What is conveyancing?

Along with being an important and exciting milestone in a person's life, buying and selling a house can also be a stressful time. At Forbes Solicitors, our aim is to eliminate the stress and ensure that everything runs as smoothly as possible for you. What is conveyancing? Conveyancing is the legal transfer of a property from one owner to another, and a conveyancer acts on behalf of the... Carry on Reading

The truth behind below market value (BMV)

When starting out in property it’s easy to believe that it’s all about buying below market value; after all, no self-respecting investor would attend a property networking event or post on any property forum if they weren’t negotiating furiously for 20%, 25% or 30% discounts from market value. But as I’ve mentioned before, although we live in a BMV era, sometimes it can be... Carry on Reading

Is property still a good investment?

The imminence of Brexit has caused many to question whether property is still a viable and safe investment model for the future, and I am often asked if I am still confident that property will provide me with continued financial freedom. Without a doubt, my answer is always “Yes”! Leaving political views aside – and taking into account that with or without Brexit property... Carry on Reading

What does the domestic energy assessment involve?

What does the domestic energy assessment involve? The Energy Performance Certificate (EPC) is based upon an assessment of the property carried out by a licensed Domestic Energy Assessor (DEA). The domestic energy assessment involves: Establishing the age and construction method of the property. Measuring floor and wall areas of the property. Looking at heating systems including... Carry on Reading

Landlords anticipating demand as pandemic ensues.

Data recently published by The Mortgage Lender showed that one in five homeowners believe that demand for more space due to lockdown and homework will take tenants from urban areas to the country. According to a OnePoll study in July this year, 35% of landlords had changed their minds about what type of tenants they would find attractive in the future because of the pandemic. And there... Carry on Reading

5.5 Billion of London Real Estate is owned by one person. It's not who you think it is!

One of the biggest real estate moguls in London is the president of the United Arab Emirates, Sheikh Khalifa bin Zayed Al Nahyan. The Guardian revealed last week that they own about 5.5 billion euros in real estate in the city. It covers the streets and buildings of Mayfair, Knightsbridge and Kensington, and perhaps even more valuable than the London properties of the Grosvenor Estate, which are... Carry on Reading

Dominic Cummings dodges 30k tax bill on Durham questionable property

Pending tax years - a minimum of £30,000 up to GBR 50,000 - will be forgotten on two houses built against the rules, although researchers have determined that Cummings will pay the consulting tax on them. Instead of backing up the cost at the time the two properties are built, new property charges - on the outskirts of Durham - will take effect this month. One rule for them Durham... Carry on Reading

Update from Martin Lewis on £10,000 scheme to spend on property - expert advice

MARTIN LEWIS is the money-saving expert who is full of tips to help Britons make their money go further. Tonight, he explained how to get thousands of pounds worth of vouchers with the Green House Grant. Martin Lewis offered advice on the government grant for green houses. Speaking at Martin Lewis Money Show: Live, he revealed what the scheme is and whether it's worth it. Vouchers... Carry on Reading

Landlords at risk of being fined due to little known rule change

Buy-to-let landlords and others who have sold properties to enjoy the recent stamp tax duty holiday face heavy penalties for a little-known rule change, tax experts warned. Since April, UK residents who sell or gift residential properties in the UK and make a taxable profit are required to report and pay all taxes due on capital gains (CGT) within 30 days of completion of the transaction.... Carry on Reading

Agents to be banned from advertising poor EPCs

A new government proposal suggests that agents and portals will be prohibited from publicizing rental properties with non-compliant energy efficiency certificates.   The idea came from the Ministry of Economy, Energy and Industrial Strategy in a consultation paper published as part of a government initiative to reduce buildings to mitigate the effects of climate change. You want... Carry on Reading

New notice periods: Introduced 1st of September

notice Tenants may now be provided with 6 months notice period. If you are a buy to let landlord you may need to give your tenants 6 months notice. Prior to seeking possession through the courts in most cases, including  section 21 evictions and rent arrears under six months, you will likely need to give 6 months notice period to your tenants to help ensure renters are protected throughout the winter... Carry on Reading

