Ask the Estate Agent

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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

Source: Zoopla

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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

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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.

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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.

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Email: [email protected]

Website: www.asktheestateagent.co.uk

I hope you find this free course useful and that helps you take the next step on your property journey.

In the meantime, 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.

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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.

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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.

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.

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.

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.

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.

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.

Whilst downsizing will free up some of your funds (including lower energy bills, reduced maintenance costs and possibly a smaller council tax bill) there are additional costs to moving which can add up. It is important to factor in any estate agency fees, and you will pay stamp duty on any purchase in excess of £125,000. Other expenses include solicitor and conveyancing fees, a survey home buyer's report and removals/packing which can all mount up.

To contact us with your property questions for future episodes please see the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

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

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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.

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.

Make sure you allocate time off work for moving day.

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.

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.

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.

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.

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.

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.

Logistical considerations are often overlooked but making sure there is adequate access to the property for large vehicles will ensure no hidden surprises on the day of the move. It is always good to check that access will still be available to neighbours and other vehicles using the road outside the property whilst you are offloading.

Packing up your old house may appear a daunting task, but it needn't be. Many people make the mistake of packing up rooms according to what will fit best into boxes but it makes much more sense to plan where you want to put items in the new property. Labelling goes without saying, but working on a floor plan for where you want everything to end up will help you to work out whether it will fit or not at the other end.

It's very tempting to focus on packing the smaller items that can be easily put into boxes first but tackling larger furniture like cabinets and wardrobes should be made a priority as this usually takes longer. It is worth transferring these items to the front of the house in the days leading up to the move so they can be loaded first.

It is very easy to forget the essentials when moving house but ensuring that you have a spare change of clothes, a wash bag and a charger for your phone can be very helpful. You want to avoid a situation where you have to search through boxes on the day you move in to find the basics. Pack a bag of essentials for your first twenty-four hours so you don't have to root through boxes for your toothbrush.

Include things like the rubbish collection day, recycling arrangements and heating instructions. On the day of the move, defrost your fridge and freezer and make sure you leave any instruction booklets for appliances you agreed to leave.

No one wants to move into an unclean house, if you don’t have time to do it yourself, hire professional cleaners to clean the house for you, it will be one less thing for you to worry about.

To contact us with your property questions for future episodes please see the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

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

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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.

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.

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.

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.

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.

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 offer an online training course and run regular webinars to provide help and guidance for landlords with their tax requirements.

The training covers:

• Property Income
• How to work out profit or loss
• Expenses.

Click here for HMRCs online courses and webinars

To contact us with your property questions for future episodes please see the links below:

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

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

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