Blogs
Oct 24, 2022
SHOULD YOU WORK WITH A LETTING AGENT AS A LANDLORD?
Are you wondering whether you should work with a letting agent as a landlord? Depending on your situation, working with a letting agent can be a great way to save time, money and stress. If you’re wondering what a letting agent does and whether you should work with one, here’s everything you need to know to help you decide. What Do Letting Agents Do? Letting agents can do different things for you depending on the package you pay for. You can give an agent a portion of the property management responsibilities – or the entire thing! Typically, letting agents can: Find tenants for you: A letting agent can market your property and find the right tenant for you. Arrange the let: From collecting references and running credit checks to securing deposits and drawing up tenancy agreements, a letting agent can arrange everything to get the tenancy in place. Collect rent: A letting agent can collect rent from your tenants each month and chase up any late payments according to the lease. Manage queries: A letting agent can answer tenant queries, handle issues and deal with any maintenance or repair work that needs to be scheduled. Why Should You Manage a Property Yourself? The decision to manage a property yourself should be carefully considered. It can be time-consuming, and you’ll need to be up to speed on all the latest legal developments to ensure you’re renting in line with the law. There are benefits to managing a property by yourself – but only if you like being a ‘hands-on’ landlord. Managing a property yourself can be ideal if: You want to minimise costs You have lots of time to deal with queries/issues You have connections with good tradespeople You’re up to speed on the latest legislation You live nearby You enjoy the management side of being a landlord! What Are the Benefits of Working With a Letting Agent? Managing a rental alone isn’t for everyone. Plus, if you have more than one property to let, being a landlord can quickly become a full-time job. Here are four of the top benefits of working with a letting agent instead of managing things yourself. Saves Time Working with a letting agent undoubtedly saves you time. Since they deal with tenant queries, rent collections, administrative tasks, and everything else in between, you’ll no doubt have more time on your hands if you work with a letting agent. Let’s You Be a Hands-Off Landlord If marketing your property, dealing with tenant calls and having to visit the property when issues arise isn’t the life for you, working with a letting agent lets you be a hands-off landlord. This is ideal if you live far away from your rental property. Keeps Things Legal One of the biggest reasons to work with a letting agent is that they can keep your property in line with the law. It’s a letting agent’s job to stay in the loop about the latest developments in legislation, so you don’t have to. If you’re a new landlord or you don’t have time to spend learning what’s right and wrong, a letting agent can help you keep things legal. Maintains Professional Connections Sometimes, things go wrong. Whether it’s the boiler breaking or a leak in the kitchen sink, your tenants will need a tradesperson at some point. Letting agents will maintain professional connections with plumbers, electricians and other tradespeople that may be needed in an emergency, so you don’t have to worry about finding someone right for the job. Interested? If working with a letting agent sounds like the right choice for you, we’ve got you covered! Here at New Oak Estates, we provide expert letting agent services, so you can be as hands-on or hands-off as you like. Give us a call today on 01246 211646 or email us at info@newoakestates.co.uk to learn more about our services for landlords.
Oct 17, 2022
CAN I USE THE EQUITY IN MY PROPERTY AS A DEPOSIT FOR MY NEW HOUSE
If you’re selling your property, finding a deposit to purchase your next home may present a challenge. However, if you currently have equity in your existing home, you may be wondering whether you can put it down as a deposit on the home of your dreams. At New Oak Estates, we’re often asked this question, so here is our expert insight. What Is Equity? Before we look at whether you can use the equity in your existing home as a deposit on a new property, let’s take a look at what equity is. In simple terms, it’s the difference between your home’s market value and the amount that you still owe to your mortgage lender. Although you can use your equity in different ways, one of the most common is using it as a deposit on a new property. If you do this, you can reduce the amount that you have to borrow for the new mortgage and lower your LTV (loan to value). In turn, that will give you a wider selection of mortgage product options to pick from. However, there’s one potential problem you could encounter – and that’s negative equity. What Is Negative Equity? If you owe more money on your remaining mortgage amount than your home is worth, this is known as “negative equity”. It occurs if there’s a dramatic drop in house prices after you’ve bought your home. If you have negative equity, it may be difficult to remortgage or move home. Do I Have Equity In My Home? There is a fairly, straight forward formula to work out whether you have equity in your property, but you’ll need to get up-to-date figures first before beginning the calculation. You can roughly ascertain the value of your home by researching online. Look for similar properties in your area that have been sold recently to get an idea of what your own home could be worth, or go to our website here newoakestates to book a valuation. Next, check your most recent mortgage statement to find out how much of your mortgage still needs to be paid. If you don’t have a recent statement, give your lender a call to find out your balance. Subtract the amount that you still owe from your estimated property’s value, and that will tell you the amount of potential equity that you have. Can Equity Be Used As A Buy-To-Let Property Deposit? You can not only use your equity in your existing property as a deposit on your next home, but you can also use it as a deposit on a buy-to-let property. As long as you have sufficient equity in your residential property, part of that cash can be released to put a deposit down on a property that you intend to buy for investment purposes. Bear in mind, though, that a buy-to-let property will typically require a larger deposit than a residential home, so you’ll need an amount worth around 15-25% of the property’s value as a deposit. If you’re ready to sell your home, get in touch with the team here at New Oak Estates on 01246 211646 or at info@newoakestates.co.uk. We’re looking forward to helping you find your ideal new home in Chesterfield.
