What do you have to declare when selling a house?

What do you have to declare when selling a house?

When selling your property, it would be easy to assume that the buyers are solely responsible for checking out the quality and suitability of the property before going ahead with the purchase. However, it is the responsibility of the seller to disclose certain information to potential buyers before you go ahead with exchanging contracts.

As part of the standard conveyancing process, the seller must fill in a “Property Information Form”, also known as a TA6. This document is there to inform buyers of any information about your property that they would be unable to learn elsewhere. In other words, any hidden issues must be disclosed before the buyer makes their purchase.

This document is a crucial part of the pre-contract documents, making it legally binding. The buyer has the right to sue you if you either lie about an issue or hide it altogether.

What must you declare when selling a property?

Here are the things you must declare when putting your property on the market:

●     Hidden problems such as asbestos

●     Noisy, disruptive or even dangerous neighbours

●     Applications for planning permissions, whether they’re pending, denied or approved

●     Any altercations on the property – certificates must be included

●     Building insurance details

●     Major problems found in previous surveys such as subsidence

●     Proposals for nearby development/construction

●     Local crime rate

●     Pests or problems such as Japanese knot weed

●     Location of the property to things such as motorways of airports

●     Outstanding debts associated with the property

It is important to note that what you have to declare is subject to change when selling your property. This is because the form will likely be updated and extended numerous times over the years. We recommend speaking with your solicitor when selling your property as they can advise with what you must declare at the time.

Ready to sell your property?

If you are looking to sell your property in the Heaton’s, let Joules Estate Agents help. We are proud to find new homeowners who wish to start a life in Greater Manchester, so get in touch to learn more about our services.

Read More

buy to let

Buy-to-let is no longer the investment of choice for some people

Searches for buy-to-let mortgages has dropped to merely 17.99 per cent versus 65.94 per cent for standard residential services. This is a significant drop from the recent highs of 24 per cent of all mortgage searches, according to research by Twenty7Tec.

The long-term average for buy-to-let searches currently stands at 19.78 per cent – this is according to figures from the mortgage technology provider.

Thinking about the mortgage market statistics for the week ending 30th May 2020, James Tucker, CEO of Twenty7Tec, said: “There are some broader macroeconomic challenges ahead – including the changing terms of the mortgage holiday and furlough and how these will affect employment rates, and household incomes and finances and the supply and demand in the housing market.

“As we navigate through the coming weeks, we will continue to issue weekly figures to make sure that buyers, intermediaries and lenders are all best placed to make the right decisions.”

Mortgage Lender slashes fees on large buy-to-let loans
At the same time, buy-to-let loans above £500,000 are now offered by The Mortgage Lender with a reduced completion fee of 0.5 per cent, and from 0.75 per cent for loans above £750,000. The reduction is available for individual, limited company and HMO/MUB applications up to 75 per cent loan-to-value (LTV)

The Mortgage Lender sales director Steve Griffiths commented: “Reducing the completion fee on landlord loans over £500,000 provides brokers and their clients with better value in an important area of the market which has seen a reduction in lenders and products during the recent crisis.

“The reintroduction of physical valuations in England last month was the beginning of a return to normal and that trend will accelerate as brokers deal with pent up demand for refinancing options.

“Larger loans can present more complex scenarios so our business development team are on hand – virtually – to help brokers with any cases they want to discuss.”

For the latest developments during and after lockdown, get in touch with Joules Estate Agents today.

Read More

house valuation

Why video valuations might be here to stay

  1. We have recently seen the reintroduction of physical property viewings in England, reopening the property market which had been on pause since lockdown began.

However, this isn’t the end of digital services in the property industry, especially when it comes to getting a house valuation…

Introducing video valuations

In the weeks following the introduction of tight lockdown measures, some estate agents are offering virtual viewings and valuations and valuations to keep the property market afloat. Using platforms such as Zoom or Facetime to tour the property, property owners can go through with a virtual house valuation without having to travel to the location.

While in-person property visits are allowed by following social distancing rules, there is still a restriction on the number of viewings allowed per day. And as agents have a backlog of valuation appointments made before and during lockdown, virtual alternatives will help keep the market running.

“They’ve been really successful for us,” said Steve Brown, branch manager of Winkworth Blackheath. “In the last two-and-a-half weeks we’ve done 27, in a few different ways.”

How many valuations should I get?

Typically, most homeowners receive 2-5 valuations before their home is listed for sale. It will come down to how long the property has been on the market, whether the seller is familiar with recent local sales prices and whether their expectations are in line with those of buyers in our current climate.

Desktop mortgages

A desktop mortgage is a mortgage approval based on automated house valuation and can vary from lender to lender. Some will offer a mortgage restricted to 75-85 per cent loan-to-value. The mortgage valuer will look at the property market value group, as well as recent sales in the area and other factors.

Desktop valuations aren’t always available if the property has too many variables that cannot be determined without a home visit. Common property types that may not be eligible include new-builds, flats, and properties in unique or up-and-coming areas.

“Re-allowing surveyors to enter homes as long as a distance of two metres is maintained means that physical valuations can get going again,” says Miles Robinson, head of mortgages at online broker Trussle.

“Some lenders, such as HSBC and Virgin Money, have already confirmed that valuations are starting to be booked in.”

