5 Reasons to Hire an RICS Chartered Surveyor

5 Reasons to Hire an RICS Chartered Surveyor

A guest blog from surveybooker.com

Buying a property is one of the largest financial commitments many people may make in their life. Much as you would hire a Conveyancing Solicitor to ensure there are no legal issues with a property, an RICS Chartered Surveyor will look for any physical issues with the property.

In 2014, the average repair bill for homebuyers who did not commission an independent survey was £5,750! If that is not reason enough to book a survey, here are 5 more benefits of doing so:

1. Highlight potential defects

Unlike even the most thorough inspection you make when viewing a property, a Surveyor will inspect all areas of the property that are safe and accessible, including the loft space, basement and roof. Surveyors also have specialist equipment, allowing them to produce in-depth reports even when access is restricted. This allows them to spot potential defects you may have missed with a naked eye.

2. Market valuation of property

Unlike a mortgage valuation an independent market valuation is far more credible and takes into consideration large, significant defects. The report is longer and includes comparable properties and brief information to substantiate the Surveyors valuation. This allows it to be used as an effective negotiation tool and prevents acquiring your investment at too high a premium.

A Surveyor can provide an accurate reinstatement value for your building insurance, to ensure you have adequate cover. This is crucial so your property is neither under nor over insured. In the event of a claim, if you are underinsured your settlement may be reduced proportionally to the gap in insurance or in extreme cases your claim may rejected. If you are over insured, you may be wasting money overpaying on your insurance premium.

3.  An RICS Surveyor is unbiased and regulated

Chartered Surveyors are regulated by the RICS and are held to a strict code of conduct. These rules clearly define the professional standards, which are expected of the Surveyor and require firms to have a complaints handling procedure. This helps to ensure that estate agents, mortgage companies or any other parties with an interest in the transaction, do not have any influence over the Surveyor.

What happens if a Surveyor makes a mistake and misses a defect, which could later cost you money to repair? Chartered Surveyors are required to have professional indemnity insurance cover for such an occasion. If you suffer a loss as a result of an error made your Surveyor, this will be covered by their PII policy and their insurer will cover these costs for you. Effectively, it acts as a safety net for both you and the Surveyor.

4. A survey is not a mortgage valuation

A mortgage valuation is for the benefit of the mortgage lender and in some cases the homebuyer may not even receive a copy of the report. It is to help the mortgage provider make an informed decision before agreeing to lend funds. The Surveyor will briefly inspect the property (usually lasting less than 20 minutes) and will collate their findings with information about local, comparable properties. The report is concise and will only highlight major, obvious defects, which could have a significant effect of the property value which could therefore affect it as security for the proposed loan.

5. Grow your investment

Even after your initial purchase, a Surveyor can help maximise your investment. They can offer professional advice about the scope and suitability of potential extensions to your property. This can help avoid unforeseen delays and expenses, as well as providing you with information about how such investments will affect the overall property value.

About the author

Surveybooker.com is a brokerage for RICS Chartered Surveyors. You can get free, fixed quotes from local RICS Chartered Surveyors by either visiting our website or calling us on 0333 011 6683.

Smoke & Carbon Monoxide Alarms

Landlords will soon be required by law to install working smoke and carbon monoxide alarms in all their tenanted properties, this is expected to be in place from October 2015. The smoke alarms will need to be installed on every floor of the property and tested at the start of a tenancy. The carbon monoxide alarms will be required in high risk rooms, for example where a solid fuel heating system is installed. During the tenancy period it will be the responsibility of the tenant to maintain and test the alarms and to report any faults. 

The fire service are on hand to support private landlords on meeting the requirements and new responsibilities. Grant funding from the government will enable landlords to claim free smoke and carbon monoxide alarms, the allocation of funding will be announced in due course. 

Landlords who fail to comply are at risk of facing sanctions and be landed with a bill of up to £5,000 civil penalty. 

The new compliance will bring property up to standard on current building regulations, new builds are required to have hard-wired smoke alarms installed. 

It is a simple safety procedure that will save lives and a simple understanding for both landlord and tenant as to where their obligations lie on installing, testing and maintaining.

Make sure your property is up to standard!

Beth Alexandra Property Specialists 

Choosing The Right Conveyancer

Do you already have a conveyancer in place? It is surprising how many vendors and buyers don't, when an offer is accepted both parties should be ready to hit the ground running. It can be a negative start to spend the first 1 - 2 weeks on researching and retrieving quotes from solicitors. This eats away at precious time in which the selling process should be well under way, no one likes to be kept waiting. The key to choosing a solicitor is knowing they are going to be proactive, efficient and keep in touch with you every step of the way. A common occurrence between a conveyancer and their client is lack of communication. My motto is, make sure your file is top of the pile! 

