COVID19: UK Government suspends property market till further notice

The housing market was halted on Thursday night by the Government after financial institutions said they could no longer operate properly.

Ministers are discouraging buyers from going ahead with house sales and purchases unless they have ­already exchanged contracts as part of wider efforts to slow the spread of the coronavirus, saying no one should move unless absolutely necessary. ­

As a result of the pandemic, homeowners trying to sell their properties face a year of misery as the number of buyers dwindles, estate agents close their doors, banks withdraw deals and house prices falling.

See the source image

Banks and building societies have agreed to extend mortgage offers where completions have to be delayed as a safety precaution.

Grainne Gilmore, head of research at Zoopla, commented: “The clarity provided by the government announcement is welcome for buyers, sellers and agents who are in the middle of the sales process.

“Agents continue to support their buyers and vendors remotely. But, now that there is some leeway on mortgage offers – with a three month extension from lenders – this will enable some buyers to press pause, and to re-start their purchase once the current social distancing rules are relaxed.”

What does it mean if you’re buying?

You should only consider going ahead with your move in the immediate term if you have already exchanged contracts.

If you have not yet exchanged contracts, the government are advising you to delay doing so.

See the source imageBanks and building societies have agreed to extend mortgage offers for up to an additional three months to enable customers to move at a later date without losing the deal they had lined up.

If your circumstances change during this period or the terms of the house purchase alter significantly, meaning that continuing with the mortgage would put you into financial hardship, lenders have pledged to work with you to manage your finances as a matter of urgency.

What it means if you are selling?

Putting your property on the market will be more challenging than usual, as you are not allowed to have visitors to your home.

As a result, you will not be able to have estate agents come to take photos or carry out a physical market appraisal, while Energy Performance Certificate assessors are also not allowed to visit you.

If your home is already on the market, you can continue to advertise it for sale, but people cannot come to physically view your property.

Importantly, you are still allowed to accept offers on your property during the current period.

In fact, the number of sales agreed between March 16 and March 22 were only 4% lower than a year earlier.

Source: Zoopla Property News

Pls Comment, like and share

Thinking of buying a property?

Need help with residential and commercial property purchase/finance in the UK from start to finish, Please Contact me

Selling or renting your property in Greater Manchester? Get same day EPC for £45 only

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

UK Covid19 Lockdown: Only emergency repairs allowed, Landlords and Estate Agents told

The latest advice issued today is that although tradespeople can complete repairs at properties if they take precautions, landlords should avoid face-to-face contact with existing or prospective tenants.

The government has told landlords and letting agents that they should not conduct house viewings or complete routine inspections of properties, but has said that their tradespeople can complete emergency repairs.

See the source imageBut confirmation has yet to come through from the Ministry of Housing, Communities and Local Government about essential tasks such as gas safety and electrical equipment testing and whether these will be exempt from the lockdown as ‘essential services’.

It is also understood that ministers are considering whether to allow many of the companies serving the private rented sector to continue doing their work if a property is owned by someone working in frontline health and emergency services.

Until yesterday industry organisation Gas Safe Register was recommending to landlords that they book inspections by an approved engineer as soon as possible if their renewal date was within the next two months.

The organisation says that following the lock-down announcement last night, it is urgently seeking guidance from the Cabinet Office and the Health and Safety Executive about whether residential property safety inspections will be deemed ‘essential services’.

Also, landlords who are refurbishing properties can continue their work as construction sites have also been given the green light as essential service, it was confirmed this morning.

But all this advice from government remains just that – guidance; the necessary legislation to make it an offence to ignore the rules has yet to make its way through parliament, although this is expected to be achieved at any moment.

One grey area is whether landlords can help tenants move into or out of a property; there are a large number of outstanding rental tenancy contracts that were signed and paid for up-front before the Coronavirus shutdown, and now lockdown, gripped the nation.

Source: LandlordZone

Pls Comment, like and share

Thinking of buying a property?

Need help with residential and commercial property purchase/finance in the UK from start to finish, Please Contact me

Selling or renting your property in Greater Manchester? Get same day EPC for £45 only

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

Manchester Trafford Centre firm Intu warns it could go bust

The owner of some of the UK’s biggest shopping centres, Intu, has said there are doubts that it can survive unless it raises extra funds.

See the source image

Its comments came as the firm – which owns Manchester’s Trafford Centre and the Lakeside complex in Essex – reported a £2bn loss in 2019.

