Get your decorating in order

The interior of the house sells it more than anything, so it is important to get the basic decorating inside the house right.

If you have any garish colours in any rooms, get rid of them and replace with creams and beiges. Bright and striking rooms will attract attention, but they will be far more likely to turn buyers away.

Similarly, get rid of any large pieces of furniture that make the rooms look cluttered. Space sells, and the fewer items you have in the house, the more spacious it will look.

Top quality marketing

As much as the interior of your house will sell it, getting the marketing right will attract the buyers in the first place – you can’t sell a home if no one comes to see it.

Make sure you get the property online and ensure that it is well described and photographed in order that people can get a good idea of what they are coming to see. The more they know, the more likely they’ll book a viewing.

Dimensions and Floor Plan is a must!

Check your Kerb appeal

We all know the importance of first impressions when meeting new people, and it is no different when you are selling your house. The first impression people get will be all important to them.

Make sure your garden is clean and tidy and well pruned. Fences should always be painted and in a good state of repair. Anything out of place is a negative in the eyes of buyers, and it is important to minimise these to increase the chances of selling.

As a listener we want your questions to answer. Whatever your worries, concerns or needs are, contact us via our social media channels or our website below and we’ll answer your questions in our future episodes.

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

We hope you find this resource useful and that helps to educate as well as dispel any myths or uncertainty around getting on the property ladder or making that next move.

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

Whether you are looking for a new home to buy or rent, you’ll want to be sure that it’s a relaxing and enjoyable place to live.

But what if you move in only to discover that you’re living next to the neighbours from hell? Or the incessant noise from the road drives you crazy? Or that there’s planning permission for an industrial project right on your doorstep?

Here we look at the information that a seller or landlord is legally required to give you – as well as the stuff that it is ‘good manners’ for them to pass on to you.

So firstly lets look at

Sellers are legally required to declare certain information

If you are buying your new home, the seller is required to disclose certain pieces of information to you – and if they fail to do so, they could end up in court.

For example, a seller must tell you about a ‘defective title’ if there is no way you could reasonably find out before exchanging contracts. This might, for example, include a right of way across the property that isn’t on the title deeds.

What about the Seller’s Property Information Form?

Sellers are also required to fill in a Property Information Form (or TA6) which gives the buyer lots of information that they would otherwise be unable to find out through surveys or the standard searches.

This includes:

•       Information on boundaries – including those between you and your neighbours
•       Details of any disputes or complaints with neighbours
•       Notices of development or planning permission of properties nearby
•       Alterations and building work ever done on the property (including details of planning permissions and building regulations approvals – or the absence of)
•       Information about guarantees and warranties
•       Buildings insurance details
•       Information about environmental matters, such as flooding, energy efficiency and Japanese Knotweed.
•       Details of rights and informal arrangements, such as access or shared use.
•       Information about parking – including whether the property is in a controlled parking zone or local authority parking scheme.

This form is part of the pre-contract documents, so it’s legally binding. This means that you, as the buyer, can make a claim for compensation if the seller deliberately tries to conceal something – even after the sale has gone through.

Other information may be provided by the seller

As part of the conveyancing process, the seller’s solicitor should provide certain additional information to your solicitor.

This includes details such as where the gas and electricity meters and stopcock are located, and what fixtures and fittings will be left as part of the sale.

However, there is certain information the seller’s solicitor is unlikely to provide, such as the strength of the phone signal and what day the bins are emptied. On these matters, the key is to collect the information yourself and don’t be afraid to ask those questions while you can.

Landlords also have some legal obligations

If you are renting, there are certain legal obligations on the landlord that can’t be ignored.

This includes the safety of the electricity and gas supplies, fire safety throughout the property, protection of deposit funds, and the landlord’s responsibilities for maintenance and repair.

In addition, there are certain issues which fall under the ‘Consumer Protection Regulations’. These include:

•       Planning activity
•       Off-road parking
•       What furniture and other items are being left and
•       Public rights of way – if a right of way goes through the grounds of the property

These regulations are all-encompassing and require both landlords and agents to tell tenants all ‘material’ information necessary, in order for the tenant to make an informed decision. The law is about what tenants need to know – not what they want to know.

So that concludes this episode of Ask the Estate Agent Podcast. I hope you found this topic useful and highlights a few key areas you should pay particular attention too when searching for your next property.

As ever please do get in touch with your feedback and comments and also let us know about your experiences in negotiating the property market. We would love to hear from you.

You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

This podcast is brought to you by Liberty Gate www.libertygate.co.uk

Nottingham's multi award winning Estate Agency

Source: Zoopla

Hosted on Acast. See acast.com/privacy for more information.

It will mean you’ll avoid any nasty surprises, such as unexpected fees or lengthy tie-in periods, and give you confidence that you’ll be able to sell as quickly as possible and for the best possible price.

So here are the questions that every home seller should ask the estate agent:

1. What are your fees?

Typically, you’ll find estate agents charge a percentage of the sale price and they should state these inclusive of VAT and provide an example breakdown of the fee.

For example, if you sell a property for £300,000, the fee may be 1% plus VAT, amounting to £3,600 (1.2%), including VAT.

But you may find that percentage fees are far greater than this, depending on the agent, and can be as much or more than 2.5%.

Check this is the only fee payable to the agent and that you won’t face paying this unless they successfully sell the property for you.

2. What about other costs? 

Will you pay for a ‘For Sale’ board, for example, or professional photographs and floorplans? Find out any extras and any costs associated.

Remember that you’ll need an Energy Performance Certificate (EPC) before putting your house on the market and these are normally charged at around £60 – £120 pounds but check for your area and property size with your agent or local EPC surveyor as you can easily have these done yourself by a local EPC registered surveyor.

3. What kind of contract do you use?

Estate agents offer several different types of contract and it’s important to be aware of which you’re signing up to.

Sole selling rights 

This is a fairly rigid form of contract, meaning that the particular estate agent you’re signing up to is the only one allowed to sell your home during the contract period. Even if you find your own buyer, you’ll have to pay the agency fees.

Sole agency 

If you find your own buyer, you don’t fork out anything to the agent. But if you decide this agent is not working out and turn to another who then sells the property in the contract period, you are still tied into paying the first agent.

Multiple agency 

These contracts allow you to market the property with several agents, but typically demand a higher fee. This was traditionally as a result of you having more exposure to potential buyers.

Now with most buyers using a website such as Zoopla, the higher fee reflects the risk that Agent B might sell the property, so Agent A’s marketing goes unrewarded.

4. What’s your tie-in period?

An agent’s contract will often include a tie-in period, depending on the type of agreement you’re entering into.

Typically, this spans around 12 weeks, with a 14-day notice period. If another agent sells the house during this time, you’ll have to stump up fees to two sets of agents.

Tie-in periods can vary dramatically between agents, from zero weeks to 20, in some cases. 

5. How will you market my property?

The most important thing is that the Estate Agent takes the time to listen to what you are looking to achieve and then discuss a marketing strategy that will achieve that goal.

You also want to make sure the estate agent’s descriptions are honest and help point out the great features of the properties they are selling.

The photographs are even more important. Prospective buyers are drawn in visually, so having high quality pictures is a must. Ask to see specific examples, or search online yourself for a better idea.

For those reducing numbers not searching online, check how the agent will market the property in its local branches and local press.

Again, ask for specific examples and think whether these would appeal to you if you were a buyer. 

6. How long do you take to sell properties like mine?

There are a number of factors that can affect the time it takes to sell a property, but this doesn’t mean you shouldn’t have any insight.

Ask for past examples of sales of similar properties, and predictions of how long the agent think it will take to sell your property. After all, a good agent will understand the trends in the local market.

Also, seek out friends who have used their services and can provide some insight into the level of service.

7. What redress scheme are you a member of?

If things go wrong, you should be able to pursue a complaint with a particular professional body.

Agents must be a member of either The Property Ombudsman, or the Property Redress Scheme.

So there are a few essential questions to be asking to ensure you pick the best estate agent for your sale. Hope they help you and don’t forget to let us know how you get and send us your feedback.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

This podcast is brought to you by Liberty Gate www.libertygate.co.uk

Nottingham's multi award winning Estate Agency

Source: Zoopla

Hosted on Acast. See acast.com/privacy for more information.

Given that there are two (at least) parties involved in a property deal, the buyer and seller, there is an opportunity to negotiate and arrange for a better deal.

The seller is also likely to want to negotiate and obtain the best deal for themselves, but there are ways in which you can strengthen your negotiation position as a buyer.

1. Research the market

One of the strongest tools you have at your disposal when it comes to negotiating the best price is market knowledge and data. You need to make an informed offer, and this means you need to review the market and ensure that you are offering a suitable bid for the property.

• If you bid below the expected value, your offer will be dismissed quickly
• If you bid more than the expected value, your offer may be accepted quickly but you will pay over the odds
• If you bid at the expected level, you will remain in the running, but the seller may not be in any great rush to accept your offer.

The more you know about the market, the better placed you will be to make an attractive offer, and this can stand you out from any other interested parties.

2. Know what the average is – not just price but condition

When it comes to researching the market, don’t just find out average property prices and values and stop there. You need to know what the average type of property is like in a local area. i.e specification, age, general condition. Once you know what the average property is like and why the average price has been comprised, you can make an informed judgement on how the property you are interested in compares to the average property. Does it deserve a premium for instance because its been renovated or extended.

3. Ensure that you are in a stable financial place

Before you make an offer for a home, make sure that you are in a position to do so. Some interested parties will make an offer more out of hope than expectation. Therefore, arrange for pre-approval on a mortgage and make sure that your finances are robust enough to allow you to make the best possible offer.

When you are confident that your finances are stable, you enter negotiations with greater confidence and more leverage. A position of confidence will appeal to property owners, which can only be of benefit to you, if you’re looking to negotiate the best price.

4. Make sure that you are ready to move

If you can show that you are ready to move quickly, you will strengthen your negotiating position. Many prospective buyers have caveats attached to their offer or there may be potential delays attached to the deal. If you have sold your home, you don’t own a home, or you are in a position where you can move home without too much notice, a seller is more likely to take your bid seriously.

5. Appoint a solicitor

Being able to move quickly is a very appealing trait to have when buying property. You can show that you are serious about the deal and that you are keen to process the offer by having professional assistance lined up. When you appoint a solicitor, you indicate you are ready to progress the deal and for a vendor looking to sell, this is a highly attractive feature that will stand you out from other interested parties.

6. Are there aspects of your offer that you can use to leverage a better deal?

It may be that aspects other than the price you bid for a property is the strongest aspect you can bring to the negotiating table. Many vendors are concerned about deals collapsing due to a break in the property chain, so if you are not part of a chain, this could be appealing to the vendor.

If all other things are equal, a bid from an interested buyer that carries a much smaller likelihood of the deal collapsing will be much more attractive than an offer from an interested buyer who is part of a lengthy chain. Perhaps consider a financial agreement until exchange to secure the deal.

7. Find out about what the seller is looking to do next

Sometimes the most important aspect of your negotiating position doesn’t come from your strengths but from your opponents’ weaknesses. When buying a home, try to find out about the seller, their motives for selling the home and what outcome they want to achieve when selling the home.

The seller may have to sell quickly, or they could be under pressure to obtain a certain level of income for the sale. If there are issues which impact on a sellers’ flexibility, you can utilise these matters to negotiate to an outcome that is better for you. If a seller must sell quickly, you can offer a lower price if you are able to conclude the deal at short notice. If a seller is looking to move abroad or is downsizing and has furniture, fixtures and fittings that you want, you can negotiate for these aspects to be concluded as part of the deal, knowing that the seller is unlikely to retain these items or need much persuading to sell them.

Similarly, if you can make a cash offer as opposed to arranging a mortgage, make sure the vendor is aware of this aspect of your offer. It is not uncommon for property owners to accept a lower cash offer, rather than a higher mortgage offer, due to the benefits and certainty associated with this deal.

So I hope these tips help in any negotiations you may have ongoing or perhaps coming up. Make sure you are aware of all the factors you can negotiate with to ensure you fully leverage your position and agree the best possible price when buying your next property.

Please let me know how you get on, get in touch, give us your feedback and most of all best of luck with your property search and purchase.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

This podcast is brought to you by Liberty Gate www.libertygate.co.uk

Nottingham's multi award winning Estate Agency

Hosted on Acast. See acast.com/privacy for more information.

1. Management companies being slow in returning information on leasehold properties

If you’re buying a leasehold property (many flats and apartments and even some houses are leasehold), the transaction may be more complicated than buying a freehold property. This is because you are effectively leasing the property from the freeholder for a specific period, rather than owning it.

With this type of purchase, your solicitor will need to obtain information from the freeholder/ and or management company. This includes costs (such as ground rent and monthly service charges), proof of buildings insurance and previous years’ accounts.

There could also be additional checks that need to be carried out.

What can you do?: Make it clear to your solicitor from the outset that you are buying a leasehold home. Give the freeholder or management company prior warning it will need to provide this information.

2. Buyers failing to disclose their mortgage deposit has been gifted

Whether it’s 5%, 50% or any other amount, a mortgage lender will want to know where your deposit is coming from. If all, or even part of it, is a gift – from your parents, say – your solicitor must declare this to the bank or building society. And this means you need to declare it to your solicitor.

Most lenders will require a signature from the source of the deposit, confirming the money does not need to be repaid.

What can you do? Make sure you give your solicitor clear and accurate information about your deposit at the very start of the conveyancing process. Warn the gifting party they’ll need to sign a letter and potentially provide ID. 

3. Delays from third parties in providing answers to outstanding enquiries

Your solicitor will go through all the paperwork from the sellers, and raise a number of queries with their solicitor. These could be anything from how to resolve a problem exposed by the survey to a discrepancy on the property deeds.

Hold-ups can occur if the third parties required to provide this information are operating on different time-scales. And, even if they are moving fast, particularly complex issues can take weeks to resolve.

What can you do?: Keep in regular contact with your solicitor and be patient – they are required to follow a code of conduct and getting these checks done thoroughly is crucial.

4. Local authorities dragging their feet in returning searches

Local authority searches are carried out to uncover potential issues that could affect the home you are purchasing, such as nearby planned development or tree preservation orders. Separate Environmental and Water searches, which flag problems like risk of flooding, will also be carried out.

Some local authorities will return these searches within a few days, but others could take several weeks.

What can you do?: Lodge funds for the searches with your solicitor straight away and request they are carried out as early as possible to reduce risk of delays.

5. Slow or under-resourced solicitors 

Even if you have an efficient and dedicated solicitor working on your property purchase, this is unlikely to be the case for every other party in the chain. They can often be busy with other transactions or, especially during the summer or Christmas holidays, could simply be under-staffed.

This can cause hold-ups which can significantly slow down the time it takes to completion.

The fact is, you can only ever move as quickly as the slowest party in the chain.

What can you do?: Reply promptly to queries or requests for documentation yourself and, if you have to chase other parties in the chain, make a note of what was said. Get an estimated timeline from your solicitor upfront and, if possible, avoid holiday season.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

This podcast is brought to you by Liberty Gate www.libertygate.co.uk

Nottingham's multi award winning Estate Agency

Source: Zoopla

Hosted on Acast. See acast.com/privacy for more information.

It will fall to you to gather in and value the assets of the estate, pay off any debts and liabilities, calculate and pay any inheritance tax (IHT) that is due – and distribute the estate in accordance with the will.

In addition, unless the beneficiaries named in the will wish to have the deceased’s property transferred into their names, you as the executor will need to sell it.

Selling property as an executor is slightly different from the usual process, so how should you go about it to ensure things run as smoothly as possible?

1. Obtain a Grant of Probate

If the deceased owned property in the sole name, when selling property as an executor, you will need to get what is known as a ‘Grant of Probate’.

This is a legal document issued by the court which confirms the validity of the will and names the executor who has the legal authority to deal with the deceased’s assets.

This includes the legal authority to enter into and sign contracts on behalf of the estate, such as the contract to sell a house.

As an executor, you need to be aware that obtaining a Grant of Probate can take potentially 12 weeks or more, so bear this in mind when looking to sell a property.

2. Get the property valued 

As part of the process of applying for the Grant of Probate, you will need to get a valuation for the deceased’s property – or properties.

This should reflect the value of the property at the date the owner died, rather than the actual selling price.

You can do this via a surveyor, or via an estate agent.

3. Check the title and deeds

At this stage, you should also check the property’s title. You should be able to do this with the Land Registry.

You should then get a solicitor to check the title entries to see if there are any restrictions affecting the property – or defects in the title – which may need addressing before the property can be sold.

For example, there could be an outstanding mortgage you were not initially aware of even someone else owning a share in the property. 

4. Can the executor sell property without all beneficiaries approving?

Unless the will states something to the contrary, there are no special provisions made for the beneficiaries to sign-off on a property sale.

However, it is always advisable to have open and clear communication from the outset, and a written agreement if necessary.

If the home is sold for less than a reasonable market value then disgruntled beneficiaries do have the option to sue to executor, adding additional stress to an already tricky situation.

5. What are your options for selling property as an executor?

Put it on the market with a traditional estate agent

When you get the property valued as part of the applying for Grant of Probate, you can talk to the estate agent about putting the property on the market.

• Pros

You should be able to get a fair price for the property, and especially if you’re not in a hurry to sell.

• Cons

You will have to deal with the property-selling process, including the to-ing and fro-ing between solicitors and estate agents, yourself. This can be stressful and time-consuming.

Use a quick house sale company

In recent years, there’s been an influx of so-called ‘quick house sale’ companies which claim to sell your home fast. They do this by buying the property directly or finding a third party buyer very quickly.

• Pros

– The property being sold fast can be an appealing option when you’re trying to dispose of a deceased’s home.

– Firms may pay solicitor and search fees, meaning you don’t have to worry about these costs.

– You get paid in cash. 

• Cons

– These firms usually buy at a discounted rate, which could be as much as 25%.

– There is the risk of the price being reduced at the last minute.

– Fee structures are not always transparent.

– The quick house sale market isn’t regulated, so you aren’t protected when selling a property to one of these companies.

Tips when using a quick house sale company

• Make sure you obtain a valuation from two or three estate agents, so you can work out whether you are getting a fair price form the quick house sale company.
• Look for quick house sale company which is a member of the National Association of Property Buyers.
  
• Get everything in writing.
• Don’t be rushed into a decision.
• Read your agreement carefully so you know exactly what you’re getting into.
• Don’t feel pressured into using a legal representative the firm recommends. Find you own solicitor.

6. Obligation to sell for the open market value

Irrespective of which route you choose to sell the property, as an executor, you are under an obligation to sell for the open market value.

If you sell for less than this, a beneficiary can look to you for the difference in value. Bear this in mind before accepting a low offer in a bid to shift the property quickly.

7. Be realistic about timescales

While there is nothing to stop you putting the property on the market and accepting an offer before the Grant of Probate is issued, the Grant must be in place in order to exchange contracts.

It’s important to give estate agents and potential buyers a realistic timescale from the outset. 

8. How easy is it to sell a probate property?

While you might be worried about trying to sell a probate property, the good news is, given the quantity on the market, buyers are familiar with the concept and won’t be put off.

In fact, you may find a probate property is relatively easy to sell, as buyers may be attracted by slightly more affordable prices, being chain-free and the fact the property may offer a renovation opportunity. 

9. Check the property is insured

Another task you need to undertake as the executor is ensuring the property is properly insured.

Insurers can decide not to pay out on claims if the policy is still in the name of the person who has died, so call the insurer and ask them to amend the name.

You should also inform the insurer if the house is now vacant, as most home insurance policies will not cover a property unoccupied for more than 30 days. You may need to pay an extra premium for additional cover.

Equally, the insurer may not insure the contents once the homeowner has died because there’s a higher burglary risk. You may have to remove any valuables from the house. To avoid arguments and upset, talk to family members and beneficiaries before doing this.

10. Clear the property 

As an executor, you need to remember that you must clear the deceased’s property of all their belongings before it is sold.

This can be quite a long process, especially if it’s a childhood home which contains a lot of memories, so be sure to leave enough time for this.

11. What will it cost?

When selling a probate property, you should not find yourself faced with any major legal costs than for the sale of a ‘normal’ property.

While you may face some modest additional costs, such as clearance of the house prior to selling, or additional insurance cost for a property left unoccupied for more than 30 days, these should not be excessive.

That said, you might also incur costs if, say, the house needs to be kept heated during the winter to avoid it getting damp, or if you decide to employ a gardener in the summer to keep the lawns mown and the garden tidy.

Equally, if you are struggling to sell in a slow property market, you may want to spend money on improving a property before selling.

As an executor, you are entitled to get these improvements carried out within reason, but it is advisable to inform the beneficiaries before spending any of the estate’s money

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

This podcast is brought to you by Liberty Gate www.libertygate.co.uk

Nottingham's multi award winning Estate Agency

Source: Zoopla

Hosted on Acast. See acast.com/privacy for more information.

But one of the big choices you need to make is whether to opt for sole agency, where one firm has the exclusive right to market your home for a fixed period, or multi agency, where you get more than one firm to help you sell.

The choice you make will affect the amount you pay in fees and could also potentially have an impact on the amount you receive for your home.

Sole agency is the most common type of estate agent contract, and most people start with this arrangement, but here we take a look at the pros and cons of both…

Sole agency

What does it mean?

Just one agent acts for you for a certain period. They receive all the commission on a sale, but if the property hasn’t sold at the end of this period, you’re free to use other estate agents.

Pros

• The charge is usually between 1.5% and 2%, which is cheaper than multi agency. Agents will agree to lower commission with sole agency, as there is a higher chance they will make the sale.
• If you find a buyer yourself privately, there is no commission to pay unless you have agreed sole selling rights with the agent. It's an increasingly rare arrangement, but if this is the case, you must pay commission regardless of who finds the buyer.

