Joseph Onuoha

FOOTER PAGES COOKIE POLICY The idea behind our cookies is to remember something about you or your device. This helps us distinguish you from the thousands of daily visitors that use our apps, websites, and other platforms. It also helps us remember your preferences in order to make your experience of our platforms valuable and better. With our cookies, we keep you logged in as you navigate our pages. Also, with our cookies, you have a seamless login experience. This comes in handy, as you would not need to keep logging in to Axifour. Furthermore, you can seamlessly log in to Axifour from third party websites. With cookies, you do not have to experience advertisements that do not resonate with your preferences. Only tailored advertisements that are more relevant to your interests are exposed to you. You will still see ads without our cookies; however, they may be irrelevant to you and ultimately annoying. With our “necessary cookies”, our website works to serve you better, and you cannot turn these off. For others, however, your consent to a category can be given or withdrawn by adjusting your preferences below. For some purposes, your personal data may be used with the legal backing of legitimate interests. However, you can exercise your right to object to companies using your personal data for legitimate purposes Vendors who process your data Click on any vendor listed below to customize your data processing preferences. This helps you learn for which purposes they are requesting access or consent and for which they are claiming legitimate interest. For some purposes, your personal data may be used with the legal backing of legitimate interests. However, you can exercise your right to object to companies using your personal data for legitimate purposes Your Privacy Matters Your privacy matters to us at Axifour. That's the reason why this policy outlines the ways in which we manage your private information to make sure we use only the information that is necessary. For other purposes, we ask that you go through this policy to find out how you can grant or withdraw consent. Explore and learn why your privacy matters to us and why we need your consent. Find out why and how we use your data, where your consent is needed, and how to customize your preferences. Why is my consent needed? Axifour website and our partners usually request access to store and access personal data based on unique identifiers known as cookies. We are required by regulations to let you know why and how your personal data is used on our website. One of such regulations is the EU’s General Data Protection Regulation, which calls for your express consent to our usage of “cookies that are not strictly necessary for the basic function of" the Axifour website and our other platforms. By accepting our cookies, you give your express and uncoerced consent with regards to data processing on this website. You agree to share your personal data with us and our partners on this website. You are free to refuse consent to the processing of your data by us or our partners; however, this may affect your premium experience on our site. Our list of partners is provided below for your review. Why do you use my data? By consenting to any of the categories and data processing features listed, you are giving us and our partners express consent to review, store, and process your personal data. This enables us to give you regularly improved service and a better user experience. Refusing or withdrawing your consent may adversely affect certain features and functions. The purposes for which we need your data are listed below. Consent Withdrawal You are hereby advised that your consent is optional and can be withdrawn at any time, except for the data that is necessary for the function of our website. You can click on the Privacy Manager at any time to review and manage your consent to any of our cookies or those of our partners. Finding the Privacy Policy You can review and manage your privacy settings at any time by clicking on “Privacy Policy” at the bottom of the home page. Policy Updates This policy is subject to regular review and updates. We do this to make our website and apps serve your needs better. We will always keep you updated on any changes to our privacy policy. Access and/or store information on a device Cookies, device identifiers, and various other information can be accessed or stored on your device for varying purposes. Vendors can access and store information on your device, such as cookies and device identifiers. Highly Important Cookies These are cookies that are very important to the smooth running of the Axifour website. They do not store personal identification information. They are set in response to user actions and serve to enable vital features such as those that give you seamless login to your dashboard. These cookies cannot be turned off; however, on some web browsers, they can be blocked, and you can be alerted to them. Note that blocking these cookies will affect site functionality. Our Highly Important Cookies: - Keeps your browsing sessions private - Allows you complete online forms - It helps us remember your device - Ensures we apply your preferences consistently * Consented cookies are processed and stored in compliance with the IAB Europe Transparency Consent Framework Policies. Personalized Ads and Ads Management Ads can be personalized based on your provided profile. Ads and content performance can be measured, and insights can be collated or derived. Data can be used to build or improve the user experience, website functionality, and app experience. PRIVACY POLICY Axifour Limited operates this website. This policy governs every individual, business, or other entity that visits or is registered on our website. Any individual, business, or other entity that uses our applications or software is also subject to the provisions of this privacy policy. It stipulates how we receive, manage, and process your data. At Axifour, safeguarding your privacy is our utmost priority. Please carefully review this privacy policy. By using our website, apps, or any other services we offer, you acknowledge and agree to the terms of this policy regarding the information we collect from you. This policy governs the personal information shared on our website; name, email address, phone number, password, and any other personal information shared with us in the course of using our website, app, software, or any other tool provided for you by Axifour. We have aimed to present this policy in a concise and straightforward manner. Kindly cross-reference any misunderstood or confusing term, language, or sign you find while in the course of using our platforms to make sure you are not lost on any meaning intended. If you have any questions or concerns about our privacy policy or how we handle your personal information, or if you would like to unsubscribe from our services, please reach out to us at-The data we collect On first entry into our website, we collect data about your visit. We keep track of how you use our services, such as the searches you do and the properties and webpages you access. We also keep track of how you interact with advertisers or partners and the content of your messages This data gives us an idea of what you want and helps us give you appropriate service whenever you visit. Classification of the data we collect Personal: This includes: name, email address, and phone number. These are the basic details about you. This is usually collected at the point of registration and helps us get to know you. Most importantly, it helps us create user accounts for you on our website. Further, it helps us identify you when you have to log in with your email and password. Your personal information also gives you the opportunity to have a customized user experience. We tailor our content to match your needs, as well as advertisements based on your preferences and behaviour on our website. Also, collecting your personal data, like your email and phone number, helps us keep in touch with you on updates you should know. These updates come in different forms: newsletters or surveys. In some instances, you may be given the option to accept or decline our use of your information for marketing purposes while submitting personal information through designated forms. Collecting your password helps us protect your account from unauthorized access. Cookies: We collect cookies from your devices to help us remember them. This also helps you have a seamless log in experience instead of having to login every time. Cookies are text files that are stored on your computer that help us analyze how you or your device interacts with axifour.co.uk. Some cookies are necessary for the operation of our website, and others we require your permission to collect. Collecting these cookies also helps us improve your user experience. Similar to other websites and applications, our servers automatically generate 'log files' that contain information on the amount and characteristics of our traffic, such as IP address, number of pages viewed, and session duration. We use these log files to develop a comprehensive understanding of how our services are used, enabling us to monitor and enhance the quality of our services. These log files do not identify you personally Why do we collect this information? We need this information in order to distinguish you from other visitors or registrants. It also helps us contact you for any vital intelligence that must be passed as and when due. Also, when you share information with us, we can enhance our service by, for example, examining the devices being used to access our services and conducting display quality tests on those devices. We want you to understand how we use the information and how you can safeguard your privacy as you use our services. We gather and utilize your personal information exclusively in line with applicable privacy laws. We will process your personal information for one of the following reasons: Any information we collect about you will be used to provide accurate tools or services that make your experience worthwhile and help you make the most of your dashboard. You are free not to consent to some of these. All email correspondence regarding property alerts, email marketing, or newsletters will be forwarded to your provided email addresses, except on topics you have expressly asked us not to send email correspondence on. Other reasons why we may need your personal information include the following: -You have given us permission to use your personal information for a certain purpose. For example, when you submit a query via our site, you may remove your permission by adjusting your marketing preferences. -It is in our legitimate interest to use your personal information to run, improve, and advertise our services, as well as to safeguard our company. -Legal requirement: We must process your personal information to comply with our legal requirements. How do we use your information? Your information will allow us to offer you access to all areas and features of the site and app, as well as furnish you with the requested services and features. We might put all of the information together to look for trends that we can use for marketing and to help us create, run, support, and improve our services and features. We use the data collected about you to: -Ensure our partners—advertisers, estate agents, lettings agents, and home developers—give you more personalized service. -Improve the features, services and user experience we offer -We will send you information we believe will be useful to you or your business. This clause is on the condition that you have subscribed to or given us authority to make this information available to you. -Provide this information to third parties to ensure they provide services that will be useful to you or your business. -Support our marketing and promotion efforts We may use your information to contact you for your feedback on our services and to occasionally tell you about significant changes or developments to those services. If you have given your consent, we may also use your information to contact you with information about other products or services that we, our partners, or our advertisers offer that may be of interest to you. In cases where you have given permission for third parties to contact you, we may give them your information. If you change your mind about being contacted in the future, please email us at-or kindly click “unsubscribe” at the bottom of any email sent to you; or, if you have consented to be contacted for marketing purposes by third parties, you will need to contact them directly. Data sharing We are committed to earning and maintaining your trust, and we want you to understand when, why, and with whom we share your information. We share data with third parties for various reasons. All of them, however, are to give you better service and user experience. We share your information with third party service providers that provide us with specialized services, including hosting, data processing, customer service, business analytics, marketing, advertising, and performance monitoring. We take reasonable measures to protect your information and ours from loss, theft, misuse, unauthorized access, alteration, and destruction. We use third parties to safeguard this information from the aforementioned events. We may share your information in connection with transactions such as the sale of our website, a merger, or even liquidation or bankruptcy. We may also disclose your information in response to legal subpoenas requiring us to do so. We share your information for any other reason we may decide to share it. This is with your prior notification and consent. Why do we reach you for marketing purposes? We reach you regularly through your provided email addresses in order to keep you updated on vital industry news, company information, product releases, and any of the regular “giveaway” promotional events we organize. Your contact information is not shared with anyone except with relevant third parties who provide key solutions that help us serve you better. Your Rights You reserve the right to request to stop your property from being published on Axifour.co.uk. If you wish to do that, or to update the publication, and you have the necessary documentation or proof that you are the owner of the published property, kindly write to-If you wish to make an adjustment to the facts or other information about you or your property, kindly log on to your profile at Axifour Click on Account Dashboard and make the desired changes. We would like to reemphasize the rights you retain regarding personal or property information published on Axifour -Right to rectify: You reserve the right to make corrections to any previously published content regarding your person or your property. This could be due to factual inaccuracies or changes that may have occurred since the previous publications were published -Right to erasure: You reserve the right to request that your information or those of your property published on Axifour.co.uk be withdrawn or erased. -Right to prohibit our use of your information: You reserve all rights to prohibit the usage, publication, and exposure of your information on our website. -Right to data portability: You reserve the right to request access to all information or other data about you or your property on our website. If this is your desire, Axifour.co.uk will readily make them available on request in a machine-readable format. -Right to object to the usage or publication of your personal information, even those that have been used for legal purposes or in the process of conducting our market research. If you desire to establish your objection, we will stop processing this personal information. If there are extreme and unusual circumstances that prevail upon us to continue the use of this information, we will explain why we are continuing to process your information or that of your property. If you are unable to complete your request using the tools on our site or app, please email the Data Protection Officer at- Protecting Your Information Our team at Axifour.co.uk works hard to protect any and all unauthorized access, alteration, exposure, or destruction of information that we have been made privy to. Your information may be transferred, stored, or processed outside of the European Economic Area. There are different data protection laws across different jurisdictions, and some of these laws are not as tough or rugged as those offered under the UK data protection legislation. To be compliant with EU data protection laws or other laws like the EU-US Privacy Shield and EU Standard Contractual Clauses, we ensure our service providers must either be located in the EU or be subject to them. By giving us access to your personal data, you also give us your consent to transfer, store, or process any and all information necessary. We will do our best to uphold the protection of your personal data that has been made available to us; however, we cannot guarantee the security of your data transmitted to our website or app. By using our services, you accept the inherent risk of providing information online and will not hold us liable to any breach of security Duration of your information's storage We will only keep your personal data on our systems as long as it takes to accomplish the objectives listed in this privacy statement, or until you ask us to delete it. If you sign up for our services and don't use them for a while, we may get in touch with you to see if you still want to hear from us. Even if we delete your data, it may still be available for legal, tax, or regulatory reasons on backup or archive media. International Users We maintain information in the United Kingdom and according to the laws of the United Kingdom, which may not offer the same level of protection as the laws in your own jurisdiction. By using the website and by giving us your information, you understand and accept that your information may be transferred to and stored on servers located outside your resident jurisdiction and, to the extent that you are a resident of a country other than the United Kingdom, that you consent to the transfer of such data to the United Kingdom for processing by us in accordance with this Privacy Policy. Personal information about children We do not knowingly or intentionally collect or retain any personally identifiable information on children under the age of 16. If you are under the age of 16, please obtain the approval of your parent(s) or guardian(s) before providing us with any personal information. Updates to this policy We may update this policy from time to time. We advise that you check this privacy policy each time you visit our website to confirm if we have made any changes to it. Contact Information If you have any questions about this policy or our practices, please contact us at: Axifour Limited Unit 68, Atria house Slough, Berkshire SL1 4BE, United Kingdom Email:- TERMS Website Terms and Conditions Axifour website is property of Axifour Limited and administered by Axifour Limited of Unit 68, Atria House, Slough, Berkshire SL1 4BE, United Kingdom. By using our website, which includes visiting or registering as a user, you agree to comply with and be placed under the following terms and conditions, hereafter known as the Terms of Service. You are also governed by the Privacy Policy, the Cookies Policy, and any other policies or materials referenced therein. IF YOU WILL NOT SUBSCRIBE TO THESE TERMS AND CONDITIONS, KINDLY AT THIS MOMENT ABANDON USAGE OF THE WEBSITE. Axifour Limited retains all rights to modify our Terms of Service, and all changes will be published on our website. If you want to receive direct correspondence to your email as to when any changes are made to the Terms of Service or any other feature of the website, kindly click on the button below to subscribe to this feature. Your continued use of our website following the posting of these Terms of Service and any subsequent changes will be considered your acceptance of the agreement. Any service you purchase on this website, or any sold via communication with the agents, developers, or any of our other partners, may also come with its own terms of service. Disclaimer This website, together with all the contents therein, is a property of Axifour. We, however, make no covenants, warranties, or assurances, either categorically or implied, as to the quality or relevance to any purpose. We also do not agree with its completeness or accuracy. Whatever information you find on this website should be crosschecked against any other source of knowledge determined by you to confirm its effectiveness or veracity. Axifour does not accept any responsibility, nor do any of her representatives make any representations, guarantees, or assurances that the website will be perpetually operational without interruptions. Axifour may, at any time and without consultation with anybody or anything, cease to operate. This may be due to maintenance requirements. On such occasions, access to any of the features or services will halt until such a time as functionality is guaranteed. We accept no liability for any constraints that this may cause you. All value estimates for any commodity found on our website are intended for informational purposes and should not be relied on as God’s truth or absolute for any transactional purposes, commercial or otherwise. The information therein is based on publicly available information, which may or may not be complete, thorough, or without error. While the website gives you access to knowledge and information, all responsibility for verifying the authenticity or professional strength of the values found on this website is unequivocally yours. All property or service descriptions declared on this website are done in good faith and intended for information and marketing purposes, and neither Axifour nor its representatives hold any responsibility for the efficacy of such declarations. The services or businesses advertised on our pages or any of the blogs established by the agents or developers are expressly their own opinions and do not represent the opinion of Axifour, its directors, or any staff under the employ of Axifour. It is the responsibility of registered customers, buyers, or tenants to ensure the accuracy of any property descriptions declared or published herein. Axifour does not bear responsibility for your disregard of this Disclaimer Notice, and any consequences arising from ignorance of the facts stated herein are expressly those of the registrant or buyer. The responsibility of ensuring the accuracy and integrity of property lies with the agent or developer. Axifour does not accept liability for any injury, loss of life, or property arising from the use of substandard materials and equipment in the establishment of the properties listed on our website. We also do not accept liability for the inability of any agent or developer to complete any transaction with any buyer. Any cases of negligence, fraud, misrepresentation of property design, or any other fact are not the responsibility of Axifour or any of its representatives. We do not accept responsibility for any disregard for due diligence in the completion of any transaction between the buyer and the agent or developer listed here. For agents and developers, we are not responsible for any: -Loss of client, business, profit, sales, or revenue -Interruption in business -Loss of leads, good will or reputation For customers, you agree not to use our website or any profile dashboard we give you upon registration for any commercial or business purposes. We do not hold liability for any loss or profit, business or business opportunity, or any interruption of business. Registering on our Website To be registered on this website, you must be 18 years of age or older, and you must be old enough to create an account on our website and to contact any of our partners or third parties through our website. You also state that the details provided on your profile about you are true, accurate, current, and to the best of your knowledge. You must promptly update us on any changes in details. You must create a password during registration on axifour.co.uk. The maintenance and remembrance of this password are entirely your responsibility. You are also responsible for the confidentiality of your chosen password, and any breach of that confidentiality as a result of improper safeguarding is not the responsibility of Axifour Limited. In cases of a forgotten password, you are allowed to request a change to your password. If this is your situation, you are required to click on “Lost your password?” on the login popup and enter your registered email address to get a reset link. You agree that any person or entity to which you disclose the details of your log in, including your email address or password, is responsible for any changes or interactions made on or through your profile. If you have reason to believe your password has been compromised, kindly contact us immediately. When you create an account with Axifour, you may be given the opportunity to opt in to receive marketing emails from us, our partners, or third parties. You can withdraw this permission at any time via our website or by clicking “unsubscribe” at the bottom of any received email. We, however, reserve the right to send you service emails relating to your account. Your responsibilities All information on our website is simply advice. It is your responsibility to crosscheck any information on the website against any external source in order to make sound decisions. You should talk to a professional before taking all information seen on our website as ultimate. Kindly note that Axifour Limited is not a real estate company. Our website offers an opportunity for real estate agents or developers to market their properties on our website. All partners registered with us are allowed to do so in good faith. We haven’t checked our property by ourselves. We do not give you assurances of its stable condition. Materials you provide By publishing content or other information on our website, you grant us a worldwide, royalty-free, perpetual, irrevocable, and fully transferrable license to use, reproduce, display, sell, and modify the content. We won’t pay you for using, reproducing, displaying, selling, and modifying the content, and we reserve the right to take the content down or change it whenever we want. You can post content on our website as long as you follow our rules and the content is not illegal, obscene, abusive, threatening, defamatory, or otherwise offensive to us or other users. Usage Limits -You will not transmit materials or content that disrupts, damages, destroys, or limits the functionality of our website, software, or any other platform. -You will not use our website for any other activity except as agents or developers offering homes for sale and rent or as customers seeking buying or renting advice. -You will not copy our data or reverse-engineer our procedures -You will not use our website illegally or for the purpose of harming Axifour Limited, including but not limited to committing fraud against us or any other user -Change any copyright notices on our website -Disrupt the premium user experience of other users Intellectual Property rights This website, the content published inside, its database, software, and source code are solely the intellectual property of Axifour Limited. Various copyrights and trademarks protect the database, design, and other content on the website. Breaching our copyright can come in the form of: copying our logo, trade marks, and service marks. You require our permission to do this. You can use the executable software for website usage under a non-exclusive, non-transferable license. You cannot use an automated program to acquire, accumulate, or execute other similar data or content actions on the website. Program automation violates these terms. You must not copy, reproduce, share, or distribute our website. You have limited rights to use our website. We reserve the right to terminate your license and access to our website whenever we see fit. Indemnity You agree not to hold Axifour, our affiliates or subsidiaries, shareholders, directors, employees, agents or suppliers to any claim made by any third party due to, or arising from, the usage of this website, the violation of these terms and conditions by you or the infringement of any intellectual property or rights of any person or entity Viruses We do not hold liability for any malware, ransomware, trojan, or any other virus that infects your computer or phone, or both, by virtue of using our website. It is the responsibility of any user to have virus repelling software that protects their computer, phone, or both. We do not hold liability for any loss of files or documents due to any virus. If you have any questions about these terms or our practices, please contact us at: Axifour Limited Unit 68, Atria house Slough, Berkshire SL1 4BE, United Kingdom Our Stand on Forced Labour and Human Rights Trafficking There were 16,938 potential victims of modern day slavery in the UK in 2022. This figure represents a 33% increase from 2021, when just under 13,000 people were recorded. To put the increase rate in context, there were 6,988 potential victims in 2019. Human rights are at the core of the values we uphold at Axifour Limited. This is clear in how we run our operations. We are subject to all applicable laws. We hold all employees who work with us in high regard and make sure they are adequately compensated for all work done on behalf of Axifour. Also, we make sure all senior – junior relationships are based on professional standards, and any workplace abuse is not tolerated at Axifour. There are mechanisms put in place to ensure there is zero infringement on the rights to a safe work environment for all staff of Axifour. All relevant employees, consultants, and our partners are encouraged to report any unethical or illegal activities within Axifour, including any suspicion of human rights trafficking or forced labour, through our specified channels and laid down procedure. To ensure confidentiality and uphold integrity in the process, we have an independent and impartial third-party entity. Access to this entity is a 24-hour access, and can be accessed by calling a phone line dedicated for this purpose There is also strong effort and dedication to operate an ethical and legal business, and this extends to all partners and third parties contracted to work with us. We also ensure that every individual that signs up for our platform gets equal opportunities to access all services, and no demographic is left out or denied access to quality home advice. Due Diligence and Contracting Practices In a bid to uphold our commitment to working with the best suppliers, we always conduct all necessary due diligence. This involves an extensive and rigorous process of questioning and analyzing comprehensive data about them, particularly in areas that establish their stand on modern slavery and human trafficking. Our due diligence process is subject to frequent review to make sure we are in line with best practices that make for a safe work environment and business operations. As part of the process of engaging new suppliers, we give careful consideration to our suppliers’ compliance with our due diligence requirements. We may delay or cancel the appointment of any supplier that does not agree with our stand on modern day slavery. We do this by evaluating the methods for contracting labour during the establishment of their offered services. We make sure our partners uphold the same principles we do for forced labour. DISCLAIMER This website, together with all the contents therein, is a property of Axifour. We, however, make no covenants, warranties, or assurances, either categorically or implied, as to the quality or relevance to any purpose. We also do not agree with its completeness or accuracy. Whatever information you find on this website should be crosschecked against any other source of knowledge determined by you to confirm its effectiveness or veracity. Axifour does not accept any responsibility, nor do any of her representatives make any representations, guarantees, or assurances that the website will be perpetually operational without interruptions. Axifour may, at any time and without consultation with anybody or anything, cease to operate. This may be due to maintenance requirements. On such occasions, access to any of the features or services will halt until such a time as functionality is guaranteed. We accept no liability for any constraints that this may cause you. All value estimates for any commodity found on our website are intended for informational purposes and should not be relied on as God’s truth or absolute for any transactional purposes, commercial or otherwise. The information therein is based on publicly available information, which may or may not be complete, thorough, or without error. While the website gives you access to knowledge and information, all responsibility for verifying the authenticity or professional strength of the values found on this website is unequivocally yours. All property or service descriptions declared on this website are done in good faith and intended for information and marketing purposes, and neither Axifour nor its representatives hold any responsibility for the efficacy of such declarations. The services or businesses advertised on our pages or any of the blogs established by the agents or developers are expressly their own opinions and do not represent the opinion of Axifour, its directors, or any staff under the employ of Axifour. It is the responsibility of registered customers, buyers, or tenants to ensure the accuracy of any property descriptions declared or published herein. Axifour does not bear responsibility for your disregard of this Disclaimer Notice, and any consequences arising from ignorance of the facts stated herein are expressly those of the registrant or buyer. The responsibility of ensuring the accuracy and integrity of property lies with the agent or developer. Axifour does not accept liability for any injury, loss of life, or property arising from the use of substandard materials and equipment in the establishment of the properties listed on our website. We also do not accept liability for the inability of any agent or developer to complete any transaction with any buyer. Any cases of negligence, fraud, misrepresentation of property design, or any other fact are not the responsibility of Axifour or any of its representatives. We do not accept responsibility for any disregard for due diligence in the completion of any transaction between the buyer and the agent or developer listed here. For agents and developers, we are not responsible for any: ● Loss of client, business, profit, sales, or revenue ● Interruption in business ● Loss of leads, good will or reputation For customers, you agree not to use our website or any profile dashboard we give you upon registration for any commercial or business purposes. We do not hold liability for any loss or profit, business or business opportunity, or any interruption of business. Viruses We do not hold liability for any malware, ransomware, trojan, or any other virus that infects your computer or phone, or both, by virtue of using our website. It is the responsibility of any user to have virus repelling software that protects their computer, phone, or both. We do not hold liability for any loss of files or documents due to any virus. Indemnity You agree not to hold Axifour, our affiliates or subsidiaries, shareholders, directors, employees, agents or suppliers to any claim made by any third party due to, or arising from, the usage of this website, the violation of these terms and conditions by you or the infringement of any intellectual property or rights of any person or entity SUPPORT PAGES How do I create an Axifour Search Account? An account on Axifour gives you an experience you can customize. It enables you to get the full package from each of our website tools and services. These services include: - Saving listings for reference - Creating a wishlist of houses that match your buy or rent criteria. - Keeping updated