Oct 10, 2022
9 QUICK HOME STAGING TIPS FOR AUTUMN
Home staging is the process of preparing your property for sale. It involves making your home look its absolute best, encouraging viewers to place an offer on your property. It generally starts with a thorough declutter, which makes the property seem more inviting and helps hugely with the moving process. Where necessary, you might also decide to redecorate. Depersonalising your home and repainting in a neutral palette can also help viewers envisage themselves in your home. Many seasonal factors will also affect how you display your home, so here are our top tips for staging your home in autumn. Focus on Kerb Appeal First impressions count. From the second prospective buyers see your home, they should be wowed. You should start by tidying up the garden, including mowing the lawn, de-weeding the path and repainting the fence. Next, clean the windows and repaint the front door where necessary. To add an autumnal touch, consider a wreath made from deep oranges and brown tones, a classy way to incorporate the season into your décor. Clear The Entranceway The attention you have paid to the front of your home should continue into the porch or hallway. In autumn, these spaces are often cluttered with raincoats, muddy boots, and rouge leaves. Be sure to deep clean the space making it warm and inviting for your viewers. Sprinkle Autumnal Décor Carefully It can be easy to go overboard when staging your home in autumn. With so many fun seasonal accessories available, many homeowners struggle to know where to draw the line. Each room should have a nod to the season rather than revolving around it. For example, consider a singular piece of artwork, floral arrangement or pumpkin display in each room, which will avoid your home being taken over by the season! Stage The Outdoors Just because the weather is cooling doesn’t mean that your buyers don’t want to see the outside space. Leave out your garden furniture to show your viewers exactly how they can utilise the garden with their family and guests. Even for those with tiny outside spaces, showing prospective buyers how they can enjoy this area will encourage them to make an offer. Incorporate Autumnal Scents Making your home smell fantastic doesn’t have to be as cliché as warm cinnamon rolls in the oven, but incorporating autumnal scents into your home will entice buyers to stay and see what the property has to offer. Use candles and reed diffusers to allow subtle scents to float around the home. Pumpkin and burnt orange align with the seasons but be careful not to use too many contrasting scents, which can often counteract each other. Style The Dining Table As the nights begin to draw in, our homes truly become our sanctuaries. So when buyers are viewing in autumn, they are already thinking of the festive period they will enjoy in their new home. Therefore, showcasing how great the property is for hosting is of paramount importance. Lay the table, complete with an autumnal runner, crockery and glassware. This will make the room warm and inviting, encouraging visitors to imagine their friends and family enjoying the entertainment space. Focus on Lighting Lighting is crucial when staging your home in any season. Without enough lighting, your home will look dark and uninviting. On the other hand, if the lighting is too intense, the space will look uncomfortable and clinical. Soft, freestanding lights tend to work better than brighter overhead bulbs. Use a collection of table and floor lamps to create a subtle glow around the home, complimenting any natural light rather than overpowering it. Highlight The Fireplaces As mentioned, viewers want to see a house they can imagine spending the winters tucked up inside. And nothing screams cosy evenings like a fireplace. The warm embers and soft glow of an original fireplace will be enough to entice any buyer. Use Dried Floral Arrangements Flowers are an excellent final touch for styling any home. They allow you to add just the right amount of personality along with a pop of colour to every room. However, autumn is not the optimum time for fresh flowers. Consider instead investing in a few dried bouquets to dot around the property. These look incredible, stand the test of time, and can be easily transported to your new home. Earthy tones are perfect for autumn, and be sure to add in some bright yellows to liven up the room. We’re here to help At New Oak Estates, we understand that selling your home can be stressful and we’re here to help you every step of the way. Contact us today on 01246 211646 or via email at info@newoakestates.co.uk for a friendly chat about our services.
