All thatched cottages require re-roofing from time to time, and this can be a fairly pricey exercise – so the main thing you need to consider when thinking about buying such a property is the current condition of the roof. What kind of thatching material is involved, when was it last replaced, (as a general rule, long straw needs replacing every 25 years or so, while Norfolk reed can last up to 60 years), and how much would it cost to have done today? It’s also worth knowing whether any repair work has been carried out recently, and whether any special fire-retardant coatings have been applied.
Another matter worth particular attention is the condition of the electrical wiring - when it was last surveyed, repaired or replaced. And, if there are open fires in use in the property, the chimneys really should be lined (and regularly swept, naturally).
All in all, for those prepared to face up to the additional responsibilities of ownership – and with the means of doing so - there is undoubtedly something uniquely rewarding about living in a thatched cottage. In a real sense, you are the custodian of a piece of living history, with all the very special pleasures that this can bring. Needless to say, the owners of thatched properties tend to be quite a supportive lot – so help and advice is never too hard to find.
Friday 26 February 2010
Monday 22 February 2010
I’m looking to buy a property and I wondered if you could give me any general advice on how to proceed ?
Broadly speaking, there are 5 steps involved in buying a property – 6, if you also have one to sell. Indeed, if this is the case, then
Step 1 is: put your existing home on the market first. Not only will this put you in a much stronger position than competing buyers, but it will also give you a clearer idea of your available budget.
Which brings me to Step 2, which is: establish your price ceiling. How big a deposit can you muster, and how large a mortgage can you afford? Have you taken into account things like solicitor’s fees, Stamp Duty, and the other costs associated with moving? And don’t forget utilities. Remember, the bigger the property, the bigger the bills!
Step 3: start your house-hunting. These days, most people conduct their initial searches online, before contacting the agents concerned. Others still prefer to do it the traditional way, by registering with one or more agents in the area of their choice. Either way, make sure you give the agent all the information you can regarding your situation and your requirements.
Step 4: viewing. When it comes to checking out individual properties, don’t rely on looking at printed details or the internet. Go and inspect them, preferably with the agent (and if you can’t keep an appointment, let him or her know in good time!). Draw up a list of all the questions you want to ask the seller, and make your own notes afterwards, so you can review them at your leisure.
Step 5: keep in touch. Let the agent know if your situation or requirements change.
And finally…Step 6: when you find a property you like, first confirm it is really what you’re looking for and then make a formal offer through the agent. Don’t go making offers on several properties at once. It just wastes everyone’s time – and when you do finally find something that you want, you may find that you’re not taken seriously!
Step 1 is: put your existing home on the market first. Not only will this put you in a much stronger position than competing buyers, but it will also give you a clearer idea of your available budget.
Which brings me to Step 2, which is: establish your price ceiling. How big a deposit can you muster, and how large a mortgage can you afford? Have you taken into account things like solicitor’s fees, Stamp Duty, and the other costs associated with moving? And don’t forget utilities. Remember, the bigger the property, the bigger the bills!
Step 3: start your house-hunting. These days, most people conduct their initial searches online, before contacting the agents concerned. Others still prefer to do it the traditional way, by registering with one or more agents in the area of their choice. Either way, make sure you give the agent all the information you can regarding your situation and your requirements.
Step 4: viewing. When it comes to checking out individual properties, don’t rely on looking at printed details or the internet. Go and inspect them, preferably with the agent (and if you can’t keep an appointment, let him or her know in good time!). Draw up a list of all the questions you want to ask the seller, and make your own notes afterwards, so you can review them at your leisure.
Step 5: keep in touch. Let the agent know if your situation or requirements change.
And finally…Step 6: when you find a property you like, first confirm it is really what you’re looking for and then make a formal offer through the agent. Don’t go making offers on several properties at once. It just wastes everyone’s time – and when you do finally find something that you want, you may find that you’re not taken seriously!
Tuesday 9 February 2010
February 2010 Southend property market up date.
Sales market
Two significant factors have had a positive influence on the housing market during January. The first, being the amount of new property coming onto the market for sale giving far greater choice to purchasers and investors. Secondly the number of mortgage products being made available which passed the 2,500 barrier for the first time since May 2009.
