Ask the Estate Agent

Vacating a rental property can be a stressful time. If you are keen to obtain your full deposit, or as much of the deposit as you can, you need to leave in an appropriate manner. This is challenging for some tenants, particularly tenants who didn’t enjoy a satisfactory relationship with their landlord or letting agent but for the greater good, it is vital that you leave on the best possible terms. Therefore, here are some top tips for tenants when vacating a rental property.

The most common reason for not receiving the full deposit is leaving an untidy or unclean property. Therefore, cleaning the rental property to the highest possible standard and leaving the property in the best possible condition is crucial for all tenants.

If you are short of time or you don’t have fantastic cleaning skills, hire a cleaning professional or firm to carry out the work for you. Depending on the size of the deposit and how important the deposit is for you, the money spent on professional cleaning services will be worth it. However, if you have time and you are willing to work, buy cleaning products and clean like you have never cleaned before.

One of the most important documents you will have during your rental stay is the inventory list. This should detail the content and condition of every item in the property on the day you move in. Some tenants may think this document is for the benefit of the landlord, allowing them to penalise the tenant for damage or missing items, but inventory lists can protect tenants too.

You should have reviewed and agreed the inventory list when you received it and you should retain it in a safe place during your tenancy. When you begin the cleaning process at the end of the tenancy, refer to the inventory list and ensure that you can provide everything, in the stated condition, when you leave.

You should also refer to any guidance you have received from your landlord or letting agent and the terms and conditions of your tenancy. This is vital information which details the condition you are expected to leave the property in, which should help you know what you should clean and to what standards your cleaning should reach.

Any document which details your agreement, or the condition of your property can be referenced. If you can indicate that you have complied with these terms and conditions, you will find that you make a more robust argument to obtain the full deposit or at least as much of your deposit as you can.

One tip to bear in mind when moving home is to carry out a mail redirect. This will minimise the chances of missing out on any important mail and it can minimise the likelihood of you falling victim to identity theft or fraud. You will have no control or say in who moves into the rental property after you, and there is no guarantee that the new tenant will store your mail or dispose of it in an appropriate manner. Therefore, the most effective way to ensure you receive your mail is to update all the organisations who you know send you mail and instruct the Royal Mail to redirect your mail to your new address. This should ensure that you receive all appropriate mail, even from people or companies you have forgotten to inform of the move.

It is important to update all organisations you have dealings with about your new address but ensuring local council and energy supplier firms details are correct is important. Being registered for council tax is vital because a failure to be registered correctly can impact on your credit score and cause issues in other ways. Before you leave, allocate time to contact all the organisations who need to know your address.

Make sure that your rent is paid in full before you leave. Don’t think that you can exit the property without having paid the rent because the landlord has your deposit, this isn’t what the deposit is used for. If you attempt this, the landlord or letting agent is likely to pursue you for the money and will also argue that they should retain the deposit because of your actions.

If there are problems with the property or an issue has arisen with the news, inform the landlord. You will find that landlords are happy to help or can be flexible, but you must be honest with them and provide them with as much notice as possible. Doing so will ensure that you receive as much support as you need during a busy or challenging time.

It can be easy to view tenants and landlords as being adversaries, but this doesn’t have to be the case. There is no need for tenants and landlords to become best friends but there should be respect between both parties. While recovering as much of the deposit as possible is likely to be the driving factor behind many tenants wanting to leave as effectively as possible, you may also need a reference from the landlord to arrange your next accommodation.

The dual aspects of recovering funds and obtaining a suitable reference should be all the motivation you need to ensure you leave rental property in the best condition and on the best possible terms.

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

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

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

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

No matter what we buy, we all want to find the best price, but this is clearly the case when buying property. 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 negotiations.

One of the strongest tools you have at your disposal when it comes to negotiating the best price when buying property is knowledge. 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 may 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 sell to you

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 other interested parties.

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. Once you know what the average property is like and how 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.

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. A position of confidence will appeal to property owners, which can only be of benefit if you are looking to negotiate the best price.

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.

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.

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

If all other things are equal, a bid from an interested buyer that carries a much smaller likelihood of the deal collapsing will be much more attractive than an offer from an interested buyer who is part of a length chain.

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

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

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

Don’t forget that the trend in the present day is for homes to sell at less than the initial asking price. Figures provided by NAEA Propertymark have highlighted the growing gap between asking prices and sales prices. In their end of year review for 2017, 77% of homes were listed as being sold for less than the asking price and by March of 2018, this figure had risen to 86%.

The UK property market is currently a buyers’ market, even allowing for the elevated level of demand compared to supply of property. If you are looking to buy property, you hold a strong starting point. Make sure you are aware of all the factors you can negotiate with to ensure you receive the best possible price when buying property.

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

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

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

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

Hello everyone and welcome to episode 16 of the Ask the Estate Agent Podcast. Today’s episode is discussing interest rates and the impact these can have on your mortgage.

Interest rates may not enter your thoughts on a daily basis, but they have the potential to impact your life in a huge way. Depending on the type of mortgage you hold, a rise in interest rates may have more of an impact than on other people, but eventually, every mortgage holder will be impacted on by interest rates.

Figures provided by the Bank of England suggests that 57% of homeowners hold a fixed-rate mortgage while the remaining mortgage holders have a variable or tracker rate mortgage.

For now, fixed rate mortgage holders can relax and be confident that their monthly payments will not change. The consistency of payment is the most important aspect of the fixed rate mortgage and while variable rate mortgage holders will be scrutinising their budget to ensure they can afford a monthly increase, fixed rate mortgage holders have nothing to worry about. For now.

