Blogs
Jul 21, 2022
WHAT ARE HOUSE BUYING SEARCHES?
One of the first steps to buying a house after your offer has been accepted is to order searches on the property. If you’re not sure what house buying searches are, we’ll explain in this article: What they are Why they’re important Whether you need to purchase them WHAT ARE HOUSE BUYING SEARCHES? House buying searches are checks carried out on a property before you buy it. They usually cost a couple of hundred pounds (approx. £200-300) and can provide highly valuable information about the property. For example, searches can tell you, and your lender, if the house: Sits on a floodplain and regularly floods Has any debts that you’ll take over when you buy it Sits on top of a mineshaft which, if it collapses, could cause severe damage to the property Is in an area where a new road, train line, housing estate, wind farm or other types of development will be built Sits on contaminated land from being previously owned by an industrial site – which can include things like asbestos, solvents, gases or arsenic You’ll normally have to pay for searches shortly after your offer has been formally accepted and you’ve instructed your solicitor to commence work. WHAT ARE THE MOST COMMON SEARCHES THAT NEED TO BE DONE? There are three main searches your solicitor will order for you when you buy a house: Local authority searches Environmental searches Water and drainage searches Local authority searches will check the following for issues: Planning Building control Highways Pollution Environmental searches will check for issues related to: Flooding Landslides Subsidence Contaminated land Water and drainage searches will check things like: Who owns and maintains the nearby sewers and drains Whether the property is connected to a water supply and sewer If the water supply is on a meter or not Where the public sewers, drains and pipes are on the property If you’ll need permission from a water company to extend the property ARE SEARCHES NECESSARY WHEN BUYING A HOUSE? If you’re buying a property with a mortgage, the lender will almost always require you to pay for searches on the property. This is because they need to know how much the property is worth and what issues they may be liable to pay for if they repossess it in the future (if you don’t keep up with your mortgage payments). However, if you’re buying in cash, you don’t legally have to pay for searches, unless you want to. But remember, there are still benefits to ordering searches when you’re a cash buyer. They are much more in-depth than a homebuyer’s survey and can provide a detailed picture of what risks there are in buying the property. CONCLUSION Generally, you’ll always need to pay for searches when buying a property with a mortgage. If you buy a property with cash, it’s usually your decision whether you pay for searches, but it’s important to remember that not paying for them can cause significant risk and issue later down the line. If you’re considering buying a property in Chesterfield and want advice about the process, our friendly team of agents at New Oak Estates are happy to help. Give us a call today on 01246 211646 or email us at info@newoakestates.co.uk to start the conversation.
Jul 21, 2022
HOW TO GET YOUR PROPERTY PHOTOGRAPH READY
Photographs are an essential step when selling your home in Chesterfield and are integral to an effective marketing strategy. Your photos need to look fantastic and stand out in a busy market. The images need to be an accurate and honest representation of the property, which is why staging your home before the professional photographer arrives is crucial. If you are not hiring professional home stagers, there are some simple steps you can take to prepare your home in the best possible way before we send our professional photographers out to capture your home at its best! Pay Attention to the Front of The Property Even the nicest of cars cause distraction. Remove your vehicle from the driveway to give the viewers the full impact of the outside space and an unobstructed view of the front of the property. Additionally, ensure garage doors are closed. Small changes will make a significant impact on the overall quality of the photography. If you usually keep the bins at the front of the property, ensure they are hidden away out of any shots. Thoroughly clean windows and windowsills to provide that the all-important front image of the home is immaculate. Take some time to tidy the front garden, giving the best first impression. Mow the lawn, trim back any hedges and remove any empty plant pots that may be lying around. Make Your Gardens Attractive Gardens are often a huge draw for potential buyers, both those who are breaking free from the rental market and those climbing up the property ladder. Gardens are subject to personal taste, but neat lawns, clean decking, smart patios and clearly defined eating areas are what buyers want, so take time to prepare them before the arrival of your photographer. Showcase Your Bedrooms Remove any signs that may be stuck on bedroom doors, especially common for children’s rooms. Store away any children’s toys which may eliminate part of your