Welcome to the Propertyblog

Latest entries

Make a newly built home your next home

Surveying_Blog_PostAre you looking to make a move? Whether you are already a homeowner or a first time buyer, there are a number of benefits why buying a new build property could be the answer to your next move. Continue reading

avatar
Posted by: Samantha Turner-Meyern Categories: Buying, New Builds, Uncategorized Tags: , , , Leave a comment

Could buyers soon see the back of ‘Gazumping’?

gazumping-512x512It has emerged in recent weeks that the government could soon look to ban ‘Gazumping’. A fundamental move which will prevent millions of house sales falling through each year, and avoiding the disappointment faced by buyers.

What is Gazumping? The term ‘Gazumping’ is used when a seller accepts a verbal offer from a buyer on their property, however subsequently accepts a higher offer from another party. It can also mean when a seller decides to raise the asking price after the acceptance of a verbal offer. This practise results in the buyer either having to negotiate by offering a higher price or losing out on the purchase.

Currently banned in Scotland, the government are in discussions to introduce the ban across both England and Wales in order to crack down on those that pull out of buying or selling a house at the last minute. Currently 1 in 5 property transactions fall through each year in the UK.

Mark Hayward, managing director at the National Association of Estate Agents, said: “The English system for buying and selling property dates back to the 1920s and has not been updated for nearly 100 years. It is an archaic system which doesn’t allow for modern technology. It needs updating to allow for as much work to be done before the point of offer as possible.”

Current proposals are to fall in line with Scotland and move forward the point at which a house sale becomes legally binding. Forcing people that pull out of a deal to pay the other parties fees or even buyers to lose their deposit if they pull out after signing legally binding documents such as a contract. The current system makes property transactions legally binding only at the point of contracts being exchanged which is costing around £270 million in wasted legal and surveying fees on failed purchases.

By adopting these new rules the Government hopes to alleviate the current problems faced by both buyers and sellers across the UK and make the process more straight forward as well as reduce the lengthy time frames and risks associated.

avatar
Posted by: Laura Ellis Categories: Buying, Buying Property, Economy, Estate Agents, Finance, For Sale, Industry News, Latest News, Legal matters, Property Advice, Property News, Selling, Selling Property Tags: , , , , , , , , Leave a comment

100% Family Springboard Mortage launched

mortgages-512x512Earlier this month we saw the return of the 100% mortgage, launched by Barclays and aimed at first time buyers struggling to raise cash deposits.

The Family Springboard Mortgage will allow first time buyers and home movers to purchase a home without a deposit. This requirement for deposits and the huge rise in house prices has been a major barrier for many would be buyers within the UK, whether trying to get onto the property ladder or looking for their next home.

Family springboard mortgage facts:

  • 100% mortgage available to first time buyers and movers
  • A family member or guarantor is required to open up a Helpful Start Account and deposit 10% of the properties asking price at the time of the mortgage application.
  • The maximum loan amount available is £500,000.
  • After a 3-year period the 10% value deposited will be returned with interest providing all repayments have been kept up to date.
  • If the buyer misses any repayments during the 3-year period, the bank has the right to retain the family member or guarantor’s money for a further period.
  • Fixed rate of interest for 3 years at 2.99%
  • Maximum income multiple of 5.5 times a buyer’s income

This is the first 100% mortgage offer to be released since the financial crash in 2008 and until now banks have required buyers to put up a minimum deposit of 5%. It’s to be believed that parents and other relatives are financing 1 in 4 first time buyer mortgages. This new mortgage deal is no doubt appealing to the bank of mum and dad as they will see a return on their investment after a three-year period through the Family Springboard mortgage. This new offering will also be hugely appealing for those living within London and the surrounding areas where house prices have risen dramatically and are much higher than those throughout the rest of the UK.

Raheel Ahmed, head of Barclays Mortgages said: “With over a third of young people still turning to their family for help with buying a home, we have increased the accessibility of the Barclays Family Springboard mortgage. We want to offer more people a way to get on the property ladder and to walk through the door of their first home earlier than they perhaps thought.”

If you would like to know more about mortgages or are looking for your next property purchase visit our website for further information and support.

avatar
Posted by: Laura Ellis Categories: Buying, Buying Property, Economy, Finance, House Prices, Latest News, Mortgages, Property Advice, Savings, Uncategorized Tags: , , , , , , , , , , , Leave a comment

Properties of the Month

MAY 1A round up of some of this month’s top properties. There’s something for everyone on this feature, a dream home by the sea, family and first time buyer homes as well as great investment opportunities.

 

Continue reading

avatar
Posted by: Laura Ellis Categories: Buying, Buying Property, For Sale, Interesting Properties, Letting, Letting Agents, New Builds, Uncategorized Tags: , , , , , , , , , , Leave a comment

Mum and Dad continue to bankroll their kids’ property purchases

young coupleRecent research from Legal & General has revealed that the ‘bank of mum and dad’ lends £5bn each year to help their children get a foot on the property ladder. Continue reading

avatar
Posted by: Nicola Severn Categories: Buying Property, Conveyancing Careers, Uncategorized Tags: , , , , , , , , , , Comments Off on Mum and Dad continue to bankroll their kids’ property purchases

Where is the best place to buy my dream second home?

Surveying_Blog_PostHave you been considering buying a second home but you are worried about the burden of the new stamp duty increase? Continue reading

avatar
Posted by: Samantha Turner-Meyern Categories: Buying, Estate Agents, Uncategorized Tags: , , , Comments Off on Where is the best place to buy my dream second home?

Buying vs Renting – Zoopla reveals cost effectiveness stats

family200According to Zoopla buying a property is now more cost effective than renting in 48% of UK cities. Continue reading

avatar
Posted by: Nicola Severn Categories: Uncategorized Comments Off on Buying vs Renting – Zoopla reveals cost effectiveness stats

Properties of the month

With a spring in our step, we have hand selected our favourite properties currently on the market this month. From glorious gardens, to brilliant bargains at auction there is something for everyone in this month’s round up. Continue reading

avatar
Posted by: Nicola Severn Categories: Uncategorized Comments Off on Properties of the month