The New Year market got off to a patchy start with a certain amount of uncertainty but unusually as the snow fell the activity increased with several sales being negotiated at Tudor during the big freeze. As the snow melted the activity cooled as well until the last 10 days of January when someone turned on the lights to sellers. Since then anyone travelling around Southend will have noticed the increase in “for sale” boards as significantly more property comes onto the market. This has lead to far higher levels of sales being negotiated. House prices remain broadly the same during the month with average detached house selling for £311,839, semi detached £195,313, and terraced for £146,092. ( Land registry data)
The new homes market has recovered well over the past six months according to new data just revealed. The average price of a new home rose by 1.1 per cent in December last year, compared with the previous month. This is the seventh consecutive month that properties in the sector have increased their value, which the company described as "a remarkable recovery" since its low point in May 2009. (SmartNewHomes.com New homes index )
The rental market
Remains buoyant with good levels of activity with a healthy supply of well referenced tenants looking to rent at the moment.
This is a significant part of the Southend property market as the private rental housing stock accounts for a far higher proportion than the UK average.
Figures show that 43% of homes were owned by their residents in 1961 compared with 68% in 2008.
Privately rented homes fell from 33% to currently 14% this has increased slightly recently probably due to the market conditions and higher student numbers. Plus the growing trend of renting your first home for a few years before committing to buy.
The total number of properties in Southend borough is approximately 76,000 out of these the council and social landlords housing stock accounts for 8,500 and privately owned housing is nearly 67,000 of which approximately 11,000 are rented out.( 16.5% ) ( National office of statistics data )
Mortgages
As I mentioned earlier the supply of mortgages continues to increase. Products with loan to value’s of 75, 80 and 85 per cent are now available.
Santander has unveiled two new mortgage deals, offering borrowers loans of up to 70 per cent loan-to-value (LTV) on some of its fixed-rate and tracker deals.
House buyers could now take advantage of a two-year fixed-rate product at 3.44 per cent or a two-year tracker mortgage with an initial rate of 2.49 per cent.
The financial institution also announced that it is cutting the rate on its five-year fixed-rate deal to 5.44 per cent with an LTV of up to 75 per cent, making it a market leading rate in this category. This is just one example of the type of offering available according to Kit Thompson Tudor’s in house independent financial advisor. But he explains these offers are not around for long so anyone needing finance needs to act quickly and use an expert who can keep them up to date with the mortgage market.
Alan Kirkman FNAEA
Director
Tudor Estates
8th February 2010
For further information on the property market go to www.trustintudor.co.uk
Two significant factors have had a positive influence on the housing market during January. The first, being the amount of new property coming onto the market for sale giving far greater choice to purchasers and investors. Secondly the number of mortgage products being made available which passed the 2,500 barrier for the first time since May 2009.
The New Year market got off to a patchy start with a certain amount of uncertainty but unusually as the snow fell the activity increased with several sales being negotiated at Tudor during the big freeze. As the snow melted the activity cooled as well until the last 10 days of January when someone turned on the lights to sellers. Since then anyone travelling around Southend will have noticed the increase in “for sale” boards as significantly more property comes onto the market. This has lead to far higher levels of sales being negotiated. House prices remain broadly the same during the month with average detached house selling for £311,839, semi detached £195,313, and terraced for £146,092. ( Land registry data)
The new homes market has recovered well over the past six months according to new data just revealed. The average price of a new home rose by 1.1 per cent in December last year, compared with the previous month. This is the seventh consecutive month that properties in the sector have increased their value, which the company described as "a remarkable recovery" since its low point in May 2009. (SmartNewHomes.com New homes index )
The rental market
Remains buoyant with good levels of activity with a healthy supply of well referenced tenants looking to rent at the moment.
This is a significant part of the Southend property market as the private rental housing stock accounts for a far higher proportion than the UK average.
Figures show that 43% of homes were owned by their residents in 1961 compared with 68% in 2008.
Privately rented homes fell from 33% to currently 14% this has increased slightly recently probably due to the market conditions and higher student numbers. Plus the growing trend of renting your first home for a few years before committing to buy.
The total number of properties in Southend borough is approximately 76,000 out of these the council and social landlords housing stock accounts for 8,500 and privately owned housing is nearly 67,000 of which approximately 11,000 are rented out.( 16.5% ) ( National office of statistics data )
Mortgages
As I mentioned earlier the supply of mortgages continues to increase. Products with loan to value’s of 75, 80 and 85 per cent are now available.
