Home is a keystone of wealth

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UK Property Key Players

Buying or selling a property in the UK required various process and professions. key players in a property transaction, including buyers, sellers and paid property professionals such as real estate agents, financial specialists, surveyors and legal practitioners.

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The main property key prayers are:

  • The middleman – The estate agent may be paid by the vendor, but they need to work with you too to make sure their client’s interests are protected and a good agreement can be reached. The agent should be your first stop when it comes to negotiating on price and striking a deal.
  • The money – In theses days of stricter lending criteria and great deals, it is important to research the best mortgage deals for your circumstances. You’ll need to provide your lender with all the information needed to make sure the process goes smoothly, and be ready to chase if getting your formal offer takes longer than expected.
  • The groundwork – The minimum requirement for mortgage lenders is generally a valuation – this basic report merely confirms the property price is right and that the property security for the mortgage loan. This is not a survey and if you need to carryout a survey, you will have to employ the service of a surveyor. The surveyor’s main role is to assess the physical state of the property. The depth of details you receive will depend on the level of service you choose.
  • The brains – The solicitor or conveyancer commissions detailed searches to make sure there are no dark secrets lurking in the property past, legally speaking. This may relate to restrictive clauses in the lease of a leasehold property, rights of way or contamination due to previous use of the land the property is built upon, or any number of other problems with a property’s title.

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Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

 

How to protect your identity

CIFAS (the UK’s fraud prevention service) warns of the danger of identity theft if house owners are not scrupulously careful about securing all personal data in their home effectively and when moving home. It cites the case of a man who took himself off the electoral register in his old home and redirected his post through Royal Mail only to find himself targeted by identity thieves six months after the move.

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The fraudsters had re-registered the homeowner onto the electoral roll, set up a company in his name and run up large utilities debts and other bills. The fraud only came to light after his application for a credit card was refused.

What is identity theft?

Identity theft is when a person’s personal details are stolen, and can happen whether that person is alive or dead.

Identity thieves can steal your personal information in a number of ways, including going through your post or rubbish to find bank and credit card statements, pre-approved credit offers or tax information.

They could steal personal information from your wallet or purse by taking a driving licence, or credit or bank cards, or could obtain your credit report by posing as someone who has a lawful right to the information.

Some individuals may use the internet to acquire the personal information you share on unsecured sites. They may also use

Your information could even be stolen while you shop. In some cases, fraudsters may even ‘skim’ your credit card information when you make a purchase, leading to card cloning or card-not-present fraud.

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The following are ways to help prevent you from identity theft:

  • Keep all personal document secure and ensure there are no personal documents or other papers carrying your name and details anywhere in the house when you leave
  • Protect your internet-connected devices with up-to-date security software, and make sure you install all official software updates and security fixes on such devices
  • Don’t throw out anything containing your name, address or financial details without shredding it
  • Keep checks on your credit records regularly
  • If you are moving home, make sure you redirect your mail, register with the Mail Preference Service and make sure to inform your utilities, service providers and everyone of your new address in good time to avoid any mail going to your old address
  • End utility and landline telephone contracts before you move out of the home
  • If any of your things are going into storage, make sure there’s nothing personally identifiable from the boxes
  • Be careful when using public wi-fi networks. Never use them to access sensitive apps or sites, such as mobile banking

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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

Property funds remains closed despite M&G raising £70m

M&G has extended the suspension to dealing in its £2.5 billion Property Portfolio fund, which blocked investors from withdrawing their cash last month.

The fund group said it had raised £70 million after completing the sale of the Ravenside Retail Park in Edmonton and exchange contracts on the disposal of an office block in Staines. A further £67 million is in the pipeline from properties ‘either under offer or in solicitors’ hands’, the fund group said.

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‘The immediate priority is to raise cash levels in a controlled manner,’ the fund group said in an update to investors. ‘The fund managers and associated teams are working hard to increase the fund’s cash position.’

The total £138 million of sales would more than double the cash level in the fund, which stood at 4.8% of the fund at the end of November, or around £120 million.

But that would still be well below the heavy holdings of a number of rival property funds, of which some have more than a quarter of their assets in cash.

The Ravenside Retail Park sale will meanwhile chip away at the fund’s large weighting to the under-pressure retail sector, which amounted to 34% of the fund’s assets at the end of November, higher than that of most rivals.

M&G was forced to suspend dealing last month after suffering nearly £1 billion of withdrawals in the space of 12 months. The fund fell 8% over the last year and is kept off the bottom of the Investment Association’s UK Direct Property sector only by the Aberdeen UK Property fund.

Source: Citywire Funds insider

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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

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.

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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

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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

Essential tips on empty property

When a property is unoccupied – between tenants, awaiting sale, or the resident is absent for any reason, it is expected that the property will be exposed to greater level of risk than any other time.

Below are some few tips that can help;

  • Security – Review and implement adequate security measures and remove valuables
  • Water supply – To avoid the risk of freezing causing serious damage, systems should be drained down and the water switched off at the stopcock. Alternatively, the central heating system be active 24 hours per day (not timed) at a minimum of 15 degrees centigrade. If possible, the water should still be switched off at the stopcock (note – some boilers work on mains pressure, making this impractical). If any water is stored in the loft, the access hatch should be left open part way, allowing warm air to circulate in the loft space.
  • Water tank – Ensure it is kept warm or emptied
  • Regular visit – Inspect the property as often as possible
  • Gas and electricity – Ensure Gas and electricity are switched off at the mains if not in use.
  • Maintenance – Keep the property and grounds tidy
  • Insurance – If you don’t tell your insurer that the property is empty, at best the cover under your policy may be restricted. At worst be invalidated completely, leaving you totally uninsured. Many insurers will refuse to provide further cover, some may continue but with severe restrictions. There are specialist insurance companies that offer unoccupied property  insurance.

 

Thinking of buying a property?

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

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk