Author: Craig Bastow

Over the last 12 months, it’s been reported that many landlords have decided enough is enough and are exiting the buy-to-let game in their droves. And whilst these headlines may or may not be accurate, one thing is for sure, selling a buy-to-let property is very different to selling a residential property.

So, if you’re a landlord considering selling a rental property, what do you need to know?

In this quick read, we look at some important factors you should be aware of – from the property’s condition to the tax implications of selling.

 Vacant or tenanted?

This is the first thing you need to consider. Is your rental empty, or do you have a tenant living there? If it’s the latter, you should be aware that there are certain obligations and duties you still have as the legal landlord. For example, if the tenant is within contract, then they can stay put until their tenancy agreement expires, and you are responsible for repairs and maintenance until the property is sold.

For the above reasons, it often makes sense to wait until a property is empty before putting it on the market.

Get a trusted agent

When selling a rental property, it’s essential you team up with a reputable local agent. They can provide invaluable insight into matters such as who the property might appeal to, whether you should sell to another landlord or a residential buyer, how much it’s worth on the current market and so on.

If you decide to market it to other landlords, an established agent will be in a great position to contact other landlords they work with to gauge interest – which could result in a quicker sale. Alternatively, they can advise on how to make it appeal to residential buyers and what works need to be done to increase the value.

Understand tax

This is vital when selling a buy-to-let property as you may be liable for capital gains tax (for example, if you sell it for more than you purchased it for) if it’s in your personal name. Or, if you bought it under a limited company, there will be other tax considerations. Make sure you know the full tax implications before you decide to sell.

Viewings

If a rental is tenanted, you can’t control the condition of the property before a viewing. It might be messy or unclean, which isn’t the best impression to leave with potential buyers. Additionally, you must give your tenant 24 hours’ written notice in advance of a viewing, and they can refuse entry if it doesn’t suit them.

Selling a vacant rental is much easier as you can ensure it’s clean and tidy and have a lot more flexibility to arrange viewings.

If you’re looking to sell part or all of your rental portfolio, please contact our sales team at Chamberlains.

Research shows that moving house and getting divorced are two of the most stressful things you can do. So, if you’re selling up in the wake of a painful split, you really are in the thick of it. Read on for some helpful advice on navigating the process.

Selling a home after the breakdown of a long-term relationship can be a daunting prospect that throws up a mix of emotions and challenges.

You may be sorry to say goodbye to your home but eager for a fresh start. Or keen to stay put but unsure of the financial practicalities.

Whatever your situation, there’s a lot to sort out and some big decisions to make. But you don’t have to figure it out alone.

Here at Chamberlains, we’ve helped many clients sell a home in the wake of a divorce or separation.

We’ve compiled this simple explainer to help you understand what’s involved. =

Legal advice

You’ll need a good lawyer to explain the process and answer questions specific to your situation – for example, what happens if children are involved, or one party wants to buy the other out. Most lawyers recommend staying in the property until the settlement is finalised. If you feel it’s imperative to move out, seek legal advice first.

Mortgage considerations

Tell your lender that things have changed. Sometimes it’s possible to negotiate a mortgage holiday but only stop making repayments if your lender has agreed to the change.

Speak to your ex

Okay, this one can be tricky, and sometimes, it’s not feasible. But to get the sale moving, you’ll need to agree on an agent and selling price and then prepare the property for sale. If the two of you can’t talk it out, consider using a mediator.

Select an estate agent

Tempted to get things done and dusted quickly by using a quick sale company? Don’t! Hold your nerve. They’ll knock you down on the price in return for a speedy deal. Instead, get three valuations from traditional estate agents and choose the one that impresses you most. You’re looking for professionalism, market insight and people skills (they might come in handy later!).

Moving preparations

The next steps can be draining, so enlist a friend or family member for support. Once you’ve accepted an offer, divide your possessions with your ex-partner and prepare for the removalists. If you’re squabbling over who gets what, try and compromise or sell the item and divide the money evenly. Emotions can run high at this particular point but remain focused on the end goal – starting the next chapter of your life.

If you have any more questions, don’t hesitate to get in touch with us at NAME. We’re here to help. You can download are full guide here.

 

Helping your child understand basic maths concepts doesn’t have to be a chore or a bore. Follow these four tips to discover how it can be child’s play. 

Maths is like Marmite: some people love it, while others loathe it. But there’s no escaping the fact that it’s a crucial life skill.

That’s why schools across the country will celebrate Number Day this week (3 February) by hosting maths games and competitions*.

A solid grasp of functional maths is vital for managing day-to-day finances and accessing educational and work opportunities. (It’s not just accountants and bankers who need to be confident with numbers. Many jobs, from nurse to builder, chef and estate agent, require good numeracy skills.)

