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Tips
for self building and renovators
Estimated cost of renovating an empty house
The UK’s top fifty house names
What you can and can't do with listed buildings
Twenty things you can do without planning permission
Asbestos in the home - what you need to know
Catch up with deferred maintenance
Oil door hinges, stop squeaky floorboards with talcum powder, replace washers on dripping taps and missing hooks on the curtains. Fix all those things you never got around to doing. First Impressions count.
Drive-by desirability
House buyers almost always drive by before they pick the houses they wish to view. Make yours stand out by painting the door a bright colour, planting window boxes or tubs of colourful flowers and make sure the house number is clearly visible from the road.
The big clear out
Clutter can be distracting to people trying to visualise living in your home. Buy a roll of bin liners. Check out your local charity shops. Pack your knick-knacks in boxes and seal down the lids and stack them (in the garage or a storage centre and NOT the spare room) ready for the day you move.
Good views
Clean the windowpanes and woodwork with a good household detergent. This improves the look of the room and lets in natural daylight.
Neat window dressings
Dry or steam-cleaning the curtains really does lift the room and removes all those built-up odours. Remove those nets and replace them with muslin drapes or blinds. They are les fussy and old fashioned and if you replace curtains with blinds it opens up the room.
Welcome in
Make sure you have replaced the bulbs in the light fitting in the hall. Keep it clean, light and clutter free. Adding a mirror can make a dark hall seem much lighter and bigger. Don’t paint it a dark colour.
Ceilings
Dust cobwebs. Don’t forget to look up, your viewers will. Dust or vacuum those cobwebs away, especially around light fittings. Ceilings tend to be a recurring problem when properties are re-styled for sale. If your ceiling has any damage, its worth spending a few pounds to put it right. It doesn’t have to cost much, but it really puts people off buying.
Walls
Wash down emulsioned walls with a soft cloth and a little detergent and use match pots to touch up those damaged areas. Stick down lifting edges of wallpaper. You can crayon in scuffmarks on darker papers. If you do redecorate to sell then use neutral light colours like cream, pale yellow and white woodwork. It’s a winner every time.
Floors
Viewers watch and feel what’s under their feet. Carpets are seen as a large outlay for the new homeowner and that could cost you the sale. Carpets can also hold unpleasant odours so make the most of what you have by getting the carpets cleaned. If they are wearing thin, pull them up. Bare floorboards and a rug can be a cost-effective alternative.
Surf stoppers
With the growing enthusiasm for buyers to use
the internet to find property, photos are more important than ever. Buyers
use external and internal photos to narrow down their choices. Not just to
find a property to view, but to eliminate property from the selection.
Before your buyers even get to your door, your home may be eliminated from
their search.
The room needs to be staged for the shot to ensure you get the best photos
published. Be selective and only publish the best shots with the best
lighting. Get internal shots taken in daylight, otherwise the windows can
look like big black boxes.
Property price
Land registry fee
Stamp duty
Local searches
Other searches
Solicitor's conveyancing fee
Mortgage indemnity guarantee
Lender's valuation fee
Home buyer report / full survey
Specialist reports eg. Roof, drains
Lender's arrangement fee
Mortgage broker's fee
Insurance premiums
Removal contractor / van hire
Disconnecting services
Reconnecting services
Carpet laying, new floors
Kennel fees
Mail redirection
Change of address cards & postage
Tips
for self building and renovators
The vagaries of the UK property market mean that few experts are willing to stick their neck out and suggest, in percentage terms, which home improvements create the most value at resale time. However, some suggestions for the potential returns of various features as follows:
Set
your budgets
For most people, building their own homes means commissioning architects, builders and other sub-contractors. It also relies on private finance – a mixture of cash and mortgage. Before falling in love with a potential project, have a definite budget in mind, then add 10 per cent as contingency. Establish just how much of your own money you can put into the project. Work out how much it is going to cost during the building process. Find out from mortgage providers what they are prepared to offer self-builders and renovators.
Prices very enormously. If you decide that you want to live in a particular area, it pays to do some legwork. Sign up with us for details, and maybe put an advert in the local store or newspaper.
Building for yourself requires passion, time, energy, as well as good management skills and huge amounts of forward planning. The best and cheapest buildings are those that take years to plan and only months to build. The early stages of the project are crucial because at this point the architect translates dreams into elevations and the planners have their say.