The weakness in the retail sector meant Intu wrote down the value of its shopping centre sites by nearly £2bn.

Intu will try to raise extra cash after an earlier plan to raise £1bn failed.

The collapse and contraction of High Street retailers has left landlords such as Intu struggling to fill vacant space. At the same time, Intu has run up debts of nearly £5bn.

In January, the firm approached its shareholders to ask for more money amid the downturn in the retail sector.

But last week, Intu said it was at risk of breaching debt covenants after it was forced to abandon the fundraising attempt. It said “extreme market conditions” deterred investors from giving fresh cash.

To help it keep going, the firm said it would try to engage with investors, or it might have to sell more of its assets.

The company has already been selling shopping centres to raise cash.

Intu said it could also try to seek waivers on its debt commitments to lenders and spend less in the short term.

Source: BBC News

Pls Comment, like and share

Thinking of buying a property?

Need help with residential and commercial property purchase/finance in the UK from start to finish, Please Contact me

Selling or renting your property in Greater Manchester? Get same day EPC for £45 only

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

Neighbours happy to see this ugly eyesore property auction for sale in Stoke

An ‘eyesore’ property is set to be auctioned off in the hope it will be redeveloped.

The semi-detached corner house in Turnhurst Road, Packmoor, Stoke-on-Trent

UK is to up for auction later this month, with a guide price of £30,000.

The two-bedroom former home and shop has a garden to its rear and is desperate need of serious renovation. It sits on the corner of Scragg Street.

It’s close to two schools as well as Kidsgrove and Tunstall town centres.

Families in the area have expressed delight at the thought of something being done with the old green home.

Sonia Oxford has lived in the area for many years, the 77-year-old trustee of St Marks school in Tunstall said: “It’s been up before but nothing has happened.

“I think it would be difficult to have more than one house there because of the road and the access to it. But it used to be a little shop and she [the shopkeeper] lived on the premises.

“I’d like it to be a house again and it doesn’t matter who lives there as long as they are law abiding. It could be nice for a family with children as there’s a school up the road and a school down the road.

“But if it was a little shop again that you could pop into for some bread that would be alright too.”

Dog walker David Potts often passes the old green structure on his walks. The consultant engineer, aged 44, said: “We’ve lived here 16 years now and it’s always been empty. The roof did start to cave in and someone came and repaired it almost immediately.

“So it’s a really good thing [it’s being auctioned off]. Whether it becomes somebody living there I don’t know. But it was a shop. We’ve already got the One Stop so we’re not crying out for another shop.

“But to see it used and not just left to rot  is a good thing.”

The question is what would you do with this property?

Source: StokeonTrentLive

Pls Comment, like and share

Thinking of buying a property?

Need help with residential and commercial property purchase/finance in the UK from start to finish, Please Contact me

Selling or renting your property in Greater Manchester? Get same day EPC for £45 only

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

Building Regulation standards: The 14 Parts you need to know

Building regulations in the United Kingdom are statutory instruments or statutory regulations that seek to ensure that the policies set out in the relevant legislation are carried out. Building regulations approval is required for most building work in the UK. Building regulations that apply across England and Wales are set out in the Building Act 1984 while those that apply across Scotland are set out in the Building Act 2003.

See the source image

Anyone wishing to undertake building work which is subject to the building regulations is required by law to make sure it complies with the regulations and to use one of the two types of building control services available, which are not free. The two types of services are:

  • The Building Control Service provided by your local authority.
  • The Building Control Service provided by approved inspectors.

It is important to understand the areas that require compliance.

The 14 ‘parts’ of schedule 1 to the building regulations are:

  1. A – Structure
  2. B – Fire safety
  3. C – Site preparation and resistance to contaminants and moisture
  4. D – Toxic substances
  5. E – Resistance to the passage of sound
  6. F – Ventilation
  7. G – Hygiene
  8. H – Drainage and waste disposal
  9. J – Combustion appliances and fuel storage systems
  10. K – Protection from falling,collision and impact
  11. L – Conservation of fuel and power
  12. M – Access to and use of buildings
  13. N – Glazing – safety in relation to impact, opening and cleaning
  14. P – Electrical safety

Pls Comment, like and share

Thinking of buying a property?

