The Agent of the North

First Time Buyers are being brain washed by the mainstream media with stories that they have no chance of buying until they are well in to their forties. The evidence as we see it, as reported by Andrew Craig FRICS, is quite different.

Whilst there is no doubt that mortgages are still difficult to obtain, we have recently seen evidence of buyers finding it slighly easier to arrange mortgage finance. The media constantly talk of 30% deposits but again we see evidence of buyers having to put down as little as 5%, with a main stream lender. Whilst it is generally true that the higher the deposit, the lower the interest rate, it seems that buyers find the rates acceptable as we see many proceeding to buy.

The market has picked up this month and keenly priced properties are very popular. Buyers can nowadays use the internet to research prices, so they certainly know what they want to pay and if a house is too expensive it simply will not sell.

Many vendors are now aware of this and are wary when some agents still provide silly recommended asking prices. In my opinion, a seller should always ask the agent for evidence as to how they arrive at the figure. It's a certainty that the buyers have done their research so agents and sellers must do so also.

We have been in this property recession since late 2007 so there is huge pent up demand for lifestyle moves such as; setting up your first home, marriage, divorce, school moves and work relocations and we believe that it is these buyers who are coming into the market. Add to this, a very active Buy to Let market and things are far from the desperate state that the media portrays.

If you are ready to dip your toe in the water as a seller or buyer, or both, then have a look at some homes for sale, or book your FREE Valuation on our web site today by clicking HERE.

Andrew Craig - The Agent of the North

With tenant demand at an all time high and a shortage of good quality affordable property, there is no better time to consider becoming a landlord. Becoming a landlord can be very rewarding but it is not without responsibility or risk.

There are a few things which should be considered here are some top tips!

Attracting tenants

Time for a Spring Clean! You should ensure that your property is in the best possible condition so that you can attract quality tenants. Make sure that the property is spotless or ask the current tenants to clean up before people are shown around.

Make it Appealing! Painting rooms in a neutral colour helps potential tenants to imagine their lives in the property. If you are currently letting your property, ask your current tenants to put furniture to its original position and rooms to their original use.

The Right Price! Get in touch with experienced, local letting agents and invite them to assess your property. This will ensure you pitch your property at the right price.

Get Energy Efficient! You are required to hold an energy performance certificate for your property if you are renting it out to new tenants. The certificate gives an indication of the energy efficiency of your property and is valid for ten years.

Do I have any legal obligations as a Landlord? 

You need to inform your mortgage lender and the Freeholder, if the property is Leasehold, of your intention to let your property. Please ensure that you have the appropriate building and contents insurance in place for your property as a standard home policy will not be effective. If it's furnished, the furnishings must comply with fire and safety regulations. Gas and Electrical appliances must be checked by a qualified engineer.

What is a tenancy agreement? 

This is the legal contract between landlord and tenant. It gives the tenant the right to occupy the property and you to receive rent.  An incorrectly drawn up tenancy agreement can result in a landlord incurring difficulty in regaining the possession of his property in the future. This is an important document and will offer you protection as a landlord!

Do I need tenancy deposit protection? 

Landlords are no longer entitled to hold on to deposits, so you or your agent, need to find a tenancy deposit protection scheme to hold the money. You must be able to provide the tenant with details of the scheme within 14 days of taking the deposit. There are heavy penalties for non compliance. Consider which scheme is best. We prefer one where we hold the funds in our Client Account as this gives us better control over release of the funds once both parties have agreed to this, at the end of the tenancy

Why use a Regulated by RICS letting agent? 

A letting agent will introduce and vet prospective tenants, prepare tenancy agreements, advise on and arrange inventory and condition reports and changes to utility accounts and council tax. They can also collect the rent and pay the money to your account. Agents can also pay bills such as utilities on behalf of the landlord and inspect the property, recommending, overseeing and accounting for necessary maintenance, repairs and redecoration. This is called a management service and the agent will usually charge a percentage of the tenant’s total rent. More importantly, a Regulated by RICS letting agent offers you protection and security by ensuring they put in place the right legal documentation and take the necessary steps to reduce the risks associated with renting your property. You also benefit from the RICS Client Money Protection Scheme.

Can I get insurance in case the tenant does not pay?

This type of product is available and provides cover in case of default by the tenant. Some agents include this within their fee. For further information and a free market appraisal, please contact your local branch LIST HERE or call us on 0845 2261222.

Click HERE to download a copy of our Guide for Landlords.

Click HERE to visit our website

Buying a new home or buy to let is the biggest investment most people make so don't take chances with it's condition. Having saved for the deposit, the last thing you need is an unexpected repair bill shortly after moving in. A detailed survey can give you advance warning of any problems allowing you to either look elsewhere or re negotiate the purchase price.

Why do I need my own Survey?

The best way to reach an informed decision when buying a home, is to get a survey from an expert. Before you decide to go ahead and commit yourself, you can minimise the risks by asking a Chartered Surveyor to answer these questions for you:

• Is the agreed price reasonable?
• Are there problems I don't know about?
• If so, what do I need to do about them?

Getting your own survey is the simple, economical way to avoid unpleasant - and perhaps costly - surprises after moving in. A survey can save you money.

Our surveys are provided by Allied Surveyors and Valuers Ltd. Allied Surveyors and Valuers is a national group of independent Chartered Surveyors who provide surveys and valuations for people and businesses. Our experienced surveyors provide a fast and efficient service at competitive fees for all types of survey and valuation of residential property

 For further details or a quotation call us on 0191 4771166 or complete our BOOK SURVEY ONLINE form HERE to receive a 10% discount on our normal fee.

More details on our web site HERE

For more information from RICS on "Choosing between Surveys" please click here.

Following the great success of our March Auction we are now accepting entries for our next Auction on 18th April 2011 at the Marriott Gosforth Park Hotel, Newcastle.

The results speak for themselves:

      March Auction

• 45 Properties Sold
• Capital Value of Sold Properties £3,435,695
• Sales Conversion 76%

       Year to Date

• 136 Properties Sold
• Capital Value of Properties Sold £11,222,895
• Sales Conversion 77%

We are now accepting entries for our April 18th Auction, so call our Auctions team on 0800 028 4776 to arrange your FREE Auction Appraisal. Remember, we sell all types of property at Auction and our Option 2 section is designed to appeal to the private residential market. We also offer a No Sale - No Fee package.

For full details of our Auction service click HERE.

To search for properties on our Web Site click HERE