Cons

• Historically you’d receive less exposure than you would with more than one agency. However, with most buyers using sites like Zoopla, this is now less of an issue.
• You may end up with lower offers than you would with multiple agents.
• You will sign up to a ‘lock-in’ period, usually 12 weeks, meaning it will be hard to switch agents if you’re unhappy.
• If you do sell through another agent while still under contract, you could find yourself having to pay commission not only to the agent who sold the property, but also to the original sole agent.

Multi agency

What does it mean?

You can instruct as many agents as you like. They will all act for you at the same time and the one who finds the buyer earns the commission.

Pros

• More agents pushing your property historically used to mean more exposure, but thanks to buyers predominantly using sites such as Rightmove and Zoopla, this is less pronounced.
• You may receive higher offers.
• As agents will be competing against each other, this can speed up a sale. 

Cons

• The fee may be closer to 3%.
• All agents will be competing against each other, potentially making the process quite chaotic.
• An inherent risk agents may try and get you to accept a lower offer so they secure the commission.
• As several agents will have keys to your home, the viewing process could be more disruptive.
• If buyers see multiple listings for your home with different agents they may be put off.

Top tips

• Most people start with sole agency and only move to multiple agents if their property doesn’t sell quickly.
• While the normal lock-in period with a sole agent is 12 weeks, shorter periods of six to eight weeks can often be negotiated.
• Multi agency may be the better option if the importance of a fast sale outweighs increased commission.
• Joint agency is another option. This is where you instruct two agents, who will come to an agreement over commission. ie. It may be shared irrespective of who finds the buyer. It’s a more common option for selling overseas property when you want to appoint a specialist national agent as well as a generalist local agent. The fee for joint agency tends to be around 2%.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

This podcast is brought to you by Liberty Gate www.libertygate.co.uk

Nottingham's multi award winning Estate Agency

Source: Zoopla

Hosted on Acast. See acast.com/privacy for more information.

1. Switch off the lights

One of the most obvious ways to cut your electricity bill is to switch off the lights as you leave a room. The Energy Saving Trust (EST) estimates you can save £15 a year with this one small action, so why not make it a habit?

Estimated saving: £15

2. Cover floors and plug gaps

Lack of insulation will only maintain cold temperatures, leading to a corresponding surge in heating bills. If you don’t have fitted carpets, use thick rugs on wooden floors to lock in warmth.

While you’re at it, draught-proof your home with old towels under the doors and some sealant or tape on windows and skirting boards. The result will be a discount of around £85 on your energy bills.

Estimated saving: £85

3. Nudge down your thermostat

Turning down your thermostat by just a single degree can save up to £90 on your annual energy bill, according to the Energy Saving Trust. You’ll hardly notice the difference and it’s all money back in your wallet.

Estimated saving: £90

4. Avoid using standby mode  

When your household appliances aren’t in use, most automatically revert to standby, but this quietly drains energy.

You can turn most electrical appliances off directly at the mains, saving yourself around £30 a year in the process. (Note however that digital TV or satellite recorders may need to be kept in standby to properly function.)

Estimated saving: £30

5. Time your shower

There’s nothing like a long, hot shower in winter. But, do you know how long you actually spend in there? Many of us even let the shower run for a minute or two before we hop under it.

Cutting down your shower running time by just one minute will shave an easy £10 off your annual energy bill. And you can save a further £20 just by swapping one bath a week with a shower.

Estimated saving: £30

6. Don’t leave the tap running when washing up

Washing the dishes can be costly if you leave hot water running. So get into the habit of filling up the sink with hot suds instead. And if you have a dishwasher, don’t press go until it’s full.

Estimated saving £15

7. Fill the kettle with what you need

How many times a day do you fill up your kettle for tea? And do you fill it all the way every time? It’s estimated that three-quarters of all British households are in the habit of overfilling the kettle. By heating up just the right amount of water you need, you could knock another £7 off your annual energy bill.

Estimated saving: £7

8. Switch to a cheaper energy supplier

Your current energy provider may not be the cheapest, which means it could pay to switch. It’s important to do your research first, though. Read the fine print on your existing contract to find out if there’s a cancellation penalty. When you are free to leave, use a comparison service to find the best deal for your circumstances.

Estimated saving: £403

9. Slide silver foil behind your radiator

Putting silver foil down the back of radiators reflects heat back into the room and prevents its escape through the walls. Get the best fit by wrapping foil around pieces of cardboard and simply sliding it behind the radiator. (Note you won’t need to turn this trick if you already have cavity wall insulation.)

Estimated saving: £15

10. Leave your oven door open after cooking

There’s nothing like a bit of cooking to warm up a kitchen. But when you’ve finished using the oven transfer that heat to the rest of the home by leaving the oven door open until it cools down.

Estimated saving: £15

11. Apply for energy-saving grants

Five of the Big Six energy suppliers (British Gas, EDF, E.On. Npower and SSE) offer grants for energy-saving improvements to British households, such as loft or cavity wall insulation or even a new boiler, although most of them only under certain criteria, such as being on Pension Credit or receiving certain benefits.

You can find out if you (and your home) qualifies by calling providers direct. Or telephone the Energy Saving Trust on 0300 123 1234 for help and guidance.

Estimated saving: £300

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

This podcast is brought to you by Liberty Gate www.libertygate.co.uk

Nottingham's multi award winning Estate Agency

Source: Zoopla

Hosted on Acast. See acast.com/privacy for more information.

You need to jump through a few hoops when buying a home and even if both you and the seller are keen to exchange contracts promptly, there can be delays.

So here are eight top tips for a smooth property transaction.

1. Understand the jargon

First of all, get to know the lingo. Arrangement fee? Standard Variable Rate? Mortgage Indemnity Guarantee? There's a fair share of industry terminology involved when it comes to buying a home, so make sure you understand the key terms before you kickstart your property search. Utilise google and search any terms you come across and aren’t sure about.

2. Consider selling before buying

If you're already a homeowner, think about selling your property before you start looking for a new one. It is easier to buy a home chain-free, but you need to consider where you will live – and storage costs – in the interim.

If you're eyeing a new-build home, then a part exchange scheme may be the answer. It allows you to effectively trade in your existing home as part-payment for a new one purchased from a developer or house builder. This can make the whole process a lot easier and simplier dealing with the developer directly for both your purchase and sale providing the part exchange deal they offer works for you.

3. Get organised

Get your ducks in a row. Speak to a mortgage advisor to confirm your budget and get an agreement in principle. Then work out what you can and can’t afford before you arrange any property viewings.

Also, have all the relevant paperwork ready before you formally apply for a mortgage. Requirements will vary between lenders but they typically include proof of your income and outgoings as well as proof of your identity and address.

Remember that a formal mortgage offer has a shelf life and if you fail to complete the purchase before it expires, you’ll have to start the process again. This is typically between 3-6 months so check this with your chosen lender.

4. Ask the seller to take the property off the market

Found your dream home? Make sure one of the conditions of your offer is that the property is taken off the market. It will help prevent another buyer from making an offer the seller can't refuse.

5. Pick professionals

Work with people you trust. You will rely on a raft of different firms, or individuals, during the home buying process. They will typically include a surveyor, solicitor, and removals company. Ask friends and family for recommendations and hire carefully. Listen back to Podcast episode 13 where we discuss in more detail who you should have in what we call your property power team and how to select these professionals.

6. Respond promptly

Be ready to review, fill out, sign and return all documents quickly and efficiently. Your solicitor will no doubt send through a lot of information about your property, including local authority searches. There’s no need to rush things. But sitting on the paperwork will only hold up the process.

7. Communication is king

Stay in regular contact with both your solicitor and the estate agent to ensure that you are up to speed with the purchase and that it’s on track. It’s a good idea to agree a weekly update between all parties to cut the chances of miscommunication.

8. Be realistic

Finally, set a realistic target for exchanging contracts so that everyone in the process has the same deadline to work towards. You can always amend the timescale between exchange and completion if you and/or the seller need to delay moving.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

This podcast is brought to you by Liberty Gate www.libertygate.co.uk

Nottingham's multi award winning Estate Agency

Source: Zoopla

Hosted on Acast. See acast.com/privacy for more information.

1. Who exactly will be handling your case?

Clarify who’ll be put in charge of your case. And ask whether you will be dealing with just that ‘case-handler’ – or a team of people. If you are assigned just one solicitor, find out what happens if they are sick or on holiday.

2. Does the solicitor pick up the phone?

There’s nothing more frustrating than every phone call you make going straight to voicemail, so consider doing a ‘mystery shop’ to ensure your solicitor is on the end of the phone – or at least returns your call within a reasonable timeframe.

3. Do they reply to emails?

Ask your conveyancer to provide a rough – but realistic – idea of how quickly they’re able to respond to emails on a typical day.

4. Where are they based?

While many aspects of the conveyancing process can now be carried out remotely, it can still be useful for your solicitor’s offices to be local – for example if you need to hand-deliver photo ID or crucial last-minute documents.

5. Can you get hold of them outside of office hours?

Find out if your solicitor can be contacted in the evening or at weekends. It might not be necessary but it’s good to manage expectations.

6. What is it likely to cost?

Conveyancing is no different to any other service. And, as a paying customer, you have a right to see a full breakdown of the cost – including any VAT. It will only be an estimate but a line in the sand is infinitely better than nothing.

7. What exactly will they will do?

You may be totally new to the conveyancing process, or have simply just forgotten from last time, so don’t be afraid of asking questions. It’s imperative you understand exactly what your solicitor will – and won’t – do for their quoted fee.

8. Can they meet your timeline?

Ask upfront the estimated length of conveyancing time for the purchase (on the proviso it runs smoothly) – especially if you have a deadline goal in mind, such as Christmas.

9. Do they have the right expertise?

Especially if you have an unusual or more complicated house purchase, check the solicitor has the relevant experience to manage your case.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

This podcast is brought to you by Liberty Gate www.libertygate.co.uk

Nottingham's multi award winning Estate Agency

Source: Zoopla

Hosted on Acast. See acast.com/privacy for more information.

Buying a new home is a major financial commitment – probably the biggest you’ll ever make. But how can you determine exactly what it is you are paying for?

The answer is by commissioning a home buyers survey, also known as a property survey.

What is a property survey?

In simple terms, a home buyers survey is a health check on a property. And if it reveals any problems, it puts you in a position to ask the seller to fix them before you proceed with the purchase.

Alternatively, you may choose to renegotiate the final sale price to account for the cost of fixing them yourself – or you may opt to pull out entirely.

Do I need to get a home buyers survey?

It’s not a legal requirement to have a home buyers survey on a property you are buying. And, at a time when your bank account feels like a bucket with a hole in the bottom, it may seem like an unnecessary expense.

However, a home buyers survey could actually save you money – not to mention a lot of stress – in the long run.

It's a good idea to have a home buyers survey on most types of property, but it's especially important if you're looking to buy a home that's unusual in structure, has a thatched roof or timber frame, is listed, or just very old.

You probably won't need a home buyers survey if you are buying a new-build home, which typically comes with a 10-year NHBC guarantee.

However, you may still want to get a snagging survey done, which checks the property for defects and poor finishings such as wonky guttering and bad paintwork.

Important note! If you are getting a mortgage to buy your home, the lender will carry out a valuation of the property. But this is not a home buyers survey and shouldn’t be treated as one. The sole purpose of the mortgage valuation is to demonstrate to the lender that the property is worth the sale price before it gives you the green light for the mortgage.

Who does the home buyers survey?

It's important to use a surveyor who is a member of a recognised governing body, such as RICS or RPSA, to carry out your home buyers survey.

Bear in mind that home buyers survey quotes vary between surveyors as well as properties, so it’s best to source a number of different ones first.

What types of property survey are there?

Professional industry body, RICS offers three types of home buyers survey, which vary in depth of inspection.

The CONDITION REPORT

What is it? A Condition Report is the most basic survey and usually therefore the cheapest. It will typically take around one to two hours to complete, and a day to return.

What will the property survey do?

• Check the basic condition of the building, services – such as gas and water supply – garage and any other outbuildings. It uses a simple traffic light system which will flag any problems that require attention

• Provide a summary of issues and risks for your solicitor or property lawyer to look in to. For example, bad electrics, ownership of boundaries and planning permission for extensions or other building work.

How much does it cost? Fees are normally based on the purchase price, and start from £300.

When should I get one? A Condition Report is suitable for newer properties and homes that are in a general good state of repair. Get one if you will be happy with just a broad-brush overview of the property’s condition.

The HOMEBUYER REPORT

What is it? A HomeBuyer Report is a kind of middle ground. It’s more extensive than the Condition Report – and typically costs more too. It is offered either with or without a property valuation.

It typically takes one to two hours to inspect the property and another hour to complete the valuation.

You can expect to receive the HomeBuyer Report within two days.

The HOMEBUYER REPORT (survey only)

What will the property survey do? The survey-only HomeBuyer Report will include all of the features of the Condition Report, plus the following:

• More far-reaching inspection. However, like the Condition Report, this will be limited to what the surveyor can actually see – they won’t be lifting up floor boards or moving furniture

• Clear summary of problems that may impact the property's value

• Tailored advice on repairs and maintenance

• List of issues that require closer attention to avoid serious damage or dangerous conditions

• General information on the area, environment and energy efficiency

• Any legal considerations.

 The HOMEBUYER REPORT (survey and valuation)

What will the property survey do? This version of the HomeBuyer Report comprises the survey, as outlined above, as well as the estimated cost of rebuilding the property, for building insurance purposes, plus the value of the property on the open market.

How much does it cost? Costs will vary according to the value of the property but budget for at least £350 for the survey-only report and £450 for the survey and valuation.

When should I get one? A HomeBuyer Report is suitable for most modern and older homes that are in a reasonable condition. Get one if you have any specific concerns about the purchase, or would just feel better about a more comprehensive survey.

The BUILDING SURVEY

What is it? A Building Survey is the most comprehensive survey – and, of course, the most expensive.

It can take several days to complete (depending on the property) and up to a fortnight to return.

What will the property survey do? The Building Survey will include all the features of a HomeBuyer Report, plus the following:

• Thorough inspection and report on a variety of issues

• Summary of defects (even insignificant ones) and potential problems caused by hidden flaws

• Advice on repair options, their estimated cost and the potential consequences of failing to address them

• Advice and considerations for your solicitor.

How much does it cost? Costs vary according to the value of the property but typically start at £500.

When should I get one? A Building Survey is suitable for large, old, unusual, listed or dilapidated homes. Also, for buildings that are undergoing a change-of-use, such as a barn conversion.

2. Residential Property Surveyors Association (RPSA) surveys 

RPSA, a body of independent surveyors, offers three types of home buyers survey, which all include the following:

• Inspection for subsidence, damp, rot, woodworm and other major defects

• Photos to highlight features and areas of concern

• A review of environmental issues impacting the property

• Colour-coded condition ratings to highlight the importance of issues.

How much do they cost? Prices ranges from £400 through to £900, depending on the survey and property.

The Mi HOME CONDITION SURVEY

What is it? This home buyers survey is appropriate for modern or simpler types of property.

What will the property survey do? 

• Review of the condition of the property, highlighting major issues and defects

• At least 20 photos.

The Mi BUILDING SURVEY

What is it? This home survey is suitable for all properties but is often used for older or more unusual properties, or properties where problems are suspected.

What will the property survey do?

• More detailed review of the condition of the property

• Advice on the nature of the repairs necessary, and the anticipated performance of the property in future

• At least 40 photos.

 The Mi BUY-TO-LET

What is it? This format is similar in style to the Mi Home Condition Survey. It is the only survey aimed specifically at buy-to-let property.

What will the property survey do? 

• Add a Decent and Safe Homes (DASH) review of health and safety matters that tenants could raise within the 2019 Homes (Fitness for Habitation) Bill.

3. Surveys in Scotland

The HOME REPORT

What is it? In Scotland, a seller is required – by law – to produce a Home Report pack within nine days of marketing a property.

You might still want to consider getting your own home survey done though, particularly if you have any concerns about the property. And some properties, such as new-build homes, conversions or those purchased through Right to Buy, don’t require a Home Report.

What will the property survey do?

• Survey and property valuation

• Energy Report, including an Energy Performance Certificate

• Property questionnaire covering issues such as council tax and electricity provider.

How much does it cost? Between £585 and £820, according to RICS. But remember that's for the seller to pay. If you are just buying a house in Scotland, a Home Report will not cost you anything.

So hope this helps explain the various survey options available to you and give you some guidance about which one is most suited to your specific circumstances.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

This podcast is brought to you by Liberty Gate www.libertygate.co.uk

Nottingham's multi award winning Estate Agency

Source: Zoopla

Hosted on Acast. See acast.com/privacy for more information.

1. Gazumping is almost unheard of

In Scotland, once a seller has agreed an offer price on a property, it is taken off the market. In fact, solicitors in Scotland must decline to act for the seller if they later accept an offer from another party – that is, unless the original offer has fallen through.

This means the practice of ‘gazumping' – where a seller goes back on an agreement in favour of a higher bidder – is very rare in Scotland, although it's not theoretically illegal.

2. Property is usually marketed at ‘over' a specified price

In Scotland, solicitor firms are often responsible for marketing properties, rather than estate agents. This is because most residential conveyancing firms in Scotland also have an estate agency department.

Homes in Scotland are either marketed as offers ‘over' a specified price, or at a fixed price. If it's at ‘over' a given price, interested parties will be asked to give sealed bids and timescales of purchase. The highest bidder will win and will be informed on the same day.

If it's at a fixed price (most common when market conditions are challenging or the seller wants a quick sale), the first person to offer the required amount becomes the successful party.

In England and Wales, homes are marketed by estate agents at an ‘advertised price' which is negotiable and are only financially tied in after contracts have been exchanged.

3. Sellers must provide information upfront

In Scotland, almost all residential properties are required to have a ‘Home Report’ before they can be marketed for sale. The only exceptions to this are new-build homes and buildings that have been recently converted into residential accommodation.

A Home Report contains a survey, a report on the home’s energy efficiency, and a detailed property questionnaire completed by the seller.

By contrast, the only upfront information required in England and Wales to market a home is an energy performance certificate. Once an offer has been accepted the buyer can then choose to organise a survey of the property.

Back in 2007, the Government attempted to replicate the Scottish system with the introduction of Home Information Packs. But, after a disastrous roll-out, the packs were finally scrapped in 2010.

4. There is no stamp duty

Stamp duty in Scotland was replaced in 2012 by Land and Buildings Transaction Tax (LBTT).

It applies to homes worth more than £145,000, compared to the £125,000 first stamp duty threshold in England.

In Wales, Land Transaction Tax (LTT) applies to properties of £180,000 or more.

First-time buyers in Scotland will only start paying LBTT on homes worth £175,000 or more, whereas in England relief is available on the first £300,000 of the value of all properties up to £500,000.

5. The ‘missives' are legally binding

When a bid has been successful, which is reported on the same day it was made, the buyer's solicitor will confirm their mortgage with the lender, agree an entry date and deal with legal enquiries about the property.

But instead of a single contract, a buyer's solicitor in Scotland will exchange a series of formal letters, known as the missives with the seller's solicitor.

Once the missives are concluded, the deal becomes legally binding and the seller must convey the legal title of the property to the buyer. Failure to do so gives the buyer the right to be released from the contract and claim damages against the seller.

In England and Wales, no legally binding agreement exists until contracts are signed and exchanged so either party can withdraw from sale up to this point.

So that concludes todays episode

Do you think England and Wales should move towards a Scottish system?

You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

This podcast is brought to you by Liberty Gate www.libertygate.co.uk

Nottingham's multi award winning Estate Agency

Source: Zoopla

Hosted on Acast. See acast.com/privacy for more information.

With almost half of those set to retire this year worried they’ll run out of money in retirement, it’s no wonder people are looking for more ways to increase their income – and sooner rather than later.

It’s a genuine concern. It’s predicted that one in 10 men and one in six women in the UK will be living on less than the recommended minimum income when they retire.

Despite these troubling statistics, it’s thought that the over 50s are sitting on an enormous £2.8 trillion worth of property in the UK.

With this in mind, it’s unsurprising that so many retirees want to unlock some of the cash in their family home to make up for their shortfalls.

Equity release is a popular route, though it’s not right for everyone and there are significant risks involved.

Equity release schemes have a chequered past and still struggle with their reputation.

However modern schemes which follow the guidelines of the Equity Release Council have considerable protections including ‘no negative equity’ guarantees.

So

What is equity release, and how does it work?

If you’re over 55, there are a range of products available for you to release money tied up in your home. The two most common are lifetime mortgages and home reversion plans.

1. Lifetime mortgage

The most common option, and essentially where you borrow a percentage of your property’s value. There will be interest on this loan, but instead of having to pay it each month, it’s usually rolled up (added back on to the amount you have borrowed), and then paid off when the property’s sold. This means that the amount you owe would increase every month.

2. Home reversion plan

This is where you sell off a chunk of your home to a home reversion company but continue to live there. This can be expensive, because you’ll only usually get a fraction of the value of the chunk you’re selling, and when the property is sold, the home reversion company takes a percentage of the sale.

If, for example, your house was worth £200,000, and you sold half of it, you might get just £50,000. If the property value then rose to £250,000 when you came to sell it, the home reversion company would take £125,000.

When you could consider equity release

1. If you don’t want to downsize

If you can’t bring yourself to downsize, or you’re unwilling to sever the emotional ties with the family home, these schemes could help you free up some cash.

2. There could be tax benefits

When your inheritance tax bill is eventually calculated, the mortgage and any interest is subtracted from the value of your property.

If you’ve spent the equity or given it away at least seven years before you die, it won’t be counted. So there may be less tax to pay. But remember that tax rules can change and the benefits will depend on your individual circumstances.

Where equity release isn’t the right decision

In the right circumstances, equity release can work. But for most people, the additional costs outweigh the benefits of your other options, such as downsizing.