For as long as the fixed rate mortgage is in effect, the payments a mortgage holder makes each month remains constant. However, fixed rate mortgages come to an end and the mortgage holder must find a new agreement. If they are unable to sign up for a similar fixed-rate mortgage, they may find that their monthly payments rise and are at risk of rising further. In the short-term, fixed rate mortgage holders can relax but it is best to think about the long-term. It also isn’t nice to gloat about the situation facing some variable rate holders because you never know what is going to happen in the future.

The rise in interest rates near the end of 2017 was the first increase in interest rates for a decade. Given that the rise was minimal, in the words of Bank of England Governor Mark Carney, the change could have had a bigger and more negative impact on people, but it is important to be aware that people were affected.

Households who had a £200,000 mortgage found that the increase of 0.25% led to their monthly mortgage payments rising by £25.39 per month. If a household was already close to their limit each month, this increase may have been enough to cause them financial difficulties.

When examining interest rate increases and the impact on a mortgage, it is vital that people consider the personal impact. An increase of £25 per month may not be noticed by some people but for others, it could be life-changing. It is imperative that people look at changes from their own personal circumstances and then make decisions based on their findings.

Given that there are some market specialists predicting that there may be an increase of 0.5% on interest rates in the near-future, a household with a £200,000 mortgage would face an increase of £51.19 per month. This is a figure that would leave many people noticing a change and over the course of the year, the mortgage holder would pay an additional £612 per year in mortgage payments.

A household with a £150,000 mortgage would have found that a 0.25% in interest rates would have increased their monthly payments by £19.15 per month and with a 0.5% increase in interest rates, the increase in monthly payments amount to an additional £38.61 in mortgage payments each month. An increase of £38.61 per month would lead to an increase of more than £460 over the course of the year. Again, it is vital that people consider their own finances and budget constraints before deciding whether this is an increase that they can easily manage or whether it would place them under greater financial stress and pressure.

If you are looking to manage an interest rate rise on your mortgage, here are some tips to bear in mind:

1. Make sure you know what mortgage you have and how this is likely to be affected
2. Know what your budget is and what you can afford to pay each month
3. Determine what impact an interest rate increase will have on you
4. If you have concerns over mortgage payments or your budget, speak to professionals and seek help as soon as you can
5. Improve your credit score as best as you can
6. Review if there are other mortgages which may be more suitable for you

Following these seven steps will help you to evaluate the situation and make an informed decision about what to do next. No matter what impact you think market changes will have on you, it is essential that you don’t panic nor, should you make a rash decision.

It is important to seek help if you have concerns about meeting payments, but you shouldn’t rush into major decisions when it comes to finances or paying your mortgage. You will also likely find that many people are in a similar position to you, so you are far from being alone if you have concerns about meeting mortgage payments or what impact further interest rate increases will have on you.

With further interest rate increases likely, now is the ideal time to act with respect to your budget and finances. No one likes paying more money but by reviewing your mortgage, knowing your options and planning sensibly, you should find that you can manage interest rate increases in your stride.

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

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

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

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

Hello everyone and welcome to episode 15 of the Ask the Estate Agent Podcast. Today’s episode is answering the question: How should I be marketing my property for the best results? Here we’ll discuss all the factors you need to be incorporating into your marketing strategy in order to achieve the highest price for your property whether for sale and let and also a quick transaction. So without further ado let’s get started.

If you are going to do something, you may as well do it right. There are a lot of things in life where you can take a laid-back approach, almost thinking “will this do” and you’ll get the result you want. However, if something is important or it matters to you, it is surely best to give it everything you have to get the best possible outcome?

With that in mind, what could be more important than selling or letting your home in the most effective and powerful manner?

There are obviously many things that impact on the effective of a property sale, but the marketing of your property is crucial. There is a good chance that your home will be like other homes on sale in your local area. All the external factors will be the same, so you can’t differentiate on education options, transport options, shops or crime rate, which means that you need to focus on the home.

Then again, many homes on a street or in an area are similar, so unless extensive conversion or transformation work has taken place, there may not be much to differentiate between homes in an area. This could make it difficult to differentiate your home from all the others on sale close to you, but this is where marketing is all important.

Marketing your property makes a significant difference

Think about the multitude of products available in supermarkets, stores or online. There isn’t a lot of difference between many products and it is often the marketing activities a firm undertakes which makes all the difference. This doesn’t mean you should conduct a huge marketing campaign in the style of Coca-Cola or Pepsi to try and differentiate yourself from a very similar rival, but you should be prepared to promote your property as best as you can.

One of the most basic approaches to consider is to offer more. The more work you do and the more features or advice you offer to prospective tenants, the easier it becomes for them. Don’t feel as though a prospective buyer is doing you a favour, go out and impress them or help them to come to a decision.

Presentation

Floor plans

Buyers want to find out as much about a home as they can and while images and even video content are of benefit, they don’t always tell the full story. Savvy buyers want facts about a property and a floor plan provides information that prospective buyers can use in their evaluation. It allows people to consider the flow of the home from the comfort of their own property, and makes the process seem real.

One issue that some vendors have found is that prospective buyers see limited information abut a home, develop an idea in their head about what the home is like and when they view the property, reality doesn’t match their expectations. A floor plan brings the reality of the property to light much earlier in the process.

Some people may say that a floor plan is a poor idea because it provides information that will turn some prospective buyers off from your home. That is one way to look at it but the more effective way to consider this is that it helps narrow down your audience. This means the people who arrange a viewing will be more likely to have a genuine interest in your home and while having a lot of people interested in your home is nice, it is far better to have a smaller number of interested traffic than many people who are undecided about your home.