To get planning permission, your design needs to fit into the landscape and local building pattern. You may need to do some persuading. It can be a good idea to take photographs of the neighbourhood to show the local styles to support your case. It may be worth contacting a planning consultant if you want to build in a particularly sensitive area. This service can be well worth the money as they will usually be able to give quite clear guidelines of what the local planning authorities are likely to consider.
Having the opportunity to specify the materials and the aesthetics of a building is tremendously appealing, but the choice can be daunting. Your architect should advise you, and the planners will have their say, but you will have to decide which roof tiles, floor coverings, window frames, etc you want for your house. Look into the cost, quality and availability of materials, and how easy or problematic they are to work with.
It can be a good idea to employ a quantity surveyor to price the building work required. Three quotes are standard for each piece of sub-contracted work. These can be compared to the surveyor’s estimate. Study these carefully, don’t necessarily go for the cheapest, and find out how long each contractor is likely to be on site.
Treat them with respect, after all, these are the people that will make your dream a reality. Set out a plan of works and be prepared to be flexible. There will be problems.
Be on site as much as you can, even if you have appointed an architect or builder as project manager. This keeps the communication flowing and ensures that decisions are made without costly delays.
Estimated cost of renovating an empty house
Replace kitchen £2,000
Central heating / plumbing £4,000
Double glazed windows & doors £3,000
Rewire electrics £2,500
Redecoration £2,000
New roof cover £3,500
Repair roofing and gutters £700
Replaster one room £1,100
Roof and cavity wall insulation £1,800
Damp proof course replacement and internal plastering £1,500
General repairs £2,300
Professional fees £4,300
Total £28,700
If you're planning a move to the country and have the flexibility of picking your type of property, do you go for mellow timbers of Tudor? The decorative detail of Georgian perhaps? Maybe the solidity and modern conveniences of Victorian? Or why not the traditional methods and styles of Edwardian?
Each period has a certain style that will appeal to us over others, so read our guide to help you narrow the search for your dream home.
Tudor (1485-1603)
Characterised by their classic black and white woodwork, Tudor buildings are the earliest to survive in any significant quantity as dwellings.
Pros :
Chocolate-box charm. Cosy, quirky interiors. Plenty of mellow timbers. Small windows and timber construction retain heat in winter.
Cons :
Small windows and ubiquitous woodwork can make interiors appear gloomy. Rooms tend to be on the small side and haphazardly laid out. There is often no corridor to speak of upstairs - bedrooms lead from one to another. Bathrooms have to be cunningly inserted. Tall occupants risk regular knocks on low beams and doorways.
Georgian (1714-1820)
Probably the most sought-after of all country properties, the Georgian period boost elegant exteriors with spacious rooms and high ceilings.
Pros :
Unrivaled elegance. Rational layout. Fine fittings and decorative detail.
Cons :
Modern lack of servants to run the house. Large windows and doors to lose heat.
Victorian (1837-1901)
Following on from the grace of the Georgian period, Victorian architecture followed, bringing quality workmanship, family-oriented design, with a delightful excess of materials.
Pros :
Solidly built. A great range of styles and sizes. Modern conveniences in a period setting. Well proportioned.
Cons :
Architecturally awkward, according to some peoples' taste. Rigidly compartmentalised between 'upstairs' and 'downstairs'. Often high-maintenance, with numerous individual offices and external decoration.
Edwardian (1901-1910)
Designed with all the mod cons, Edwardian houses are considered by many to be the ideal dwelling, displaying quality workmanship with modern conveniences.
Pros :
Planned with modern conveniences in mind. High-quality construction. Delightful detailing. Use of traditional methods and styles.
Cons :
Kitchens tend to be on the small side.
Home owners and prospective buyers across Yorkshire are being warned to look again at their property's title deeds to avoid receiving costly repair bills from the local church.
It is estimated that there are more than 3.5 million acres of church land across the UK, impacting on over 5200 parishes.
Much of this land is now the location for homes, gardens, schools and businesses, with many owners being blissfully unaware of their responsibilities to fund church repairs, until they are landed with a hefty bill.
Under a medieval law the rector of a parish was responsible for the repair of the church chancel (the alter end). When, in later years the rectorial land was sold off, the liability for repair passed automatically to the subsequent land owners and so on, right through to the modern day.