If you have the benefit of knowing a solicitor and had recent experience with which was it was a positive one then I strongly advise you go back to them. Most likely they helped you to buy the property you are now selling! If you find yourself in a position with no solicitor then the first port of call is your estate agent. They should always have a panel of conveyancers who will take on your case. The benefit of using a firm the agent has recommended is not only for the reassurance but they will have a fantastic professional relationship with one another. Both agent and conveyancer are aware of each others processes and routine and will work as a team to get you moving. 

An easy mistake to make is opting for the cheapest quote, the price maybe great but will the service mirror it? Understandably moving house is a costly process but what you are dealing with is the most expensive asset you own, you cannot afford costly mistakes. Don't be afraid when looking into different firms searching outside your area. A number of soliciting firms now use online portals which you the client can log into and view the progress. This can actually be less time consuming than waiting for a meeting or a phone call with your conveyancer. 

Whichever route you take be one step ahead and begin the research early, leaving it too late can lead into a rushed decision so be prepared.

At Beth Alexandra Property Specialists we will guide you every step of the way. 

What The Stamp Duty Reform Will Mean To You

The stamp duty reform revealed and put into place last week, should we see as good news or bad news? The initial positive is buyers purchasing property under £937,500 will save on their stamp duty bill but the projected outcome will be that property prices will rise again. So actually will the new structure benefit us at all? Previously many house prices were determined by stamp duty thresholds, for example going over £250,000 tripled the percentage of stamp duty to 3%
Did the old formation keep property prices in relatively good order? Here is the old structure for you to take a look at for residential property:

Purchase Price               Stamp Duty Percentage

£0 - £125,000                                0%
£125,001 - £250,000                     1%
£250,001 - £500,000                     3%
£500,001 - 1million                      4%
1million  - 2million                      5%
over 2million                                7%

As of 4th Decmeber 2014 this is what the reform looks like for residential property:

Purchase Price               Stamp Duty Percentage

£0 - £125,000                               0%
£125,001 - £250,000                    2%
£250,001 - £925,000                    5%
£925,001 - 1.5million                10%
over 1.5million                          12%

Instant reaction is 'the percentages are higher!' yes this is true but the difference is you no longer pay stamp duty on the whole purchase price. You will only pay a portion of the total value that falls between each bracket. This is an example if you were purchasing a property with the old & new rates at the current average asking price of £273,000

OLD Rates

Purchase Price               Stamp Duty Percentage                   Stamp Duty Paid     

£273,000                                       3%                                                  £8,190


NEW Rates

Purchase Price               Stamp Duty Percentage                   Stamp Duty Paid   

£273,000                                       2%                                                  £2,500

(£125,000 of the purchase price falls within the second bracket £125,001 - £250,000)

                                                      5%                                                  £1,150

(£23,000 of the purchase price falls within the third bracket £250,001 - £925,000)


                                                                                     TOTAL           £3,650

So this means a total saving of £4,540! Lets see what the near future holds for the property market.....


Beth Alexandra Property Specialists

List Your Property For Sale In Time For The Christmas Rush!

Christmas is fast approaching and you are beginning to think....we need more space! Or you have too much space and need to downsize. So your thoughts creep towards the subject of, should we move in the new year? If this is you, then my best advice would be to list your property now!
Property search portals have their highest volume of web traffic over Christmas Day and Boxing Day. It sounds crazy but if you are thinking of moving then no doubt you will be part of that browsing traffic too. The important factor of this is to make sure your property is available for all potential buyers to see within this surge of activity over the Christmas period.

I know what you are thinking, you have too much to do and busy Christmas shopping but why leave this opportunity to pass by. Ok so another reason is, you already put your Christmas decorations up. See this as a positive, does your home look warm and inviting with a spruced Christmas tree draped in twinkling lights and shiny baubles? Of course it does, it is the time of year when home is where you want to be and buyers will be in the same mindset. But you want their new home to be your old home.

There are many aspects of selling a property and you don't want to leave any to chance. Sometimes the smallest of additions can make a difference and it only takes a quick visit from your agent to take new photographs once all the festive cheer is put away.

Beth Alexandra Property Specialists 

Is Your Tenancy Deposit Secure?

