Check the loft before you buy or rent a property

As part of the property purchase or rental decision-making process, when viewing a property with a loft don’t forget to check up there to ensure that it is well insulated.

And whilst you are checking this, make sure that any downlights installed the ceiling below are protected from contact with loft insulation, building debris and other flammable material.

We often find that people simply move the insulation away from downlights (see above picture), which defeats the object of having insulation and allows condensation to form in the loft. Furthermore, if your loft is not adequately insulated a lot of energy will be wasted in winter, not to mention drafts from the attic.

A solution to this problem is to fit insulation guards or fire hoods above downlights. They cost around £10 per unit and protect the lights from the insulation covering above and prevent them from overheating. A simple solution to improve safety, as well as keeping the loft fully insulated and energy bills down.

Downlight guards and fire hoods are available at DIY stores, electrical or lighting specialists.

Pictures below: fire hood and insulation guard

If you are based in Berkshire and need help to install downlight protection guards in your loft, please contact our electrical services company Chez-Vous Property Services now.

Stamp duty threshold raised to £175,000 to help first-time UK home buyers

Buyers of homes worth up to £175,000 are exempt from stamp duty for 12 months.

Announced yesterday by the Chancellor Alistair Darling, this is part of a package of measures designed to revive the UK housing market.

The change, which comes into effect from today, raises the threshold on which 1% stamp duty is paid from its current level of £125,000.

The move will save eligible home-buyers up to £1,750 when they purchase a property, and relates only to buildings entirely for residential use.

Read more on the BBC News website.

Laurent Stadelmann
The Property Finder & Relocation Professional

Too busy to hunt for your next home?
Let Chez-Vous HomeSearch remove stress from the relocation process!
Tel: +44 (0) 1189 770215

PROPERTY FINDING FOR BUYERS / HOME SEARCH FOR TENANTS / CORPORATE RELOCATION SERVICES / PURCHASE PRICE NEGOTIATION SERVICE / LOCATION REPORTS / FREE INFORMATION TO HELP YOU HOUSE HUNT

How to buy property in the credit crunch

Interesting recent article from the Times: http://tinyurl.com/6ff6ft

Laurent Stadelmann
The Property Finder & Relocation Professional

Too busy to hunt for your next home?
Let Chez-Vous HomeSearch remove stress from the property process!
Tel: +44 (0) 1189 770215

PROPERTY FINDING FOR BUYERS / HOME SEARCH FOR TENANTS / CORPORATE RELOCATION SERVICES / PURCHASE PRICE NEGOTIATION SERVICE / LOCATION REPORTS / FREE INFORMATION TO HELP YOU HOUSE HUNT

Don't forget to ask what the neighbours think

Friends of mine had found their perfect house. A renovated 3-bedroom Victorian property with original period features: slate roof tiles, Victorian fireplaces, large sash windows, etc.

Before making an offer the friends asked for my professional opinion. The property had been completely refurbished to an excellent standard and it looked sound. And on the face of it, at that moment in time, the neighbourhood looked good too.

When I search for property I always do a lot of research, including asking neighbours what they think of the area.

So after the viewing I suggested that this is exactly what we should do. Although the friends were not very comfortable with the idea, we nevertheless stopped to speak with a couple of locals and asked if they were happy living there. Well, we discovered more than we bargained for - cars regularly stolen (including theirs!), police chases, burglaries... These particular locals concluded that they wished they had never bought their houses and feared they would be difficult to sell.

My friends could not believe their ears. These little conversations probably saved them a lot of hassle - potential car theft and burglary, expensive insurance, not to mention stress and worry. Needless to say, they didn’t make an offer on that house, but they now realise that the neighbours can be a source of valuable information.

Laurent Stadelmann
The Property Finder & Adviser

Too busy to hunt for your next home?
Let Chez-Vous HomeSearch remove stress from the property process!
Tel: +44 (0) 1189 770215

PROPERTY FINDING FOR BUYERS / HOME SEARCH FOR TENANTS / CORPORATE RELOCATION SERVICES / PURCHASE PRICE NEGOTIATION SERVICE / LOCATION REPORTS / FREE INFORMATION TO HELP YOU HOUSE HUNT

Purchasing property in a buyer’s market

Since the UK credit crunch began in summer 2007, mortgages and property have rarely been out of the news. These two topics have become the constant topic of conversation all over the country.

A year ago we were in a seller's market. Now it is the opposite: a buyer's market. So what does this really mean for you if you are a residential property buyer?

