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South West & South Wales

Stamp duty holiday to end as planned in 2012

30/11/2011

in Cambridgeshire,East Devon,East London,General Property,Hertfordshire,Home Counties East,Home Counties West,Kent,Landlords,London,Midlands & Heart of England,Norfolk,North Devon,North London,Northern,Somerset,South London,South West & South Wales,Suffolk,Uncategorized,West London

Paula Cunningham - Director - Living Property

The government have announced today that it will not be extending the stamp duty holiday that it put in place in 2010 and extending until 24th March 2012.

 

This means that property buyers will be faced with an additional cost of up to £250,000 if they complete their purchase after the 24th March 2012. After this date entry level stamp duty will return, meaning 1% tax on a purchase between £125,000 and £250,000.

 

Those thinking of buying on investing in property in 2012 may consider bring their plans forward to beat the tax deadline date, but beware if you don’t find in early January you are unlikely to see the deal complete before the deadline as sales are reportedly taking an average now of 92 days.

 

Paula Cunningham – Director

Living Property Waveney Lettings & Management

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Rogers & Norton on the Pitfalls of Joint Property Ownership

18/10/2011

in Cambridgeshire,East Devon,East London,General Property,Hertfordshire,Home Counties East,Home Counties West,Kent,London,Midlands & Heart of England,Norfolk,North Devon,North London,Northern,Somerset,South London,South West & South Wales,Suffolk,West London

The law is “double-Dutch”: Geoffrey Boycott

The pitfalls of owning property jointly with another

This week has seen former England cricketer and well-known Yorkshireman, Geoffrey Boycott, appear at the High Court in London expressing his view that the law surrounding joint ownership of property is unclear.  Mr Justice Vos hearing the case himself acknowledged the “obscurity” of property law which dates back 300 years.

The case centres around Boycott’s purchase in 1996 of a three-bedroomed property overlooking Poole Harbour in the millionaires’ resort of Sandbanks, Dorset.  The property was purchased for £450,000 and earlier this year was valued at £3 million.  Boycott purchased the property with his then partner, Anne Wyatt, and it was put into their joint names as ‘joint tenants’.  When property is owned as joint tenants upon the death of one owner their half share will automatically pass to the other. This is commonly referred to as the ‘rule of survivorship’. This type of joint ownership is usually preferred by married or cohabiting couples as it provides security on death for the surviving spouse/partner which is particularly important where there are children of the family.

The alternative to owning a property as joint tenants is to own it as ‘tenants in common’.  As a tenant in common it is open to you to make provision in your Will for your share to pass on your death to a third party.  In the absence of a Will the rules of Intestacy apply which may result in your share passing to one or more prescribed family members which may not be what you want. For example, if you remain married your share could pass to your spouse, even if you are separated.

Purchasing a property as joint tenants is not unchangeable.  It is open to variation by either owner.  By serving a ‘Notice of Severance’ upon a joint owner it can be changed to a ‘tenancy in common’, giving one party the option of leaving their half share to a third party under the terms of their Will in the event of their death.

This fact came as somewhat of a shock to Geoffrey Boycott when, in 2009 on the death of his former partner, he discovered that she had two years earlier unilaterally changed the joint ownership to a tenancy in common and had bequeathed her half share of the property to her niece.  It is Mr Boycott’s case that he and Ms Wyatt had agreed that upon their deaths their respective shares would pass to the other.  He says that had he known that the ownership could be altered he would never have bought the property with Ms Wyatt, who had continued to live in the property rent-free.

To change the ownership of a property from a joint tenancy to a tenancy in common one party must ‘serve’ upon the other a Notice of Severance in accordance with section 36(2) of the Law of Property Act 1925.  Section 196 of that Act sets out the method of ‘service’ which essentially means sending a written document to the co-owner at their last known home or business address.  It need not be acknowledged by the co-owner.

In Mr Boycott’s case, in which he is making a claim against his solicitors who dealt with the purchase, he claims that it was a “huge surprise” to him to discover on Ms Wyatt’s death that she had unilaterally changed the ownership of the property to a tenancy in common and had left her share to her niece.

