Housing Markets and Business Updates

 Looking to Invest for Buy-to-Let?
 

The Mortgage Lender has announced that it has added a raft of new 80% LTV products and reduced its minimum loan value to £25,001 across most of its buy to let range with a two-year fixed rate starting from 4.35 per cent with a 1.5% fee and a five-year fixed rate from 4.44% with a 2% fee.

The products are available to the whole market for individual, Limited Company and LLP applicants for purchase and remortgage.

The products are available to the whole market for individual, Limited Company and LLP applicants for purchase and remortgage.

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Different ways of investing your money.

If you are looking for a more liquid form of investment, then the properties investment such as buying BTL or Commercial properties on your own might not be your first choice. There are several processes that need to be undertaken before the final completion of the property. For instance, going through all your credit check process, finding the right locations, viewing the properties, making a reliable offer, valuation, conveyancing process, dealing with estate agents, heavy stamp duty land tax etc.

 

Most importantly you need a big deposit to buy a residential BTL or commercial property.

For those with smaller amounts of capital and those who wish to spread the risks, there are other investments options such as property bond might be appropriate; the underlying fund is invested in a range of properties and shares in property companies.

Investing in shares can be another option for more liquid form investment. However, it can be more risker than gilts or investment bonds and you may lose your investments if you don’t have sound knowledge in this sector.

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information for any other property solutions, you can book a free initial appointment with us.

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What do you do when you are not satisfied with the services?
Generally, we look for quality services and that what we pay for it. However, sometimes we don't get what it meant to be.

For any customers who are dissatisfied with the actions of a firm regarding financial business or services, and if the first complaint could not be resolved by the firm can take their complaint to the Financial Ombudsman Service (FOS). The FOS attempts to resolve complaints at the earliest possible stage and whatever means appear to be most appropriate, including mediation or investigation.

It ensures both parties have been allowed to make representations. Then send both parties a provisional assessment, setting out the reasons and a time limit within which either party must respond. If either party indicates disagreement within that time limit, proceed to determination. The FOS will determine a complaint by reference to what is, in its opinion, fair and reasonable in all the circumstances of the case, taking into account:

  • The relevant law and regulations;

  • Regulators’ rules, guidance, and standards;

  • Codes of practice and where appropriate, what they consider to have been good industry practices at the relevant time.

Complaints to the FOS must be made within six months of receiving a final response, six years of the event that gives rise to the complaint, or within three years of the time when the complainant should have become aware that they had cause for complaint, whichever is the later (outsourced from UK Financial Regulation)

17/05/2021 Going green and creating an eco-friendly home.
 

Going green and creating an eco-friendly home can be as good for saving money as it is for the environment. There is plenty you can do inside your home that will boost its eco-friendly credential while saving you money. With this in mind, it is useful to know which eco-friendly improvements promise the best return to the investment.

There are simple inexpensive ways to make your home greener such as swapping to led lights bulbs or using smart plugs. We have got most of the options to go greener, more budget-friendly options researched.
 

1) Insulating your loft.

2) Fill in those loft cavities.

3) Consider solar panels.

4) Invest in an eco-friendly air source heat pump.

5) Maximise natural lighting.

6) Invest in eco-friendly furniture.

7) Choose energy-efficient appliances.

Fit in energy-saving bulbs.

9) Install a high-efficiency heating system.

10) Save water.
 

These options may not only be the best for your bank balance but also benefits the environment.

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information for any other property solutions, you can book a free initial appointment with us.

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10/05/2021 Why property investment is the best investment?
 

Investing in property can be a great investment and the reason why is you can secure leverage. This means your return on investment can be higher. Let's take an example: If you have £20,000 and request £80,000 with a bank to purchase a property worth £100,000, the bank is more likely to offer you a loan. Let's say the property goes up by 10%. Now, that property is worth £110.000 so you have actually gained £10.000. This is just an example of how leverage can help you get a better return on your investment.
 

Many People consider property investment as more stable than investing in shares. That's why banks are generally more willing to lend you money to invest in property than to invest in shares. Property investment is not as liquid and it's a slower process to get your money out. The benefit is that normally the market doesn't fluctuate as heavily as the stock market does.

The market obviously does depreciate in times but it does tend to be more stable than the stock market for many people.

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information for any other property solutions, you can book a free initial appointment with us.

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05/05/2021 Latest updates on the housing market.
 

A new figure from Zoopla has proven how crazy the housing market remains this year. According to the latest figure £149 billion worth of homes have been sold which is double the value in the same period of last two years. One in every 50 homes was sold between 1st January and April 15. This is a 100% rise from this point last year when the market was 1 in every 100 homes being sold. Zoopla house price index shows the market is currently 6 weeks ahead of where it would be in an average year.
 

There is still an imbalance between supply and demand in the market which is creating very tight for family homes. The high demand has seen the supply of new homes drop dramatically, with a fall of 30% compares to the same period in the 2017-2019 markets. This has especially affected 3 and 4 bedroom properties, likely because of the trend in homeowners looking to upsize. Listings of 3 and 4 bedroom homes are at a 5- year low, as supply struggles to keep up with the current extreme flow of the market.
 

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information for any other property solutions, you can book a free initial appointment with us.

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28/04/2021 Spike in Mortgage applications for short-term holiday lets.
 

Short-term holiday lets are in high demand as many holiday-makers are planning UK staycations for spring and summer. There has been increasing in mortgage applications for short-term holiday rentals. Hodge bank has revealed the most popular destinations for holiday let buyers.