Oct 3, 2022
THE LATEST RULES ABOUT CARBON MONOXIDE AND SMOKE ALARMS
Carbon Monoxide Alarms – New Responsibilities Are Being Placed On Landlords Changes are now in force to smoke alarm and carbon monoxide alarm regulations in English rental properties. Since all landlords need to be aware of these updates, our team here at New Oak Estates is here to bring you up to speed with the changes to the law. Changes To The Regulations Since 2015, all private landlords have been required to ensure that all rental properties have a minimum of one functioning smoke alarm on every storey that has a room in use as living accommodation. That regulation will remain in place, however, when it comes to carbon monoxide alarms, new responsibilities have been placed on landlords. Previously, private landlords were also only required to provide a CO alarm in the property if it contained an appliance that burned solid fuel. However, since 1st October 2022, CO alarms need to be supplied in any living accommodation room that contains any fixed combustion appliance, including gas fires and gas boilers. Gas cookers are exempt from the change. If any new fixed combustion appliance is added to the property, a new alarm will also need to be fitted at the same time. Furthermore, landlords will also become responsible for replacing or repairing any CO or smoke alarms during a tenancy. Previously, although landlords were responsible for testing and fitting the alarm when the tenancy began, the tenant was responsible for all replacements and repairs during their tenancy. Now, the entire burden of responsibility will fall on the landlord. Is A Specific Alarm Type Required? The change to the law has not stipulated any specific type of carbon monoxide or smoke alarm, so landlords are able to decide which one is best for their tenants and the building’s needs. Both battery-powered and hard-wired alarms are acceptable so long as they comply with the relevant British Standards. Is There A Specific Location Where Alarms Must Be Placed? There are no stipulations in the regulations about precisely where CO or smoke alarms must be placed or fitted as long as there is one on every storey with living accommodation in the case of smoke alarms, and in all living accommodation rooms that contain any fixed combustion appliance in the case of CO alarms. Nevertheless, smoke alarms are typically fixed to a ceiling, while CO alarms should be 1 – 3 metres from the potential carbon monoxide source and should be at head height. What Will Landlords Be Required To Take Responsibility For? Landlords are now responsible for installing the appropriate alarms and ensuring they are in full working order. They will be required to test the alarms on the tenancy’s first day and replace or repair any malfunctioning alarms that the tenant reports during their tenancy. Although the tenant holds responsibility for reporting any issues with the alarms to their landlord, it’s still sensible for landlords to always check the alarms during routine visits and mid-term inspections. If the alarm is battery-powered, tenants can try replacing the batteries themselves, and only report an issue if they are unable to do this or if the battery change fails to resolve the problem. How Can A Landlord Prove Compliance? The local housing authority will enforce the updated regulations, and if a landlord is told they are non-compliant, they must take action immediately to repair or install the alarms. If landlords fail to comply with remedial notices, they may be fined as much as £5000 per breach. To prove compliance with the regulations, landlords are advised to keep records of all alarm installations, tests, and repairs. An inventory carried out on the tenancy’s first day is the best way to keep these records, with the tenant signing to confirm everything is in order. To find out more about maintaining compliance as a landlord, get in touch with the team at New Oak Estates by giving us a call on 01246 211646.
Sep 22, 2022
SHOULD I LIST MY PROPERTY FOR SALE IF I HAVEN’T FOUND A NEW PROPERTY TO MOVE TO?