In general terms the market has moved in your favour. The Halifax announced that house prices fell by 2.5% last month from February 2008. The other main housing index, Nationwide, indicated that prices fell by 0.6% in March. According to Peter Hogan of the Royal Institute of Chartered Surveyors, "Sellers are having to reduce by between 5% and 10% of the asking price. Many buyers are biding their time to see what will happen."

In reality it depends on which rung of the property ladder you are on and your current mortgage situation as to whether you can immediately benefit from this buyer’s market. If you are looking for a first-time mortgage or need to remortgage then it has become more complicated and expensive. Get plenty of advice from expert advisors. A good mortgage broker will seek to find you the best deal appropriate to your circumstances. Mortgage lenders are currently withdrawing many offers and putting up their rates and fees on new ones (even though the Bank of England decided this month (April 2008) to cut the base rate of interest by 0.25% - down from 5.25% to 5%). When you find a mortgage that is right for you, act quickly to secure it.

If you are ready to purchase now, I recommend that you do your homework and negotiate on price. Make a lower offer based on your research (market conditions, how long the property has been on the market, potential structural problems to fix, poor presentation, etc.), and that you feel comfortable with. If you believe that a property is over-priced then make an offer that you consider realistic. No one can predict the future but if you can’t purchase at a price that you are confident with, then walk-away from potential financial problems and negative equity. The last thing you want to be worrying about is a possible future house price slide and killer mortgage payments.

Remember, a property is only worth what somebody is willing to pay for it! If you are at all uncertain or uncomfortable about doing the negotiation yourself then get someone who is a confident negotiator to do it for you - a friend, a family member or an expert professional property finder and purchase price negotiator.

Next time I will be discussing vendors selling in a buyer’s market.

Make sure you sign-up now to receive our FREE quarterly Property Matters! newsletters containing market news, Chez-Vous news, stories, features, tips and property events.

Laurent Stadelmann - The Property Finder & Adviser
Managing Director - Chez-Vous HomeSearch

Ten tips when buying leasehold flats

After reading our last issue of “Property Matters!” Newsletter Andy Szebeni of A&P Sales Training and Telemarketing replied to our “Share your property stories” section. Andy suggested sharing amongst our readers ‘10 tips when buying leasehold flats’, collated by one of his clients, Leasehold Solutions Limited.

Would you be surprised to know that if you were to ask the average buyer what issues they are considering with regard to the leases on the flats they are viewing, you may be met with silence? Many buyers do not realise or consider the implications that purchasing a leasehold property may have. But they should! Issues relating to the leasehold of flats can have a significant impact on the value and future marketability of a flat. So if you are considering purchasing leasehold, I strongly suggest you read these “10 top tips about leases” first.

Read more about issues to consider when buying a leasehold flat.

Make sure you sign-up now to receive our FREE quarterly Property Matters! newsletters containing market news, Chez-Vous news, stories, features, tips and property events.

Laurent Stadelmann - The Property Finder & Adviser
Managing Director - Chez-Vous HomeSearch

Tips to avoid house hunting communication overload!

Recently I arranged for one of my clients to view some new-build properties, which are being managed by an estate agent. Unfortunately, at the end of the viewing he felt pressured into giving not only his own mobile number but also his email address to the agent.

Within hours my client was being "bombarded" with emails from containing descriptions of unsuitable properties. These emails were followed by calls, sometimes within minutes, trying to convince him to arrange viewings.

Of course, the majority of estate agents communicate with buyers in a professional manner but, like any industry, there is an unprofessional, disreputable element. So here are some tips on how to manage the communication process when you are searching for property:

Tip 1 - Using a property finder
If you engage a property finder to help you search for your next home or investment property then they will handle all communication with agents and vendors and filter out unsuitable properties. So there is no need to give your own contact details to estate agents during a viewing. Tell the agent to liaise with your property finder.

Tip 2 - Set-up an alternative email address
If you are not using a property finder to manage your property search , rather than providing estate agents with your office or your regular personal email address, set-up a free internet email account, such as Hotmail or Yahoo, and give that instead. That way you keep emails relating to your house hunt separate and can read them when it suits you. You could even create an address which reinforces your brief , for example "lookingfor4bedwithgarage@hotmail.co.uk". (Address available at time of blog!)

Tip 3 - Manage telephone contact
If you have a mobile phone, then it's not necessary to give out your home telephone number. If you really don't want to be contacted by phone then request email or postal contact only. (Please note that not providing a contact phone number could prevent you from hearing about a new property instruction quickly.) If you give your mobile phone number and you don't want to be interrupted at work or at other unsuitable times, remember to switch it to silent mode or off . Ask the agent to contact you at a specific time of day that suits you.