South-west area is the most popular region with 39% of the purchase, Wales follows with 19% and the north-west with 12%. The forecast shows Lake district will be busy in the coming years. Area of coastal spots and national parks may also spike this year. Lenders are expanding their offerings to meet this growing demand in the short-term holiday let sector. More lenders have opened up mortgage options for this type of property Investment.
 

Research by Moneyfacts reveals the number of holidays that let mortgage options have increased to a great extend. Mortgages for these kinds of property investments have grown by 45% over the past six months. Product availability has even grown twice since August Last year.
 

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information for any other property solutions, you can book a free initial appointment with us.

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26/04/2021 Petition for stamp duty is launched on the government website.
 

The ongoing campaign that was launched last week has already gained over 4000 signatures and will run for six months. After 100,000 petitions are considered for debate in parliament.

The originator of the petition Chris Holland says: “People are finding themselves becoming trapped in a scenario whereby house prices are much higher and at the same time they will now miss out on the stamp duty holiday. People are being financially punished from both sides, this from a policy that was designed to do the exact opposite.”

Many professionals in the property industry, especially lenders, conveyancers, and surveyors, had been under significant pressure. While rising demand the industry is struggling again to keep it up. The industry is struggling to progress and complete transactions before the end of the stamp duty holiday.

To sign the petition please go to the link below:

https://petition.parliament.uk/petitions/581308

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information for any other property solutions, you can book a free initial appointment with us.

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23/04/2021 Research by Compare My Move analyzed house price data across Uk.


It has revealed the most affordable place and expensive places. With the demand for new homes continues to rise research shows the Hyndburn in Northwest was in first place among the affordable place where property price is just £99,034 other affordable areas were all situated in North of England or Scotland.

 

We all can guess the expensive area to buy is located in the South of England, the most expensive are all located in London. Research shows North-South divide when it comes to the price of new builds with London and southeast is the expensive area to buy a new build property whereas north of England is the cheapest area.

Top 10 cheapest areas to buy a new build

Hyndburn, North West (£99,034 average new build price)

North Ayrshire, Scotland (£126,036)

Burnley, North West (£128,613)

Inverclyde, Scotland (£149,608)

Hartlepool, North East (£153,681)

Stockton-on-Tees, North East (£154,181)

East Ayrshire, Scotland (£158,600)

County Durham, North East (£159,751)

Argyll and Bute, Scotland (£160,179)

Blackpool, North West (£160,502)

Top 10 most expensive areas to buy a new build

Kensington and Chelsea, London (£1,167,805 average new build price)

Westminster, London (£1,006,564)

City of London, London (£930,033)

Camden, London (£820,735)

Elmbridge, South East (£752,483)

Hammersmith and Fulham, London (£671,776)

Rochford, East (£643,833)

Islington, London (£636,980)

Hackney, London (£635,482)

Merton, London (£629,850)

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information for any other property solutions, you can book a free initial appointment with us.

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20/04/2021 Is EPC important when selling a home?

Did you know that you have to apply for the energy performance certificate (EPC) before you put your property on sale?

By law, an EPC is required when you sell the property. It is the vendor’s responsibility to make sure the property is in possession of EPC when it is marketed for sale.

An energy performance certificate(EPC) is a standardized document that ranks property in terms of energy efficiency which the seller has to provide to the potential buyers. It includes information about the energy usage and cost as well recommendations about how to make it more efficient and cheaper to run.

 

Properties are ranked from A to G, A being the most energy efficient whereas G the least efficient. Rating from F or G is already banned from being let to tenants.

EPCs reports are valid for ten years time. In England and Wales, the price of an energy performance certificate(EPC) varies according to the provider and size of your property. You can request an estate agent to arrange an EPC.

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information for any other property solutions, you can book a free initial appointment with us.

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16/04/2021 Latest updates on the UK housing market.
 

The housing market has picked up strong momentum in March. The new record shows the average UK house price has hit a high price of £254 000 which is a 1.1% increase from February to March and on a quarterly basis it has increased by 0.3% from January to March.

Property transactions have risen 23% from January. The latest record from Halifax showed house prices have risen 6.5% or 315,430 in cash terms. The monthly rise is the first since November last year.

After the budget announcement from the Chancellor, Rishi Sunak, the support measures have been key to boost confidence in the housing market. Those who were saving hard to buy home the extended stamp duty holiday have put another spring for home movers whereas mortgage guarantee schemes have given an alternative route onto the property ladder for buyers.

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information for any other property solutions, you can book a free initial appointment with us.

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14/04/2021 Small updates to add value to your property.
 

You may only have a few chances to impress buyers so don't let them off before they even see your interior house. Your exterior gives the same impression as your interior does. According to poll.com, 15 per cent of people said scruffy front doors will make them turn on their heels.

 

If your front door is in a poor condition and is rusty or dirty you better make it clean and welcoming. You can give a fresh look by painting the door or changing the door number plate. With polish and primer, you can sort it out by spending a minimum amount of money.

Once the front door is painted and brushed, sweep the front path add some flower pots, place some bright color flower pots on either side of the door. If the doormat has worn out its welcome, replace it with a cheap and cheerful new one. Mow the lawn to ensure it looks as attractive as possible.

Wheelie bins are practical but locate them in the unsightly place. If your outside floor has mould and that needs to be cleaned, rent a power washer that will make a big difference to your home’s outward appearance.

