Broadly speaking the answer is yes – as long as you have your buyer’s agreement. However, the very fact that you’re asking the question suggests that you have not!
In this sense, garden plants are treated in very much the same way as any other fixtures and fittings associated with a property. In the preliminary enquiries sent to you by your solicitor at the start of the conveyancing process, you will have been given the opportunity to state exactly what you plan to take with you, and what you intend to leave behind – whether they be garden plants or carpets and curtains. Your answers to those enquiries form the basis of the contract of sale, so you can’t just go changing your mind about them afterwards. In fact, strictly speaking you would be in breach of the contract if you did. Moreover - although it is admittedly a bit of a grey area from a legal standpoint - the fact that garden plants may not be specifically mentioned in the preliminary enquiries does not absolve you of your contractual responsibilities. In other words, the basic rule is this: if you don’t actually state that you are taking something with you when you go, then the presumption will be that you are leaving it behind. If you subsequently change your mind, then you need to inform your solicitor as soon as possible.
This may sound like a lot of unnecessary fuss over a few plants, and in practice it is unlikely to cause a problem if you do take one or two. Your buyers may not even notice they’re gone – although they certainly will if you happen to take the one prize shrub that they particularly fell in love with, or if you leave your previously immaculate garden looking like the surface of the moon.
However, quite apart from any possible legal repercussions, it is simple politeness to get your buyers’ agreement before you remove a plant. Even if you previously gave formal notice of your intentions, it’s probably a good idea to mention it again nearer to exchange – just to avoid any unfortunate misunderstandings.
Monday, 26 April 2010
Monday, 19 April 2010
Southend property market up date April 2010
The general election and the housing market
With the Election fast approaching, it's interesting to consider how the property market could be affected. Many have argued that housing policy should not simply be a footnote during the forthcoming General Election. The property industry is of profound importance to the UK economy, and it's vital to remember how much a healthy housing market is worth to the economy as a whole.
What are the main political parties proposing for the housing sector?
Labour
• Two year Stamp Duty holiday for First Time Buyers on residential transactions up to £250,000
• From April 2011 a new Stamp Duty top rate of 5% for properties over £1 million
• An extra £1.5 billion of funding brought forward to help build 110,000 new affordable homes
• Agreements with banks to lend £105 billion to homeowners over the next year
• Pressure on lenders to stave off the threat of repossessions
• New homes to be zero carbon by 2016
Conservative
• Permanently increase the Stamp Duty threshold for First Time Buyers
• Abolish Home Information Packs
• Reward councils for building more homes and promoting local economic growth
• Making it easier for social tenants to own or part-own their home
Liberal Democrats
• Good, simple and cheap homes to rent for those unable to buy
• Action on repossessions so that banks explore other options
• Creation of "Safe Smart" mortgages that protect buyers from negative equity
• Warmer and energy efficient homes throughout the UK
House price increased in March according to the Nationwide
The latest house price index from the Nationwide Building Society has revealed a 0.7% rise for the month of March compared with February.
The latest house price rise takes the annual increase to 9% with the average UK home costing £164,519.
Meanwhile, the Nationwide said prices rose by 1.6% in the three months to the end of March, compared with a 1.8% increase in the previous three months.
Martin Gahbauer, the Nationwide’s chief economist, comments: “The last two months are consistent with a relatively flat profile for house prices, and in line with the recent drops seen in buyer enquiries and house sales.”
He added: “Preliminary figures show that the number of loans taken out for house purchases failed to recover from January’s large dip, suggesting that weakness in house sales at the start of the year may have been due to more than just the snowy weather.”
Southend housing market activity
Sales
March saw a steady increase in the amount of new property coming onto the market which has continued into April. This has resulted in more choice for would be purchasers and as a consequence they have been taking longer to decide which properties to offer on. Recently this trend has seemed to have worked through the system with far more offers being received within the last week.
Mortgage criteria still is a major issue with clients being turned down for the smallest of reasons, such as late payment of bills, despite many having large deposits and requiring only 75 / 80 % loan to value. So while mortgages are more freely available those being able to take advantage of them are still relatively small.
Property prices are not following the national average with the average price showing virtually no change during the month. Many agents and sellers are still over valuing their properties in the hope they will attract that “special buyer” However this often results in either the property not selling or being withdrawn from the market. In some instances the property is reduced in price which gives the wrong signals to potential purchasers and can result in sellers being disappointed because they lose the property they want to buy.
Auctions
Interest in buying at auction remains strong especially in land with or without planning permission and rental portfolio’s with tenants in situ. Prices have been very buoyant but it requires sellers with a strong nerve as it is essential that a “come and get me” guide price and reserve is placed on the property or land so it attracts the serious investor into sales room.
Rental
There is continued strong demand from good quality tenants for all types of well presented properties. Vacancy levels are low with the average time to let a property being 4 days. Those tenants that are leaving are either renting larger properties or returning to live at home with parents while they save for a deposit to buy.
For further information on the property market log onto www.trustintudor.co.uk
or e mail alan@tudorestates.co.
With the Election fast approaching, it's interesting to consider how the property market could be affected. Many have argued that housing policy should not simply be a footnote during the forthcoming General Election. The property industry is of profound importance to the UK economy, and it's vital to remember how much a healthy housing market is worth to the economy as a whole.
What are the main political parties proposing for the housing sector?