The good news for parents is that they don’t need to be experts at algebra or trigonometry to get their child started with maths. It just takes a bit of time and a sense of fun. Here are four top tips.

• Play games

Dominoes, checkers, chess and Uno help improve number and pattern recognition, while dice games like Yahtzee are a great way to practise calculations. And then, of course, there’s that old favourite, Monopoly, which will give your child a crash course in maths, banking, property management and conflict resolution.

• Bake

Whipping up a batch of cupcakes or cookies is an excellent way for children to learn about counting, measuring and time. And they can enjoy eating the fruits of their labours afterwards.

• Shop

A trip to the corner shop can be a great learning opportunity. Compare products and prices and talk about which items represent the best value. When it comes to paying, use cash. Explain how much you’re handing over and the change you expect in return. When your child is old enough, let them handle the coins and notes themselves; they’ll revel in their newfound sense of responsibility.

• Trade

Have a stall at a school fair or car boot sale – and get your child involved. Encourage them to sell toys or clothes they no longer want and let them decide on the pricing.

From all of us here at Chamberlains, thanks for reading.

* Number Day is an initiative of the National Society for the Prevention of Cruelty to Children.

 

If you’re planning to sell your property, the first question that you’ll inevitably ask is how much it’s worth. Your home may be invaluable to you and your loved ones, but it’s also got a market value.

But how is a property valued? Is there a magic formula? How does an agent decide its worth? And why might your property be valued less than the house two doors down?

In this quick read, we look at different factors that affect the value of your property.

The important thing to remember is that estate agents live and breathe house prices. You might think they’ve plucked a number out of thin air (especially if you don’t agree with their figure) but there’s a lot they consider before pricing your home.

Facts and figures

Before valuing a property, it’s important to consider what other sales have achieved in the surrounding area (that’s sold prices, not listing prices). Agents will look at similar properties to yours and what they have sold for. To avoid overvaluing your home, they will also take into account similar properties that haven’t sold at all or have sold for considerably less than they were priced at.

Another factor in valuing a home is the price per square foot. This amount varies from area to area. Unsurprisingly, city locations such as Central London boast the highest price per square foot, while many rural areas can come in at considerably less.

The property

When valuing a property, an agent will look at its general condition. Does it need lots of repairs? Has it been renovated recently? Is there potential to extend? In addition, things like the heating system and boiler, electrics and plumbing will play a part in determining the overall value.

The way the property is presented will also influence the selling price because a cluttered, messy home is harder to market (regardless of the décor) making it more difficult to attract potential buyers. (That’s why an agent will always advise sellers to have a clear-out before pictures are taken.)

Since the pandemic, the outside area of a property has had a huge impact on its value. Gardens now play a much bigger role in the sale of a home and factors such as size, whether it’s overlooked, if it’s steep and/or potential for improvement could affect the overall value of a property.

Other factors that an agent will consider when valuing a property include:

• Number of bedrooms
• Size and layout of the property
• Potential to extend
• On or off-street parking
• Location and proximity to schools and amenities
• Type of road (e.g. a cul-de-sac location or busy high street).

The seller

A good agent will know and understand a seller’s position before valuing a property. There’s a difference between sellers who need to sell ASAP and those that can wait a while for the right offer to come along. So, if a seller needs a quick sale, it might be worth valuing the property at a slightly lower price to attract more viewings.

If you’re looking to sell your property, contact Chamberlains – we’ll value your property accurately and get you on the move.

 

 

 

 

 

 

So, you’re selling your home. You’re looking for the highest price and crossing your fingers for a smooth sale. But is the greatest offer always the best choice?

Well, we wouldn’t be writing this if the answer was yes. Unfortunately, the biggest offer won’t always be the best and there are many reasons why.

It’s not about selling your home for less than it’s worth, but it is about looking at the bigger picture. Is the buyer with the highest offer ready to buy? Can they move quickly enough to meet your timescale?

Remember, the highest offer means absolutely nothing if the sale falls through.

In this quick read, we look at reasons why the highest offer isn’t always the best, and why you should analyse all offers before making a decision.

Is the offer subject to mortgage funding?

Your highest bidder might be keen, but do they have the money to buy your property? If they don’t yet have their mortgage sorted out, you might be in for a nasty shock. Possible scenarios include: no mortgage offer at all, not qualifying for the loan amount they need, having their mortgage application rejected or down valuing your property.

Where does that leave you? Well, nowhere. By chasing the biggest number, you may have overlooked someone with a mortgage in principle ready to get the sale going. Worse still, you may have had a lower offer from a cash buyer (the property equivalent of a pink unicorn) which would have made the whole sales process faster.

Is the offer subject to sale?

This basically means the buyer won’t buy your home until they sell their own. Welcome to the dreaded property chain. The buyer might be offering you the highest price, but it means nothing if they can’t sell their own property.

