Oast with the most:conical former hop-drying kiln with spectacular domed bedroom in the Kent countryside for sale

This idyllic oast house conversion offers the best of town and country.

Kent has a long and fruitful relationship with beer. With local water filtered through the chalk ground and a world-renowned hop crop, the county has all the ingredients to make the perfect pint on its doorstep.

Kent was the first place in the UK to grow hops, back in the 16th century, and oast houses — circular buildings designed for drying hops as part of the brewing process — soon sprang up to process them into beer.

Nowadays, beer tends to be made on a more industrial scale in factories and many of the redundant oast houses have been converted into homes

Williamette Oast is one of four properties carved out of a single, six-roundel oast and Kentish ragstone barn, but it's the only one currently up for sale, with an asking price of £765,000.

The four-bedroom property is a clever mix of old and new, retaining many of the original features including stripped wood floors and exposed wall and ceiling timbers with ironwork.

The master-bedroom has an incredible domed roof leading to the cowl of the oast. The further three double-bedrooms all come with en-suites.

Laid out over three floors, the kitchen occupies the ground floor of the roundel and with its solid wood cabinets, triple-oven range-style cooker, ceramic sink and granite worktops fits the archetype of a country kitchen to a tee.

The spacious family room is located on the first-floor of the roundel, with an adjacent study.

Set in the grounds of a fruit farm the views over the orchards stretch across the South Downs and to the coast.

Offering the best of both worlds, commutes from the closest station, Paddock Wood, reach London's mainline stations Charing Cross and Cannon Street in 45 minutes.

http://www.homesandproperty.co.uk/property-news/buying/conical-former-hopdrying-kiln-with-spectacular-domed-bedroom-in-the-kent-countryside-for-sale-a113806.html

London house prices fall for the first time in eight years - but northern cities soar

House prices in London have registered their first annual decline in eight years, making the capital the worst-performing region in Britain – a position it last held in 2005.

The data, published today by lender Nationwide Building Society, showed a "marked slowdown" in London while the rest of the country saw prices continue to rise.

While price growth in the capital has been falling for some time, these are the first of Nationwide's figures to reveal an actual fall since the onset of the financial crisis. 

London's average prices fell 0.6pc in the year to September, compared to the national average growth of 2pc. Analysts at Capital Economics said: "For now, with no signs of a downturn in London’s labour market, we suspect it reflects sellers finally taking a more realistic view of what their homes are worth. If so, it is unlikely to be the start of a sustained correction."

A north-south divide is emerging, Nationwide said, with growth in the West and East Midlands, Yorkshire and the north exceeding growth in southern counties.

This picture was confirmed by separate data from house price analysts Hometrack, which shows house price growth in Manchester, Birmingham and Edinburgh soaring ahead while the capital drags down overall growth.

Manchester recorded annual house price growth of 7.3pc, Hometrack said, as falling unemployment and record low mortgage rates continue to support demand. Birmingham's rate of growth was 6.7pc and Edinburgh was at 6.6pc.

According to Hometrack, the capital's price growth rate is 1.9pc.

Richard Donnell, head of research at Hometrack, said this was a "pattern [which is expected] to remain a feature of the market for the rest of the year and into 2018”.

He added that "the upward momentum in house price growth across regional cities shows no sign of slowing".

The average annual growth in house prices across the UK's 20 biggest cities slowed to 4.9pc in August, compared to 6.6pc in last year. But after a lull in the first half of the year, the three-month price growth has rallied slightly, with prices up 2.5pc between June and August, compared to the three months previously.

It also came as the Bank of England revealed that mortgage approvals fell in August, down 3.3pc from July's total. This is almost 40pc lower than the typical number of approvals before the credit crunch. Analysts at Capital Economics added that this "sustained weakness in mortgage demand has taken its toll on house price inflation this year."

Hometrack also calculated that the total value of property in the biggest 20 UK cities has now exceeded £3 trillion, representing 43pc of the total value of the UK's housing market.

It also found that in these cities, there was £610bn of outstanding mortgage debt secured against the value of housing, equal to 20pc of the total value.

http://www.telegraph.co.uk/property/house-prices/manchester-soars-london-records-real-house-price-falls/

Industry anger erupts at Corbyn's pledge to introduce rent controls

Trade groups have reacted angrily to Labour’s proposal to introduce rent controls if the party enters government.

The announcement, made by Labour leader Jeremy Corbyn at the party’s conference yesterday afternoon, was quickly criticised by the Association of Residential Letting Agents.

“The Labour Party clearly hasn’t learnt the lessons of history. The last time rent controls existed the private rented sector went from housing 90 per cent of the population to just seven per cent. Whenever and wherever rent controls are introduced, the quantity of available housing reduces significantly, and the conditions in privately rented properties deteriorate dramatically” says ARLA Propertymark chief executive David Cox.

“Landlords, agents, and successive governments over the last 30 years have worked hard to improve the conditions of rented properties and this is like taking two steps backwards. Rent control is not the answer – to bring rent costs down we need a concerted house building effort to increase stock in line with ever-growing demand” he says.

Meanwhile the announcement was described as “a disaster for tenants” by the Residential Landlords’ Association policy director David Smith.

“History has proved that they stifle investment and reduce supply; making it much more difficult for tenants to find somewhere decent to live. Contrary to suggestions, most landlords have one or two properties, which are an investment in their pension and, rather than being wealthy landowners, they are mainly basic rate taxpayers. The private rented sector is a key part of providing more housing and has invested in providing homes for the population, putting more homes into use than other landlord types” says Smith.

“Rents are high due to the continued failures by successive governments of all stripes to build enough new homes in the right places. Instead of attacking landlords who are helping to provide homes, it would be better to treat them as part of the solution and to supplement their efforts with a sustained and well thought out building programme overseen by government” he adds,

The RLA says rent controls do not work and only serve to reduce the supply and quality of homes to let as landlords are forced out of the market and have less capital to reinvest in improving homes.

Corbyn yesterday made rent controls the keynote housing element of his 75-minute speech. 

“We will control rents - when the younger generation’s housing costs are three times more than those of their grandparents, that is not sustainable.Rent controls exist in many cities across the world and I want our cities to have those powers too and tenants to have those protections” he told delegates. 

No other details of how those controls would be implemented were given by Corbyn, but in a wide ranging speech he made several other references to how he would change the property landscape if there was a Labour government.

“We also need to tax undeveloped land held by developers and have the power to compulsorily purchase” he said. 

On regeneration he said: “So when councils come forward with proposals for regeneration, we will put down two markers based on one simple principle: Regeneration under a Labour government will be for the benefit of the local people, not private developers, not property speculators.

“First, people who live on an estate that’s redeveloped must get a home on the same site and the same terms as before. No social cleansing, no jacking up rents, no exorbitant ground rents.

“And second councils will have to win a ballot of existing tenants and leaseholders before any redevelopment scheme can take place. Real regeneration, yes, but for the many not the few.”

https://www.lettingagenttoday.co.uk/breaking-news/2017/9/industry-anger-erupt-at-corbyns-pledge-to-introduce-rent-controls

Why Isn’t My Property Renting? I’ll Tell You Why!

Being stuck with an uncommunicative douchebag tenant that’s fallen deep into arrears is probably the most frustrating and terrifying scenario for a landlord. It’s truly gut-wrenching.

But what about second place? I’d say that being pinned down with a property that won’t shift for months on end is a strong contender. I’ve personally never been in that situation, but I know many landlords that have, and the root cause is almost *always* the same.

Most landlords and experts will instinctively say it’s because of one or more of the following reasons:

• Price – the asking price isn’t competitive.
• Supply – there’s an oversupply of properties in the local area.
• Photography – poor photography being used to advertise.
• Rightmove/Zoopla – property isn’t being marketed on the two biggest UK portals.
• Condition – poor decor, unsavoury odours, general uncleanliness, and cheap and ghastly fittings.