Need help with residential and commercial property purchase/finance in the UK from start to finish, Please Contact me

Selling or renting your property in Greater Manchester? Get same day EPC for £45 only

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

Landlords & Property Owners: Do I need a new EPC to meet government legislation?

As from the 1st April 2018 there is a requirement for any properties rented out in the private rented sector to normally have a minimum energy performance rating of E on an Energy Performance Certificate (EPC). The regulations came into force for new lets and renewals of tenancies with effect from 1st April 2018 and for all existing tenancies on 1st April 2020. It will be unlawful to rent a property which breaches the requirement for a minimum E rating, unless there is an applicable exemption. A civil penalty of up to £4,000 will be imposed for breaches. This guidance summarizes the regulations. There are separate regulations effective from 1st April 2016 under which a tenant can apply for consent to carry out energy efficiency improvements in privately rented properties.

See the source image

For most landlords and home owners this will mean that they will no longer be able to rent out a property with a rating of F or G after April 1st 2018. As such landlords with properties in this EPC bracket should begin preparing now for April 1st. However, there are several nuances and exceptions, which this guide covers in detail.

IMPORTANT NOTE

The ending of state aid for the Green Deal means that changes need to be made to the Regulations imposing minimum energy efficiency standards in the PRS. From April 1st 2019 landlords will now have to pay towards the required energy efficiency improvements to bring it up to standard if there is no third party funding available.

Research has also identified that energy performance certificates (EPCs) understate the thermal efficiency of solid walls. Many PRS properties have solid walls. Usually they were built pre-1918 but can be later. The Government have now recalibrated EPCs to give a truer reading. This could mean that some solid wall properties currently rated F under an EPC will no longer require any work and less work may be required in the case of a G rated property. Landlords of F and G rated solid wall properties are therefore advised to consider having a new EPC check performed. In these cases, obtaining a new EPC may mean that you no longer need to comply with the Regulations or less work may be required.

To find out if you need a new EPC contact me or follow the government website link below for a comprehensive guidance;

Source: Gov.UK

Pls Comment, like and share

Thinking of buying a property?

Need help with residential and commercial property purchase/finance in the UK from start to finish, Please Contact me

Selling or renting your property in Greater Manchester? Get same day EPC for £45 only

Need help with commercial biogas Energy generation project financing, Operation and Management please contact me for more details

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

TPO looking for a new Property Ombudsman

The current Ombudsman, Katrine Sporle, is giving up the role in November after five years in the post.

The closing date for applicants is February 18

See the source image

Established in 1990, the Property Ombudsman (TPO) is a government approved scheme providing fair, free and independent redress in relation to disputes between consumers and property agents. Responding last year to nearly 30,000 enquiries, and instructing agents to pay over £2 million of awards, TPO is the primary source of industry standards and consumer redress in an industry with widespread consumer impact. 

TPO is proud of its reputation, its strong connections with policy makers and its focus on quality, rigour and reach. However, operating in a competitive landscape, and in a sector which touches the lives of millions of people, means that TPO is not an organisation that can ever afford to stand still.  The head of the current Ombudsman, Katrine Sporle, stepping down in 2020 after 5 years outstanding service, TPO are looking for an outstanding leader to fulfil this key leadership role, and continue to take the organisation forward.   

TPO’s new Ombudsman will play a critical role in raising the profile of the organisation and its work, improving its performance, impact and influence, and ensuring that it has the culture, partnerships and resources in place to be sustainable over the long term. They will nurture, develop and inspire TPO’s staff team, based predominantly at the Head Office in Salisbury, and represent TPO externally, including to sector leaders, policy makers, the media and a range of other cross-sector audiences.  

TPO would welcome applications for this role from people with strategic and operational leadership credentials, and a strong track record in external engagement roles and influencing policy. We need an Ombudsman with a confident and sensitive leadership style, who can motivate and energise our people and stakeholders. An understanding of redress and ombudsman services and/or of the property sector is highly desirable.  

Saxton Bampfylde Ltd is acting as an employment agency advisor to the Property Ombudsman on this appointment.  For further information about the role, including details about how to apply, please visit www.saxbam.com/appointments using reference QAQDB.  Alternatively telephone +44 (0)20 7227 0880(during office hours).  Applications should be received by noon on Tuesday 18 February 2020.

Pls Comment, like and share

Thinking of buying a property?