1. Interest on interest

The interest being added to a lifetime mortgage can have a big effect on the sum you owe to the equity release company. Even at an interest rate of 3.5%, over 20 years, your debt will double.

This might not be a problem if the value of your house rises faster than the rate your equity release mortgage increases by, but there are never any guarantees.

These costs will impact the value of the inheritance you leave to your loved ones, so talk to those affected before you make a decision. If you’re unsure about a financial decision, you should seek advice.

2. Means-tested benefits

The money you release could mean you’re no longer entitled to means-tested state benefits like pension credit and council tax benefit. So, you’ll need to know what you stand to lose, as well as gain.

3. You could miss out on future growth

If you go the home reversion route, once you’ve sold a portion of your property, you’re giving up any potential future growth in value on that portion too.

Think carefully, and take a long term view

Equity release isn’t necessarily the most affordable choice to release cash, and it’s also not the only option.

It’s not just the financial implications. Being able to stay in the family home may seem like a real bonus to begin with, but could seem like a far less attractive option later.

If you stay in the family home, you will face the ongoing hassle and cost of maintaining and running the property. That might feel perfectly manageable in your 60s and early 70s, but as you get older, you may regret your choice.”

Downsizing to a smaller property or moving to a different location could be a better option for you to help with cash flows.

Seek advice if you’re unsure from your accountant or tax advisor.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

This podcast is brought to you by Liberty Gate www.libertygate.co.uk

Nottingham's multi award winning Estate Agency

Source: Zoopla

Hosted on Acast. See acast.com/privacy for more information.

There’s an ever-growing labyrinth of dos and don’ts in the private rented sector. So if you’re a landlord – or considering becoming one – it’s important to stay on top of your legal obligations.

So to help you get started in the right way here are nine top tips for landlords.

1. Find out if you need a landlord licence

First things first. Check with your local council to see if you need a landlord licence to rent out your property. Legislation was introduced in 2006 and some areas have implemented selective licensing to clamp down on rogue landlords.

2. Stay on top of tenant checks

That means rigorously referencing new tenants to make sure they are reliable. This includes checking their credit eligibility, getting references from their previous landlords and ensuring they have the right to lawfully live and rent in the UK.

You risk a fine or even a jail sentence if you fail to carry out Right to Rent checks in England under the Immigration Acton 2014. However, this may change as Right to Rent has been challenged in the High Court as a breach of human rights so watch this space but remain compliant in the meantime.

3. Protect your tenant's deposits

You must protect tenants’ deposits safely in a government-accredited scheme within 30 days of receiving it. And once you’ve done that, you’ll need to give your tenant the Deposit Protection certificate and Prescribed Information.

You’ve got a choice of three schemes: Deposit Protection Service (DPS), MyDeposits or the Tenancy Deposit Scheme (TDS).

Since the June 1, 2019 when Tenant Fees Bill landed, the amount of deposit you can take from a tenant is capped at five weeks' rent or six weeks' if the rental costs are more than £50,000 a year.

4. Provide a valid EPC

Make sure your property is up to scratch in terms of its energy performance – and hand a copy of the Energy Performance Certificate (EPC) to your tenant.

As of April 1, 2018, your property must be rated at least ‘E’ in the EPC. If you’re rumbled arranging a new letting without ensuring your property is up to this standard, you may be fined.

In addition, since April 6, 2018, you risk being banned from managing your property. That would mean your local council would take control of your property and collect the rent. But you would still be liable for the mortgage and any other costs, such as maintenance.

5. Do your safety checks

You are legally required to have all gas appliances in the property checked by a Gas Safe-registered engineer every year – and provide tenants with a Gas Safety Certificate within 28 days of the annual check.

But that’s not all. Fire alarms should be fitted on every floor of the property from the start, and carbon monoxide detectors must be in any room where solid fuel, such as wood or charcoal, is used. Test both alarms on the first day of the tenancy.

You must make sure that your rental property in England is fit for human habitation. If you fail to comply with standards set out under the Housing Health and Safety Rating System, your tenants can take legal action against you.

6. Draw up a tenancy agreement

It’s not a legal requirement but getting a tenancy agreement drawn up and signed by both you and your tenants is really crucial. Make sure it's an Assured Shorthold Tenancy Agreement as that's the type of contracts that renting rules and legislation applies to.

7. Carry out regular inspections – with permission

It’s a good idea to regularly check the state of your property. But you are legally forbidden from entering without the tenant’s permission. It’s best practice to give your tenants 24 to 48 hours’ written notice – and this should be stipulated in your tenancy agreement.

8. Get the right insurance

A good insurance policy will cover loss of rent, damage, legal expenses and liabilities.

Remember that most standard building insurers do not provide the protection you’ll need as a landlord so it’s worth hunting around for specialist landlord cover. If you don’t tell your buildings insurer that you’re renting out your property, you risk invalidating your policy.

9. Get the property ‘rental ready’

Think about who your target tenant is – and make sure the property is ready for them. If you are offering your property as a furnished home, make sure it's modern decor with wide appeal. Above all, it must be clean, tidy and safe.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

This podcast is brought to you by Liberty Gate www.libertygate.co.uk

Nottingham's multi award winning Estate Agency

Original source: Zoopla

Hosted on Acast. See acast.com/privacy for more information.

The Tenant Fees Act sets out the Government’s approach to banning letting fees for tenants. The key measures of the Act include:

• Tenancy Deposits must not exceed the equivalent of five weeks' rent (unless the annual rent exceeds £50,000 in which case deposits are capped at six weeks’ rent).
• Holding Deposits will be capped at no more than one week’s rent.
• The amount that can be charged for a change to a tenancy will be capped at £50 unless the landlord demonstrates that greater costs were incurred.
• The Consumer Rights Act 2015 is amended to specify that the letting agent transparency requirements should apply to third-party websites.

Alongside rent and deposits, agents and landlords will only be permitted to charge tenants fees associated with:

• A change or early termination of a tenancy when requested by the tenant.
• Utilities, communication services and Council Tax.
• Payments arising from a default by the tenant where they have had to replace keys or a respective security device, or a charge for late rent payment (not exceeding 3% above the bank of England base rate).

A breach of the fees ban will be a civil offence with a financial penalty of up to £5,000.

You can see all the government guidance on the Tenant Fee Act by clicking here.

New How to Rent Guide and Section 21 Form

It's also worth noting that the government released a new updated version of the Right to Rent Guide as well as a new Section 21 Form to factor in changes from the Tenant Fee Act.

Please see links to the updated documents here:

How to Rent Guide

Section 21 Form

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

This podcast is brought to you by Liberty Gate www.libertygate.co.uk

Nottingham's multi award winning Estate Agency

Hosted on Acast. See acast.com/privacy for more information.

There may be a number of reasons you want to hand over your property. You may have another home to live in or be moving into care, or you might want to help your children on to the property ladder.

It may also form part of your estate planning, with the aim of slashing the amount of inheritance tax (IHT) you’re liable for over the long-term.

The good news is that rules state that you can give your property to your children – even if you’re currently living in it. But there are potential costs, and it's important to understand what these are. 

1. The impact on inheritance tax (IHT)

If you gift a property to your child to cut the value of your estate for IHT purposes, this is a so-called ‘potentially exempt transfer’.

If you die within seven years of making the transfer, then the property will be considered as part of your estate value for IHT purposes.

But if you live for seven years or longer, there will be no IHT to pay on the value of the property, and you’ll have managed to reduce the overall value of your estate.

2. If you remain living in the property

In this case, gifting a property is considered a ‘gift with reservation of benefit’. This means that you keep the right to benefit from the property, ie. live in it, and it will form part of your estate on death. That’s even if you live for more than seven years after gifting the property to your children.

You may be able to get around this particular rule by paying rent to your children, if you want to take your property out of your estate for IHT purposes. But it’s important to seek professional advice, as the rules can be complicated.

3. Falling foul of other rules

If you give a property to your children, the council may consider this a “deliberate deprivation of assets” – or, in other words, a way of avoiding paying for potential care home fees.

The council may think you are trying to hide wealth tied up in your property to avoid paying for care later down the line because whether you are liable to pay for care, depends on the value of your assets.

In this case, the transfer of ownership may be reversed, and you find the property is back in your name.

4. And remember…

You will no longer be the legal owner of the property if you sign it over to your children.

There may be issues further down the line, if you regret the decision, or there’s a family dispute.

In theory, you could be asked to leave your own home by your own children, if they want to rent or sell the property. Though, of course, you’d hope this wouldn’t happen.

Also, if your child is married, and you sign over your home, and they then divorce, bear in mind that their ex could have a rightful claim over the property.

There are plenty of scenarios you may want to factor into your decision-making, before giving a property away.

Seek professional advice before gifting a property to children, or anyone else, including on tax and other financial issues that may arise as a result of this.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

This podcast is brought to you by Liberty Gate www.libertygate.co.uk

Nottingham's multi award winning Estate Agency

Hosted on Acast. See acast.com/privacy for more information.

Right to Rent, a government scheme which makes landlords responsible for checking their tenant has a legal right to rent in the UK, is ‘in breach of the Human Rights Act', according to a recent High Court ruling.

The Home Office has been granted permission to appeal, which could take several months.

As things stand, landlords and lettings agents will need to adhere to Right to Rent rules. So here's a rundown.

What is Right to Rent?

Right to Rent is a set of rules which puts the onus on landlords to check their tenant (or lodger) has the legal right to rent in the UK. It was introduced in England by the Government as part of The Immigration Act 2014 to clamp down on illegal migrants.

When did it start?

Right to Rent applies to all tenancies that started on or after 1 February, 2016.

How do I know if I’m officially a ‘landlord’?

In the Government’s own words, a landlord is someone who, “lets accommodation for use by one or more adults as their only or main home”. If you take in lodgers, sublet an existing rental property or even act on behalf of a landlord, this means you too.

What if I use a lettings agent?

If you use a lettings agent to let your property, Right to Rent checks will be their responsibility. However, this must be agreed with the agent in writing or you could still be held responsible.

What type of tenants should I check?

Any and every potential tenant aged over 18, regardless of whether they are British and even if they are not named in the tenancy agreement. All tenancy agreements are affected, not just Assured Shorthold Tenancy Agreements (ASTAs).

Who has the right to rent?

There are two groups of people that have the right to rent in the UK; those with unlimited right to rent and those with a time-limited right to rent. Here’s the difference:

• Unlimited Right to Rent: This group includes British citizens, EEA (European Economic Area) nationals or Swiss nationals. It also refers to people who have the right of abode in the UK and those that have been granted indefinite leave to remain, or have no time limit on their stay in the UK.

• Time–limited Right to Rent: Anyone who falls outside the above categories will have a time-limited right to rent (so long as they also have valid leave to enter or remain in the UK for a limited period of time. Time-limited right to renters also include people that are permitted to enter or remain in the UK as a result of Acts of Parliament, European Union Treaties and Immigration Regulation

Who does not have the right to rent?

In short, anyone seeking residential accommodation who requires permission to be in the UK – but does not have it. If you find the potential tenant does not have the Right to Rent, you must not offer them accommodation.

How do I make a Right to Rent check?

By walking through the following Right to Rent checklist:

1. Confirm that the tenants will be using your home as their main residence.
2. Gather original supporting documents from your tenant to verify their identity and their right to rent in the UK. Documents could include a passport or driving licence and birth certificate – and/or, if the tenant is time-limited, a residence card, visa and/or immigration status.

More details around the documents you need, as well as a printable checklist, are available in this Home Office user guide. This Home Office video may also help.

You will need to check all documents are valid in the presence of the tenant.

3. Record the date you made the check and keep all copies of the documents for at least 12 months after the tenancy ends.
4. If the tenant has an ongoing immigration application or appeal, the Home Office will run a free Right to Rent check on your behalf.

If your tenant is categorised as time-limited, you’ll need to make follow-up checks before either:

• Your tenant’s permission to stay in the UK expires
• 12 months has passed since your previous check

If your follow-up check reveals your tenant no longer has the right to rent, you must make a report to the Home Office.

When does the Right to Rent check need to be made?

You’ll have to conduct your Right to Rent check within 28 days before the start of a new tenancy. But if it’s being arranged from overseas, you’ll need to carry out the documents before the tenant moves in.

What happens if I ignore Right to Rent rules?

If you are found to be letting your property to someone who does not have the right to rent in the UK – and you are unable to show you carried out the correct checks – you could be fined up to £3,000. Find out more about the penalties for illegal renting here.

Are there any exemptions to Right to Rent?

The Right to Rent rules only apply to private landlords. Local authorities social housing, care homes, hospitals and hospices for example, will all be exempt. Student accommodation also falls outside the rules as do temporary holiday lets.

However, the Home Office recommends that if your property is being let for three months or longer, this could indicate it’s being used as a main residence, so checks should be carried out regardless.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

This podcast is brought to you by Liberty Gate www.libertygate.co.uk

Nottingham's multi award winning Estate Agency

Hosted on Acast. See acast.com/privacy for more information.

What is Rent a Room?

Landlords typically get taxed on income they earn from renting property. But under the Government’s Rent a Room scheme, householders could earn an income from letting spare rooms – and receive tax relief on it.

Do I have to be a homeowner?

No. Rent a Room is available to both homeowners and tenants with furnished accommodation. If you’re a tenant, you can still sublet spare rooms under Rent a Room, but make sure your own lease agreement permits it first – as many will not.

How much can I earn before I have to pay tax?

You can earn a maximum of £7,500 tax-free each year from letting furnished spare rooms. If you let jointly with others, the relief is split.

So, if you arrange with your partner to have a lodger for example, you can earn £3,750 per year from him or her before having to pay tax.

You can top up your rental income by charging for additional services, such as cleaning or laundry. But remember that all income received from letting spare rooms during the tax year will be taken into account under the Rent a Room scheme.

What accommodation is covered by Rent a Room?

The tax exemption under Rent a Room is available for a room or an entire floor – so long as the accommodation is furnished and within your only or main residential property. So long as you meet the criteria, you can also apply Rent a Room to furnished space in bed and breakfasts and guesthouses.

Rent a Room doesn’t apply if you are renting space, such as an office, but not living there. And you cannot take advantage of the relief if your property has been converted into flats.

Do I have to join Rent a Room?

If the total income you receive from letting your spare rooms each year is less than the Rent a Room threshold, then your tax relief is automatic. You don’t have to do anything.

But if it’s over the threshold, you must complete a tax return to HMRC. You have two choices here:

1. Opt into Rent a Room

Claim your relief on the first £7,500 on your tax return.

2. Opt out of Rent a Room

Don't sign up to the scheme and instead record your income and expenses on the property pages of your tax return.

How many people does Rent a Room impact?

There are thought to be 19 million empty bedrooms in homes across England alone, according to Matt Hutchinson, director of flat and house share site, SpareRoom.co.uk and apartment share site, SpareRoom.com in New York.

And freeing up just 5% of these rooms would accommodate almost a million people – equivalent to a city the size of Birmingham.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

This podcast is brought to you by Liberty Gate www.libertygate.co.uk

Nottingham's multi award winning Estate Agency

Hosted on Acast. See acast.com/privacy for more information.

The National Landlords Association says it’s been contacted by several individuals who have fallen victim to the scam, where fraudsters have used NLA branding and fake letters from NLA representatives to make their approaches appear authentic.

NLA chief executive Richard Lambert says: “Rental fraud is one of the uglier aspects of private renting. Tenants, no matter where they are from, should not send payment to advertisers before they are certain it is genuine and should contact their university who will have a list of reputable landlords and letting agents.

“If you receive official correspondence from a ‘landlord’ and are worried it might be a scam, often a good clue is that it will be written in poor English. Tenants should also remember they can check if a landlord is an NLA member or accredited by visiting www.landlords.org.uk/member-verification

“Any tenant that falls victim to such a scam should contact the relevant authorities in their own country and alert the police in the UK via www.actionfraud.police.uk.”

The NLA is reissuing guidance to prospective tenants about avoiding online rental fraud which was drafted in conjunction with the National Union of Students and the National Crime Agency

1.Do not send money up front to anyone advertising online, make sure they are genuine first and view the property if you can;

2. Beware if you are asked to wire any money via a money transfer service, criminals can use details from the receipt to withdraw money from another location;
3. To use only government approved deposit schemes;
4. Contact the organisations the landlord claims to be associated with in order to verify their status. Tenants wanting to check whether a prospective landlord is a member of the NLA or accredited should ask them for their membership number, then go to landlords.org.uk/member-verification;
5. Overseas applicants needing to secure accommodation before they arrive in the UK should first seek the help of the employer or university they are coming to;
6. Get paperwork and proof: ask for a copy of the tenancy agreement or safety certificates to confirm that the “landlord” has a genuine legal connection with property

Please, please take your time to do your due diligence and research the landlord or letting agency you are looking to deal with before handing over any money.

The incoming compulsory redress scheme membership will give you further security and another way to check you are dealing with a reputable landlord or company but until then if it doesn’t feel right or check out just walk away.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

This podcast is brought to you by Liberty Gate www.libertygate.co.uk

Nottingham's multi award winning Estate Agency

Hosted on Acast. See acast.com/privacy for more information.

As a buyer looking for a new place to live, you may well be keen to find property with potential – after all, our homes are an investment. But how do you go about doing this?

Here’s our guide to spotting opportunities for adding value to your home.

1. Home extensions

Extending property is a great way of adding value in a tried and tested manner, so keep an eye out for a home which can be built out.

Many Victorian and Edwardian terraced houses have a side return – a dark and often under-used strip of garden. This can be a great area to extend into, to create a bigger and highly-desirable kitchen.

Also look for properties with a nearby outhouse which can be joined up by a link extension.

Don’t forget to look up and down too, as there may be space for a loft or basement conversion.

2. Homes where you can add a storey

If a property already has a single-storey extension, look at whether there’s scope for adding another storey.

This could give you space for an additional bedroom and bathroom – one of the most effective ways to boost your property’s value.

Do some research during your viewing to see if any of the neighbours have done something similar, as this could set a helpful precedent.

Also seek expert advice from a builder on whether the existing extension is strong enough to support a second storey.

3. Homes on plots that can be extended

Don’t be too quick to dismiss a home where the plot is too small for the size of property. Check out the possibility of purchasing adjacent land.

If you are able to do so, this could mean a dramatic increase in the value of the property.

Also note that small homes on bigger plots have lots of opportunities for improvement.

4. Homes where you can create open-plan living

Building an open-plan kitchen-living room is a highly desirable way of adding value to your home, so look out for places with a small kitchen that is beside a large dining room or living room.

Do a bit of detective work right away to work out whether the wall is internal or load-bearing. It will cost more to remove the wall, as structural support will be needed to replace it, if it is load-bearing.

If in doubt, arrange a visit with a surveyor or structural engineer.

5. Homes where you can improve layout

Spend time scouring the floor plan to see what changes can be made. A badly laid out property that can be re-configured can offer potential.

6. Homes that require new kitchens and bathrooms

Pay close attention to homes which need the kitchen and bathroom ripping out and starting again. They are two of the most valuable rooms in a property.

A brand new kitchen with the latest mod cons and oodles of storage, or a sparkling new bathroom suite with flashy taps, power shower and glass screen could add some serious extra value onto your home.

7. Homes where you can add a downstairs toilet

A property where you can install a ground floor WC can offer decent potential – and will appeal, in particular, to those with young children, people who like to entertain, as well as older couples who may struggle with stairs.

Think as creatively as you can, as you may not need to knock down walls or build an extension to fit a downstairs toilet into the property. You may be able to fit one in in a large cupboard, in a space under the stairs, or by syphoning off a portion of a room.

8.Ugly homes

While an ugly home can be a turn-off at first sight, it’s worth looking beyond initial impressions to see if the place can be given a facelift – and especially if the property is in a good location.

A ‘good’ location could mean, for example, it is an area known for its good schools or transport links.

You may be able to make some relatively simple cosmetic changes to an ugly property, such as new windows, painting, cladding – and planting climbing plants. All these steps can make a dramatic difference.

9. Homes that are close to the road

Many buyers will turn their backs on a property that suffers from being too close to a road. But there are steps you can take to improve things in terms of looks and noise, such as good screening and a change of approach.

10. Homes with outside potential

Take a look outside to see if there is enough space for a garden room – which could be a great spot for a home office.

A self-contained structure can add value as it increases the usable floor space of the property.

A conservatory is another good way to increase the living or dining space – or make a kitchen more spacious.

But note that conservatories can make or break your home’s aesthetic. You need to plan carefully and make it seem the house was originally designed with the conservatory in mind.

11. Homes where you can restore old features

You can add real value to a property by restoring original features and taking good care of them – enhancing the charm and personality.

Spend some time looking at properties which have these features, such as wooden beams, old-fashioned fireplaces, floorboards, bannisters and doors – and especially if they haven’t been treated very sympathetically.

12. Homes that have a poor EPC

While you might view a home with a G-rated Energy Performance Certificate as a complete deal-breaker, you could also see these weaknesses as potential – as dramatic improvements can be made.

For example, you could upgrade the heating system, replace an old inefficient boiler with a modern condensing A-rated model, and install insulation, such as loft and cavity wall insulation. You could also make improvements, such as adding solar panels and ground/air source heat pumps. These changes will bring a property straight into the 21^st century, and make a big difference to its value.

Where and how you can add value is what you are looking for!

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

This podcast is brought to you by Liberty Gate www.libertygate.co.uk

Nottingham's multi award winning Estate Agency

Hosted on Acast. See acast.com/privacy for more information.

Should you sell your property at auction, and if you do, will you make more profit than going a more traditional route?

These are key questions, but before you consider an auction as an option it’s vital to understand the consequences – once the hammer falls, you can’t change your mind, and the sale is binding.

Here’s what you need to know, and how to go about it.

Why sell at auction?

An auction sale may appeal if you’ve got to make a quick move, for example, you need the cash urgently to pay off other debts.