Hope these tips will help your property to stand out in the market.

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information for any other property solutions, you can book a free initial appointment with us.

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13.04.2021 Upgrading your kitchen can significantly attract buyers.

It is important to remember that the value an extension could add to your property will vary depending on a number of factors from quality of construction, to the type of room whether it's a room or a kitchen extension. According to Lloyds bank, one in three UK homeowners spends most of their quality time in the kitchen so any extension, improvement you make to the kitchen it is going to make a wow-factor, helping you to stand out and making it easier to sell the property.

The kitchen is the most expensive room in the house that's why according to the National Association of Estate Agents it is essential to have a hygienic and fresh looking kitchen. According to the research from the Federation of Master Builders and the Home-Owners Alliance, removing the internal wall to create an open plan kitchen and diner could add between £5800 and £48,500 to the value of an average home, depending on the type of extension you do.

 

Kitchen Improvements-such as installing new worktop and cabinet doors could add as much as £26,000 to an average home, you could see anywhere between 5% and 10% more value added to your home. Because of this, many see a kitchen extension as an investment.

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information for any other property solutions, you can book a free initial appointment with us.

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08.04.2021 Checklist before viewing the property

Before you decide that this is a perfect property that you are looking for here are some handy tips that you need to focus on when looking for property so that you don't regret not checking thoroughly later on.

Is the building structurally fine?

Is there any damp in the house?

Is there enough storage space?

Are the rooms a good size for your needs?

Which way does the house face?

Are the windows double-glazed?

Check on the roof if they are not old enough.

Check if the attic is spacious for storage or if it can be converted in the future.

Check the location if they are close to local amenities and if it's suitable for you.

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information for any other property solutions, you can book a free initial appointment with us.

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06.04.2021 Why improving Credit Rating a must before applying for any loan?

There are things that are really important to improve credit scores. Before offering you a credit, the lender checks the information based on your credit report.

 

Is there any outstanding credit card balance or loans? To improve your credit rating you really need to be well organized. Keeping your credit card and loans up to date and paying in a timely manner will prove that you are a trustworthy and reliable person. When you pay back in a timely manner it shows the credit agency that you manage money very well.

To improve your credit score you should first look into clearing off any outstanding debt. Unpaid credit will remain on your file for 6 years. When you clear or pay in a timely it shows that you are responsible and pay off regularly. If you are refused credit avoid making multiple attempts that will show that you are distress instead you can work to improve your rating before applying for another loan.

 

You should not apply for multiple credits in a short time frame because every new credit or other applicable product requires a credit search and that search will reflect on your credit file. Applying multiple products within a short period shows that you are struggling financially.

One of the important things that people miss out on before heading for a loan application is by making sure you are on the electoral roll if the address is incorrect or not available then it can make your burrowing process difficult.

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information for any other property solutions, you can book a free initial appointment with us.

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02.04.2021 Little heads-up before moving house.

Moving house can be a little daunting for someone. We have gathered some top tips to make it easy when it comes to moving.

Our top tip is to contact Royal mail first and to set up a 1-3 month redirection service before you move so that you can get settled before changing your address. Redirection service before you move so you can get settled before changing your address.

 

It is important to remember to let people know you’ve moved so they know where you are and how to contact you. Here is a list of whom to tell when you move house.

Contact the bank and your credit card companies.

Contact HMRC and council tax, and driving license and change the address.

Contact Insurance Companies.

Contact Electricity, Gas, water, phone, Internet, mobile and TV license.

Contact your Surgery, Dentist, Optician, Vet.

Lastly, change address with your employer.

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information for any other property solutions, you can book a free initial appointment with us.

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01-04-2021 Will home improvement add up value to your property?

Adding an extra bedroom is definitely adding extra value to your property. Let's find out what increment you are adding up to the value of your property by doing property extension.

 

According to the study you could add up to 30% to your property’s value by converting a cellar, 15% by converting a garage into living space, 10% by converting loft, 10% by kitchen extension,10% by adding a conservatory.

Always remember before doing any extension you need to take planning permission from your local planning authority.

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information for any other property solutions, you can book a free initial appointment with us.

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31-03-2021 Ways to save money to step into the property ladder.

 

There are ways to make it easier to save money for your first home. Especially for first-time buyers, there was a report on how first-time buyers saved money to step into the property ladder which was eye-opening.

According to the research to save money on rental some have moved in with friends or shared rooms. They saved money by living close to the work area so that they could extra save on transportation.

 

There are co-living properties as well where you rent your own room but share communal areas like the kitchen and living room. Usually, bills are included so budgeting is easier. According to the research some shows that they did took help from the families or known one, they moved together so that they could pay low rent or just utility and food bills.

Remember to check if you are eligible for a government grant or a scheme. It’s always better to check before heading into saving in full for the deposit so that you can budget how much you need to save. There are several ways how the government is helping the first-time buyer with help to buy equity loan schemes and supporting shared ownership, each has its own criteria so check on that.

According to some research, it shows having ISA savings has helped a lot to add an extra amount to step into the property ladder. Check with your bank for more ISA information.

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information for any other property solutions, you can book a free initial appointment with us.

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25-03-2021-Do you know that landlord insurance is the essential factor by the legal requirement for your buy to let property?

Make sure you have the right landlord insurance for your property. There are different types of landlord insurance (LI) that cover different risks. LI covers different risks related to your buy-to-let property or any other investment portfolios.

