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Wednesday, 27 June 2012

The trend of Home Part Exchange in UK

UK property market is presently suffering stagnation and selling or renting your home in UK is not at all easy.  It is for this reason, in your need to get rid off the property that people are opting to or resorting for Home Part Exchange schemes, which possibly happens through fast home buyer companies.

A Part Exchange scheme basically refers to a type of contract in which both the parties involved, i.e. the producer and the consumer respectively, partly supply and partly pay money for that good or service, respectively.

This scheme of Home Part Exchange allows you to sell your property for a new one merely by making a part payment for the new property. The trend is showing popularity in UK property market.

Reports from the leading real estate companies/property market companies in UK noticed a surge in the Part Exchange schemes up by 42%.  There are various reasons leading to the popularity of the trend:

Firstly, the scheme prompts the prospective buyers to initiate a move towards selling property and buy a new property. What Home Part Exchange does is, by allowing part payments, it provides sellers the security that they'll get their new house, by only making a part payment and that their house will be sold quickly through cash home buyers.

Secondly, the property companies/real estate companies in UK into building new houses are into making homes for the larger/bigger families and this is seen to attract the second and third time buyer's market.

That aside, it is of much significance for the house sellers and house buyers to be able to use this scheme for their benefits. The early pioneer of this vitally important scheme/program was Barratt Homes, UK, which is now a leading property company of UK. Later, there also came other property companies such as Taylor Wimpey, Persimmon and Bellway, to name a few, who too had come up with similar schemes.

All in all, much thanks and applauds for property companies in UK to come up with such flagship programs, one that of Home Part Exchange scheme. It is indeed an ideal scheme in this current property climate, for people aiming to quickly buy bigger houses by selling their properties.

Property asking price skyrockets, but the Eurozone crisis coupled with the sporting season in Europe, sadden sellers

The latest data from UK property listing website, Rightmove, announced highest record of Property asking price, however, the trend might be crunched in presence of enough number of homes for sale and the summer sports in UK are set to deter this trend.

Right move has observed this trend to be for the third month in a raw, by home sellers of London and South East.

However, the report has got bad news for the property dwellers of unpopular areas. For them, they will have to lower their house asking price keeping in mind the Eurozone financial crisis.  More so, the summer in UK is marked as a sporting season for having Euro 2012 and the London 2012 Olympics which will keep the potential home buyers away from buying.

'Agents report a two-tier market where those who can afford to price realistically are selling, while those who are equity-poor are struggling to sell as they often have to price up to make any prospect of a move viable,'  said Miles Shipside, director at Rightmove.

Added to this, the report recorded increased number of supply in terms of sellers, with 29,394 new sellers a week-'highest new listing run-rate for two years.'

The national average rate of asking prices has risen to one percent in the month to mid-June to £246,235.

The report said: 'In spite of sellers' current record price aspirations, in real terms they are still an average of 13% lower. London is the only region where there has been an inflation-busting increase over the same five year timescale, with asking prices 3% ahead of the national Retail Price Index (RPI).'

The latest survey from Royal Institution of Chartered Surveyors, noticed a tough time for sellers with estate agents selling less than four homes a week in May on average, despite the fact that May traditionally has been an apt month registering higher sales of home.

Report further stated how sellers are forced to sell their property at a price then their expected price and otherwise the sellers who don't get their price, get reluctant to sell and wait for the right buyer, making their property stay on hold for a longer period of time.

Mr Shipside said: 'It remains a very local market ruled by property style and location, and a few minutes study will reveal whether your property is hot or not.

'The traditionally more active spring window is closing and a summer of sporting distractions underway. Cutting your asking price to be cheaper than your competition and promoting your selling points better will be the key to avoid being an also-ran in the race to sell.'

Therefore, even though the property asking price is seen rising, the current economic and social happenings in UK, shall not allow the trend to sustain and thereby not let the sellers get an advantage.

House prices in UK’s official beauty spot hits the roof

Latest reports from the property market reveal, house prices in UK's most spectacular sites is seen climbing sharply.

The prices have been noticed to increase by an average of nearly £110,000 in the past ten years.  This makes it an average of £900 a month in the past decade of such Areas of Outstanding Natural Beauty (AONB), UK.

According to the report by Lloyds TSB, home prices have surged in four areas of AONB.  The beauty spots included the likes of - Solway Coast in Cumbria, the Northumberland Coast, the Kent Downs, the Forest of Bowland in the North West and Cornwall.

Where these places saw themselves getting a doubled price, there on the other spectrum, are places which have registered not so massive growths. These were Dedham Vale on the Suffolk-Essex border which saw a steep rise in price at about 61%, with North Wessex Downs saw a rise of 66%.

The report further states that the average home prices in these areas have outgrown the average annual gross earning by seven times, marking a price of £235,215 in 2012, thereby making it actually exorbitant  and has made its affordability sinking.

The report found that people pay nearly £15,000 to stay in such areas. Among them, Surrey Hills is the most expensive AONB in England costing £407,568 while the Forest of Bowland is the most expensive outside of southern England, property prices of £212,301.

"The relatively high property values in many of these locations reflect the quality of life benefits associated with living in some of our most idyllic beauty spots," explains Suren Thiru, housing economist for Lloyds TSB.

"However, the fact that property prices have typically risen considerably faster than average earnings has created significant affordability difficulties for many of those living and working in such locations," Thiru adds.

Whether an area is outstanding or not, is defined in previous landscape whose distinctive character and natural beauty are so outstanding that it is in the nation's interest to safeguard them.

The price of buying a home has inflated in recent times and has thereby definitely outdone the rise in the cost of living of people.

Emir of Qatar renovates 185 year old Britain’s mansion, makes it worth £200m

  Qatar's royal family has set their foothold in UK's property. The family has spent on renovating a grade II property, now making it worth £200m – making it Britain's costliest property.

The emir, Sheikh Hamad bin Khalifa Al Thani, had brought the property, named  Dudley House in London's Park Lane,  for a mere £37.4m in 2006, tried lavishing by renovating, now making it worth the what is the most priced property in Britain. Not only the amount spent on renovation, there are various other points worth considering about the property which is all set to aid it as the priciest mansion of UK.
  • The house is known to give splendid view of the Hyde Park.
  • It has a presence of a 50ft ballroom, an 81ft picture gallery and furniture
  • 17 bedrooms and 14 reception rooms
  • 44,000 sq ft of space
  • Knocked down three different properties to make it to one grand mansion

The Sunday Times updates on the interior, states the interior designing has been kept intact to the original Regency and Victorian interiors.
Further, to let you imagine the interior, Gary Hersham, head of Beauchamp Estates, said: 'There is gold leaf throughout. The other main colors are cream and neutral - it is very tastefully done.

The ceilings are ornate and very high, although these have been dropped in the bathrooms, which are all marble. There is a very grand staircase, and chandeliers throughout.'

The Dudley House was built in 1827 for the Dudley Ward family, to become a hang out place for Edward VII, where he would meet his mistress in secret.  According to property experts the house could get sold for £250m.

With this, now there have sprung up many properties like such.  The 36-38 Queen Anne's Gate was bought for £50m, and is not all set to get itself renovated, trying to make it include, double height basement, swimming pool and underground car park. On the other hand, Luxury property experts, point out Bridgewater House in Westminster, could fetch as much as Dudley House.  This grand property is owned the family of Yiannis Latsis.

While the rest of the UK is seen facing problems in owning a house and are considering on renting a house for longer term and even those who are trying to own are doing so through mortgage finance and later to only find them in the debt and or the ones who are renting are finding themselves trapped in rent arrears. On the contrary, this seems quite dubious and ironic that properties are being bought, renovated and then sold, all a royal's game.  This is the ground reality, a royal trend.

Sell your property with least expenses - Know the cost involved in selling your house

  Selling a property isn't as easy, short-processed and quick, as the word sell sounds.  There are many steps that are involved in selling a property/house/home and almost all of these steps require incurring some cost in one way or the other. You just cannot get that large lump sum of your home/property, before fully implementing the process of selling and implementing requires you to incur.

So which are the expenses/costs which you generally need to incur being a seller?

Your first obvious cost would be to refurnish your house. This is all if you wish to. Good furnishes houses are known to fetch you good price.
After that you decide to sell your home and with that also the way through which you'll make you home sale.

You've many options at your disposal. You can choose to make a sale though either of the ways:
  1. Estate agent
  2. Auction
  3. Private sale
You can opt for any channel of selling, but while you do so, do compute the cost of all the channels, very carefully in terms of expenses/costs/fees that they charge.

In case you decide to sell it through an estate agent, you should know that the usually charge a commission and that is usually between 2-3% of your house's selling price. So, more often than not, it is the selling price of your property which actually decides an agent's fees. However, you can talk to your agent and come to a consensus, on a price on which both of you agree. So, a bargain can be done here.  However, do not bargain too much for a price that is unrealistic.

In case you decide to sell your property through an auction, the fees they charge is about 2% of the selling price. Now, there are some auction houses whose fee will include the advertising charge, while some of the other may charge you for the fee which is excluding the advertising for the house sale, thereby charging you differently on the advertising cost. So, it is advisable you know what actually constitutes your fee and accordingly select an auction house for selling your house.

In case you go for a private sale, you need not worry about any sort of fees, for you yourself are an agent. Therefore, you only need to incur the marketing costs and that cost also depends on how you market.

However, you should keep in mind the time-frame in which you will need to sell your house. Since, it is much wiser to consider easy and quick ways of selling, for the amount of loss incurred by delaying the sale will be more than the fees charged by the channels.  These days, there an option of selling homes through cash buyers- buyers who buys your home at cash, quickly without much hassles, without any cost and legally.

At last, when you decide to sell your home, you need conveyancing.  It is for this stage that you'll need a lawyer or a solicitor. Solicitors charge according to the selling price of your house.  Usually a bargain with them works out, thereby helping you save some money in the process.

All in all, before, you sell your house, it is worthwhile you consider on all the mentioned factors and accordingly choose a way, a way, with least expenses.

Relocation and Quick Sell Home

  Relocating to a new place, is as much exciting as well as depressing too, for exploring a new area, city, country is exciting and a time guarantying you with new possibilities. However, it is also depressing as changing a location means leaving the old place, people and the relationships with that making it difficult for you to get rid off the emotional attachment that you derive from that place added to that the whole process of relocation is bodily tiring.

Now, there might me many reasons for you to relocate such as:
  • Job transfers
  • Moving to a better place due to rise in income
  • Moving from a better area to a backward, poor one due to fall in income or financial problems faced.
If in such urgent time you choose to sell your home through traditional methods of selling home, which is selling it in open market, could make your home sell deal drag long for many months if not years.  Also, you cannot consider the option of moving before your house is sold because then this will make you have the burden of double payments for two places- your old home and your new home.

Whatever might be the reason, you urge to sell home is on high and in such situations, fast home buyers/cash property buyers/home buyers lends you a helping hand.

Most of the time, there might be situations such as:
  • You've got home  buyers but you are unable to sell off your home because you're stuck in chain
  • You haven't found a home buyer and you need to relocate quickly.
For one or for all the reasons mentioned above, you have no option left else than selling your home quickly. Fast cash homebuyers allow you with an immediate offer to sell your home, and if you agree on terms of sale, you get cash quick on your home sale.

With the presence of cash home buyers, you need not worry about splitting up your family, by making a move one by one. With selling your home through fast cash home buyers, everyone in the family can move at one go, together. This will help you save your money which would have been spent behind making temporary rent accommodations.

All in all, now you can remain as carefree as possible and start your new life, at a new place, without having to worry about your family being miles away from you.

Sell House Fast and Enjoy Retirement

Retirement is that phase of your phase where after working for many years, you opt to take a break from your professional routine of your life and decide to sit back home. You may retire because of an old age which almost always takes a toll on you, if it were allowed to make you work. Which is why, in all the countries, the government has proposed a maximum age until which any senior citizen can work.  This is done purely keeping in mind their health.  Making them work in an older age is no useful as by that time they have lost their ability to think and work in a fast way.

Most of the people in UK aim to get retired in comfort. However, the savings and the pension funds are way too inadequate to guarantee them the kind of life they have had dreamt for themselves.

It is in such a situation that the senior citizens may consider selling their only primary property – selling their home so as to live the rest of their lives financially secured and live stress free and peacefully. Even if that is not the case and you're opting to sell your home for various other reasons known to you, at this age, then you've no other option than to sell it as quickly as possible, for if the reasons are too demanding.

It is here that you will need the help of fast cash home buyers or cash home buyers, who will help you, sell your home quickly and hassle free, so that you can get rid of your problem and then sit back and relax, stress free in your retirement days.

Such fast cash home buyer companies buys your property on a quick base with cash, letting you allow the deal at your convenient time.  More so, you even avoid the long stretched process making your house get sold through an estate agent where one by one he gets you the interested customers, which after seeing the whole home for several times, and almost finalizing the deal, breaks it due to various reasons. You don't face such problems while selling your through fast sells cash property buyers.

Such companies provide you with the best deal, at the price that you just want.  This also delay hassles otherwise faced in selling your home. The fast sell home buyers buy your property with cash, on a fast basis, using an established professional and easy and simple process, otherwise associated with selling home through agents, solicitors and surveyors.

All in all, such fast cash home buyers will do all that it can to sell your property and assure you a profitable deal and enough financial security out of the deal, which is just what you need to leave peacefully in your retired days.

Fall in UK Home Repossessions

The most recent report by the Council of Mortgage Lenders, noted the trend of repossession of property in UK being falling in the first quarter of 2012.  Last year, for the same quarter, the amount of repossessions was the same as this year's first quarter, which amounted to 9, 600.  The council was content over the stability seen.

However, the Council of Mortgage Lenders also said that the stability might not remain there forever, for there might be different financial factors such as household finances, changes in welfare benefits and rising mortgage rates.

The amount of repossessions/evictions for this quarter was much higher than 8,700 which were registered in the fourth quarter of 2011. However, the amount went up to 9, 600 and was the same as first quarter of 2011 and that is seen as a welcoming trend.

The Council for Mortgage Lenders had estimated the amount of repossession at around 45, 000 houses for the first quarter of the year. However, the amount of house repossessed for the first quarter of the year was much lower than what it was estimated. The Council now believes that the estimated amount can be revised when updated housing market forecasts are published later in the year.

Now, there are many reasons attributing to this falling amount of repossessions. The most important being the growing presence of fast cash property buyers. These agencies deal in fast or quick sale of home in order to stop repossession or stop eviction.  The estate agencies act as repossession helpline who provide you with various advices on repossession.  These agencies also provide many distressed property owners with solicitors that deal l with repossessions/eviction in London.  All this has been helping distressed property owners who have been unable to pay their mortgage payments, to get rid of it, thereby registering a lower rate amount of repossession of properties in UK.

Seeking to reassure people who are having trouble meeting their mortgage payments, Paul Smee, CML director general, said that repossession is a last resort for lenders and the number of repossessions remains relatively low. "Anyone worried about their mortgage should be assured that lenders will try to help them get back on track, as long as this is a realistic prospect," he added.

All in all, there should be more presence of repossession advisers and helplines and fast sell home estate agencies. This will certainly bring the rate of repossessions down and also bring a sigh of relief for the distressed property owners in this hard borne economic time.

Saturday, 16 June 2012

Home Information Packs

The UK legislation for reducing gazumping and gazundering, Home Information Pack or HIP was introduced by the UK government in 2009. HIP is basically a pack of property consisting of certain documents of the home property, which are to be there at the time of selling the property. HIP is for sellers selling home in England and Wales. There is a different legislation for the same in Scotland. The pack contains a set of property documents. It included the documents of: Energy Performance Certificate, Sales Statement, Property Information Questionnaire, Title documents for property and Local Authority and drainage searches.

The intent behind bringing forth the legislation lied in the fact for reducing the glaring amount of gazumping that was occurring in the home sell market. It was also said that this pack would welcome a speedy and transparent selling deal/transaction. Since the pack provides detail over various documents, it becomes quite an easy and simple as well as fair process on behalf of the buyer, as he gets all the necessary information just before he goes to check for the property. This saves their time and energy and also keeps them awaked.  This would also lead to lower property search costs. Further, the inclusion of different documents of Energy of Performance Certificate have provided new information on energy efficiency that can help literally cut down on carbon emissions and help get the potential buyers an idea of likely costs of their energy bills.

However, the 2009 legislation was scrapped as soon as in May 2010. The newly elected coalition government of UK, decided to abolish the legislation. The reason to abolish reflected in the comment that the process is expensive for sellers, and already hit by the Europe's economic downturn, making HIP would be an expensive document.

Further, the UK's, Royal Institute of Chartered Surveyors made a point about the HIP that they have had failed in solving problems arising during the conveyance process such as,  gazumping, gazundering, wasted survey fees, etc. still continued despite the HIP's presence.

All in all, the HIP really was one of the powerful legislation benefiting the home buyers. With the abolition of the legislation, now, however, the buyers might again face the problems of gazundering and property search fees.

Benefits of selling your property through auction

If you're hardly hit by the economic downturn and are in desperate need to sell your property then selling through an auction is just the right choice for you. While selling your property through an estate agent or privately make take a lot of time for you, sale through auction can save our life.

Usually it takes a lot of time if you sell your property through an estate agent or privately, for there might be many buyers who'll come to check your property and you have a power to say them NO until you get a right price for your property. However, selling through auction lets a quick sale of your house as you don't have a power to say NO. The process for selling through an auction involves just registering your property with an auction house the highest bidder gets the property and you might even get a price than you'd expected. But, you got to vacate your property after right after 28 days of the decision.

Thus, selling via an auction not only lets you get a higher price for your property but also the process is time saving.  Not only this, if the buyer cannot complete the sale by not giving you full amount decided in terms of selling price, in due time, then the buyer feels heavy penalties. If the sale doesn't happen due to lack of finance then, you as a seller as free to keep their 10% of their deposit amount with you and if you sell your property to someone at a price lesser than the price offered by the buyer at auction, then they are also liable to pay the differences in the two prices. You don't get such benefits when selling a property through an estate agent or privately.

Also, selling through an auction is has advantages for certain type of properties. Such as disposing off land, repossessed properties and any other properties which are difficult to estimate in terms of their value and, can only be sold quickly through an auction.

Thus, all in all, selling property though auctions is far way beneficial and burden reducing to you as a seller than just selling through an estate agent or privately.

Selling your property in a tough financial time

The Euro zone financial crisis has been having a dooming effect on almost all the sectors of UK and on the UK economy as well.  In this hard hit financial times, property buying, selling and renting has been a task of challenge.

Keeping in mind the current property market trends in UK, there might be many property holders wishing to sell their property. However, a care should be taken by them that their property doesn't get sold off a price lower than the current market value of that property. While, if you have already estimated your property value, and have kept it at a higher price, then getting the exact price, in this season of economic slump, might be a dream impossible for you.

In order to sell off your property quickly in such time, you should get your property estimated properly and objectively. Check out the prices for such estates in your area and know how quickly they get sold, and accordingly set your selling price.

Also consider other factors such as proximity of house to market, to communication facilities, etc., and accordingly, set your selling price. This shall help you to be objective in keeping a realistic price for your property, thereby helping it to get sold quickly.

The other thing that can ensure a sale in challenging time is to refurbish or remodel your property. Also, make stand out attractive areas/rooms of our property. Make sure that area is kept cleaned. This along with remodeling your property help buyers get attracted to your property thereby allowing its quick sale.