Properties for sale at auction will be there for a number of reasons, such as bankruptcy, or repossession.

Alternatively, they may have particular issues that could prove problematic for mainstream buyers, such as a short lease.

If you have a property with such an issue that you’re finding hard to shift, selling at auction may offer a solution.

What types of property sell at auction?

All types of property are up for sale at auction.

However, this way of selling often attracts more unusual properties. Auction houses are known for attracting buyers looking for a property project, or a property that may not typically be on the market.

The cost

You’ll pay around 2.5% of the price you finally receive for your property to the auction house, although it depends on which one you use. You may also pay for advertising costs, if required, even if the property isn’t sold.

The costs of selling at auction may be higher than using an estate agent, so do your sums before signing up your property.

Once a sale is agreed, you’ll also need to fork out for a solicitor, as you would with a standard sale.

Finding an auction house

Essential Information Group (EIG) at www.eigpropertyauctions.co.uk offers a useful database, which is a good starting point.

Contact those auction houses you may be interested in, and ask to receive details of properties for sale, to get an idea of how your property will be marketed.

Ask any questions you might have, and it’s also worth visiting some auctions, which are free to attend, to see how the sale process works.

How your property is valued

Your property will feature a guide price and a reserve price, which are not the same.

The guide price will typically be less than the property actually sells for. It’s the price that potential buyers will see, giving an idea of what the property is worth.

The reserve price is set by the seller, and it’s the lowest price they are willing to accept. This may be kept secret, between you and the auctioneer.

The reserve is not usually set too high, but if your property is expected to appeal to bidders, it could receive a high reserve price.

If offers are lower than the reserve price the auctioneer will withdraw the property from sale.

It’s important to think carefully about the price you’re comfortable with, as once a sale is made, you cannot change your mind.

How your property is marketed

The auction house will market your property in the weeks leading up to the auction, and it’s up to you to ensure it’s looking its best to attract potential buyers.

You can choose to publicise your property yourself if you wish, perhaps through social media, and by spreading the word that it’s for sale to family and friends.

The sale process

The bid with the highest offer that’s accepted is your buyer – and you are legally committed to selling the property to them.

Once the hammer falls, you will receive 10% of the cost of the property before the buyer leaves the auction, with the balance to be paid in full within 28 days. So it’s a speedy process, and you need to be prepared to move quickly.

A buyer in need of a mortgage should have this in place if they are seriously bidding on your property, with the lender able to complete their application within three weeks of the sale.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

This podcast is brought to you by www.libertygate.co.uk 

Hosted on Acast. See acast.com/privacy for more information.

When it comes to selling your home, it’s advisable to appoint an estate agent to help value it, create a marketing strategy for your property to get the results required, provide ‘for sale’ boards, conduct viewings, and generally deal with the sales process from start to finish.

There are a variety of services available depending on how much involvement and work, you would like to do, so make sure you research and decide what exactly you want from your estate agent from the outset.

Estate agents are becoming ever-more professional, helped by a raft of measures announced by the Government last April, to drive any rogue agents out of the market. These included professional qualifications, the requirement for Client Money Protection and a requirement to be transparent about fees.

What does this mean for homeowners?

The requirement for agents to have a professional qualification will put them on a similar footing to conveyancers, solicitors and surveyors.

At the same time, agents who don’t comply with the new rules will face greater penalties, including being fined or even banned.

But it is still worth checking your estate agent’s credentials before signing on the dotted line, so what exactly should you look out for?

Is there an overall governing body for estate agents?

No. Rather than an overall governing body, there is a hierarchy of legislation, mandatory redress schemes and professional trade bodies.

So how do you know where to begin?

See if the agent is a member of a trade body

Find out if your agent is a regulated member of a professional body. Many agents will be members of trade bodies, such as estate agency industry body, NAEA Propertymark or the Royal Institution of Chartered Surveyors (RICS).

The NAEA is the professional body for estate agents, promoting high standards within the property sector. Members are bound by strict rules and are expected to uphold high levels of professional standards. They must adhere to a strict code of conduct. NAEA can issue tough penalties if rules are breached.

Agents who belong to RICS face sanctions if they act inappropriately. In the worst cases, agents could end up losing their chartered status, meaning they can no longer carry out certain types of work. 

Check for a redress scheme

All estate agents need to be a member of a Government-approved independent redress scheme. This is a legal requirement. The idea behind this is that complaints can be dealt with quickly and easily.

With this in mind, make sure your agent is a member of The Property Ombudsman or Property Redress scheme.

The role of an independent redress scheme is to provide fair and reasonable resolutions to disputes with members of the public.

Note that the Ombudsman Services: Property was discontinued in August 2018. Members of this scheme have had to join an alternative scheme.

Check for membership of a Client Money Protection Scheme (CMP)

This became a legal requirement for any agency handling clients money to be a member of one of the six government schemes

Why is it important to check an agent’s credentials? 

It can be tempting to go for the one that gives you the highest valuation. But you need to consider other factors, such as fees, the time is takes to sell properties, the service offered and whether the agent belongs to any regulatory bodies.

This will ensure you are getting an agent working to the highest standards, offering honest advice and a top-notch service.

Other things to assist in your decision

Online Reviews

Take with a pinch of salt but look for any consistent messages or how the agent has responded to these reviews.

Personal recommendation

Ask around local friends and collegues who they have used and how they would rate them.

Use social media for local recommendations.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

This podcast is brought to you by www.libertygate.co.uk

Hosted on Acast. See acast.com/privacy for more information.

1. Fresh new ISA allowance lands

As of today, savers have access to a fresh ISA allowance.Under the terms of the accounts, consumers can save £20,000 into the vehicles each year without having to pay tax on any interest payments, dividends or gains. The money can be split between Cash ISAs, Stocks and Shares ISAs and Innovative ISAs.

Alternatively, people aged under 40 can opt for a Lifetime ISA,into which they can save £4,000 of their annual ISA limit each year until they are 50. The Government will add a bonus of 25% or up to £1,000 a year, but the money must be used to buy your first home or to save for retirement.

First-time buyers saving for a property deposit can opt to use the Help to Buy ISA, under which they can save up to £3,400 in the first year and £2,400 in subsequent years. The Government will then top this up with a bonus of 25% up to a maximum of £3,000. But aspiring first-time buyers who want to take advantage of the scheme need to move soon, as it will not be possible to open new accounts after November 30 this year.

Savers who are interested in getting exposure to the housing market could consider taking out a property ISA, which pools investors cash into a REIT and uses the money to purchase buy-to-let homes across UK cities. Investors benefit from both the rental income and any increases in the value of the properties purchased.

2. Tax relief for landlords reduces

The new tax year brings a further reduction in the amount of tax relief on mortgage interest that landlords can claim. Up until 2016/17, landlords could deduct all of their mortgage interest and other allowable costs from their rental income before calculating how much tax they had to pay.

But the amount they can claim has gradually been tapered down, and this year they can offset only 25% of these costs against their rental income, with 75% of the costs given as a basic rate tax reduction.

The relief will be phased out completely from April 6, 2020, when landlords will only be able to claim a basic rate tax deduction on mortgage interest, even if they are a higher rate taxpayer.

3. Earn more before paying tax

One piece of good news is that from April 6, everyone can earn more before they have to start paying tax. The personal allowance now goes up to £12,500, while people will have to earn £50,000 before the 40% higher rate of tax kicks in.

The increase is relevant for landlords, as rent from investment properties is classed as income.

It is also good news for people saving for a property deposit, as they will be £650 a year better off if they are a basic rate taxpayer and nearly £3,650 better off if they are a higher rate one.

4. Capital gains tax allowance increases

Another allowance that has increased in the new tax year is that of capital gains tax. People will now be able to make capital gains of £12,000 a year before they become liable for the tax, a slight increase from £11,800 in the previous tax year.

This is good news for investors selling buy-to-let homes, although they will still be stung with a capital gains tax rate of 18% for basic rate taxpayers and 28% for higher rate one, rather than rates of 10% and 20% respectively charged on other assets.

5. Right to Buy discounts increased

For people interested in buying a council or social housing property, the maximum discount they can benefit from has increased to £82,800, rising to £110,500 in London.

Right to Buy enables eligible council and housing association tenants in England to buy their home for a discount to its market price, depending on how many years they have lived there. The maximum discount increases each year in line with inflation as measured by the Consumer Prices Index.

And what’s not changing

Unfortunately, for people hoping to inherit a property, there has been no change to the inheritance tax threshold, which remains at £325,000, with tax charged at 40% on assets above this level.

There has also been no increase to the annual Rent a Room allowance,under which homeowners can earn up to £7,500 a year tax free by renting out a room in their property.

From the start of the new tax year, however, a new condition has been added to the scheme stating that the property in which the room is let must be your main or only residence.

Stamp duty rates also remain unchanged, although the Government is currently carrying out a consultation on imposing a 1% surcharge on overseas buyers.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

1. A copy of the Government’s rental guide

This guide sets out all the information you should be given as a tenant, your legal rights and what to expect from the rental process: How to rent: The checklist for renting in England

2. A gas safety certificate

If your rental home has any gas installations (such as an oven), your landlord must arrange an initial gas safety check as conducted by a Gas Safe engineer – and provide you with a certificate. If they don't you can report them to the Health and Safety Executive (HSE).

3. The paperwork protecting your deposit

Your landlord must hold your deposit in a government-backed Tenancy Deposit Scheme, so you'll be protected if there's any disputes at the end of the tenancy. You’ll be given the paperwork for the scheme which should clearly state the sum being held.

4. An Energy Performance Certificate (EPC)

This certificate rates the energy-efficiency of your rental home, from A (most efficient) to G (least efficient).

5. Relevant contact details

Your landlord (or lettings agent acting on behalf of the landlord), should provide their full contact details including address and telephone number in case of an emergency.

A ‘nice-to-have’…

It’s not law but it's good practice for your landlord to provide you with reports of any electrical inspections.

6. If applicable – A copy of any licencing (HMO, selective) if your property is in a licensable area then a copy of the licence should given to you so you are aware of the guidelines and restrictions of the licence.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

The change in stamp duty tax, from the 1^st of April 2016, has impacted on the way that some people think about the buy to let market. There are still plenty of opportunities to make money and enjoy a good return on an investment.

Here are 7 things to consider when buying an investment property.

Who will your tenants be?

This is fundamental with respect to your investment but it is something that so many people overlook. Who you will rent your property to is likely to be the biggest factor in the long-term success or failure of your investment.

You should look into the demographics of tenants and decide who you want to attract. The choice of area and type of home you buy can impact on who is likely to rent from you, and some of the common groups of tenants include:

• Families
• Students
• Young professionals
• Downsizing retirees

These different groups all have their own needs, demands and expectations of a property. They are also likely to pose different challenges and benefits to landlords, so you need to have a strong idea about who you want renting your home.

Where will you buy?

For some investors, the most important aspect of investing in property is finding property close-by. If you intend on being a hands-on landlord, it makes sense to invest in property that you can attend at short notice or with a short drive.

What can you afford?

There is no point setting your heart on buying a four bedroom property in a stylish part of town if your entire budget can only stretch to a flat in an up and coming neighbourhood.

There are property investment opportunities for all budgets but you need to make sure that you have sufficient funding first before starting to consider buying. You also need to consider any additional fees, charges and costs associated with buying a property.

The purchase price of the home is not the total amount of money that you will spend, so be sure to examine the bigger picture each time.

What will be the rental yield?

Once you are assured of how much money you can afford to spend when buying a property, you must also focus on the rental yield. The rental yield is what you forecast to receive from your investment. The bigger the yield, the more attractive your investment is likely to be so it is important to calculate the lowest and highest yields each time.

The three key aspects of determining rental yield are:

• The purchase price of the property you have chosen
• The annual expenditure in maintaining a property
• The annual rental income

Do you know what the legal responsibilities are?

If you are looking to become a landlord to obtain an additional income, you may not be fully aware of the responsibilities associated with this. You need to have a business approach in letting out your property, which means that you need to focus on the tax issues of owning and letting a property in the UK.

Some of the most important regulations landlords need to adhere to include:

• Energy performance certificates
• Gas safety certificates
• Offering compliant plugs/sockets and safe electrical appliances
• Protecting the tenant’s deposit
• Providing Fire resistant furniture
• Right to rent checks
• Serving prescribed information

Not complying with these, and other, regulations is illegal and could land you with a hefty fine (or worse). Make sure you’re prepared to invest the time, energy and money to ensure you’re legally compliant at all times.

What to do when things go wrong?

Hopefully life will be simple and straightforward for a landlord but in reality, things can and will go wrong at times. You need to know who to turn to and this is why many landlords decide to instruct a property management company. Property management or letting agencies have experience and expertise in caring for properties and no matter the situation; they will know how to respond or what professionals to call on.

What type of landlord do you want to be?

This is a question that all landlords need to ask themselves, and it is one that they need to ask well before they move forward with their buy to let investment. Do you want to be a hands-on style of landlord or do you just want to bring in regular income with very little involvement? There is nothing wrong with either option but they create very different scenarios for landlords, and you need to be aware that being a hands-on landlord can be very time consuming and challenging.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

In 2016 Autumn Statement, the Chancellor, Philip Hammond announced he would place an outright ban on lettings agent fees charged to tenants.

The Government has now confirmed plans to implement the ban on all new tenancies signed after June 1, 2019.

One of the Government’s main concerns with letting agent fees is that, while they must be clearly advertised, they’re not regulated or even uniform. That means upfront costs to rent a home can differ according to location and agent.

But that's not to say you can't get a benchmark. Here's a round-up of the kind of fees you could encounter before the ban takes effect:

Before you move in…

Holding deposit
Potential cost: £200-£500

This is a sum charged by the lettings agent to ‘reserve’ the property and take it off the market. The amount varies but one week's rent is a good benchmark.

However, as the amount is subtracted from your main deposit which is returnable at the end of your tenancy, a holding deposit is not really a fee. You'll only lose the money if you don't proceed to signing the agreement after the property has been taken off the market.

Contract/ administration fee
Potential cost: £350

This fee covers drawing up the contract (usually an Assured Shorthold Tenancy agreement) as well as any other administrative tasks such as the inbound inventory, phone calls and photocopying.

Reference checks
Potential cost: £75-£100 per person

This pays for the agent to run references on you and anyone else named in the contract. They’ll usually contact your current employer and/or previous landlord. If you are using a guarantor, they’ll be referenced too.

Credit checks
Potential cost: £50-£100 per person

This pays for the lettings agent to conduct a credit check on you using a credit reference agency such as Experian or Equifax. Even if just one of you is responsible for paying the rent, the agency may still credit check both of you.

Once you're in the property…

Tenancy renewal
Potential cost: £150-£180

This pays to renew your contract at the end of the tenancy agreement should you choose to stay on at the property. This is also the time at which the landlord is at liberty to put the rent up.

Amendment to contract
Potential cost: £100-£120

This could be payable if you require the existing contract to be amended. For example, you want to change the term or swap a housemate.

Unpaid rent
Potential cost: Around £30 per payment

You will need to set up a standing order so your rent comes out of your bank account directly. However, if there’s not adequate funds and the payment bounces, your lettings agent or landlord may charge you (your bank might too).

Early termination
Potential cost: Up to £300 per person

If you want to leave before the tenancy agreement ends and your landlord doesn’t agree it, not only will you be liable for the outstanding rent, you could be hit with early termination fees too.

When you're checking out…

Checkout fee
Potential cost: £100-£300

This will pay for the outbound inventory, where the agent will check everything is in order with the property when you leave and that it’s been cleaned to the appropriate standard.

Deposit deductions
Potential cost: Up to the cost of your initial deposit

If the lettings agent finds any damage to the property or any items missing from the inventory, they could deduct the cost from your deposit.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Source: Zoopla

Hosted on Acast. See acast.com/privacy for more information.

Letting your property is a big decision, both for you and the tenants that will be living there, so it’s important you understand what being a landlord means.

So here are some top tips to ensure you understand your responsibilities as a landlord, know how to protect your property, and keep your tenants happy.

1. Do your research

First thing’s first, get to know your market. Research similar properties in the local area and find out how much they are being let for per month. If your rent is set too high, prospective tenants will steer clear. A local, experienced agent will be able to advise on this and also give you essential advice on the local market conditions. Once you’ve done your homework, set a competitive price and aim to keep it filled at all times to minimise rental voids.

2. Check in with your mortgage provider

By renting out your home, you go from being a home-owner and occupier to a landlord, and with your new status, comes great responsibility. In the first instance, you need to check if your mortgage allows you to let out your property as some agreements include caveats to prevent homes from being rented. If you are unsure, speak to your mortgage lender and they will be able to advise you accordingly.

3. Know your responsibilities

Being a landlord is a 24/7 job, so you should be prepared to receive calls from your tenant at any time during the day or night. Some issues will need immediate attention and unless you have a managing agent, you are entirely responsible for acting on repairs and maintenance quickly.

4. Get the property rental ready

Make sure your property is clean and any modernisation or DIY projects are finished. It will be more attractive to prospective tenants if it’s had a fresh lick of paint, all repairs are done and if necessary, new flooring has been installed. You should also think about the type of tenants your property will be best suited to; for example, young families, students or single professionals. This will determine whether you should let it furnished or unfurnished. If possible, offer both options, so the agent can market your property to a wider audience.

5. Sort out the insurance

Your existing buildings and contents insurer must be made aware of your intention to let your property, as your policy will probably need to be amended. While specific landlord insurance isn’t a legal requirement, it’s advisable as the policy will protect the building, your tenants and your investment as a whole – some policies will also pay out if your tenant misses their rent payments.

6. Legal requirements

When it comes to being a landlord, there are more regulations to comply with than you can shake a stick at. To put it into perspective, there are currently around 150 laws that landlords need to adhere to while letting a property. At the start of a tenancy agreement, you must carry out Right-to-Rent checks in line with immigration laws, protect deposits and have all the essential paperwork in place.

While it isn’t a legal requirement, it’s a very good idea to have a written tenancy agreement so both you and your tenant understand your rights and responsibilities.

The safety of your tenants is number one in my opinion as very tenant deserves as safe and secure home, so you must also arrange a Gas Safety check every year. It’s also a good idea to make sure all electrical appliances and wiring are tested regularly too. Finally, it goes without saying that your rental property should be fitted with smoke alarms on every floor and carbon monoxide detectors where necessary.

By law, your property needs to have an EPC (energy performance certificate), and it currently needs to be Band E or above. You won't be able to market the property unless you reach this standard and have a certificate to prove it, so get it sorted as soon as possible – they're valid for 10 years.

7. Regular inspections

It’s important to undertake regular inspections of the property, although remember you can’t enter the property without your tenants’ permission. This is classed as trespassing and is illegal. Give them at least 24 hours’ written notice, and this should be stipulated in your tenancy agreement.

8. Choosing the right agent

If you want to make the process pain-free, use an agent to manage your property and guide you on everything you need to know. A good agent will take away the stress of finding suitable tenants and will ensure your property complies with any regulatory changes. Propertymark Protected agents are experienced and trained professionals who work to a code of practice in order to help landlords manage their homes.

If you are using a letting agent, make sure they are a member of ARLA Propertymark as they have Client Money Protection (CMP). This ensures that if the agent goes bust or runs off with your money, Propertymark will reimburse you and make sure you’re not left out of pocket.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

Private landlords including providers of purpose-built student housing and park home sites will be legally required to become members of a redress scheme – with a fine of up to £5,000 if they fail to do so.

James Brokenshire, Communities Secretary, has announced an overhaul of the ‘broken housing complaints system’ as they put it with plans for a new housing complaints service for the entire housing market ensuring both homeowners and tenants know where to go when things go wrong.

Dissatisfied homeowners and tenants will have simple and quick access to help when things go wrong, thanks to new plans announced today (24 January 2019) by Communities Secretary Rt Hon James Brokenshire MP.

From broken boilers to cracks in the wall, the new Housing Complaints Resolution Service will potentially help millions by providing a straight-forward way of getting help when faced with unresolved disputes about problems with their home – such as repairs and maintenance.

Unlike other sectors, such as financial services, the housing market has several different complaints bodies, with homeowners and tenants having to navigate their way through a complicated and bureaucratic system just to work out where to register a grievance.

Establishing a single housing complaints service for all residents – no matter whether they rent or own their home – will prevent people from battling with their landlord or builder to resolve issues on their own and make it easier to claim compensation where it’s owed.

Communities Secretary Rt Hon James Brokenshire MP, said:

“Creating a housing market that works for everyone isn’t just about building homes – it’s about ensuring people can get the help they need when something goes wrong.

“But all too often the process can be confusing and overly bureaucratic, leaving many homeowners and tenants feeling like there is nowhere to go in the event of problems with their home.

“The proposals I have announced will help ensure all residents are able to access help when they need it, so disputes can be resolved faster, and people can get compensation where it’s owed.”

Currently, the housing complaints system is confusing – there are multiple complaint bodies covering the housing market, and membership of redress schemes is compulsory for some tenures but not others.

For example, in the private rented sector, there is currently no obligation for landlords to register with a complaints system – leaving thousands of renters without any course for redress.

To combat this, the Communities Secretary has announced that private landlords will be legally required to become members of a redress scheme – with a fine of up to £5,000 if they fail to do so.

And to protect the interests of home-owners who buy new build homes, government has also reiterated its commitment to establishing a New Homes Ombudsman which will champion home buyers, protect their interests and hold developers to account.

Legislation will be brought forward at the earliest possible opportunity to require all new developers to belong to the Ombudsman – giving homebuyers the confidence that when they get the keys to a new home they are getting the quality of build they expect.

Developers will also have to belong to the new body by 2021 if they wish to participate in the government’s landmark Help to Buy scheme.

FREEHOLDERS TOO

Other measures alongside this include requiring all freeholders to join a redress scheme regardless of whether they use a managing agent or not.

