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Friday 29 January 2010

Sentence predicts house prices will bounce back

Andrew Sentence, a member of the Monetary Policy Committee (MPC), has commented that he believes house prices will recover relative to inflation following the recession.
He made the comments at the British Property Federation Conference in London on January 26th, City Wire reported.
The news provider quoted Mr Sentance as saying: "In terms of the balance of demand and supply in residential property, most of the evidence suggests that the current position is closer to the early 1980s than the early 1990s."
He explained that this means the housing market is expected bounce back rather than fall further, noting that MPC fiscal policy had helped to restore confidence to the market and the wider economy.

Wednesday 27 January 2010

Who can I turn to if I have a complaint against an estate agent?

Under the Consumer Estate Agents and Redress Act (2007), which came into force in October 2008, all practising estate agents are obliged to belong to a redress scheme approved by the Office of Fair Trading. Currently, there are two such schemes: the Surveyors Ombudsman Service – which, as its name suggests, was set up under the auspices of the Royal Institution of Chartered Surveyors specifically to deal with complaints against its own members – and The Property Ombudsman, formerly known as the Ombudsman for Estate Agents Scheme, which covers all other agents. Although you will need to check which of these two schemes the firm in question belongs to, both are designed to fulfil broadly the same function – ie. to provide sellers and buyers alike with access to a free, fair, and above all independent, complaints handling and redress system.

In practice, this means that if you have a dispute with your agent, which cannot be satisfactorily resolved through the firm’s own complaints handling procedures, then you can take the matter to the relevant Ombudsman, who will consider it and arrive at a judgement. Where appropriate, he can even award compensation – in the case of The Property Ombudsman, up to a figure of £25,000. What’s more, although the agent concerned is bound by the Ombudsman’s decision, the complainant isn’t – so, if you’re still not happy, you’re free to take the matter further; for example, to court.

Of course, despite the legal requirement, it’s always possible that there may still be one or two rogue agents out there who don’t belong to either of the two approved schemes. Fortunately, however, they’re reasonably easy to spot: they won’t display the relevant logos on their shop windows or stationery, and they will probably be rather evasive if you ask them about their membership. They may even try to convince you that they belong to another “similar” scheme! Whether or not you decide to report such firms to your local Trading Standards Office is up to you. But at least it means you have a clear choice – between those agents who abide by laws specifically designed to provide you with real peace of mind, and those that don’t!

Monday 25 January 2010

53% of people surveyed thought house prices would continue to rise.

U.K. house prices will extend gains over the next 12 months as supplies remain constrained and the economy improves, Rightmove Plc said, citing a survey of consumers.
Fifty-three percent of respondents forecast that average house prices will increase over the year, the U.K.’s biggest property Web site said in a statement today in London. In a similar survey a year ago, just 10 percent of Britons expected prices to rise.
The U.K. property market is rebounding after its worst slump since the early 1990s, with reports from Rightmove and Nationwide showing prices are increasing. While the economy is showing signs of recovery from the recession, Prime Minister Gordon Brown and opposition Conservative leader David Cameron are battling to convince voters they are best placed to reduce a ballooning budget deficit and revive growth ahead of an election that must take place by June.
“Given the looming election and the talk of pending austerity packages ahead, this consumer survey highlights a surprisingly positive property price outlook,” Miles Shipside, commercial director of Rightmove, said in the statement. Consumers have the “impression that we are over the worst of the recent price falls and that there is likely to be upward pressure on prices.”
Rightmove surveyed 32,771 people from Jan. 4 to Jan. 18 for the survey.
Bank of England policy makers this month kept the benchmark interest rate at a record low of 0.5 percent. U.K. unemployment fell at the fastest pace since April 2007 last month.
“Employment seems to be holding up, and forced sales have been below forecasts,” Shipside said. “People hear these positive stories in the news and also directly feel the benefit of base rates being at record lows.”

For further information on the sales market go to www.trustintudor.co.uk

Friday 22 January 2010

What do I need to do before renting my property out ?