This case highlights the importance of fully understanding the implications of owning property jointly with another, particularly in the event of the death of one party or the breakdown of the relationship.

If you require advice regarding financial and property matters as a result of the breakdown of your relationship or protecting your assets when entering into marriage or a relationship then please contact Sophie Key or Amy Walpole in our Matrimonial Department on 01603 675648 or email matrimonial@rogers-norton.co.uk.

If you would like to discuss the preparation of a Will then please contact Tom Lawrence or Louisa Mawbey in our Private Client Department on 01603 666001 or email web@rogers-norton.co.uk.

If you are purchasing a property in joint names and require a conveyancer and advice in relation to joint ownership then please contact Hayley George in our Residential Conveyancing Department on 01603 675623 or email hlg@rogers-norton.co.uk.

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homes24 users to benefit from Zoopla and Digital Property Group merger

17/10/2011

in Cambridgeshire,East Devon,East London,General Property,Hertfordshire,Home Counties East,Home Counties West,Kent,London,Midlands & Heart of England,Norfolk,North Devon,North London,Northern,Somerset,South London,South West & South Wales,Suffolk,West London

On Friday 14th October 2011 an announcement was made that truly stands to benefit UK sellers, buyers, renter, landlords and property developers. The news that the UK number two (Zoopla) and three (Digital Property Group), which includes the portal brands Findaproperty and Primelocation are to merge to form a new company to rival the current UK number1 rightmove who have dominated the UK property search market place for around 10 years.

Martin Cunningham MNAEA, Commercial Director of homes24.co.uk, regional publisher Archant’s property portal powered by Zoopla comments, “the consolidation of the UK property portal sector to a definitive two players shall benefit consumers and agents alike as the aggregation of the property content across a common platform will make property search less arduous for buyers and renters who will find a significantly enlarged market place within the Zoopla network of properties for sale and to rent available for search.”

“homes24.co.uk joined the Zoopla network in January of this year and we did so as the Zoopla network approach to marketing allows sellers and landlords properties to be available for search via multiple on-line channels, such as homes24.co.uk, Sky.com, Yahoo UK & Ireland and UpMyStreet to name but a few.”

“another major point of difference between rightmove and homes24 Zoopla is that Zoopla have developed a range of on-line tools to help sellers, landlords, buyers, renters and developers. Two such tools are ‘homevalues’ this function allows homeowners to obtain and receive a free estimate of their properties value, another useful tool is ‘AskMe!’ which allows those who have a question about property or moving to post it on the AskMe! forum.”

If you are selling or looking to let your property ensure your agent is listing it on homes24 Zoopla network.

Martin Cunningham MNAEA

Commercial Director – homes24.co.uk

martin.cunningham@homes24.co.uk

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What presentation advice would you give to someone thinking of coming to market in the autumn months?

28/09/2011

in Cambridgeshire,East Devon,General Property,Hertfordshire,Home Counties East,Home Counties West,Kent,London,Midlands & Heart of England,Norfolk,North Devon,Northern,Somerset,South West & South Wales,Suffolk

I would advise any vendor considering coming to market in the autumn to be aware that the pace of the market can sometimes mean a move before Christmas, so it’s worth preparing for this. We have already seen two such examples of properties that have been priced correctly, attracted interest and in one particular case sold over the guide price. Both clients can now expect to be enjoying Christmas in their new homes. More and more of our clients are using our wealth of experience of the local market to offer them advice on their potential purchases, and in some cases we have even carried the negotiations to help secure the  property at price to suit our clients. Some tips I would offer to people preparing their properties for marketing would be to ensure that their gardens and grounds are well kept and cut back to help showcase the plot. Autumn gardens tend to be a sea of colour. If you are considering marketing your home this autumn and require up to date advice on the autumn market, please don’t hesitate to call me for a confidential market appraisal on 01403 253271

Alex Harvey – Henry Adams

The colourful autumn season is traditionally a very productive period with buyers looking to move before the end of year festivities begin, so the marketing and presentation of a home entering the market at this time is essential. The outside space on any property plays a major factor in the decision to purchase a home, and a clean and well-maintained garden could be the difference between a finding a buyer and remaining on the market. In addition, as the temperature falls, the need to create a warm and welcoming home plays its part, so keeping the temperature on a constant heat with open fires lit before viewings would be advisable.