Repossessed Properties

The process associated with repossession or purchasing of repossessed properties are very appealing matters but dealt differently. Repossession is very stressful, but for those who would like to buy repossessed properties can benefit from a variety of different ways. Understandably, individuals in both situations have many questions, and this article covers some of the most common answers in both... Carry on Reading

Is Now The Right Time To Invest In A Property

Those looking for a property have been able to since May 13th. Tenants viewing properties are now looking for something more than before. We have tried to answer some of the most important questions in the minds of potential home buyers. Nationwide research suggests that UK has seen the biggest drop in house prices for a decade. Most lenders, estates agents and experts are expecting a... Carry on Reading

Rent to Buy Scheme

Rent to buy is an initiative which aims to help to-be first time property owners get on the property ladder. If the person intending to buy their first property does not have a deposit then this scheme is intended to help. Rent to buy is also known as rent to save in some areas. The government introduced rent to buy for the development of ten thousand homes, mainly, one or two bedroom homes... Carry on Reading

Sold STC Meaning

Sold STC Meaning: Luxury Property Sold subject to contract (sold STC), is when a seller has verbally accepted a buyer offer but a contract is yet to be formed. In this situation, there is no legal contract, so the agreement isn’t yet a legal contract. If the seller received a verbal offer which they then consider the seller will display sold STC. The seller may keep the sign up letting other potential buyers that the property is... Carry on Reading

Rent a Room Scheme

The rent a room scheme is an gives landlords an opportunity to earn £7,500 before paying tax. A landlord can be eligible by offering furnished accommodation in their personal home. How does it work For income £7,500 or less or, £3,250 if in shared ownership, then the tax exemption applies automatically. If the landlord passes the £7,500 threshold, they are required to file a tax return... Carry on Reading

Statutory Periodic Tenancy

A period tenancy is the default agreement if a tenant remains under tenancy after an agreed tenancy expires. One a tenancy reaches the end of its terms; two things will usually happen. Either the tenant vacates the property, or the landlord and tenant will form a new tenancy agreement. If after the tenancy has ended the tenant remains in the property, which they pay rent for, and the landlords... Carry on Reading

Periodic Tenancy

Periodic Tenancy: Agreement Signed A period tenancy is a tenancy agreement which runs through on a periodic term such as weekly or monthly. A periodic tenancy is a tenancy that extends from one month to the next, or less often, from one week to the next. Periodic tenancies can run on a quarterly basis or even a yearly basis, but normally, most periodic tenancy’s run a monthly basis. When dealing with short term agreements, this... Carry on Reading

Lease Option Agreement

A lease option agreement is a contract which gives the tenant an option purchase the property at the end of their rental period. The landlord will let the property to the tenant who as an option to purchase the property after an agreed time has passed. The option can be used with both residential and commercial lets. The tenant and landlord make a legal agreement, where the tenant has the option... Carry on Reading

Holding Deposit

The process of renting a property often involves the potential tenant leaving two types of deposit. The first is a holding deposit and the second is a security deposit. A holding deposit is paid by the tenant to reserve the property. Normally, if the landlord oulls out of the tenancy the holding deposit is refunded to the tenant. The deposit made by the tenant acts a refundable down... Carry on Reading

landlord and tenant act 1985

landlord and tenant act 1985 The Landlords and Tenants Act 1985 is an English Land Law Act of the British Parliament. It sets strict minimum standards for tenants' rights over their landlords. History Under Margaret Thatcher's rule, there has been a policy of deregulation of real estate markets, improving quality and increasing supply. The hallmark was the abolition of rent regulation, especially so that... Carry on Reading

Pat Test Certificate

Portable Device Testing (PAT) is well known to most people who own a business. This is the process by which all company-owned portable electrical devices are tested to ensure they meet high safety standards. Anyone with a PAT test computer can perform a PAT test. However, it is generally recommended that the work be done by a competent electrical engineer. There are two reasons for this; First... Carry on Reading

electrical safety certificate

Owners need health and safety checks to ensure that all basic concepts meet certain standards; with respect to electricity, this means the acquisition of an electrical safety certificate. The Electrical Safety Council is the governing body that draws up the necessary guidelines. It also publishes helpful documents, such as the Landlord's Guide to Electrical Safety. When applying guidelines... Carry on Reading

