ASK AKS: THREE PROPERTY QUESTIONS WE'VE BEEN ASKED THIS OCTOBER

Buying or selling a home can bring up all sorts of questions, and sometimes it's the little things you might not have thought about that make all the difference.

For this month's Ask AKS, we're covering three questions that have come up quite a bit over the past few weeks. From whether you really need a survey when buying a property, to how long the conveyancing process takes and what 'Offers Over' actually means, we're taking a closer look at some of the things worth knowing.

1. Do you really need a survey when buying a property?

When you're buying a home, it's easy to get caught up in the excitement of finding somewhere you love, but it's just as important to understand exactly what you're buying.

While a full structural survey isn't necessarily needed for every property, going ahead without any survey at all could mean you're buying with your eyes closed. At the very least, we'd generally recommend considering a HomeBuyer Report, which can highlight potential issues and give you a better understanding of the property's condition before you commit.

Of course, it does depend on the home you're buying. If it's a relatively modern property that's only a couple of years old and still covered by an NHBC warranty, you might decide that spending money on a survey isn't quite as important.

There's no legal requirement to have a survey carried out, but it's certainly worth considering the reassurance it can offer. After all, buying a home is a big investment, and knowing about any potential issues beforehand can help you make a more informed decision.

2. How long does it take to go from sale agreed to completion?

You've found your buyer, agreed a price and started looking forward to moving. But how long does it actually take to get from accepting an offer to picking up the keys?

Based on our figures over the last 12 months, the average time from an offer being agreed to completion has been 120 days, which is roughly four months.

Of course, this is an average, and the timescale can vary quite considerably depending on the circumstances of each sale.

There are a few things that can have a real impact on how quickly everything progresses:

• Whether there's a property chain: If you're buying and selling at the same time, there may be several other transactions that need to line up before everyone can move.

• Finding your next home: If you're selling but haven't yet found somewhere to buy, your onward purchase can't really get underway until you've found the right property.

• Freehold or leasehold: Freehold transactions are generally more straightforward, whereas leasehold properties can involve additional enquiries and paperwork.

• The length of the chain: The more buyers and sellers involved, the more moving parts there are to coordinate, which can add time to the process.

To put it into perspective, a straightforward freehold sale with no chain could potentially complete in around 60 days. On the other hand, if there's a longer chain involved, particularly where someone is still searching for their next home, it could take considerably longer than the 120-day average.

So, while four months is a useful guide, it's important to remember that every transaction is different. Keeping communication open between everyone involved and having a proactive estate agent and solicitor helping to move things along can make a real difference.

3. What does 'Offers Over' actually mean, and can buyers still offer less?

If you've ever seen a property advertised as 'Offers Over', you might have wondered what it actually means. Does it mean you have to offer more than the advertised price? And does it stop buyers from putting forward an offer below it?

The simple answer is no! Buyers can still make an offer below the advertised figure, and there's nothing wrong with that. Every buyer wants to secure the best possible price, just as every seller wants to achieve the best possible price for their home.

An offer is simply the starting point for a conversation. Sellers are under no obligation to accept an offer they're not happy with, so there's no need to rule out this pricing strategy because you're worried about receiving lower offers.

But there's actually a good reason why 'Offers Over' can be such an effective way to market a property, and it comes down to how people search for homes online.

On Rightmove, buyers typically set their maximum search price in £25,000 brackets. For example, someone searching for properties up to £300,000 won't necessarily see a home listed at £325,000, even if that property is only expected to achieve a price in the low £300,000s.

This is where getting the pricing strategy right becomes really important.

Rightmove data shows that properties listed directly on these price brackets receive, on average, 16% more views and clicks.

Rather than pricing a property at £310,000 and potentially missing out on buyers whose maximum search is £300,000, we might recommend marketing it as Offers Over £300,000.

This helps the property appear in more relevant searches, putting it in front of a larger pool of potential buyers. From there, the aim is to generate interest, encourage viewings and negotiate the strongest possible offer for the seller.

It's not about undervaluing a property or encouraging buyers to offer less. It's about using the available data to give a property the best possible exposure and creating the right opportunities to achieve a great result.

HAVE A QUESTION FOR NEXT MONTH'S ASK AKS?

That's October's Ask AKS covered!

A big thank you to everyone who's sent questions in over the past few weeks. We love hearing what you'd like to know, and it's a great way for us to share a little more about what goes on behind the scenes of buying and selling a home.

We'll be back in November with another instalment, so if there's something you've always wanted to ask about estate agency, the property market or buying and selling in and around Hilton, send us a message.

You might just hear your question answered in our next video/blog!