If you are struggling to rent your property, I’d strongly encourage you to investigate each of those areas. However, while they are the most common contributing factors to prolonged vacancies, they’re often not the makeup of the actual cause.

The real reason many landlords struggle to rent their property is often a lot more difficult to resolve, because it’s psychological, and it’s based on ingrained standards. We all have standards, and some are notably lower and higher than others. But the problem is, our standards are based on our own experiences and perception, so it isn’t easy to reason or negotiate with.

The reality is, many landlords put properties onto the market after running a quality assurance assessment based on their own standards, which often doesn’t align with the expectation of the market. It’s easy for me to tell someone their standards are piss-poor, but it’s difficult to convince them I’m telling the truth when their reality is telling them something completely different.

It’s no one’s fault, really. But it’s still a problem that should be recognised.

I remember 5 or so years ago, when I had a couple of school teachers for tenants. They were a pleasant enough couple, but filthy as fuck. The whole place was just cluttered with crap, and they had crammed each room with oversized furniture. Lord only knows how they manoeuvred around the place. On a sidenote, is it just me, or are teachers notoriously messy?

Anyways, when they vacated, the hubby said to me, “The Mrs has been cleaning the place thoroughly for days. She’s got OCD, she’s obsessed with cleaning, it’s spotless. You won’t have to do a thing.”

When I conducted the final inspection it quickly became apparent that their definition of cleanliness was total bullshit. There was dust and cobwebs in plain sight, literally everywhere. The cooker was also smothered in congealed jizz. Either they were severely visually impaired, or their standards were lower than a tramp living under a bridge… and every other person that considers copious amounts of dust inadequate.

In any case, I evacuated them from the premises as quickly as possible (without making physical contact, of course) and called in a professional cleaning company immediately.

TEST CASE: THE PROPERTY THAT WON’T RENT

It must be noted that I’ve been umm’ing and errr’ing for the past 30 minutes on whether or not to use a real example, because it could be it’s directly offensive to someone that probably doesn’t deserve the heat.

But screw it, I’ve decided to bite the bullet, because landlords stuck in this rut can learn from this, even if it’s a bitter pill to swallow. My only hope is that the chap I’m using as an example doesn’t cross paths with this blog post, and if he does, I hope he doesn’t take it entirely the wrong way!

Today I stumbled across a thread on the PropertyTribes forums, where a landlord has been struggling to let his 2 bedroom flat since July. Considering it’s September now, that’s one hell of a long stretch- his pockets must be bleeding.

This is what the landlord said about his property:

"It was renting for £975pm. The mortgage, service charge and management fees came to nearly £750pm. It has been vacant since July. I have dropped the rent to £895 but have only have an offer of £800.I have aranged to meet my agents on Friday.I am trying to decide what to do with it."

He then shared a link to his rental property on Rightmove, which you can view here.

Bit dingy, ain’t it?

Without trying to sound like a condescending, snobby dick-face… if the landlord is not understanding *why* his property isn’t being swept off the market (which clearly is the case), it indicates to me that his standards aren’t particularly high, or at least, inline with the market’s expectation.

The property is glaringly out-dated, from the grubby bathroom to the lackluster carpets, so the initial £975PCM asking price is scary. Even the revised £895PCM price is a little awkward. But the issue is, he’s not seeing what I’m seeing, otherwise he wouldn’t have created the forum thread in the first place, and contemplating “what to do”

Right? Right.

It would be another discussion if he just openly confessed, “I know the property looks dated, but I just don’t have the money to invest.”, or something along those lines.

The landlord also mentions the following, “The best thing about the flat IMO is its size – it has 50% more floorspace than the flats on the lower floors. Some of that is wasted on a very large bathroom. That is not mentioned in the description.”

To me, that’s another indication that he’s missing the obvious and living in cuckooland; the poor schmuck is under the impression that if he informs people that there’s more square footage of that crap he’ll encourage enquiries! *sigh*

His comment implies he’s not actually getting the enquiries, let alone the viewings, which means protective tenants aren’t liking what they’re seeing from his advert! It’s a proven fact that photos usually do the majority of the leg work when generating enquires, but if your centre-piece is a gloomy kitchen and bathroom from the 90’s… there’s very little gravitation pull, and highlighting more of ‘it’ is just suicide!

It’s not a terrible property by any means, and it’s arguably better than a lot of crap other landlords serve… but is it actually worth £975PCM in its current condition? Bitch, please!

Most people will say, “The problem is the condition of the property, specifically the out-dated kitchen and bathroom (two key areas which notoriously sell properties).”

But that’s not the real problem, is it? The real problem is that the landlord perceives the condition of the property to be acceptable and essentially worth the £975PCM price-tag. And that’s my point; it’s a mindset issue, based on ingrained standards. He’s seeing one thing, and I’m seeing something completely different.

So, so, so many landlords have this issue. I’ve seen genuinely good landlords, who aren’t tight-fisted at all, and have their tenants best interest at heart, that struggle to let their property simply because they’re being guided by their own standards, which is often lower than required.

On a sidenote, I think the letting agent he’s using is providing an embarrassingly poor service, but that’s another issue altogether.

COMPARING THE MARKET

I did a quick search on Rightmove for 2 bedroom properties with in close proximity and similar price range, and the first result that landed on my radar was this 2 bedroom apartment, £900PCM.

When comparing the two properties, I know which I’d rather snap up. There’s an obvious difference in quality, not to mention photography (which has been proven to make all the difference).

I don’t know the Reading area, so I don’t know if one property is situated in a more premium location than the other. But it’s irrelevant, because I’d be willing to move a little further afield from my desired location if it meant living in a significantly better conditioned property, and I think that’s a general consensus among most folk.

IF YOUR PROPERTY ISN’T RENTING AFTER DOING THE BASIC/COMMON CHECKS…

I strongly encourage you to consider that your standards might be lower than the current markets’, even if that’s a kick in the nuts. Like I said, it is a tough pill to swallow. I’m not saying you need to offer high-end properties, I’m saying the price-tag needs to reflect what you’re offering. So if you’re offering a plate of steaming shit, you should be asking for the going rate for said plate of shit!

I would say “check out the competition for a reality check”, but that’s unlikely to work if it’s an issue of misaligned standards. Even if a landlord independently scopes out the competition, he probably won’t recognise the difference in standards, or at least, the gaping holes in their own proposition. That’s the problem.

To clarify, I’m not trying to shit on anyone’s standards here. People should live how they want to live, and I have no qualms with that. But this isn’t about how YOU live, this is about how your tenants live, and it’s about maximising your profits by providing tenants with actual value (i.e. not your perceived value). If you fail to provide, a few outcomes will most likely occur:

• Excessive vacant periods.
• You’ll eventually be forced to significantly lower your rent after you’ve wasted time ‘testing the market’.
• You’ll get dog shit tenants with equally low standards (trust me, you don’t want that).
• You’ll find tenants that won’t stick around for long because they’ll eventually cotton onto the fact their money can go further. Bear in mind, a high tenant turnover rate can be equally as expensive as long vacant periods, if not more.

It’s also worth noting three other points:

• The landlord may have made more money if he accepted the £800 offer (of course, it depends on the date he received the offer, and how long it eventually takes to find tenants). This goes back to another big mistake landlords often make: prolonging the vacant period to hold out for ‘top-end’ prices (especially when you don’t have a comparatively top-end product).
• Generally speaking, if a property isn’t receiving serious offers with in a week or so (especially in today’s booming rental market), it’s safe to assume there’s a glitch somewhere! If there isn’t a serious offer in 3 months, that usually means there’s a fundamental issue with the property, which goes way beyond correcting the basics.
• It’s common for some landlords to have the complete opposite problem, where standards are so elevated that overspending occurs! But in this instance, you’re unlikely to struggle to occupy your property! In any case, understanding your market is crucial.

In conclusion, don’t be ruled or clouded by your own standards… especially if they’re out of sync with the market!

http://www.propertyinvestmentproject.co.uk/blog/why-isnt-my-property-renting/

Hopping mad: here's your chance to live in a brewery

The Ram Brewery in Wandsworth

Wandsworth has long been a popular choice for families and affluent young professionals, and it’s easy to see why. From the pretty Victorian cottages of the cluster of roads known as the Tonsleys to the large red brick and stucco-fronted detached and semi-detached homes of the “Toast Rack” streets off Trinity Road, there’s no shortage of quality housing stock. There’s also Wandsworth Common and good schools, and while it may not have its own Tube station, direct trains run from Wandsworth Town to Waterloo and from Wandsworth Common to Victoria. Even its less sought-after Southside area has seen regeneration in the past few years; it now has a Waitrose. 

But Wandsworth as we know it is soon to be transformed, thanks to a £600 million mixed-use development by the Greenland Group called the Ram Quarter. The planned scheme consists of 663 private and affordable new homes, ranging from studios to four-bedroom duplex apartments. It could even fix one of the neighbourhood’s least appealing features: the traffic-heavy A3 ring road that runs through the high street will be diverted, providing better access by foot to Wandsworth Town. “If you’re walking from the Southside [shopping] Centre up to the station, you have to go around the one-way system and negotiate the busy road,” says Alex Finch, the director of residential development at JLL. “But soon you’ll be able to cut through and pick up a coffee or some breakfast on the way.” 

One of the Coopers’ Lofts, a collection of 14 apartments due for completion next month

Or even a pint. Beer has been brewed continuously on this site since the Ram’s Inn was opened in 1533, during the reign of Henry VIII, making it the oldest brewery in Britain still operating. It became the first Young’s brewery when Anthony Bainbridge and Charles Young bought the site in 1831. Now overseen by John Hatch, a former Young’s employee, the brewing hasn’t even paused during the site’s construction; Hatch has been working out of a nano-brewery constructed from scrap metal in the old stable block, where he makes “about half a barrel a week” and holds comedy nights. 

Once construction is finished, the  old Ram Brewery will be restored and housed in the Porter Tun Room, where porter (the dark, hoppy, stout-like beer made from brown malt) was brewed in the years following the Gin Act of 1751, which was enacted to limit the consumption of spirits in an attempt to reduce crime. Beer aficionados will be able to live in this Grade II listed brewery building. The first phase of new homes at the Ram Quarter – already 90 per cent sold – concludes with Coopers’ Lofts, a collection of 14 apartments due for completion next month. Prices range from £480,000 for a 358 sq ft studio to £2.85 million for a four-bedroom duplex covering 2,687 sq ft.

Prices range from £480,000 for a 358 sq ft studio to £2.85 million for a four-bedroom duplex covering 2,687 sq ft

The history of these new homes will be immediately evident, with the brewery’s beam engine – built in the mid-18th century and one of the oldest of its kind in the world – on show in the lobby. The apartments will have period features such as high ceilings, timber beams, exposed iron and brickwork, and restored industrial-style windows. 

“The Ram Quarter is injecting new life into old industrial units and has been very well received locally,” says Robin Chatwin, head of Savills’ south-west London team and a Wandsworth resident for more than 30 years. “The development will create a real community from nothing and is expected to become a destination in its own right.” It will include 100,000 sq ft of retail and leisure space, although details of this remain vague. 

Inside the Ram Brewery

The second phase of homes will include a 36-floor tower and another two residential buildings, and Greenland has just received planning for the third phase, which will deliver 50 homes as well as office and workshop space. This will include the restoration of Church Row, a beautiful street of Grade II and II* listed Georgian terraced houses. 