target audience. If you don’t have the storage room, hide them in the car while the photographer is working! Make all the beds and plump up the pillows. If any cushions are looking past their best, hide them out of shot. Items like this can do more harm than good and make the whole room look tired. Add Sparkle to Your Bathroom Bathrooms and kitchens are the main rooms that can really draw viewers to a home. Simple hacks in the bathroom can drastically elevate your photographs. Simply make sure the toilet seats are down, and mirrors are sparkly clean with no watermarks or smudges. As bathrooms are often small, create space by being as minimal as possible. Store away cosmetic items such as shampoo, lotions, or razors. The bright colours of the bottles can be unattractive and distracting when photographed. Remove Kitchen Clutter Kitchens are the heart of the home, and a beautiful kitchen is often the factor that convinces unsure potential buyers. Clear all surfaces, leaving minimal appliances in view. This will prevent clutter from causing distraction and give the illusion of a bigger and fresher space with plenty of work surfaces. Don’t Distract with Electronics Turn off the TV and any computers and make sure there are no loose electronic devices left on countertops, which are distracting for people viewing the images. The last thing you want to see are beautiful images of your home with a distracting TV show in the corner of the otherwise perfect image. Let in The Light Open curtains and blinds wide to let the natural light flow through the home. Your photographer will then be able to manipulate the light to show your home in the best, most natural way possible. If you have blinds, open them tilted upwards. This will push the natural light towards the ceiling, allowing it to illuminate without being too harsh for photography. Give Your Pets a Day Out! Although you love them, it is best to keep pets out of your listing photographs whether it is a cat, dog or hamster, if possible, remove the pet from the home for the whole day, as this will give you an excellent opportunity to clean, ready for staging, and prevent them from getting in the way of the photographer. In addition to the pet itself, make sure any pet toys, food bowls and beds are out of shot. Furthermore, tidy up the garden, ensuring no waste or pet toys are lying around. Call the friendly team at New Oak Estates now on 01246 211646 – we use professional photography as standard!
Jul 8, 2022
WHY BUY A RENTAL PROPERTY
You might be wondering ‘why buy a rental property in Chesterfield’? After all, we’re in the midst of a global pandemic, and a trip to the shops is stressful enough! However, all the findings suggest that now is a great time to invest in a rental home and enjoy the financial benefits of being a landlord that come with it. After a long lockdown pause, the economy is slowing starting to open up. According to Nationwide, the average UK house price is £218,902, a 1.7% drop in the previous month. Therefore, it’s a great time to bag a bargain and invest in a buy-to-let property. There are many benefits to owning property. Whether you’re toying with the idea of becoming a landlord or sold on the idea, here’s 10 good reasons to invest in a rental property right now. It’s a tangible investment It’s never too early (or late) to invest in the future. A rental property is appealing to many since it’s a tangible investment and one that’s relatively familiar and easy to understand. For many, it’s also a far more accessible investment, compared to bonds, stocks or shares that require some market skill and know-how. It can be a money-spinner Sure, house prices fluctuate, but as far as long-term investments go, it’s one of the best ways to enjoy a sizeable financial return. The latest figures reveal that landlords in England and Wales enjoyed £79,770 in capital gains in 2018. The findings also revealed that the vast majority (85 per cent) of landlords with a buy to let property for sale manage to sell it for more money than they originally paid for it. Market for renting From students to relocated-workers and families to couples, the rental market is vast and varied. It’s thought that one in five households in the UK is a rented home. With this in mind, it’s likely you will always find demand for your buy-to-let property. Annual salary Of course, one of the benefits of being a landlord is the annual salary that comes with it. This varies depending on the size, condition and location of your property. However, there’s much appeal, with the average landlord earning £15,000 a year in rent, before tax and deductions. For some, this could make the difference of being able to go part-time in their job or retire early. For others, it is an excellent way to top-up their salary. Guaranteed income There’s no denying that there are certain stresses that come with owning a rental property. However, many will agree that the benefits of being a landlord far outweigh this. One of these benefits is some guarantee of a regular income. Most rental contracts are for six if not 12 months in duration. This offers landlords some peace of mind in terms of a regular monthly