Northfields

Got your Hands on the Keys - Now Change Them

For most, moving into their “new” home is a wonderful and exciting experience. You’ve spent a large amount of money, searched high and low for the right property, jumped through all the hoops to make the property yours and made a huge commitment to your future and your lifestyle. All the little details that are wrapped up in moving can be overwhelming. Many times, the details may be overlooked - like thinking about just how many people might have copies of your keys. 

Think about the fact that if the property was listed with multiple agents at the same time, all the agents may have had copies of those keys to facilitate viewings.  While the agent who you actually bought the house from will certainly be passing over the keys they had in their offices with congratulations, the agents who lost out on the sale may still have the keys to your property.

And what about the the previous owners' cleaning service who always had access to the house for convenience? Or the next door neighbour who popped in to look after the cat when the previous owners went off on holiday?  Or what about a friend who once slept on the previous owners' sofa before going travelling?  Wouldn't it be a shock if that travelling friend didn't know that Bob and Jennifer moved house and just waltzed back into the house expecting the sofa to once again be available?  You can imagine the horror stories. 

So be very sure that when you purchase a new property that one of the first items on your to-do list is to call a locksmith and ensure that all locks on exterior doors are changed.

Need help finding a reliable locksmith?  Or property management team can refer you to someone reliable, call 0208 567 6660.

Making the Move Easier for Kids

Everyone knows that moving homes is one of the most stressful periods of adult life, but what about for children?  Here are the top 7 things you should consider when you are moving children whether you've rented or bought a new home.

1.  Honesty is the best policy - children are very intuitive and will know that something is up.  Older children in particular need to feel more involved and will be worried about leaving their friends, giving them time to adjust to the idea will help.

2.  Help them picture their new home - if it is not possible to allow the children to see their new home before they move in, ask the current owners if it is OK to take pictures, so that the children can be given an idea of what to expect which should help lessen the feeling of uncertainty for the kids.

3.  If you have school age kids, time the move around the school year.  Plan to move over the summer holidays so that the children can start the new year before friendship groups are established. Be warned that if you move in the summer, you may need to plan more entertainment for the kids as they won't have been able to make friends in the area yet.

4.  Involve the kids in the move as much as possible, giving the children ownership of the move can make them feel more empowered.  With young children choose some special favourite toys that will travel in the car on moving day to help small ones feel that their needs and views are valued. Older children can be kept busy organising a leaving party for friends and neighbours, and creating change of address cards, or a scrapbook with photos of their favourite people and places.

5.  Moving day can be upsetting so arrange for someone to look after the children on moving out day.

6.  Make the children's rooms a priority.  Try setting up the room in the new house with similar set-up so that the room feels familiar and secure.

7.  Realise that for children moving can be emotional and stressful, particularly if the move involves the added stress of starting a new school.  Kids bounce back quickly, so this settling in period should be short lived.

New Year is a Great Time to Market Your Property

The New Year often inspires people to turn over new leaf - to make changes in their job, their diet or their home.  So taking advantage of the typically quiet period after Christmas to have a valuation of your property and prepare it for marketing is a very wise decision - that way your property is primed and ready for the house-hunters who have put a new home on their list of resolutions. 

Fill that post-Christmas slump with a good trawl of the internet to see what properties are available in your area - it helps to see what competition your property would be up against and to get an idea of a what a realistic asking price might be.  This bit of research is also worthwhile before you invite an estate agent around for a valuation - a good valuer should be well informed about what is available and should be able to compare notes with you about what is currently listed.  Get started with your research and click here to check out Northfields' main site, www.northfields.co.uk and see what we are currently marketing.

You can also have a look at www.nethouseprices,com to see what sale prices in your street or area properties have actually achieved.  Simply click here and enter your post code to see the values achieved in the latest sales of property in your road.  Keep in mind, that the site will not give you much of an indication of how these properties compare to your own in terms of size or condition, but it will give you a ballpark figure. 

Although nethouseprices.com is a great tool, the figures listed are delayed by 3 months so none of the prices will be up-to-the-minute, nor will they give you specifics of the property, as previously mentioned - this is where a good estate agent's valuation comes in.  An estate agent should be able to provide you with what are called "comparables" - properties that have sold in your area that are similar to your own.  If an agent is not able to provide comparables they may have simply not done their homework.

While doing your post-holiday internet searches, take the time to register with an estate agent who can provide you with the expertise and professionalism.  Search their websites for evidence of membership to professional associations to ensure quality of care as well as the reassurance of award-winning accolades.    If an agent has invested in current technologies you should be able to request a valuation online, click here to request a valuation with Northfields now.