Often this chancel repair liability was not recorded in the property's deeds and there is still no central register, be it National Archives or other similar databases, that identifies which properties are subject to the charge.
This means that buyers, be they private or commercial, could well be purchasing, or already operating in, a liable property without knowing it. For the next six years, buyers will continue to be kept in the dark, as the right to claim for chancel repair liability does not have to be registered against the title of the property in order to make it relevant. So, regardless of whether or not they are aware of their responsibilities, owners will have to fund the "proper repair".
From October 12 2013, this will no longer be the case, and any purchaser who buys a property without notice on the title will not be eligible to contribute, However, current owners and those who purchase property between 2007 and 2013 will remain liable.
The dangers of purchasing or inheriting a house with Chancel repair liability was highlighted recently in the House of Lords case of Mr and Mrs Wallbank, which found them liable for a repair bill in the region of £190,000 plus any VAT payable together with legal costs estimated to be in excess of £400,000 after they successful contested their parish obligations. The couple are now saddled with an enormous debt and are unable to sell their property, the church have even refused to accept it as payment of the debt owed.
There are surveys we can commission to define if a property may be liable and this, coupled with indemnity insurance, can go some way to safeguarding your investment.
What you can and can't do with listed buildings
You must get listed building consent from your local council if you want to alter a listed building in any way that would affect its character inside or out. This can include removing fireplaces, painting over brickwork, stripping off plaster, removing beams or panelling or removing internal walls and making new doorways.
All sorts of things get listed, not just smart houses. Take Hovingham, for example, near Malton. Not only is its 18th Century stately home listed, but many of the village's smaller cottages are protected too. On top of that, the church, pigeoncote, primary school, cow byre, barn, drinking fountain, bridge and telephone box are also listed.
When a building is listed, it affects both the inside and outside of that building, together with any sheds, barns, outhouses, walls or other structures that were built before July 1, 1948.
It's true that the older and rarer a building is, the more likely it is to be listed. That doesn't mean to say that newer buildings can't be protected too.
Carrying out unauthorised changes to a, listed building is a criminal offence, punishable by a large fine or a prison sentence. The local council will also make you pay for it to be put right.
Twenty things you can do without planning permission
There is a huge range of new buildings, alterations and extensions that can be built without needing anything but building regulations consent.
This is known as 'Permitted Development' and is probably the most useful piece of planning jargon to understand. You should make sure that you know what you can and cannot do. There are loopholes that will allow you to maximise the opportunities available.
Please bear in mind that the freedoms you have do not apply to listed buildings and are restricted in some areas. Some of these freedoms can also be removed by conditions placed on existing approvals but in most cases there are lots of improvements that can be made without needing planning.
1. Windows & doors
It is a surprise to most people when they realise that no permission is needed to create new windows or doors in an existing house. Regardless of whether a new first or ground floor window might cause overlooking or be objected to, it does not need permission. This creates endless possibilities to take advantage of existing views, improve the outlook and feel of existing rooms and to entirely rearrange the way a house is used and laid out internally. So if an existing house doesn't suit or an approved house plan could be improved, there is plenty of potential scope in changing the windows and door positions.
2. Attached buildings
Existing non-habitable parts of a house, such as integral garages, outhouses and other attached buildings, can be converted into part of a house without permission. There are plenty of 1960s houses built with integral garages which can be massively improved by incorporating this space into the ground floor. There are numerous Victorian houses with attached outbuildings to the rear to which the same applies.
3. Loft conversions
Utilising an existing roof space to create additional rooms does not require permission. Loft space takes up a large unused percentage of most houses and converting it is an efficient and cost-effective way of transforming a house. The necessary staircase and other internal changes can all be done without the need to consult with the planners. This applies equally to new houses as to existing ones. So bear this in mind when looking at an approved design for a new house on an existing plot - could it be improved by creating a third storey?
4. Single storey extensions and conservatories
Provided a house has not been extended before - or since 1947 if it was built before that date - it can be enlarged by a total of 15 per cent of its volume or 70m3. This additional space includes roof extensions. For very large houses the 15 per cent may be larger than this 70m3 and the maximum is then 115m3. At single storey level a pitched roof should not be higher than four metres to the ridge, or three metres for a flat roof. Such extensions should bring the house no closer to an existing road than it is at present (unless it would be further than 20 metres away from the boundary of the property). 70m3 is a pretty big extension - about the size of a large single garage - and by using your Permitted Development Rights in this way you can make big improvements.
