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Being a Landlord
4th Feb 2008
Buy to let property can be a great investment, but make sure you thoroughly research the area and market before you buy, as mistakes could be costly, says Alison Pickles, Associate Director and Group Head of Lettings at The Town & Country Group.
Location is an important factor when attempting a successful buy to let venture. Check that there is demand in the area for rental property and identify what type of property is sought after. Is the area up and coming or declining in popularity? Are there any developments planned in the area? What potential problems could there be, for example, is the area prone to flooding? Property near to a university campus or a large employer will mean you shouldn't find it difficult to get a return on your investment.
Hire an NAEA agent to do all the hard work for you regarding the management of the property. They will have the appropriate experience to ensure you have good tenants who are properly vetted and will pay the rent on time. The agent will help you with the contract and inventory you will need to have in place.
Remember to do your best to maintain a good relationship with your tenant and be responsive to any problems with the property. By looking after your tenant, he or she is more likely to look after your investment.
Please contact Alison Pickles on 01905 734786 for more information. -
HIPS and the lettings market
3rd Feb 2008
Following the recent introduction of HIPS into the residential sales process, most Landlords may not be aware that as a result of the EU Energy Performance of Buildings Directive, from 1 October 2008 Energy Performance Certificates (EPCs) will be required on all residential properties that are let.
After that date an EPC will be required when a residential property has a new tenant and thereafter every 10 years. An EPC must be produced by an accredited Domestic Energy Assessor (DEA) only.
We are not yet fully aware of the specific requirements such as when and how the EPC graph will have to be displayed, and what constitutes a new tenancy. We will obviously keep the Town & Country Group website updated on the regulations as and when they are published. -
Town & Country's guide to buying a property with a partner
2nd Feb 2008
The current trend of high house prices means many more people are deciding to jointly buy property and share mortgage repayments. This allows people to pool their financial resources, but can also lead to problems if the relationship ends for any reason. James Edwards, member of the National Association of Estate Agents and Director at Town & Country Property Services, provides advice on the options for people looking to buy a house together.
Essentially you are entering into a business relationship and so should have a contract drawn up which protects both of your interests. There are two common types of joint ownership that you should consider - "beneficial joint tenants" and "tenants in common".
Beneficial joint tenants have no pre-defined shares in the property and in the event of the death of one of the partners the house will pass automatically to the co-owner irrespective of their will.
Tenants in common each own a pre-defined share of the property and when it is sold the net proceeds are split accordingly. Your share of the property can also be bequeathed in your will according to your wishes. The obligation of each partner is detailed in a 'deed of trust' which records details such as ownership, contributions and financial obligations. A deed of trust can also include whether a participant can enforce an 'order of sale', forcing the property to be sold against the wishes of other partners.
Ultimately, both of you are liable to the bank for the debt and if one person leaves or cannot pay their share; the other must bear full responsibility. Clearly defining your financial obligation and commitments from the beginning will cut down on stress and uncertainty and allow you and your partner the peace of mind to enjoy your new home.
Please contact any Town & Country branch via http://www.town-and-country.co.uk or Head Office on 01905 610710 for more information.
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About the NAEA
The National Association of Estate Agents (NAEA) is the UK's leading professional body for estate agency personnel, representing the interests of approximately 10,000 members who practice across all aspects of property services both in the UK and overseas. These include residential and commercial sales and lettings, property management, business transfer and auctioneering.
The National Association of Estate Agents is dedicated to the goal of professionalism within high street estate agency. Its aim is to reassure the general public that by appointing an NAEA member to represent them they will receive in return the highest level of integrity and service in both sales and lettings. Each NAEA member is bound by a vigorously enforced Code of Practice and adheres to professional Rules of Conduct. Failure to do so can result in heavy financial penalties and possible expulsion from the Association. -
New Town & Country Group website
1st Feb 2008
The Town & Country Group are delighted to announce the launch of their new website. The new site is an excellent platform for all of our clients to gain information of the Group's services as well as all of our properties that are available to let or buy.
The new site has been built with the benefit of Google Mapping. This feature allows potential buyers to seach for properties using mapping software provided Google. This is a new and innovative way to find a home and takes people away from the traditional tick box approach.
James Edwards, Managing Director, said "...considerable time and energy has been spent on designing the website to suit our clients. These are busy people that want to put their hands on the information that they need quickly. The new Group website is a great step forward for the Group and highlights are commitment to being the leading Worcestershire Agent of choice."
To see the site simply visit http://www.town-and-country.co.uk. -
HIPS SHAMBLES CONTINUES
4th Dec 2007
The National Association of Estate Agents (NAEA) is reiterating its concern over home information packs (HIPs) as the industry prepares for tomorrow's roll out to all properties newly entering the market.
Stewart Lilly, President at the NAEA, comments: "This is a highly clumsy piece of legislation and we remain absolutely convinced that HIPs are not the way to improve the home buying and selling process or to deliver the important energy performance certificates (EPCs).
Time and time again the industry has advised the government against the Packs. We only hope that at some stage it starts listening. At the moment - EPCs aside - HIPs are just wasting everyone's time."
Unfortunately, this shambles is set to cause problems for a while to come. The immediate worry is exactly how the Packs will impact on the market. Following the first two phases of the implementation we've already seen a decline in the number of new instructions available. What further damage HIPs will cause remains to be seen.
Looking forward, we are particularly worried about how the government proposes to deal with the issue of first day marketing from June next year. We are also waiting to hear about how the inclusion of all leasehold information will actually be dealt.
A complete mess has been made with this legislation. It really would be in everyone's best interests to scrap HIPs.
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Editor Notes:
About the NAEA
The National Association of Estate Agents (NAEA) is the UK's leading professional body for estate agency personnel, representing the interests of around 10,000 members who practice across all aspects of property services both in the UK and overseas. These include residential and commercial sales and lettings, property management, business transfer, auctioneering and land.
The National Association of Estate Agents is dedicated to the goal of professionalism within all aspects of property, estate agency and land. Its aim is to reassure the general public that by appointing an NAEA member to represent them they will receive in return the highest level of integrity and service in both sales and lettings, for all property matters. Each NAEA member is bound by a vigorously enforced Code of Practice and adheres to professional Rules of Conduct. Failure to do so can result in heavy financial penalties and possible expulsion from the Association.
