April Newsletter - Virtual Property Appraisals

In this month’s Coldwell Banker newsletter, we have put together the usual selection of property insights and updates to help you navigate through the current market, but we have also put together some useful articles to help you though the current Coronavirus situation.

We have compiled a list of activities which you can do to help you get through self-isolation, as well as putting together our top tips for a Spring clean.

St Patrick’s Parade

Join us on our annual parade through the streets of London to celebrate all things Irish!

Sunday, March 15, 2020 at 12 PM

Click here to read St Patrick’s Parade .

Sell Your House, Step By Step

Are you looking to sell? Sometimes it’s hard knowing where exactly to start. Our step by step guide might look like a lot of information but it can really be a good reference point to help you during this process.

1. Work on your finances
With our mortgage valuation tool you can get an estimate of your property's worth.

2. Choose your estate agent
You have options. Sell yourself or use local or online estate agents.

Do some research, compare estate agents by how quick they sell, how close they get to the asking price and how successful they are.

Agree on a fee, aim for 1% plus VAT for sole agent.

3. Get an energy performance certificate
You will need one to provide to potential buyers.

4. Decide how much
Get to know your local market as this will help you decide.

Get several valuations. You don’t need to go with the highest either.

Buyers like to negotiate so add a 5% or 10% to what you’re willing to accept.

5. Get a conveyancing solicitor
They handle the legal work.

Get an overview of how much conveyancing costs.

6. Fill out your paperwork
There is going to be a lot of it!

7. Accept an offer!
Congratulations, the estate agents legally must now pass all offers over to you.

Once you’re happy with the offer, formally accept.

8. Work on your draft contract
You and the buyer will have to negotiate-
• The length of time between exchange and completion.
• What fixtures and fittings will be including, and if they have a cost attached?
• Any survey discounts.

9. Contracts get exchanged
This is the process when you become legally committed to selling your property, and they become legally committed to buying from you.

When you sell the house, you are responsible for maintaining the property until the sale is fully complete.

10. Move out
It is less stressful to move out before the day of completion if possible.

Completion is when the property changes ownership. Once the keys have been handed over.

11. Pay of your mortgage

The mortgage company will have given you and the solicitor and outstanding amount for the day of completion.

Now the buyer has transferred the money that will essentially pay off the mortgage for you.

12. Settle with everyone
Once completion has been finalised, your conveyance solicitor will send you an overview covering all their costs, as well as outing the sale price.

If you’re buying and selling at the time, you can settle for both transactions at the same time.

There can sometimes be a small discrepancy and you may even get a little refund.

The Right Survey Could Save Money

Buying a house can be an incredibly tense and stressful time. Falling in love with a property but not knowing how it is going to play out is often the situation for most buyers. Imagine falling in love with a beautiful Victorian house only to find out later down the line that there are major issues with the roof and require thousands of pounds worth of construction work. You would rather know this sooner rather than later. Getting the right survey could save you this stress but also a lot of money.

According to a study by Hillary, an interior specialist, more than two thirds of Britons don’t know what property surveys are available, never mind which ones are best. And it is leaving us around £3000 out of pocket from repairs, which isn’t ideal for anybody, never mind someone who has just bought a house. That money could be spent on something so much more worthwhile.

The study also asked 2,056 new British homeowners all about their buying experiences.

54% of people had uncertainty during the whole buying process,
62% didn’t know what surveys were available,
79% thought that one survey covered everything, and that isn’t the case.

What are the different survey options?

Home condition report, at around £250: This is the more basic and cheaper option. It is quite a short, surface level inspection that highlights the obvious defects. This report is good for someone whose property appears to be in good condition but would still benefit from being checked for hidden damp or structural movements.

Homebuyers report, at around £300: This survey is more suited for Victoria aged properties. This will mirror the home condition report but will include advice and maybe an independent valuation of the building. If after the report, the value given is less than what you offered, don’t worry. This doesn’t mean you should pull out of the sale. Speak with your surveyor about the potential problems and how much it will likely cost. Try and use this information to negotiate the price down. If the seller won’t budge, you then need to make the decision to proceed or withdraw; depending on the cost. Your surveyor will have experience with similar circumstances so use them to help you.

Building survey, at around £500: If you’re investing in a much older property then this survey is vital for you. It is also worth noting that if you’re planning on doing any construction work such as loft conversions or extensions then this one applies for you too. This survey looks in detail at the condition, defects and the possibility of extending. The surveyor will also be able to provide a cost of how to rectify any problems listed.

Another recommended report is a gas and electric survey. This is vital for properties older than 25 years and if there are bare wires visible. It is even more important if you are planning on renting the property out as you will legally need to provide these safety certificates.

You’re probably thinking all these extra costs sound intimidating, but just think it could seem a lot now, but in the long run it is the more cost-effective option.