You can choose many different covers such as content cover, legal cover, tenant malicious cover or accidental damage or rent void cover depending on your needs. However, building insurance cover is the essential one and other covers are optional.

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information for any other property solutions, you can book a free initial appointment with Bpi Quick Ltd.

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23-03-2021- Why deposit protection scheme?

 

Over the years for a deposit, there were a few reasons that often created bad feelings between landlord and tenants. Whether you are a tenant or a landlord here are a few guides that will help you understand how these compulsory schemes operate.

In the earlier days, some landlords would demand a hefty deposit from tenants and towards the end of the tenancy, they would only get a fraction return reasoning for wear and tear to the property. Now with the compulsory schemes introduced by the government, the same system is quite transparent to landlords and tenants.

 

Below are a few points that you need to understand.

1.Landlords are legally required to safeguard their tenants' deposit with one of the three government-backed deposit protection schemes DEPOSIT PROTECTION SERVICE, MY DEPOSITS and TENANCY DEPOSIT SCHEME. This legislation applies to all properties let on shorthold tenancy after 6th April 2007.

2.Deposit should be equivalent to one month’s rent-occasionally more. They are placed to cover situations like damage to the property, unpaid bills. Deposit protection schemes are not applicable to any deposits paid before the signing of a rental agreement.

3. TDS has launched a code of recommended practise setting that letting agents and landlords meet as members of the Tenancy Deposit Scheme.

4. There are 2 types of the deposit protection scheme. These are custodial and Insurance. Under the custodial, the landlord lodges the deposit for the duration of the tenancy, the money is then released to the tenant when the landlord and tenant have agreed how much of the original deposit should be repaid. Under the second option, the landlord pays a fee to have the deposit protected, then repays the tenant at the end of the tenancy. If he fails to do so, the insurer will pay the tenant directly, then try to recover the money from the landlord.

5. Tenants' deposit protection scheme falls squarely on landlords, or their agents. It must be done within 30days of the signature of a rental agreement and landlords are required to inform tenants which protection scheme they are using. They are also required to further information in the event in which they would propose not to return some or all of the deposit.

6.Towards the end of tenancy, tenants can expect to get full deposits back, with an evidence clearance of all utilities and stick to the terms of the tenancy agreement and provided there has not been any damage to the property. When a question of damage arrives there can be a matter of dispute between them, however, it is not compulsory for tenants to return the property to exactly the same state as it was handed to them. 

7.Protection Scheme’s resolution service settles the matter if the landlord and tenant remain unable to agree on how much of the deposit the landlord should retain at the end of the tenancy. A tenant also has the protection of the law, in the form of the county court if they find the landlord has missed their duty to deposit in a deposit protection scheme.

How much it cost?

Custodial schemes are usually free of charge, while insured schemes cost around £13 to £20 for deposits up to £500, and around £18 to £26 for deposits over £500. This fee covers the term of the tenancy. Keep in mind that you may also have to pay a membership or joining fee.

 

Once you’ve put a deposit in a tenancy deposit scheme, the scheme will provide you with a receipt or certificate. The rules require you to give a copy of this tenancy deposit protection certificate to your tenants, and to anyone else who has contributed to the deposit.

What if the deposit is not protected?

If you fail to protect the tenant's deposit, your tenant can take you to the court to get compensation. The court can demand that you pay compensation for up to three times the value of the deposit and they may order you to protect the depositor to return it to the tenant.

If you want to evict your tenant, your rights to do so will be restricted if you haven’t protected their tenancy deposit so if you haven’t protected the deposit, you should do as soon as possible or if you don't protect you have broken tenancy deposit protection rules.

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information on property solutions, you can book a free consultation with us.

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20-03-2021-Why management companies a better option for your investment portfolio?

 

At one point, a landlord or investor comes to the situation where s/he need to think about a trusted management company for the portfolio. And it is one of the crucial decisions a landlord would need to make is whether or not use the services from property management companies is the best way forward for the portfolio.

 

In most cases many landlords manage properties on their own they may use someone as an employee, which would be a resident manager. However, sometimes landlords always need more help than they think, and that’s when management company like us will make sense.

 

A property management company would deal directly with prospects and tenants, this in return would save you time and all the worries over marketing your rentals, collecting the rent including rents, handling repair and maintenance issues, dealing with tenant complaints, or sometimes unforeseen circumstances for process eviction.

 

The other most benefit of a good management company is to make your properties know-how and it brings peace of mind that comes with knowing your investment is in very good and trustworthy hands. Since a management firm is an independent contractor, you don't have to deal with the headaches that come with being an employer.  

 

The question like when you should use a property management company may come to your mind. These are the most pinned points that we have listed below:

• When you have more than one or two properties

• When you own more than one rental property you will have more units to deal with, you’re likely to benefit from the assistant of a good management company.

• When you don’t live near your rental property.

• When you are living in an area where you don’t own the properties may prove to be time-consuming, frustrating and tiring if the travelling distance is miles and miles away. BPI Quick Ltd company can deal with all the issues related to your properties regardless of where they are located.

• When you don’t want to take a hassle on hands-on management for your investment properties.

• When you have another job, your business or other commitment where you want to focus. And you don’t have plenty of time for managing your portfolios. Then the property management company can be the best option for you.

 

Many of the services you should expect from property management companies

 

• Dealing with legal aspects such as eviction, non-payments, harassment or problems with squatters.

• Finding suitable and reliable tenants for the properties by advertising on different platforms.