Housing Act 1988

What is the Housing Act 1988 and what rights are landlords given? The Housing Act 1988, one of the most important property rights laws in England, covers a wide range of areas and has the most rights and obligations of tenants and landlords. It also contains a number of qualifications and exceptions to the rules, which can be confusing. What is the law and is the same as a lease? As... Carry on Reading

Tenant Referencing

Tenant Referencing, hand written letter Tenancy referencing is a verification check used by landlords or letting agencies. Tenant referencing can assist homeowners or letting agencies when considering a possible tenant. What does tenant referencing cover? It can always be a challenge for a landlord to find the right tenant for their property. A tenant may cause excessive damage to a property. A tenant may miss rent payments or... Carry on Reading

Tenants Liability Insurance

Tenants liability insurance is a type of insurance for tenants. It offers protection and cover if a tenant damages a property. Tenants liability insurance is optional, some tenants may have this insurance others wont. The insurance covers when tenants cause accidental damage to the property. The policy normally covers minor incidents and accidents. Each policy will be different based on the... Carry on Reading

Unoccupied House Insurance

Unoccupied house insurance covers when the house is empty for more than 30 days in a row. Unoccupied house insurance is different from a standard house insurance policy. The company providing standard house insurance may stop its policy in the event of a house or property is no longer occupied. It would help if you had unoccupied house insurance in the following circumstance. An owner moving to a... Carry on Reading

Shared Ownership Mortgage

Shared ownership mortgages help buyers who can't secure the full mortgage. If you want to get a property but can only secure part of the mortgage, a shared ownership mortage might help. In this situation you would get the amount of the home you do get a mortgage on and pay rent on the remaining percent. You can buy the remaining percent at a later point when you are able to secure a larger... Carry on Reading

Part L Building Regulations

The Building Regulations is a set of rules covering buildings and construction of buildings. They are a legal requirement, covering areas such as architecture and implimentation. The aims of Part L Building Regulations Part L contains guidelines relating to the preservation of fuel and energy. The act aims to limit fuel and energy usage where possible. Including, heat gains or loss, and... Carry on Reading

lodger agreement

Tenants who share a unit with their landlord are also known as "excluded occupants." This is a term used in apartments to identify your housing rights. Entering a tenant has fewer legal requirements than leaving a full property. A rental agreement is used when a landlord wants to rent a room in a furnished property where the landlord lives and shares common areas of the property (e.g.... Carry on Reading

Let to Buy Mortgage

let to buy mortgage: home front door Let to buy mortgages can also help you buy your next home and rent your old home, for example, if you want to redesign an existing main residence as a purchase to leave the property and buy a new residential property. Essentially, it's about having two mortgages at the same time. You turn your existing mortgage into a buy-to-option mortgage so you can skip your current home, and then take... Carry on Reading

Let Agreed

let agreed: moving in to house The term used when tenants and landlords carry out review, reference and paperwork before signing the lease must be agreed. During this period, both parties undertook to continue the contract, but no legal documents were signed, so there is no legal return if for some reason it does not proceed. However, it is generally agreed that neither party will explore other options (landlords... Carry on Reading

Section 20 notice

section 20 notice: reading books Section 20 can relate to two separate acts under article 20 on real estate in England: (1) the notice on leases under the Housing Act 1988 and the other, (2) refers to section 20 of the Landlord and Tenants Act 1985, amended by the Joint Reform and Leasing Act (LCR) of 2002, which includes rental properties and rents for consulting firms in large facilities. the Housing act of 1988... Carry on Reading

