Mortgage Archives - Beverley Property Guide

EU proposes 20 per cent VAT on new homes

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Nov 072012

Local MEP Godfrey Bloom has attacked plans to impose 20% VAT on new homes which could cripple Britain’s fragile housing market.

EU attempts to introduce the tax on new homes would have a disastrous impact on the UK’s fragile housing market and on its house building industry.

The taxation review by the EU could force the UK to scrap its zero VAT rating on all new-build homes as Brussels bureaucrats want to standardise tax rates across Europe.

“The huge increase would price people out of the market, make it even more difficult to get a mortgage and bring the building industry to its knees,” said Mr Bloom, UKIP Euro-MP.

“I’m told that only about 130,000 homes were built across Britain last year – a historic low and plainly reduction in numbers would exacerbate the country’s housing crisis and render useless every Government initiative introduced to help increase the supply of homes.”

The controversial move has already come under fire from the Residential Landlords Association (RLA) who have warned the move would “badly hit” both owner occupiers and private landlords and would cause “catastrophic damage” to the housing market in the UK .

“The EU ‘one size fits all’ strikes again,” said Mr Bloom. “The UK housing market has a totally different tradition to the rest of Europe as owner occupation has been the objective of most Brits whereas on the continent renting has been the norm.”

“We must leave the EU and manage our own finances and resume our trade with the world,” he added.

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Downsizing is now a major reason for moving house

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Oct 182012

Downsizing is now a major reason for moving house CASH-SAVVY home hunters are choosing to downsize earlier than expected to help with household bills and raise windfall money.

According to a new report, age is becoming less relevant as one in five people are downsizing in their earlier years. The study by Lloyds TSB reveals 59 per cent of people want to move to a smaller property better suited to their circumstances.

A third would be looking to reduce their bills and one in three wanted to downsize to support their retirementplans. Developer Linden Homes currently has a range of new homes that fit perfectly into the ‘downsizing’ bracket across its locations across Hull, East Riding, York, Leeds and North East Lincolnshire.

Linden Homes sales director Steve Woomble said: “Our extensive portfolio of new homes in carefully selected locations offer some fantastic opportunities for people looking to downsize. “These can range from our wonderful coach houses, with very low maintenance outdoor spaces, to three and even four beds that tick all the boxes whilst still offering enough space for the family to visit.” And for those with an existing property to sell, there is the popular part exchange scheme.

Linden Homes will obtain two independent valuations on your existing property from local agents on your behalf. Providing you and your existing property meet certain criteria, Linden Homes will then make you an offer for your existing property, based on the valuation reports by the local estate agents, leaving you free to reserve your new dream home.

Meanwhile, the government-backed New Buy scheme is also available to new and existing homeowners. Just a five per cent deposit will secure an apartment or home up to £500,000 – with Linden Homes working in partnership with major High Street lenders to secure a 95 per cent fixed rate mortgage.

Other findings of the Lloyds TSB survey include:

- A fifth of those considering downsizing are looking to trade down earlier than expected, with financial concerns as the main reason.

- Almost half of homeowners living in their second home are considering downsizing.

- Some 63 per cent of potential downsizers are aged over 55, and more than a quarter between 46-55. Over five per cent are aged between 36-45.

- 36 per cent of people who make aprofit when they sell their home plan to invest that money into a new property.

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Beverley’s Housebuyers Life Could Be Easier

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Nov 242011

Under new Government proposals, life could become a lot easier for Beverley’s housebuyers.

David Cameron announced this week that house buyers will be able to borrow up to 95 per cent of the value of their new homes – new builds so the construction industry will get a welcome boost – which he hopes will “get Britain building again”.

It’s a welcome boost to the property market in Beverley, which has been hit hard by the difficulty of borrowing to by new homes and should give a boost to new housing schemes in Hopwood, on Manchester Street (Hey Mount) and on Darnhill, as well as stimulate new schemes.

It’s hoped that the mortgage indemnity scheme to be underwritten by the Government will help hundreds of first-time buyers in Beverley make their first step on to the housing ladder.

Following the boom and subsequent bust of the mid 2000s, borrowing became a lot more difficult for Beverley’s would-be house owners. High-risk mortgages had brought many banks and building societies to their knees – Northern Rock a great example – and many first-time buyers were being asked to stump up as much as £40,000 as a deposit on their first home.

Mr Cameron recently told the CBI: “When first-time buyers on a good salary cannot get a reasonable mortgage, the whole market grinds to a halt.