• Accompanying tenants to view the properties and deal with their enquiries

• Getting references and conducting credit checks on all potential tenants

• Providing landlords with information on the latest safety regulations

• Preparing tenancy agreements

• Organising the collection of the tenant’s deposit

• Preparing inventories and conducting repair assessments

• Checking in the tenant and agreeing on the inventory

• Rent collections from the tenant

• Transferring the rental income to the designated bank account with weekly or monthly statements of account

• Managing and arranging all necessary repairs

• Inspecting the property every month with detailed feedings

• Providing notices at the end of the tenancy

• Quickly re-letting the property minimising any void period, under a guaranteed rent scheme there would be no void periods

If you would like to get more information, you can book a free consultation with us.

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19/03/2021- IS A PROPERTY SURVEY THE MUST BEFORE YOU PROCEED WITH THE PURCHASE?

 

Buying a house for yourself is the biggest investment of your life but finding out if the building is in good structure is essential before you make a deal. A property survey is most before you proceed with any purchase.

A survey is basically a health check on a property. It puts you in a position to ask the seller to fix or repair before a purchase is finalized. Alternatively, you get an option to renegotiate the final sale price if repair and fixing need to be done by you -or if you cannot settle the matter you can pull out of the purchase.

It's not a legal requirement to have a survey on a property that you are buying but having a survey done could save your money. It saves you from unnecessary stress if it's with the structure of the property. Whether the property is new build or old it's always the best option to do a survey in advance.

With a new build property, you should always get a 10-years warranty from the builder, it's up to you if you still want to do a survey though. For any other property, a survey can prove highly valuable especially for a home that's unusual in shape and size, roof thatched or timber frame etc.

If you are buying with a mortgage, the lender will carry out a valuation of the property which you’ll have to pay anyways. This is not the same as a survey, property valuation is for the lender to check if the property is well valued before it approves the mortgage.

It's always tough getting the best surveyors so always check if the Surveyor is recognised by the governing body. It's worth getting multiple quotes to find or negotiate the best deal. RICS(Royal Institution of chartered surveyors) offers three types of home-buyer surveys. The one you choose will depend on factors including the type of property you're buying and your attitude to risk.

CONDITION REPORT

A Condition Report is the most basic survey and therefore usually the cheapest. It will check the basic condition of the building and any outbuildings, such as the electricity, gas and water supply and the drains. It will flag any problems that require attention. It provides a summary of issues and risks for your solicitor to investigate further. For example, bad electrics, planning permission for extensions or other building work.

HOME BUYER REPORT

A home buyer report survey is a little expensive than the condition Report. It is offered with or without property valuation. It usually takes a couple of hours to complete the valuation. It mostly includes features of Condition report extra included will be they clear details of the problem that may impact the property value, they advise on repair and maintenance, they also focus on a list of issues that require closer attention to avoid serious damage. They will also report on the area, environment and energy efficiency.

You can also add a Home Buyer Report ( survey and valuation ) for the extra cost that will give you extra peace of mind. The valuation will show the value of the property in an open market.

BUILDING SURVEY

A building survey is the most expensive one that can take several days for survey completion. The Building Survey will include all the features of a Home Buyer Report, plus the extras like thorough inspection and report on a variety of issues pertaining to the condition of the property.

 

More details of the defects and potential problems caused by hidden flaws. They can advise on the estimation cost and the consequences if fail to take any action on any repair and maintenance.

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information on property solutions, you can book a free consultation with us.

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17/03/2021- The UK Property market in spring is strongest for decade.  

 

The UK property market is in the strongest spring sellers for a decade with buyers demand remaining high and the stamp duty extended, according to a Rightmove survey. Even the rental market continues to remain in high demand, says a new report released by ARLA Propertymark.

 

According to the report the number of new prospective tenants increased by 27% in January. From December to January 2021 average numbers of new prospective tenants registered per branch increased from 64 to 81. Latest figures clearly show that the rental market isn’t indicating any signs of slowing down as demand for rental properties surged last month.

 

Looking into the buyers side, The  buyers enquiring about each available property in February was a record, and a third higher than a year ago as per Right Move. High demand has pushed the average price of a property coming to the market by almost £2,500 or 0.8%. 

 

The start of the traditional spring selling period saw the number of sales agreed in the first week of March up 12% from a year earlier despite a shortage of stock, Rightmove said. In February more than 7m visits were made to Rightmove's site - a 40% increase from February 2020.

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information on property solutions, you can book schedule a free consultation with us.

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16/03/2021-Property market picks up speed as online search has increased

On 3rd March after the spring budget announcement, the Right move seeing a surge in online property surge, it has revealed visits to its website surpasses 9 million for the first time in just one day. It has recorded 71 million minutes on the website. Buyers contacting agents through right moves are raised by 82% compared to last year on the same day which proves the property market is now boosted by the stamp duty holiday extension and mortgage guarantee scheme 

 

Just over 8.5 million website visits were recorded on the same day the week prior. This is a clear signal of certainty in the sectors for buyers and sellers. After the roadmap out of lockdown release and the stamp duty holiday extension with the introduction of 5% deposits, it has given certainty to the people with their home moving plans. This could encourage more sellers to come to the market especially in the areas where property price are lower. 

 

Right moves have estimated sellers should enter the market soon as this is the best chance for buyers to complete their purchase process by the end of the stamp duty holiday. From 1st July to 30th September, the nil-rate band of stamp duty threshold will be held at £250.000. 