with property value changes over time Axifour is free. It comes with a profile page. On this page, you get access to varied features that match the account type for which you have registered. PC Web Registration - Visit www.axifour.co.uk on your browser - Click "+ My Express" on the top right corner of the browser page. - Click on Register - Complete the registration form - Read and Accept the Terms and Privacy Policy - Click Sign Up Your account is now available Managing Your Express - Click on "+My Express" to login - Verify your email address by clicking on the link sent to your registered email address. - Hover on the "Hi" drop down arrow and select "My Profile." The Axifour Express Profile page allows you to complete your profile. You can easily save searched properties for later reference. You can further add them to your wishlist by clicking on the wishlist. On the side bar are listed your wishlist, "My Profile", "Verifications", and Account Settings. My Profile section allows you to update your profile by adding more information that will help us know you better in order to give you a better user experience. - Click on Valuation: You can get a free instant or expert valuation by clicking on "Valuation" on the menu bar. Here, you can tell us your property goals. This helps us know how to guide you to the right choice and plan. - Change my password. Click on Account Settings. Input the old password, and then the new password. Change your password by confirming the new password and clicking "Change Password." Logging Out You are advised to log out properly, especially when using a shared computer. This will end your session. Any other login attempt will require your password. - Hover on the "Hi" drop down menu on the top right corner of the page. - Select Logout Managing your Axifour Account With Your Express, you are able to manage and customize your Axifour experience. Your Axifour account login details can be customized on your profile page on our website. Any changes saved will be implemented immediately. Your privacy is our utmost concern, and we uphold our assurances about the security of your details. Be assured, we do not share any details or other personal identifiers with third parties without your express consent. Web Management - Visit www.axifour.co.uk - Click Login on the menu bar. You can also login through "My Express" on the top right corner. Another way is to click "Access your account" on the Axifour column of the Quick Links Section. - Enter your login details (your email address and password), and click Log In - Hover on Hi at the top right corner and click on My Profile You are directed to your profile. - On the Personal Information section, you can edit your: - First name - Last name - Phone Number - Address - Post Code - After any changes, click on Save Changes -Click on Account Settings to change your Axifour password. Type in your current password and the new password. Retype the password, and then click Save Changes to confirm it. I cannot Log In to my Axifour account An account on Axifour gives you an experience you can customize. It enables you to get the full package from each of our website tools and services. To do this, you have to log in. You can log in from your PC web browser or your mobile web browser. To log in to Axifour, you must input your registered email address and password. If you have trouble completing the log in process or cannot remember your password, kindly follow the steps below. - Visit www.axifour.co.uk - Click on Log In, or click on "Access my Account" in the Support section at the bottom of the page. - Click Lost your password? - Input your registered email address. - Click on "Send Password Reset Link." - You will receive an automated email from us which contains a link help you create a new password - If you have not received our "Reset Password" email, kindly check your spam folder to confirm. If you are still having problems logging in, it may be that on registration, you provided the wrong email. If that is the case, then kindly re-register with your correct email address. - For more on creating an Axifour Account, visit here - When creating your new password, use one that is easy to remember. Do not use a succession of alphabets or numbers like ABCD or 1234. Try using random words plus a number and a symbol. For example: CarinosaCopy~72! - Type in your email address and your new password, and then retype the new password to confirm. - Click Reset Password You will be redirected to the Log In page to access your profile. After you are logged in, you will be directed to your profile page. Any subsequent attempt to change your log in details can be done here. - Click My Profile within the Hi drop down - Click Account Settings - You can change your password here. For more information on Managing your Axifour account details, click here How do I delete my Axifour account? We are sorry to see you leave. If you wish to permanently delete your account and profile, you will no longer be able to access them. You will lose any information you have added to the platform, including developer blog access and agent property listings. Make sure this is what you want. If you request the deletion of your account, all your personal information will also be deleted, along with any business or residential information you may have provided. The whole process will be completed in 30 days or less. To proceed, kindly contact Axifour Support via-to assist you. We are once again sorry to see you leave. How do I search for properties on Axifour? You can search for properties on Axifour. It is an easy process. Properties are classified into For Sale, For Rent, Commercial, and New Build. You can find access to them on the menu bar. You can click on each of these classifications, search for properties, save searches, or add properties to your wishlist. A property must first be saved before you can add it to your wishlist. You can also share property pages with your contacts by clicking on Share within the property page. The link is automatically copied when you perform this action. Web Search - Visit www.axifour.co.uk - Click on your desired classification, e.g., for sale or for rent. You can also perform this action by entering your preferred search location in the white single form on the landing page. Click either for sale or for rent beside the location form. - Type your search area and ideal search criteria on the Properties for Sale or Properties for Rent forms. The search criteria to choose from include tenure types (freehold, shared ownership, commonhold, leasehold), bedrooms, minimum price, maximum price, and property type (flat or house) - Click Search Within here, you can optimize your search according to the property result you want to get - Click Bedrooms to specify how many bedrooms would be ideal for your search - Set a minimum and maximum price - Select which tenure type you want. You can choose between freehold, leasehold, shared ownership, and commonhold. - If you want a particular property type, you can select flat, house or show all - Click "Search." You are redirected to the updated result page. - Scroll down to view your search results. Click on any property to view more details about it BLOG POSTS Mortgage Guides When is the best time to remortgage your property? There are no restrictions on when you can take out a new mortgage on your home. But there are things you must consider before calling your lender. What is remortgaging? This is when you take out a new mortgage on a property you own. This can happen for one of two main reasons: you want to move to a cheaper deal, or you want to borrow against property. Loaning against property means pledging your property as collateral against the loan amount. You can save money by remortgaging, and with correct planning, you realize that it is an easy process. You can remortgage at anytime, but there is a process to do it. How does it work? In simple terms, remortgaging means changing mortgages. You can either sign with a new lender or switch deals with your current one. You should compare your current deal with those on the market before switching. Also, look at inflation trends and know which deals may mean higher mortgage payments. Also, look at a wide range of mortgage providers and compare them with the one you are currently signed with. When is the best time to remortgage? Many lenders will allow you to lock into a new one before the old one expires. They can allow you to do this without a full commitment to a new deal. With this, you make a post-analysis of interest rates and mortgage rates and choose better. If the rates continue to increase, you may want to check for other mortgages. You should keep in mind that remortgaging should be a well-thought-out decision. You do not want to remortgage for the sake of it. Only decide to remortgage if you will gain an improved financial situation. Seek professional advice for assurances. Why should you remortgage? As stated earlier, remortgaging should not be done on impulse. You have to do a careful analysis of when to do it. That said, these are some of the things to consider before taking another mortgage: ● You are on a fixed-rate mortgage deal, and it is coming to an end. ● Interest rates are rising, and you may lose out if you wait further. ● Interest rates are lower than when you took the first one, and you will save money by taking a lower deal. ● Your property has increased in value since you bought it, and it may help you access better rates Let us analyze each point: -You are on a fixed deal, and it is coming to an end. Most deals last between two and five years. You move to your lender's basic deal when the deal you are on comes to an end. Most often, this is the SVR. This often means a higher interest rate. Choosing to remortgage in this case is an option to consider. With this, you can find a deal with favourable terms. You should start looking four months before the deal is up. -Interest rates are rising, and you may lose out if you wait further. The current average 2-year fixed-rate deal is 5.61%, while the 5-year deal is 5.66%. The current average standard variable rate from Halifax is 8.74%. When the bank rate goes up, the mortgage rates become higher. It has gone up 14 consecutive times since December 2021. The Bank of England's Monetary Policy Committee stalled it when they met in September. They meet again on November 3. It may be beneficial to look for better deals if your deal is closing before that time. If the MPC decides to increase the base rate, the lenders will increase their rates. -Your property has increased in value since you bought it, and it may help you access better deals. Your loan-to-value ratio improves if your house is worth more since you bought it. You may decide to leverage it to arrange for a big-money loan. This does not mean that it is free money. It means you're still owing your lender. But he is more likely to agree to remortgage your home for improvements to it or a new car. Make sure this option is the cheapest way to borrow money Finding a new mortgage deal is quick and easy with Axifour. Provide us with a few details about yourself, your property, and your current mortgage. Remember, you may lose your home if you default on your mortgage. Property News UK House prices experience sixth consecutive monthly fall The UK house price fell again in September, according to the Halifax House Price Index. The rate of the fall slowed compared to the -1.8 drop in August The data showed house prices fell by 0.4% in September. This was the sixth consecutive time house prices have fallen. The average home now costs £278,601, dropping £1,192 from its August price. Year on year, the prices are also down by 4.7%, largely unchanged from 4.5% in August. It remains a 3 year high from March 2020, when the average price was around £239,000 Halifax Director Kim Kinnaird blamed borrowing costs as the primary cause for the subdued activity levels experienced in recent years. Kinnaird said: "home owners have inevitably become more realistic about their target selling price." Ms. Kinnaird also believes the Bank of England's