With the Queen's speech over there is nothing to do now but to plan your next big move, call Northfields on 0208 840 6666 or request our help with your move online here.

The Value of a Good School Catchment Area

At Northfields we know exactly how important it is to many families to find a property in the right school catchment area.  There are certain areas of Ealing in particular that are much sought after simply because of the school catchment area they are in.  So it was certainly no surprise to us to see this post from the Find a Property blog Wining It about the impact of school catchment areas on property prices.  Winging It was discussing a report that found that "Homes in the vicinity of the top-performing 25 per cent of secondary schools now cost 16 per cent more than their county average, up from 13 per cent in 2007."  On top of that, properties with a good combination of state and independent schools in the vicinity can cost two to 3 times the country average.   If you take a look at the chart on this post (click hereto see it) you'll notice that Ealing, one of Northfields Estates' prime areas of expertise, makes the grade. 

According to the report, Ealing scores as follows:

School Options Score  - 7.38

Average Points Score for Pupil at GCSE - 441

House Price Versus Country Average - 106%

Ealing certainly has the magic mix of excellent state and independent schools.  With a selection of excellent schools at all age levels, and a welcoming, relaxed community atmosphere, buying a property in Ealing is the ideal choice for young families. In the centre of Ealing, popular schools with local families include Christchurch and St Saviour's Church of England Junior schools and independent schools such as Notting Hill and Ealing School for Girls, Durston House and St Benedict's.  In the very popular and family friendly Pitshanger area Montpelier and North Ealing Primary Schools and St Vincent's and St Gregory's Catholic schools all have a good reputation.  In the Northfields area of Ealing, Mount Carmel Catholic Primary School and Little Ealing and Fielding schools influence prices and are much in demand.

The results of this report prove that Ealing is a great place to invest in your family's future and is an excellent and solid investment opportunity for buy to let investors. 

Interested in investing in Ealing?  Call our Northfields office to register on 0208 840 6666 or register your interest online here.

See what we currently have for sale in Ealing by clicking here.

Property Programs - Love 'Em, or Hate 'Em?

It seems that television is obsessed with property and the intricacies of buying, selling and investing in property.  Even our own Kylie Menz appeared on Property Snakes and Ladders in June 2009, lending her expertise to the program.  What shows do you love best?  Or do you like them at all?  Tell us what you think:

The Cost of Moving

The actual sale price of your home is just one of the costs of moving.  Don't come up against an unexpected bill come moving day and remember to factor in the following:

1.  Stamp Duty

This is a tax on buying property and accounts for nearly half of all the moving costs on the average home. The amount charged depends on the purchase price of the property. Most buyers pay this tax, especially in London where the average price for property is well above the stamp duty threshold.

up to £175,000 (until 31 December 2009 inclusive)	0%
£175,001 - £250,000	1%
£250,001 - £500,000	3%
£500,001 or more	4%

There are some areas in which properties are exempt from stamp duty. There is also a suspension of stamp duty for some first time buyers in shared equity schemes. For further advice on these issues, ring HMRC’s Stamp Taxes Helpline (0845 603 0135).

2.  Estate Agents and Solicitors

Typically estate agent's fees can vary between 1 to 3 per cent of the purchase price, but every agent and every circumstance is different.  What you get for the fee you are charged may also vary.  For example some agent's may charge extra for advertising.   Also, some agents may charge a withdrawl fee if you remove your property from the market.  Read over terms and conditions carefully.  Instructing an agent with a proven track record with various industry awards and professional memeberships will also give you peace of mind.  If you are looking to buy or sell in the West London area, your local award-winning estate agent,  Northfields can provide you with a free valuation, call on 0208 840 6666 to schedule an appointment.

When buying a property,  solicitors’ fees range from about £400 to £1,000. On top of this basic fee, there are charges for seraches (approx £200) - to check the property legally belongs to the seller and other things like flooding, landfill sites and pollution in the area. A land registration fee (a charge on the purchase of the property related to the buying price), will run between £70 to £500. Also, double check  that the prices you’re quoted include VAT. If you are selling a property as well, add on another £300 to £700. Northfields recommends that you use no sale, no fee solicitors so that if the property transaction falls through you will not be liable for the solicitors fees.  If you need help locating a reliable no sale, no fee conveyancing solicitor Northfields can recommend one for you, call us on 0208 840 6666.

3.  The Home Information Pack (HIP)

The HIP contains copies of title deeds, any recent planning permission or building consent given on the property, a local area search and an energy performance certificate.  Some estate agents may offer a free Home Information Pack (HIP), and with an average cost of £300 to £350 that can be tempting, but be aware that if the agent pays for the HIP then they own it and should you choose to dis-instruct that agent you may have to commission a new HIP which will delay the continued marketing of your home.