payment. Some might say, even more security than a full-time job offers. Grow your portfolio Many individuals who start with a buy-to-rent property find that it’s a viable business. This offers a foray into the real estate industry, growing your portfolio as you acquire more properties. This can be a great career choice, especially for those with an interest in the property market and business investments. A second home Some private landlords invest in a buy-to-let property as a future nest egg for themselves. Not just in terms of financial gain, but also as a retirement home. As part of your long-term strategy, you may decide to invest in a second home now to rent, that you later take off the market to live in yourself. You’ll also have the added benefit of knowing the property has been in good hands, in an area you’re already familiar with before moving. There’s lots of support Even if you’re new to the buy-to-let market, there’s plenty of support in the industry. This includes the Residential Landlords Association who represent and assist its members. From landlords coronavirus advice to lettings expertise, they’re a great resource. Plus, it’s relatively affordable, starting from £155 a year. Support your family One of the benefits of owning property is the opportunity to provide a secure rental to your family. If you have children at university, this will be an all-too-familiar scenario. Many families turn to buy-to-let properties to ensure their children have a stable residence during their higher-education. This can still be rented out beyond their tenancy, making it a handy side-hustle if you like! Expand your knowledge Whether you already own a property, or you’re looking for a buy-to-let for the first time, you will undoubtedly expand your knowledge along the way, from learning the lingo to understanding lending rates, and regulations around being a responsible landlord. It’s a great chance to grow yourself in ways you might not have previously considered. For no-obligation advice on buying a rental property in Chesterfield please contact our expert property team at New Oak Estates on 01246 211646.
Jun 29, 2022
7 THINGS SELLERS NEED TO DECLARE TO ESTATE AGENTS ABOUT THEIR HOME
There’s no denying that selling a home involves paperwork. When preparing to sell, you’ll need to declare various things to your estate agent. While you may be worried about having to share potential issues from the past, it’s important to remember that what you disclose won’t necessarily put buyers off. An old building can be seen as an ‘opportunity for modernisation’. Planning permission from neighbours can be recognised as ‘potential to extend’. Plus, a good estate agent can find the right buyer no matter the circumstances. To prepare you for the sale, here are seven of the most important things you’ll need to declare to estate agents about your home. What you plan to take and leave When you sell up, you’ll need to complete a ‘fixtures and fittings’ form. This will tell buyers what you plan to take with you when you leave, and what will be left behind for them. It’s important to establish these things as early as you can, as it can be a top question asked at viewings. Renovation work While this is a legal requirement, it’s also a great selling point. If you’ve recently renovated the kitchen, had an extension put in, or remodelled the bathroom, then you’ll need to declare the renovation work to estate agents. Planning permissions in the area Usually, you’ll get a letter from your local council informing you about the planning permissions requested by your neighbours. If you’ve had one of these letters recently, or if you get one during the sale of your home, then it’s important you declare it to your estate agent. Denied planning permissions If you applied for planning permission yourself and it was denied, it’s important that you disclose what you applied for and why it was declined to your estate agent. Disputes with neighbours If you’ve had a long-standing dispute with any of your local neighbours, you need to tell your estate agent about it. They are obligated to inform prospective buyers about the issues you’ve had with the people living around you. While it may seem trivial, if a buyer finds out later that you lied, it can be a very serious issue. Pests or Japanese knotweed Even if it was a problem long ago, your estate agent will need to know whether there was a pest invasion in your home, or if you’ve ever experienced Japanese knotweed in your garden. Green deal loans If you have one of these loans, you’ll definitely know about it. It’s a government loan that allows you to make improvements to your property and repay the costs using your energy bill savings. If you move, these debts get passed on to the new owners, so it’s absolutely essential to declare them to your estate agent. We’re here to help Even though it may sound daunting, with our help, we can make the selling process as easy as possible for you. At New Oak Estates, we provide expert help, guidance and support every step of the way. To start the conversation, get in touch with us today by calling 01246 211646 or via email at info@newoakestates.co.uk.
Jun 21, 2022
TOP 10 LEGAL TIPS FOR LANDLORDS
Top 10 legal tips for landlords Whether you already have a property you’re looking to rent out in Chesterfield or you’re thinking of investing in a buy-to-let, it’s vital that you know your legal responsibilities and requirements as a landlord, both to protect yourself and your tenants. Here are our 10 top legal tips for landlords. Take Out Landlord Insurance It’s vital that you take out specialist landlord insurance, as your standard buildings and contents insurance won’t cover you and may be invalidated if you’re renting your property out. The right landlord insurance policy will cover you for damage to the property, loss of rent and legal expenses, so it’s worth having. Draw up a Tenancy Agreement This document will set out the terms of the tenancy between you and the tenant and will help to protect both parties in the event of a dispute. Ensure that a new agreement is drawn up with each new tenant, as tweaking an old agreement could mean you miss important legal changes that have occurred in the meantime. Arrange Regular Inspections – But Don’t Just Drop in! It’s important to check your property every so often to ensure it’s being looked after. However, you should be aware that it’s illegal to just enter the property without the tenant’s permission. It’s advised to give them a minimum of 24 hours’ written notice. This should be stipulated in your tenancy agreement. Obtain an Energy Performance Certificate (EPC) Landlords have a legal responsibility to serve tenants with an EPC, which must have a minimum rating of E. You can provide this along with the tenancy agreement and have the tenant sign to confirm receipt. Obtain a Gas Safety Certificate If your property has gas appliances, then you’re required to have them checked by a Gas Safe Registered engineer. They’ll be able to provide you with a certificate that will need to be renewed annually. A copy of this should be given to your tenants along with their tenancy agreement. Carry Out Electrical Safety Checks You’ll need to have the electrical system checked every 5 years by a qualified electrician. It’s also a good idea to have any appliances in the property PAT tested, but this isn’t legally required. Smoke alarms will also need to be fitted on each floor and these need to be tested on the first day of the tenancy. It’s also strongly advised to have carbon monoxide detectors fitted and tested too. Check if You Need a License Some local authorities will require you to have a license before you can rent out a property, so you’ll need to check before proceeding. This often applies to HMOs and student accommodation, so get in touch with your local council to find out if it applies to you. Protect Your Tenants’ Deposit If you’ve taken a deposit from your tenants then this will need to be protected in a Government authorised tenancy deposit protection scheme. There are three to choose from: Deposit Protection Service (DPS) MyDeposits Tenancy Deposit Scheme (TDS) You’ll need to protect the deposit within 30 days of receiving it and provide your tenants with a deposit protection certificate and prescribed information such as the amount of the deposit, address of the property and details of the tenancy deposit scheme where it’s held. You will also need to provide your tenants with a copy of the Government’s How to Rent guide. If you fail to take these steps, you won’t be able to evict your tenant and you could be fined up to three times the value of the deposit. It’s also unlikely that you will be able to make any deductions from your tenants deposit at the end of their tenancy if you need to claim any money back for damages to the property. Carry Out Tenant Checks You need to know who you’re renting your property out to, and by law you need to make sure that your prospective tenants have the right to rent property. It’s also a good idea to carry out a referencing check. This will confirm important details, such as employment status and whether or not the tenants have had issues paying rent previously. Keep the Property Maintained While your tenants have a duty to keep the property in good condition, it is your responsibility to ensure that it’s well maintained, and any issues are fixed promptly. It’s helpful to have a good relationship with your tenants, and if they contact you about a problem then you should make every effort to ensure it’s rectified as soon as possible. New Oak Estates are your local property management experts. Landlords – call us on 01246 211646 or email info@newoakestates.co.uk to chat with a member of our friendly and experienced team. Read more topics here
Jan 11, 2022
RECOGNITION AS ONE OF THE BEST
It’s official – New Oak Estates is one of the very best Estate Agents in the country! New Oak Estates has been independently identified as one of the top estate agents in the country and now features in the Best Estate Agent Guide. The Best Estate Agent Guide is a website (www.bestestateagentguide.co.uk) that provides an independent reference source for sellers and landlords, who can search for the best sales and lettings agency offices in their areas. The website is compiled by Property Academy (an organisation that works with agents to improve service standards in the property industry), with the support of Rightmove, the UK’s leading property portal. There are c.15,000 estate agents in the country and New Oak Estates was among this year’s award winners, confirming them to be one of the very best estate agents in the country. Over 3 billion data points were analysed in the search for this year’s top performers – the biggest assessment of any industry. The awards are made for property marketing, customer service and results – which consumers consider to be among the most important criteria when selecting which agent to sell or let their property. Peter Knight, founder of the Property Academy, commented: “We set out to provide the home mover with a reliable resource to help identify the best estate agent in each area, whether someone is looking to sell or let a property. Only the best branches make it into the Best Estate Agent Guide and only the very best agencies have been recognised with an award.” Paul Flitter, founder of New Oak Estates said “These awards follow a rigorous and independent assessment and we are thrilled to have been recognised as among the best in the country”. If you’re thinking about selling or letting a property then please get in touch - we will be very pleased to provide you with our advice and you can be confident that you’re dealing with one of the very best estate agents in your area. New Oak Estates www.newoakestates.co.uk 01246 211 646
Jan 11, 2022
WHAT HAPPENED TO THE PROPERTY MARKET IN 2021
The Property Market 2021 Wow, what a year! We have been faced with a global pandemic threatening job security, livelihoods, financial and personal wellbeing, yet despite the worldwide troubles the property market, in many aspects has proved to be a revelation. So why has the property market performed the way it has in 2021? Could it all have started with the government intervention offering a stamp duty holiday back in July 2020, creating huge savings for many home movers? On a purchase at £300,000 people were saving £5,000 on SDLT. And then there’s the panic buy theory – Can you remember the toilet rolls whizzing off the shelves and the fuel disappearing from the pumps? Well, where the housing market is concerned, a lack of supply and an increase in demand has in turn, forced house prices to rise. With many more buyers out there than sellers, buyers are paying over the asking price to secure a home. So, a property that is correctly priced and in demand has been sold within days of coming to the market! Zoopla reported that 46% of questioned people were moving due to requiring additional space following on from the lockdown. House Prices and Activity In Chesterfield, the average asking price of property increased by 5.9% in the last year and 16% over the last 3 years. 1 bed 2 bed 3 bed 4 bed 5 bed Ave Sales Asking Price £106,000 £150,000 £213,000 £331,000 £452,000 Ave Rental Asking Price £488 £600 £775 - - Yield 5.3% 4.6 4.1 - - On average this year there have been 68 sales per month and 178 rentals per month. Currently the marketed share of properties is below 1 bed 2 bed 3 bed 4 bed 5 bed 4% 38% 39% 17% 2% Chesterfields Most Expensive Homes this year with sales completed in 2021. [caption id="attachment_459" align="aligncenter" width="300"] Windfield, Main Road, Old Brampton, Chesterfield, S42 7Selling at £2,185,000 in January 2021[/caption] [caption id="attachment_460" align="aligncenter" width="300"] Chander Hill Barn, Chander Hill, Holymoorside, Chesterfield S42 7Selling at £1,500,000 in August 2021[/caption] Planning Applications In our searched Chesterfield Area, there have been 531 planning applications within the year and our investigation shows that 100% of applications were successful with a potential build spend of £194.7M. The majority of these applications were for home improvement extensions, resulting in fewer properties to the market. Mortgages An increase in First Time Buyer mortgage products available saw a return to the 5% deposit and 95% mortgage. Although this was offered, an exemplary credit history was required to qualify. Growing rental prices and demand for rental properties, provided confidence to mortgage lending, offering 85% mortgages with a deposit of 15% rather than the age old required 20/25%. With many more mortgage products available across the board, this continues to keep competition between lenders forcing interest rates to stay low. Stamp Duty Stamp Duty (SDLT) returned in October 2021 producing pressured workloads for solicitors and mortgage companies trying to get the deals completed prior to the cut off date. Although the return of SDLT meant that the savings had gone, this did not have a negative effect on properties coming to the market. If you are a first time buyer you still do not have to pay the SDLT on property a purchase up to £300,000. For other home movers the current SDLT is identified below; Up to £125,000 – 0% The portion from £125,001 to £250,000 – 2% The portion from £250,001 to £925,000 – 5% The portion from £925,001 to £1,500,000 – 10% Example - If you purchase a house for £295,000 the SDLT you pay will be calculated as follows: 0% on the first £125,000 = £0 2% on the next £125,000 = £2,500 5% on the next £45,000 = £2,250 2022 Prediction Rightmove indicate an increase in homes coming to the market toward the end of the year and have seen a 19% uplift in valuations at the end of 2021 against the same period the previous year. More Property coming to the market will give buyers a wider choice, but we still anticipate demand to be significantly higher than the supply and expect the housing market in 2022 will be very similar to 2021. With continued strong demand for housing and a competitive mortgage market, it would be prudent to expect a further 5% rise in house prices in 2022. If a fresh start and moving home is on your agenda for 2022, why not get in touch to discover your next steps and start making plans! Let us guide you through the process by understanding the value of your home and getting you mortgage ready. Our friendly team look forward to hearing from you! The New Oak Estates Team info@newoakestates.co.uk | 01246 211 646 | www.newoakestates.co.uk * Data Scources - Propertydata.co.uk, Rightmove.co.uk, Zoopla.co.uk For tips and advice on selling and buying property - why not read our blogs - Click Here
Aug 12, 2021
WHAT TO DO BEFORE A VIEWING!