The Housing Complaints Resolution Service will be developed with a new Redress Reform Working Group made up of representatives from across the sector, working with industry and consumers.

This is part of on-going work by the government to make the property market fairer and more transparent for everyone.

So what are your thoughts on this announcement. My opinion is that this is long overdue and will help make the whole property market more transparent, accountable and therefore safer for people to navigate so I welcome this announcement but I would love to hear your thoughts on this. Please get in touch on our website or perhaps join in the conversation with us on Social Media.

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

Landlords have endured a difficult time in recent years with a raft of tax changes and new regulations coming into force.

Unfortunately, this trend looks set to continue in 2019, although there are some positive developments.

We take a look at the changes that landlords need to be aware of.

1. Client money protection

In a development that is seen as being good news for landlords, all property agents in England will have to belong to an approved Client Money Protection Scheme from April 1 this year.

The schemes aim to protect both landlords’ and tenants’ money, such as rent or deposits, if a letting agent goes into administration.

They should also help to prevent money from being stolen or misused. Letting agents face stiff fines of up to £30,000 if they fail to sign up to one of the schemes.

2. Mortgage interest tax relief cuts

The level of mortgage interest tax relief that landlords can claim will be reduced further from April 6, with the amount investors can deduct from their rental income falling from 50% of their buy-to-let financing costs to just 25%.

The relief will end completely in April next year, when it will be replaced by a 20% tax credit for mortgage interest. The move will not only leave landlords facing high tax bills, but could also push some basic rate taxpayers into the higher rate band.

3. Ban on tenant fees

The Tenant Fees Bill is currently making its way through the House of Lords and is expected to become law in England this spring, depending on Parliamentary time.

The bill means letting agents will not only no longer be able to charge tenants fees to cover the cost of doing credit checks or preparing rental agreements, but the amount tenants can be charged to repair minor damage to properties will also be limited, while security deposits will be capped at five weeks’ rent.

The move is expected to save tenants between £200 and £300, but there are concerns letting agents will simply pass on the costs to landlords.

4. Homes fit for habitation

The Homes (Fitness for Human Habitation) Bill is now law, meaning all landlords in England have to make sure their properties are fit for human habitation throughout the course of a tenancy.

If landlords fail to comply with standards set out under the Housing Health and Safety Rating System, their tenants can take legal action against them.

While the bill means higher costs for landlords who need to get their properties up to scratch, it has been widely welcomed by trade bodies in the sector for giving renters greater protection against rogue operators.

5. Energy efficiency upgrades

Around 200,000 landlords will have to upgrade the energy efficiency of their property this year. Landlords were previously exempt from meeting the minimum energy efficiency requirements if measures to improve a property would cost more than £2,500.

But the threshold has now been increased to £3,500, meaning fewer landlords will be exempt. The upgrades are expected to cost landlords an average of £3,500 each.

6. Longer tenancies

The Government has gone quiet on its proposal for longer tenancies, but rules allowing people to opt for a three-year minimum agreement could still be brought in this year.

The Government wants to see minimum three-year terms to give people who rent their homes more stability, although both landlords and tenants would have a six-month break clause.

More than three-quarters of tenancy agreements are currently for periods of six or 12 months. While the move could be seen as good news, as it gives landlords more certainty, there are fears that it will drive small-scale buy-to-let investors out of the market.

7. New housing court

The Government is expected to unveil more details about its new Housing Court during the year. Under proposals previously announced, it would be a specialist court that provided a single route for dispute resolution and redress between landlords and tenants.

The move should make it simpler for landlords to navigate the legal system relating to tenancy disputes, while it could also make it easier for them to evict problem tenants. The Government is currently undertaking a call for evidence on the issue.

8. Land and Building Transaction Tax hike

People buying a second property in Scotland face a tax hike after the Scottish Government announced plans to increase the surcharge they pay on Land and Buildings Transaction Tax from 3% to 4%. The rate rise came into force on the 25th of January.

9. Rogue landlord database

Although launched in 2018, it is only from the start of this year that the Government’s Rogue Landlord Database is expected to start receiving entries.

The database will include the details of landlords who are convicted of letting substandard properties or flouting their legal obligations.

After previously saying the information would only be available to local authorities, the Government has since decided the public will also be able to access it.

10. Competitive mortgage rates

While landlords have been subjected to tougher affordability checks in recent years, there is some good news on the mortgage front, with the cost of buy-to-let deals coming down.

The average cost of a five-year fixed rate mortgage for landlords fell to a record low in the final quarter of last year, according to financial information group Moneyfacts.

The group attributed the fall, which came despite a hike to the Bank of England base rate in August, to the high levels of competition in this sector of the mortgage market.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

Gazumping may be less prevalent right now – with the latest figures showing a fall in this happening but you still need to be prepared.

While this is good news for those looking to purchase a property, gazumping – where a seller accepts an offer, only to reject it later in favour of a last-minute offer from someone else – has not gone away. 

Where is it happening?

London retains the crown as the gazumping capital, with 66% of buyers having been gazumped in 2018. This figure is up from 35% in 2017.

As anyone who has been gazumped will testify, it’s a horrible thing to have happen when you are trying to buy your dream home.

In many cases, unless you can somehow find the cash to make a higher counter offer, it means that a lot of time and money has been wasted – and that there’s no choice but to go back to square one and start the property search all over again.

You might expect this controversial and unpopular practice to be illegal – but it isn’t. Under English law, the agreement between you and the seller does not become legally binding until contracts have been exchanged.

Plans to reduce gazumping

The good news is that the Government is looking to help reduce the number of buyers who fall victim to gazumping by introducing what are known as ‘voluntary reservation agreements.’

If introduced, these measures could make the buying process a lot less stressful. In the meantime, there are steps you can take to reduce the risk of falling victim.

1. Get organised

One of the simplest ways to reduce the risk of getting gazumped is by being organised and getting all your ducks in a row.

Make sure your finances are in place and that you’ve got a mortgage ‘agreement in principle.’ This is essentially a letter from a lender setting out how much they would be willing to lend, based on an initial assessment of your circumstances.

You also need to have a solicitor appointed – one who is available and proactive – and all the necessary documentation to hand, including the required ID.

If you are selling at the same time as buying, get your property on the market. Better still, get an offer on your current home before making an offer on the one you want to buy to ensure timing won’t be an issue.

The shorter the time between agreeing a sale and exchanging contracts, the less likely it is the deal will fall through.

2. Get the property taken off the market

Once your offer is accepted, you should ask the seller to take the property off the market.

Make sure this is done in writing or it will not be legally binding, meaning the seller can change their mind at any time.

You should also ask the estate agent to remove signs from outside the property and remove its online listing.

While the seller and agent aren’t legally obliged to do this, you should question their reasons if they say no.

3. Keep things moving quickly

Do all you can to keep the process moving along as quickly as possible. This means being in regular contact with your mortgage broker and conveyancing solicitor to ensure they respond quickly to requests for information.

Also make sure you read, sign and return forms as promptly as possible. You don’t want your case to fall by the wayside, or things could drag very slowly.

4. Get friendly with the sellers

There are no guarantees this will work, but if you take the time to get to know the sellers – and show them you’re a serious buyer with your heart set on the property they’re selling – there’s less chance of them dropping you at the last minute for a better offer.

5. Consider a lock-out agreement

You might want to think about a ‘lock-out agreement’ or ‘exclusivity agreement.'

This is where the vendor agrees not to seek, or accept, other offers from other buyers for a certain short period.

While this can help demonstrate how serious you are, the issue you may have is getting the seller to sign it.

Talk to your solicitor to find out what’s involved – and the potential cost of drawing up one of these agreements. But be warned that it can get fairly complex.

6. Take out specialist insurance

In addition, you might want to look into taking out Home Buyers Protection Insurance.

A policy covers you for the loss of upfront expenses you’ve made in good faith to purchase a property (such as legal, survey and mortgage lending costs), in the event of the purchase falling through.

7. Considering buying at auction

Buying at auction means there is no risk of gazumping – but it does come with a lot of different risks – so don’t make any hasty decisions, as you need to go in with your eyes firmly open.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

Please don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Source: Zoopla

Hosted on Acast. See acast.com/privacy for more information.

We have seen many people build their dream homes on land that they’ve bought for that purpose. We’ve seen where things can go wrong, and all of the ways that a buyer can prevent these things from happening. So here’s our do’s and don’ts for building your own property.

Q: So you want to buy land to build a home. What should you be looking for in the land? Are there any red flags to watch out for?

A: Firstly, when looking to buy land to build your dream home, carefully consider the land’s location, size, and surroundings. This includes whether the property would be an appropriate size or style that will fit with the neighbours, which will become an important factor when you apply for planning approval.

Q: Is it feasible to demolish an existing property on land that you’ve purchased?

A: Always do a land registry search. It’s a small cost to pay, but can tell you a lot about the land you’re considering. The search will be able to tell if the property is registered. If it was built before 1982, it may not be registered, and unregistered land can take time to get papers in order, especially if you’re relying on old deeds, when it may be very difficult to prove title.

If you’re demolishing a property, you will certainly need an asbestos survey. You can’t just knock a property with asbestos down, and removing asbestos can be a costly job. You’ll also need a bat survey, which usually entails an initial survey and often a ‘dawn and dusk emergence survey’. Before building, you’ll need a geotechnical survey, as without this unexpected building costs can arise, which can add thousands of pounds to your build cost.

Q: You’ve bought the land, and now want to go ahead with the build. What kind of permissions do you need, and how will this affect the time frame of building your house?

A: Step back a little. Before exchanging contracts, it’s essential to put a preliminary enquiry into the planning department. This is called a pre-application. You will need to get an opinion from the local planning department, to see if they will grant full approval to build. You can prepare and submit this yourself, as long as you can sketch a rough idea of your design. The cost of doing this is currently around £140, so it’s not a large risk, but if you buy first and don’t get approval, it could be a costly mistake.

Q: What happens after you’ve applied for permission? 

A: Subject to the above, you now own the land. You then need to employ an architect or an architectural designer to save money. They will discuss your design requirements, and be warned, architects can charge up to 10% of the property’s build cost, though designers will cost less. Visit the RIBA website to find a list of local firms.

Q: What else should I be aware of? 

A: Definitely think about utilities (gas, electricity, main drains, etc.). All these things will add to your total costings. A tip here is to get your solicitor to do a ‘multi search’, which doesn’t provide all the locations of various utilities, but will help you through the process of dealing with the public companies.

Q: What about trees?

A: Check and see if there are any trees preventing your build, and if so, if there are any tree protection orders. Speak to the councils’ tree specialist; they are free, knowledgeable and usually very helpful. You may need to employ a professional tree surgeon, especially if the land is heavily planted. Try to find land that’s not too overgrown.

On another note, make sure that there’s no Japanese knot weed on the land. I’ve seen clients struggle terribly with eradicating it, and it would put me off the land completely unless the seller has it removed by a specialist, who can provide an insurance-backed guarantee that it has been successfully eradicated.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

Please don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

You can make a big impact without spending big money, too. Subtle, well-thought-out and inexpensive updates are sometimes all that is needed to make a lasting impression and give you the edge in the market.

Here are some budget-friendly updates you could do before listing your home:

Start with a renovation checklist 

Before doing anything else, walk through your home and visit each room to make a list of what needs to be repaired or replaced. It might be difficult, but try to be objective, focusing on how buyers or tenants would view your home. A second opinion from a friend or family members could help during this process. Look for outdated styles and fixtures, bold patterns and colours, unfinished projects and over-cluttered cupboards or countertops. Consider which elements showcase the home in its best light and what doesn’t. Once the checklist has been established, the next step is to set a budget and make time to complete the tasks.

First impressions count

It takes people just 15 seconds to decide whether they like a house or not. That just highlights the importance of making a good first impression. A buyer’s impression of your home is not only formed by what they see on the interior but starts from outside the property walls. People passing by will judge whether they want to have a look at the property by the way it looks from the street. Curb-appeal is vital and contributes to the success of attracting buyers. Start maintenance outside the property and work your way inside. Basic updates such as painting or refinishing of fences sheds and garage doors, cutting the grass and planting some flowers can improve the look of a home from the outside.

Kitchen and bathrooms are key

As some of the most frequently used areas in any home, the kitchen and bathrooms will be a focal point for buyers. Pay extra attention to these areas to ensure they are fresh and look great. Things such as stained shower stalls, broken or missing grout and leaky taps or dated cabinet hardware are easily replaced at minimum cost. Exposed pipes in the bathroom can be boxed in and hidden.

If laminate on kitchen doors is warped, there are companies who will re-laminate the kitchen doors and carcasses for a fraction of the cost of replacing them. A fresh backsplash is also a great way to update the look of the kitchen while giving the impression of a much bigger renovation. A new kitchen backsplash is surprisingly affordable and DIY-able.

A fresh coat

A new coat of paint is an inexpensive way to revitalise the home, especially if you have the skills to do the job yourself. Paint can breathe new life into a dated space and can be used in a variety of applications on walls, doors, cabinets, fixtures and even tiles. It is best to stick to a neutral muted colour palette when deciding on which paint to select, as these colours will appeal to the largest number of people.

Replace or repair skirting boards

It is possible to repaint the skirting boards, but sometimes they can be over-painted and in need of a refreshed look, especially next to repainted painted walls or new carpets. At approximately £1.25 per metre, it’s a cheap fix and there are online companies offering a wide range of styles, meaning you can match styles with any skirting boards you wish to keep.

Replace internal doors and door handles 

If your property was built in the ’70s and you still have the original doors and handles, then they are nearly 50 years old. It’s safe to say that these types of doors and handles will not be coming back into fashion anytime soon. Handles cost as little as £7.99 each, while a door will cost around £46.99 depending on the style and material chosen.

Put up new window coverings

New window treatments can enhance a room without requiring much effort. You can find reasonably priced and easy-to-install shades, curtains, and rods at stores such as IKEA.

Light switches and electric sockets

Another cheap but highly effective update, replacing the light switches and electric sockets won’t break the bank but will bring the home into this century. Perhaps thinking of upgrading your white plastic switches to a brushed steel or chrome look for a more modern look. Think safety first – always employ a professional when replacing electrical elements.

Repair failed double-glazed windows

While a blown double-glazed window was once very expensive to repair, this is no longer the case. There are many specialist companies who can remove moisture from inside the failed double-glazed glass, clean and re-seal your windows for a fraction of the cost of buying new double glazing.

Hang wall art

The look of a room can be completely changed simply by hanging artwork. Before making holes in the wall, layout the artwork on the floor to get the right arrangement if there are more than one or two pieces. Markets, antique stores and second-hand shops are great resources for finding expensive gems.

Updating your home doesn’t have to be expensive or difficult. By making these small changes before listing a property, you are giving yourself the best possible chance of setting your home apart.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

Please don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Source for this article: Guild of Property Professionals

Hosted on Acast. See acast.com/privacy for more information.

Key Stats from research so far

Timing

12-14 weeks offer to completion

Leasehold adds at least a week to this timescale

Failed Transactions

25-33% of all transactions fall through

Costing £270m per year

Inexperience

People move every 19 years

Most people will only move 1 or 2 more times after first move

Technology

Rapid changes in finding a new home to purchase but limited progress elsewhere such as the process itself.

One million homes bought and sold each year.

Challenges for the government are:

Market is not broken enough to need an immediate fix

Lack of consumer experience

Emotional purchase especially once found dream home

Dis aggregated market: 4100+ conveyancing firms and biggest has 2% market share

Need for chains

Lack of digitization – Land Registry/local authority searches

Solutions they are considering

Tackling uncertainty with the use of Reservation/binding agreements

70% of buyers and 66% of sellers worried that the sale would not make it to completion after they had accepted an offer.

50% of buyers and 70% of sellers would have been prepared to enter into a legal commitment after offer. – Reservation/binding agreements to be tested.

Recently announced a field trial of this type of agreement which will start later this year.

The ideas is that if every party has some ‘skin in the game' (financial commitment) then less likelihood of the purchase/sale falling through.

Would love to hear your thoughts on this so please comment below.

Would this have helped you in a recent purchase or sale?

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

Please don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

The brutal truth is that, if you live in an apartment or terraced / semi-detached house, much of the enjoyment of your property rests on the civility of your neighbours.

But don’t despair.  If your noisy neighbours are driving you around the bend, rest assured that you are not alone.  Most people, at some time in their lives, have had to deal with neighbours who make too much noise.  You do have the right to seek legal redress, but this should only be done as a last resort.

Start a conversation

The best way to deal with a noisy neighbour is to pop round and explain to them in a calm manner that their music, dog, children, stomping up and down stairs etc, is disturbing you.  Pick your moment.  Knocking on the door at 2am while a party is in full swing and the occupants have ‘had a few’ may not elicit the best reaction.  You are more likely to have success if you express your concerns the next day, when everyone’s heads are clear.

In the vast majority of cases, a quick chat sorts the problem out.  Most people are mortified at the thought of causing a disturbance to those around them, and your neighbour may have had no clue that their noise was affecting you.

Be reasonable and take a balanced view.  Your neighbours have a right to enjoy their property too.  Try to compromise, for example, ask them to warn you the next time they are having a party so you can make alternative plans, and request that any loud music wraps up at midnight.

Talk to the landlord

If your neighbour is a tenant and ignores your requests to quieten down, you may need to contact their landlord.  Tenants will normally have a clause in their Tenancy Agreement prohibiting them from actions and/or behaviour that cause a nuisance to their neighbours. Your Solicitor can help you to find out the name and address of the landlord so that you can contact them.

Contact your local council

If talking to your neighbour elicits no positive results, you can make a complaint to your local authority.

Under the Noise Act 1996 and other associated legislation, your local council must investigate any noise that is deemed to be a ‘nuisance’.  If your neighbour’s noise is deemed a nuisance, then the Council can issue an Abatement Notice.  The notice will stipulate that either the noise must stop completely, be reduced to a certain level, or is only permitted during certain times of the day.  If you neighbour fails to comply with the notice, they can be fined up to £5,000 if you are dealing with a person or up to £20,000 if it’s a business creating the noise.  Any device such as a sound system can also be seized by an Environmental Health Officer or the police for up to 28 days until the court decides what should be done with it.

If the nuisance becomes more than just incidental noise, and you feel threatened, harassed, or in fear of violence, then it is time to call the police.

Mediation

Your local authority may recommend that you and your noisy neighbour attend mediation as a way of resolving your dispute.  Mediation is a process whereby an impartial third party, known as a mediator, helps you and your neighbour come to an agreement over how to resolve the noise issue.  Because the process is designed to be non-confrontational and assist parties to resolve disputes between themselves, mediation is also a good way of preserving or re-establishing good relations.

Get your solicitor to write a letter

A letter from a solicitor can often be enough to make a noisy neighbour take your complaint seriously.  This strategy works well if your neighbour is a tenant, and the letter points out that if they do not cease in their noisy activities, they could face eviction. If all else fails, you can take legal action against a neighbour through the Courts. Your solicitor can advise you in relation to the process and the likely costs.

As they say, “our house is our castle”, no matter how large or modest, and noisy neighbours can make life miserable. If a fair and reasonable discussion with your neighbour or their landlord does not elicit the desired outcome, rest assured, you do have a number of non-legal and legal options available to you so that you can enjoy peace and tranquillity in your own home.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

1. Post: Those final bills, magazine subscriptions or the store card vouchers you’ve been saving up may still be addressed to your previous home. To give you time to change your address on everything, you can set up post redirection through the Post Office (though be aware you will have to pay a fee).
2. Internet: Argh what will I do without Netflix?! Speak to your current provider about your contract terms as sometimes you’ll be able to transfer it over to your new house or it could be a chance to shop around if you’re finishing your contract. You’ll need to book a date for installation though and that could take several weeks so try and plan ahead if possible.
3. Gas & Electric: Let your current energy supplier know you’ll be moving at least 2 days before you move and take your final meter readings to pass on so that you get an accurate bill. When you move home you can stay with the provider or change to a new one, and make sure you take the new meter readings when you move in.
4. Banks: Inform your bank and any credit and store cards of your new address as soon as possible, to make sure all of your communications are coming through to the right property and that you have the correct billing address set up.
5. TV license: If you’ve paid your TV licence annually up front, you just need to change your address with them and the contract will carry on as usual. If you’re moving in with someone then you will only need one licence per household.
6. Council Tax: Get in touch with your local council to finalise your current bill, and get set up with your new council as soon as possible as you need to pay from the date you move in.  Council Tax differs in amount per area, per property type and even by the amount of people in the property.
7. Doctors & Dentists: There may be a waiting list for good doctor and dentist surgeries in your new local area so sign up with your new address as soon as possible – you never know when you may need them.
8. Water: As with your energy suppliers, your water supplier also needs to be notified and you need to have your details changed with them. Your new area’s water supplier will contact you once you’ve moved in to work out a payment plan with them.
9. Insurance: Do you have your buildings and contents insurance planned? If you’re renting, find out which you’re covered on (usually building insurance will have been sorted by your landlord). If you’re buying, be aware that you need to have building insurance from the point of exchange, not on completion – so make sure you remember to sign up.
10. Voting: Make sure you’re registered to your new address on the Electoral Roll, so you can be involved in national and local votes. If you’re asked to register and you don’t do so, you could be fined by your local Electoral Registration Office.

Make home-moving easier by ticking off this list before and during your move, to take a weight off your mind and enjoy your new home!

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

If you’re renting through an estate/letting agent then their lettings administration team will be handling and processing your paperwork but if the landlord is doing the checks themselves, these are all or some of the searches they will want to conduct in order to protect themselves when you are their tenant.

Application Forms

In these initial pieces of paperwork you’ll give all of your basic information, such as contact details, previous address, employer information, your bank details and a declaration that you allow the landlord or estate agent to carry out the below checks.

Employer References

You will have been asked in your application about your work and salary in order for the landlord to be reassured that you’ll always pay rent on time. Generally they want to see that you’re making about 2.5 times your portion of the rent, and this should help you work out what you can afford. They will just seek a reference from your employer to confirm your salary and that your job there is steady and you haven’t had any unexpected breaks in employment in the last six months. If you’re self-employed, your income will be measured as an average of the last 3 full years.

Previous Landlord References

You will also be asked for your previous address and previous landlord’s details in order for the upcoming landlord to confirm that you were a reliable tenant who paid rent on time and looked after the property. If there are delays to this, it could hold up your paperwork on your new home.

Credit Check

Websites such as Experian and Clearscore are great to see your credit score. These sites take into account all sorts of things, such as whether you have any unpaid bills or any debt on credit or debit cards. The landlord will be checking to see that your credit score is at a good level and that you are reliable for rent payments. It’s important for you to get your credit rating up as when you come to get a mortgage when buying a house, this will be checked again.

Right to rent Checks

Right to rent checks: what they mean for you. … From 1 February 2016, all private landlords in England will have to make right to rent checks. This means checking that tenants have the right to be in the UK.

Landlords will need to see certain documents, which prove that the tenant has the right to be in the UK.

Acceptable documents include:

• UK passport
• EEA passport or identity card
• permanent residence card or travel document showing indefinite leave to remain
• Home Office immigration status document
• certificate of registration or naturalisation as a British citizen

The Landlord will need to see the original documents and check that they are valid with you present.

They are then required to make and keep coipes of the documents and record the date the checks were made.

Guarantors

You may also be asked for a guarantor, who needs to be someone who is a homeowner who will be willing to vouch for you if you’re struggling to pay your rent. They will be required to sign a declaration stating they will pay your rent if you default. They will also be referenced.

There’s no need for referencing to be complicated. As long as you’ve considered all of the above pointers, when it comes to your property referencing you’ll sail through. If you think your references will not be straightforward for any reason, speak to the estate/letting agent and landlord upfront about it so you can work out the quickest and easiest way to solve this.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

1. Work out where you want to buy

Location is key. You can change the aesthetics of a property, but you can’t change its area so head to some areas you’re considering. Have a wander around and take special note of local schools, transport links and amenities. This will also help you narrow down which part of a neighbourhood or which streets you may want to buy property.

2. Do your research

Before you rush into anything, do your research. Speak to local estate agents or have a look online at properties on the market, or which have just sold in the area. Find out what’s on the market, how fast stock is moving and what current sold prices sit at.

Also work out how much you can afford – taking into account monthly repayments next to additional costs, such as transport and household bills. Read up and gain an understanding about mortgages and work out how much mortgage you will roughly be offered before you start hunting for properties at a specific price.

3. Get in quick

Sign up to property portals and with local estate agents in your area for email alerts to make sure you’re in the know as soon as new properties come onto the market. This way you can get ahead of the game and get your viewings in first.

4. Make a pro and con list

Before you view any properties, make yourself a pro and con list of issues which are most important to you in your property choice. This way after your viewing, your decision will be based on logic and practicalities over emotions and feeling towards the property you just saw.

5. Consider all the options

There are several different home-buying options open to you. Why not check out government schemes such as Help-To-Buy if you’re a first time buyer or even property auctions. You might just find yourself a more affordable new home!

6. Be prepped and ready at the viewing

Check out our previous episodes on things to look out for and make sure you ask these on your viewing! There are lots of questions to consider, such as how many years are left on the lease, the age of in-built appliances and what comes with the property.

7. Take photos

Caught up in the rush of the moment, you’ll forget to look at many little details so take photos of rooms to look back at when you get home. When you inevitably remember all the questions you forgot to ask, you can check the photos for reference.

8. Once you’ve found the property, check out the area in more detail

You’ll have already visited the area but visit again with more specific focus on what it would be like to live here. Some things to think about are whether it feels safe in the evening and whether the amenities nearby are right for what you need.

9. Negotiate with the seller

Check out nearby selling prices of properties, then consider whether there’s any work that will be needed to be done to the property. This will help you work out what price it’s worth and whether you’ve got room to negotiate the price with the seller before you put in an offer.

10. No red flags? You’re good to go!

Final things to consider. Are all your questions answered? Has communication with the seller been easy and efficient? Is the area ticking all the boxes? So long as there’s no niggles in your mind, you’re good to go! Work out the highest price you’re willing to pay and put in a first offer. If your offer doesn’t get accepted, don’t panic and go above your budget – there’s plenty more fish in the sea and it’ll be worth it when you find the right one!

Follow these 10 tips and you’ll be in your new home in no time – with no unforeseen problems! Good luck with your hunt.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

1. Get some bills in your name

If you live in a rental right now and your housemates, family or partner pay all of the bills, take on some of the bills in order to build your credit rating. Not having had to pay bills may seem like you were responsible but it doesn’t actually show lenders how you are with money. So take on some of the bills and make sure you pay them on time to see not just more stamps on your credit score but also a steady increase in your score.

2. Card and bill payments

A quick win is to pay off your credit card in small payments throughout the month, as opposed to just once a month when your bill arrives as this will improve your rating. This extends to phone bills, utility bills and any other household bills too – any late payments will show on your account and immediately lower your credit score so it’s important to pay them as soon as they’re due.

3. Credit card usage

It often confuses people that they can be penalised on their credit score for not having a credit card whatsoever. It’s good to have a credit card but it’s all about how you’re using it; keep your credit card usage at 30% or less and pay off your bills when they come in, even if it’s just the minimum amount. Consider closing down other, unused account you have and if you have multiple credit card balances, consolidate them with a personal loan. Over time your credit score will increase, although it’s important to note that after the initial credit check from a card provider, it will drop slightly (more info in point 4) – but don’t panic, this will go up.

4. Be aware that checks take points

Every time you apply for credit (i.e. for a credit card, loan, new utility bills) your rating will dip slightly when a hard search is done on your accounts. Therefore, be conscious of how many you’re doing, as these checks take a year to be wiped from your record. Don’t apply for credit too frequently in a short space of time as this may make lenders feel that you’re overly reliant on credit and are high risk for them.

5. Save for those big purchases

When it comes to large purchases, instead of just sticking unusual, large amounts on your credit card or missing your credit card bills to afford them, think ahead and save regularly in a savings account for rainy days and purchases like this. This way, the purchases can occur without affecting your credit rating.

6. Register on the electoral roll

You are legally obliged to vote so make sure you sign up online or by post. It’s easy to do and alongside your registered bills, it will prove your address and therefore make your credit score higher. This is an easy way to add a few extra points to your score.

7. Keep your address up to date

When you move house, your credit scorer loses tabs on you and therefore your score can drop. Registering to vote is a good way to get your new address to sync with credit scorer sites so make sure you check for your new address and pick it once it’s available. If it’s incorrect then report it immediately. The longer you’re at an address, the steadier your credit score will grow, so try not to move regularly otherwise your credit score will show uncertainty.

8. Get your joint accounts in check

If you have an account which is linked to another person, such as a spouse, friend or family member, actions in a joint account will still affect your credit score so it’s important to keep an eye and a handle on these too. In the run up to your property purchase it’s important they act responsibly in your joint accounts to keep your credit score as healthy as possible.

9. Check for fraud

Although rare, if you notice odd credit checks or any activity which doesn’t apply to you on your credit score account, make sure you report it and investigate whether someone has been using your details fraudulently. It’s important to check this and act on it as taking the responsibility for someone else’s credit actions could be affecting your credit score negatively and will take a while to be investigated and resolved.

10. Dealing with outstanding debts

If you already have debt, you should focus on clearing your repayments in the short term, in order to see your credit score improve. Don’t apply for new credit, as the checks and the use of more credit will see your credit score drop more.

When it comes to improving your credit score, there are some really simple corrections you can make which will make a massive difference to your score, so why not action some of the above pointers and get your credit in order. Speak to a mortgage broker or financial adviser for more detailed help and advice on improving your rating.

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

From pre-planning to settling in, see if some of these ideas could make your home move a little easier.

1. Before the move, talk to the children about why you are moving and integrate the idea into their daily life – they can create some art for the new home or create a map of their new area.
2. If possible, take them to their new home and let them see and plan out the layout and colour scheme of their new bedroom before the move.
3. Visit the new area several times before you move and find a local park or playground so that when the children ask about the move, you can remind them that they’ve been to the area before and stop their anxiety.
4. Give your children the responsibility of packing their most important bits into one box. Use this as a good time to have a clear out too, so the new bedroom of the new home can be a new exciting adventure.
5. Pack the children’s boxes last into the removals van so they’re the first boxes out and you can set the kids up with their toys whilst you’re offloading the rest of the stuff.
6. Pack an essentials box for each member of the family. You’ll need toilet roll, PJs, toothbrushes – and nappies or toiletries for the little ones. This way, you don’t have to unpack everything to find all your important bits. Let the kids pick one teddy or toy to accompany them in the car.
7. If able, ask friends or family to look after the kids for some of the day, so you can pack up, move and unpack swiftly and effectively.
8. On the first night, get the kids’ stuff unpacked and get them surrounded by their comfortable items, then have a break and have a family dinner so they have a chance to settle in and have a bit of a break from the chaos. If you don’t have furniture yet, why not make a bedsheet tent for the kids’ first night adventure!
9. Let the kids plan a welcome party in the new house where they can have their friends over for dinner or a sleepover. This will give them something to look forward to.
10. Get the kids busy in their new home baking cookies to take round to your new neighbours. This will keep them busy, get them used to their new surroundings and give them something exciting to think about – making new friends!

Use some of our top tips and make your home move as easy as possible, whilst helping your children settle in properly. Then, all you have to do is sit back and enjoy your new home!

So that concludes this episode of Ask the Estate Agent Podcast. You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

Julie is a Chartered Accountant who has specialised in Tax for the last 30 years and specifically Property Tax since 1999. She has worked in a number of large accountancy firms from Pannell Kerr Forster in Nottingham where she trained, to KPMG in Nottingham, Arthur Andersen in Cambridge and London and more latterly at RSM UK in Nottingham and EDF Tax in Nottingham.

Julie began to specialise in property tax when she moved to a client of Arthur Andersen  a FTSE 100 company British Land where she began to specialise in property tax and particularly SDLT. She has since advised many entrepreneurial businesses with regard to minimising their tax position.

Julie began working with Cornerstone Tax earlier this year.  Cornersrone are a niche property tax consultancy founded in 2006, with a particular focus on Stamp Duty Land Tax, SDLT as it most commonly referred to in the tax world. Cornerstone has grown to become the leading firm of Chartered Tax Advisers in this field.

Cornerstone advise solicitors on how to calculate the SDLT liability on individual transactions as the SDLT legislation has become increasingly complex over recent years and the rates have, of course, increased significantly. Cornerstone also advise individual property investors, property purchasers, property portfolio holders, entrepreneurial property business owners and corporate entities to maximise their tax efficiency when it comes to purchasing property and holding it in a tax efficient environment. Much of Cornerstone’s recent work has centred around assisting clients in forensic reclaims of overpaid SDLT on historical transactions and helping clients minimise the SDLT paid on current property purchases.

Cornerstone are based near Market Harborough, with a particular strength therefore in the East Midlands, but are a national practice and have clients all over the UK and internationally.

• Who are Cornerstone Tax
  We are a niche property tax practice based in Kibworth near Market Harborough, dealing with all property tax issues but with a particular focus on Stamp Duty Land Tax (SDLT)
  We were founded in 2006 by David Hannah who is a Chartered Tax Adviser with experience in property tax matters and SDLT.
  We have a team of Chartered Tax Advisers, Chartered Accountants, Tax Consultants’ and Tax Technicians with many years experience in dealing with property tax issues.
• –  How can Cornerstone help those who buy or hold property?
  Our team can advise individual landlords, property investors, property developers, property partnerships, and companies on how to plan effectively to minimise all taxes relating to transactions involving property. This could be property purchases, the restructuring of holding property portfolios, transferring properties between individuals and other entities, transfers of properties between family members or leaving assets such as property for future generations.
• –  What is Stamp Duty Land Tax or SDLT?
  It is a tax based on the percentage of a price paid for a property or its value if transferred between parties. It is paid for by the purchaser of a property.
• –  How much is SDLT?
  The current tax is structured based on a “stepped” system whereby a buyer now pays a fixed percentage for each “slice” in value of a purchase up to a total amount. On residential property if the purchase price is:
  < £125K = 0%
  £125K – £250K = 2%
  £250K – £925K = 5%
  £925K – £1.5m = 10%
  >£1.5m = 12%
  For companies owning a residential property 15%

So a residential property costing £750K, the SDLT would be £27,500 (£125K@2%+£500K@5%One costing £1.5m the SDLT would be £151,250.

On non-residential (commercial) property Up to £150K = 0%
£150K-£250K = 2%
>£250K = 5%

• –  Current status of SDLT
  SDLT is a tax that used to be a relatively insignificant tax to the Treasury, but in these days of challenging economic conditions, there is a perception that those who own property, rightly or wrongly, are doing well relative to many others.

Since the introduction of Stamp Duty Land Tax in 2003 when the tax was split away from Stamp Duty (which is a tax on the purchase or transfer of shares), the rates have increased steadily, to those that we see today with a top rate of 12%. Gone are the days when buying a property meant an irritating 1 or 2% on the mortgage.

SDLT currently generates more than £13bn of tax receipts a year. That’s more than Capital Gains Tax of £7.9m and Inheritance Tax of £5.2m and almost a quarter of what UK Corporation tax brings in at £54bn. So SDLT has become something of a stealth tax since its inception in 2003 and certainly one where buyers need to take notice in order to minimise their liability.

– What are the current hot topics specific to SDLT?

There are a few things I want to focus on:

1. The increasing complexity of the SDLT legislation is leading to a situation where there are huge overpayments of SDLT made by purchasers. This shows that the SDLT legislation is, indeed, far too complex even for most conveyancing solicitors who act almost as unofficial tax collectors for HMRC. Solicitors are not tax advisors but the sheer complexity of the legislation is leading to fundamental errors in the calculation of SDLT on property transactions. The SDLT Tax calculator on the HMRC website is not fit for purpose as it asks a handful of basic questions, which does not delve deep enough into the circumstances of a transaction to ascertain whether any of the plethora of the SDLT tax reliefs that exist might be available to a taxpayer to reduce their SDLT liability. According to HMRC figures refunds of, £111m were made in the first 3 months of 2018 and £80m in the second 3 months of 2018. This compares with £47m in the last 3 months of 2017 and £57m in the 3 months before that. An increasing trend and worrying for all property purchasers who don’t know if they are paying the right amount of SDLT. We at Cornerstone estimate that as many as 1 in 6 transactions may have overpaid SDLT and estimates are that as much as £2bn a year in SDLT is overpaid.
2. As if to highlight the fact that property owners are being targeted by the Government for increasing tax receipts, the SDLT Additional Rate tax of 3% was introduced back in 2016. The Additional Rate of SDLT is due on residential property purchases (the legislation talks about dwellings), which are second homes or buy to let properties, whether they be for investment purposes or a taxpayers’ main residence if they still own another residence. For the last year, Additional Rate tax transactions accounted for 24% of all liable transactions, so it has raised a significant amount of additional revenue receipts for SDLT since its introduction.
3. In the last couple of years as a result of changes to the deductibility of finance costs (interest on mortgages) for landlords introduced by s24 FA (no.2) 2015 (which we will discuss more fully later on), there have been significant moves on

the part of landlords and owners of buy to let properties to incorporate their property businesses if they operate as sole traders or in partnership. Moving properties into a company, even where technically there has been no change of ownership if the current owner is also a shareholder in the company, will result in an immediate SDLT liability.

• –  How has the introduction of the SDLT Additional Rate surcharge of 3% affected property purchases and the property market generally?

The 3% additional rate surcharge applying to the purchases of second homes and but to let dwellings has had an impact on the buy to let market. Many landlords and property investors have taken the view that the increased burden of SDLT taken together with the restriction on the tax deductibility of finance costs are abridge too far in the investor property market. There is simply not enough profit on rents to make a property letting business viable. This has led to the offloading of an increasing number of buy to let properties on the market, with less uptake from buy to let investors. This has inevitably led to a depression of market prices in some parts of the country.

• –  How can purchasers find out if they have overpaid SDLT and what happens if they have?

Much of the work that Cornerstone have undertaken for clients in the last couple of years has involved ascertaining whether clients have overpaid SDLT and obtaining refunds for them.
Some examples of cases we have worked on recently:

1. A client overpaid £28K on the purchase of a residential home for £850K
   2. A developer client obtained a £128K refund when purchasing land with planning permission to build 18 dwellings

Cornerstone can assist clients who have purchased properties in the last four years (the time period in which a refund can be claimed), by carrying out a forensic review of all transactions to ascertain if any reliefs are available to reduce the SDLT that should have been paid.

The things to look out for in particular are properties with:
(i) Land over half a hectare (1.24 acres)
(ii) Any commercial or non-residential buildings on the land ie.stables, workshops etc
(iii) Annexes, flats, cottages in the grounds
(iv) Any rights over or interest in land that does not benefit the dwelling ie.

(v) Common rights to wander over nearby parkland that may or may not be in the title

• –  What are the implications for landlord and property owners on the introduction of s24 FA(2)2015 Landlord Tax? How has this affected the property investment market?

The introduction of this provision in April 2017 is being phased in gradually where the tax relief available on mortgage interest to set against income received on property is being reduced. The provision is phasing out higher rate relief for mortgage interest for property investors and only basic rate relief could be claimed. So for most property investors who are higher rate taxpayers, this means effectively a reduction of 20% on what they can claim.

For many property investors, the effect of this provision combined with the tightening of the rules regarding claiming a tax deduction for expenses like maintenance and decoration, has made it not as efficient or profitable investing in property.

It has led to many property investors deciding to offload their portfolios or to incorporate their property investment business, as a corporate vehicle can continue to claim full tax relief for property finance costs.

• –  What other taxes can Cornerstone advise on specific to property?

Cornerstone are a niche property tax consultancy and in addition to SDLT, they can advise on Capital Gains Tax, Inheritance tax, Corporation Tax and Income Tax surrounding property matters.

We advise on restructuring of property portfolios into tax efficient vehicles and to maximise wealth.

• –  Why use Cornerstone Tax?

Cornerstone have been operating in the niche property tax sector for over 10 years and has an experienced team of Chartered Tax Advisors, Chartered Accountants, Accounting Tax Technicians and STEP (Estates) qualified consultants.

We provide straightforward, comprehensive, bespoke advice for our clients. We pride ourselves on being able to deliver efficient tax solutions for all clients’ specific circumstances.
Our bespoke services includes:

• –  ongoing support for any tax enquiry raised by HMRC in respect of any transaction that Cornerstone has advised on
• –  Representation of tax matters to Tribunal level
• –  Annual reviews of your tax affairs to ensure your tax position is optimised
• –  Transaction tax audit service for large volume purchasers, developers, property investors and dealers and/or solicitors.

You can contact Julie at Cornerstone Tax using the details and links below:

Website: www.ctatax.uk.com

Telephone: 01858 439033
Email: enquiries@ctatax.uk.com

Twitter: www.twitter.com/Cornerstone_Tax

Cornerstone Tax,

Milestone House,
18 Nursery Court,
Kibworth Business Park,
Kibworth Harcourt,
Leicester LE8 0EX

You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

To save you the job of having to dampen your excitement, here are some questions you may want to ask.

If you’re buying

• Why is the owner selling? How long did the last owner live here? Have they already found somewhere else to live? Gauge the situation and establish if there are any iffy circumstances straight off.
• Who are the neighbours?
• What’s this area like to live in?
• What offers have they had so far? What’s the lowest amount they’d sell for? The agent is likely to be honest about this if they have been instructed to sell quickly.
• How much are the service charges and ground rent if there is any? What is the council tax band?
• How old are the drains and guttering? Have there been any problems with damp? Check the home thoroughly, including walls and behind furniture for possible leaks or cracks.
• Ask some basic questions about the workings around the home. How is the pressure in the shower? Do the windows lock? Are all of the sockets and taps working? Feel free to ask to test them – it’ll save you the hassle of another small thing to sort out when you move in.
• Is there a TV aerial and phone socket?
• When was the electric last rewired?
• What kind of boiler it is – a combi-boiler? How old is it? Does it have a guarantee?
• Have you got an outdoor space? If there’s a garage, find out if there is electric in there. It’s also worth asking if you legally own the driveway.
• Remember to check the EPC to see what the energy efficiency is like in the property.
• Do your research on Rightmove’s ‘Sold Prices’ section to see what similar properties in that area are going for.

If you’re renting

• Does the flat come furnished? If the agent says yes, have them point out what’s included and send an inventory over before you sign the contract.
• Which bills are included? If the previous tenant is available, see if you can find out how much previous bills roughly were.
• Does it come with parking? If not, do you need a permit to park outside the property?
• Why are the previous tenants moving out?
• What parts of the property are you responsible for maintaining? For example, the garden, balcony, windows.
• What’s this area like to live in?
• Am I allowed to decorate or add changes to the décor?
• Can I have pets? You need to ask as it may be in your contract that you can’t, but they may be flexible if you ask at this early stage.

This may seem like a lot of questions, only some of which will be relevant to your situation, but some of these probes could help unearth essential information about the property. Some things on the list may be easy for you to sort once you move in but might give you more price negotiating power if you ask on a viewing! So give them a go, let us know how you get on and most of all good luck on your hunt for your new home!

You can contact us anytime using the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

So to help you get that Luxury look I’ll talk you through five quick and simple ways to transform your interior into a luxurious abode:

1. Accessories

Adding metallic accessories such as a gold drinks tray or a statement mirror can make a room look stylish, yet remain functional. Complement the look with this year’s Pantone Colour of the Year, ‘Greenery’, by adding a statement plant to bring the outdoors inside, in a luxurious way.