As with most of these tips, you will find that some vendors don’t offer floor plans so straight away, you have an advantage over them. With so many properties listed on property portals, you need to stand out from the crowd and offering a floor plan is a fantastic way to differentiate yourself from other homes.

Staged professional photographs

Having discussed the importance of differentiating yourself from other homes on property portals, it stands to reason that staged professional photographs are important. Yes, this will cost you money and probably a bit of time to arrange but the result that comes from this action will pay off.

Hiring a professional with experience of staging your home to create the best impression for buyers grabs attention and makes people want to see more. You may not have thought too much about it but the difference in impact you can have by creating more space and light in your images can help you sell your home quickly and for a better price.

Detailed description

Detailed descriptions are hugely important for several reasons. You want to give prospective buyers as much information as possible, similar to the benefits of offering a floor map of your property, including measurements and facts about the property helps people to make a more informed decision, and this is how you create genuine interest in your property.

There is also the fact that detailed descriptions of your property make it easier to be found by the right people. Online property portals allow viewers to filter properties by many factors or features, so make sure that your property is listed properly because this will ensure that you are found by people who have criteria that you match.

There is also the fact that detailed descriptions will help with SEO, search engine optimisation. This isn’t something that is mentioned too much when it comes to selling a home, and this is due to the success of online property portals. There will be some people who go directly to a property portal, but this isn’t the case for everyone. There will be some prospective buyers who start their search on Google or Bing and type in details of the home that they are looking for. Having a detailed description in your listing improves the likelihood of your home being found by people who want to find it.

Social media marketing

Social media marketing provides fantastic opportunities for companies these days, but it is also of benefit to estate agents and property owners who are looking to sell. One of the most important aspects of social media marketing is that it allows for word-of-mouth recommendations and testimonials.

Facebook posts, tweets and Instagram posts are easily shared or passed on to other people, and this is a key factor in the property market. The person or household who buys your home isn’t always looking to buy a home. Often it is someone else bringing a home or property opportunity to someone’s attention that persuades the buyer to act or get involved with the process.

You can pay for advertising on social media, and the targeted features make it a suitable option when you are focused on a local area, but with property listings, you can share fantastic content at no cost. The use of hashtags and engaging in conversations will help to spread the word about your property, and this can help you to go viral.

Premium/Featured listings

Local marketing

The benefits of online activity and social marketing are important, but don’t forget the benefits of local marketing. The rate of change in the property market in recent years is more akin to revolution as opposed to evolution, but many traditional aspects still have merit.

It makes sense to use local marketing methods to promote your home because not everyone is online and not every prospective buyer is actively searching for your home. Placing a “for sale” sign at your property can help direct people to your home when it comes to views, but it also grabs attention.

It may be that a neighbour isn’t looking to buy your home, but they know someone looking to buy property in your area if an opportunity arises. Placing a for sale sign at your property alerts people to the availability of your property at no actual cost to you.

You’ll also find that choosing an estate agent who have a physical presence in town is a promising idea. An estate agent that has a lot of passing foot traffic can generate interest in a property. You may consider homes listed on a window in an estate agent’s property to be a traditional form of marketing, but it works, and therefore it is something to retain in your marketing activities.

There are many ways you can reach out to buyers and showcase your home in the most effective manner. If you are serious about selling your home, you need to be committed to the process. Hiring a skilled and experienced estate agent is a fantastic starting point in selling your property but for the best results, you need to go all in on your marketing activities.

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

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

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

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

Hello everybody and welcome to episode 14 of Ask the Estate Agent Podcast. This week’s episode is answering the many questions we have received concerning the subject of home staging. Firstly what is home staging? Should I consider this for selling my home? What are the benefits and costs? And how do I go about implementing this as part of a marketing strategy.

Now to answer these questions and more we are delighted to welcome to the show this week Anna Hart. Anna is an expert in this field and acts as an independent property consultant helping home owners and developers to successfully sell their properties. For over 7 years now she has created marketing strategies to achieve her clients goals whether that’s getting the top price or a fast sale or both! Home staging is certainly one of her key expertise and therefore I’m excited to have her on the show today to share her experience and knowledge and to answer all your questions on this subject!

So without further or do I’d like to welcome Anna to the show.

Anna welcome to the podcast and thanks for giving up your time today.

Now this show is all about helping people negotiate the property ladder and your expertise in marketing strategies and home staging is a big part of actually selling homes!

In this episode we cover:

• Annas background and how she got into home staging
• What does home staging usually involve? (renting or purchasing furniture).
• People often confuse home staging with interior design so how do these services differ?
• Why should people consider staging if they are looking to sell their property?
• What are the benefits and results achieved?
• Foreign markets such as the US and Australia really embrace this marketing strategy so why do you think its not commonly used in the UK?
• The growth in popularity within the UK.
• Market conditions and how home staging comes into play.
• Are there any situations or circumstances where you wouldn’t advice staging?
• Anna’s top tips if you have a property on the market that’s sticking and you aren’t getting the interest you expected.
• Finally how to contact Anna if they have any questions on marketing strategies and home staging.

And that concludes today’s episode on Home Staging. I hope you’ve found it useful and that it’s given you a few pointers to take away and perhaps implement in your own marketing strategy and if you need any further help or advice then please do reach out and get in touch with Anna using the links below. We highly recommend her excellent book which covers all the tips mentioned and more!