Conducting A Property Viewing From The Comfort Of Your Own Home

In order to make the most of being at home, you may be thinking about the current value of your property and whether you may want to sell-up later in the year, or what you can do to maximise the value of your home. Many estate agents are now flexing with the current situation and offering virtual viewings in order to allow you to plan for your property transaction and search for the right property, but how do we value your property without ever stepping foot in your home?

The first solution is simple – online valuation tools. Online valuation tools have become increasingly more popular as their accuracy improves, and as people become more aware that the values are a rough guide rather than a solid appraisal figure. These tools look at land registry data to ascertain the price a property was previously valued at and then use matrices in order to give you a value in today’s inflated rate. Although the estimates can vary, they do give you an idea of the value your property could obtain on the open market, and allow you to have conversations with your agent about selling your home.

The next solution to have your property appraised remotely is more technological – by using video calling applications such as Skype, Zoom, Facetime, WhatsApp and others you can walk an estate around your home. You will be able to talk to the estate agent and they will also be able to guide you in terms of what they need to see to give you an accurate figure – they can also inform you of where the most valuable improvements can be made.

Finally, if you do not have the technology or the know-how to facilitate a video call, then sending over specific images of your property to your estate agent should be sufficient to give you an estimate of your property’s value. In principal, an estate agent will need images of the exterior of your property, including any gardens, garages and parking, as well as an image of each room of the property. If any further clarifications are necessary, your agent will call or email you so that your valuation isn’t delayed.

We would like to emphasise the fact that during this period you can make plans which will help to facilitate your property aspirations in the future – we are here to help you however we can.

Landlords: Updates To Navigate Through The Lettings Market

In response to the COVID-19 outbreak, the government has created emergency legislation, advice, and guidance to support the housing market. But what does this mean for the lettings market? With the many updates and changes, it can be difficult to pinpoint what changes and support affect you as a landlord. To cut through the noise, we have put together the latest Government measures to help you navigate the market during this difficult time.

No new evictions
If a tenant is struggling to pay their rent due to the impact of Coronavirus, the government has brought in emergency legislation that includes a ban on any new eviction in both the private and social rented sector. It is hoped that this will take the pressure of millions of tenants up and down the country who may be unfit to work or may have sadly lost their jobs due to the impact that Coronavirus had has across the nation. The legislation states that new proceedings to evict tenants will not be able to begin for at least a three-month period. After this, it is advised that landlords and tenants develop their own rent repayment plans that consider the tenants individual circumstances. The Government asks that landlords show compassion to their tenants during this time and allow them to stay in their homes where possible.

Three-month mortgage payment holiday
In line with the ban of new evictions, the Government has introduced a three-month mortgage payment holiday for buy-to-let landlords, and homeowners struggling for funds to pay their mortgage. Obtaining a mortgage payment holiday requires you to contact your lender, who will consider your circumstances on an individual basis, so it is important that you are open and transparent about your situation as soon as possible. You should continue to pay your mortgage until you have reached an agreement with your lender. The housing secretary, Robert Jenrick MP, said “The government is clear. No renter who has lost their income due to coronavirus will be forced out of their home, nor will any landlord be facing unmanageable debts”. So as long as you contact your lender in good time, this should take a lot of pressure off landlords and homeowners.

What about unmortgaged rental property?
For landlords with a portfolio of homes that they own outright and offer for rent, there are currently no measures in place [as of 25/03/2020].

Recording tenants who are self-isolating
If a tenant in your property is currently self-isolating due to exposure to symptoms of COVID-19, or they themselves are experiencing symptoms, you should record this along with all conversations that you have with the tenant. If you have an upcoming visit to the property scheduled, such as a property maintenance or inspection visit, you should not put your staff or contractors at risk. You should cancel the visit until the tenant is over the illness and no longer has to self-isolate. Your record of communication with the tenant should evidence that you took reasonable steps to show that you intended to visit the property and that you used advice from Public Health England to prevent the spread of COVID-19 by rearranging the visit.

Safe Activities To Get You Through Self Isolation

Whilst self-isolating, one thing a lot of us will have gained is some time. A lot us will not be used to spending so much time at home, so here are some activities that can be done safely, to curb any boredom:

1. Board games
Its’s the perfect time to dust off the family favorites, whether that be Monopoly, Uno, or Cluedo. Board games offer some great household fun and provide a break from electronic devices.

2. Arts and Crafts
Many of us will enjoy drawing or painting but never have enough time to do it. Now is the perfect time to start a new art project. It can be a great family activity to do with your children too.

3. Gardening
With Spring finally here it’s time to pay attention to our gardens and tidy them up. Spending time mowing the lawn, weeding, or planning new bulbs will give you some time to get some fresh air, as well as create a perfect garden. It is also a great time to dig out your outdoor furniture so that you can spend more time outside.