Need help with residential and commercial property purchase/finance in the UK from start to finish, Please Contact me

Selling or renting your property in Greater Manchester? Get same day EPC for £45 only

Need help with commercial biogas Energy generation project financing, Operation and Management please contact me for more details

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

Get garden savvy

Fancy a top class garden? Whether you’re employing a landscaper or doing it yourself it’s pertinent you know what you want from your garden.

See the source image

Below is a checklist for discussing your garden requirements with a landscape gardener or from your local garden store;

  • Who is going to use this garden (adults, children, animals)?
  • At what times of the year and day will it be used most?
  • Which activities will take place here(eating,playing,sunbathing,swimming)?
  • What do you like most in a garden?
  • What do you dislike most in a garden?
  • Are privacy and security an issue?See the source image
  • What is on your own wish list and that of your family?
  • How to incorporate and integrate your wish and that of your family?
  • Which styles of garden do you like? (internet, garden magazines and books are useful to give an idea.)
  • What is the timescale? This can be years.
  • What is the budget? (Be honest – there’s no point in stating a figure that is in fact unachievable.)
  • How will it be maintained? By yourself or staff?
  • How much time will be available for its maintenance?

Pls Comment, like and share

Thinking of buying a property?

Need help with residential and commercial property purchase in the UK from start to finish, Please Contact me

Selling or renting your property in Greater Manchester? Get same day EPC for £45 only

Need help with commercial biogas Energy generation project financing, Operation and Management please contact me for more details

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

2020 Good News to tenants as UK end no-fault evictions.

Tenants are set to have more security as the Government looks to end no-fault evictions.

The Renters’ Reform Bill, which was included in the December 2019 Queen’s Speech, will mean landlords can no longer evict tenants for no reason.

See the source image

But landlords will be given more rights to take back possession of their property through the courts when they have a valid reason to do so, with the process made quicker and easier for them.

A new lifetime deposit scheme will also be introduced, under which rental deposits can be transferred between different properties so that tenants do not have to save for a new deposit each time they move home.

The bill is part of a range of initiatives by the Government to improve the private rental sector for tenants and give them more stability, particularly for families with children.

Under section 21 of the Housing Act 1988, landlords can currently give tenants eight weeks’ notice to vacate their property once the fixed term period of their contract has ended.

The bill also includes measures to improve the standard of rented accommodation, with tenants given a right to redress if their homes are deemed not to be safe or are bad for their health.

The bill will only cover England.

Top 3 benefit of the bill

  • Tenants are set to have more security as the Government looks to end no-fault evictions

  • Landlords will be given more rights to take back possession of their property through the courts when they have a valid reason to do so

  • A new lifetime deposit scheme will be introduced, under which rental deposits can be moved between different properties

Source: Zoopla Property News

Pls Comment, like and share

Thinking of buying a property?

Need help with property purchase in the UK from start to finish, Please Contact me

Selling or renting your property in Greater Manchester? Get same day EPC for £45 only

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

Property Refurbishment: Should I improve or extend?

When undertaking property refurbishment, to make the decision of whether to improve or extend your existing property there are things you have to consider with cost being top of the list.  You will need to consider what your requirements really are.

See the source image

For example, here are some of the reasons why you may consider carrying out improvement and alteration, as opposed to building an extension – to:

  • Create a larger or open plan kitchen
  • Enlarge the dining room
  • Enlarge the living room or create an open plan living space
  • Create space for en-suite bathroom to the master bedroom
  • Create a utility room
  • Create a play room
  • Create more storage space
  • Create a grand entrance hall
  • Create additional bedroom

See the source imageMany properties may offer the space to achieve some of the above without the need to extend. Improvements and alterations may cost considerably less and could be carried out without the necessity of obtaining planning permission, although it is advisable to contact a professional builder or structural engineer to ascertain the structural implications when planning to remove dividing walls or chimney breasts, etc. Depending on the age of the property, and other factors associated with, for example, historic buildings, you may need to contact the planning office to ensure that you do not need planning permission to carry out the work.

If you are in two minds about extending or improving your property, it could be beneficial from a financial point of view to start off by making small non-structural improvements. This should in any case add value to your property and make it more desirable. It will also give you the opportunity to see if it meets with your requirements, and if it doesn’t you can then plan for the next option.

Pls Comment, like and share

Thinking of buying a property?

Need help with property purchase in the UK from start to finish, Please Contact me

Selling or renting your property in Greater Manchester? Get same day EPC for £45 only

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk