmove.com
Removals, storage and shipping company.
British Association of Removers (BAR)
3 Churchill Court
58 Station Road
North Harrow HA2 7SA
Tel: 020 8861 3331
E-mail: info@bar.co.uk
Website: www.removers.org.uk
Represent the professional moving industry.
National Association of Estate Agents (NAEA)
21 Jury Street
Warwick CV34 4EH
Tel: 01926 496800
E-mail: info@naea.co.uk
Website: www.naea.co.uk
Professional body in estate agency in the UK with a code of conduct for all its members.
Royal Institution of Chartered Surveyors (RICS)
Surveyor Court
Westwood Way
Coventry CV4 8JE
Dedicated contact centre: 0870 333 1600 (Mon-Fri 08.30am-5.30pm)
E-mail: contactrics@rics.org
Website: www.rics.org
Not-for-profit organisation that represents, regulates and promotes chartered surveyors.
websites
Easier.co.uk
www.easier.co.uk
Sellers can post property details (including scanned images) for free, avoiding estate agents' fees. Buyers can enter detailed search criteria to find their new home. Offers useful advice on every stage of the buying/selling process and will inform you weekly how a chain is moving along, should you be in one.
Help I Am Moving
www.helpiammoving.com
Aims to help make the process of moving home stress free. Features hints, tips, checklists and advice on moving home as well as an on-line directory of removal and storage companies.
Moving House Made Easy
www.familiesonline.co.uk/topics/property/moving_house.htm
An article aimed at families with young children, providing information and advice on how to ease the stress out of moving.
PropertyLive
www.propertylive.co.uk
Here you can conduct a search of properties on estate agents' books to rent or buy, many with images. Search by price, region and your own criteria (eg number of bathrooms).
UK Office of the Deputy Prime Minister
www.odpm.gov.uk
The government department responsible for housing has information on government proposals to reduce the stress of buying and selling at
www.housing.odpm.gov.uk/factsheet/homebuy/index.htm. Advice on taking the stress out of buying and selling is available at www.housing.odpm.gov.uk/hbs/leaflet/index.htm.
reading
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Buying a House by Adam Walker (How To Books, 1999) |
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Which? Way to Buy, Sell and Move House by Alison Barr, Richard Barr (Which? Books, 2002) |
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(updated November 2002, resources updated May 2005)
