What is a deposit & How much will I need?

business with csr

One of the property terms that can be confusing is the word “deposit”, especially among first-time buyers who have previously been renting.

For example, consider this statement: “When Jake got his deposit back he had enough for his deposit, although this was not enough to cover his deposit.”

There are three uses of the word “deposit” that, unless understood in their respective context can be perplexing:

1. The “rental” deposit. This is the amount of money held by a landlord or letting agent as security against damages and is returned to a tenant at the end of the tenancy, subject to the property being returned in good condition.

2. The “mortgage” deposit. This is the difference between the purchase price of a property and the amount of mortgage available on that property. So, if a buyer qualifies for a 95% mortgage (ie 95% of the agreed purchase price) they would need to have raised a “deposit” (or “cash” even though this may not be physical pound notes) for the remaining 5%.

3. The “Contract” deposit. When contracts for the sale of a property are exchanged (ie the deal becomes binding) is it usual for a sum of money to be put down prior to the whole amount becoming due on completion a few weeks later. This contract deposit is usually 10% of the purchase price. However, it is not uncommon, for practical reasons, for the amount actually required on exchange to be for a smaller amount, or even nothing, as a concession, even though should the buyer fail to complete, the full 10% would still become payable contractually.

So the strange statement above might now be better understood as meaning: “When Jake got his rental deposit back he had enough for his mortgage deposit, although this was not enough for his contract deposit.”

Please feel free to contact us on 01736 332076 should you ever have any questions about the terminology or processes involved in buying or selling a property. We’re here to help!

How is your current agent doing? Are you waiting in hope


“Waiting in Hope?”

If your property is currently on the market, it may be tempting to assume that your agent is in full control of the situation, and that sooner or later a buyer will materialise. But don’t be so sure! Sometimes an agent will take the same view and simply sit in hope, having apparently exhausted their own marketing options.

However, we believe in a much more proactive approach and would invite anyone who is currently “waiting in hope” to contact us for a free and confidential marketing review meeting. Our aim during these meetings is not to criticise your chosen agent, but simply to help you consider some key facts about the progress of your sale from day one and offer constructive advice where appropriate.

For example, we would review the following in context:

1. The response to date and feedback from viewings and advertising.
2. The number of viewings in relation to local averages
3. The “drawing” ability of your sales particulars, online listing and photographs.
4. The presentation of your home.
5. The availability of other homes on the market that compete with yours.
6. Your own moving plans.
7. How your property is positioned in the market.

Sometimes it pays to have another pair of eyes to take a constructive and enthusiastic look at your situation. Any marketing advice we offer would be sincere, free, without obligation, and offered with a smile.

We’d love to help you move, so why not call us now on 01736 332076 to arrange confidential and constructive meeting over a coffee?


Independence Day is Here


saint-piran-flag cornish flag

On 4thJuly each year Americans go to town on celebrating their national pride on Independence Day.

And well they might, as independence is wonderful thing – whatever your views on Brexit/Trump etc! As independent estate agents we experience daily what it is to be free of the constraints of corporate governance, number crunching, management reports and toeing the party line. The only people we have to report back to are the most important of all – our customers!

Being independent means that we can adapt and respond to changes in the market without having to run it past a committee. Speed of response is essential in these changing times. If a property needs a marketing boost, we give it one! Independence also means that the directors are personally involved in the business – after all – it’s our future, Kerb Appealz above the door, and we make a point of ensuring that those values we cherish personally are instilled across the business as a whole. We tend to work very much in partnership with our clients and are sometimes quite selective as to which properties we accept onto our books. None of this would be as easy if we were a PLC.

Most important of all is our people. They all feel part of a strong and committed team where their individual strengths are immediately appreciated and rewarded. Their great team spirit and professionalism combine with a sense of fun, enabling them to focus on helping people move (rather than selling ancillary services), allowing us to provide an enjoyable and efficient service to our clients, of which I am very proud.

So for truly accountable service why not call us for a chat about your property needs today on 01736 332076? Happy Independence Day!

From Penny and the team.



How to make a small bedroom feel spacious


I always love articles and videos that help people work with small spaces, especially as these days we are getting far less for our money.

You make find this helpful

Tips for making small spaces bigger

Take note of these helpful tips to present your home to the best it can be to get the best price for you when you go to market.

Brighten up your small courtyard area


A small outside space is still big enough to enjoy that glass of wine or sunbathe, make the most of your small space, if you enjoy it so will everyone else.

What colour is your front door?

Here are some great ideas for attracting those buyers to come and look inside your home and give you that sale.  A good Kerb Appeal will get far more interest and sometimes double the amount of people across your threshold.