The North of England is providing more choice of properties valued under the narrow nil-rate stamp duty band of £250,000. Buyers and investors can get more space and value for their money in this part of the United Kingdom. North property will likely remain busy in the coming months as there has been a rise in people looking for more space. In certain areas of the North 99% of the properties for sale are on the market for £250,000 or less. Many buyers and sellers will try to make the most out of the tapering end to the stamp duty holiday.

 

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information on property solutions, you can book schedule a free consultation with us.

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15/03/2021-How to improve chances of mortgage approval.

 

There are a number of ways that first-time buyers can take to increase the chances of having a mortgage application accepted.

  1. Deposit: The more you deposit for the property you want to buy the less risk you represent to a lender. Increasing the size of your deposit will not only make you more likely to be accepted for a mortgage but it should also mean you will have more choice for a mortgage option.

  2. Credit balance: It is worth checking your credit record. A mistake on your credit record could lead to you being turned down for a mortgage. There are three main credit reference agencies, Equifax, Experian and TransUnion to double-check if everything is up to date.

  3. Lenders always verify personal details so it's recommendable to register on the electoral roll before you apply for a mortgage.

  4. Outstanding Debt: Clearing out any outstanding debt will help to increase your chances of getting a mortgage. Closing any credit cards you have that is not used or try and clear any outstanding balances on ones that you use. Late payment impact credit score, If clearing out full payment is not possible then try and clear more than the minimum payment each month.   Clearing utility bills on time play an important role. Set up a direct debit so that paying goes out in a timely manner.

  5. Regular Income: Having a regular income or stable job will increase your chances of getting a mortgage. It is not a good idea to move jobs immediately before applying for a mortgage. If you have recently changed jobs, it is worth waiting before you submit a mortgage application. 

  6. Spending cuts: When lenders look at your salary, lenders will also look at your outgoing cost. Affordability plays a very important role in the mortgage application. If you get spare cash by cutting spending each month that will attract more lenders.

  7. Broker Search: For your application to be qualified using a mortgage broker can increase your chances of qualifying for a mortgage. A mortgage broker is able to advise you on which lenders are most likely to accept your application. They can help bring up a list of lenders according to application and can bring up the best market rate. 

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information on property solutions, you can book schedule a free consultation with us.

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13/03/2021-Do you know the difference between Freehold and Leasehold properties?

When you start hunting for the properties, you will more likely see the terms leasehold and freehold properties. Let's find out today the difference between these two terms and the implications each has for you as a first-time buyer of a house or a flat.

Freehold

In a simple word, freehold is “free” from “hold”.In other words, you own the building and the land, it stands outright in perpetuity.  This means you are fully responsible for all the things you do for your home including things like maintenance, refurbishment or any extension of home.No third party having to say anything in what you do.

Leasehold

If you own or are looking to buy a leasehold property, the first thing to understand is you don't owe the land the property is built on. Leases normally start out with a term of either 99 or 999 years. When there are zero years left on the lease, ownership of the property changes to freeholder regardless if any mortgage on the property is paid or left to pay.

Flats are almost always leasehold but houses can be leasehold too.

 

The freeholders will hold the land and the building. For apartments and flats, the freeholder is usually responsible for arranging repairs and maintenance to the building's structure and shared parts of the building (such as a communal garden or lift/stairs). However, the freeholder can pass on the cost of the repairs to leaseholders via service charges.

 

Most freeholders hire a managing agent to do the building work. The managing agent will normally be the leaseholders’ point of contact, and the relevant contact details should be on service charge bills and ground rent demands.

 

The freeholder and leaseholder must follow a list of terms so the leaseholder must stick to the rules and the freeholder must maintain the building. You should also pay attention to what you can and can’t do on your property. Some leases ban subletting or owning pets, while others won’t let you install a satellite dish or hang out washing on a balcony. 

Share of Freehold

There is also a term of Share of freehold. A common set up is for the freehold is held by the separate limited company, each leaseholder owns a share of that company and elects a director to run that building. With a share of freehold, there will still be a lease but they will have control of their own maintenance and costs.

 

Leaseholders have a joint right with other flat owners of the block to buy the freehold of their building which is called Freehold Enfranchisement. 

Getting the Right to maintain is another option, which will allow the leaseholder over the management of the building giving them rights to control over cost but the freeholder will still own the land and the building.

Share of Freehold 

This type of houses come with ground rent and a lease that list what owners can and cannot do to their property. Some owners will have to pay the maintenance fee for the communal area.

Good news that in January 2021, the government's housing secretary Robert Jenrick announced that people with leasehold homes in England will be given the right to extend their lease by up to 990 years at zero ground rent. The new changes will mean that both leaseholders of flats and houses will be able to adjust the lease on their home to a new standard term of 990 years and no longer pay any ground rent. The overhaul could save leaseholders thousands of pounds.

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information, you can schedule a free consultation with us.

Book for a Free Consultation

13/03/2021-Do you know the difference between Freehold and Leasehold properties?

When you start hunting for the properties, you will more likely see the terms leasehold and freehold properties. Let's find out today the difference between these two terms and the implications each has for you as a first-time buyer of a house or a flat.

Freehold

In a simple word, freehold is “free” from “hold”.In other words, you own the building and the land, it stands outright in perpetuity.  This means you are fully responsible for all the things you do for your home including things like maintenance, refurbishment or any extension of home.No third party having to say anything in what you do.