Take the right viewpoint when setting your home up for a sale……….. They say that when you meet people you have not met before, first impressions make a difference. Similarly, they also say kerb appeal for a property on the market is really important. Why? Because you want a potential buyer to get the right feeling from the very start. If your house looks unloved, it’s unlikely that even those with imagination will see past the clutter and the grime. After all, you’re trying to sell your property in Chesterfield and move on, so of course you want people to like your house and put an offer in. This will help you move forward more quickly and that’s what you want, particularly if you have seen a new house you want to be in for the next chapter of your life. So, what can you do? Here are our seven tips for preparing your home for a viewing De-clutter For we estate agents, there is nothing worse than going to show people around a house we are marketing, only to open the front door and find the property is full of clutter. Okay, it might be family favourite toys and pictures and mementoes, or it might be piles of rubbish, but you must realise that prospective buyers want to see the house. They’re not interested in your knick-knacks! Seeing piles of bits and bobs will simply put them in the wrong frame of mind. Tip: As you will be moving anyway, take the opportunity to box things up and store them away, or get rid of unwanted items. If you’re downsizing, it’s a perfect time to get rid of the clutter. Pet Hates You love your cat or your dog. In fact, they’re your best friend. That’s lovely, of course it is, but prospective buyers coming to look around your house may not like pets or could be allergic to them. It sounds harsh, but it is best if you can get a friend or a neighbour to look after your pet for an hour or two. Tip: Give your house a good clean and light a scented candle before a visit by a prospective buyer. It’ll help get rid of the smell of a cat or dog. Centre on the Garden If you’ve got a front garden, tidy it up and make sure the grass is cut or the hedge has been given a trim. First impressions matter so take the time and effort to get it right. If you have children, tidy away all their toys and really show your garden off. Tip: Set the scene; if it’s nice and sunny, put a table and chairs outside so that the garden looks inviting. Smells of the Season Because you’re in your home day in day out, you may be blind to the smells of your house. Using diffusers and scented candles sensibly will help make it smell nice for a potential buyer. Tip: Think about the seasons. If it’s winter, choose a fragrance that ties in with the time of year. Try spiced fruits or cinnamon in Winter perhaps and floral fragrances during the Spring. Bathroom Routine Your bathroom is absolutely key to making a good impression. There’s nothing worse than a dirty, smelly bathroom for making people think that a house is unloved. Tip: Present your bathroom well with folded towels and some flowers placed on the windowsill in a little vase. Store all the soaps, gels and toiletries away in cupboards. Space Invaders Space is often at a premium, so help the potential buyer realise just how much they will be getting if they purchase your property. Is your furniture making a room look small? Are there too many toys or books lying around? Tip: Take a moment to look at a room and put yourself in the shoes of the buyer. If you think a room looks too busy, it might be time to rearrange the chairs or bookshelves. Stage it Right Staging isn’t just for theatre. Make a lasting impression by making your house look good. Put fruit in a bowl, flowers in vases, place a home decor magazine on a side table. Understand that you have to give your home a chance, so make it look great. Tip: If you need inspiration, go and have a look at a homeware, furniture or home decoration shop as they are experts when it comes to staging room scenes. Here at New Oak Estates, we have years of property experience, so, if you need some advice, come and get it from us. Call us on 01246 211646 or email info@newoakestates.co.uk