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PPA : Spinnaker Tower
PPA : Spinnaker Tower

One foot on the ladder to Home Ownership – Dec 2011

Getting a foot on the ladder to home ownership tends to need a decent sized deposit these days as a lot of lenders are still looking for you to have around 25% deposit to put down before they will consider offering a mortgage.

Some people seem to have been saving hard over the last few years while the housing market has been uncertain but quite often getting enough deposit together can involve help with contribution from a family member.

Bear in mind with deposits that your solicitor will need evidence and full details of your source of funds and your lender needs to consent to there being a third party contribution.

You also need to think in advance about whether this money is an outright gift or whether it is a loan or needs to be repaid and it is advisable to discuss this at an early stage with your solicitor so you can consider carefully what is right for you.

Sometimes a lender will refuse to consent to a third party putting money in unless the money is an outright gift. Other times, the money can be protected as a legal charge ranking second behind the lender. Another option might be to consider having a declaration of trust drawn up to record the agreement.

It is always worth discussing options with your solicitor so you have plenty of time to work out what suits your circumstances.

Currently, qualifying first time buyers are eligible for nil stamp duty land tax on purchases up to £250,000.00 but people will need to act quick in the new year to benefit – the first time buyer stamp duty land tax incentive is due to expire 24th March 2012.

Dawn Brogan : Glanvilles
Branches in: Fareham, Havant
Members: Gareth Maddern, Lorna Newnham, Mark Watson, Samantha Marsh

Message from our Chairman

As 2011 draws to a close it is perhaps a time to reflect on the property market generally over the last 12 months.

As a Chartered Surveyor we tend to be about six weeks behind the estate agents in terms of activity. As is to be expected the year started slowly but quickly gathered momentum and has been generally very busy throughout the year. Property values have largely remained static throughout 2011 although there have been some reports of slight price increases in certain areas. It will be interesting to see what happens to property values in 2012. There are several conflicting opinions around. Will they rise or will they fall?

The rental market remains buoyant as first time buyers struggle to obtain mortgages due to the very high level of deposit required.

Whatever happens 2012 will be interesting! 

Ian Lee : McAndrew Martin

Some Top Tips if your Property is unoccupied in winter

This
year we have had a fairly mild start to winter but it is inevitable that the
cold spell will hit at some point and it might be worth planning ahead now to
prepare for it.

Last
winter a client had a major leak at their property following a burst pipe. The
client had already moved out and the property was sat empty – they were only alerted
to the problem after the neighbour spotted water pouring out of the upstairs
window. Luckily they had left a key with their estate agent who went to the
property to turn off the water supply but the damage was already significant –
collapsed ceilings, wet carpets and a lot of mess to sort out.

Some
pointers to think about, especially if your property is left empty for periods
of time:-

  • Make
    sure a spare key is left with someone, such as your estate agent or a
    local friend or relative.

  • Ensure
    the property is regularly checked – it would be worth asking a friend or
    relative to pop in every day

  • Make
    sure you know where your stop cock is and let others know

  • Keep
    contact numbers up to date so you can be contacted in an emergency.

  • Make
    sure your insurance policy is still in force

  • Double
    check any additional terms and conditions your insurer might have for
    empty properties to ensure your policy remains valid in the event of a
    claim.

  • It
    will be a condition of your insurance policy to prevent loss or damage and
    keep the property in good repair. Consider keeping the heating on and
    check the boiler and heating are in good working order

  • Ensure
    pipes and water tanks are lagged

  • Consider
    keeping the loft hatch ajar so warm air can circulate any pipes in the
    loft

 Dawn Brogan, Glanvilles, Havant

Dawn Brogan : Glanvilles
Branches in: Fareham, Havant
Members: Gareth Maddern, Lorna Newnham, Mark Watson, Samantha Marsh