Tip 4 - Give feedback
Help the agent to provide you with more targeted information by giving clear feedback on properties that you have viewed. The more regularly you initiate communication with estate agents, the more likely you are to find out about properties that meet your brief.


Laurent Stadelmann
Managing Director - Chez-Vous HomeSearch

Gazumping – You’d never want it to happen to you!

The problem in England and Wales is that until contracts have been exchanged the sale agreement is not legally binding. Until that point, the current system permits buyers and sellers to pull out of the agreement, and the practices of gazundering and gazumping!

Last week I described the awful practice of gazundering, sprung on sellers by their purchaser, and advised planning a strategy in advance just in case. And this week, I will look at the issue of gazumping where the roles are reversed.

Gazumping happens when a seller, who has already accepted a buyer’s offer, decides to accept a higher offer from someone else. The first buyer is left with two possible choices: they offer a higher price and get into a potential bidding war, or they decide to let the property go, lose out and look for an alternative.

From a buyer’s point of view, gazumping is not only a stressful experience but it also costs money when surveys, searches and other fees have already been incurred.

This practice is popular when property prices rise and when there are more buyers than sellers in the market.

As a buyer, how can you try avoiding being gazumped? Unfortunately, there isn’t much you can do about it, but there are some precautions you can take:

• Ensure that the buying process is as quick as possible; the quicker the better, as it will provide less opportunity for the seller to receive and consider offers, play games, or even pull out of the sale altogether.


• Before making an offer, find out if the estate agent has a policy on gazumping. Some agents request sellers to sign an agreement to turn down any further offers after one has been accepted.


• After your offer is accepted, ensure that you regularly communicate with the estate agent/vendor to let them know about your buying progress status: inform them when the survey will take place; let them know when the survey is completed; update them on the status of your mortgage offer, etc.


• Persuade the seller to sign a “lockout agreement” when your offer is accepted. The seller signs this agreement stating that they will not accept another offer from anyone else as long as the contracts are exchanged within a set time. You should use a solicitor to draw this up.


• Another possibility is a “pre-contract deposit agreement”. This means that each side pays a deposit (an agreed percentage of the purchase price) that will be lost if they pull out without a good reason. Obviously this agreement does not completely guarantee a smooth transaction as either party can pull out if they are willing to lose the deposit. But it will reduce the risk of being gazumped. And if you become a gazumped buyer, you will get some compensation. You should use a solicitor to draw up this agreement.


• Some insurance companies offer gazumping insurance policies to cover fees you might have incurred. Always weigh up the cost of insurance policies and read the small print!

As a buyer, always be prepared for the eventuality of being gazumped. Try to not set your heart on the property until it is signed and sealed. But if you really want it or have no other choice then ensure that you have a contingency plan allowing you to increase your initial offer.

And if you are gazumped but you don’t want to make a higher offer, let the estate agent and vendor know if you are still keen on the property. If the other buyer with the higher offer pulls out, you may still be in with a chance of securing the property if that’s what you want.

As I’ve said before, any negotiation should be based on trust and be fair to both parties. My advice is always to agree on a price at the beginning of the transaction and stick to it.

Laurent Stadelmann
Managing Director

Chez-Vous HomeSearch
Removing stress from the property process!

Property Finder / Relocation Services / Negotiation Service / Location Reports

laurent@chez-vous.biz
www.chez-vous.biz
Tel: +44 (0) 1189 770215

The path to successful property investment

Successful individuals and entrepreneurs have found different ways and methods of building their fortunes. One of the most accessible ways is investing in property. In fact, the annual Sunday Times Rich List, the definitive guide to wealth in Britain and Ireland, confirms that the richest people make millions in land and property.

Property is a great strategy for the investor who is willing to take the time to learn about the options, risks, and potential rewards for this type of investment process.

The UK property market has always been a subject of immense interest, especially as we have experienced an extraordinary rise in property values over the years. Furthermore, there have been so many different types of mortgages available on the market enabling people to get a foot on the investment property ladder easier.

It is impossible to predict if property values will increase forever. However, when you consider that historically, property in the UK has doubled in value every seven to nine years, then it is not difficult to understand that it is a fantastic investment platform if you are prepared to take a long term view.

A successful property investor makes money both in a rising and in a declining market. For example, during a rising market, property investors can release some of the equity built up over time to either purchase additional properties or to keep some money aside to be used at a later date. During a declining market, they buy lower-priced bargain properties. This is why market value trends do not affect property investors who are in it for the long term.

You have probably heard that location, location, location is the most important factor to consider when buying property. This is absolutely true as getting the right location can make the difference between success and failure.

I also believe that research, research, research is an equally important element of the property investment process. It is critical to ensure that you learn as much as possible. For example, talk to property experts and estate agents, go to property networking events and exhibitions, learn how to buy the right property at the right price in the right area, find out how to make the right alterations to the property within the appropriate budget, etc. You need to have a thorough understanding and all the relevant facts to hand before committing to a purchase.

And if you don’t have the time or the confidence to take the plunge into property investment then don’t despair. There is a wealth of professional expertise and support out there for every step of the process.

By committing to the long term strategy and by combining research and location, you have a recipe for success.

For further information on how Chez-Vous HomeSearch can assist with your property investment plans, please contact Laurent Stadelmann on +44 (0) 1189 770215 or at laurent@chez-vous.biz.

Laurent Stadelmann
Managing Director

Chez-Vous HomeSearch
Removing stress from the property process!

Property Finder / Relocation Services / Negotiation Service / Location Reports

laurent@chez-vous.biz
http://www.chez-vous.biz/
Tel: +44 (0) 1189 770215

Factors to consider before buying a property to live in

There are various factors to consider before buying a property that your family will call home. The problem is that far too many people get caught up in the small or cosmetic details of the purchase and search that they forget the primary needs of the family in the process. Keep the following points in mind when considering purchasing a property and you are much more likely to be happy with your decision.

Location: This is one of the most factors in buying a property. The quality of the neighbourhood in which a home is situated is paramount when investing in a property as it influences its current and future value.

Size: When it comes to property, size really does matter. The problem is that it matters differently for different people. Those that are aging and whose families have left home would do well in smaller properties that required lower maintenance. Those with growing families need room to grow not only inside the house but also outside the home. If you have 5 children you do not want to be crowding them into 2 bedrooms nor do you need five bedrooms (unless you want them of course) if you are a confirmed bachelor. Size is an important consideration when deciding on a house that will meet the needs of you and/or your family.

Mortgage: As well as the initial purchase price there are numerous other costs to consider when buying your home. Firstly, unless you are buying your home with cash, you will need a mortgage, which will have to be repaid with interest. There are so many mortgage packages available that you should think carefully about which would be the right one for you. For advice on mortgages you can visit any bank, building society or financial advisor. The internet is also a good source for your research, especially forums.

One off costs: There are also several one-off costs normally incurred during the purchase of a property which would be your responsibility:

• A solicitor or licensed conveyancer to look after the legal side of the purchase
  
• A property survey
  
• Most banks and building societies charge for arranging a mortgage, and also for the valuation of the property that they are obliged to carry out


• Stamp duty has to be paid on any property purchases costing more than £120,000. The current bands are:
  
  Up to £120,000 – nil
  £120,001 to £250,000 - 1% of the purchase price
  £250,001 to £500,000 - 3% of the purchase price
  More than £500,000 - 4% of the purchase price

Living costs: In addition to a mortgage, there are also many other regular costs which home owners normally have to pay:

• Water, electricity, gas


• Council tax


• Buildings insurance


• Contents insurance


• Repair and maintenance costs

School catchment area: Whether or not you have (or are planning) to have children, remember that the quality of local state schools exerts a major influence on property prices. A house or flat in a reputable school catchment area will always be easier to resell.

Amenities: Decide what type of amenities matter to you. Do you want to be near shops, pubs and restaurants or would closeness to a park matter more to you. Buying the right property is not simply a matter of bricks and mortar.

Car insurance considerations: The cost of your car insurance will depend very much on whether your property is classified as being in a high crime or low crime area. If you have a lock-up garage or even just off-street parking, then your car insurance premiums will be reduced.

Public transport: Being close (but perhaps not too close!) to train and underground stations or a main bus route is beneficial, especially if you commute to your place of work by public transport.

Access to roads: Here again, being close (but perhaps not too close!) to roads and motorways is beneficial, especially if you commute to your place of work by car or by motorbike

Finally, two heads are better than one: When viewing a property, take a friend or relative with you. You will have a lot of information to absorb in a relatively short period of time, during a viewing, and it is easy to miss what may turn out to be critical details in the heat of the moment. Your companion may have noticed things that you did not and vice versa. You may want to take a camera with you. If you feel that you have not taken in the whole picture regarding the property, arrange a second viewing.

Laurent Stadelmann
Managing Director

Chez-Vous HomeSearch
Removing stress from the property process!

Property Finder / Relocation Services / Negotiation Service / Location Reports

laurent@chez-vous.biz
www.chez-vous.biz
Tel: +44 (0) 1189 770215