5. Two storey extensions
It is possible to use the 15 per cent permitted increase in volume to create a two-storey extension, provided the roof height is no higher than the existing house and, if within two metres of the boundary, it should not exceed four metres. This means that, provided the boundary is not too close, it's possible to build above a single storey garage or annexe to create new bedrooms or bathrooms without needing planning permission.
6. Roof extensions
If rooflights cannot give you enough light, or you need additional roof height to insert a staircase or to make more useable space, it is possible to build dormer windows and extend the size of the roof without permission. The maximum permitted size of such roof extensions is 50 cubic metres (40m3 for terraced houses). This additional space can only be used to enlarge a property until the maximum is reached and once used up any further additions will need permission. This principle also applies to other sorts of additions.
7. Outbuildings
The construction and use of detached buildings in the garden of a house offers huge possibilities for the creation of additional space. Although the right to build outbuildings is restricted in Conservation Areas and AONB it is not restricted in green belt areas and offers real potential to make otherwise very restricted plots much more useful. There is no actual limit to the floor-space you can create with outbuildings in the garden. This is provided that they do not cover more than half the garden area or exceed four metres in height with a pitched roof or three metres with a flat roof. The uses that they can be put to are very wide and limited only in the same way as the use of the house itself. This is provided that the house and its garden and outbuildings are only occupied as one residence. So the best way of thinking about outbuildings is to consider them as parts of the house - simply detached and located in the garden. Their the uses can include a games room, study, home office, additional lounge, workshop, laundry, guest bedrooms etc. The fact that such outbuildings are built to residential standards, with cavity wall insulation and so forth does not affect the need for planning permission. Provided such outbuildings are further than five metres from the house, not situated between the house and any road and do not cover more than 50 per cent of the garden there are no limits in the area of floor space created. It's hard to understand why more people do not take advantage of the possibilities they offer.
8. Work from home
Planning permission is not required to run a small business from your home, provided that the primary and predominant use of the house remains as a dwelling. It is very difficult to make hard and fast statements as to when running a business from home would cross the threshold and actually need permission. This is because a lot depends on how it could affect neighbours or change the character of the house. For example, having a small office in an outbuilding that contains little more than a computer is very different from running a car repair and spraying business from that same building. The amount of noise, traffic, visitors and the existence of employees are all highly relevant. In today's hi-tech world, many businesses can exist invisibly within houses or in outbuildings in the garden without involving any change of use in planning terms.
9. Integral annexe
Whether created by subdividing a house or by building an extension with or without planning permission, it is perfectly possible to create an integral self-contained annexe within a house. The same comments apply as to the creation of an annexe in the garden because the issue is about the creation of a separate dwelling. The subdivision of a house into flats does need permission. That said, the creation of a granny annexe within a wing of a house is possible. It may have its own kitchen, bathroom, lounge and access and would be a very useful addition for many families who wanted to house an elderly relative - and it should not need to be delayed or complicated by the involvement of planning. If permission is needed for the building involved, describing it as an extension is perfectly reasonable and accurate.
10. Swimming pools
If you would like a pond in the garden simply to attract wildlife, or if you want a full swimming pool for summer parties, neither need planning permission. A covered swimming pool falls within the same restrictions as outbuildings and an open swimming pool can be as large as you want - provided it doesn't cover more than half the total area of the garden.
11. New accesses
No permission is needed to create a new vehicular access onto a residential property from an unclassified road. You can check the status of a road at the local planning authority. Most roads are not classified. It is usually easy to tell those that are as they are either 'B' roads or other major roads that actually go somewhere. Cul-de-sacs and most minor village roads are not classified. Having a separate and independent access will often make a house far more attractive and desirable than having to share one. If the new access is from your house on to an adopted road it is normally necessary to agree the technical specification for dropping the kerb with the Highway Authority.
12. Parking areas
The creation of hardstandings within the garden of a house do not require permission. This could in theory include the whole garden and it does enable off street parking and turning to be created. There are occasions where planning permission can be refused for extensions due to limited off street parking, even where it is possible to create additional parking in the garden. The planners may not wish to encourage the loss of green areas for parking. However, as permission is not needed to create the necessary parking, this kind of reason for refusal is easy to overcome by making sure the parking is available before making the application.