“And that ricochets around the economy, affecting builders, retailers, plumbers – all the people that depend on a housing market that is moving.

“If we don’t do something like this we are not going to get this vital market moving… We will restart the housing market and get Britain building again.”

Ministers will also do their best to kick-start some of the 130,000 building projects which are estimated to have been approved but delayed by funding problems, many of them in and around Beverley.

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QualitySolicitors Lockings receives accreditation for the Conveyancing Quality Scheme

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Nov 242011

QualitySolicitors Lockings based in Hull, Beverley and Hedon are delighted to announce that they have secured membership of the Law Society’s Conveyancing Quality Scheme – the mark of excellence for the home buying process. As a quality standard for residential conveyancing practices, it marks out the firm as meeting the high standards set by the Scheme.

The Scheme requires practices to undergo a strict assessment, compulsory training, self reporting, random audits and annual reviews in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Council of Mortgage Lenders, the Building Societies Association, Legal Ombudsman and the Association of British Insurers.

Neil Oakes, Head of Residential Conveyancing at the firm explains:

“By becoming members of the Conveyancing Quality Scheme we are showing our clients and potential clients that we adhere to good practice management standards and to prudent and efficient conveyancing procedures and that we offer an excellent service at what can be a very stressful time for people.”

“My team’s shared philosophy is to make the moving process as stress free as possible by providing honest, realistic advice. I know that a cause of frustration when moving home is lack of communication so we endeavour to keep clients fully informed throughout the process. QualitySolicitors

Lockings’ conveyancing team is very busy. Even during the current economic downturn we are finding that local property owners are coming to us because we are a trusted name on the high-street and as a result we have a big share of the local conveyancing market.”

For further information on QualitySolicitors Lockings please call 01482 300200 or visit www.qualitysolicitors.com/lockings

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Mortgages and Protection

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Nov 172011

In today’s complicated and strictly regulated financial services market, providing independent financial advice requires specialist knowledge.

We make use of our wide range of professional contacts to ensure you have a suitable independent adviser and we work with them to provide you with impartial advice in areas such as:

•   Pension schemes;
•   Life assurance;
•   Critical illness cover;
•   Private medical insurance and care plans;
•   Mortgages, re-mortgages, commercial, residential, buy-to-let;
•   Individual savings accounts; and
•   Investments;

Retirement strategies

Everyone hopes to maintain the same standard of living in retirement as they presently enjoy while working, but to achieve this requires considerable forward planning. Here are some important questions you need to ask yourself:
Exit strategies

If you are in business, the first thing you need to consider is your exit strategy. Will you withdraw from the business, leaving it for the next generation, or will you hope to sell the business? If you intend to hand the business over, do you have a workable succession plan? If you intend to sell, how will you value the business, find a suitable buyer, etc.? Are you aware of all the tax implications of the timing of disposals?

Pension provision

Have you made adequate pension provision, and do you have the right type of pension? Are you aware of all the pension possibilities open to business owners and directors? Are you making full use of all your allowances?

Savings and investments

Do you have the right balance between savings and investments, and between high and low risk exposures?

Life assurance and long-term care

Do you have adequate life assurance, and have you made provision for long-term care and medical insurance for you and your spouse in your later years.

Require further information?

If you would like more information or would like to ask us a question then call us on 01482 881919.

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Peace of Mind For Sale On Interest Rates

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Nov 152011

Mortgage advisers at Chartered Financial Planners firm cba financial services say that seeking advice from an independent mortgage broker could help to ‘buy peace of mind’.

Simon Riley , Mortgage specialist from cba financial services says: “There is a lot of uncertainty in the media at the moment about interest rates and how the decisions made by the Bank of England will affect our lives.”

“Getting advice from an independent mortgage broker now, could minimize the impact of interest rate rises.

We advise clients to consider how their monthly payments would be affected should the base rates rise in the near future. In some cases, borrowers on a variable rate would be wise to fix now in order to buy peace of mind for the future.”

For further information on cba financial services limited’s services, please call our team of chartered financial planners on 01482 881919 or visit www.cba-partnership.com

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Moving Home: Your Guide To Moving House

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Nov 142011

Moving Home

What is Conveyancing?

The word ‘conveyance’ means the legal transfer of ownership of property from the seller of the property to the buyer. There are several stages involved in this process for both the buying and selling of property:

•   Stage one is concerned with the communication between the seller and buyer’s solicitor
•   Stage two is the stage between the exchange of contracts and completion
•   Stage three is what happens upon completion.