Santander has unveiled two new mortgage deals, offering borrowers loans of up to 70 per cent loan-to-value (LTV) on some of its fixed-rate and tracker deals.
House buyers could now take advantage of a two-year fixed-rate product at 3.44 per cent or a two-year tracker mortgage with an initial rate of 2.49 per cent.
The financial institution also announced that it is cutting the rate on its five-year fixed-rate deal to 5.44 per cent with an LTV of up to 75 per cent, making it a market leading rate in this category. This is just one example of the type of offering available according to Kit Thompson Tudor’s in house independent financial advisor. But he explains these offers are not around for long so anyone needing finance needs to act quickly and use an expert who can keep them up to date with the mortgage market.
Alan Kirkman FNAEA
Director
Tudor Estates
8th February 2010
For further information on the property market go to www.trustintudor.co.uk
Friday 5 February 2010
What is a cob constructed house ?
Cob is basically a variation of the ancient method of building with mud and straw that has been used throughout the world for thousands of years. In the UK, this type of construction was used in several parts of the country including Hampshire, Wales, Dorset and Cornwall, but was particularly popular in Devon.
Traditionally, English cob was made by mixing clay-based subsoil with straw and water, which was then built up in layers (normally on a stone foundation), with each layer being given time to dry out first. Finally, the walls would be rendered with a mix of quicklime putty and coarse sand, followed by a lime wash. Unlike most modern coatings such as cement render, gypsum plaster and vinyl paints, this traditional finish is breathable, allowing any moisture to evaporate quickly - a fairly important consideration when your house is basically made out of mud.
But if all this all sounds like stepping back into some historical time-warp, don’t worry. Thousands of cob houses still survive today. Yes, many of them may date back hundreds of years, but living in them is really no different from most other types of older rural property.
What’s particularly interesting about cob, however, is the fact that it is currently undergoing something of a renaissance. The traditional skills, almost lost in the second half of the 20th century, are being revived, and there are specialist suppliers and builders to handle any necessary repairs or renovation work.
Perhaps even more remarkable is the fact that growing numbers of brand new and often strikingly-designed cob homes are now being built. Why? Well, for one thing, architects are increasingly being drawn to cob construction because, being basically moulded out of gloop, it lends itself to exciting new flowing shapes. More important in today’s world, it is very environmentally friendly. Cob homes are cool in summer and warm in winter. The construction process consumes virtually no energy and produces no pollution. Finally, the raw material of cob is not only infinitely recyclable, but can generally be excavated from the building site itself, thereby reducing transportation.
In fact, I suspect we may all be hearing rather more about cob-built housing in years to come.
For more information go to wwww.trustintudor.co.uk
Traditionally, English cob was made by mixing clay-based subsoil with straw and water, which was then built up in layers (normally on a stone foundation), with each layer being given time to dry out first. Finally, the walls would be rendered with a mix of quicklime putty and coarse sand, followed by a lime wash. Unlike most modern coatings such as cement render, gypsum plaster and vinyl paints, this traditional finish is breathable, allowing any moisture to evaporate quickly - a fairly important consideration when your house is basically made out of mud.
But if all this all sounds like stepping back into some historical time-warp, don’t worry. Thousands of cob houses still survive today. Yes, many of them may date back hundreds of years, but living in them is really no different from most other types of older rural property.
What’s particularly interesting about cob, however, is the fact that it is currently undergoing something of a renaissance. The traditional skills, almost lost in the second half of the 20th century, are being revived, and there are specialist suppliers and builders to handle any necessary repairs or renovation work.
Perhaps even more remarkable is the fact that growing numbers of brand new and often strikingly-designed cob homes are now being built. Why? Well, for one thing, architects are increasingly being drawn to cob construction because, being basically moulded out of gloop, it lends itself to exciting new flowing shapes. More important in today’s world, it is very environmentally friendly. Cob homes are cool in summer and warm in winter. The construction process consumes virtually no energy and produces no pollution. Finally, the raw material of cob is not only infinitely recyclable, but can generally be excavated from the building site itself, thereby reducing transportation.
In fact, I suspect we may all be hearing rather more about cob-built housing in years to come.
