Northfields

As a First Time Buyer How Much Should you Budget to Buy Property?

With the advent of the credit crunch, the amount of money that you need to budget to buy your first property has changed. For example, lenders are demanding higher deposits.  Conversely, the government has given buyers a stamp duty holiday for properties under £175,000.  With so many changes, how much should you budget?  This helpful video from the BBC gives first time buyers a better idea of the money they can expect to spend:

For more advice on buying your first home, call Branch Manager, Kylie Menz at Northfields on 0208 840 6666 or to register your interest to buy in West London by clicking here.

Moving to a new area? How to get to know the area where you are looking to rent or buy property

Committing to buying or renting a property in a new area can be a bit daunting, but with a little research and the help of a knowledgeable estate agent you can reassure yourself that the area or road you are moving to, is right for you.  Northfields shares its top 5 tips for investigating the area you are interested in:

1. Visit Up My Street and enter the postcode or area name to learn about the schools, transportation, population, leisure activities and even council tax for that area.

2. Walkit.com is a great website to help you figure out exactly how long it would take you to walk from point a to point b at three different walking speeds.  The website will even tell you how many calories you’ll burn on the walk.  At Northfields, our negotiators use this website tool all the time to help tenants and buyers figure out how long exactly it would take them to walk to the tube or work from the property they are considering. 

3. Go for a walk around the area.  Stop into a local café or have a browse in the shops to see if the area feels like the right place for you.

4. Ask your agent – a good estate agent will have local knowledge and should be able to point out where the nearest supermarket or gym is located in relation to the property you are viewing. 

Northfields also has online area guides for several keys areas in West London on our website www.northfields.co.uk, including; Ealing, Pitshanger, Northfields, Hanwell, Brentford, Acton, and Shepherd's Bush, so take advantage of these if you are thinking of moving to West London.

5. When you are relocating, chances are you won’t be aware of the best estate agent to use in that area.  Contact our Relocations Manager, Shellie Ross on 0208 840 6666 or via e-mail at shellie.ross@northfields.co.uk .  Shellie can put you in touch with an estate agent that is a member of the Home Sale Network.  Home Sale Network is a national network of selected estate agents. All members are independent businesses, hand picked after thorough checks to identify them as, in Cartus’ (the premier provider of global relocation services) opinion, the best independent estate agent to represent Home Sale Network in their area.  Home Sale Network is highly selective and membership is based on certain criteria being met such as quality of service, local knowledge and professionalism.

So with a combination of surfing the net, pounding the pavement and tapping into your estate agent’s expertise, you can be reassured that your next move will be right for you.

Vote for your Favourite Northfields Negotiator

We are very proud of our Negotiators here at Northfields. With the three national estate agency awards that we won in 2008, the industry recognises the high standards by which our staff operate. 

If you have experienced Northfields multi-award winning service, vote for your favourite negotiator by selecting their name below.  The negotiator with the highest numbers of votes will win a cash prize!

House for Let in Croft Gardens, W7 is Great Value for Money

Don't miss out on this house for let in Croft Gardens, Hanwell.

Three bedroom, beautifully presented house

 

Bright eat in kitchen with modern appliances

 

Two reception rooms

 

 

Stunning garden and side access - perfect for summer

 

Walking distance to Boston Manor Tube Station and Oaklands School Catchment Area

Furnished or unfurnished £1,450 pcm

Click here for more information on Croft Gardens or call our award winning lettings team on 0208 567 6660 to book a viewing now.

Ask the Agent: What is the difference between Leasehold and Freehold?

by Ann Leaver, Director based at our Shepherd's Bush office.

When buying property it is vital to understand the difference between a leasehold, freehold and a share of freehold property.

Freehold Property

When you purchase a freehold property, you own the home, the land it is built on, and you will have the right to live there for as long as you please. Houses are most often freehold properties.  Flats on the other hand, are more commonly leasehold or share of freehold. 

If you own the freehold you can make changes to the property provided that you have the relevant planning permissions.  Particularly with listed buildings (old buildings) you may need special permission to make structural changes.

Leasehold Property

When you purchase a leasehold property you are actually buying the rights to live in a property for a set period of time. You do not actually own the property, nor the land on which it is built. Most flats are leasehold.  As part of the terms of the lease, it means you are obligated to pay ground rent to the freeholder. The ground rent and/or the service charge will cover the costs for communal maintenance repairs. The lease should stipulate how the service charge is worked out, and how it is divided between the other leaseholders. It’s important to calculate all these costs before committing to a leasehold property, as you may not have budgeted for the additional costs.  Your estate agent should provide these details or they can also be found in the Home Information Pack (HIP).