These will join the bevy of new homes hitting the market in Wandsworth. The last phase of Berkeley’s mammoth Battersea Reach project has just launched, with prices starting from £565,000, while the Riverside Quarter from developer Frasers Property has apartments available from £745,000. Pocket Living’s Mapleton Crescent scheme recently released 36 homes to the market, with prices starting at £685,000, and homes in Taylor Wimpey’s Osiers Point will be available to buy early next year from £495,000. The Ram Quarter is just one of the developments transforming the face of Wandsworth – but with acres of retail space as well as the historic and active brewery, it might be the one with the most fizz. 

http://www.telegraph.co.uk/property/buy/hopping-mad-chance-live-brewery/

Can timing help you buy property on the cheap?

Christmas: the perfect time to shop... for a home Getty

It pays to hold your nerve. Especially if you’re a first-time buyer who managed to snap up a property deal in August as prices dropped by 10 per cent in a month.

That’s according to data from estate agent Haart out this week alongside yet another report pointing to a nationwide property slowdown. 

Haart, of course, points to other reasons for the drop, with chief executive Paul Smith suggesting the market had “reached the low of the summer slowdown” as the number of new properties for sale drops by almost 8 per cent across England and Wales (14 per cent in London) in just a month. 

“Prices are still rising, but at a slower pace than inflation,” Smith adds. “And now that unemployment has reached a record low it’s only a matter of time before interest rates climb back up again.”

All of which begs one question. Can you time your way to a property deal? 

First-time buyers

Smith isn’t the only person who thinks now is a good time for a first-time leap. 

“First-time buyers of course are perhaps the best placed to eye the market closely and be able to detect the right pricing and time to make a move,” notes David Hollingworth, director at L&C Mortgages. “A slowing in the buy-to-let market has no doubt eased the competition for first-time buyers, which may have helped them negotiate on those properties that are available.”

Jeremy Leaf, a London estate agent and former residential chairman of the Royal Institution of Chartered Surveyors, agrees. “Investors are feeling the pinch from increased taxation and stricter regulations which has certainly levelled the playing field,” he says. “But on the other hand rents are still going up due principally to the shortage of accommodation, which makes it harder for first-time buyers to save for a deposit and it is taking them a lot longer. 

“The other factor, of course, is that lenders have introduced tighter affordability criteria, making it even more difficult for first-time buyers to get that vital early step on the ladder.”

Existing owners

For many, buying a home simply doesn’t come with the luxury of being able to choose the moment to buy, prompted by the need for more space as families expand, for example, or a career move that demands an immediate relocation. 

“For those that have more flexibility, timing their purchase could put them at an advantage especially if transaction activity is cooling as we’ve seen in the current market,” adds Hollingworth. “For existing homeowners that could mean being prepared to sell the current property and go into rented accommodation. If vendors are finding that genuine buyers are becoming harder to come by then they may be prepared to shift on asking price but that is more likely if they can see a well-positioned buyer without the encumbrance of an ongoing chain. That could work well for all parties and allow for some tougher negotiation.”

The risk of course is that either the poor supply of property means that there isn’t the right type of property available or prices continue to climb.

“Going into rented accommodation would generally require at least a six-month tenancy agreement so trying to time the market would need to result in a price reduction that outweighs the outlay,” Hollingworth adds. “Nonetheless it would still make a buyer a more attractive prospect and could help speed up and ease the process.”

Seasons greetings

But while economic factors have the strongest influence, the time of year continues to play its part. Indeed, so established is the link between the month and the market that price indices are seasonally adjusted to take this into account. 

It makes sense – no one wants to go house hunting while they’re shopping for Christmas and fewer potential buyers want the upheaval of a December move. Meanwhile, while this summer has been slowed by everything from economic fears to wage-growth freezes, in general, viewing homes is far more attractive a prospect in warm sunshine than it is in freezing rain. 

As one academic paper from the London School of Economics puts it, the market experiences “systematic above-trend increases in both prices and transactions during the second and third quarters [April-September] (the ‘hot season’) and below-trend falls during the fourth and first quarters [October-March] (the ‘cold season’).”