2. Fabrics

Achieve that luxury hotel look by using a variety of textures and finishes – luxurious fabrics that feel great against your skin and make your bedroom a comfy but stylish haven. Add thick pile towels in your bathroom and en-suites as well as luxurious fabrics to curtains, carpets and soft furnishings.

3. Artwork

Create your own personal ‘wall of fame’ at home by placing your favourite family photographs into a mix of metallic and dark wooden frames and place them on a statement coloured wall. This look is sophisticated and a great talking point – particularly when paired with a feature sideboard.

4. Colour

Thoughtful use of colour can create a feeling of luxury and adding furniture and accessories to a room in a neutral palette will give the room a sophisticated look. This year, you may want to use on trend shades of stone, praline and green enhanced with metallics.

5. Lighting

Nothing says luxury more than the right lighting in a room. Consider investing in a statement pendant over your dining table to create a real focal point, and add a dimmer switch to control the mood. Lighting up the best features of your room using beautiful lamps and well-placed candles are perfect for illuminating a room’s luxurious side.

So that concludes this episode of the Podcast so thank you for listening and I hope you find this content helpful.

As a listener we want your questions to answer. Whatever your worries, concerns or needs are, contact us via our social media channels or our website below and we’ll answer your questions in our future episodes.

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

The methods most commonly used are:

1. Private Treaty
2. Traditional Auction
3. Modern Method of Auction
4. Informal Tender
5. Formal Tender

Now lets go through each method in a bit more detail:

1. Private Treaty

The process called “For Sale by Private Treaty” is the method employed by most estate agents, preparing descriptive details of the property and quoting a definitive asking price. Details are circulated: potential buyers may view the property and either agree to buy at the asking price or submit an offer to purchase. Agreement to buy at this stage (for England and Wales) is subject to formal contracts being prepared between the vendor and the purchaser and those contracts being signed and exchanged between the two parties.

If several interested parties are introduced to the seller those parties will be invited for “best & final offer” thus ensuring the vendor receives the optimum price.

When used:

The vast majority of presentable residential property where the seller is looking to move from one home to another.

Average time to sell from initial marketing to completion is currently around six months at the time of recording so this potential and varied timescale should be considered when choosing Private Treaty.

At present approximately 30% of transactions collapse before exchange of contracts and the average amount a homeowner loses in that process is around £2,900.

2. Traditional Auction

The property is advertised for sale by Auction, rather than at a fixed price. Those interested in buying attend a competitive auction, conducted by an Auctioneer, at which the person who bids highest buys the property.

The successful bidder is legally bound to purchase when the Auctioneer’s hammer falls on his bid. He pays a 10% deposit there and then and has to complete the purchase on the stated completion date – normally 4 weeks after the auction date. The buyer has to arrange finance and make any enquiries (including carrying out a survey) before he bids. It is too late afterwards.

When used:

Properties for which there is likely to be strong competition – so that it does not matter if some prospective buyers are not able to bid.

Properties that are most likely to appeal to cash buyers (rather than those with a property to sell or needing to borrow) – for example building plots and properties needing renovation or redevelopment.

Properties with serious defects, where there is a fear that buyers by Private Treaty might keep pulling out because of concerns over the risks they are taking

Those where it is very difficult to predict the likely sale price.

When the seller needs completion within a certain timeframe.

3. Modern Method of Auction

New concept more commonly known or referred to as online auction.

The successful buyer is required to pay a Buyers Reservation Fee/Deposit and sign a Reservation Agreement. The property is then reserved to the buyer. The buyer and seller are then required to unconditionally exchange contracts and complete the transaction within 56 days.

This allows buyers time to raise finance so opens the auction to more potential buyers.

No Agency fees and the seller receives the full auction price achieved.

Often an upfront charge for the auction pack paid for by the seller.

When used:

Properties for which there is likely to be strong competition.

Can offer a wider range of buyers with the right marketing due to extended timescale between reservation and exchange of contracts. This allows buyers to raise finance for the purchase if required.

Those where it is very difficult to predict the likely sale price.

When the seller needs completion within a certain timeframe.

4. Informal Tender

In the process known as ‘For Sale by Informal Tender’ the asking price will not be stated generally a guide price will be given. Written offers will be invited (sealed bids) and a closing date for such offers published. All offers are opened at the same time. Generally, the vendor is not committed to accepting the highest or any offer. The offer is not binding and on acceptance of any offer the transaction proceeds subject to contract.

When Used:

Properties where competition is strong and a choice of buyer is likely or anticipated. Properties that require modernisation (defects highlighted at survey).

Where a closure date  for accepting offers is required or desired.

5. Formal Tender

When a property is sold by formal tender, as with an informal tender, the sale will be advertised with a deadline by which prospective purchasers must submit their bid.

Each tender document from the bidders must include the full legal contract for sale and all bids have to include a bankers draft as a deposit on the contract. The bids are opened by the vendor or agent (representative). As soon as the “best bid” is selected, the bankers draft is accepted and contracts are automatically exchanged. The successful bidder is then committed to the contract and will have to complete the sale on the appointed date. If the successful bidder fails to complete the sale they will forfeit their deposit and further costs may be incurred.

Generally rarely used due to its complexity.

When Used:

Some land transfers and highly desirable, unique properties.

When the seller urgently needs to be completed within a certain time frame.

That concludes this episode of the Podcast so thank you for listening and I hope you find this content helpful.

As a listener we want your questions to answer. Whatever your worries, concerns or needs are, contact us via our social media channels or our website below and we’ll answer your questions in our future episodes.

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

You need to jump through several hoops when buying a home. And even if both you and the seller are keen to exchange contracts promptly, the process can drag on.

1. Understand the jargon

First of all, get to know the lingo. Arrangement fee? Standard Variable Rate? Mortgage Indemnity Guarantee? There's a fair share of industry terminology involved when it comes to buying a home so make sure you understand the key terms before you kickstart your property search.

Zoopla's jargon buster will help you out.

2. Consider selling before buying

If you're already a homeowner, think about selling your property before you start looking for a new one. It is easier to buy a home chain-free, but you need to consider where you will live – and storage costs – in the interim.

If you're eyeing a new-build home, then a part exchange scheme may be the answer. It allows you to effectively trade in your existing home as part-payment for a new one purchased from a developer or house builder.

3. Get organised

Get your ducks in a row. Speak to a mortgage advisor to confirm your budget and get an agreement in principle. Then work out what you can and can’t afford before you arrange any property viewings.

Also, have all the relevant paperwork ready before you formally apply for a mortgage. Requirements will vary between lenders but they typically include proof of your income and outgoings as well as proof of your identity and address.

Remember that a formal mortgage offer has a shelf life and if you fail to complete the purchase before it expires, you’ll have to start the process again.

4. Ask the seller to take the property off the market

Found your dream home? Make sure one of the conditions of your offer is that the property is taken off the market. It will help prevent another buyer from making an offer the seller can't refuse.

5. Pick your professional team wisely

Work with people you trust. You will rely on a raft of different firms, or individuals, during the home buying process. They will typically include a surveyor, solicitor, and removals company. Ask friends and family for recommendations and hire carefully.

6. Respond promptly

Be ready to review, fill out, sign and return all documents quickly and efficiently. Your solicitor will no doubt send through a lot of information about your property, including local authority searches. There’s no need to rush things. But sitting on the paperwork will only hold up the process.

7. Communication is king

Stay in regular contact with both your solicitor and the estate agent to ensure that you are up to speed with the purchase and that it’s on track. It’s a good idea to agree a weekly update between all parties to cut the chances of miscommunication.

8. Be realistic

Finally, set a realistic target for exchanging contracts so that everyone in the process has the same deadline to work towards. You can always amend the timescale between exchange and completion if you and/or the seller need to delay moving.

So that concludes todays episode giving you some key tips for a smooth purchase. I hope you’ve found it useful and that it’s given you a few pointers to take away and consider.

As a listener we want your questions to answer. Whatever your worries, concerns or needs are, contact us via our social media channels or our website below and we’ll answer your questions in our future episodes.

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

We hope you find this resource useful and that helps to educate as well as dispel any myths or uncertainty around getting on the property ladder or making that next move.

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Source: Zoopla

Hosted on Acast. See acast.com/privacy for more information.

Most of these could or should have been done on a viewing, they admit.

A survey of 1,000 buyers conducted for interior firm Terrys Fabrics shows that only 35 per cent viewed their home for two hours or more on combined visits before purchasing their property.

Over one in five – 22 per cent – admit they spent less than 30 minutes viewing the property they went on to buy, and 60 per cent say they spent less time viewing the property they purchased than they typically give to planning a holiday.

The study also asked what people wished they had asked or checked with the estate agent and vendor before putting in an offer.

The largest regret was not attempting to find out an estimate of how warm the property would be in winter time; in second place was a wish to have been more thorough on checking doors, windows and roof.

Some 20 per cent – third place – was buyers wishing they had checked the plumbing and leaks by using the toilet, shower and bath; meanwhile next up was the wish that they could have discovered whether their neighbours were noisy.

Fifth, some 10 per cent of buyers wished they had undertaken a more thorough check of electrics.

Top tip to avoid these mistakes is get a property survey carried out before you buy. More details of the types of survey available to you will follow in a future episode but in the meantime please consult with your Estate Agent and Solicitor who can advise you on the appropriate survey to meet your needs.

Source : Estate Agent Today

To contact us with your property questions for future episodes please see the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

Whether you are totally new to property investment or an experienced investor we hope this gift will help inspire you and educate you as to just what is achievable through property investment.

Through our friends at Progressive Property we have been able to secure a limited number of FREE tickets to their three day – Multiple Streams of Property Income course.

This life changing multiple streams of property income live event takes place in peterborough, London, Manchester & Scotland with plenty of dates to choose from.

The only event of it's kind in the UK where multiple streams of property income are revealed in a full-on 3 day networking and training course.

Multiple streams of property income takes you through UK Property Multi-Millionaire Rob Moore's 6 stage Investor System, taken you on a proven journey from new investor to £MultiMillion property business owner, revealing and detailing multiple income strategies through property investing for long term and more short term, immediate cash flow.

Hosted on Acast. See acast.com/privacy for more information.

The Deregualtion Act came into affect for all new tenancies in 2015 however these regulations now apply for all older tenancies that started before that date from October 2018.

The main points are that before serving a Section 21 notice you must be able to evidence that you have provided the tenant with the following up to date documents:

• Energy Performance Certificate (EPC) – Check this is still in date as many are coming round for renewal now after their 10 year life span.
• Gas Safety Certificate – if applicable for the property
• A copy of the government ‘How to Rent’ guide – Check you have the latest version here as it has been recently updated.
• A copy of the tenants deposit scheme Terms and Conditions and proof the deposit is protected.
• If the property is licensable such as HMO, additional or Selective then the tenant should be shown a copy of the licence.

You must also ensure that any Section 21 is now issued on the new Form 6a.

If you have any further questions or queries about this subject then please do get in touch.

To contact us with your property questions for future episodes please see the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

So here are some top tips to help you downsize smoothly.

Get organised

A well-planned move is usually an easy move, so get organised. Start by making a list of all the necessary tasks you need to undertake, and the timescale in which you need to complete it. Knowing what you have to do, and the time you have to do it will make the whole process a lot easier.

Be practical

When thinking about what to get rid of, be practical. If you’re moving from a four-bedroom house to a one bedroom flat, you probably won’t need the extra beds, mattresses and bedding.

Sort through your loft, garage and kitchen as these are all rooms that tend to accumulate clutter you can live without. Do you have tools you’ve never touched? Or perhaps an unused exercise bike lurking in the corner of the spare room? If something is beyond repair or if you haven’t used it for years, get rid.

Don’t be afraid to be ruthless

Ditching clutter can be tough so it’s important to be strong and decisive when doing so. Approach it as though you’re having a spring clean, or a house detox. You’ll feel cleansed and more optimistic about the move afterwards.

However, don’t feel as though you have to part with beloved possessions. For those items you just can’t make up your mind about, offer them to a family member or put them into storage; you don’t want to part ways with a family heirloom if you’re going to regret it later. If you can’t live without it, keep it.

Establish how much room you have

Being able to see how much space you have will help you to figure out what furniture you should take with you. Measure your bigger items of furniture to work out what you’ve got space for in your new home and then draw up a realistic floorplan so that you can see how your existing furniture will fit into each room.

Whilst the square-footage of your new home may not be too dissimilar from your current property, the layout could be completely different, so make sure to keep that in mind when thinking about larger furnishings.

Cash in on your clutter

Turn your unwanted items into cash. You can do it really easily on online sites such as eBay, Shpock, Gumtree or even Facebook, and ask any potential buyers to come and collect items to stop you having to drop them off.

Carboot sales are a great way to get rid of items that aren't too valuable, but which are still taking up space. If you want to offload pricier items, research your local auction house in your area.

Think about additional costs

Whilst downsizing will free up some of your funds (including lower energy bills, reduced maintenance costs and possibly a smaller council tax bill) there are additional costs to moving which can add up. It is important to factor in any estate agency fees, and you will pay stamp duty on any purchase in excess of £125,000. Other expenses include solicitor and conveyancing fees, a survey home buyer's report and removals/packing which can all mount up.

To contact us with your property questions for future episodes please see the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

Get organised

Avoid leaving anything until the last minute. As a starting point, consider putting together a to-do list to help you prioritise tasks. An inventory of what you want to keep and take with you will also be a big help when it comes to packing for the move itself.

Book time off work

Make sure you allocate time off work for moving day.

Prepare kids and pets for the move

Do you have young children or pets? Arrange to have them stay somewhere on the day of the move, ask if a family member, friend or neighbour can help you out and look after them whilst you are moving.

Don't rule out moving yourself

Not all moves require hiring the services of a removal company.

Work out the distance to your new property and most importantly the size of vehicle you require to transport your possessions. If you are willing to put the work in yourself, it can save a lot of money. That said, special furniture might well require experienced removers to pack and protect it so as to avoid damage during transit so don't be over-ambitious. Should you decide to do it yourself, research self-hire services in the same way, being careful to check you have the correct vehicle license for the type of vehicle you end up selecting.

Get multiple quotes from removal companies

Once you are clear about your move in date, it is worth beginning to research removal costs. Hiring a removal firm can certainly ease the burden, but don't settle for the first one you come across. Many offer different levels of service including simple transportation of items right through to packing them for you, so it is worth shopping around. If you are downsizing to a smaller property, look at storage space rental costs too. Remember, it might work out cheaper sourcing this service independently from the company you choose to transport your items.

Make a ‘change of address' list

When it comes to moving home, there are a number of companies and people you will need to inform of your change of address, so it pays to draw up a list. But if you can't remember them all, don't worry, the Royal Mail's redirection service forwards all the post sent to your old house to your new home. It's really easy to sign up, and you have the option to redirect your mail for 3, 6 or 12 months.

Set up services ASAP

It is frustrating to move into a new property only to find the electricity and broadband isn't working. It is worth checking with the agent for the previous providers so you can call them to change the name on the contract or set up new accounts. Make sure to contact service providers prior to moving in as these can often take a number of weeks to become active.

Check who holds the key

This might sound like an obvious step but it is surprising how many new homeowners forget to check the date for when the keys will be released for the property. Ensure you clarify whether your new keys will be released by your solicitor/conveyancer or your Propertymark agent, and when. Often it will be on moving day, not before.

Research access points on the day

Logistical considerations are often overlooked but making sure there is adequate access to the property for large vehicles will ensure no hidden surprises on the day of the move. It is always good to check that access will still be available to neighbours and other vehicles using the road outside the property whilst you are offloading.

Plan your packing in advance

Packing up your old house may appear a daunting task, but it needn't be. Many people make the mistake of packing up rooms according to what will fit best into boxes but it makes much more sense to plan where you want to put items in the new property. Labelling goes without saying, but working on a floor plan for where you want everything to end up will help you to work out whether it will fit or not at the other end.

Dismantle heavy furniture first 

It's very tempting to focus on packing the smaller items that can be easily put into boxes first but tackling larger furniture like cabinets and wardrobes should be made a priority as this usually takes longer. It is worth transferring these items to the front of the house in the days leading up to the move so they can be loaded first.

Pack a ‘basics' box

It is very easy to forget the essentials when moving house but ensuring that you have a spare change of clothes, a wash bag and a charger for your phone can be very helpful. You want to avoid a situation where you have to search through boxes on the day you move in to find the basics. Pack a bag of essentials for your first twenty-four hours so you don't have to root through boxes for your toothbrush.

Compile a fact file for the people who have bought your home 

Include things like the rubbish collection day, recycling arrangements and heating instructions. On the day of the move, defrost your fridge and freezer and make sure you leave any instruction booklets for appliances you agreed to leave.

Make sure your old home is clean

No one wants to move into an unclean house, if you don’t have time to do it yourself, hire professional cleaners to clean the house for you, it will be one less thing for you to worry about.

To contact us with your property questions for future episodes please see the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

The Government has hit landlords hard over the past 12 months with changes to the tax they pay and can claim back. Here we outline the tax rules which landlords need to consider.

Stamp Duty Land Tax (SDLT)

As of 1 April 2016, anyone in England, Wales and Northern Ireland purchasing an additional residential property (that is not their only or main residence) for £40,000 or more must pay an extra 3% stamp duty above the current Stamp Duty Land Tax (SDLT) residential rates.

The current rates mean that you pay Stamp Duty on increasing portions of the property price above £125,000 when you buy residential property. For instance –

• up to £125,000 the SDLT rate is zero
• the portion from £125,001 to £250,000 is 2%
• the portion from £250,001 to £925,000 is 5%
• the portion from £925,001 to £1.5 million is 10%
• the portion above £1.5 million is 12%.

Therefore, for an additional buy-to-let property, landlords will pay an extra three per cent on top of these rates!

It’s worth noting that purchasers now have 36 months rather than 18 months between selling the main residence and replacing it with another without having to pay the higher rates‎.

Land & Buildings Transaction Tax (LBTT)

Since 1 April 2015 Land and Buildings Transaction Tax (LBTT) replaced UK Stamp Duty Land Tax (SDLT) in Scotland.

Under LBTT, properties worth up to £145,000 will not pay any tax. For sales between £145,001 and £250,000, a tax rate of 2% is applicable with a rate of 5% between £250,001 and £325,000. Between £325,001 and £750,000, the rate will be 10%, with a top rate of 12% applying to all transactions above £750,000.

From 1 April 2016, an extra 3% stamp duty above the current LBTT residential rates was introduced for anyone purchasing an additional residential property (that is not their only or main residence) for £40,000 or more.

Restriction of Allowable Costs – Section 24

All landlords with residential property inside or outside the UK are allowed to claim relief for finance costs such as mortgage interest incurred on the property they let. Tax relief is available at 40% and 45% for landlords paying tax at the higher and additional tax rates. However, this tax relief will be restricted to the basic rate of income tax (20%) by April 2020 and is being phased in gradually by the Government from April 2017.

Changes to Wear and Tear Allowance

In April 2016, the Wear and Tear Allowance for fully furnished properties in the UK was replaced with a relief that enables all landlords of residential houses to deduct the costs they actually incur on replacing furnishings, appliances and kitchenware in the property. The relief given will be for the cost of a like-for-like, or nearest modern equivalent, plus any costs incurred in disposing of the old item, or less any proceeds received for, the asset being replaced.

Capital Gains Tax

Landlords are likely to have to pay Capital Gains Tax if they make a profit when they sell a property that’s not their home such as a buy-to-let investment. In the last 10 years, there have been many changes to how Capital Gains Tax is charged. Currently, the rate applicable to gains made on the sale of a property is 28% and this amount is payable irrespective of whether a landlord intends to reinvest these gains.

To understand these issues further get in touch with your accountant or an independent tax advisor.

HMRC Online Tax Training

HMRC offer an online training course and run regular webinars to provide help and guidance for landlords with their tax requirements.

The training covers:

• Property Income
• How to work out profit or loss
• Expenses.

Click here for HMRCs online courses and webinars

To contact us with your property questions for future episodes please see the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

You’re more at risk if:

• your identity’s been stolen
• you rent out your property
• you live overseas
• the property’s empty
• the property isn’t mortgaged
• the property isn’tregistered with HM Land Registry

Your property will be registered if you bought it or mortgaged it since 1998 – check the register if you’re unsure.

You must tell HM Land Registry if information in the register is incorrect, for example if you change your contact address.

You can track changes to the register or put a restriction on your title if you think you’re at risk.

Track changes to the register

You can sign up to get property alerts if someone applies to change the register of your property, for example if someone tries to use your property for a mortgage.

This won’t automatically block any changes to the register but will alert you when something changes so that you can take action.

You can get alerts for up to 10 properties – there’s no fee.

Put a restriction on your title

You can stop HM Land Registry registering a sale or mortgage on your property unless a conveyancer or solicitor certifies the application was made by you.

Business owners

Fill in a request for a restriction if you’re a company owning property.

Send your application to the address on the form – there’s no fee.

If you don’t live at the property

Fill in a request for a restriction for owners not living at the property if you own the property privately – there’s no fee.

If you live at the property

Fill in an application for a restriction. It costs £40.

Send completed forms to the HM Land Registry Citizen Centre.

HM Land Registry
Citizen Centre
PO Box 74
Gloucester
GL14 9BB

HM Land Registry will tell you when they add the restriction.

If you’re a victim of property fraud

Contact HM Land Registry property fraud line if you think you’re the victim of property fraud.

HM Land Registry property fraud line
reportafraud@landregistry.gov.uk
Telephone: 0300 006 7030
Monday to Friday, 8:30am to 5pm
Source for this episode: HM Land Registry

To contact us with your property questions for future episodes please see the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

If you’re preparing to take your first step on the property ladder, here are seven common problems to know about before you even start viewing.

1. Viewing houses with your heart, not your head

Yes, you should absolutely love your first home. However, don’t get so caught up in a charming interior or ideal location that you don’t pause to think about more important factors, like budget and lifestyle.