Here is a useful checklist I give to my clients
CONTACT:
Mortgage lender for permission to let.
Freeholder if property is leasehold, for permission.
Buildings/Contents insurers inform them of change of circumstances.
( i.e. property now empty, you are going abroad, going to let )
Utilities and service companies
Local authority (council tax)
Mail redirection service.
Inform them all of the date you are moving.
Energy Performance Inspector for an Energy performance certificate.

MAINTENANCE:
Complete any outstanding repairs and Health & Safety modifications.
Arrange Gas safe inspection - obtain Landlord safety certificate.
Electrical inspection - obtain a portable appliance test, and (if the property has not been inspected within the last 5 years) a wiring certificate.
Smoke alarms (if fitted). Test and ensure they are working correctly.

SUPPLY YOUR AGENT WITH:
Your new contact details (address, phone, fax, email).
2 sets of keys to the rented property.
Any service agreements and signed tenancy agreements prepared by Tudor.

GOING ABROAD?
Inform your Accountant.
Apply to your Tax Office for an Exemption Certificate.
Ask your Solicitor to draw up a Power of Attorney
(for signing agreements and insurance claims)

Wednesday 20 January 2010

Is there any evidence now is a good time to sell ?

There is normally a surge in the number of sellers putting property up for sale at the start of the year and we have certainly seen, at Tudor, an increase in the number of new properties coming to the market.
However, overall there are typically fewer people looking to sell in January compared with other years, which is good news for those looking to move now.
Less property on the market means less competition and a greater possibility of selling. Combine this with the fact that the number of mortgage products available passed the 2,500 barrier for the first time since May 2009.
You have the reasons to believe that a higher number of sales are likely to be negotiated.
Certainly as we pass through January we are see higher levels of interest in the new properties we are listing and it is clear purchasers requiring a mortgage are finding more and more choice.
At Tudor we have purchasers in good positions, right across the price range out actively viewing properties and making serious offers.
Our advice has to be to any body wishing to sell, now is a very good time to place your property on the market.

For further information on selling go to : http://www.trustintudor.co.uk

Monday 18 January 2010

I have recently moved, and I’m not certain which fence is mine ?

Obviously, the last thing you want to do is fall out with your new neighbours, not least because disagreements over boundaries can sometimes escalate into quite unpleasant and long-running disputes. Nevertheless, by the sound of it, one or other of them is wrong. Why do I suggest that? Well, for the simple reason that since you have neighbours on both sides of your property, that suggests that you live in the middle of a street, or a row of houses - and that being the case, it’s very unlikely indeed that you are responsible for both fences. Generally speaking, only those living at one end of the street or the other will have two fences to look after - depending on which end these things have been calculated from. So, for example, if everyone owns the fence to their left, then the person at the right-hand end of the street may also be responsible for the fence to their right!

Of course, the quickest, easiest and cheapest solution to this problem is simply to ask other people further up and down your street. Generally speaking, a pattern ought to emerge which will enable you to deduce which fence is yours.

As for establishing ownership more formally, theoretically this can be done by looking at the deeds to your property, or one of the related registration documents. Here, your first port of call – assuming you don’t have the deeds yourself - should be the Land Registry, which you can contact online at www.landregisteronline.gov.uk. If they have the information, you can download it for a nominal charge.

However, be prepared for the fact that the Land Registry may not be able to help. There is always the chance – particularly in the case of older properties - that there is no record of boundary ownership in the deeds or any of the other documentation.

Should this turn out to be the case, then it’s possible that your only option is to come to an agreement with your neighbours – hopefully an amicable one!


for further information on buying, selling, renting or auctions go to

http://www.trustintudor.co.uk/index.php?site=home

Thursday 14 January 2010

Is it a good idea to sell at auction ?

That rather depends on what you are selling. For instance, the auction system of competitive face-to-face bidding can often be used to advantage in the case of unusual or “non-standard” properties, where their very uniqueness makes it much more difficult to arrive at an accurate market valuation in the usual way.

Auctions tend to be where investors and those with pre-arranged finance go to buy, for example, repossessions, or short-lease properties, commercial investments, land or homes requiring a lot of remedial work.