4.  Mortgage Lender Charges

If you have an existing mortgage, dig out the terms and conditions and find out if the deal is transferable without exit fees. Some lenders charge exit fees (typically £150 to £300). If you are taking out a new mortgage, you’ll need to factor in arrangement fees (which could be up to £1,000).

Your mortgage lender will charge you a valuation fee (£175+). But remember, this is not a detailed survey, it simply checks the property is valued correctly.

5.  Surveyor's Costs

A homebuyer’s report carried out by a surveyor will throw up any serious defects; and a full structural survey provides a detailed report on the property’s construction. Having a more detailed surveyor is advisable as it could flag potential problems that could save you money in the long term, especially in older properties.  If major problems crop up you may also be able to renegotiate the sale price to cover the costs of repairs. Surveyors’ fees vary but as a guide a homebuyer’s report starts at around £300 and full structural surveys at £500 (depending on size of the property and state of repair).

6.  Removals Fees

There are a huge number of factors affecting the cost of a removal - area, how far you’re moving, time of year, day of the week, accessibility of your property, and how much you have that needs to be moved. On average, expect to pay from around £500 for a one bedroom flat to £2,000 for a five bedroom house.

If you are thinking of buying or selling property Northfields can help with everything from a free valuation to free advice, call 0208 840 6666 or register online by clicking here.

Ask the Agent: What is an Assured Shorthold Tenancy Agreement?

An Assured Shorthold Tenancy is the most frequently used tenancy agreement in the letting of residential properties. This type of agreement is also referred to as an ‘AST’ or ‘Shorthold Tenancy’.

The usual period of time arranged for Assured Shorthold Tenancy agreements is a six month period, but is commonly arranged for a longer period, e.g. twelve months. This type of tenancy allows the tenant to remain in the property for the first six months, or initial fixed period.

The main stipulation of this type of agreement is that the landlord and tenant agree on the minimum term and amount of rent.  This agreement gives the tenant assurances on the amount of rent required of them and also allows the tenant the right to challenge excessively high rent or changes in the agreed rent.

With this type of tenancy the tenant has the following rights:

1.  The right to live in the accommodation undisturbed

2.  The right to live in a property in good repair

3.  The right to information about the tenancy

4.  Protection from eviction

The landlord in turn, has the right to guaranteed possession after the initial agreed period.  The landlord is therefore able to evict the tenant after the initial fixed term without a legal reason. If this is the case and the landlord does not wish to renew the tenancy then they are obliged to give at least two months' notice to end the tenancy. However, if both parties are happy with the existing arrangements another tenancy period can be agreed, for a new fixed time.

The Housing Act 1988 defines several main criteria for an Assured Shorthold Tenancy to be set up:

- The property must be let as separate accommodation

- The property must be the tenant’s main or principal home

- The tenant should be an individual

However, there are some circumstances in which a shorthold tenancy cannot be used. For example, when a property is:

- Being let for a very high rent (more than £25,000 per year)

- Being let for a very low rent/at no cost

- Being let as a holiday home

- Being let to a tenant while the landlord is residing in the same property

- Being let with more than two acres of agricultural land or an agricultural tenancy

- Being let under a tenancy which began prior to the 15 January 1989, or which was formerly a protected tenancy

- Being let to a private limited company

- Owned by the Crown or a government department

The Assured Shorthold Tenancy has become the most commonly used tenancy agreement for residential properties since its introduction in 1997.

So how do you know if as a tenant you have an Assured Shorthold Tenancy?

There are a number of factors which will determine whether or not an Assured Shorthold Tenancy has been agreed. You will have an AST if:

 - You took occupancy of the the property on or after 28th February 1997

- You are renting from a private landlord

- You have rights which entitle you to privacy in the property where the landlord cannot enter the property without mutual agreement

- The landlord is not living in the same property as you

- You are paying less than £25,000 per annum in rent.

- You may also have an Assured Shorthold Tenancy if you moved into the property between 15th January 1989 and the 28th February 1997, and the landlord made you aware that you were entering into an Assured Shorthold Tenancy agreement.

The main thing to remember whether you are a tenant or a landlord, is that tenacy agreements are put in place to protect your respective rights.  Although a verbal agreement is technically legal, a simple verbal contract can lead to problems, for instance with rent payments and deposits.

In the case of an oral agreement, you may decide on the date of the start of the tenancy,the rental price and when it is to be paid, whether it includes fuel and bills such as water rates and who is allowed to stay in the property. However, the agreement only becomes legally binding once a landlord has accepted rent from a tenant.