You can contact Anna through her website here:

http://www.annahartconsultancy.co.uk/

You can purchase a copy of her fantastic book here:

http://annahartconsultancy.co.uk/store/how-to-sell-your-house-for-top-price-fast/

And if you would like the book on kindle you can purchase the book through Amazon here:

https://www.amazon.co.uk/dp/B07B779832/ref=cm_sw_r_cp_awdb_t1_jY-bBb3BAB2YG

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

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

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

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

Hello everyone and welcome to episode 13 of the Ask the Estate Agent Podcast. Today’s episode is discussing your property power team. What is it, who should you consider to be part of it and how best to find the right people for your team so without further ado let’s get started.

If you are looking for advice in the modern world, you will usually find that when there is a lot of sayings or adages about a topic, it is probably worth considering. Phrases like “there is no I in team”, “teamwork makes the dreamwork” and “it takes a village to raise a child” serves as great reminders that you can achieve a lot more when you work with the right people.

The most successful people in any area of life surround themselves with the best people. You may have heard the famous saying that you are the result of the 5 people you spend most of your time with. As its’ there input, feedback and behaviours that impact your life on a day to day basis so you can clearly see the correlation between team and success in anything you do.

In the property market, you are far more likely to achieve your aspirations and goals by working with the best team, and this is where having a property power team is essential. These are the key people you need to have working alongside you and working on your behalf.

What you want to achieve in the property market will dictate the sort of people you want in your team. After all, if you are looking to buy property, there is no need to use the services of a letting agent. Therefore, before you spend time looking for professionals, think about your circumstances, your skill level and what you want to achieve.

1. Estate Agent/Letting Agent

A fantastic starting point is to call on the services of an estate agent/letting agent. Whether you are looking to buy, sell, let or rent you will find that an agent is the professional who gets you up and running in the market and will carry out some key tasks for you. If you are selling your property, an estate agent will help you promote your property in an effective way while offering tremendous insight into likely buyers, relevant valuations of the property and negotiating your sale on your behalf.

If you are involved in the letting sector, a letting agent will be a terrific addition to your team. This agent will offer invaluable guidance on your local rental market, how profitable a property can be and they will play a key role in the letting and management of these properties if you need it.

Given the need to return a profit in the rental market, it is natural that people will be wary of working with too many professionals as this will diminish the return they receive. However, working with a qualified and experienced letting agent can help you generate a lot more income, which means that in many occasions, the hiring of this professional is more than justified.

1. Solicitor/Conveyancer

You should also look to enlist the services of a dependable property solicitor or conveyancer. These are the professionals that deal with the legal side of the property transaction. This is an aspect that you must get right because the consequences of transactions breaking down at this point can be damaging. A breakdown at this stage can cause further financial difficulties but it can also be harmful to your mood and outlook, so it makes sense to have a professional on board to make the process simpler.

What is the difference between a solicitor and conveyancer?

Both solicitors (who are regulated by the Solicitors Regulation Authority) and Licensed Conveyancers (who are regulated by the Council for Licensed Conveyancers) are fully regulated and insured. In terms of handling your property transaction they will operate to almost identical conveyancing practices and procedures. However it is worth noting the main differences:

Licensed conveyancers are specialist property lawyers, focusing largely on residential property, progressing transactions like yours everyday.

A solicitor is a qualified lawyer, with extensive training in many aspects of law, and can offer full legal services such as divorce proceedings or taking someone to court

1. Mortgage Broker

Given the importance of the mortgage in buying property, there is a need to have a professional on hand to offer guidance and advice. A property power team should include a mortgage broker, helping to narrow down time spent on finding the best options and comparing the products to find the best that suit your needs. Once a mortgage is in place, the property process moves at a faster rate and this is an area where a skilled professional will have a huge impact on the financial setup of the transaction.

1. Tradesman

Professional tradesmen also have a role to play in a property power team. Given the importance of health and safety regulations, EPC ratings, energy efficiency standards and much more, you need to ensure the property is of a high standard, and this is true when you are buying, selling or letting. There is a wide range of professionals to choose from, so having a selection of reliable, affordable and high-quality tradesmen on hand will make your life an awful lot easier.

Other professionals

Other professionals that may be important to have in your property power team, depending on your circumstances and ambitions, include:

• Removal companies
• Property insurance brokers or investment insurance brokers
• Interior designers/property stagers
• Landscapers
• Bridging finance company
• Furnishings firm – landlords
• Property accountant – tax

Outsourcing and delegating tasks can save you time and give you peace of mind when it comes to the quality of work. This is when it makes sense to re-evaluate what value for money means to you. If you are all about the bottom line in what you pay, you will want to undertake as much work by yourself. However, if you understand that sometimes paying more will provide you with a much stronger return, finding the best professionals is often a smart move.

Okay, you know what professionals you need in your property power team, how do you find them? It may be that you have developed a lot of contacts through networking over the years and if you have, there will likely be some trusted professionals you turn to immediately. However, it will do you no harm to carry out some additional research.

Some of the most common ways to find professionals you want to work with include:

• Ask for recommendations
• Carry out searches online via trade review sites
• Peruse these professional’s websites and social media accounts
• Speak to the professionals and get a feel for what they offer

When it comes to determining who can be trusted, there are some things to look out for and consider. This process can be slightly more difficult since it is easy to say whatever you like on the internet, but with a bit more time and careful planning, you should be able to find the right person for your property power team.

Aspects that you may wish to consider include:

• Recommendation
• Data on past achievements similar to yours
• Accreditations & Qualifications (NAEA/ARLA) links in the show notes
• Redress Scheme (Property Ombudsman)
• Standard of reviews/testimonials
• How they come across when you speak with them
• Do they align with your vision and values and understand what you want to achieve
• Lastly their price

Don’t forget that if you are going to work with these professionals, you want to find people that you can trust and who you get on with as they will be working alongside you as a team.

