Ask the Estate Agent

Dreaming about moving into your new home only to discover you have noisy neighbours, non-stop traffic whizzing past, or next-to-no wi-fi signal? Here’s how to do your research… 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...

Making sure to ask estate agents the right questions before signing up to their services is vital when you’re selling your home. 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: 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. 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. 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. 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.  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...

No matter what we buy, we all want to find the best price and clearly when buying a property this is one of the most important factors. Buying a home is the most expensive purchase you will ever make in your life, not to mention the most important, so it is essential that you find the best value for money deal. 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. 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. 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. 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. 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. 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. 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...

An accepted offer on a home is cause for celebration. But, in many cases, the journey to completion can be longer than you bargained for. Watch out for these 5 most common delays. 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....

If you are named as an executor in someone’s will, you have a lot of duties and responsibilities placed upon you. 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

Once you’ve decided to sell your home, choosing the right estate agent to help you is a top priority. 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...

While investing to go green can work, it may not be possible for everyone immediately. However, there are some habits you can change that will add up to saving both time and energy. Here are the top 11. 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...

Buying a home can be a stressful experience – but it doesn’t have to be. Here are a few handy tips to make it as smooth-sailing as possible. 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

Think you’ve found the solicitor to get you through the trials of the homebuying process? Here are some simple and quick checks you can make before committing. 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

If you’re buying a home, you’ll want a survey to ensure its bricks and mortar are sturdy and not concealing any nasty defects – but which type should you go for? 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...

Buying and selling homes in Scotland is slightly different to England and Wales. Here are the main differences and how they work in practice. 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...

With half the nation worried about a lack of money in retirement, we consider whether equity release presents a viable option. 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

This guide will help you be a model landlord – and stay on the right side of the law. 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...

The Tenant Fee Act is now in force from the 1st June 2019. 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

Considering gifting a property to your loved ones? Make sure you understand the financial implications first. Before giving a property to your children, make sure you understand the rules, and any costs involved. Otherwise, what could be a wonderful gesture can leave a bitter financial taste. 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:

Landlords are currently responsible for vetting their tenant’s legal right to rent in the UK under a Government scheme. Here’s how it works. 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: Confirm that the tenants will be using your home as their main residence. 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 

Got a spare room and in need of a little extra income? Using the Rent a Room scheme to get a lodger could be worth considering. 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 

Prospective tenants are being warned about a fraud scam that cons people into paying an advance fee to rent a property. 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; 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; To use only government approved deposit schemes; 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; 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; 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...

Searching for a home where you can add value, but not sure what exactly to look for? 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’...

Selling a property at auction could help you shift your home quickly, but that doesn’t mean it’s right for everybody. 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...

Feeling a bit overwhelmed while trying to choose an estate agent to help sell your home? Here we list the key criteria to look out for. 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...

The new tax year has now kicked in from the 6th of April so here’s how it could impact you from a property perspective. 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

Here is the essential list of documents that you should expect as a tenant from your landlord. 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 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). 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. An Energy Performance Certificate (EPC) This certificate rates the energy-efficiency of your rental home, from A (most efficient) to G (least efficient). 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.

Investing in property has long been considered a smart move and given the demand for rental property in the UK has increased, it is easy to see why people have moved into this market. The change in stamp duty tax, from the 1st 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...

If you are renting a home for the first time, lettings agency fees can come as a nasty surprise. Get prepped on what to expect with this short guide 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...

So here we have compiled some top tips aimed at novice landlords that some experienced buy-to-let landlords may also find useful. 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),...

A new Housing Complaints Resolution Service has been announced in January for the entire housing market and for the first time ever, private landlords will be legally required to join a housing redress scheme. Click here to view the MHCLG release: 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...

From reduced tax breaks to tougher regulations, in this episode we take a look at the changes that will impact landlords in the year ahead. 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. 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. 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. 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. 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. 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. 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...

Having the rug pulled when you have agreed a property purchase is a gut-wrenching and expensive experience, so take the right steps to minimise the risk. 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. 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. 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. 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. 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

Are you dreaming of building your own home? Buying land and building a property on it is a dream many people share. But what about the logistics? Buying land and building your own house is uncharted territory for most people. 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....

Wanting to make a good impression and make your home stand out in the crowd doesn’t have to cost the earth. There are numerous budget-friendly ways that you can use to make your property more appealing to potential buyers and increase your chances of selling for the highest possible price. 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...

The Ministry of Housing, Communities and Local Government have been researching with the aid of working group called the Home Buying and Selling Group which is chaired by a research firm and includes solicitors and estate agents. They have been considering ideas for the last 11 months of how to improve the process of buying and selling property in the UK. 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.

Noisy neighbours are more than just a nuisance.  If you are subjected to constant dog barking, loud music, screaming children (or even adults), and doors banging at all hours of the day and night, it can feel like your neighbours are ruining your life! 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...