If you are a tenant renting a property who signed an Assured Shorthold Tenancy agreement and paid a deposit under this agreement, have you made sure that your deposit is secure? All deposits paid under an AST from 6th April 2012 in England and Wales must be secured in a Government funding protection scheme. The funds have to be registered with 30 days of of receipt of the landlord and confirmation should be forwarded to the tenant so they are aware where the deposit is being held. The information should also include: 

• The full address of the property being rented
• How much deposit has been paid
• Details on how the deposit it being protected
• The contact details of the tenancy deposit scheme and its dispute resolution service
• The landlords contact details
• The letting agents details (if applicable)
• Contact details of any third party who has paid the deposit
• Instruction on how to claim the deposit back
• What to do if there is ever a dispute

The protection scheme is in place to ensure the deposit is returned to the tenant at the end of the tenancy in full or in case of a dispute the negotiation is dealt with professionally.

At the end of the tenancy the deposit should be transferred back to the tenant within 10 days of agreeing the amount. In the likelihood of a dispute the tenancy deposit scheme will continue to be protect the funds until the negotiation has been settled.

Beth Alexandra Property Specialists

Landlord and Tenant Responsibilities

Landlord and tenant responsibilities are always made clear in a standard Assured Shorthold Tenancy agreement but why do we still hear of bad experiences?

The foundation of a good relationship between landlord and tenant is respect on both sides and understanding what your responsibilities are.

For a landlord this involves making sure the property is free of any health hazards and safe for tenants to live in. The following checks must be carried out prior to tenants moving in:

Gas safety check - must be carried out by a Gas Safe registered engineer and provide the tenants with a copy of the certificate for proof.

Electrical safety - the electrical system and any appliances should all be checked and safe to use.

Fire safety - making sure the tenants have access to escape routes and all furnishings supplied are fire safe.

Landlords are always responsible for repairs on the structure and exterior of the property. Any type of sanitary fittings i.e sinks/baths/WC. Heating and hot water should always be in full working order. Bear in mind, any repairs needed due to the tenants own fault, there will need to be some compromise. This takes me onto the tenants responsibilities:

Pay the agreed rent on time.

Pay any utility bills that are not included in the rental amount i.e council tax, water, electricity & gas.

Take good care of the property, repair any damage caused by you, family or friends.

How easy does all that sound? In practice it should be and it makes sense!

These are just the basics and the obvious points but the responsibilities need to be clear and understood. Its the grounds of a good landlord and tenant relationship, start as you mean to go on.

Beth Alexandra Property Specialists

3D Printing a Full Sized House!

Believe it or not 3D printing of a full sized house is currently being worked on by Architects in Amsterdam taking property construction to another level! Could this be the next step to creating an Eco-friendly home? 

The material used is a plastic containing plant oil which contributes to 75% of the mixture. The structure itself is printed in sections inside a shipping container, one room can require six to ten blocks. Once all the pieces are ready they will be fitted together to form a detached house with an estimated construction time of 3 years. A company in China is also putting the idea into practice taking it a step further by using recycled materials to build each structure, they claim to print bungalows for less than £3000.

So if we look at this realistically this is not a project that will make any changes in the way property is built but if you want a space which you can claim to be Eco-friendly then this is for you. After all it is important to take care of our planet and recycling is an important contribution. Creative people out there have already assembled or are creating their own Eco-living space from converting shipping containers to making the most of used vehicle tires, the possibilities are endless! We would all love to have our own little space to escape.

Beth Alexandra Property Specialists 

Mortgage Rule Changes and Decrease in Lending

As released last week mortgage rules have changed, making it tougher for buyers to secure a mortgage. Lenders now take into account all outgoings of each applicant from how much you spend on a regular food shop to asking if you gamble. The interviews carried out by the lenders such as Santander, Nationwide, Natwest, Halifax, Yorkshire Building Society and Lloyds Bank, can range between one and a half to two and a half hours long. You may say this is a step too far but 1 in 5 first-time buyers regret not purchasing a cheaper property because they underestimated the costs involved in owning a property on top of all other spends. 

Prices are increasing throughout the UK, some areas more rapidly than others but now mortgage lenders have become more stringent, means it is less likely the hiking property prices will create a bubble and the system is more controlled. 