Therefore, you should also consider people’s personality, not just their qualification or experience. Hiring a skilled joiner is a comfort for many people in the property market but if this professional has a bad attitude or temper, regardless of their skills in the role, they may cause more harm than good for you in the long-run.

If you are building a team, everyone wants to benefit or have some reason to be involved in the project. It is all very well looking at professionals and evaluating what they will do for you, but you need to make sure that you can offer something to them.

Quite often all you need to offer is payment and the promise of work. However, there will be professionals who want to make sure that they work with the right people. It can be helpful for you to have:

• A clear understanding of what you need from a professional
• Be flexible in how to achieve these aims
• An ability to pay on time and for the agreed amount
• A personality that people can get on with
• Reliable and dependable work
• Reasonable expectations

How you perform as part of the team plays a role in the success and it will impact on how much people want to associate with you. When building your team, make sure that you appeal to professionals as much as you want them to appeal to you.

So be active, available and make sure everyone is updated with what you are looking to achieve and when. Communication is the key to your property power team being most effective and achieving your goals.

So that wraps up todays episode on choosing your property power team. I hope you’ve found it useful and that it’s given you a few tips to put into action when you next move.

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

Useful links from this episode:

National Association of Estate Agents (NAEA) – http://www.naea.co.uk

Association of Residential Letting Agents (ARLA) – http://www.arla.co.uk

Property Ombudsman – https://www.tpos.co.uk

The law society – http://www.lawsociety.org.uk helps to search solicitors regulated by the SRA

Solicitors Regulation Authority – https://www.sra.org.uk

Council for Licensed Conveyancers – https://www.clc-uk.org

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

If you want to take the stress out of moving, don’t move home! (joke) If that isn’t an option, it is important to be aware that moving home is stressful but with proper planning, it is possible to take the stress out of moving.

Moving property may not be as stressful as divorce, having the family around for Christmas Day dinner or arranging a barbecue when the weather reports are patchy at best, but it is hugely important, and the success or failure of the moving process can impact on you significantly.

The financial aspect of moving home is important and the sooner you know how much money you must spend on the process, the better. If you have an unlimited budget, hire professionals to do everything for you and spend no time worrying about the move at all. However, the majority of us don’t have an unlimited budget, in fact, if you are moving home, you will likely have a very limited budget with respect to the moving process.

When you know how much you can afford to spend on moving, you can start to converse with professionals about their costs and what you can afford to hire.

When you have your budget in place, you are in a better place to decide on which removals company you can hire. This is important because the right removals company will make the process much easier, lowering your stress levels significantly.

Some firms also provide a packing and unpacking service so determine what you need and then make sure that you get the service that is best for you and which provides you with the best return for your money.

It isn’t always possible to plan the move months in advance, sometimes property moves happen at shorter notice. However, you will do yourself a massive favour by allowing yourself as much time as you can. Once you know your moving date, you can create a schedule and a checklist of what you need to do at a certain time.

There are so many things to take care of when moving home, you will forget important aspects or tasks if you try to remember everything in your head. Even if you are not an organised person by nature, it is essential that you get organised for moving home.

Simple tasks like contacting banks and credit card companies to change your address doesn’t take long but it is vital that you do it. Similarly, if you must contact schools, doctor surgeries and any professional about your new address, do so in appropriate time to minimise problems in the changeover. Even aspects like having broadband connectivity ready for when you move into your new home is important and should help you settle into your new home more easily.

Even when the moving process is running smoothly, things will likely be chaotic at home. This means if you have items that you need to have to hand, it makes sense to keep them separate and in a safe and secure place. Items like passports, house deeds, insurance papers and other property documents are important all year round but when you are in the process of moving home, you will often need these documents, so keep them where you can find them.

A smart tip is to create electronic copies of these device that you store on a computer/laptop or even on your phone. You want to speed up the process as much as you can and having access to documents is an effective way of ensuring you can communicate quickly and correctly.

Visiting your new area will allow you to get a feel for where you are moving to and this can remove some of the stress and tension about the move. If you have youngsters, you want to make sure they find places they will love straight away, so knowing what is on offer is a sensible way to minimise a lot of stress when you move into a new property.

There is also the fact that it can be of benefit to break free from the stress when moving home, and visiting your new area allows you the chance to take a break from the moving process, if only for a short time.

If you have young children and/or pets, you will need to give some consideration as to what you do with them on moving day. If they can be part of the process, great, get them involved as this will help them to be engaged with the move. If they are too young to assist or you feel they would get in the way, it makes sense to ask someone to watch them and keep them occupied. This may be a friend, a family member or even a babysitter but when you know your child or pet is properly looked after, you can focus on the moving process.

There will be items that you need on moving day so store them in a box or container where you can easily find them. Aspects like toiletries, phone chargers, towels, snacks and drinks may not seem hugely important but when you really need them, they are essential, so make sure they are on hand when you need them.

While it is great to have a plan, there will be times when things move out of your control or other people let you down. It happens. It is vital that you can be flexible at these times and an effective way to be feel more confident about being flexible is to create back-up plans that you can turn to if your initial plans go awry.

As with most things in life, being prepared and planning what you need to do will help to make things easier. It is impossible to completely remove the stress out of moving home but with some care and attention, it is possible to make the process easier. You’ll also find that calling on skilled professionals is a very sensible idea and if you are looking to move, Liberty Gate is an estate agent you can trust. We look forward to helping you take the next step in your life.

So that concludes todays episode on taking the stress out of moving. I hope you’ve found it useful and that it’s given you a few tips to put into action when you next move!