For more information go to wwww.trustintudor.co.uk
Wednesday 3 February 2010
Building societies report increase in lending.
The Building Societies Association (BSA) has revealed that gross mortgage lending among its members increased by 15 per cent in the final month of last year.
In December 2009, building societies provided funds for house purchases totalling £1.8 billion, compared with £1.6 billion in the previous month.
The BSA noted that this rise could most likely be attributed to the rush of buyers attempting to complete transactions before stamp duty increased at the end of December.
However, the organisation noted that the total level of lending in 2009 was significantly lower than in 2008.
Paul Broadhead, BSA head of mortgage policy, commented: "Despite this rise, total gross lending in 2009 was only half of that in 2008 and it is likely to remain at low levels until funding conditions improve."
Figures released by the Bank of England on February 1st revealed that lending from banks and building societies across all non-financial corporation sectors fell by £7.9 billion in December last year.
For further details go to www.tudorestates.co.uk
In December 2009, building societies provided funds for house purchases totalling £1.8 billion, compared with £1.6 billion in the previous month.
The BSA noted that this rise could most likely be attributed to the rush of buyers attempting to complete transactions before stamp duty increased at the end of December.
However, the organisation noted that the total level of lending in 2009 was significantly lower than in 2008.
Paul Broadhead, BSA head of mortgage policy, commented: "Despite this rise, total gross lending in 2009 was only half of that in 2008 and it is likely to remain at low levels until funding conditions improve."
Figures released by the Bank of England on February 1st revealed that lending from banks and building societies across all non-financial corporation sectors fell by £7.9 billion in December last year.
For further details go to www.tudorestates.co.uk
Monday 1 February 2010
If you own a property that is currently unregistered, is there any value in voluntarily registering it ?
If you currently own such a property, is it worth voluntarily registering it – particularly if a system already exists to ensure that this eventually happens in any case?
Broadly speaking, the answer is yes – for two main reasons:
Firstly, formal registration gives you far greater certainty and security regarding ownership of what is probably your single most valuable asset. Over the years, title deeds and other traditional proofs of ownership can all too easily go missing – and then you could be seriously stuck, particularly if there were to be any dispute over title, fraudulent or otherwise. Far safer and more reliable for your ownership to be a matter of official, central record.
Secondly, the simple fact is that it is considerably more complicated, time-consuming and expensive to sell a property that is unregistered, since the solicitors or conveyancers concerned first have to wade through mountains of old documents to establish legal title, rather than simply contacting the Land Registry for the relevant reference number. What’s more, the vast majority of buyers now expect a property to be registered. However irrational, they may be put off altogether by the prospect of buying something that somehow seems to have slipped through the official net!
On balance then, I would certainly recommend voluntary registration. You can handle the whole thing yourself – the Land Registry provides a useful pack including all the relevant forms, which you can get by ringing 0800 432 0432 or emailing registerland@landregistry.gsi.gov.uk. However, most people prefer to seek legal advice on what can be quite a complex process. Either way, there is a sliding scale of charges involved, depending on the value of the property.
For further information on selling go to www.trustintudor.co.uk
Broadly speaking, the answer is yes – for two main reasons:
Firstly, formal registration gives you far greater certainty and security regarding ownership of what is probably your single most valuable asset. Over the years, title deeds and other traditional proofs of ownership can all too easily go missing – and then you could be seriously stuck, particularly if there were to be any dispute over title, fraudulent or otherwise. Far safer and more reliable for your ownership to be a matter of official, central record.
Secondly, the simple fact is that it is considerably more complicated, time-consuming and expensive to sell a property that is unregistered, since the solicitors or conveyancers concerned first have to wade through mountains of old documents to establish legal title, rather than simply contacting the Land Registry for the relevant reference number. What’s more, the vast majority of buyers now expect a property to be registered. However irrational, they may be put off altogether by the prospect of buying something that somehow seems to have slipped through the official net!
On balance then, I would certainly recommend voluntary registration. You can handle the whole thing yourself – the Land Registry provides a useful pack including all the relevant forms, which you can get by ringing 0800 432 0432 or emailing registerland@landregistry.gsi.gov.uk. However, most people prefer to seek legal advice on what can be quite a complex process. Either way, there is a sliding scale of charges involved, depending on the value of the property.
For further information on selling go to www.trustintudor.co.uk
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