If you fall for a period property, will you have enough time and money to handle its upkeep? Maybe you like the look of a high-quality new-build, but what will the development be like when it’s finished?

It’s essential to know what your “non-negotiables” are in terms of the property itself, its location and, most importantly, your budget. Remember to plan your finances and “must-have” criteria before you start looking at home, not the other way around.

2. Not getting involved during viewings

Would you buy a car without test driving it? A house is no different. If you’re serious about the property, don’t be shy to test things like taps, light switches and windows as you view it. Any little niggles or faults will become your problem when you move in. You can find lots of lists online to help you inspect each property properly.

3. Using every last penny for a deposit

Investing a healthy sum into the deposit will help you to secure a higher mortgage and a better property. However, many first-time buyers make the mistake of not leaving themselves any spare cash for extra costs. Don’t forget about:

• Your application fees
• Survey costs
• Stamp Duty (if applicable)
• The CHAPS fee
• Moving expenses
• Ground rent
• Repairs when you move in
• Maintenance costs

Just make sure that you’ve got enough left in the bank to cover these costs and give you a bit of contingency money.

4. Being put off by bad décor

Tacky wallpaper, worn-out carpets and an unappealing shower unit are all cosmetic problems and can be ripped out when you move in. It’s going to be a lot harder (and more expensive) to deal with structural issues like damp or timber decay – see the paragraph below about getting a survey!

Lots of buyers will be just as put-off by poor interior décor, which means that if you’re happy to take on a property that needs a bit of superficial work, you might be able to snag an excellent deal.

5. Failing to get a survey

When you’re trying to save money at every step, it’s easy for a property survey to seem like an unnecessary additional cost. Skipping the survey altogether is generally a bad idea though, as the right survey will warn you of any potentially expensive or severe defects hidden in the property before you agree to buy it.

Whether you arrange a Condition Report to assure you that your new-build is in perfect condition or invest in a full Building Survey to uncover problems in an older home, knowledge is power. If you know about an issue before you exchange contracts, it allows you to renegotiate the price, ask the sellers to deal with repairs or walk away from a property that will be too much work.

6. Not saying hello to the neighbours

The quickest way to find out the truth about a property or local area is to ask the people that live there. Your estate agent might not want to tell you about ongoing land disputes or an anti-social business nearby, but the people you’re potentially moving next-door to have no reason to hide what’s going on locally.

7. Planning too far into the future

Buying a house is a long-term investment, but don’t get too caught up in the life you want to be leading in ten years – it’s highly unlikely that your first home will be your “forever” home.

For example, stretching your budget to accommodate more bedrooms than you will conceivably need, or searching for a huge garden when you work too much to enjoy or look after it. When deciding what you want in a home, think about how it might impact your current social life, commute and hobbies. Make the choice about what suits you now, as well as what might support you for the next couple of years.

To contact us with your property questions for future episodes please see the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

How to avoid a property chain

The truth is, there is really no easy way to avoid chain scenarios but if you take the time to prepare and do your research, you can avoid getting into a property chain, or if you do get in one, at least only a short one.

• If you are the seller, and you already have a number of offers to choose from, check with your estate agent to see if they can help you choose a buyer who is also not in a property chain. An example of this is a first-time property buyer.
• If you are the one having trouble getting an offer accepted to buy a property because you are in a property chain and other potential buyers are not, you should consider moving to short-term accommodation. This will make you a chain-free buyer, thus making you more appealing to sellers.
• If you are the one buying and you have the time to look for the perfect property, choose one that is not linked to a long property chain. Much better if you can find a chain-free property to buy. A new build is one example of this, another would be a home whose previous owner has passed away.
• If you are in a hurry to buy a home and the vendor is still tied up because they aren’t able to find new accommodation yet, you may want to come to an agreement by asking the vendor to move out on a specific date. Sellers can be willing to move to short-term accommodation in order not to risk a good deal from falling through.

These complicated situations are the reality of the housing market, but it should not dishearten anyone who is looking to sell or buy a home. With the help of professionals, a property chain can keep moving to reach a point where it will no longer pose any problems for the parties involved.

To contact us with your property questions for future episodes please see the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

When should you get an EPC?

As a general rule, an EPC is required every time a home is put up for sale or for rent. So, a newly constructed home will have one, a landlord will need one to show potential tenants, and a seller must have one to show to potential buyers.

There are a few exceptions. You don’t need one for a room that’s being rented out by a resident landlord and listed buildings may also be exempt as they can’t have upgrades like double glazing.

The requirement for an EPC has been the law since 2008 (2009 in Scotland), meaning that if your home has been let or sold since then it should have one. They remain valid for 10 years.

There’s a national register of EPCs, unless you’ve opted out, where you can take a look at your property’s previous certificates (as well as viewing similar properties in your neighbourhood for a comparison of how energy efficient your home is).

Do I need to buy an EPC when buying or renting a property?

You should never be charged for an EPC when you’re looking to buy or rent, it should be handed over free of charge — otherwise the seller or landlord could be fined £200.

If you’re a landlord or seller, you’ll need to at least get this certificate ordered before you put the property on the market (you may be able to use the EPC given to you when you bought the property if it’s still valid).

If you own a commercial property that you want to sell or lease, you’ll also need to get an EPC organised.

If you’re interested in the energy performance of your existing home, and don’t match the eligibility criteria mentioned above, there is nothing stopping you from getting one commissioned for your home for personal use – but you will have to pay for it.

How much does an EPC cost?

There’s no fixed fee for an EPC, it depends on a number of factors including what kind of property you live in and how many bedrooms it has. The area you live in can also affect the price considerably.

EPC prices typically start at £35, but a certificate for a large house in an expensive city could easily cost several times that.

What information is displayed on an EPC?

An EPC is a relatively straightforward certificate. It will look a bit like the multi-coloured sticker that you get on new household appliances.

Here’s a quick rundown of what’s included:

Energy efficiency rating

A section of your EPC will be dedicated to how energy efficient your property is. It’s graded from A to G, with A meaning an energy efficient, well-insulated, probably modern home, and G meaning a draughty old building where the wind rattles the walls.

Typically, you’ll find an older property with no retrofitted energy-saving technology will be around a D grade.

There will also be a number from 1 – 100, where a higher number signifies that the home is more efficient and the fuel bills will cost less.

Estimated costs of running your home

Your EPC will give an indication of how much it will cost to heat and power your home. Details are also listed on potential savings that could be made should you improve the energy efficiency of your household running costs.

Summary of energy performance related features

This section of the EPC will give you an indication of how energy efficient different aspects of your home are. It can act as a useful guide to help you work out which areas to focus on first when improving your home’s efficiency.

Changes to EPCs for landlords and tenants

From April 2018, landlords will be required to achieve a minimum rating of E on the EPC for their rental property. Unless there is an accepted exemption, landlords face a penalty of up to £4,000 for failure to meet the minimum efficiency requirement.

The information provided on EPCs is also helpful for tenants looking to improve the energy efficiency of their home. As of April 2016, tenants can now seek permission from their landlord to undertake energy efficiency measures on their privately rented property.

Who can carry out an EPC?

An accredited domestic energy assessor will need to issue you with your EPC, it’s not something you can do by yourself.

You might be offered the services of one via an estate agent or letting agent, but you can find your own if you prefer or want to compare prices. You can also visit the EPC Register for recommendations.

What if I have a question about my EPC?

If you don’t understand something on your certificate or you disagree with it, the first place to go is the energy assessor that carried out the EPC – their details should be available in the ‘About this document’ section.

But if they can’t resolve your issue, you can contact their accreditation scheme, and the details will also be listed in the same section of the certificate.

To contact us with your property questions for future episodes please see the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Source: moneysupermarket.com

Hosted on Acast. See acast.com/privacy for more information.

Hosted on Acast. See acast.com/privacy for more information.

Following these tips will help you to prepare and present your house to its best before the photo shoot:

Start outside 

1. Ensure that any unsightly wheelie bins are hidden from sight.

2. Let your neighbours know when the shoot is going to take place and ask them not to park directly in front of the house. If you have a driveway, leave it clear of all vehicles.

3. If you have children, tidy any garden toys away and dismantle any large equipment, such as a large trampoline.

4. It may seem obvious but don’t forget to make the most of your garden by mowing the lawn, pruning any large bushes or shrubs, and possibly investing in some attractive containers and planting them with flowers.

5. Brush any debris away from patios or decking areas. Clean the outside of all windows and the front door.

Inside

1. Give your home the clean of its life! Estate agents report that cleanliness is often overlooked by sellers and grubbiness never fails to give a poor impression. When you live in a home, it is very easy to simply not notice those grubby marks on the door frame and lime scale around the sink, so ask a friend or family member to cast an impartial eye over the property, and point out any areas that need attention. This is your chance to create a positive impression and an unkempt home is unlikely to impress a potential buyer.

2. Kitchens and bathrooms, in particular, need to be absolutely pristine. Tuck away any cleaning products, keep work surfaces clear of clutter and leave the toilet seat down!

3. De-clutter as many personal possessions as you can, putting large unused items into storage if possible. Hide any gym equipment, such as a treadmill or rowing machine. You want to create an impression of space, airiness, and clean sight-lines.

4. Clean all reflective surfaces – windows, mirrors, taps, glass table-tops – anything shiny should look polished, gleaming, and finger-print free.

5. Open curtains and blinds to let in plenty of natural light. Dust around any dado rails and get rid of any cobwebs that can often be found lurking in ceiling corners.

6. Turn on hall and landing lights to instantly maximise space in areas that are often dark and shadowy areas.

7. Think of your home as a stage set and accessorise accordingly. You could add extra cushions and throws to sofas and bedrooms. Why not lay the dining room table and buy some fresh flowers?

8. If you have a dog or a cat, try and hide any sign of their presence. Not everyone is an animal lover.

9. All beds should be tidily made with clean bed-linen and kept tidy and clutter-free.

10. For more ideas of how to market your home before a photo shoot, you could take inspiration from homes featured in interior magazines, or you could browse similar homes for sale on estate agents websites; it’s always a good idea to be aware of your direct competitors!

To contact us with your property questions for future episodes please see the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

If you own a flat it is likely that you will not hold the freehold to the property. You will most likely be paying, not only your mortgage but also ground rent to the owner of the freehold. So what are the benefits and pitfalls of buying the freehold?

What is a freehold?

A freehold is the permanent and absolute ownership of property or land. If you own the freehold, it means that you own the building and the land it stands on.

What is a leasehold?

A leasehold is where you hold the property on behalf of the freeholder for a fixed period of time. This means that you have a lease to use the home for a number of years until your lease expires. Leases are usually long term – often 90+ years but can be as high as 999 years.

What does buying the freehold mean?

You can ask the landlord to sell you the freehold at any time. By law, if landlords wish to sell the freehold, they must offer all leaseholder first refusal to buy it.

Buying the freehold isn’t something you can do on your own, however – to qualify you have to get your neighbours involved too. By law, at least half of the leaseholders in the building must come together to purchase the freehold.

At the end of the process, the flat-owners would:

• Together own the freehold of the building (often by forming a limited company – this company will be owned and controlled by the flat owners); and
• Separately, each would still have a long lease – but instead of this lease being from the old freeholder it would now be from the new entity that owns the freehold and that you and your neighbours now control

Once you jointly own the freehold, you can collectively set ground rents, shop around for the best insurance and generally be in control of your own destiny. You are also able to extend your lease so it is a long lease with the only cost being legal fees.

Am I eligible to buy the freehold?

Generally, the requirements for a group of leaseholders to buy the freehold are:

• The building needs to contain at least two flats;
• No more than 25% of the freehold building can be used for non-residential purposes (e.g. shops/offices);
• At least two-thirds of the flats must be owned by leaseholders who own long leases (originally granted for at least 21 years); and
• At least half of the total number of flats in the building must be owned by leaseholders who want to buy a share of the freehold – so you don’t need to have all owners on board but you do need to have at least half of the flat-owners involved. If there are only two flats in the building, then both leaseholders must want to buy the freehold.

How much does it cost to buy the freehold?

Freehold prices vary in the same way property prices do but certainly the shorter your lease, the pricier your freehold.

To buy your share of the freehold you will need to pay your flat’s share of:

• The purchase price for the freehold
• The cost for a surveyor to do an accurate freehold valuation so you avoid paying over the odds
• Legal fees for the leaseholders
• The freeholders legal and valuation fees
• Stamp duty land tax (if the purchase price is over £125,000)

What are the benefits?

Free lease extensions: You can usually extend the lease to 999 years at no extra cost (excluding legal fees).
You control service charges: You can choose value-for-money, quality providers.
No ground rent: You normally don't need to pay ground rent.
Fewer conditions: Leases can come with a number of conditions, for example, you may need the freeholder's permission to let the flat or have a dog.
It can add value to your home: Buyers generally prefer freehold flats to leasehold.

So that concludes todays episode on buying your freehold. I hope you’ve found it useful and that it’s given you a few pointers to take away and consider if you do down or are looking at purchasing a leasehold property.

As a listener we want your questions to answer. Whatever your worries, concerns or needs are, contact us via our social media channels or our website below and we’ll answer your questions in our future episodes.

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

We hope you find this resource useful and that helps to educate as well as dispel any myths or uncertainty around getting on the property ladder or making that next move.

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Source: Propertymark

Hosted on Acast. See acast.com/privacy for more information.

1. Locating the right property – Utilise the portals Rightmove and Zoopla. Register with local estate and letting agents.

2. Choose your Landlord carefully – Always look for an accredited/licensed landlord or regulated lettings agency. Look for landlords that are licensed under local authority schemes or agencies that are regulated by organisations such as ARLA (Association of Residential Letting Agents) or NALS (National Approved Letting Scheme)

3. Agree your tenancy terms – Negotiate the terms that suit you and don't feel pressured into signing something that doesn't suit you or that you don't fully understand.

4. Be prepared for referencing – Check your own credit file. Inform your employer and current landlord that they be asked for a reference. Have documentation, Passport, ID ready.

5. Have your finances in order – Factor in all applicable costs not just the rent and deposit. Tenant admin fees/referencing fees but also the costs of living in your chosen property such as Council Tax, Utility Bills,  Phone/Broadband etc. Work out all the costs and check

6. Thoroughly read the government ‘how to rent' guide – A great guide full of helpful advice and checklists. Here is the link to this guide: How to Rent 

7. Check all your documentation thoroughly – Tenancy agreement, additional documents such as EPC, safety certificates, deposit terms and conditions.

8. Inventory – Always have one and if your landlord or agency doesn't supply one then do one yourself for protection. Ideally take photographs and document as much as possible and then forward this to your landlord/letting agent.

9. Your Move in – Take your time, check everything thoroughly and report anything you think your landlord/letting agent should be aware of. Take meter readings so you have a record for yourself.

10. Enjoy your new home – Take your time to settle in and make it your home and then keep in good communication with your landlord/letting agent. Great communication is key to a successful relationship with your landlord.

To contact us with your property questions for future episodes please see the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

What’s it all about?

This is great if you’ve found the perfect home, but you can’t quite afford to take out a mortgage on the full asking price, and as you only own a percentage of the property, the deposit needed is usually only around 5% which makes it a popular scheme for first-time buyers.

When it comes to the percentage split of the property, anything in your favour above 40% is a great starting point. You then have the option to ‘staircase’ your share in your home, this is the process of buying more shares, or even buy the whole property in the future.

Whilst the principle is similar across the UK, the rules can vary between Northern Ireland, Scotland and Wales so make sure to double check this before signing on the dotted line.

Shared ownership properties in England are always leasehold, which means that whilst you will own a part share of the property, this is only for a fixed term and you will not own the land on which it sits.

Are you eligible?

Shared ownership schemes are open to anyone with a total household income that does not exceed £80,000 a year outside London, and £90,000 within London. You don’t even need to be a first-time buyer to qualify, so long as do not already own a home or you will have sold your current home before you purchase.

How does Stamp Duty work on a shared ownership property?

If you choose to make an up-front payment, you will pay a percentage based on the total market value of the property at the time of purchase. Once you’ve paid this, you will not pay any more on the property sale, even if you decide to staircase your ownership later on.

If you decide to pay in stages, HMRC charge SDLT on the premium you paid for the grant of the lease. Whilst this means that you’ll pay less, to begin with, you may have to make further payments if you increase your share of the property at a later date.

What do I do when I want to sell up?

The total sum you and the housing association will receive will depend on the market value of the property at the time.

What are the downsides to shared ownership?

Availability

When it comes to shared ownership, you are restricted to specific properties and availability can often be limited in the area you’re interested in. Also, not all mortgage providers cater to shared ownership schemes, so check with your agent before committing to a sale.

Maintenance charges

Generally, even with monthly mortgage repayments and rent fees, shared ownership is a cheaper option than buying a property outright, but there are additional charges you’ll be expected to pay that could drive up the cost. As well as your monthly ground rent payments, you will also have to pay a general service charge for caretaking and maintenance of communal areas. Service charges can vary from year to year and they can go up or down, so be prepared for possible increases in the future.

Whilst the housing association will be responsible for all structural maintenance of the property, you may be asked to make a financial contribution towards major repairs, so it’s a good idea to ask for a list of any planned works beforehand.

Rental restrictions

If you’re planning on renting that second room to a friend, think again. Sub-letting is generally not allowed in shared ownership homes, and there are likely to be restrictions letting the property out as a whole.

Increasing your share can be pricey

When it comes to increasing the stake in your property – or staircasing – it’s not just the price of buying the share you need to think about. Other costs involved include:

• A valuation fee –  you will need to pay for an independent survey of the property to confirm the current market value of the property.
• Legal expenses – staircasing will involve changes to your existing lease, which will require a solicitor.
• Stamp Duty – if you opted to pay your land tax in instalments initially, you may need to pay stamp duty on the additional share you’re purchasing.
• Mortgage fees – If you are applying to change lenders to buy the additional share, or to obtain a better interest rate, you will have to pay the lender’s valuation fee and you may be required to pay a mortgage arrangement fee, plus any penalty your existing lender charges for terminating your mortgage with them.
• Arrears – if you have any arrears these must be cleared before completion of the staircasing transaction.

Lease limitations

Always check for restrictions within your lease. You are likely to have to ask permission in writing before making any improvements or structural alterations. In some cases, the lease will require you to ask permission for redecorating as well.

Source: Propertymark

To contact us with your property questions for future episodes please see the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.

Homeowners need to use every advantage they can find when selling property and one way in which a homeowner can attract attention and impress prospective buyers is to add smart gadgets and devices to their home.

Smart gadgets may not increase property value by much but the will help

There are more effective ways of adding value to your home than adding gadgets, so don’t choose this option if you are fixated on adding value. Improving the insulation qualities of your home or adding more space are much more effective solutions for this issue.

However, if you want to differentiate your home from comparable homes in the local market, smart devices and gadgets are a hugely effective way of standing out from the crowd. Buyers often find that homes look the same, especially when they review a lot of homes. If there is a feature in your property that clearly marks your home out as being different from the rest, your home becomes the property that the buyer is likely to remember. Sometimes, this additional level of recognition will make all the difference in selling your home.

Know who the most likely buyer is and consider what sort of smart gadget is of most use to them

If you are investing in a smart gadget to help sell your home, don’t think about what gadget appeals to you, think about the most likely buyer and what gadget is likely to appeal to them. This is an area where working closely with a local estate agent, who has knowledge of the local market and who is buying property, helps.

When there is a likely buyer for your home, stage the property to their needs and the addition of a smart gadget that will make their life easier will be effective. A downsizing couple in their golden years may not appreciate a start of the art sound-system but every buyer is likely to find benefits from owning a heating system that allows them to control temperatures and save energy.

By investing in the right style of gadget for the likely buyer, you increase your chances of selling your home.

Gadget types to consider

Heating & Hot water – Smart thermostats such as Nest and Hive.

Smart Security – Smart door bells, Wireless CCTV and motion detection

Entertainment – Surround sound system – inbuilt TVs

Home automation – Lighting, curtains and blinds

Home assistants/concierge – Amazon Alexa, Google Home

Coming soon – smart appliances that re-order your products for you.

All of the above are designed to save you time in your every day life!

Gadget types to consider Brand name smart gadgets will make a difference

While having a smart gadget or device set up at home, it is best to have the market leader or an expected name. While there are many smart gadgets that connect homes to the internet, Amazon has stolen a march on their rivals. This device allows people to set reminders for tasks, to play music, to check your diary and shop online, offering a vast range of benefits around the home and making home life easier to manage.

There are many option to choose from but given the ubiquity of Amazon and the fact that so many people are instantly aware of the firm and their services, this is the smart gadget that will appeal most to the buyer.

Also, having a main brand makes it easier to switch accounts or upgrade the services. The convenience that comes from choosing a brand name in your chosen sector is likely to impact on the buyer so if you are going to invest to sell your home, invest wisely.

The benefits of smart gadgets need to be detailed and explained

The features of smart gadgets can make life easier, and it is important that you make sure prospective buyers are aware of these features. With the right sound-system, it is possible to pipe music throughout the use with just one button or one system. With the use of the right heating system, you can remain in control of the temperature at home from your smartphone, even if you are out of the house.

These features are important, and will impress some prospective buyers, but you’ll find that the benefits are even more important. After all, what homeowner doesn’t want to save money on their energy bills? This is something that every homeowner wants and with a Nest heating system, it is possible to reduce energy bills by around 10% to 15%.

This is a feature that will make prospective buyers pay attention and if they have been considering your home alongside a range of local properties, this benefit may be enough to ensure that your home has become the front-runner for the buyer.

To contact us with your property questions for future episodes please see the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

So don’t forget to contact us with any subjects you would like us to cover or questions you would like answering in the coming episodes and until next time I would like to thank you for listening and goodbye for now.

Hosted on Acast. See acast.com/privacy for more information.