It’s Often Best To List Your Property For Sale Before You Find A New Home The team here at New Oak Estates is often asked whether sellers in Chesterfield should find a property to buy before listing their home for sale on the property market. With this in mind, here is our expert advice. In our experience, you should list your property for sale before you find a new home. Why? Read on to find out more. You’ll Have A Stronger Negotiating Position When You Find The Perfect Property To Buy Homeowners in the current climate are unlikely to accept offers from buyers with a property to sell that isn’t yet on the market. If you list your home for sale, it proves that you are serious about moving. If you already have a purchaser for your home, you’re in an even better position. You’ll be able to make an offer on your chosen property and will be able to confidently proceed with the knowledge that your moving foundations have been firmly established. Even if you don’t find a property you love straight away, that isn’t a problem. If your home is listed for sale, you have a head start. You don’t need to rush into selling, particularly if you haven’t found another home yet. You also have more time to play with. You have a chance to research new prospective areas and plan what you’re going to do next. You’ll Be Helping To Maintain Movement In The Local Property Market If everyone who ever wanted to move chose to wait until they’d found another property to purchase before listing their property for sale, there would be no homes available for purchase at all! That would lead to an enormous local property market gridlock which would, in turn, impact property prices and delay the process of moving. What Should I Do Before Listing My Home For Sale? Getting a valuation for your existing home is the first thing to do if you’re ready to move as this will give you a chance to arrange your budget and finances for the move. Once you’ve done this, talk to a mortgage advisor who will be able to help you find the right deal to suit your needs. Once you have all this information, it’s time to list your property for sale. Here are a few things you should do before instructing an estate agent to market your property in Chesterfield: Research the areas where you may wish to buy and the type of property you’d like to purchase Stay on top of the local property market Get your paperwork organised and instruct a firm of reputable solicitors Obtain pre-approval for a mortgage – a Decision in Principle (DIP) to show you are a serious buyer Find a reputable estate agent in Chesterfield to list your home on the market The team here at New Oak Estates are highly skilled experts in the Chesterfield property market and can help you find the perfect buyer for your property. Call us today on 01246 211646 or check out our website at to learn more about how we can help you.
Sep 1, 2022
AN EXPERT GUIDE TO THE DIFFERENT TYPES OF SURVEYS WHEN BUYING A PROPERTY IN CHESTERFIELD
An Expert Guide To The Different Types Of Surveys When Buying A Property In Chesterfield Sometimes The Various Home Survey Options Can Be Confusing If you’re purchasing a property in Chesterfield, you’ll almost certainly have received a recommendation to carry out a survey on your desired new home. However, if you’re a first-time buyer, (or even if you haven’t purchased a home for some time), you may find the various survey options confusing. That’s why our knowledgeable team at New Oak Estates have put together this expert guide to the most commonly performed home survey types. What Are Home Surveys? Residential surveys are detailed inspections that determine the condition of a property. Carried out by a professional surveyor, the survey reports any structural issues like subsidence or unstable walls, while also highlighting any significant alterations or repairs that are needed, like fixing the chimney or roof. The two residential survey types that are most frequently requested are the Building Survey and HomeBuyer Report. What Are Building Surveys? Building Surveys are a comprehensive form of survey. More costly than the HomeBuyer report, it’s mostly recommended for listed properties, older homes, or if you plan to carry out major refurbishment or rebuild projects. These reports include all the information supplied in the HomeBuyer Report, except a market valuation, however, it also includes an in-depth analysis of the condition of the property, including an evaluation of the loft and basement (where applicable), and checks behind the walls, ceilings, and floors. These survey reports include advice about maintenance options, repairs, and defects, including estimated costs and timings, and the possible consequences if the recommended works aren’t completed. What Are HomeBuyer Reports? HomeBuyer Reports are detailed surveys which are performed by a surveyor with RICS qualifications. The surveyor attends the property and carries out a visual inspection in detail before showing you their report which uses a “traffic-light” key as well as comments so it’s easy to identify any worrying issues quickly. Not only does the report include comments about the property’s overall condition, it also highlights any significant obvious problems like subsidence or rot. The surveyor also gives their market valuation of the property as well as the insurance rebuild cost and advice about any defects that could impact the property’s value. What Are Mortgage Surveys? If you’re buying your new home with a mortgage, your lender will require a mortgage survey, or valuation, to be carried out. Despite its name, it isn’t actually a survey. Rather, it’s a property overview that assesses its value to determine whether the property represents sufficient loan security. Must I Arrange A Survey For My Chosen Property? Property surveys are optional, but they help you to avoid unwanted and costly surprises while giving you complete peace of mind in your purchase. Since you’re spending a huge amount on your new home, spending a little more on getting a survey carried out is a good investment. The team at New Oak Estates especially recommend surveys to be performed if: You’ve got specific concerns about any element of your desired property. You’re unsure about the condition of the property. You’re keen to purchase a property that is unusual, old or a listed building. Your chosen property is timber-framed or has a thatched roof. Our experienced team can help you determine the right kind of survey for you, so if you’re buying a home in Chesterfield and need some expert advice, email us today at info@newoakestates.co.uk or give us a call on 01246