Timing

There are lots of issues when it comes to timing. For example: maybe the buyer is in such a hurry to move that you can’t meet their time expectations, perhaps their mortgage in principle is coming to an end and they need to speed things up. Or, what if you’ve found your dream property but the buyer wants to take things slowly, putting you at risk of losing your next home?

How to analyse offers

Quite simply, you need to communicate with your agent. They’ll have an outline of each buyer’s situation so you can make an informed decision rather than being swayed by £ signs.

Ask your agent questions such as:

• Are they a first-time buyer?
• Are they in a chain?
• Are they a cash buyer?
• Does the buyer have any contingencies?

Understanding who your buyer is and how fast/slow they can move forward is invaluable and no one will know more than your selling agent.

If you’re selling your property, get in touch with Chamberlains today. We’re ready to help you make your next move.

 

 

 

 

 

 

 

 

 

Homebuyers are heavily influenced by what they see, smell and hear, so here’s a guide to ensuring your property appeals to their senses. 

Did you know that when it comes to impressing a buyer, you have just half a minute to knock their socks off?

Yes, you read that right. Most buyers decide if a property is the one for them in the first 30 seconds of a viewing.

So, with so much at stake in that short time, how do you make a good impression? Read on to find out.

Evidence versus emotions

First, let’s look at what drives the decision-making process. We humans love to think of ourselves as rational beings, but in truth, emotion drives most of our big decisions.

And our emotions are informed – often at a subconscious level – by our five senses. That’s why it’s so important to pay attention to what buyers see, smell, hear or touch when they step through your front door (let’s hope they don’t taste anything).

Here’s a good sense guide to prepping your home for viewings. 

Sight – Make sure that the first thing a buyer sees is a clean, light and bright space. Avoid turn-offs such as grubby walls and floors and distracting personal items, such as family photos, clothes hanging on radiators and shoes lying in the hall.

Smell – It’s easy to get used to certain ‘aromas’ when you live with them, so ask a friend with a good nose for their honest opinion. If they catch a whiff of damp drains, pets or stinky trainers, you need to act. Once you’ve eliminated unpleasant scents, create an appealing one using candles or diffusers. Stick to one fragrance – citrus, vanilla, cinnamon, jasmine or pine – so you don’t overdo it.

Sound – Start by fixing off-putting sounds inside your property, such as squeaky doors or floorboards, then turn your attention to external noises. Traffic noise is hard to moderate, so if this is an issue, arrange viewings when the roads are less busy. And if you’re worried about the neighbour’s dog or children making a racket, leave a radio on to drown out barking or squabbling.

Touch – Check surfaces are clean in case a buyer runs their hand over furniture or countertops. Also, ensure your home is toasty. A Harvard study found that when we feel warm, we experience a sense of emotional wellbeing.

Taste – While a buyer is unlikely to taste anything in your property (that would be really weird, right?), remember our sense of taste and smell are closely intertwined, which is why it’s so important to nail how your property smells.

For more advice about marketing your home, contact us here at Chamberlains.

 

Growing your own veg might sound like a lot of work, but it’s actually a great way to save money and enjoy a healthier diet. And as this month is Organic September, there’s no better time to dig out that trowel and start sowing some seeds.

Organic September is 30 days dedicated to chemical-free, totally natural, eco-friendly farming. Its aim is to raise awareness of why buying organic produce can really make a difference to the climate. So, what better place to start than your own garden/herb pots/windowsill?

This quick read is your beginner’s guide to growing your own winter veg.

Why organic?

According to the people behind Go Organic UK, choosing organic products (or growing your own) is kinder to the planet, better for wildlife and helps you to enjoy food just as it should be.

Whether you choose to plant a tomato tower or switch to buying organic tomatoes, just one tiny change helps to make a big difference.

Where to grow your veg

You don’t need a big garden or allotment to start your veggie adventure. In fact, window boxes, grow bags and pots work just as well. Make sure you choose a sunny, sheltered spot and prepare the soil by getting rid of any weeds and adding compost.

 Top tip: Protect salad leaves from hungry caterpillars and other slimy creatures by keeping them indoors when you first plant them.

 What to plant

Although most of what you plant this month won’t be ready until next spring, it’s still worth doing. September is the right time to plant the following:

• Spinach
• Garlic
• Broad beans
• Peas
• Radishes
• Onions
• Turnips

If you’re planting radishes, they’ll be ready to add a crunch to your salad within three to six weeks. Salad leaves can also sprout up quickly so get ready to eat well in a few weeks.

Get herby

September is a great time of year to start a herb garden. The soil is warm and damp, which is perfect for plants to get their roots down. Stick to common herbs such as bay, thyme, rosemary, chives, mint and oregano and watch them flourish.