Since completion normally follows in 20 working days, auctions are also particularly suitable where a quick sale is required. May be because you are moving abroad, face repossession, or are committed to using the monies elsewhere.

What a roomful of canny investors and assorted bargain-hunters probably will not get you, however, is the best possible price for your typical, well-maintained three-bed semi. After all, that’s not what they’re there for.

If you genuinely want to look at the auction option, then ask the advice of a reputable agent who specialises in auctions. If they feel you would be better off going down the traditional route, then they will tell you – after all, it certainly is not in their professional interest to be left with a lot of unsold properties which failed to reach their reserve price.

Generally, guide prices are set at about 20 / 25 % below the open market value to attract the right buyers to the room. Then the competitive bidding process takes over and very often properties sell significantly higher than their reserves.

Both sellers and buyers will incur fees and a 10 % deposit is payable on the day, for those that are successfully bidders

To re cap, auctions can provide a fast, certain and exciting way to sell for the right type of residential and commercial properties but as always seek professional advice before committing.



For further information go to www.trustintudor.co.uk

Tuesday 12 January 2010

I own a leasehold flat can I purchase the freehold ? If so how do we go about it?

Yes, it is true. Indeed, under the Leasehold Reform, Housing and Urban Development Act 1993 (subsequently amended by the Commonhold and Leasehold Reform Act 2002), most lessees actually have a legal right to buy the freehold - on condition that at least half of them participate in the purchase. Any lessees who decline to take part are deemed to have forfeited the right – they can’t expect to come back later, after everything is done and dusted, and demand their share. However, generally speaking it makes sense to try and get everyone in the building involved right from the start, because it helps spread the cost.
The best way to set things rolling is to call a lessees’ meeting and arrange for a suitably experienced surveyor and solicitor to attend. There will probably be quite a few questions, and they should be able to answer them there and then, which could save a lot of time further down the track.
Assuming enough lessees choose to participate, the solicitor will draw up a participation agreement and the surveyor will prepare a valuation. A formal Notice requiring the freeholder to sell will then be served.
So far, so good. Bear in mind, however, that the freeholder will almost certainly disagree with your surveyor’s opinion of how much the freehold is worth, and will therefore want to commission his or her own valuation (for which the lessees will have to pay). From then on, it’s a question of the two surveyors discussing things and hopefully arriving at a compromise figure that is acceptable to both sides.
If no agreement can be reached, then the matter can be referred to the Leasehold Valuation Tribunal for a decision. This is a relatively informal court presided over by a panel of experts. In practice, however, relatively few cases ever go this far – mainly because both sides have to pay their own tribunal costs, which can often be out of all proportion to the cost of the actual freehold.

for further information on selling renting or auctions go to www.trustintudor.co.uk

Wednesday 6 January 2010

2010 Property market update

This is the first report detailing the trends and influences affecting the Southend on Sea property market. Future reports will be issued on a regular basis and can be viewed at www.trustintudor.co.uk or to receive your hard copy contact Alan Kirkman at Tudor Estates.
Firstly I want to set our predictions for the coming year in context by briefly looking back over 2009.

2009

By the start of the year the volume of property sales for the Southend area had been nearly halved, compared to the average volume for the previous 5 years to approximately 2,500 transactions ( Land registry figures Jan 08 – Dec 08 )
2009 was to prove to be a year of 2 halves, at the kick off, January saw a short flurry of sales before the reality of the property recession hit, with a marked slow down in activity.
The period from January to June saw the average house price fall from £152,681 to £137,522
So it is surprising that by the time the 2nd half started there was a quick reversal of this trend with far higher activity levels and sales returning quite strongly. By November the average price had risen to £145,286.
The same trend was reported right across Essex and the UK with only slight regional variations, by our associate TEAM offices.
But there was to be no extra time called as both sellers and buyers took an early bath with the seasonal slow down coming unexpectedly early, right at the beginning of December.
So what should we look forward to, apart from the world cup as we pack away the turkey and head into 2010?

