75 Hinckley Road, West End, Leicester, LE3 0TD | Tel: 0116 254 4755

3 Station Street, Kibworth, Leicestershire, LE8 0LN | Tel: 0116 279 6161

4 High Street, Barrow Upon Soar, Loughborough, LE12 8PY | Tel: 01509 414787

Frequently Asked Questions (FAQ’s)

FAQs for..

Here are some FAQ’s that answer some enquiries that you may have. We have split them into Buyer FAQ’s, Seller FAQ’s and Tenant FAQ’s.

If you still have a question after reading these FAQ’s, please don’t hesitate to get in contact with us.

Buyer FAQs

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How much of a deposit will I need to buy a property?

It is common that the buyer is expected to pay 10% of the asking price as a deposit. However, your mortgage company may require a higher percentage.

How long does it take to buy a property?

Whilst there is no specific time frame, it can vary from property to property depending on individual circumstances. Although, on average it is usually around 8-12 weeks before contracts are exchanged.

At what point do I need to arrange a mortgage?

We recommend that any buyer receives financial advice early on in the process and obtains a mortgage in principal. This proves to the seller that you are able to finance the purchase. In addition, it often puts you in a stronger buying position than potential buyers who have not yet got one.

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Will I need to get a survey before I purchase the property?

A valuer will inspect your property on behalf of your mortgage lender if you have arranged a mortgage. However, this doesn’t consider the condition of the property in detail. Therefore, it is recommended to obtain a full condition report from a chartered surveyor. This is reccommended as any problems found with the property after exchange of contracts are not liable to the seller.

What do I do if the surveyor finds an issue with the property?

If you discover a problem with the property before exchanging contracts you may wish to request the seller pays and corrects the problem, or you can seek a price reduction which would cover the cost of resolving the problem. If no resolution can be agreed by the previous options, you may wish to withdraw from the purchase.

What if I want to pull out of my property purchase?

Either party is allowed to withdraw from the transactions prior to the exchange of contracts. However, once contracts have been exchanged, the suffering party is entitled to ‘breach of contract’ remedies. As a result, at this point the seller is able to keep your deposit.

Still need to ask something? Contact us..  click here

Seller FAQs

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What should I expect at a valuation?

Firstly, get the kettle on, and we will have a sit down and a discussion over a cup of tea. Here we can discuss what your thoughts are on your property, as well as sharing our own knowledge on the local property market. Our friendly agent will then provide a free and instant market appraisal. This will be based on sold and available properties as well as current market conditions. We will also offer professional advice on where and how to pitch your property in order to maximise exposure and interest. Our property valuations are instant, free of charge, and they are also obligation free.

What is the sales process when selling my house?

Firstly, you need to get your home market ready to appeal to potential buyers. One of our team will come to your property and offer you a free and instant market appraisal. After this, your property will go live, once all the photos, floorplan and description have been created. We will then host viewings and open houses to generate awareness. Additionally, we will be in contact with potential buyers from our large buyer database. Once viewings have taken place and offer(s) are received, financial qualification will be undertaken. Our trained negotiators will secure the highest possible sale price for your property. Your property will be sold subject to contract, then mortgages will be arranged. After that, property searches and surveys will be carried out. Finally, there will be an exchange of contracts and then completion. 

For a more information on the selling process, please click here.

How long will it take for Berkley to find a buyer for my property?

Whilst there is no exact science, our goal as a company is to always try and sale agree a property within the first four weeks.

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How will I know if my buyer can afford my property?

Whilst there is no guarantee at the early stages of offer, we do carry out an extensive financial qualification process. This is a proccess in which your buyer will speak to our financial advisor. Additionallly, proof of finance (mortgage in principal, proof of deposit or proof of cash) will be asked to be provided.

How long will it take to for my sale to go through?

This is one of our commonly asked FAQ’s, and the industry average from offer acceptance to completion is approximately 12 weeks. However, we aim for an 8 to 10-week turnaround.

Can you help arrange my mortgage and solicitor?

Yes, we can! We work alongside a panel of local solicitors and conveyancers. Furthermore, our in-house mortgage and protection advisor can help with all your financial needs.

Still need to ask something? Contact us.. click here

Tenant FAQs

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What happens once I make an offer on a rental property?

Once we have found your suitable property, you will be in a position to make an offer to the Landlord for consideration. Please note that any offer you make would be subject to you fulfilling our reference criteria.

However, if the Tenancy Agreement is not signed by you (the Tenant) within 7 to 14 working days after receipt of your application, the Landlord reserves the right to re-offer the property.

What documentation and references will I need to provide?

The documentation you would be expected to provide is firstly identification/proof of residency, and secondly proof of address. The accepted forms of identification are; a driving licence, or a bill (either utility bill, council tax bill or mobile phone bill) less than three months old. It would be helpful for you to contact any references to inform them we will be in touch. This will help to stop any delays in the process. We may contact your employer (and landlord if you are already in rented accommodation).

If you have recently had a change of jobs, your previous employer may be contacted and if you are self-employed then your accountant will be contacted.  If you have not been continuously employed for the past 18 months, have been working abroad in the previous 6 months, or your income falls short of our criteria then a Guarantor will be required.

What are the required criteria that my Guarantor needs to meet?

The same criteria (see above FAQ’s) apply to the guarantor. Furthermore, the guarantor must earn the equivalent of 3 times the yearly sum of the rent. In addition, they need to be in full time employment or be able to prove by bank statements that they have “independent means”. All tenants should be able to provide a guarantor. Howevver, should the tenant be unable to provide one, we will decide that the tenant has withdrawn their application.

The guarantor must be aware that they will stand as guarantor for you (and your partner if you are moving in to the property with someone else). Additionaly, they must be aware that this is for the entire occupancy of the property.

How much do I need to earn to be considered for a property?

Having passed all the referencing criteria to be considered for the property and, subject to the Landlord’s decision, you must earn at least 1.5 times the yearly rent (however, you will require a guarantor) or at least 2.5 times the yearly rent (you will qualify on the income part of the referencing without a guarantor).

We have further information extending from these FAq’s in our ‘Tenant Information’ section.

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How much deposit and rent will I have to pay before I move in?

You will be required to provide the agreed sum of rent and deposit before taking possession of the property. The deposit is required for the full tenancy against loss, damage or charges payable at the termination of the tenancy. Whilst this is usually the equivalent of one month’s rent, this may vary. Therefore, we suggest that the actual amount is verified via the property description as found on our letting list. The deposit will be held by us in our designated clients’ account and is fully bonded. It is returnable in full at the end of the tenancy subject to final inspection of the property.

Rent is to be paid monthly, in advance, commencing on the first day of the tenancy and then on the same day each month thereafter. The preferred method is by bank standing order.

Will you complete a Check in and Condition Report?

If we have been instructed by the Landlord, a Condition Report will be prepared of your new home. A convenient appointment will be made with the Inventory Clerk to carry out a Check In report to coincide with your move in day. All information is provided in good faith. However, it does not replace the advice of a qualified legal advisor. 

Can you do Company Lets?

Company applications are acceptable where the company will be paying the rent.

Please note that all monies to be paid on the signing of the agreement prior to the occupation and should be paid in cash or by banker’s draft. Unless, they are paid a minimum of seven working days prior to occupancy.

Still need to ask something? Contact us.. click here

75 Hinckley Road, West End, Leicester, LE3 0TD | Tel: 0116 254 4755

3 Station Street, Kibworth, Leicestershire, LE8 0LN | Tel: 0116 279 6161

4 High Street, Barrow Upon Soar, Loughborough, LE12 8PY | Tel: 01509 414787