4. Baking
Baking is an activity that all generations can enjoy. Dig out those recipe books or search the numerous cake recipes online to make a tasty treat.

5. Cooking
Now is your chance to get creative in the kitchen and have more time to cook healthy meals. If you’re concerned at not having the right ingredients, there are many websites online that allow you to input what ingredients you do have. That way you can make use of what you have in the cupboards and get some inspiration.

6. Fitness routines
It’s always important to get some exercise each day, but with us now spending all of our time at home, we may need to get more creative. You can go outside for a walk or a run, or do an exercise routine at home. There are plenty of resources on social media and online that you can follow along with. You could even do this in your garden to get some fresh air. Some examples are Joe Wicks or the NHS Fitness Studio exercise videos.

7. Film days
We can have some well-loved lazy days on the sofa watching some family classics, or entire seasons of favorite TV shows. We all deserve the time to binge watch some TV.

8. Spring cleaning
Now is the perfect time to be house proud. A good spring clean is a positive way to stay motivated. When you enjoy your environment you often feel happier, so why not try and improve your living space.

9. Going for a walk
With spring finally upon us we have brighter days. Going for a walk can help to break up the day and get some vital vitamin D and exercise.

10. Online Resources
There are so many resources that can curb boredom online. You could learn a new skill using sites such as Future Learn or turn to YouTube for some video tutorials. Alternatively, you can spend time listening to music or some podcasts. There are endless options available to suit any preferences so there will be something for everybody to enjoy!

Top Tips For A Swift Spring Clean

It’s officially time for a spring clean! The lighter days and warmer weather can get you in the mood for a post-winter spruce up to rejuvenate your home. Check out our great tips for cleaning your home.

Declutter
The first and hardest step in the entire process. It’s vital you take a brutal stance when it comes to decluttering your home. If you don’t like a decoration or if you have an outfit that you haven’t worn since 2010, just throw them away or donate them. Don’t just focus on one room – ensure you search every part of your house, especially in rooms like the kitchen and bedrooms where clutter can quickly get out of hand.
The problem with clutter is it quickly manages to grow again! You might wish to consider setting up a bag, box or bin that you can designate as a “donation bin”. In the future, you will be able to sort clutter as you come across it, and then donate it all to charity as soon as you fill up the bin.

The bedroom
Your wardrobe is a key area you should focus on when having a de-clutter, however, unlike other areas of your home, there is potential money to be made when clearing this area! If you have a hardly worn item of clothing, consider putting it on a Facebook sale page or eBay to generate a little extra pocket money.

There are also some areas of the bedroom(s) that will most likely be in need of a little TLC. Make sure you clean underneath all the beds, dust the curtain rails and even consider flipping the mattress.

The kitchen
It’s more important than ever now that our surfaces are kept clean using disinfectant. Did you know that you should leave disinfectant untouched on a surface for around 30 seconds before you wipe the area? This is so it has time to work and kill harmful viral bacteria. You should clean your work surfaces more frequently as well, to keep the germs at bay.

After the surfaces, there are a few areas of the kitchen that can prove to be a big job on their own. After you have finished de-cluttering your cupboards of old pots and spices you only used that one time, you should then turn your attention to the appliances.

The fridge is a good place to start. Clear out all the old produce and table sauces, give it a really good clean to get rid of all the odours and then try to stay on top of its organisation, which will save you a job in the future.

Have you been avoiding cleaning the microwave for the past few months? Luckily, there is a quick and easy way to clean your grease spattered appliance. Simply place a combination of vinegar and water in the microwave, heat it up for ten minutes until the solution is steaming, then simply wipe away the grease.

The bathroom
The bathroom is another time-consuming job. The tiles, floors, toilet, bath and sink may be ready for a deep clean. This requires a full gutting of all the beauty and hygiene products, and a good deal of manual labour to remove any troublesome stains like limescale or mould that might have built up over the winter.

There are thousands of home remedies available on the internet so if you’re short on cleaning products, you will likely have the right substitutes at hand. So, roll up your sleeves, snap on the yellow gloves and give it a bit of elbow grease.

Our little secret…
Want to add the perfect touch to your spring clean? Take a leaf out of our book and put a cup of vanilla extract in the oven for an hour. Your home will smell like a bakery in no time!

VIVA LAS VEGAN

shimmy on down and buckle up for a five-course meal of Grand Canyon proportions. With shimmering entertainment, casino style games and straight-shooting cocktails, no-one will want to leave Las Vegas!

Click here to read VIVA LAS VEGAN.

Craft beer Tasting Tour

A superb tasting tour of some of the best brewery taprooms of Bermondsey's beer mile. Your guide will navigate you to four fantastic breweries, each with their own unique take on craft beer.

Click here to read Craft beer Tasting Tour.