Property Buyer FAQs

Answers to the most common questions from property buyers.

Common Questions

Frequently Asked Questions

Everything you need to know about buying a property with Livco.

Interest & Property Evaluation

I’m interested in a property, but it doesn’t have a compliant EWS1 form. What should I do?

We completely understand why this can be a concern for buyers. However, under the Building Safety Act, leaseholders now have greater protection against certain remediation costs. The key things we always recommend checking are whether the developer or freeholder has agreed to cover any required works, whether works have been planned, the likely timescales involved, the scale of the works, and whether the seller qualifies for leaseholder protection. It’s also worth noting that not all buildings require an EWS1 form, so this is always something worth confirming early on.

If a property has been on the market for a long time, is it a bad sign?

Not necessarily. While it can sometimes indicate that a property was initially overpriced or has certain challenges, it can also present a great opportunity for buyers. Properties often receive the most attention when they are first listed, and if they miss that initial surge of interest, they can become overlooked. This can sometimes allow buyers to secure a property at a favourable price.

Should I offer the asking price, or how much below asking price is reasonable?

This really depends on the property and the local market. Some homes are priced correctly to attract strong interest and may achieve asking price or even higher offers. Others may be listed slightly above market value. We always recommend doing your own research by comparing similar properties you have viewed, properties currently available, and recently sold homes within roughly a quarter to half a mile (or wider in rural areas). Looking at size, condition, and location can help you decide what a sensible offer looks like.

How do I assess whether a property is a good investment?

If you are buying as a buy-to-let investment, rental yield is often one of the main considerations. We can provide estimated rental values, but we also encourage buyers to check comparable rental listings themselves. It’s equally important to think about long-term resale potential. Some properties may generate strong rental income but could be harder to sell later due to location, layout, or external factors. A good investment usually balances yield with a clear long-term exit strategy.

What questions should I ask before making an offer?

We recommend understanding whether the seller is part of an onward chain, any recent works carried out at the property, the age of the building, and whether proper certification exists for completed works. If the property is leasehold, you should also confirm service charges, ground rent, and remaining lease length. Buyers often ask about neighbours, but realistically agents won’t have reliable knowledge of this, and sellers are unlikely to disclose any disputes.

Should I be cautious about buying a property with a tenant if I need vacant possession?

Many properties advertised with vacant possession are currently tenanted, and in most cases tenants vacate in line with their tenancy agreements without issues. We always recommend confirming that tenancy terms allow enough time for tenants to leave and agreeing clear milestones with the seller, such as when notice will be served. While there is always some level of risk in any property transaction, careful planning usually helps minimise delays.

Estate Agents & Communication

Why do agents ask for proof of funding or mortgage pre-approval?

We usually request proof of funding when an offer is made because we have a duty to ensure offers are credible and financially qualified. Any sensitive information can be redacted. From a seller’s perspective, knowing a buyer is financially prepared provides reassurance and can make your offer more attractive and competitive.

Why do agents sometimes call about properties that don’t meet my criteria?

We know this can be frustrating. Occasionally it can happen if your requirements haven’t been fully clarified during initial conversations. In larger agencies, negotiators may also have call targets which can sometimes result in less tailored communication. Our approach is always to properly understand your requirements and only contact you about properties that genuinely suit your needs.

Why do agents sometimes encourage buyers to speak to their mortgage broker?

Some agencies work with recommended brokers and may receive referral fees. While brokers can often provide helpful advice, we don’t believe buyers should ever feel pressured into using a particular service. The most important thing is that you are confident in your affordability and financial position. We are happy to introduce buyers to trusted mortgage advisors if requested, but this is always entirely your choice.

Finance & Costs

How much stamp duty will I need to pay?

Stamp duty depends on factors such as the purchase price and whether you are a first-time buyer, moving home, or purchasing an additional property. We always recommend using a stamp duty calculator to provide an accurate estimate based on your circumstances.

What additional costs should I budget for when buying a property?

In addition to the purchase price, you should budget for solicitor fees, potential mortgage arrangement fees, stamp duty, survey costs, and removal or furnishing expenses. Planning for these early can help avoid unexpected financial pressure later in the process.

Legal & Documentation

When should I start looking for a solicitor?

We recommend researching solicitors as early as possible, ideally when you begin seriously viewing properties. Having a solicitor ready demonstrates you are a committed buyer and allows the legal process to begin immediately once an offer is accepted. Appointing a solicitor can take one to two weeks, and delays at this stage can sometimes cause unnecessary stress for sellers and slow down the transaction.

Is freehold or leasehold better?

Neither is automatically better, as it depends on your circumstances and preferences. Freehold ownership means you own both the property and land indefinitely and are fully responsible for maintenance and repairs. Leasehold ownership usually involves owning the property for a fixed term, while a freeholder owns the land and structure and manages communal areas. Leasehold properties often involve service charges, ground rent, and certain restrictions but may have lower upfront costs and shared maintenance responsibilities. The best option depends on your budget, lifestyle, and long-term plans.

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