base rate "is at or around its peak" as fixed mortgage deals reduce. Kinnaird continued: "Wage growth also remains strong, which has helped with affordability, with the house price to income ratio now at its lowest levels since June." Many economists and financial markets predict that base rate will remain higher for longer, with any significant cuts appearing unlikely until inflation gets closer to the Bank of England's 2% target." Property News UK House Price Down 5.3% in September 2023 has not been the best year for house owners looking to sell. The average home owner would prefer to keep his home out of the market than reduce the asking price. But with recent UK property market numbers, that may not be the case anymore. Nationwide building society data have revealed a 5.3% fall in the national average house price in the UK. Average house prices remain at £257,808. In the same period in 2022, the figure stood at £272,259—a 14,451 deficit. Lower buyer demand is to blame for this fall. Sellers are reducing asking prices, but affordability is still an issue for buyers. The high mortgage rate is another challenge that has kept buyers off the market. The Bank of England Monetary Policy Committee stalled the interest rate at 5.25% in September. Before that, they had increased it 14 times in a row since December 2021. But the damage seems clear. Nationwide’s Chief Economist, Robert Gardner, believes this downward trend “is not surprising". This is due to "the more challenging picture of housing affordability”. What could happen if the interest rates remain as they are or go higher? The average 2-year fixed-rate deal has taken a slight fall, losing 0.4% since July 2023. It still represents a high - The current deal stands at 6.46%. In 2021, it was as low as 2%. This jump in mortgage rates means increased monthly payments for homeowners. According to UK Finance, 1.5 million people will end their fixed rate deals by the end of 2023. That means they either adopt the prevailing mortgage rate or they may sell their homes. Among buyers, first time buyers are hardest hit. The prospect of getting a home may be a tough battle as affordability checks become tough to pass. According to The Experian, more people are requesting marathon mortgages. This will see them spread their mortgage payments across 35 to 40 years. 1 in 4 mortgages taken by borrowers under the age of 30 have terms of 35 years or more. In 2020, it was 1 in 10 - a 150% jump The question becomes, Will we return to the pre-covid interest rates? Gardner said that thought is distant. He expects this downward trend to remain “fairly subdued” in the next few months The Bank of England’s Monetary Policy Committee meets next on November 2. Another stall could further strengthen confidence. There is a belief that this may inspire action between buyers and sellers in the final quarter. Renting a home guide UK Government updates its How to Rent Checklist The new Housing Loss Prevention Advice Service grants more protection for home renters. This is valuable for people who are in danger of losing their homes. There is free legal advice and representation if you apply. The UK government has made a revision to its How to Rent Checklist. It adds new measures to take if you are in danger of losing your home. This is for those who are in danger of having their homes repossessed by their landlords. The checklist introduces the Housing Loss Prevention Advice Service. HLPAS is government-funded, and offers legal advice for those who are facing eviction. How does the HLPAS protect you? With the HLPAS, you get legal advice if your landlord makes an attempt to repossess your home. You also get free legal representation if the advice does not solve the issue. Your financial situation is not a rule for accessing the service. The Housing Loss Prevention Advice Service replaces the Housing Possession Court Duty Scheme. The key difference between the two is that the latter offers legal advice on the day of your hearing. But HLPAS is accessible immediately after you have received an eviction from your landlord. What does the advice address? Access to HLPAS gives you free and hassle-free legal advice on many key areas, including: -Illegal Eviction -Welfare benefits payment -Debt -Rent arrears issues -Mortgage arrears Applying for the service If you are in this situation, contact Civil Legal Advice or find your nearest HLPAS provider. Type your postcode into the box provided You do not need to input any organization name to execute the search. The search results will show you how many experts are within your postcode. It also gives you a GPS direction to locate each of them. E.g. A simple search of the postcode for Axifour’s official address shows that there are 10 experts in the area: This service is only available to renters within England and Wales. For those in Scotland, you can get help here For more on renting, follow our Renting a Home Guides https://www.gov.uk/civil-legal-advice https://find-legal-advice.justice.gov.uk https://www.mygov.scot/resolve-housing-dispute. SEO: ● ● ● I researched the keywords that people often search on Google. One way I did this was to pay attention to the “people also ask” sectionon Google I also researched web pages that wrote on similar topics by paying attention to the common themes they wrote on. I wrote the piece, also crosschecking on the Hemingway app to make sure readability was okay Property News Bank of England Increases Bank Rates: What it means for the Housing Market The UK housing market has taken a number of hardline positions in recent weeks. The calm before the storm? In September 2023, the Bank of England announced that its rate would remain at 5.25%, having increased it the last 14 times. The last time the base rate did not increase was in December 2021. The figure, however, represents a 15 year high, according to Reuters. There were expectations of a 0.25% increase, but the BOE decision has created a number of questions. Analysts and experts are wondering what it means for the housing market. The apex bank had taken the decision to increase the rate on 14 previous occasions in order to reign in inflation rates; however, there is a belief that this has weakened the economy, with unemployment figures and economic growth most affected. How this affects the housing market The top questions that have been raised since the base rate was stalled were how it would impact inflation and mortgage rates. The latest house price index figures from Halifax show that year on year, from August 2022, there has been a 4.6% fall. This is the largest annual fall since 2009, the year after the global financial crisis. Buyer demands have been one of the hardest hit, as expensive mortgage rates combined with high house prices have made sellers wonder if to keep their investments off the market or reduce asking prices. On 14 successive occasions since December 2021, when the rates increased, mortgage rates have surged. At the time, an average 2-year fixed deal was 2.34%. The same deal in recent months has seen a 4.14% increase. What does it mean for mortgage rates? The announcement by the Bank of England will come as a relief to a subgroup of current holders—those with the standard variable rate. This is because since December 2021, when the BOE began its rate increase spree, they have seen their monthly mortgage payments increase too. For those with fixed 2-year or 5-year deals, they are insulated from any increase starting from when they bought their deals. You should, however, speak to your lender if your fixed deal is among the over 800,000 deals that are ending in the second half of 2023. Sellers in Panic Mode Reports suggest that sellers are starting to take note. In the past, sellers would rather keep their investments off the market than reduce asking prices; however, recent figures show that there has been a 4.9% drop in asking prices, with sellers cutting as much as £15,000 from their initial asking prices, per the BBC. The Guardian states that the number of sellers cutting asking prices is “at its all time highest.” Furthermore, 36% of properties currently for sale have had a price reduction, with an average reduction equating to 6.2% nationwide, per Rightmove. Some concerns, however, come from large house owners who are looking to downsize and sell before they lose investment. There is a sharp increase in house listings as sellers become more desperate to sell. From the start of 2022 to date, there has been an upward trend in the number of available listings, with numbers climbing by nearly 250,000. There is no indicator of a downward trend anytime soon. Considering purchasing a home? Look at three things to consider. Buying a home guide 3 things to consider before buying your home in 2023 Most times, when buying a home, we want a simple and straightforward transaction. There are a lot of things to consider, especially when doing so in the UK. Figures from Halifax show that year on year, in August 2023, there was a 4.6% decrease in the house price index. Sellers are beginning to panic. Is that a reason to grab your phone and call your agent? There are many questions to ask before making the decision to buy a home. Who do you call? An agent or the seller? Do you need a solicitor to draft a conveyance? How much would you have to spend to buy a house? Should you go for a fixed-rate mortgage or a variable mortgage? We have listed the top 5 things to consider when buying a home. Note that this does not supersede legal advice. If you need legal advice on how to buy a home or rent one, kindly click here. For those in Scotland, you can visit your local Citizen Advice Bureau. What are the numbers saying? The Bank of England held its bank rate at 5.25% in September 2023. Before that, it had increased the rate 14 times in a row since December 2021. This has left experts wondering what it means. September 2023 saw sellers forced to discount average house prices by 4.2%. There may be a cause. Halifax data showed that year on year, in August 2023, UK house prices dropped by around 5%. In July, residential property transactions took a 22% hit, according to The Times. This is in comparison to the same month in 2022. Buyers are holding out on making purchases at this moment. It seems that people are waiting for the prices to fall even more. People would rather wait for a fall in house prices or mortgage rates than buy at this moment. If you have decided to go ahead and buy a property, these are the key things you should keep in mind: 1. Get a Lawyer It is worth reemphasizing that this article does not supersede legal advice. You need a solicitor to guide you on the legal steps to take to ensure you make a good purchase. Conveyance is one of the areas in which a solicitor can give you advice on the purchasing process. Conveyance is the legal process of transferring property ownership from a seller to a buyer. It includes a contract of exchange and a review of the lender’s mortgage offer. 2. Property Tenure You have to find out if the house is leasehold or freehold. This is a very important question you should ask the seller or your agent. Knowing this can be the difference between buying a home that is worth it and one that is not. Most people prefer freehold, as it means they own the house and the land outright. But most houses in the UK are on leasehold. This means that though you own the house, it is only for a tenure, on average between 90 and 120 years. The tenure can be shorter or longer. It could be as long as 999 years With leasehold, you also have to pay some fees to the freeholder. They could be an annual service charge, a maintenance fee, or building insurance. There may be others. Find out before signing an agreement. You may have to get permission before making major changes to the property. 3. Mortgage Type There are two types of mortgages to consider when buying a house: fixed rates and variable rates. -Fixed rate: This can either be 2-year or 5-year, and both have their own unique advantages. Generally, a fixed rate means that repayments do not increase over the mortgage period. This means you don’t get caught out if interest rates and bank rates increase. With the 5-year fixed rate, you get stability and can plan your loan repayments better. There is a downside to this. You may want to consider that you cannot walk out of the fixed rate. Not without paying the early redemption penalty. This penalty comes when you repay your mortgage early. This charge cannot be more than the mortgage rate. You may want to ask your lender for a mortgage that does not involve paying this penalty. Or, you can wait for the end of the penalty’s eligibility. -Variable rate: this is the opposite of the fixed rate. Your monthly payments can go up or down if interest rates fall. You pay according to the prevailing rate at the time. You have to make sure you can make your mortgage payments on schedule. You risk a penalty and a negative credit score if you default. When your credit score goes down, you find it difficult to get future loans or mortgages. In conclusion, you would need to do more research before buying. Experts believe the bank rate stall may be a one-off situation and that the rates could go higher. Read our post on the Bank of England’s decision to stall its bank rate here. https://find-legal-advice.justice.gov.uk https://www.cas.org.uk/bureaux Getting a home that matches your personality and dreams is often difficult. Homes should give you a space to thrive mentally. Have you spent time poring over home search websites like Axifour? In an attempt to find modern-looking homes that match your lifestyles, you avoid or hesitate to buy the odd old house, even if it costs much less than a new one. Here, I will give you tips on how to improve your home. These tips may cost some money, but they might be cheaper than plunging for a new house that looks modern. By the way, you don't buy a home; you make it. Repaint the house This may sound obvious. You may have thought about that already. But what you may not know is that painting does more than make your house look new. - It helps spark creativity: Painting stimulates both the right and left sides of your brain. Research by Professor Semir Zeki found a link between painting and brain function. Professor Zeki is Chair in Neuroaesthetics at University College London. He found a link between looking at a beautiful painting and the orbitofrontal cortex. This is the part of the brain that relates to decision making and pleasure. The findings showed strong activity in this part of the brain. Zeki's experiment showed activity in this part of the brain increased by as much as 10%. So, consider calling a painter to give you estimates. You might as well do it yourself to reduce costs. Painting also reduces stress. Research by the American College of Rehabilitative Medicine shows art can reduce cortisol levels. This is your stress hormone. A reduced cortisol level does a lot, including improving sleep and memory functions. Repair the roof Repairing your roof can make it look brand new. If you want to change the whole look of your home, the roof may be another place to look. It may cost you a considerable amount of money, but it may give your house the modern look you want. According to a 2023 cost vs. value report by Remodeling, the cost-regained value of replacing your roof is 61%. The report states that replacing your roof increases the value of your home by as much as £14,600 Upgrade your home equipment Changing your door handles, hinges, door knobs, and taps will give your home an improved look. If you change your roof and repaint your home without touching the in-home equipment, it's a waste. Also, buy some new appliances: an improved TV can be a good place to start. Clean or change the carpets Your carpet may be adding to the tired look of your home. Wine stains, food spots, or even blood stains may be reducing the value of your home. With £100, you can get all the carpets in your home cleaned by a professional service provider Improve the lighting Have you been using the traditional incandescent light bulbs invented a century ago? Changing to LED lights can add to the value of your home. It also helps you save on energy costs. To get a modern look, you may need to change the lighting design. Give each room its own unique feel by adding different light types for different rooms. You can go for ambience in the bedrooms or add decking lights for the balconies. You can also add working lights to your working areas. Implementing these repairs may not cost you as much as buying a new home. If you are still thinking of buying a new home, check three things to consider before buying your home in 2023 How to declutter your home: 5 things to consider Research has found that having a cluttered home affects your visual cortex. This is the part of your brain that processes visual information. The research found a link between a cluttered home and suppression of brain function. Another study by JustHire finds that decluttering can lead to an increase in a property's value. Have you been finding it difficult to move around your home? Have you considered upsizing because there is too much property in too little space? Or are you considering downsizing but are worried your property won’t fit into your new home? We have created a checklist that will help declutter your home. This will help you save money by not having to upsize your home. 1. Create a timeline It might be impossible to declutter your home in one day. You might want to set a timeline for when you do it. You can select a weekend or some weekends. Having a clear goal will reduce your chances of being overwhelmed. Do a breakdown of the spaces you want to declutter. This will help you organize your plan into a schedule. If you feel there are a lot of things to do, then start small. Find a space that requires little activity. That way, you have a sense of achievement to build on. 2. Decide what you want to declutter Make a list of what needs organizing. Also, list out what you can do away with. List all the areas you want to clear out. Pay attention to less used areas. Determine what is worth keeping. Also note the things you have and arrange them according to use and importance. If there is sentimental value to a particular item, ask: What am I sentimental about? If it is the item, then it may be worth keeping. If it is a person, then you can keep the memory of the person without the item as a reminder. 3. Decide what to keep or discard. Also note the things you may want to sell or donate. You can donate items like undersized clothes to a charity. You can also give to schools, family, and friends. Discard old and expired property. If selling, you can organize a car boot sale. This is a great way to generate a few quid. You might not make a fortune selling them, so don't lose a sale over a few pence. You can also recycle some property. You can post them to organizations like Freecycle and Streetbank. You do not have to throw away everything. Give your family and friends those items you can't make up your mind about. Be ruthless with property that is beyond repair or that you haven't used in years. There is a chance you do not need them. You can also use specialist auction companies to sell antiques. 4. Find storage options Create storage areas where you can keep your belongings. If you have built-in spaces, like alcoves and eaves, it is a good option. You can also store them with storage companies. You can rent storage spaces for £50-100 a month. Arrange the excess property into these garage spaces. 5. Create a method for keeping your belongings. You can tag cupboards or boxes to know the items or collection of items stored in them. This helps you pick out items without searching through every box. There are various other ways to improve your home. They may cost money, but they help improve the value of your home. Check out 5 ways to improve the look of your home. Should I downsize to a small home? Living in a big home is good for a large family. If you are a newly wed couple or about retiring, then it may a financial burden. Insurers are skeptical about providing insurance for high value homes. This is due to the risk involved. When they do, it comes with high insurance premiums. Data from Go.Compare shows the average annual cost of a 2-bedroom home is £138. This is a home and content insurance policy. The same policy for a 4-bedroom home costs £227 a year. Downsizing to a smaller home provides an opportunity to save money. It also gives you excess equity from the property sold. What is downsizing? Downsizing means moving from to a smaller home from a large one. Decision to downsize is usually made by retired elders. Most parents whose children are grown and left home also do this. It may also come as a way to reduce maintenance costs of a larger home. What are the advantages of downsizing? Downsizing has lots of advantages. Some of them are: - It helps free up equity: This means means releasing the money locked inside your property. When you a smaller home you have have excess change left from the switch. - Downsizing also reduces running costs. This means you reduce the cost of bills. You do not have to spend more to live a quality retirement life. - It also reduces your maintenance. Smaller homes mean lesser maintenance costs. The maintenance costs you would pay in a bungalow is lower than that of a duplex. - For the elderly, downsizing also helps with diseases associated with old age. Health conditions like Arthritis means that staircases can be a burden. Things to consider when downsizing? Moving houses can come with a considerable amount of spending. You should be sure before making the decision to downsize your home. Consider your reasons for downsizing. - Costs You can decide to handle conveyancing yourself. It will help you save costs. If you want to hire someone to do it, you should consider the costs. A solicitor will charge you his legal fees. There are many other fees you should consider before downsizing. They include stamp duty fees, bank transfer charges, and leasehold property supplement fee. You also have to go through anti-money laundering checks. - Clearance Decluttering is another task you have to consider when downsizing. When moving to a smaller home, you have less space for your belongings. Attempting to fit all your property from your large home will never work. You have to decide what to take with you and what not to. Read our decluttering guide to know how you should go about this. - Removal costs You should also consider the costs of moving your property from your old home to your new one. Prices tend to change, so make research to know the latest costs Moving into a new house is one thing. Making it into a home comes with its unique challenges. Find out 5 ways to improve the look of your home The ultimate guide to deal sourcing in 2023 A lot of people call themselves deal-sourcers, but all they do is spam social media groups. Deal sourcing involves more than trying to get someone to reduce the price of a property. Here, we will guide you on what deal sourcing is. You will also learn the strategies of deal sourcing and why you need the right strategy. If you have been asking questions like, How does real sourcing work? Can you make money from deal sourcing? This is for you What is Deal Sourcing? Deal sourcing involves finding, evaluating, and choosing investment opportunities. Part of it is uncovering high-value, high-potential assets to generate equity. A deal sourcer is someone who hunts for assets on behalf of investors. This individual then attempts to generate equity on that asset. A property deal sourcer searches for a property deal for buyers. When he finds these deals, he negotiates the price and passes it on to his clients for a fee. You may be thinking, "Oh! That is another name for an estate agent." No, it is not. Deal-sourcing and estate agencies are two different things. An estate agent and a deal sourcer are two different types of property experts. An estate agent works for both the seller and the buyer. He finds buyers for the seller for a commission. They also market the seller’s property on portals like Axifour Search, Zoopla, and Rightmove. The seller pays the estate agent for his services. The estate agent charges for property valuation and lead generation. They also charge for negotiating the sale price. The estate may also help you manage your property after you buy it. This is the case if you live outside the UK and purchasing an investment property The deal sourcer gets paid by the investors for whom he is finding the house. He is not involved in the management of the property. You must have an understanding of the property market to succeed as a deal sourcer. Property deal sourcers can play investment roles in any kind of property. They research possible investment properties in the market to identify the best fits. He can then pass it on to the investors to sell at a profit. He can offer other services. He may choose to buy the property and refurbish it. He then sells it to the investor. This is property "flipping". Another service is finding property to put on the rental market to generate income. Two kinds of deal sourcers include: -The sourcer -The packager The Sourcer finds the house and negotiates its price. He passes it off to the investor. A good deal sourcer knows properties they can buy below market value (bmv). The packager does more than that. He finds properties with equity potential and purchases them. He generates equity by refurbishing the house and selling it to his investors. What is the process of deal sourcing? - Get a quality team Deal sourcing is much better as a team. This helps streamline tasks and responsibilities. It helps in promoting specialized roles. Some can focus on research and industry analysis, and others on networking. - Choose your method or strategy You have to select the method by which you operate. Will you go traditional or online? Each has its own uniqueness. Your strategy should align with your team's strategic objectives and investment criteria. The traditional method means you can meet investors face to face and get referrals. With the Internet, you are able to learn data management. - Get a target list of prospects Compile a list of potential investment opportunities built around your chosen strategy. Keep in mind that not every company in the world can be your target. This means you must filter your list to match the selected criteria. - Conduct research Conduct thorough research on your target list. This will help you understand their cash flow, management team, and growth potential. It also keeps you updated on industry trends. By researching, you refine your chosen deal sourcing strategy. Strategies for deal sourcing Traditional strategy Many well-known businesses use this tactic. It promotes reputation and trust for the investors in the company. Meeting someone face to face helps promote trust. It also helps establish a wide list of referrals. Online strategy Online, you have reduced time as you do not need to depend on referrals and networking for targets. Within minutes, you can get the data you need. It also reduces overhead costs. With online deal sourcing, your network is not limited to a geographical area. You can measure efficiency and performance with this strategy. The importance of having a working deal sourcing strategy You should have a well designed strategy if you want to succeed as a deal sourcer. With these strategies, you: ● ● ● ● Discover high-potential investment opportunities before competitors. Develop and maintain steady pipeline of deals Build strong relationships Remain updated on industry trends Compliance in property sourcing Is it legal to deal source? Yes! But there are legal guidelines you must abide by. They include: ● Register with HM Revenue and Customs HMRC insists that you must register under their anti-money laundering legislation. Register if you are a relocation agent, property finder, or private acquisitions specialist. Your client's compliance does not cover you. Failure to register comes with a penalty. ● Get appropriate insurance You should get professional indemnity insurance. This policy is for those that provide specialist services for paying customers. It helps you avoid liability for mistakes that may cause your client financial loss. ● Register for the Information Commissioner’s Office Data Protection Law. Register for this if you process personal information, unless you are exempt. Refurbishing your new property investment can present a unique challenge. Check out our 5 ways to make your next property sellable to your investors What is an Energy Performance Certificate (EPC)? If you are renting or selling your property, you'll need an Energy Performance Certificate (EPC). In 2007, the government made displaying an EPC a requirement. The certificate shows how energy efficient a property is. The EPC is valid for 10 years and must be presented whenever a property is built, sold, or rented. It is free to the buyer and potential tenants. A home that has a high score on energy efficiency will have cheaper bills. This means it is a good idea to ask for a property's EPC when searching for a home on Axifour. You can ask the property agent to provide you with a copy. In Scotland, you must display the EPC somewhere on the property. It could be near the meter cupboard or next to the boiler. How do you get an EPC report? You must have your house or other property evaluated in order to receive an energy certificate for it. An accredited energy assessor prepares an EPC. They'll visit your property to check how much energy it takes to power your home. If you are in England or Wales, you can find an assessor here: For those in Scotland, check here: What does an Energy Performance Certificate check involve? The assessor checks for potential sources of draughts or heat leak prone areas. He also checks how well insulated your walls and floors are and how much heat is retained in your home. Electrical systems are also checked. Get energy efficient bulbs, as they will be checked too. The ratings range from A (most efficient) to G (least efficient). Your property will be given a score. A higher score means lower energy bills. What is an EPC rating? This is a rating that gives recommendations about how to improve your home's energy efficiency. How long does an EPC last? The Energy Performance Certificate is valid for 10 years. It covers the property during that period, even if it is sold or rented more than once. How much does an EPC cost? Cost depends on a number of factors. They include where you live and the size of your home. If your home is big, it will incur bigger charges. The average cost is between £60 and £70. In London, it is between £80 and £120. Is my home exempt from an EPC? There are properties that are exempt from an EPC requirement. They include: - Places of worship - Temporary buildings that will be used for less than 2 years - Stand-alone buildings with total useful space of less than 50 square metres - Industrial sites, workshops and non-residential agricultural buildings that do not use a lot of energy - Residential buildings intended to be used less than 4 months a year Is an EPC a legal requirement? Yes! You must present it to new tenants or buyers. It is illegal for landlords to rent out a home with an EPC rating below E without a valid exemption. The Minimum Energy Efficiency Standard (MEES) was introduced in 2015 and is a set of rules relating to rental homes. Can I improve my home's EPC rating? You will see recommendations to help you potentially save as much energy as possible. Step-by-step guide to selling a home Selling a house can be daunting. The decisions you make must be careful and made with purpose. They could save you - or cost you - thousands of pounds. Here are 7 things to set up when selling a house. ■ What do I do first when selling a house? There are many reasons why you would consider selling your house. With rising interest rates, one of the most popular reasons is that you want to downsize to a smaller home. It could be that you want to move into a cheaper mortgage. Whatever the reason, the first thing to do when selling a house is to decide if you should sell. Are you selling because you need more space? It could be worth comparing the cost of extending the property. You could also convert the alcoves or eaves to allow excess property. Check out our 5 tips to declutter your home for more guidance on this. With stamp duty and conveyancing costs, you may decide not to sell. If you are thinking of downsizing, find out the pros and cons in our guide Should I downsize to a small home? Consult a professional to help guide you. If you decide that you want to sell but don't know how much you should sell, get a free valuation. It shows you how much your property could sell for. ■ Find out if it is worth it in a financial sense. If you are sure you want to sell your house, you should get an idea of how much it is worth. Check out our free instant valuation tool to get an idea of your property's value or monthly rental income. If you want an expert valuation, one of our experts will visit your home for an accurate valuation. Find out how much you need to pay off your mortgage, if you have one. Also, find out from your lender about any early redemption charges. You should find out the cost of selling your property to know how much you will spend. ■ Can I sell my home myself, or must I get an estate agent? You can sell your house yourself or use the services of an estate agent. Before you make that decision, find out how much each method would cost and if you have a deadline to sell the house. Some sellers sell because they want to travel and want a fast process. If you use an estate agent, it may be expensive, but he handles advertising and price negotiations. If you want to sell the house yourself, it will be cheaper. But you will need time to make arrangements for the sale. ■ Get an Energy Performance Certificate (EPC) It is mandatory for landlords and sellers to get an Energy Performance Certificate. They must show it to prospective tenants and buyers. It is illegal to sell or rent out a property that has a poor EPC rating. Find out the EPA ratings and if your home is exempt from them here. ■ How much should I sell my home for? The price you put on your home is very important. With rising interest rates and mortgage costs, sellers are more desperate to sell. In September, house prices went down by 0.4%. It was the sixth consecutive month that house prices have gone down, according to Halifax. Do thorough research and know the market price. You can also get an instant valuation here. ■ Should I renovate the house before selling? You will generate extra equity if you put your home in top condition before selling. Check out 5 ways to improve the look of your home. Get rid of clutter. We have a guide on how to declutter your home. Do these things to improve the value of your home before selling. ■ Do I need a conveyancing solicitor? You can choose to handle your conveyancing yourself, but it may be better to hire a professional. He will help you with the necessary documentation and advice to sell the house Selling a house may be daunting, but with proper guidance, it is a straightforward process. If you want to know how to buy your next property, check out 3 things to consider before buying your home in 2023 How to get a mortgage: 5 tips to boost your chances Getting a house should be easy. But with thorough checks, lenders can reject your applications. This checklist helps you stay one step ahead and improves your chances of a deal. There are three groups of people that should read this checklist: ■ I am a first-time buyer ■ I am remortgaging ■ I am buying-to-let ■ I am a first-time buyer As the name suggests, it means you are buying a property in the UK for the first time. ■ I am remortgaging This means you intend to switch from your existing deal to a new deal. You can remortgage with the same lender or with a different one. It is a chance to lock in a better deal. ■ I am buying-to-let This means you're an investor looking to make money from letting your home. You'll often need a larger deposit than you would if you were buying your own home. Before we start on the checklist, there is a vital thing you should understand. It is not always guaranteed to get a lender to