Now is the best time to work on your home

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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.

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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

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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

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

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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 Ombudsman conference postponed due to COVID 19

The Property Ombudsman has announced that it will postpone its annual conference, which was to have been on June 18, until next year.

In its place, TPO will be holding a Rightmove Webinar on the same morning.

Katrine Sporle, who retires as TPO later this year, says: “Given the circumstances affecting us all, we have decided to convert the conference in Solihull to a Rightmove Webinar to take place on the morning of June 18. We will provide updates, advice and interactive sessions to respond to agents’ questions and concerns.”

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TPO’s office says tickets already purchased will be credited towards the 2021 conference “when normal business resumes.”

Meanwhile a statement from the organisation says it’s business as normal at The Property Ombudsman, with many of its staff managing to work remotely to provide a normal service.

However, TPO says that the priority for agents is of course to ensure the welfare of their employees and advises: “Therefore, if services have to change and complaints cannot be dealt with in the usual way, agents should ensure this is communicated to complainants in writing.”

Should a complaint then be subsequently escalated to TPO, this will be taken into account.

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 Property Projects: Avoid cowboys

Did you know that rogue traders are taking advantage of vulnerable UK home homeowners who are under increasing pressure to meet soaring living costs? Rogue traders will try to tempt you with ‘last minute deals’, cash in hand’ deals and installation work that is not backed by guarantees/insurance to protect you.

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Beware, not only is this illegal as the work will not comply with the Building Regulations, but the work will ultimately cost more and create more hassle in the longer term when the installation work turns pear shaped.

How to avoid cowboy builders

  • Tip 1 – Always go by a recommendation.
  • Tip 2 – Qualifications often prove competence.
  • Tip 3 – Be very specific specifying the works you want carried out.
  • Tip 4 – Agree the price of the job before starting any works.
  • Tip 5 – Pick installers who specifically carry out the works you want.
  • Tip 6 – Minimise upfront payments.

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