For the latest developments during and after lockdown, get in touch with Joules Estate Agents today.

Read More

uk rental market

Rental market activity shows signs of recovery

Since the lifting of lockdown measures last week, there has been a significant increase in the number of rental properties hitting the market. According to analysis from rental stock figures sourced from Rightmove and Zoopla, the number of rental properties coming onto the market has surged by up to 44 per cent in some cities across the UK. This comes as landlords and letting agents find themselves able to resume business meaning that the UK rental market is improving.

The research by Howsy shows that the number of rental properties currently listed across the major portals after lockdown restrictions were eased across the UK property market before this was compared to the number of properties listed in April.

The data reveals that across 23 major cities in the UK, the number of properties available for UK tenants to rent has seen an instant uplift of 5 per cent on average. This increase has come from only seven cities, while the rest have seen further declines in rental stock levels.

The largest increase based on the sheer number of properties have been in London. The city has seen an additional 6,838 immediately hitting the portals, a rise of 15 per cent. However, in terms of percentage increases, Edinburgh faced the largest influx with an uplift of 44 per cent. Cambridge followed with 19 per cent, while Aberdeen has seen a 16 per cent increase.

Glasgow (6 per cent), Oxford (5 per cent), and Manchester (0.2 per cent) have also seen a rise in rental stock levels.

Some cities, however, are yet to see recovery on the market. For example, Bristol has seen stock levels fall by 22 per cent since April. What’s more, both Bournemouth and Plymouth have seen a loss of 17 per cent each.

Callum Brannan, founder and CEO of Howsy, said: “Many in the rental sector will be breathing a sigh of relief with such immediate green shoots of market activity returning to a number of cities following an ease in lockdown market restrictions.

“Of course, other pockets of the market will take longer to see this positive trend emerge as agents and landlords find their feet operationally.

“We’re certainly not out of the woods yet and the ongoing financial and health implications facing many tenants and landlords will continue to be an obstacle. However, now that we as an industry are able to facilitate them on a greater scale, we can at least start to rebuild momentum in the sector.

“Now, it’s vital that landlords receive the support and protection they need from us as an industry, to ensure confidence in their investment and to maintain a suitable level of rental stock to meet demand from tenants who rely on these homes in order to live.”

For more home investment advice during Covid-19 pandemic contact Joules Estate Agents today.

Read More

Covid-19 update

As we are sure you will have heard, the Government have announced that businesses within the housing sector can begin to open their offices, conduct viewings and carry out market appraisals.

Whilst the news is very welcome, we also have to ensure the safety of all of our clients and staff, whether you are wishing to view, or inviting us to value your home. Our office will open on Monday 18th May 2020 but please contact us to make an appointment before visiting. By doing this we can monitor the number of visitors to our office at any time and ensure their safety.

We are currently arranging viewings in line with Government guidelines and are being mindful of our vendors’ wishes and safety. We will be asking additional questions before booking in any appointment. The safety of everyone is our primary objective so we would request that there only be 2 adults per viewing maximum, with no children present. Please make sure that when on a viewing that you do not touch anything within the house.

We look forward to welcoming calls and getting back to business again.

Thank you for your patience whilst we adjust to the new ‘normal’.


Read More

the rental market

Rental market update during Coronavirus

As lockdown continues to impact the property market, the latest Goodlord Rental Index shows a significant drop in the rental market in 5 out of 8 UK regions throughout April. At the same time, the dip in void periods has fluctuated across the UK.

According to the data, there was a rapid drop in the volume of new and completed tenancies leading up to Easter, before rebounding and finding balance towards the end of the month.

The majority of regions monitored by Goodlord saw a drop during April, with the average rental costs across the UK falling by a collective 2 per cent, from £878 to £861 per property per month.

The biggest drop in rental costs was found in Wales and the West Midlands. Both regions recorded a loss of 6 per cent. The North East saw a 4 per cent dip, followed by a 2 per cent drop in the average rental costs for Greater London and the North West.

The South West prices remained steady, but the South East and East Midlands saw a 1 per cent rise in average rental costs.

In terms of void periods, there were records of marginal increases for three days in the North West, two days in the South East and five days in the South West. However, East Midlands, Greater London and the North East saw a two-day drop.

Tom Mundy, COO at Goodlord, said: “Everyone in the industry is doing what they can to cope with an unprecedented set of challenges.

“With restrictions on movement continuing, it’s no surprise that market activity is significantly down year-on-year and that rents and void periods are fluctuating across the regions.”

It’s not all bad news

There is some positive news to come out of the latest data. According to Mundy, Goodlord’s letting activity tracker appears to demonstrate a new level of consistency in market demand over the past week.

He added: “Whilst a halving of activity year-on-year remains a crippling statistic for the industry, we also believe a huge amount of pent up demand will be released once lockdown lifts.

“Agents who are able to plan ahead for this and can ensure their strategies adapt to the new normal of social distancing will be in a strong position to capitalise on that surge.”

Let Joule’s help you find a tenant for your property

If you are looking to rent out your property in the Heaton’s in Greater Manchester, Joule’s Estate Agents is here to help. Though we understand that leaving the home may not be an option at the moment, we are working from our homes to help landlords and homeowners find the right people for their property. If you’d like to find out more, get in touch.

Read More