Leasehold

If you own or are looking to buy a leasehold property, the first thing to understand is you don't owe the land the property is built on. Leases normally start out with a term of either 99 or 999 years. When there are zero years left on the lease, ownership of the property changes to freeholder regardless if any mortgage on the property is paid or left to pay.

Flats are almost always leasehold but houses can be leasehold too.

 

The freeholders will hold the land and the building. For apartments and flats, the freeholder is usually responsible for arranging repairs and maintenance to the building's structure and shared parts of the building (such as a communal garden or lift/stairs). However, the freeholder can pass on the cost of the repairs to leaseholders via service charges.

 

Most freeholders hire a managing agent to do the building work. The managing agent will normally be the leaseholders’ point of contact, and the relevant contact details should be on service charge bills and ground rent demands.

 

The freeholder and leaseholder must follow a list of terms so the leaseholder must stick to the rules and the freeholder must maintain the building. You should also pay attention to what you can and can’t do on your property. Some leases ban subletting or owning pets, while others won’t let you install a satellite dish or hang out washing on a balcony. 

Share of Freehold

There is also a term of Share of freehold. A common set up is for the freehold is held by the separate limited company, each leaseholder owns a share of that company and elects a director to run that building. With a share of freehold, there will still be a lease but they will have control of their own maintenance and costs.

 

Leaseholders have a joint right with other flat owners of the block to buy the freehold of their building which is called Freehold Enfranchisement. 

Getting the Right to maintain is another option, which will allow the leaseholder over the management of the building giving them rights to control over cost but the freeholder will still own the land and the building.

Share of Freehold 

This type of houses come with ground rent and a lease that list what owners can and cannot do to their property. Some owners will have to pay the maintenance fee for the communal area.

Good news that in January 2021, the government's housing secretary Robert Jenrick announced that people with leasehold homes in England will be given the right to extend their lease by up to 990 years at zero ground rent. The new changes will mean that both leaseholders of flats and houses will be able to adjust the lease on their home to a new standard term of 990 years and no longer pay any ground rent. The overhaul could save leaseholders thousands of pounds.

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information, you can schedule a free consultation with us.

Book for a Free Consultation

11/03/2021 -

What has the third lockdown meant for the property market?

 

Estate and letting agents have been working throughout the lockdown in people’s homes. Buyers and sellers have continued with their transactions as many people hope to complete before the stamp duty holiday deadline.

 

There has been a ban on evictions in the rental market however homebuyers and tenants have still been allowed to move. Landlords also must provide a six month notice period to tenants. This was recently extended until 31st March. 

The construction sector and the building sites have also remained open. Government plans to “build, build, build” as house building plays an important part in Uk’s economy to bounce back. Delivery of more houses can help rectify the current house shortage.

 

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information, you can schedule a free consultation with us.

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09/03/2021

How the government's four-part road map to ease in COVID-19 restrictions will impact the property market.

1st Phase:  Boris has said all legal limits on social contact could be removed by 21st June. Firstly, lockdown restrictions will begin to ease on 8th March as the vaccination program is at full speed. Schools will open to all children and recreation in a public place will be allowed between two people.

2nd Phase: Outdoor gatherings of either two households or six people could be allowed from 29th March. Outdoor sports facilities will also open. This is also the point when people will be able to travel outside of their local area again. Non-essential retail and outdoor hospitality will be allowed to open in the 2nd phase no earlier than 12th April. 

3rd Phase: International travel will resume no earlier than 17th May. And even then, there could still be certain restrictions in place for travel abroad. This is also when hotels, hostels and bed and breakfasts will be able to reopen. 

4Th Phase:  All legal limits on social contact will be removed. This will happen no earlier than 21st June.

With COVID-19 restrictions easing soon, Renting private accommodation will likely remain popular in the coming months and years. Because of this, short-term holiday lets could be a great way for landlords and investors to diversify their property investment portfolios.

With restrictions beginning to ease in the coming weeks, more sellers are likely to put their properties on the market and the road map announcement will likely give more people confidence about the future.

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information, you can book schedule a free consultation with us.

housing markets_property_latest updates.

25/02/2021

The housing market has good news as mortgage choices have risen during pandemic !!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

More choices in the mortgage market are available since March than before the pandemic reached peak time. According to the recent studies from the Independent market monitor Moneyfacts, overall mortgage availability has risen in January this year for the 4th consecutive months to 3215 products - the highest since March 2020. 

 

There is a 42% increment in total product choice since October that is the largest four monthly rise as per the record of Moneyfacts. About 386 per cent growth in availability with 248 products available in the market since October 2020.

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information, you can book schedule a free consultation with us.

 

 

 

 

23/02/2021

Are You Thinking of Investing In Birmingham Area?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Birmingham is located in the centre of the UK and has become known as the “midlands engine”.It's all due to investment and new projects taking place there, which is backed by businesses, local authorities and local enterprise partnerships. It is one of the most happening parts of the country to invest and credit goes to the booming property market and economy.

 

Birmingham is the second-largest business hub outside London, home to a growing number of national and international businesses. Birmingham's record for last year shows that it has high residential transactions. Activity from developers and housebuilders was notable over last year. There is an increasing level of interest from overseas investors as well as domestic buyers. 

 

Build to rent sector is booming in Birmingham. Over the next decade, CBRE predicts more than 10,000 additional renting households will live in the city.