In the last 2 months mortgage approvals have fallen by 11.9%, it is too soon to say whether this is because of the new rules but it will certainly in the near future make an impact. Other factors could be the absence in property on the market so people are resistant to move. Howard Archer, the chief UK economist at IHS Global Insight has said ''it is likely that the further easing back in mortgage activity in March from January's peak level reflected some banks raising their mortgage lending standards before the new regulations''.
Whatever the reason may be it is a measurement we could be thanking in time to come.

Beth Alexandra Property Specialists

UK Property Prices Continue to Rise

So, my blog last week I discussed the price divide between the North and South property markets but let us have a quick look about the UK as a whole. As official figures are released from the Office for National Statistics prices across the UK rose by 9.1% in the year to February 2014, this is 3.6% higher than the last property boom in 2008.

The Nations individually grew by the following amounts;
England   9.7%
Northern Ireland   2.8%
Scotland   2.4%
Wales   5.3%

But is the property 'bubble' being exaggerated? Lets face it, property prices can easily increase but will the sales keep up with the pace. Property prices in London alone have increased by 17.7% in the last year to February 2014 but is 75% of the turnover in property sales in the UK. 

Mortgage lending activity still remains lower than previous record but the Help to Buy scheme has been a huge success and contribution to moving the market forward. By the end of January 2014 the Help to Buy scheme sales had reached 17,395 and may this continue as the equity loan was last month extended to run to 2020.

Next week I will go into more detail about the Help to Buy scheme, after all it has really helped!

Beth Alexandra Property Specialists

Online Estate Agents Survey Results - Be Part Of It!

What is a theory without the facts? After carrying out my own survey to analyse the trends on how you search for property and what choices you would make when selling your home reveals the online estate agency model is the way forward. After all there are a few big names in business who realise the change and making huge investments in the online property industry.
Sir Stelios Haji-Ioannou of EasyJet
Steve Smith of Poundland
Paul Pindar former Capita chairman
James Caan the Ex-Dragon

If you are still unsure on the concept or future of online estate agents, these results should help you.

1. When searching for property do you start by looking online?
Yes   100%
No    0%


2. When searching for property do you;
Go to estate agents websites individually   5.56%
Go to property portals such as Zoopla & Rightmove   94.44%


3. When searching for property do you visit the estate agents shop?
Yes   11.11%
No    88.89%


4. When arranging a viewing at a property, what are you most likely to do?
Call the agent   66.67%
Email the agent   33.33%
Visit the agents shop   0%


5. Online estate agents are known for offering lower fees so when selling your property would you use an online agent or high street agent at a higher fee?
Online agent   76.47%
High street agent   23.53%


6. When selling your property which payment method would you prefer?
Pay a low upfront fee and no fee on completion   52.94%
Pay no upfront fee and be charged a percentage of your sale price on completion   47.06%

Do you see the pattern emerge? 

From a business model point of view for Beth Alexandra Property I not only save you money by offering Flexi-Fees (pay upfront or pay percentage on completion) but provide a high quality service, continue to change the face of estate agency and deliver what you want!

7. Would you be more likely to use an estate agent on recommendation?
Yes   94.44%
No    5.56%

8. Please rate your previous experience with estate agents;
Poor   33.33%
Fair    16.67%
Average   33.33%
Good   16.67%
Excellent   0%

If you would like to take part in this survey please click the link
https://www.surveymonkey.com/s/95HL32P

Property Price Divide Between North & South

Well, after a successful blog last week about Gazumping which got me on a BBC Radio Breakfast Show! I'm going to branch out from this topic and discuss the property price divide between North & South. As the property market continues to move forward all over the country it causes property prices to increase but there is still a major difference in the increases and the pace of the market across the country.

Property prices are increasing all over the UK but some areas at higher rates than others, an average home in the South is 74% more expensive than in the North before we even start! Southern regions have risen by 6.1% year on year whereas this figure only reaches 3.1% in the North of the country.

Once a property hits the open market in the Capital it already has at least 25 buyers inline ready to purchase it whereas in comparison to the rest of the country only having 12.

There will always be a divide between the North & South property market but it is good to see that is it the whole of the UK to is benefiting in some way from the move in the market. This advance will not stop here, especially since the help to buy scheme was made available to new or existing homes up to £600,000 at the beginning of the year, 2014 is said to be the ‘Big Year’ and showing no signs of cooling down.

Are you looking to sell or rent your home? Look no further than Beth Alexandra Property Specialists

Gazumping!

Gazumping is when the property vendor, after accepting your offer then accepts a higher offer from another buyer. 