When you’re moving home, there’s so much to think about and organise. To help make the process a little simpler, why not check out our quick checklist of essential reminders. 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). 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. 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. 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. 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. 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. 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. 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. 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. 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

When you’re looking to rent a new property, there are some checks it’s important for you to understand so you can make sure you hit the criteria before you start your search. 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

When it comes to buying a home, this is probably the most expensive purchase you’re ever going to make, so you definitely shouldn’t rush it or go into it half-heartedly. To help you, we’ve put together a list of our top 10 tips to help you find your perfect home! 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...

When buying a house it’s vital your credit score is at a certain level, otherwise your mortgage could be declined. If you wait until you come to get a mortgage, it’s impossible to make quick changes to improve it. That’s why it’s important that in the year leading up to purchasing a property or re-mortgaging your property, you spend time looking at your rating and work on ways to make improvements. Here are 10 tips to help you out. 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...

Moving home is a hard job on its own; factor in moving with pets or children and it becomes a whole new level of planning and energy. From pre-planning to settling in, see if some of these ideas could make your home move a little easier. 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. 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. 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. 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. 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. 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. 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. 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! 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. 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.

In this episode we are delighted to Welcome Julie White from Cornerstone Tax to the Podcast 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...

When you’re looking for a new home, whether you’re buying or renting, getting swept up in the excitement of possibly finding your next happy home can mean you don’t ask all the sensible questions that you wanted to. 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:

Adding a touch of luxury to a room through carefully-placed accessories, colours and fabrics can instantly give it a show home worthy look and feel, often for a minimal budget. 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: 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. 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. 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. 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. 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.

There are several different methods of selling a property which we have outlined below along with a few reasons why each method is typically used. If you’re thinking of selling then each of these methods should be assessed as to which one meets your goals and objectives best. The methods most commonly used are: Private Treaty Traditional Auction Modern Method of Auction Informal Tender Formal Tender Now lets go through each method in a bit more detail: 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. 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. 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...

Buying a property can be a stressful experience – but it doesn’t have to be. Here are a few handy tips to make it as smooth-sailing as possible. 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:

A new survey claims to have found the five issues that prospective buyers wish they had checked out ahead of purchase but failed to do. 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.

We have an incredible gift for all our listeners who might be interested in Property Investment. 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. What you will cover: The content is designed to build up from fundamentals early to the more complex & advanced strategies later on through the event. Fundamentals, the current market conditions explained by our Progressive Property experts. Single lets – are they still viable, how to profit from them, where to get them, how to get them, how to manage them & how to leverage, scale & create systems to remove yourself from them. How to raise finance & do ‘none of your own money’ & JV deals inc. where & how to get the money & the process How to secure low/no cost deals through rent to rent. The best types of properties to buy & not to buy with case study examples (including systems) How to replace your job income quicker with deal packaging (sourcing & selling on quickly) How to do mul -lets & the 5 types of HMOs that you could leverage for more cash flow The 6 stage property investor roadmap that I created to show the full journey from skint/ starting out to multi -millionaire investor. How to maximise the current serviced accommodation craze. How to do commercial conversion projects How to do various no money down (none of your own money, options, instalments, etc) deals How to pick the best & right strategies for you from the above (70-20-10) Action step & goal setting section to sum up & start implementing everything covered An unprecedented & unparalleled networking opportunity Proof of over £65M in JV funds Ventured & Over £200M of Property Purchased INSIDE the Progressive Community: Meet the *Ordinary* Property Millionaires in Person! The shot in the arm of motivation you need to carry you over the next few weeks or months..& more To claim your free tickets all you need to do is get in contact with me using any of the links below and we can run through dates and locations that will suit you and the tickets will be on there way to you. Facebook: www.facebook.com/asktheestateagent Instagram: www.instagram.com/asktheestateagent Twitter: www.twitter.com/asktheEA Email: questions@asktheestateagent.co.uk Website: www.asktheestateagent.co.uk I hope you find this free course useful and that helps you take the next step on your property...

The Deregulation Act 2015 came into force on 1 October 2015 affecting both landlords and tenants regarding deposits, retaliatory evictions and section 21 notices. Three years on and 1 October 2018 is an important date in the implementation of the full changes brought in by the Deregulation Act 2015. 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.

The thought of downsizing can be a little emotional and overwhelming, especially if you have lived in a property for many years. Attempting to sort through and, in some cases, throw out, your belongings can seem like an endless task. However, with some planning and consideration about what you need, you will find that downsizing or ‘right-sizing’ can be a positive experience that sets you up for the future and fits your lifestyle. 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:

Moving house is one of the most stressful things you will ever have to do and with so much going on, it can be easy to forget something essential. As soon as you get the date for your move and the time for the exchanging of keys you can start to get organised. Take some time to make a list of small tasks and tick them off as you go. 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

What are the main tax considerations for Landlords?  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...

You can take steps to protect your property from being fraudulently sold or mortgaged. 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.

Buying your first home is exciting, scary and emotional – usually all at the same time. What makes the experience different from any other house purchase is that you have no prior experience on which to base your expectations and can easily trip up on mistakes that a second-time buyer would know to avoid. 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. 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. 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. 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. 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. 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. 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...