 

Recent investments have improved the city’s transport options. It is at the heart of the planned High Speed 2 (HS2). Once built this will reduce journey times to London to just 45 minutes. Timeframe to finish this phase is 2028-2031.

 

These can be one of the reasons why you are looking for investing in the Birmingham area.

 

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information, you can book schedule a free consultation with us.

Birmingham_AL_Montage.jpg

19/02/2021

Are You Buying Small Flats or Apartments?

 

The usual minimum for a small flat to be acceptable for a mortgage is 30 sq metres. There are a couple of lenders who do not state a minimum size for studio flats because their suitability as security depends not only on their size and location but how easy they will be to sell if the lender has to take possession.

 

While micro-homes are a cheaper way of getting onto the housing ladder, it’s important to consider whether your investment will grow in value over time. The ratio of properties growth for small size properties is not always the same. It depends on different factors such as location, lease of the properties, building structural type etc. 

 

Nationwide and RBS wouldn’t lend on properties with floor areas smaller than 30 sqm. RBS added that smaller properties run the risk of ‘restricted demand’ and ‘volatile pricing on resale’.

 

Some mortgage lenders will not lend on properties with less than 30 square metres. However, there are very limited lenders who are willing to accept such small properties.
 

 

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information, you can book schedule a free consultation with us.

18/02/2021

Landlord’s Responsibility!

 

Other days we talked about tenant responsibilities. This time let's point out the key responsibilities of the landlord. This will guide first-time landlords or who consider becoming buy to let landlord.

 

Make a checklist below:

 

  • Firstly get a licence for the property if it is a licensable property for peace of your mind. This applies to properties where you rent your room in a shared house known as HMOs.

 

  • Ensure the building to cover any damage from flood or to protect yourself. Double-check if the smoke alarms are on each floor. Fit carbon monoxide alarms in rooms using solid fuels like coal or wood.

 

  • Maintain the structure and exterior of the property. 

 

  • Carry out most repairs. If something is not working fix it as soon as possible.

 

  • Make an annual appointment for a gas safety check by a gas engineer.

 

  • Always give at least 24-48 hrs notice of visits for repair or maintenance.

 

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information, you can book schedule a free consultation with us.

16/02/2021

Tenant Responsibilities that cannot be ignored!

 

Renting gives more flexibility than owning your own property especially when you don't have enough deposit and have other financial planning. However, there are still some of the facts that you need to think about. Let's highlight today the responsibilities of the tenant that cannot be ignored.


 

- Responsibility is to pay rent in full and on time ignoring or taking it lighter will put you in breach of your tenancy agreement and risk losing your roof soon.

- Looking after property, keeping clean and taking care of any furniture or appliances. If any problem or issue tenant need to contact your agent or landlord before arranging any repair. Not reporting any issue will put your deposit at risk.

- Find out where the fuse box, any meter, carbon monoxide alarm etc. are located. Much better to know in advance that any emergency hit you.​

- Regularly test the smoke alarm.

- Lastly, anti-social behaviour could get you evicted so considerate to the neighbours.

 

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information, you can book schedule a free consultation with us.

15/02/2021

Lockdown Effect on House Prices In UK

 

If we see across Europe, the UK is a relatively small country where there is a tendency for house prices to rise by more than the overall inflation rate due to a number of factors. Factors mainly affecting the house price such as,

  1. Prices are high due to a structural imbalance between supply and demand.

  2. Populations are growing every year, as a result of not enough supply of homes causes by tough green belt regulations, local planning rules and by the lack of a land value tax to deter hoarding.

  3. Official interest rates

  4. The implication of different programme for mortgage lending by the government and the Bank of England.

 

Besides the above crucial factors, there are other factors such as this lockdown etc has affected the housing scenario in a way. The first lockdown made people look for a home with a big garden and an extra office room area. However, there is no such big jump in house price due to government’s furlough scheme. Due to the different government scheme, people are still managing to afford to buy the houses.

 

According to the Guardian paper by Elliot, the generation rent, there is nothing to cheer about when prices spiral upwards because it means they have to save for even longer to put down a deposit. Most people under 30 would see a big drop in house prices as a blessing, not a curse. That possibility shouldn’t be ruled out entirely. The market is already softening because the stamp duty holiday had the effect of pulling forward to 2020 moves that would have taken place in 2021. Moreover, if Sunak seeks to withdraw stimulus too fast or there is another wave of infections, it is entirely feasible that there will be a tsunami of redundancies this spring and summer.

 

More likely though, prices will either go up a bit or down a bit with big variations according to the region and house type.

If you are looking to buy property either for your first time or as an investment and would like to get more information, you can book schedule a free consultation with us.

10/02/2021

House market 10-year prediction

If the current property market trends carry on as they are, the UK could see an average house price of £392,301 by 2050.

The research shows that the house prices in the UK have increased by 26 compared to 2015 and 7 % this year compared to 2019.

 

House prices are a big talking point in the industry this past year, and we wanted to see what we could come to expect if they continue to rise at the same rate as they have since 1980.

Many things have made an impact on house prices, and nobody can predict for certain what the economy and property market might look like in the future. It is interesting to see what we could expect in the UK if house prices follow in the footsteps of the past.

Whatever the precise house values are a decade on from now, average salaries are unlikely to catch up at the same rate, and houses will remain unaffordable for a huge section of the population unless drastic changes are made to help first-time buyers and increase housing stock.

If you are looking to buy property either for your first time or as an investment and would like to get more information, you can book schedule a free consultation with us.