After hearing a story yesterday about an lady unfortunately experiencing this, now is the time to make you aware that gazumping is rearing its ugly head again! As the property marketed continues to move onwards and upwards you must be extra vigilant. It was rife in the nineties and early noughties when the property market was at its height but since the crash in 2008 it became a less common occurrence. 

How do you avoid it happening to you?

• Insist the property is withdrawn from the market once your offer has been accepted. 
• Offer a non-refundable deposit to show your commitment.
• Make sure you have your mortgage in principle and all your finances are in place.
• Instruct the property survey asap.
• Speed up the sale, the less time the property is on the open market the better.

From an agents point of view we are obliged to inform our vendors of any offers so it is unfair to hold an agent responsible but I do believe in the event of a higher offer situation it should be dealt with fairly and professionally.

Do you want an honest and trusted agent? Beth Alexandra Property Specialists is who you need to contact!

Making ''Scents'' When Selling Your Home

So, you have a viewing at your property? Its surprising how many viewers will follow their noses, this being our strongest sense if the aroma isn't right that could be one less box ticketed for your potential buyer. Make your home smell too good to resist, you may think this is over the top but do you notice the elegant fragrance the minute you step into Next? Appealing isn't it, this is the same impact we want your viewer to feel. 

In 2010 a study found that on average 31.8% of shoppers spent more money when the store was scented, it proved that aromas can affect cognitive functions in the same areas of the brain involved in decision making. Now every property is different, you decide which environment you want to create. Here are some of my suggestions;

Homely smells like baked bread or freshly ground coffee this will create a warm and cosy atmosphere, ideal if it is cold dark day outside. 

Your property may suit the refreshing and crisp scent of lemon and orange, the citrus savour implements the distinctive summertime feeling.

The traditional vanilla and sandalwood could be the one a comforting and original scent, the perfect neutral option.

Whichever you pick my key tip is to frequently open those windows! Allow the fresh air to flow through the property and take note of the BIG no no's!

No pet smells

No stale smoke odors 

No overflowing rubbish bins

No damp washing

Beth Alexandra Property Specialists are here to get you moving!

Put A ''Spring'' Into Your House Sale

Put A ''Spring'' Into Your House Sale

Spring is finally upon us! After a scorcher last weekend, lets hope it was a taster of whats to come. 
This is the most popular time of year for property listings, you've done the clear-out, cleaned the windows, touched up the paint work and pruned the garden....its picture perfect. 

If you read my blog last week you will know that 95% of buyers go online to start their property search so its important your pictures are on top form, especially the frontage. The front external photograph is the first to be seen so a clear blue sky day is a must when the picture is taken, yes the British weather is hard to predict but at Beth Alexandra Property we will not settle for less. 

As the buyer takes their journey through in internal photographs every one should be 'showhome-esque', no clutter, no mess. Not only is this attractive to buyers, it can make a room look generous and fresh. Speaking of 'fresh' when it comes to the viewing your potential purchasers senses are on high alert so.....we will go into that next week. 

In the meantime there will be non of this!!.....

Yes this property was recently marketed! Please click the link to see further pictures...if you dare. 
http://www.dailymail.co.uk/news/article-2569251/A-real-fixer-upper-just-tidy-help-Squalid-property-sale-114-000-owners-bothered-make-beds-clear-rubbish-strewn-floors-washing-up.html

Online Estate Agents

Selling your home no longer needs to be an expensive move. Why pay inflated high street agency fees when you can save up to 53% with us! 

Not convinced? Let talk figures, approximately 95% of home buyers start their search online. Gone are the days of spending all your time going from branch to branch enquiring at your local estate agent, you are a busy person so this is not what you want to be doing. From personal experience working in high street estate agents, there is less and less footfall and genuine custom coming through the door. These shops cost a substantial amount of money to keep open resulting in you, the vendor having to pay on average 1.8% on the sale of your home. But this no longer needs to be the case.

We all want the same for less and will shop around to try and make a saving from a tin of beans to buying a car. When it comes to selling your house why not do the same? 
For the average person a property is the most expensive purchase you will make in your lifetime, may it be your home, business or investment; you worked hard to get it so maximise the return.

Online is not only the way forward for estate agency, if we look at large companies such as Littlewoods and Woolworths who moved from the high street to the world wide web due to the growing costs of literally keeping the lights on! If we look at the big players in online retail for example Amazon the price of goods is noticeably cheaper than a high street equivalent.  

So my message to you is to move with the times and keep that extra bit of cash so you can treat yourself when Beth Alexandra Property Specialists sell your home for less!