Lee Hubble – Mansell McTaggart

In my experience, spring is often prime time for viewing, but not necessarily for buying which often takes place in the autumn. Once the summer holidays are over, people wishing to move concentrate their minds on finding the right property with a view to moving in before Christmas. There is still leaf on the tress and the autumn colours can make some properties look absolutely stunning. All in all, there is a good chance of finding a genuine buyer quickly without the inconvenience of dozens of viewers visiting your home. So, why delay in these uncertain economic times, when who knows what 2012 will bring?

Russell Parkes – Batcheller Monkhouse

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What is this new Conveyancing Quality Scheme?

12/09/2011

in Cambridgeshire,East Devon,General Property,Hertfordshire,Home Counties East,Home Counties West,Kent,Midlands & Heart of England,Norfolk,North Devon,Northern,Somerset,South West & South Wales,Suffolk

 

Anyone buying a home needs a solicitor to carry out the legal side of the process. However, as well as solicitors, there are other companies and individuals who carry out in this type of work, but who are not solicitors.

To make life easier for home buyers to select the right person to carry out this complicated work, the Law Society set up the Conveyancing Quality Scheme, an accreditation scheme that recognises high standards in the home buying process in a similar way to how Corgi or GasSafe recognises excellence in gas boiler safety.

Solicitors who apply to CQS undergo a rigorous and robust assessment before they can secure the CQS quality mark. Once accredited, they undergo training and on going assessment to maintain the standards they have shown they uphold.

Helping home-buyers

 

The main beneficiaries of CQS are home buyers who seek out the CQS logo when looking for a legal expert to help them buy a home – generally one of the biggest purchases of anyone’s life.

A key feature of the scheme is the CQS Client Charter, which puts the customer at the heart of the high service levels CQS firms offer.

Solicitors already provide excellent service levels in home buying, but CQS, through its thorough assessment procedures and monitoring, ensures that excellence is maintained. Solicitors are fully insured should anything go wrong, and are vigorously regulated by the Solicitors Regulation Authority.

Unlike some other legal service providers, solicitors also fall under the remit of the Legal Ombudsman, so any complaints can be dealt with by the Ombudsman if the solicitor is unable to deal with the customer’s concerns.

The work of your solicitor when buying a home is crucial. They will not only handle the transaction, but can check that the home you are buying does not have any hidden legal liabilities or problems attached to it. If anything is overlooked, it could cost you in the long run.

Look for the logo

Anyone buying a home can look out for the CQS logo when seeking a solicitor to handle the legal aspects of home buying, whether they are buying a home at auction, planning on building their own home, are first time buyers, or looking to buy a second home.

The scheme has had the backing of the Council of Mortgage Lenders, Association of British Insurers and the Legal Ombudsman. There are already more than 500 solicitors’ firms across England and Wales who have secured the coveted CQS status with many more being processed.

To find them go to www.lawsocietyapproved.com/Conveyancing.aspx or check for the CQS logo.

Law Society President John Wotton

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Is there too little or too much housing in the UK? Marcus Whewell, CEO of The Guild of Professional Estate Agents Comments

01/09/2011

in Cambridgeshire,East Devon,General Property,Hertfordshire,Home Counties East,Home Counties West,Kent,London,Midlands & Heart of England,Norfolk,North Devon,Northern,Somerset,South West & South Wales,Suffolk

According to a new study published on 30th August* The National Housing Federation (NHF) said that “the chronic under-supply of homes” risked locking an entire generation out of the housing market in England, predicting further falls in home ownership rates “to just 68% over the next decade” and even higher rents. 

Yet currently according to Right Move we are faced with over 1.3 million homes for sale in the UK, and over 70% of properties that were marketed at the start of the year remain unsold. So what is really going on?