Memorandum of Sale

Memorandum of Sale: signed agreement When buying or selling a home, you may have found the term "sell morandum," but are not familiar with what it is or why it matters. If you are a potential buyer who wants to take a mortgage, or if you are a seller who wants to see your home in a very volum, you need to get a sales memorandum. What is a sales memorandum? In other words, a sales memorandum is a document on the... Carry on Reading

Mortgage in Principle

A mortgage in principle is commonly a certificate that basically says how much money a lender likes to borrow to buy a home. If you are willing to make a proposal about a property, a mortgage will basically show that you are serious and able to buy. A fundamental agreement, also known as a "decision in principle," is a "mortgage obligation" or "fundamental mortgage... Carry on Reading

How to Get a Council House Quicker

Social Housing To get a council house each council will have their own criteria. Typically, You aren't guaranteed when you will exactly get a property. You will join a waiting list, the time to get a council house will be different for each council. The best way to find out how long you will likely have to wait for a counci house is to ask your local housing representive. You are able to apply for a... Carry on Reading

Open Fireplace

open fireplace: interior home Fireplaces are the most popular amenities that most buyers consider and more in looking for a new home.  These facilities offer an extra touch of architectural vitality, both indoors and outdoors.  There are many great benefits of having a fireplace in your home, seven of which are: With the introduction of central heating, there has been a tendency to close chimneys and install... Carry on Reading

Radiator Not Working

There can be different causes which contribute to a radiator not working as expected. With some guidance, a homeowner may be able to resolve some of the problems. A series of logical checks set out in this guide can help determine the cause. Once, the home owner determines the cause, they can then work on fixing the issue. Step 1: Check all the radiators in your home or property First,... Carry on Reading

Do you need planning permission for a loft conversion

loft conversion Do you need planning permission for a loft conversion? Adding extra space in the loft can give your home between 25 and 50 percent more living space or extra storage space without losing garden space like with an extension. Working in the attic is part of the " permitted development rule," meaning you can make some changes to your home without permission; however, it depends on... Carry on Reading

Single Storey Extension

A single story extension can add considerable value to your property. It offers space and if done correctly, can bring significant daylight in your house. Single story extension takes place in three different ways. They are rare, side and wrapped single story extensions. You need permission for various extensions, especially if it is a complicated one. To Seek planning, you need to submit a... Carry on Reading

how long does planning permission last

Prior to 1968, there was no limit on the duration of building permits. Between 1968 and 2009, the duration of a permit was generally determined under the permit conditions, which was often limited to 5 years in which construction would begin, although it was sometimes possible to extend it by requesting a change in condition. However, since 2009, unless otherwise indicated by the authorisation... Carry on Reading

Guarantor Mortgage

Guarantor mortgages are there to help you when you may not be able to get a mortgage in your current circumstances. They can help to secure a mortgage if a mortgage provider doesn't accept you. If you can't buy the home you want with a regular mortgage, a guarantor could help you to borrow more. If you can't secure a mortgage, a bank may approve your mortgage application if you have a guarantor.... Carry on Reading

Housing Ombudsman

The Office of the Housing Ombudsman is a non-ministerial public body of the United Kingdom government, established by the Department of Housing, Local Government and Local Government. The Housing Ombudsman Service is investigating complaints about registered social housing providers, such as housing associations, and other landlords, managers and brokers. The service is free, independent and... Carry on Reading

HMO Property

HMO stands for House in Multiple Occupation. A property is classed as a House in Multiple Occupation when it holds multiple parties with shared facilities. Shared facilities include a shared garden, bathroom, kitchen, other communal areas. Landlords may choose a House in Multiple Occupation rather than renting to a single party as there is potential for higher rent. When using House in... Carry on Reading

The Property Ombudsman

the property ombudsman: two people signing an agreement The Property Ombudsman Scheme (TPO) is an ombudsman in the United Kingdom. Since 1990, it has offered users and real estate agents another dispute resolution service. The Property Ombudsman System provides a free, fair and independent service to protect consumers from unfair practices. The plan receives more than 16,000 applications per year and provides users with an independent and impartial... Carry on Reading