2010

Sporting events and general elections may have an effect later in the year but currently we are experiencing increased market activity.
Astute sellers are already placing their properties on the market in the anticipation that pent up demand from potential purchasers who have been frustrated by the lack of homes coming onto the market will drive activity higher.
This has been further helped with the re-emergence of more realistic mortgages. With one major institution announcing just before Christmas that they are combating the effects of higher stamp duty by increasing the amount of cash back available to help off set the affects.
Several other lenders are also bringing out more favourable mortgage products for first time buyers.
Despite other possible negative influences such as higher unemployment and probable interest rate rises, the housing market is likely to still perform well over the coming 12 months.
This is because these possible negative factors are unlikely to outweigh the fundamentally competitive UK property market, as demand still out strips supply at the moment.
Several banks and institutions have also been engaged in the annual game of guess the property price increase, with predictions varying anything from 2 to 10% by this time next year.
At Tudor we are being realistic in our predictions, expecting a modest increase in prices but a far more stable market.
We are already experiencing higher levels of activity from buyer and sellers which started during the Christmas, New Year break.
Consumer confidence appears to be rising with the clients we are talking to.
We are expecting the first three months of the year to be good for both buyers and sellers, with buyers benefiting from a greater choice of property and sellers sustained activity.
Crucially though choosing the right method of sale and presenting properties correctly will be key, in achieving success.

Unique Southend market factors

Another promising sign of confidence returning to the market comes from the growing interest from developers in land for sale both with and without planning consent at auction.
This may well be due to the fact Southend has other factors that are unique to its market place that are having a positive influence on it.
These include the airport expansion plan with visible signs of activity as the new railway station build progresses.
The continued growth of the university and the opening of the Park Inn hotel both of which are transforming the town centre.
New funding for projects such as the Prince of Prittlewell museum and the Priory.
Development of the infrastructure including the improved traffic flow at Progress road and improvements to Victoria circus.
These are seen as positive signs of growth in the town by the investors we are in contact with.


Summary


2010 is likely to see increasing levels of activity and modest price increases.
With investors positioning themselves for the development opportunities that are to come.
The domestic market is likely to benefit from better mortgage products, the lack of which, has been the largest hurdle to the market recovery so far. This in turn will encourage more people to place their properties on the market.

for further information please visit trustintudor.co.uk

if you have any comments,questions or to receive your online copy of future reports email alan@tudorestates.co.uk
or via the " ask your question here" blog link

Tuesday 5 January 2010

Swan hall is available free of charge during 2010

Any registered charity can apply to use our historic head office for a fund raising event free of charge. Past events have included,cheese and wine evening,fun auctions,musical concert and wine tastings.
Below is a short history of the builing.
Tudor Estates are proud to be the owners and latest custodians of Swan Hall, the oldest privately owned property in Southend on sea, Essex. Dating from 1407 Swan Hall was originally built as a merchants house and over the years has been used as the medieval market hall, the Swan Inn public house and since the 19th century a bakery.
The building was damaged by a fire in 1998 and has been painstakingly restored using the original methods and materials. It was decided that as a part of the restoration the building would be returned as near as possible, to the way it looked during the medieval period. Using traditional techniques the timber frame was rebuilt incorporating as much of the original timbers as possible. Where there was fire damaged or rotten wood, new green oak timbers have been used to replace them.

The property was first recorded on 8th March 1574 as "a shop in the market place with land" owned by Richard Welkes who had bought it from John Cocar. By the 2nd August 1619 it had been inherited by John Welkes, and was then described as: “The Swan” with an orchard. The list of publicans in Prittlewell states Mr Littlebury held the Swan in 1702, with an orchard at the side, later 3 cottages were built in the orchard which became our original offices. By 1841 it was a bakery owned by Samuel Tabor and William Rankin, they also acquired the windmill that stood at the back in Roots Hall Avenue. Today fully restored Swan Hall is a piece of living history and Tudor Estates are keen for it to be seen by the wider community we would like to hear from any local charity, groups or schools, interested in visiting.

Contact alan@tudorestates.co.uk to book your event