13. Minor amendments
There is also a way to modify an existing planning approval without the need to apply for a new permission - by making a minor amendment to the scheme. It is also important to be aware that if you want to depart from the approved plans of a proposed house to take advantage of permitted development, the changes will need to be agreed as minor amendments to the approval. This is because technically you only benefit from these rights once a house is substantially complete. It would obviously be a pretty unreasonable approach by the council to refuse a minor amendment for something that you can simply do anyway once the house is completed. Nonetheless, it can save mistakes and hassle if you get the written agreement of the council before you do it - as well as a lot of money.
14. Inside
Rearranging the interior of a house to create or subdivide rooms using partition walls does not need planning permission. Inserting or removing floors does not need permission. So if you are looking at a barn conversion, it may have been designed with large areas of vertical space, this may look good but does not always make for efficient use of the building's space and may not always be practical. Inserting new floors to create the additional rooms does not need planning permission.
15. Rooflights
The insertion of rooflights in any existing roof does not require permission. So a roof conversion becomes a real possibility even if the space is quite limited; the fire escape necessary for building relations can sometimes be created through an enlarged rooflight. Existing single storey ground floor rooms like kitchens and living rooms can be made much lighter and more airy by opening up the ceiling to expose the roof and the insertion of rooflights.
16. Detached annexes
It is not possible to use outbuildings to create new independent dwellings - this would be to establish separate building plots needing planning permission. However, this does not prevent the use of existing outbuildings for additional accommodation provided it is used in a close association with - and not independently of - the main house. If an outbuilding is used to house an elderly relative, with their own kitchen and bathroom, provided they are genuinely dependent on the occupants of the main house and spend time within the main house, planning permission should not be required. There are obviously grey areas involved and it does to some extent depend on the behaviour and nature of the occupant of the annexe as much as the size and separation of that building from the house. So, whilst the use of a detached outbuilding to house an 85 year old disabled dependant relative would not need planning permission, to rent that building to an unrelated 18 year old student with their own car and separate life would. For peace of mind, residential uses of this kind should be formally agreed with the planning department as not needing permission.
17. Additional land
Permission is needed to change agricultural land into garden land and this can be difficult to achieve. But opportunities still continue to arise in rural areas where farmers are happy to sell bits of land to homeowners. Planning permission may be difficult to achieve to extend a garden because of concerns about the erosion of the countryside and the creation of new building plots through incremental growth. There is, however, nothing to prevent you from owning a parcel of agricultural land adjacent to your property. The issue then becomes what you're actually able to do with it. The answer is pretty much anything agricultural as long as it is not used as a garden. So agricultural activities such as growing vegetables and planting trees are acceptable, but planting flowers, mowing the lawn and playing tennis are not. Retaining a physical barrier such as a fence or hedge between your approved garden and additional land is a good way of demonstrating that you have not incorporated it into your curtilage. Of course you can still benefit from owning the additional land as it protects your view, prevents anyone else building on it, and you can use it to grow vegetables or plant trees for fruit.
18. Two houses into one
Although creating two houses on a plot or subdividing a house into flats requires planning permission, the reverse situation does not. To combine a pair of semi-detached houses into one detached house does not need planning permission. This can be very helpful in some areas where large houses are in short supply. Current planning policies are seeking to maximise densities on land in urban areas and large plots can be difficult to achieve in these circumstances. Combining two approved dwellings into one can be a solution - although be aware that to revert back two dwellings would require permission.
19. Gates, walls and fences
The look of a house and the privacy you enjoy can be radically affected by the walls and fences that surround it. Walls and fences generally do not need permission on the boundary provided they are no more than 2 metres in height, or no more than one metre where they are adjacent to a road. Within a garden, which could in theory be one inch in from the boundary, it is OK to construct walls or fences or other means of enclosure up to three metres high. This is provided that no more than half the garden is so enclosed. This means that, provided the garden is big enough, you can have a tennis court with three metre high fencing or you can create three metre high screening from neighbours. It is important to remember that where you are simply replacing an existing fence or wall, regardless of its height, permission will not be needed.