It is true that the construction of new builds are at about half the levels of three years ago – and it is likely that a different mix of housing stock will be required as people’s life expectancies increase and with more single households. The government has responded to this by making thousands more acres of public land available for building and is investing £4.5bn in lower-cost homes via the affordable homes programme. Yet some developers are now focusing on more expensive properties as one and two bedroom flats remain unsold in city centres, so something is ‘out of kilter’.

In reality, there are simultaneous problems on both the demand and supply side. Given the difficulties of raising deposits and obtaining mortgages, developers worry that they won’t be able to sell new homes because potential buyers will not be able to raise the finance. The dilemma is therefore how to escape this damaging cycle, of restricted supply leading to high prices, which then leads to curtailed demand, resulting in unwillingness to build.

The rate of home ownership in England according to the Oxford Economics Report* was over 72% in 2001, but this has fallen steadily to its current rate of 67% and is expected to reduce further as house prices start to rise once again. Rents are also expected to increase by up to 20% over the next 5 years, so young people undoubtedly face an uncertain time in the property market.

Yet we must be careful not to ‘pigeon-hole’ everyone into the image of a ‘frustrated buyer’; many young people are actively choosing to rent as it affords them more flexibility in employment, they enjoy the social aspects of sharing a property, or can simply call the landlords whenever something goes wrong. On the continent, home ownership is far from the norm and maybe our obsession with being owner-occupiers has helped contribute to the current malaise.

In summary, the UK will need both a thriving purchase and rentals market given future demographics and the key to that is almost certainly confidence – so the passport to success is for more transactions, more stability, intelligent strategies, and higher standards across the industry.

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ENERGY EFFICIENT NEW HOMES IN SWADLINCOTE

09/08/2011

in East Devon,General Property,Hertfordshire,Home Counties East,Home Counties West,Kent,London,Midlands & Heart of England,Norfolk,North Devon,Northern,Somerset,South West & South Wales,Suffolk

BUY a brand new home in the South Derbyshire village of Church Gresley, near Swadlincote, and you could save money on fuel bills.

Well insulated, with double glazing and central heating fitted as standard, new Redrow homes at Priory Fields are easy to manage and efficient to run. It means that those who buy now could find that they are able to keep warm in the winter without having to worry about hefty gas and electricity bills.

Pauline Turnbull, sales director for Redrow Homes (Midlands), commented: “When figures were last collated the average household could save more than £500 on energy bills if they moved from an older property to a brand new home. This doesn’t take into account recent price hikes and, with new homes said to be 40% more energy efficient than those built at the beginning of the decade, the savings could actually be far higher.”

Redrow homes consistently outperform the recommended minimum air-tightness standard which means they lose less heat and have fewer drafts. They also achieve a ‘B’ rating for energy efficiency.

More…

“The cost of making an older property as energy efficient as one our new homes soon mounts up. To install a new heating system, loft insulation and new windows in a typical three-bedroom home would set you back almost £10,000,” Pauline added.

Priory Fields includes a blend of brand new two, three and four-bedroom homes, available from as little as £114,995.

Priced from £174,995, some of the four-bedroom designs are almost ready to move into.

Boasting a high specification as standard, they include well equipped kitchens with integrated top brand name appliances and lots of storage space, plus sleek modern bathrooms and en-suites with quality fixtures and fittings.

“Another advantage of buying a brand new home is that it comes with the peace of mind of a 10-year ‘Buildmark’ warranty, while the appliances are covered by a two-year manufacturer’s warranty. Plus with no upward chain to get caught up in you won’t have to wait for the previous owner to move out so that you can move in,” Pauline explained.

“And it’s not just in the design of our properties that we aim to make things easy for our customers – with part-exchange moving up the property ladder is quick and simple. We buy the customer’s old home so that they can buy one of our beautiful brand new homes.”

An easy to follow video guide to part-exchange is available to view via the award-winning broadband TV channel Redrow.TV.

To find out how Redrow could help you move to a home that’s easy to manage and efficient to run, visit Priory Fields, where the sales office is open daily from 10am to 5.30pm.

More…

For more information, call 01283 480 124 or log on to www.redrow.co.uk/priory.

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