Hollingworth suggests those that are prepared to keep on hunting as seasonal slowdowns approach may also get some joy. “Vendors coming to the market as Christmas approaches are either only dipping a toe or are serious and may need to compromise given the fact that active buyers may be thinner on the ground.”

Hold your nerve

This all assumes that in general, the property market is only going one way. But increasing numbers of us feel that isn’t the case. With mounting evidence of a slowdown – even Rightmove reports that property prices dropped by 1.2 per cent, just under £4,000, in the last month – a study by YouGov has recently found that more than half the UK population believes the nation’s property market will crash in the next five years. 

Estate agents may be trying desperately to convince us that we’ve hit bottom already, but it’s clear that, right now, timing is everything in more ways than one.

http://www.independent.co.uk/money/spend-save/timing-buy-property-cheap-save-money-first-time-buyers-housing-market-haart-a7957331.html

Money matters:how to save a fortune on leasehold service charges

Put in the effort and you can cut the cost dramatically of your flat’s service charge.

Do you own a flat? If you do, then the chances are that it is leasehold. In London, half the city’s entire housing stock is leasehold, and nine out of 10 new-build properties are sold in this way.

This means you will have a landlord, known as the freeholder, and will also be paying a service charge — an annual fee to cover things such as building insurance and the upkeep of communal areas. A managing agent is often employed to oversee these duties but, frustratingly, the property-management industry is unregulated, so it’s hard to know if you’re getting value for money.

I bought my leasehold flat in north-west London in 2013 and was amazed to see how high the service charge was for a poorly maintained building. It was also the complaint of my neighbours, who felt the managing agent was indifferent to our concerns.

Then, in 2015, the opportunity came up to buy our freehold, which we did. The managing agent was now reporting to us, and unsurprisingly they became more obliging.

I was pleased that the service had improved but I started to do some number-crunching. A cursory look at our service charge breakdown revealed we were still being ripped off by inflated maintenance contracts.

The reality is that managing agents rely on customer apathy. Let’s face it, you come home after a long day at work and just about have enough time to cook dinner. Do you really want to start poring over building quotes and receipts?

INSURANCE COMMISSION

The answer for most of us is no — but when you see the rewards, the incentive grows.

Our annual insurance bill in 2013 was £68,000. As soon as we acquired the freehold, we asked a broker to find us a better deal. We immediately saw a double-digit reduction in the bill and now, in 2017, we pay £38,000 — nearly half.

This is all too common: freeholders adding sky-high commission onto insurance contracts, which are then facilitated by the managing agent. This was one of many examples where I felt the property manager had failed to act in our best interests, and decided we needed change.

CHANGE AGENTS

Earlier this year I called a meeting of the residents’ committee and put forward the suggestion of changing agents. There was support for the idea but people didn’t know where to start. Nor did I, so I started to do some research. I spoke to friends, searched the internet, looked at review sites and found out who managed the blocks I thought were well maintained.

We came up with a shortlist and invited three companies to visit the block and send over a tender document. In it we asked them how they would make cost efficiencies and bring up standards, should they be awarded the contract. 

One agent stood out from all the others — they made carefully considered suggestions and proposed changes we hadn’t thought of. Best of all, their annual fee was a massive £15,000 cheaper than our existing agent, meaning a tidy saving of £120 for each flat owner. We negotiated a few clauses in the contract and signed with them.

Even if you do not own the freehold to your block, all of this is still possible. It’s worth asking the freeholder first if they will change agent, but if you don’t have any luck, you can enforce your statutory right to do so, known as Right to Manage.

You must meet a set of criteria and normally have at least 50 per cent of leaseholders in the block willing to participate. With it also comes a greater share of responsibility, but for many it is a good way to have proper control over one of your most valuable assets. 