Growing veg indoors

Lots of us don’t have the luxury of outdoor space, but we do have windows. We also have household items that can make excellent veg/herb pots. Depending on what you’re growing, you can use jugs, plastic bottles or jars to start off your indoor veg patch.

Do you grow your own veg? Let us  know – comment below!

 

 

 

If your home is on the market, you’re probably in a constant state of anticipation. Will this viewing be the one? Are you going to get your asking price? Will you need to accept a lower offer?

We bet there are lots of questions and scenarios running through your head. But if you’re not getting enough interest in your home or if it has been on the market for ages, is it time to switch agents?

Recent research by Rightmove found that underperforming agents are one of the key reasons why properties don’t sell.

In this quick read, we look at a few red flags to watch out for when waiting for a sale.

Lack of marketing 

If your home isn’t being promoted properly, you’ll not only struggle to sell, but there could be lots of potential buyers who haven’t even seen your property listing.

A good agent should produce a detailed, accurate listing with clearly marked floor plans, photographs and key factors outlined. This includes information such as proximity to schools, transport links, potential to extend and other selling points.

As well as being listed online, estate agents should proactively contact potential buyers and sing your property’s praises. You’ll also want the listing placed in their shop front window for maximum exposure.

Inaccurate pricing 

We all want to sell our properties for as much as possible, but inaccurate pricing can kill off buyer interest quicker than you think.

An over-inflated purchase price won’t lead to success, so make sure you do your research into recent sold prices in the area. Similarly, be wary if an agent suggests lowering your asking price. While this could be a response to a genuine lack of interest, it may also be a lazy way to sell your home quickly. It’s easy to check sold prices online, so make sure you do.

Lacklustre viewings 

Generally, it’s not a good idea to stick around if an agent has booked a viewing. But if this is the 20th viewing and you still don’t have an offer, stay put and listen to how they’re selling your property.

Are they engaged and knowledgeable? Can they answer the buyer’s questions? If not, maybe it is time to switch.

A good agent will be passionate and keen to sell. They should be able to talk about the specifics of your home and easily answer questions (or offer to get the information as soon as possible if they can’t).

If your home is on the market and you’re thinking about switching agents, Chamberlains can help. Give us a call on 01626 365055 today.

 

 

 

If you’re new to the property market, learning the lingo is essential. There are lots of legal and financial terms you need to get your head around and lots of research to be done.

Two terms that you need to be familiar with are ‘freehold’ and ‘leasehold’.

This quick read explains what each one means and why they are important. 

What is a freehold property? 

When you buy a freehold property, you’re buying the property and the land it has been built on. It usually refers to houses*.

You are the ‘forever’ owner of the freehold title until you sell it on to someone else.

*Note: Some houses can be leasehold if you buy under shared ownership. Also, when purchasing new-build houses, be sure to double-check the title status.

What is a leasehold property? 

When you buy a leasehold property, you’re purchasing the property but NOT the land it has been built on. This is most common with flats. Usually, another party owns the freehold of the building, and you will ‘lease’ the flat from them.

A leasehold is time-sensitive. So, if you buy a property with a 100-year lease, at the end of that time, the ownership goes back to the freeholder.

Why are these terms so important? 

Freehold and leasehold titles are important as they affect ownership and your legal obligations. For example, if you have a leasehold flat in a freehold building and there’s a problem with the exterior of the building, it is usually down to the freeholder to fix it, not you as the leaseholder.

If you buy a freehold house and there’s a problem, you are responsible for it.

Differences between freehold and leasehold 

A freehold property is often more expensive than a leasehold as you’re buying the land and building. With a freehold property, you have complete control, so you can change things like windows or apply for extensions.

Leasehold properties often come with extra fees, such as ground rent or service charges (payments you make to the freeholder for the upkeep of the building). Also, if you want to make changes to the property (like new windows or knocking down a wall), you must apply to the freeholder first.

What’s a short lease? 

During a property search, you might find a flat that’s priced under market value because it has a short lease. While you think you’re saving money, be warned that you might have to pay for a lease renewal that can cost thousands of pounds. Also, many mortgage companies won’t lend on a property with a short lease.

What’s a flying freehold? 

A flying freehold is when part of a property hangs over or lies beneath another party’s property. It’s normally a tiny percentage of the property, such as a balcony protruding over someone else’s garden or a basement that extends underneath a neighbour’s property.

In most cases, property owners don’t even realise they have a flying freehold unless the issue of renovation or sale arises – then, it may become a point of legal contention. Always speak to an expert about flying freeholds.

Property jargon can be confusing, but don’t worry, our team at Chamberlains are always happy to explain things. Get in touch today if you’re selling or searching for a property. You can also check out our free guides on all aspects of selling.