For anything to get done, marketing is what you need. Hence, you should make it sure you market your property as best possible. This not only enables to enhance the visibility of your property sale offer into the market but also helps you get buyers who are legitimate and are willing to pay at your decided selling price.

You can decide to sell your property either through an estate agent or privately, i.e. by yourself. While selling your property privately has advantages of saving on estate agent fee and commissions, however, you might not get appropriate buyers because you're not experienced in this field which is why you don't know how to exactly get the type of buyers needed for your property to buy. Therefore, it a word of caution is required in this matter.

All in all, you needn't get panic stricken midst a financial crunchy situation. There are many buyers out there who are willing to buy properties. It only needs to be get well marketed and thus targeted right, to get it sold as quickly as possible.

Quick easy steps to sell your property

Badly crunched by the financial crisis, you may consider selling off your property or for any of the reason; you should know that you won't get the exact price that you'd wanted.

In this situation, you may want to consider the option of selling your house quickly. Selling your house through an estate agent might take you time and also charge you commission.

Hence, the only best solution left for you is to sell your house through fast cash property buyers.

Fast cash property buyers is a term for a property dealer, who are in many numbers, a company of them, who have cash accounts already available in their bank accounts ready to let you help liquidate your property.
Steps to sell your house quickly:
  • First of all, you need to locate fast cash buyers. There are many online companies who deal with this facility and they also have a web presence. So, an online research of companies dealing in fast cash property buyers would make your entire process easy.
  • Once you have found the best fast cash property buyer, the next step is to fix a date when one of the representatives of that company can come for your property inspection.
  • Your next step certainly involves cleaning your house. As, when they come for inspection, you would want your property to be highly furnished and cleaned so as to get the best market value of your house.
  • It is always advisable to push for the selling price you want to, however, consider all the points and then come up with a feasible price.
Once, if all has been agreed to between the cash property dealer and you, then without dealing you must sell off your home quickly, following all the legal requirements.

How to sell of your probate property quickly

Inheriting a property from your loved one is no doubt a great blessing and love showered to you. However be the position of the property, you'll for sure feel emotionally connected to it.

However emotional we might be regarding inheritance of property, we cannot afford to miss on the troubles that it might create for the inheritors.
As an inheritor you might be facing the problem of unexpected costs in the form of paying high rate of inheritance tax, or the cost involved in maintaining your old inherited property.

Now the only option left to make your way out from these mounting expenses is to sell the inherited property quickly.

We all know that the idea of selling your beloved elders property is not likeable; however, when thought rationally about your expenses, it might just not be wise to keep up with the property.

In this situation, you might just want to sell your property quickly. You want to get rid of it and so you don't expect a high selling price. But despite that it is advisable to keep a competitive selling price. Take a review of the current prices of real estate in the area where your inherited property is located. This will help you keep a price apt for selling off your beloved elder's property.

In order to sell off your inherited property quickly, you need to enhance the physical appearance of your property, in terms of totally renovating it. This is if you want a higher price for your property or if you wish to sell it off through an estate agent, which usually delays the selling process.

However, if you are in a really financially crunchy situation and you may have no finances to furnish your property or have no time to wait till you get a customer who will want to buy your inherited property at you price, then you may have to consider the option of selling your inherited property fast cash property buyers.

The sale with fast cash property buyers involves least fuss usually associated with selling inherited property.  The sale through fast cash buyers allows you the benefit of quick release of capital. The benefits further stretch to avoiding the need to pay any Capital Gains Tax, the possibility of paying it could have been present had the inheritor possessed the inherited property for any length of time.

Most important, your inherited property is a gift of your deceased loved one. You may not want to ever sell the property in a way that might lead you to stress. Selling your inherited property through fast cash buyers, guarantees you the quickest sale possible with due benefits mentioned, all stress free.

In all, if you have recently inherited a property and are facing any of such problems, then you're on the right page to let shed of your tensions attached to your inherited property.