The main issue with verbal agreements is that if a dispute arises there is no proof of what arrangements were made and agreed upon.   Furthermore, if a specific problem arises on which no verbal agreement was made it may cause contention.  If a dispute went to the courts, there would be no written tenancy agreement as evidence, so it may be that the rights of one party or another cannot be met.

Therefore, it is in the landlord and the tenant’s best interests to have a tenancy agreement in writing to ensure that both sides understand their rights and responsibilities.  An agreement in writing will also prevent disputes over what the verbal agreement contained. 

To ensure your peace of mind, Northfields Estates provides a written tenancy agreement as part of our award-winning lettings service.  For more information about letting out a property with Northfields or to schedule a free valuation of your lettings property, call Carla Ferguson on 0208 567 6660 or click here to request a valution online.

Hot Areas in West London: Wendell Park

Wendell Park itself is a small but beautiful piece of green space surrounded by the bustle of West London. Bordered by busy roads and residences, the area is an oasis of calm in the city. For generations the park has been one of the primary places of recreation, rest and relaxation for the people who live around it.  Wendell Park is situated just North of Stamford Brook Avenue and the Goldhawk Road, East of Emlyn Road and West of the Askew Road.  Want a closer look at the area? 

View Larger Map

The reputation of the Wendell Park Area is one of a prime residential area with an excellent primary school nearby as well as the open green space and children's play area offered by the park itself.  The area also benefits from good transport links with easy access to the Westfield Shopping Centre, Ravenscourt Park, Hammersmith and Chiswick.

Northfields has always found that Wendell Park area properties are very popular and so are always looking for properties in the area.  Do you have a property in the Wendell Park area that you would like to let or sell?  Call our nearby Shepherd's Bush office on 0208 740 8833 for your free valuation now.

Looking for property to let in W12?  Click here.

Looking to buy property in W12?  Click here.

If you don't want to miss out on properties to buy or rent in the Wendell Park area, register now, so that you don't miss out on our newest instructions.

How the VAT Rate Can Help you to Buy or Sell Property this December

The standard rate of VAT will revert from 15% to 17.5% on 1st January 2010.

While you may have thought of how the VAT rate change may affect your shopping in retail stores have you thought about how this may affect you buying or selling a home?

For buyers paying less VAT could save a substantial amount of cash, saving money on your conveyancing bill and removal costs. So it is in your best interests to actively look to buy property in December.

As well as the benefit of the 15% VAT rate, many buyers disappear in December leaving less competition when bidding for property, so you typically get better deals.   This is of particular benefit during the current market when there are so few properties available for sale and too many buyers vying for the same limited stock.  Our Managing Director, Richard Palfreeman, has always purchased his properties in the month of December for just that reason.  On top of that, you'll likely need to purchase new items for your home once you have secured it, you can then buy everything in the January sales.

For sellers, selling during this month means that your estate agents', conveyancing and removal fees will be subject to the lower VAT rate and so will cost you less. For example, if you sell a property for £175,000, you’ll save from £150-200 on your fees. 

To buy or sell a property in West London, call our sales team on 0208 840 6666 now and take advantage of the VAT rate before it is too late.

The Stamp Duty Holiday Ends December 31st, Do We Care?

Research from the Royal Institution of Chartered Surveyors (RICS) examined the impact the end of the stamp duty holiday could have on the housing market.  And basically the answer is this - not if you are looking to buy or sell in London.

The stamp duty holiday for properties priced between £125,000 and £175,000 was implemented in September 2008, and is due to come to an end on 31 December 2009. However, the stamp duty holiday only had an impact on areas where the average house prices sit well within the margins that are directly affected.

The regions that will be affected are:
East Midlands (£133,973) the West Midlands (£142,969), Wales (£134,690) and Scotland (£140,175).

Areas not affected are:

London and the South East

the North, where the average price is well below the threshold at £116,051, there is less concern about the impact of the end of the stamp duty holiday.

Simon Rubinsohn, chief economist at RICS, said: "At the time of its introduction, we did question how great an impact this policy would have and judging by the fact that only surveyors in certain parts of the country are particularly concerned about the ending of the holiday, it could be said that some areas of the UK hardly even noticed the change.

"However the additional transaction cost is still a worry to many, particularly first-time buyers, and is a threat to the housing market in the areas of the country that are still seeing a weak price environment.

"A return to the status quo will be of benefit to no one, and as such RICS believes that rather than simply reverting back to the old structure for Stamp Duty, the imminent change provides an opportunity for the Government to introduce a wholesale restructuring of the tax.

"Specifically RICS favours moving from the current slab structure to a marginal system with no homebuyer paying anything on the first £150,000 of their new home."

What do you think?  Would you like to see a stamp duty change whereby no one would pay anything on the first £150,000 or a property?