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

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

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

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

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

Landlords have a lot of regulations to bear in mind and a failure to do so can have negative consequences for their business. One issue that many landlords across the country have to contend with is selective licensing. At my own agency Liberty Gate in Nottingham, we are working closely with landlords regarding the incoming Selective Licensing and we know that many professionals in this sector have concerns about what it means for them. In this episode we aim to outline what the selective licensing scheme is and what you need to be aware of.

The selective licensing scheme requires private landlords to hold a licence, and this will enable them to rent property to tenants when a licensing scheme is in force in an area. This move places local council authorities in greater control over the rental market and will require landlords to meet certain standards if they wish to act in this role.

Selective licensing can be used only when the local authority believes that the scheme will aid in reducing or eliminating problems within the housing market.

Some of the problems that are deemed relevant to the issuing of the licence scheme include:

• The area has a low level of housing demand
• There has been a persistent and significant anti-social behaviour problem in the area
• There is a significant volume of privately rented properties that are in poor condition
• There are prominent levels of deprivation in the area
• There has been a significant level of migration in the area
• There are significant levels of crime in the area

A licence is granted on properties for a maximum of five years’ time and the licence is not transferable to a new landlord or property owner.

As you would expect, there are conditions attached to the licence and the authority will be looking to prove that:

• The licence holder is a fit and proper person
• The licence holder is the most appropriate person to hold the licence
• If the proposed manager of the property is different from the licence holder that they are also an appropriate person
• The proposed management arrangements are deemed to be satisfactory

There are also conditions attached to the licence that must be met. The mandatory conditions are:

• A gas safety certificate must be supplied if there is a gas supply to the property
• All electrical appliances are maintained in a safe condition
• All furniture is maintained in a safe condition
• A written statement of the terms of occupancy is provided to the tenant or occupier of the house
• That references are obtained from people wishing to occupy the house

There are also discretionary conditions attached to the scheme, including:

• A requirement for the landlord to undertake reasonable steps to ensure anti-social behaviour doesn’t occur at the property
• Restrictions may be placed on the use of certain parts of the property

If these conditions are met, it is likely that the licence will be granted but it should be remembered that the issuing of a licence is still at the authorities’ discretion.

The short and obvious answer to this question is yes. There are several reasons why a licence may be revoked including where there has been a serious breach or repeated breaches of any condition of the licence. If the licence holder is deemed to no longer be a fit and proper person, the licence can be revoked, and it is also possible for the licence to be revoked if the property becomes structurally defective.

If a person who manages or controls a property does not have a licence when they are required to have one, they are committing an offence. This could lead to the offender being faced with a fine on conviction but as of 6th of April 2017, it has been possible for local authorities to impose a civil penalty of up to £30,000 on offenders. This stands as an alternative to prosecution.

Some of the sanctions that offenders could receive include:

• A Rent Repayment Order, or RRO, and this applies when a property has been let without a licence when it should have a licence
• A banning order may be imposed on a landlord or agent
• A landlord may be prevented from serving a Section 21 notice when they don’t hold a licence

If a landlord or owner has a right of appeal, the appeal should be made within 28 days of a decision being made and the appeal is made to the First-Tier Tribunal.

There are good intentions behind the selective licensing scheme, but a lot of landlords naturally worry about the impact on them. Whenever there is a new regulation in place, there tends to be some financial cost to landlords and even though the long-term benefits should improve, there will be costs and issues to contend with in the short-term.

So that concludes todays episode on selective licensing. I hope you’ve found it useful and that it’s given you a few pointers whether you’re already a landlord or if your considering your first investment property. This topic is certainly one to understand and factor in when choosing a location to purchase your investment properties.

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

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

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

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

Hello everyone and welcome to Episode 10 of Ask the Estate Agent and I just wanted to start today with a huge thank you to all our listeners out there who have supported us so far to our tenth episode!

We have received some incredible feedback from our first ten episodes, some fantastic reviews and also lots of questions for us to answer in future episodes which is fantastic, so again a massive thank you to all of you listening!

Remember this free resource is all about answering your questions and helping you on your property journey so if there is a particular question or issue that you are currently facing in property then please do get in touch so we can answer these for you in future episodes. All the links of how to contact us will be mentioned at the end of today’s show and featured in the show notes for you to access whenever you like soooo let’s get on with today’s show!

Today’s show is about one of the key tools out there to assist people getting on the property ladder and that’s ‘Help to Buy’

With the initial phase of the Help To Buy scheme being introduced in April of 2013, the scheme is celebrating its fifth birthday. Rather than breaking out the cake and party hats, it is probably an apt time to consider Help To Buy In more depth. In this podcast, we aim to shed some light onto the scheme, and hopefully develop an understanding of Help To Buy while maximising ways to benefit from the scheme.

Announced in the 2013 Budget speech by the Chancellor George Osborne, Help To Buy was a Government programme aimed at helping people buy property, with the title of the programme explaining its aims fairly well.

While it was the largest Government intervention in the property market since the 1980s, Help To Buy was an extension of the FirstBuy programme, although FirstBuy, again as the name suggests, was solely for first-time property buyers.

In the past five years, Help To Buy has evolved but as with anything provided by any Government, there has been debate as to the merits of the scheme.

As of April 2018, the Help To Buy schemes in operation are:

• Help To Buy: Equity Loan / London Equity Loan
• Help To Buy: ISA
• Help To Buy: Shared Ownership

The equity scheme option sees the buyer providing a 5% deposit while the Government provides an equity loan for a figure up to 20% of the property value. The buyer must then decide to fund the remaining figure, with a mortgage usually being the preferred option. In London, the Government will provide an equity loan up to 40% of the property value.