Aug 25, 2022
EVERYTHING YOU NEED TO KNOW ABOUT PURCHASING A SECOND PROPERTY
Everything You Need to Know About Purchasing a Second Property Although second home owners are still in the minority, the number of people in the UK who have bought another property has increased dramatically over the past few decades, with over 10% of British adults now owning a second home. There are several reasons why people buy second homes, and if you’re thinking of joining the ranks of second homeowners, you need as much information as possible. If you’re considering buying another property in Chesterfield, here is our expert advice. Why Do People Purchase Second Homes? Everyone has their own reason for buying multiple properties but the three main reasons why people purchase second homes are: As an investment. The private rental sector represents a great investment opportunity for prospective landlords, so it isn’t too surprising that one of the main reasons for buying another property is as an extra form of revenue. As a holiday property. Whether in the UK or abroad, buying holiday homes is becoming increasingly popular. For somebody else. Buying a property for a family member, typically a child, may be a less popular reason to purchase a second home, but it happens fairly often. How Can I Buy Another Property? There are several ways in which you can buy another property including securing a second mortgage, buying with cash, or using the equity you have in your existing home. Although some people believe that homeowners must pay off their mortgage before they obtain another, this isn’t actually the case. It’s possible to have two concurrently-running mortgages. You will, however, have to be able to show you’re able to afford a second mortgage, have an excellent credit rating, and have a large deposit available. If your existing property already has plenty of equity, it’s possible to release it by remortgaging and then using the money to cover some or all of your new purchase. Which Other Costs Should I Consider When Purchasing A Second Home? As well as the cost of buying a second home, there are some extra costs to bear in mind. The most significant is the stamp duty levied on second properties, which at present stands at 3% of the purchase price. There is also Capital Gains Tax to pay when selling a second home, although that may not be too much of a concern depending on when, or if, you’re planning on selling up. Don’t forget, too, that council tax must be paid on second homes, although if you’re planning on renting out the property, the tenants can take over responsibility for making the payments. Where Can I Get More Advice About Buying Second Homes? If you’re considering purchasing a second home in Chesterfield, the experienced team at New Oak Estates is on hand to give you all the advice and information you need. We can help you find your perfect second home, so give us a call on 01246 211646 or send an email to info@newoakestates.co.uk. We’re looking forward to hearing
Jul 28, 2022
WHAT HAPPENS AFTER YOUR OFFER HAS BEEN ACCEPTED? 5 IMMEDIATE THINGS YOU NEED TO DO
So, you’ve found the home of your dreams and your offer has just been accepted. Congratulations! Your journey to owning your new home has officially begun. If you’re wondering what happens next, here are five immediate things you need to do after your offer has been accepted to get things moving. 1. PROVIDE CONFIRMATION Once your offer has been accepted, your estate agent will likely give you a congratulatory call. But this won’t just be a courtesy. They’ll also request confirmation of a few things so they can finalise the offer. You’ll usually need to provide confirmation of things like: You have the funds available to make the purchase Your mortgage in principle You have a solicitor – or you’re working to get one now 2. REMOVE COMPETITION Normally, estate agents will cancel viewings and take the property off the market as soon as your offer has been accepted. However, you’ll want to make sure this is definitely the case. Remove the competition immediately and ask your estate agent to cancel any scheduled viewings and to take the property off the market. If the listing isn’t taken down, you could be at risk of getting outbid or even gazumped. 3. INSTRUCT YOUR SOLICITOR There’s no better time to get the ball rolling than after your offer has been accepted. For a quicker sale, you’ll want to instruct your solicitor as soon as possible. If you haven’t already found a solicitor, ask your estate agent for a recommendation. At this stage, your solicitor will start completing the checks and searches on the property. Depending on the solicitor, they may also ask you to pay up-front for some of their services. 4. COMPLETE YOUR MORTGAGE APPLICATION Since the mortgage in principle was a principle agreement, you’ll need to complete a full application for the money now that your offer has been accepted. You’ll need to apply for the exact amount you need to borrow for the property in question. If you have a mortgage advisor, they’ll guide you through this process and let you know what information you need to supply. 5. ARRANGE A SURVEY While surveys aren’t compulsory when you buy a new home, they’re a good idea. During a survey, a professional surveyor will inspect the property and cast an eagle eye over the place. Surveys can help you understand any current or future issues you may have with the property. To arrange the survey, you’ll need to speak with your estate agent about booking time with the sellers. STILL LOOKING FOR A CHESTERFIELD HOME? If you’re still looking for your new home in Chesterfield, New Oak Estates could have what you’re looking for! Check out our listings or let us know what type of property you’re interested in so we can help keep an eye out for you. Give us a call today on 01246 211646 or email us at info@newoakestates.co.uk to speak to a member of our friendly team.