You’ll always get people who want the easy life and are happy for the status quo to continue, but if you know you can get more for less, don’t settle for second-rate service. Your neighbours will thank you for it.

http://www.homesandproperty.co.uk/property-news/buying/how-to-save-a-fortune-on-leasehold-service-charges-a113946.html

Huge operation to crack down on letting agents across London under way today

Agents throughout London are being placed on standby today for a major one-day crackdown by Trading Standards.

Officers from 15 Trading Standards offices in the capital will today be visiting letting and property management agents – and scouting for evidence of compliance, for example on the display of fees.

Failure to comply could result in fines of up to £5,000 per offence.

Today’s crackdown is part of London Trading Standards Week, which focuses on a different area of activity for each day – yesterday it was knives.

However, London Trading Standards have already been vigilant, fining letting agents a total of £370,000 in the last three months.

James Murray, deputy mayor for housing and residential development, said: “We very much welcome London Trading Standards’ crackdown on letting agents who break the law, and we believe Government must ensure this vital work is properly resourced in the future.”

Isobel Thomson, NALS CEO, said: “Trading Standards play a vital enforcement role in the lettings landscape, ensuring agents trade fairly and consumers are protected.

“We are delighted that London has taken a lead in increasing their activity and raising awareness so that rogue agents should not simply slip under the radar”.

Martin Harland, lead officer and chair for London Trading Standards Letting Agents Working Group and principal officer at Camden, said: “We won’t allow letting agents flouting the law to get away with it. It’s simply not fair to the consumer or the substantial part of the letting industry who go out of their way to do things right.

“If you want to be a letting agent, the message is clear: you must comply with the law.

“London Trading Standards wants to protect London residents and the businesses that trade fairly here.

“If you know an agent who isn’t publicising their fees or who isn’t complying with the law, let us know about it.”

A reporting hotline is on 03454 040506.

http://www.propertyindustryeye.com/huge-operation-to-crack-down-on-letting-agents-across-london-today/

Our developer is paying our legal fees but insisting we use his solicitor — won't he be biased?

If you are wary about the relationship between developers and their solicitors, tell them you intend to use your own lawyer and request they still pay your legal fees. If they refuse - ask why.

Question: We are trying to buy a new house. The developer is offering great incentives provided we pay a reservation deposit of £2,000, exchange contracts within 28 days and use his solicitor. We are OK with the first two but we want to use our friend, who is a solicitor, to do the conveyancing. The developer is pushing us to use his, saying our friend will be slow. We think his solicitor will be biased, especially as he is paying our legal fees. We do not want to lose the house — so should we just give in?

Answer: Developer incentives vary enormously, from paying stamp duty to free cars. The law firm recommended by your developer will not be the one representing the developer on the sale as that would amount to a conflict of interest.

Some developers have an arrangement with a law firm whereby they refer to them all their new home buyers. They encourage new buyers to use such firms by offering to meet the legal costs. The law firm may be doing the property work at a discounted or reduced rate because they know the development site and act for several purchasers.

Although the solicitors may not want to upset the developers as they refer them work, they have a duty to you as their client to act in your best interests. If a solicitor was biased towards a developer and did not act independently they could face serious disciplinary action.

If you are concerned about the relationship between the solicitors and developers, tell them you intend to use your own lawyer and request they still pay your legal fees. If they refuse, ask why. You may still be able to negotiate payment of the fees as the developers may not want to lose a sale. 

WHAT'S YOUR PROBLEM?

If you have a question for Fiona McNulty, please email legalsolutions@standard.co.uk or write to Legal Solutions, Homes & Property, London Evening Standard, 2 Derry Street, W8 5EE.

We regret that questions cannot be answered individually, but we will try to feature them here. Fiona McNulty is a solicitor specialising in residential property.

These answers can only be a very brief commentary on the issues raised and should not be relied on as legal advice. No liability is accepted for such reliance. If you have similar issues, you should obtain advice from a solicitor.

http://www.homesandproperty.co.uk/property-news/legal-qa/our-developer-is-paying-our-legal-fees-but-insisting-we-use-his-solicitor-wont-he-be-biased-a114016.html