Once the stipulated period in the lease expires, the ownership of the property is given back to the Freeholder. Most leases are initially set for a 99 year period.  If the lease period is quite short, you can get an extension. For more information about lease extensions, click here to see Northfields free Guide to Lease Extensions.  When buying or selling a leasehold property, it is important to find out how long the lease is, as it will affect the value of the property.  If you are thinking of selling your property and need advice about how your lease will affect the value, click here to request your free valuation.

So why do people buy leasehold properties? Well, because most flats are leasehold, these properties are more affordable.  Plus, it means everyone living within the same building has to split maintenance costs in respect of the common parts of the building and the communal areas.  For that reason, if you have less time and inclination to look after outdoor spaces, a leasehold property with communal gardens may be a tremendous advantage.

Share of Freehold

Another possible type of property title on a flat is Share of Freehold.  In this case, the title (i.e. ownership of the flat) will be leasehold and, in addition, you would own a share of the freehold title to the whole building. This way, you and your neighbours would jointly be the freeholder, with hopefully the same desire to look after the common parts of the building.

There are two main ways in which shared ownership of the freehold can be set up. The first, where a house has been converted into, say, two flats, is for the two flat owners to buy the freehold in their personal names and then whenever either flat is sold, they both have to transfer the title to the continuing owner and the new owner.

The more common method is for the freehold to be owned by a limited company in which each flat owner has a share. When a flat is sold, their share is transferred to the new flat owner, and a new share certificate is issued. 

If you would like to know more about how the title on your property would affect the value of your property, click here to request your free valuation.  If you have any question about property titles call Ann Leaver on 0208 740 8833. 
 

An Opportunity to Buy in the Popular Brentham Estate in Pitshanger

Properties rarely come up for sale in the stunning conservation area of the Brentham Estate, Pitshanger, so don't hesitate to book a viewing for this beautiful three bedroom house on Pitshanger Lane.

 

Light and Spacious Reception/Dining Room

 

Landscaped Garden with Side Access

 

Within Popular North Ealing School Catchment and No Onward Chain

Freehold £425,000

To see more photos and the floorplan for this gorgeous property, please click here.

Want to know how much your property in Pitshanger is worth? Click here to request a valuation.

Compulsory Landlord Licensing Plans to be Unveiled

The government is considering introducing a national register under which all private landlords would have to apply for a licence to let a property.

The move, which is aimed at cracking down on rogue landlords, would affect more than 1 million people in England and Wales. Those who would have to sign up include developers, buy to let property investors and the growing number of ‘accidental landlords’ who are letting out their homes. They would be obliged to pay a licence fee of around £50. A similar system is already operating in Scotland but tougher legislation had to be brought in after less than 20 percent of landlords registered in the first year.

The plans follow an independent review into the private rented sector carried out last year for the government's communities and local government department by Julie Rugg, a senior research fellow at the centre for housing policy at the University of York.

Rugg recommended the introduction of a "light touch licensing system" for landlords, along with mandatory regulation for letting agencies, aimed at increasing protection for both vulnerable tenants and decent landlords.

The reforms are to be outlined in a Green Paper to be released in the next week.

 

Hot Property for Sale in Haven Lane, Ealing, W5

Don't miss out on this property for sale in Haven Lane, Ealing. 

The property boasts:

Superb Ealing Location close to the shops, restaurants and transport of Ealing Broadway

Five bedrooms

 

Large Eat in Kitchen

 

Sunny West Facing Garden

 

Through Lounge

 

Dining Room

 

Off Street Parking and Montpelier School Catchment Area

Freehold £780,000

Click here to see more details of this property.

Call us on 0208 840 6666 to arrange a viewing.

0% Council Tax Rise in Ealing

Council Tax bills in Ealing have been frozen with people paying the same for services as last year.

The Council made the decision to deliver a 0 per cent increase in an effort to help ease the financial pressures of the credit crunch.

On top of Ealing’s freeze, London Mayor Boris Johnson has kept the Greater London Assembly levy on the tax the same so residents’ bills will not go up  - with the average band D property in the borough paying £1,369.75.

But despite the freeze in Council Tax bills the Council will be continuing to invest in key services including the Council’s top priorities of cleaner streets and safer communities.  

Councillor David Scott, Cabinet Member for Finance and Performance, said: “The prudent budget we have agreed means we can keep Council Tax the same while continuing to make significant investments in the services our residents rely on.

“In our drive to deliver value for money we have been able to shed millions of pounds in operating costs by making Council departments more efficient.  This has ensured that we are in a strong financial position and have contingencies to cope with any extra pressure on local services as the recession hits.”

When you are searching for property to rent or buy, it is wise to budget for council tax when deciding how much you can afford to spend on your rent or mortgage payments.  Click on the links below to find the council tax bands for the boroughs that Northfields Estates regularly deals with:

London Borough of Ealing

London Borough of Hammersmith & Fulham

London Borough of Hounslow

If you want to take advantage of Ealing's 0% council tax by moving to the borough, click here to see properties to buy in Ealing and click hereto see Ealing properties to let.