UK Property Blog, Housing Market News and Articles

There is currently plenty of opposition to the idea of private landlord licencing by their powerful lobby organisations with objections ranging from a blanket ‘we don’t need any more legislation’ to ‘it’s just a scheme to make more money out of landlords’.

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On a global scale, the United Kingdom simply doesn’t compete with having any significantly tall buildings. In fact, the UK’s tallest building is not even a third as high as the world’s tallest man made structure (Burj Khalifa – Dubai).

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After the government bail out of the UK banking system in 2009, there is a now 50% tax levy on all future bonuses. Traditionally we enter “bonus season” in Q2, we expect to see buyers to start investing from this point and despite the new tax constraint the majority of banks have announced their intent to assign significant bonuses.

However, it is estimated that the bonus payments will be lower than in previous years and a larger proportion of payments will be made in shares and other types of investments. Looking to 2010, it is yet to be apparent what extent this will negatively affect sales volumes. In essence, bonus money will continue to play a central factor in the housing market and many cash rich individuals will still invest in the UK and abroad.

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There’s no doubting that business participation on social media is the flavour of the month, with almost every established brand now having a Twitter page, a Facebook group and a frequently updated blog, we can assume that there must be some very significant benefits to business’ getting stuck in with social media.

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For this article I have decided to write about the debate surrounding the proposal of landlord/letting agent registration and licencing. It’s not a new issue as some parties have been calling for it for a number of years but it raised its head again when the Law Commission made recommendations on buy-to-let reform, tabled in Parliament in mid-August of 2008.

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Anti-social behaviour is a subject close to the hearts of many and it is more complex than it appears on the surface, particularly when it is viewed from the perspective of management. We have recently been faced with the issue of excessive noise created by neighbouring tenants hosting parties and every website I look at says that it is recommended that the neighbours be approached first. I can see some merit in that, as sometimes they genuinely don’t know that they are causing a bit of a disturbance to others and respond accordingly. This is what we always do as the resident management company but what happens when reasonableness doesn’t provide the hoped-for response?

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In part 2 of our property conveyancing guide we look at what is involved in the closing stages of the home buying and selling process. You may wish to read Part 1 of the Property Conveyancing Guide here.

Signing the contract

Once your lawyer is satisfied that all of his enquiries have been dealt with; he has seen satisfactory search results and he is in possession of his copy of the formal offer of mortgage you will be invited to sign the contract and various other papers. This will either be in person or through the post. You should also receive a report, often called a “property report” at this stage which will set out any salient points arising from the searches and enquiries.

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What is “conveyancing”? – Simply, it is the legal process of transferring ownership of land and property.

Instructing a lawyer

Once you have decided on a property, made an offer and had that offer accepted it’s time to instruct a lawyer. This can be either a solicitor or a licensed conveyancer. You should try not to pay over the odds for property conveyancing work. When obtaining a quote you should be given a fixed fee but ask for a list of any additional fees charged for different aspects of the transaction.

Some firms might charge an extra fee for completing the SDLT1 form for example, even though this will not need to be done in every case. These additional fees can really push up the final bill. An average bill for professional fees only (i.e not including addtional search fees, land registry fees etc) would probably be around £300-£400 at the moment.

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Hidden away amidst the depths of the legislation that came into force in October from the Department of Communities and Local Government (DCLG) has been a clause about Commercial Energy Performance Certificates (CEPC).

The DCLG Guidelines clause is out lined below:-

“Clarifying arrangements for the October roll-out for commercial buildings already on the market which will be similar to those put in place in April and July. This means that any non-domestic building on the market before 1st October and remaining on the market will need an EPC by 1st January at the latest. If it is sold or rented out in the meantime, an EPC must be commissioned and then handed over as soon as is practicable. This measure is intended to make it easier for owners and landlords to comply with the legislation, avoid market fluctuations and is in response to expectations from the industry.”

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You’ve located the house of your dreams, or should we be more realistic here and say you’ve located a property that ticks some of the boxes and has the ‘feel’ you were hoping for you? It’s true what they say; your gut instinct will tell you if it’s the right one for you. However, our emotions can run riot and cloud our judgements so it is essential to lead with your head and not with your heart.

So you’ve made a decision to put an offer in, but where do you start. How much you want the property will very much dictate that first offer, you may well jump in with both feet and give the vendor exactly what they’re asking for, alternatively, you may opt to play it cool and try your luck with a cheeky offer. In the initial stages you may be tempted to offer the ridiculous but do this with caution as you could end up losing credibility with the agent and ultimately lose the sale.

Before you commit to anything think long and hard, this is one of the biggest decisions you are ever likely to make and the road to purchasing a property can be long, hard and costly!

I’ve pulled together some of my thoughts to aid your ‘hopefully’ successful negotiations:-

First and foremost, do your research, look at similar houses on the market and compare prices, are you getting more or less for your money? If the property needs work, reflect this in your offer and let the Agent know why you’ve done this.

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