Labour
• Two year Stamp Duty holiday for First Time Buyers on residential transactions up to £250,000
• From April 2011 a new Stamp Duty top rate of 5% for properties over £1 million
• An extra £1.5 billion of funding brought forward to help build 110,000 new affordable homes
• Agreements with banks to lend £105 billion to homeowners over the next year
• Pressure on lenders to stave off the threat of repossessions
• New homes to be zero carbon by 2016
Conservative
• Permanently increase the Stamp Duty threshold for First Time Buyers
• Abolish Home Information Packs
• Reward councils for building more homes and promoting local economic growth
• Making it easier for social tenants to own or part-own their home
Liberal Democrats
• Good, simple and cheap homes to rent for those unable to buy
• Action on repossessions so that banks explore other options
• Creation of "Safe Smart" mortgages that protect buyers from negative equity
• Warmer and energy efficient homes throughout the UK
House price increased in March according to the Nationwide
The latest house price index from the Nationwide Building Society has revealed a 0.7% rise for the month of March compared with February.
The latest house price rise takes the annual increase to 9% with the average UK home costing £164,519.
Meanwhile, the Nationwide said prices rose by 1.6% in the three months to the end of March, compared with a 1.8% increase in the previous three months.
Martin Gahbauer, the Nationwide’s chief economist, comments: “The last two months are consistent with a relatively flat profile for house prices, and in line with the recent drops seen in buyer enquiries and house sales.”
He added: “Preliminary figures show that the number of loans taken out for house purchases failed to recover from January’s large dip, suggesting that weakness in house sales at the start of the year may have been due to more than just the snowy weather.”
Southend housing market activity
Sales
March saw a steady increase in the amount of new property coming onto the market which has continued into April. This has resulted in more choice for would be purchasers and as a consequence they have been taking longer to decide which properties to offer on. Recently this trend has seemed to have worked through the system with far more offers being received within the last week.
Mortgage criteria still is a major issue with clients being turned down for the smallest of reasons, such as late payment of bills, despite many having large deposits and requiring only 75 / 80 % loan to value. So while mortgages are more freely available those being able to take advantage of them are still relatively small.
Property prices are not following the national average with the average price showing virtually no change during the month. Many agents and sellers are still over valuing their properties in the hope they will attract that “special buyer” However this often results in either the property not selling or being withdrawn from the market. In some instances the property is reduced in price which gives the wrong signals to potential purchasers and can result in sellers being disappointed because they lose the property they want to buy.
Auctions
Interest in buying at auction remains strong especially in land with or without planning permission and rental portfolio’s with tenants in situ. Prices have been very buoyant but it requires sellers with a strong nerve as it is essential that a “come and get me” guide price and reserve is placed on the property or land so it attracts the serious investor into sales room.
Rental
There is continued strong demand from good quality tenants for all types of well presented properties. Vacancy levels are low with the average time to let a property being 4 days. Those tenants that are leaving are either renting larger properties or returning to live at home with parents while they save for a deposit to buy.
For further information on the property market log onto www.trustintudor.co.uk
or e mail alan@tudorestates.co.
Tuesday, 13 April 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)
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)
Friday, 9 April 2010
Is there any point in registering an unregistered title ?
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
Thursday, 1 April 2010
What is the difference between horizontal and vertical leases?
These aren’t actual legal terms, but simply a convenient way of describing the two different ways in which responsibility for a property divided into flats is split amongst the lease-holders. Thus, horizontal leases are those in which the property concerned is divided from left to right, through the middle, while vertical leases, as the name implies, divide the property equally from top to bottom.
Taking the case of a two-story house split into two flats:
• Where leases divide the property horizontally, the leaseholder on the first floor is responsible for maintaining everything above the line – for example, the roof - while the ground floor leaseholder is responsible for the drains.
• Where the division is vertical, both leaseholders have an equal share in all such liabilities.
The overwhelming majority of new leases are of the vertical type. However, there are still some horizontal ones about, since they were quite popular in the 60s and 70s, when leases were often granted for 199 or even 999 years. Generally speaking, you should try to avoid them at all costs, since real difficulties can arise – for example, if you have a landlord or freeholder who cannot be traced, and the other leaseholder doesn’t want to do the work required on, say, the roof. In that case, you can encounter major problems in trying to get the work done at all.
Most vertical leases on the other hand will clearly state that the freeholder is responsible for arranging to have any remedial work done, while the leaseholders are responsible for paying for it. However, it is common practice for the leaseholders to get together and solve any problems between them.
Needless to say, leases don’t state whether they are horizontal or vertical - but you can easily figure out which type it is by studying the list of responsibilities.
Taking the case of a two-story house split into two flats:
• Where leases divide the property horizontally, the leaseholder on the first floor is responsible for maintaining everything above the line – for example, the roof - while the ground floor leaseholder is responsible for the drains.
• Where the division is vertical, both leaseholders have an equal share in all such liabilities.
The overwhelming majority of new leases are of the vertical type. However, there are still some horizontal ones about, since they were quite popular in the 60s and 70s, when leases were often granted for 199 or even 999 years. Generally speaking, you should try to avoid them at all costs, since real difficulties can arise – for example, if you have a landlord or freeholder who cannot be traced, and the other leaseholder doesn’t want to do the work required on, say, the roof. In that case, you can encounter major problems in trying to get the work done at all.
Most vertical leases on the other hand will clearly state that the freeholder is responsible for arranging to have any remedial work done, while the leaseholders are responsible for paying for it. However, it is common practice for the leaseholders to get together and solve any problems between them.
Needless to say, leases don’t state whether they are horizontal or vertical - but you can easily figure out which type it is by studying the list of responsibilities.
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