20. Cladding and tile hanging
Outside conservation areas, permission is not needed to clad, hang tiles on or render a house. Any of these methods can be an effective way of integrating an extension with existing property or upgrading the appearance of an entire house that has been badly extended in the past. So if you are considering a major renovation opportunity bear this in mind. If you want to reposition windows and doors, extend it at ground or first floor level and convert the roof, all these modifications can be integrated into an overall design by completely changing the appearance of the house through painting, cladding or rendering.
Asbestos in the home - what you need to know
Asbestos is a term that covers a range of naturally occurring fibrous minerals. That means, quite literally, that it is rock that can be spun and woven into fire resistant yarns and fabrics. It can also be used to reinforce cement, plastics and other materials.
In the home it can turn up in a wide variety of forms and locations. These include: in ceiling cavities and interior walls as a thermal or acoustic insulator, either loose or packed in paper "Jiffy " bags; as lagging on boilers and pipes, often mixed with plaster; in backing paper for vinyl flooring; mixed with concrete in roof streets, ceiling tiles and wall cladding, as well as forming partition walls; and in textured coatings, such as Artex. It can also lurk in soffit boards, water tanks, and even guttering and drainpipes.
As to exactly which homes are likely to contain these items, the peak use for asbestos in new homes was in the fifties and sixties, but expect to see it in any property constructed up to 1990. It's also very common for it to turn up in older properties that have been renovated in this time. In particular, houses converted into flats often have asbestos panels used in new kitchens and inside fire doors - or even simply tacked to the outside of ordinary internal doors.
There are three main forms that have been in common use: crocidolite (blue asbestos), amosite (brown asbestos) and chrysotile (white asbestos). Blue and brown asbestos are the more dangerous forms and were largely used industrially and in commercial properties, such as lagging in plant rooms. Chrysotile accounts for almost all the asbestos found in homes, and while it is considered less toxic that blue or brown, it is still considered a category 1 carcinogen.
Expert opinion states that asbestos presents a particular danger to health when its fibres are inhaled at high levels over a long period. This can result in asbestosis (irreversible lung scarring), lung cancer and mesothelioma. The latter is a cancer of the lining of the chest or abdominal wall, which may not manifest until fifty years or more after exposure, and is always fatal.
The good new is that, according to HSE, asbestos exposure in the home is almost always of too low a level to cause any harm. That's assuming, however, that the asbestos is left undisturbed,
When asbestos-containing materials become disturbed, such as through drilling, sawing or removal, this can present a health hazard, as fibres will be released into the air. Similarly, if the matrix holding the asbestos starts to break down, as can happen with concrete panels, fibres can be released.
There is no obligation for a vendor to detect or disclose the presence of asbestos in their home. A surveyor is very unlikely to say definitively if asbestos is present or not, but they will flag up anything that may well contain the substance. An experienced, well trained asbestos surveyor can usually say during an inspection is a material can be presumed to contain it.
If removal is recommended, it may be possible for the homeowner to do this himself. That is, as long as the material comprises a low risk asbestos product, such as cement roof sheets and guttering, or vinyl floor tiles in good condition.
In these instances, the items can be removed carefully, wrapped up and taken away without putting more than a minimal amount of fibres in the air. Where this is not the case, perhaps because the material cannot be removed without being damaged, then a licensed asbestos removal contractor should definitely be used.
Recently, we conducted a survey of over forty conveyancers in the Leeds area. We used these results to appoint three local solicitors to our panel. All three were placed in the best eight for lowest fees. As well as offering good value for money, they are crucially very reliable, quick and effective. Please call us on 0113 393 0113 for details.
Residential
& buy-to-let mortgages
Have you considered the whole market?
Do you understand the alternatives?
Is your advisor truly independent?
We appreciate that a property purchase is probably the largest single transaction of your life. It is crucial to take true independent financial advice to ensure that all options are investigated. All your criteria are considered and included so that the most suitable product is recommended from the whole marketplace, rather than from the restricted alternatives provided by one lender or a small panel.
We can help you whatever your requirements and circumstances, whether you are a first time buyer or wishing to remortgage to a preferential rate. For advice on how we may best help you, please call us.
For the convenience of purchasers, whether buying through us or not, we have researched the market on your behalf, and appointed an excellent local financial advisor. As independent mortgage consultants, they are authorised and regulated by the Financial Services Authority. They can provide preferential financial products, from major names, which are not available through other channels such as retail, direct marketing or even the internet. They will fully manage the mortgage application with the lender through to the formal mortgage offer.
For buy to let investors, we can arrange lending up to 85% of valuation. Rental income projections are usually used to determine borrowing rather than personal income. Deposits can often be raised against your main residence, subject to criteria and affordability.
Poor credit history? We can arrange and advise you on the best adverse credit provider and choice of products suited to your personal circumstances. Credit repair schemes are also available to help work towards a clean credit record.
Mortgage advice
Home loan providers rely on inertia. Far too many devote a high proportion of their budgets to attracting new clients for mortgages, rather than retaining existing ones.
For those with a mortgage, the prospect of working thought the details of anew scheme, organising a time for a professional valuer to call and sort out the legal ramifications deter those with busy schedules.
Yet the process can be straightforward and takes little time for the multiple benefits of reducing interest payments, cutting other charges and obtaining more favourable terms.
Do not be put off by hearing that there are almost 6,500 different home loans available offered by 137 lenders. Instead by asking key questions, it should be possible to whittle down the selection or otherwise consult and independent financial adviser who specialises in this field. Start by considering the sum to be borrowed: will it be the current loan principal, reduced because cash has become available since it was taken out or higher to allow for an extension or major refurbishment?
If you own a second property and have not increased the sum borrowed on the first for many years- in some cases decades- better terms may be offered on the first.
Do not rely simply on the interest rate quoted as the associated terms could substantially alter the financial picture.
Single digit mortgage rates have been provided since 1992 when they fell from 11.51 per cent on average to 8.54 per cent according to money facts. Yet, those with long memories will recall rates of 15 per cent (1979 and 1981), 14.50 per cent (1990) and 14.48 per cent (1989).
Secondly, decide how and when the sum borrowed will be repaid. If opting for an interest-only at the end of the loan period. This may be out of tax-efficient schemes (like PEPs and ISAs, which can be cashed usually immediately, but other plans - like the Enterprise Investment scheme or a venture capital trust - are likely to be less flexible)
Apart from loan size, interest rate and repayment basis consider:
Application or arrangement fee
Charge if loan redeemed early
Flexible in overpaying occasionally, taking a loan holiday or transferring the loan to another property
Terms once any fixed period expires
Valuation charges
Legal costs
Other fees, such as not having buildings insurance with the loan provider
Redemption charges
The lure of a special low rate for perhaps two years should be seen in context. Lenders may say that after such an introductory period, the rate will move to the 'standard variable rate' but there is no industry standard. It is up to each provider to set their level and a comparative glance now may alert prospective clients.
To ensure that the overall package makes sense - beyond the advertised first few years at a low rate - look at the arithmetic of typical tie-in period which would follow.
Ask not only for the two rate but for a typical APR interest rate which should take any hidden costs into account and makes for better comparison.
One tip is to pay for any charges- from an arrangement fee to valuation - immediately. If they are added to the loan, they will attract interest, which can add the equivalent of one per cent to the interest rate.
Increasingly both valuation and legal fees will be paid by the loan provider.
Remember that the valuer is acting in the interests of the company or society and that if you require a full structural survey, an independent valuer should be appointed. Decide on the basis of your loan: fixed, discounted, tracker, capped, long term variable or offset. The loan to value (LTV), type of property, past history of mortgage repayment as well as your personal credit scoring will all be factors to be considered by the lender. A good broker can guide as to which are most suitable for your needs.
With a fixed rate mortgage, there is certainly for budgeting. For an extra £200, the process can be handled in speedy time.
With a capped loan, the rate cannot rise beyond the level stated but can fall.
Discounts take various routes. They may show reduction from SVR, or be initially below base rate.
It is likely that offsetting will grow in importance over the next decade. This is where the charge for loans is offset against saving.
Funds deposits reduce the principal, which cuts the interest because if they were in a deposit account, they would attract tax.
Prepare ahead several months before any deal is coming to any end as often loan providers take time with credit scoring instructing valuers and solicitors.
Finally, before switching provider, it is worth asking your current loan source to see if they can improve on their competitors. There may just be some flexibility available.
Remember, your home may be repossessed if you do not keep up repaymentson your mortgage.