Land For Sale With Planning Permission

land for sale with planning permission When it comes to selling your home, everyone is after two things: a good price, and a quick turnaround. While there are many tips for getting the most out of your sale, adding planning permission might just be the best industry secret. Not only can it make a significant impact on your house price, it is a relatively cheap and painless process.... Carry on Reading

Part 1 Architectural Assistant

Part 1 Architectural Assistant: Architecture stationary There are many different options that you can consider if you want to train as an architect. Although the normal way is to complete a five-year study at a university and have at least two years of practical experience, it can also be studied part-time; Study through the RIBA study or through the new learning path while working on an architectural practice. The term "nchitect" is... Carry on Reading

Property Income Allowance

There are two legislation that mentions trading allowance and property income allowance. These legislation are the Finance Act 2017 and Income Tax (Trading and Other Income) Act 2005 (ITTOIA 2005). 2017/2018 was the first official tax period for property owners to make a claim. It appears to be more surprising in today's expanding property investment market that despite the Act in place, property... Carry on Reading

Modern Method of Auction

Even though it is refered to a modern, the modern auction dates back upto decades.It has been around for a while but recently become more popular due to the benefits. Modern auction methods are considerably beneficial compared to traditional methods. Because of these benefits, modern auctions are now becoming a favourite for property buyers. Modern real estate auctions are conducted online... Carry on Reading

What Does Share Of Freehold Mean

Today’s property market offers many opportunities to the buyers and a share of freehold is one of them. By having a share of freehold,  buyers can enjoy regular  management of the building in a way that works for them. Yet, it also comes with a higher level of responsibility. This article provides explanation of some advantages and disadvantages for shareholders. What is a... Carry on Reading

DSS Properties

DSS Properties: Houses to rent in street What does DSS mean? DSS stands for the Department of Social Security. The Department of Social Security was responsible for benefits but was replaced in 2001. One aspect of the DSS is now replaced with the Department of Work and Pensions. The DSS was a governmental body, the abbreviation is still used informally throughout the UK When dealing with property, DSS refers back to social... Carry on Reading

Property and Door Security

Investing in door security for your property can offer seveal benefits. First, it can protect the occupants from introders. Helping to ensure that the property is secure can help protect against theft. Also, better security will help to reduce insurance. Property security can come in different forms. In thesimplest way, you can enhance door security by changing or adding a lock. Or you... Carry on Reading

Electric Central Heating

Electric central heating can mean two things: upgrading your old gas boiler to an electric boiler, or upgrading your old radiators to smart electric radiators. These simply heat your entire house without boilers. It is like central heating, but designed for a modern lifestyle. The term central heating was originally used only in the literal sense. Central heating meant any heating system... Carry on Reading

Garages For Sale

Investing in a garage is a good way to get started with property investment. Buying a garage does not require as much investment as other premesis or other areas where you may invest. As it requires less investment, it has less financial risk but gives experience which can be beneficial when investing in higher value premesis. If you invest in a garage, you can rent it out for additional storage... Carry on Reading

Shop for Sale

A shop for sale isn't always the first thing to think of when investing in a property or real estate. There is a wide range of outlets, from street shops and country shops to department stores and supermarkets. And they are an important part of the UK's global commercial real estate industry. It is an industry that can be full of long hours and lots of difficult work. You’re going to... Carry on Reading

Online Business for Sale

online business for sale: entrepreneur at work In 2019, online sales amounted to almost $3trillion. With estimations that the current online economy is approaching $5trillion in yearly sales. This could be why so many entrepreneurs seek to join online business. Along with the hopes of having a flesible business lifestyle. The ability to work the hours they chose without having to be in a physical store. Allowing the business owner to conduct... Carry on Reading

Tenants crawled to access their flat, Landlord fined £3000

A landlord was fined £3040 after renting out a flat which could only be accessed by crawling. Tenants could only access their flat after crawling through a small entrance hatch. The landlord has been find £3040. Yaakov Marom, has been ordered to pay the fine for renting the loft in a property in Hendon. The room in the loft was accessed through a small hatch at the top of the... Carry on Reading