The restrictions on the equity loan state that the property must be a new-build property and that the loan must be below a stated amount. In London, the maximum loan is £600,000 and in Wales, the maximum loan is £300,000.

For the first five years of the loan, there is no interest payable (classed as an “interest free loan”) and so far, the equity loan option has been the most commonly arranged Help To Buy scheme. If someone refers to Help To Buy as a single programme as opposed to the overall scheme, it is likely the equity loan option they are referring to.

With the Help To Buy ISA, savers pay money into an ISA and can receive additional funding from the Government. Some of the key points of the ISA programme include:

• The chance to deposit an initial sum up to £1,200
• The ability to save up to £200 per month
• The Government will provide a bonus of 25%
• The minimum bonus on offer is £400, so you must have saved at least £1,600 to achieve this
• The maximum bonus on offer is £3,000 so you must have saved at least £12,000 to achieve this
• The bonus is available per person, not per household or purchase, so couples could save independently to both generate bonuses

The Help To Buy ISA is only available to first-time buyers. Also, the property must be priced at £250,000 or less to receive the support, or £450,000 or less if the property is in London.

The Shared Ownership scheme was already available from housing associations, but it is now regarded as part of the Help To Buy programme.

There was also the Help To Buy: Mortgage Guarantee scheme which assisted buyers to obtain a more affordable mortgage. The scheme provided backing to mortgage lenders, which provided them assurances about being paid, which meant that lenders were more likely to offer loans. However, this scheme was closed with respect to new loans as of the 31st of December 2016.

It was argued that the increasing number of lenders offering 95% mortgages meant that there was no longer a need for this scheme and the Government reiterated that this scheme was scheduled to run until 2017.

Given that there are so many influences on the property market, it can be difficult to ascertain how much influence a particular scheme had. However, in the first year of the initial phase of Help To Buy, a fifth of the new homes built and sold were bought through the Help To Buy scheme. In a report of April2014, the Financial Times stated that there was “clear evidence” that in its initial year, Help To Buy had motivated lenders to provide more attractive loan-to-value ratios and that there was a significant increase in the volume of products with a ratio greater than 90% available to choose from.

In October of 2017, Chancellor Phillip Hammond stated; “The Help to Buy equity loan has achieved much higher take-up than we expected, helping 130,000 families so far with a deposit for their own home.” Earlier on in 2017, BBC News undertook analysis that suggested that one on three new build-homes outside of London had been purchased through Help To Buy.

While there has been enough positivity surrounding Help To Buy to allow the Government to trumpet the scheme, there has also been opposition to the scheme.

Shelter, the housing charity, released a statement in 2017 saying the scheme has; “barely helped the first-time buyers it is targeted at”. One issue that many people have with the scheme is that the period when it was introduced in 2013 was the same time when property prices started to rise again. This negated the benefit of the scheme for many buyers, providing current property owners with a greater advantage than the group the scheme was said to support.

The Office for Budget Responsibility has stated some opposition to Help To Buy for that reason, and the same organisation has criticised the removal of stamp duty for first time buyers purchasing property at less than £300,000, introduced in late 2017, for the same reason.

There was also strong criticism for the Help To Buy Guaranteed Mortgage scheme from the Chief Economist at the Institute of Directors, who classed the scheme as very dangerous. This comment was based on the fact that the pressing need for help in the property market falls on the supply of property as opposed to the purchasing of property.

There is no denying that the Help To Buy scheme hasn’t been as effective in London as it has in the rest of the country. This shouldn’t be a surprise given the higher property prices in London but the same study which found that one in three new build homes across the country were purchased with Help To Buy, only one in ten new build properties in the capital were purchased in this manner.

If you are looking to buy a home and you are seeking help, it makes sense to obtain as much assistance as you can. This is why many buyers are keen for ways to maximise the Help To Buy scheme.

With the ISA, the most effective way is to prioritise your saving capabilities and if you can, work with a partner. Having the chance to place £1,200 into your ISA in the opening month is a fantastic opportunity so it makes sense to save money before you open the ISA. With the minimum amount required for a bonus being £1,600; a savvy saver could be eligible for a £400 bonus within the third month of their account.

There is also the fact, as stated earlier, that the bonus is not per purchase but per person, so if you are able to save separately as a couple, the bonus you receive can be enhanced.

It is also possible to combine the Help To Buy ISA with the Help To Buy Equity Loan, providing a further enhancement in affording property. Of course, with the Help To Buy ISA only available for first-time buyers, and the Help To Buy Equity Loan only being suitable for new builds, this combination would only work for first-time buyers purchasing a new build property.

With respect to Help To Buy continuing, there are signs that the initial phase is set to be extended. The phase is at least scheduled to run until 2020 but in spring of 2018, The Department for Communities and Local Government confirmed the scheme will continue to run until at least 2021.

This was an announcement made to appease the construction sector, and it is worthwhile remembering that it is not just property buyers who have benefitted from Help To Buy. Existing property owners, lenders and building firms have all benefitted from Help To Buy, and in this regard, there are concerns as to what would happen if the funding was stopped.

As with so many things in the property market, there is a difference of opinion about the impact and suitability of Help To Buy. At Ask the Estate Agent, we appreciate that more support is needed for buyers in the market, and while there is valid criticism that not enough is being done to provide more homes to the market or support enough first-time buyers, it would be churlish to suggest that Help To Buy hasn’t assisted many people venture onto the property ladder

So that concludes todays episode on Help to Buy. I hope you’ve found it useful and that it’s given you a few pointers to take away and consider as you plan and search for you’re first time purchase.

For further details on everything discussed in today’s episode please visit the official Government Help to Buy website at: https://www.helptobuy.gov.uk/

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 and until next time I would like to thank you for listening and goodbye for now.

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

Hello everybody and welcome to episode 9 of Ask the Estate Agent Podcast. This week’s episode is answering the question, what is the difference between Leasehold and Freehold property?

Undoubtedly one of the most important and often confusing subjects within property (particularly if you a buying a property for the very first time) and that’s understanding the difference between a Leasehold and Freehold property and what you should be looking for when buying either of these!

It is crucial to know the difference as ultimately this could be the difference between you owning your property outright and having a landlord.

When you have a leasehold agreement, it means that you have the right to lease the property for a number of years. You obtain this right from the freeholder, who will sometimes be the landlord, and the length of time for the leasehold can vary significantly, depending on the agreement. Leaseholds can be for as short a period as 40 years while the more common length of time is 90 to 125 years. There are even instances of leaseholds lasting 999 years, so it is important that you know how long your lease is valid for.

The leaseholder will hold a contract with the freeholder, with the freeholder generally being responsible for maintaining the condition of the common parts of the property but there will likely be some responsibilities handed over to the leaseholder. It is also common for leaseholders to have to pay maintenance fees or service charges. There is also likely to be an annual ground rent payable and there could be restrictions placed on the leaseholder such as not being able to sublet the property or own pets.

A freeholding is when the person owns the building and the land. When a freeholder is listed in the land registry, they will be regarded as owning the “title absolute”. Given the two options there is no doubt that the freehold option is the better option of the two.

If you are looking to buy property, you should be very wary of buying a property with less than 90 years with respect to a leasehold. Properties that hold a short lease can decrease in value dramatically, even though the general price of properties in the local area may be rising. This can provide difficulties for the owner. A leaseholder will find that there is likely to be a lower level of demand for the property when they come to sell it and there may be difficulties in obtaining a mortgage for a leasehold property.

While you may know these terms, you may not think that there is too much of a difference between the terms. This isn’t the case and many homeowners have found this out to their cost. If you know what you are getting into, a lease holding can be a viable and suitable option for many people, but you need to make sure that you are aware of the potential difficulties that you could face.

With many people struggling to get on to the property ladder, it is important to review all your options. A leasehold property can be an ideal way to buy property for many people, but it is important to know what this sort of property entails. There are many things to consider when buying a leasehold property, most notably, what a leasehold property actually is.

First of all, when you take ownership of a leasehold property, you should be aware that you will own the leasehold property for a designated period of time. You will hold a legal agreement with the landlord, who is sometimes referred to as the freeholder which is referred to as the “lease”. The lease will indicate how many years you will own the property for.

When the lease comes to an end, the property is returned to the landlord who resumes ownership of the property. Flats are predominantly leaseholds but houses can be leaseholds too, especially if they are purchased through a shared ownership scheme.

There are a number of things to consider when buying a leasehold property.

It is vital that you understand how many years remain on the lease before you agree to buy the property. If the lease is less than 70 years, you will find it difficult to obtain a mortgage and if you do obtain a mortgage, you will find that selling the property is problematic (unless the lease has been extended).

If you are seriously considering a leasehold property, you should be looking for a lease that has at least 90 to 125 years left on it.

If you are considering a leasehold property, you should be looking into extending the lease. Before you purchase the property, you can request the current freeholder extends the lease for you. Alternatively, once you buy the property and own it for two years, you can extend the lease if you meet the qualification criteria. It is important to note that the less time left on the lease will make the extension process more expensive and more challenging.

You should also be aware that the freeholder is likely to charge you a fee for extending the lease of their property (which is understandable from their point of view). To determine the amount of money you are likely to pay to extend leasehold, contact the Leasehold Advisory Service (LAS) who can provide you with an estimation on how much you are likely to pay to extend the lease of a property.

Ground rent is a sum of money that has to be paid to the landlord on an annual basis. This figure should be quite a low figure and many people find that their ground rent is £50 a year. Depending on the terms of the agreement, it may be required to be paid as an annual sum or it may be paid up over the course of the year. Reports suggest that ground rent in London is higher than the rest of the country, following the trend of general house prices in London and the rest of the UK.

It is important to be aware if the ground rent is fixed or it is escalating. A fixed ground rent will stay the same each year for the duration of the agreement. If the ground rent is classed as escalating, it will increase over the length of the leasehold.

As an example, a leasehold that spans 99 years, may see the ground rent pegged at £50 a year for the first 33 years, £100 per year for the second 33 years and then £150 per year for the final 33 years.

While you may think owning a leasehold property already incurs a number of charges, there are some other charges to consider. There may be specific building insurance clauses or charges associated with the leasehold, which can increase the amount of money the owner has to pay each year.

The terms and conditions may also impose an annual service charge (common for properties with shared areas like hallways, stairs or gardens) and again, these should be clearly stated in the agreement.

As with any legal contract, it is essential that people fully read and understand the terms and conditions stated within the contract before they sign anything.

In summary the differences between Freehold and Leasehold can be vast and have a significant financial effect on your future so identifying the difference and then investigating the points we have run through is an absolute must before you go ahead with any purchase. Your solicitor should assist you with this and highlight these areas during the conveyancing process but please do your own due diligence by asking these questions.

So that concludes todays episode on the differences between leasehold and freehold property. I hope you’ve found it useful and that it’s given you a few pointers to take away and investigate when your looking at a property to purchase.

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

Facebook: www.facebook.com/asktheestateagent

Instagram: www.instagram.com/asktheestateagent

Twitter: www.twitter.com/asktheEA

Website: www.asktheestateagent.co.uk

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

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