Solicitor’s costs for conveyancing are usually reasonably modest; however prices vary for some aspects of the conveyancing process, depending on the firm. This is why it is important to shop around to find the best solicitor for you.

Stage One: the communication between solicitors:

The first stage involves the exchange of information between the solicitors of the buyer and seller:

1. The buyer’s solicitor contacts the seller’s solicitor, after which they will receive a draft contract. The contract will contain information such as the terms of the agreement for sale, price details, information on deposits and information from the seller’s title deeds.

2. The buyer’s solicitor upon receipt of the contract will check for any unusual terms and may attempt to negotiate these if the initial contract is not satisfactory. The solicitor is also required to send to the buyer a copy of the contract so as to enable him/ her to check it as well. This enquiry and searches stage is important and has to be undertaken with due care. Most disputes arise out of negligence at this stage resulting from not carrying out the necessary searches. This is why it is very important to get the right solicitor.

3. The contract is negotiated and signed if everything is satisfactory. A completion date (the date at which ownership of the property will transfer from the seller to the buyer and the buyer can begin living there) is then agreed upon. If a mortgage is required, one is sought and secured at this stage. A solicitor is required to act on your behalf and deal with the formal requirements if you are taking out a mortgage.

Stage Two: the exchange of contracts and completion phase

At the second stage the purchase of the property becomes ‘official’. Before this point it is possible for either party to withdraw their offer. However, once the exchange takes place the parties are legally bound by the contract.

1. Once everything is agreed between the seller and buyer, contracts are exchanged. Often this takes place (becomes ‘official’) by both parties’ solicitors forming an agreement to exchange contracts over the telephone, and the documents are then posted to both parties.

2. The buyer pays the deposit, usually required, which in non-refundable and is typically set at 10% of purchase price.

3. The buyer’s solicitor then arranges the signing of the mortgage documents and carries out further searches on the register.

4. At this stage the buyer’s fees such as Land Registry fees and stamp duty must be paid. The solicitor will provide a statement detailing the total amount to be paid before ‘completion’.

Stage Three: Post Completion Phase

‘Completion’ is the final stage of the conveyancing process, when the purchase price of the property is paid in exchange for the conveyance or transfer of the property to the buyer.

1. Upon completion, the buyer receives the keys and the house has to be vacant for occupation.

2. The balance of the purchase price has to be paid.

3. The buyer receives the title deeds and the transfer documents.

4. It is important to ensure that all other costs and fees to do with the conveyance are paid off at this stage.

5. The solicitor conducts the final administration of the purchase and ensures everything has been done in accordance with the legal requirements.

Buying and selling property – common problems

There are several reasons the buying and selling process might not go according to plan. It is advisable to be aware of some of the potential problems and to seek legal guidance when problems arise:

Procedural Problems

During the enquiry and search process some problems relating to the property might arise, for example, it may be important to the buyer that planning permission is available yet a search reveals that this has been denied by the local authority, or there is a charge registered to the property.

Negotiations

It may be that, during negotiations between the parties, the buyer is not satisfied with the information provided by the seller relating to the property. It is important to note that the seller is not obliged to reveal all the faults of the property, therefore the buyer must be thorough in their investigations and obtain legal advice where anything is not understood.

Deposits

The deposit paid by the buyer to the seller at the second stage of the procedure will cause problems if the buyer is refusing to pay it, or if the solicitor or licensed conveyancer keeps hold of the interest accumulated on the deposit. In the first situation, the seller may be entitled to withdraw their offer. In the second situation, the seller is entitled to the interest and should request that the interest be passed on to them as this will not always happen automatically.

Mortgage services

Some solicitors offer, under the ‘Conveyancing’ umbrella, additional mortgage advice and services other than those for buying and selling property. For example, they may be able to offer help with taking out new mortgages, mortgage payment, and with drafting and checking the relevant legal documents. The benefit of seeking legal assistance with your mortgage is that a solicitor can give independent advice on what is best for you, unlike your mortgage lender whose priority when advising you on your mortgage is looking after their own interests.

Finding the best Conveyancing solicitor

Although a lot of law firms offer a Conveyancing service, the level and breadth of services offered can differ from firm to firm. Most firms will offer a quote for their standard Conveyancing procedure; however some firms deal strictly with the Conveyancing procedure, whereas others provide additional services such as written, detailed reports of your purchase/sale’s progress.