Valuations
Our fee is only £85 plus VAT. This compares very favourably with other agents and surveyors. Valuations can be conducted at very short notice, and posted, emailed, faxed or hand delivered the same day. Some of the valuation work we conduct is shown below:
Probate
Matrimonial
Tax planning
Relocation
Lease
renewals / rent review Compulsory
purchase matters / Compensation claims
Disparity valuations Housing Act 'Right to Buy' valuations
Inheritance / Family transfers Leasehold Reform Act Lending security
Rating Proceeds of crime
Private
independent valuation
An
open market valuation taking into account any obvious visible defects that might
affect the selling/purchase price and overall saleability of the property. It is
not as comprehensive as a building survey or home buyer’s survey and is
usually provided in letter format.
Matrimonial
valuation
An open market valuation of the property for use by a party involved in matrimonial proceedings through the court. A survey is not carried out, but any visible obvious defects (such as rotten windows, poor roof surfaces, poor quality internal fittings, decorations) would be mentioned.
Probate
valuation
An
open market valuation of the property at a specific date to enable solicitors to
obtain a grant of probate in a deceased's estate. Any visible obvious defects
(such as rotten windows, poor roof surfaces, poor quality internal fittings,
decorations) would be mentioned. We are able to act on your behalf, if necessary
with any subsequent negotiations with the district valuer.
Tax
planning valuation
Capital
Gains Tax - Usually occurs upon a sale or transfer of property. A main residence
which is in your occupation is often exempt.
Inheritance
Tax - Necessary for the future tax planning including inheritance taxation,
insurance schemes and properties being put into Trust. We can also act on behalf
of clients to agree capital gains & inheritance tax property valuations with
the district valuer.
Development
funding / viability valuations
We
value on behalf of funding companies, potential development schemes for lending
purposes. Similar reports are available for builders and developers to advise on
the likely realisation value of a proposed development, and on the current value
of any land or buildings to be acquired as part of the development scheme.
Compulsory
purchase / compensation claims
We
can act for an owner who is forced to sell all or part of his property. The
acquiring authority will normally pay a substantial contribution towards our
fee. The Land Compensation Act allows an owner who can demonstrate loss of value
of his house, through for example a new road scheme, potential entitlement to
compensation for that loss.
Leasehold
Reform Act
Owners
of flats may qualify to enfranchise (collectively purchase the freehold
interest) or extend their leases. Tenants of flats also have other rights to
information regarding the management of the property. Tenants' rights are set
out under the Landlord & Tenant Act 1987, and the Leasehold Reform Housing
And Urban Development Act 1993.
Common problems regarding flats include excessive service charges, problems with insurance, inadequate length of term, poor management, and freeholds being sold "over your heads" to unscrupulous landlords. The solution is to seek good advice from an experienced and knowledgeable valuer and solicitor. The legislation and qualifying conditions are relatively complex, and valuations to purchase the freehold are a specialised area. If you are seeking to extend your lease or enfranchise, or are having problems with your landlord, you will also need to consult a solicitor experienced in this area of work.
All
property details are intended to give only a general indication of the property
and floor layouts. The vendors reserve the right to alter any part of the
property, specification or floor layout at any time. All floorplan drawings are
for indicative purposes only. The contents within shall not form part of any
contract or be a representation inducing any such contract. All properties are
offered subject to availability. The dimensions are structural and do not allow
for internal finishes. Applicants are advised to contact Morfitt Shaw Ltd on
0113 393 0113 to establish the availability of any particular property type.
Morfitt Shaw Ltd for themselves and for the vendors of this property
for whom they act, give notice that:
i)
these
particulars are a outline only, for the guidance of prospective purchasers, and
do NOT constitute the whole or any part of any offer or contract;
ii) Morfitt Shaw Ltd cannot guarantee the accuracy of any description, dimensions, or permissions for use or occupation, and other details contained within, and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy;
iii) Morfitt Shaw Ltd will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars;
iv) the reference to any plant, machinery, equipment, services, fixtures or fittings at the property shall not constitute a representation (unless otherwise stated) as to it’s state or condition or that it is capable of fulfilling its intended function. Prospective purchasers should satisfy themselves as to the fitness of such items for their own requirements;
v) no employee of Morfitt Shaw Ltd has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property.
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