Which firm is most suitable to you will depend on your individual needs. However, the best firms will keep you informed at every stage of the procedure, and will not necessarily be your local firm.

Be wary of using Conveyancing services offered by supermarkets, they do not always use legal experts and will only be able to help you with certain parts of the procedure. It is also advisable to treat recommendations for solicitors from your estate agent with caution. Often these solicitors will not be able to offer the complete, informative service offered by most law firms.

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Life Insurance and a Mortgage Go Hand in Hand

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Nov 102011

Don’t forget – life insurance and a mortgage go hand in hand

Have you considered what might happen to your home and your family in Beverley if something happens to you?

According to research undertaken by one of the country’s leading life insurers, too many people in Beverley and Great Britain haven’t considered this. Maybe it’s too tragic to consider, but according to Sainsbury’s Life Insurance it can’t be overlooked.

In Britain, more than four in 10 of mortgage borrows do not have life insurance that covers their payments should they day.

Research suggests those without life cover have outstanding balances of £36,000, while particularly worrying is the fact that 33 per cent of 35-44 year olds and 30 per cent of 45-54 year olds have no life cover. This could leave their children’s future in doubt.

Helen Williams, head of Sainsbury’s Life Insurance, says:

“Mortgage repayments are one of the biggest financial commitments in many peoples’ lives but, as our research shows, unfortunately it is not something that enough mortgage holders have taken steps to protect.

“Having life insurance gives those with a family peace of mind that should the unthinkable happen and they die, their dependants can continue living in the family home with the lifestyle they have without worrying about the financial implications.

“We would urge anyone who doesn’t have life insurance to consider taking out a policy, and those who do and have moved to a bigger house to make sure it is updated to reflect their mortgage commitment.”

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FIRSTBUY HOUSING SCHEME IN THE EAST RIDING

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Nov 042011

House builders developing properties in the East Riding have signed up to the Government’s FirstBuy scheme, designed to help first-time buyers’ purchase newly built properties.

The scheme works by the Homes and Communities Agency (HCA) and the house builders loaning a total of 20 per cent of the property price, meaning purchasers only have to make up the other 80 per cent from savings and a mortgage to buy a home outright.

It is anticipated that FirstBuy could help up to 200 households in the East Riding between now and 2013 and because FirstBuy is only available on new-build properties it also offers a timely boost to the housing market as well as supporting jobs in the construction industry and related trades.

Councillor Symon Fraser, cabinet portfolio holder for housing, environment and planning at East Riding of Yorkshire Council, was pleased with the announcement.

He said: “We all know that house prices in the East Riding are beyond the reach of many people living and working here, especially those trying to set up their first home. It has become very difficult for people to save the large deposits banks and building societies want.

“This scheme offers help to first-time buyers and will be most welcome, it will also help to shorten the council’s housing waiting list.”

Subject to contracts being signed over the summer, house builders offering FirstBuy in the East Riding, will include national builders Barratt, Bovis, David Wilson, Gladedale, Linden Homes, Persimmon and Redrow, as well as local firms, such as Fulford Builders and Peter Ward Homes.

A variety of property types and sizes will be available on schemes across the whole of the East Riding, including the main towns of Beverley, Bridlington, Brough, Cottingham, Driffield, Goole, Hornsea, Howden, Market Weighton, Pocklington and Withernsea, as well as smaller villages, such as Barmby Moor, Beeford and Hook.

David Curtis, executive director at the Homes and Communities Agency said: “I am really pleased that our investment will mean that local people can buy the home they want at a price they can afford. By having homes available in almost 20 locations from nine developers means that first time buyers will have a fantastic choice. “

Anyone wanting more information should contact the house builders direct, or approach my4walls, the local HomeBuy Agent at www.my4walls.co.uk

No fees are charged on the loan for the first five years and the loan has to be repaid when the property is sold or the mortgage paid off.

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Life Insurance & Mortgage Go Hand In Hand

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Nov 042011

Don’t forget – life insurance and a mortgage go hand in hand

Have you considered what might happen to your home and your family in Beverley if something happens to you?

In Britain, more than four in 10 of mortgage borrows do not have life insurance that covers their payments should they day. Research suggests those without life cover have outstanding balances of £36,000, while particularly worrying is the fact that 33 per cent of 35-44 year olds and 30 per cent of 45-54 year olds have no life cover. This could leave their children’s future in doubt.

Helen Williams, head of Sainsbury’s Life Insurance, says:

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