accept you. Not all will fancy you. Each lender has its own unique method of deciding whether to lend to you. Your chances of acceptance depend on whether you fit these criteria. Lenders check a variety of things: ■ The size of the mortgage you are applying for ■ The size of your deposit ■ Your asset streams: Are you employed? Are you self-employed? ■ Your credit rating ■ Your existing debt ■ My Credit Report is Good Your lender will check your level of financial discipline before giving you a loan. To know this, they will check your credit report. What will they find? Three credit reference agencies in the UK give lenders access to your credit report. They are Experian, Equifax, and TransUnion. They each collect relevant data about you, including your credit information. According to Experian, they use this information "to help companies and their customers". Lenders check your credit report to determine if you are capable of making regular repayments. They want to know whether you are a reliable borrower. CRAs hold the following information about you: ■ Your name, current address, and previous addresses ■ Your regular payments, including any missed or late payments ■ Your credit balance and how much of it you have used ■ Any financial partnership with another person ■ Whether you have an existing or previous default, court indictments, or judgments. They also check if you are on an individual voluntary arrangement. These are some of the things that may scupper any application for a loan. You must check your credit report before your lender does. This way, you can get yourself in shape before applying. ■ I am on the Electoral Roll Experian confirms it holds information about your electoral roll status. Lenders want to know who you are and where you live. They also want to know that you are not involved in any fraud. To do this, they check electoral roll data. If you are in England, Scotland, or Wales, check here to know your status. If you are in Northern Ireland, check here. If you are not on the electoral roll, do it here for free. ■ I am careful with my credit CNBC advises that you should keep your debt below 30% of your available credit. Experian says this about it: "While some financial experts recommend keeping your utilization rate at 30% or below, there is no magic threshold". You need to strike a balance between not having too much credit and not getting too close to your limits. Having a lot of available credits could tempt you to spend a lot more money. Experian says lenders are wary of this, as it may lead to accruing more debt. Track your credit to avoid issues. ■ I do not have any old or inactive accounts. Close all old or inactive accounts. When lenders have access to this, they may find out-of-date information about you. ■ I pay all my bills on time If you pay all your bills on time, it is a good thing. Missed payments count against you on your credit report. Make sure to keep up on all repayments. A missed mobile phone contract repayment can cost you a mortgage. ■ BONUS: Cut spending. Lenders are likely to request your bank statements to get a view of your outgoings. Tighten up on your spending for at least three months before applying for a mortgage. Do not go about buying a round for everyone in the pub because your team won the Derby. Another point: Do not apply for more credit shortly before a mortgage. Leave at least six months in between. Lenders will check your credit report every time you apply for a loan. A hard credit check may reveal defaults that may ruin your chances. How UK home owners are handling high mortgage rates The Bank of England's decision to hold interest rates at 5.25% may have come as a relief to many. But mortgage rates are still a concern for most. The average two-year fixed deal is still high compared to recent years. It stands at 6.48%. The average 5-year fixed rate stands at 5.97%. In August, the difference between both was 0.01%. This shows a marginal reduction. This shows that anyone remortgaging after their fixed-term deal will have to do so at an average of +4.4% more. The Office for National Statistics says that 57% of fixed mortgages stand at rates under 2%. There are 1,400,000 fixed-term mortgages set to expire in 2023. With the increased rates, borrowers are doing their best to keep costs manageable. KPMG's Consumer Pulse Survey for Summer 2023 shows a new trend. 1096 mortgage holders polled revealed: ■ 18% have used savings to reduce their outstanding mortgage balance. 25% say they are considering the same move. ■ 16% have switched to interest only mortgages. This allows them to pay only the interest accrued. ■ 12% have lengthened their mortgage terms ■ 8% have downsized to cheaper homes. Marathon mortgages are one way to deal with the increased mortgage rates. As earlier revealed, more people are choosing to spread mortgages over the long term. There has been a 150% increase in the number of mortgages with terms of 35 years or more. What are the disadvantages? ■ Interest only mortgage: Interest only mortgages allow you to make monthly payments on the interest of your loan. You do not pay off any capital from the original sum borrowed. But you must pay back the full mortgage amount in one lump sum. This can be at the end of the mortgage or when you sell the property. It also leaves you at higher risk of negative equity. Because you are not paying off your mortgage, you don't build equity in your property. Any fall in house prices could put you at risk. ■ Marathon Mortgages: A long-term mortgage means that your mortgage is more expensive over time. You pay more interest and pay back the capital at a slower rate. It takes longer to build equity in your property. This means you will depend on the house increasing in value. Any reduction in house prices, and you suffer. You may have to continue working when you reach retirement age. If you’re considering getting a mortgage, follow these tips to boost your chances. Bristol: The City of Valour and Industry Welcome to Bristol, the City of Valour and Industry. That's the official motto. Its latin translation "Virtue et Industria" is boldly written on its coat of arms. For the locals, it's Banksy's pride and the home of the Well Hung Lover. Unlike other large urban areas that suffered from a post war decline in manufacturing and industries, Bristol has retained a cluster of high-value advanced manufacturing industries. Office-vased businesses and major tech investment laid the foundations for a dynamic and post-industrial economy. Local authorities have also introduced initiatives meant to strengthen the local economy. The Bristol Pound was introduced in 2012 to encourage people to spend their currencies with local businesses. It could be used to pay for local taxes, electricity bills, and bus tickets. This community currency was discontinued in 2021. Though the average house price in Bristol is on the decline, it is still at a 2-year high. Since December 2021, when the BOE started increasing interest rates, average prices increased by almost £34,000. It has been on a steady decline since January 2023. How much will it cost to buy a house? For buyers, the current average house price for all property types is £346,953. In January, it was £356,958. This shows a -2.8%. It is still a 2-year high, with a 7.8% increase since December 2021. What are the rents like? Tenants will need to pay around £1,747 a month for a two bedroom flat and £2,830 for a four bedroom house. What to expect in Bristol Most of Bristol is flat, but towns like Dundry offer rolling hills. The streets offer classical and victorian style buildings. There are the usual sights: local stores, pubs, and corner stores. Gloucester Road is well known for independent stores. If you love shopping, you can take a stroll around the streets of Clifton Village. There are a number of posh boutiques there. You can also head to Bristol Shopping Quarter and flit between High Street staples and other wonders. Places for sightseeing Avon Gorge The Avon Gorge was formed during the Ice Age. It was a result of glaciers that blocked the original route of the River Avon. This meant that the river needed to cut a new route. However, local legend has it that two giants, Goram and Vincent, were in love with the same woman, Avona. She then offered herself as a prize to the person who could drain a lake that had formed between Wiltshire and Bristol. Vincent won the wager. Banksy Bristol is proud of the late street artist Banksy, who was famous for his street art. His works can be found all over the city, including a daring one in front of the city council. This painting was daring, as the local council wanted him arrested for his art. The art showed a cheating woman's lover hanging off a window as her husband searched for him. It's called the Well Hung Lover. Cabot Tower: This tower was built in 1897 to commemorate the 400-year anniversary of John Cabot's journey from Bristol to what is currently known as Newfoundland in Canada. It is free to climb to the top of Cabot Tower Bristol Cathedral Near the Bristol City Council headquarters is the Bristol City Cathedral. It is one of England's medieval churches. It covers around 22,500 square feet and is a tourist attraction. Ashton Court Estate and Mansion This mansion is located 10 minutes by bus from the center of Bristol. It is a historic park and offers some wild life. Deer can be seen wandering around the park. Starting a property search Clifton offers a number of terraced buildings for sale, including a couple in Sneyd Park. It offers views of the Clifton Suspension Bridge. Along Canynge Square in Clifton are a number of detached 19th century houses. This is a prime location in the heart of Clifton. On Gloucester Road in Avonmouth, there is a block of apartments to let. It is close to the railway station in the heart of Avonmouth Renting a home linked to faster aging It's tough for most people in the UK at the moment. With increased interest rates, the cost of living is soaring. If you are a renter, you're likely to be more stressed. More worrying is a new study from researchers at the University of Adelaide. It states that British adults who rent their home age faster than smokers or unemployed people. It studied renters against people who own their homes outright. Home owners with mortgages experience this. Could leaking roofs, mould, electrical hazards, and gas leaks be adding to your age too? The researchers tried to understand how aspects of housing affect physical and mental health. The results showed that people who rented private homes experienced faster biological aging. It showed that the impact of renting was double that of being unemployed. It was also 50% more than that of those who were former smokers. Impact of subsidized housing on the study The study also looked at renters who had access to government housing subsidies. It showed that those who used the subsidies did not experience fast biological aging. The results The research examined housing conditions and experiences. It attempted to determine how these experiences contributed to faster aging. According to the article, problems like unpaid rent contribute to aging more quickly. Difficulties in paying for other house-related expenses also contributed. However, when isolated, there were no direct links to fast aging. Some factors, such as insufficient heating and leaking roofs, also had no independent effect on the outcome. Individuals with multiple experiences saw a clear link between housing payment arrears and faster aging. This demonstrated that repeatedly confronting this challenge contributed to the outcome. The researchers relied on data from the UK Longitudinal Study. It also took blood samples from 1,500 participants. This helped them gather information on aging bioindicators. They also factored in data on sex, nationality, education level, wealth, stress levels, body mass index, and smoking. The study called for improved housing conditions as well as a limit on rent increases. It also called for a review of policies like Section 21 "No Fault Evictions.". UK Government's How to Rent Checklist In September, the UK government has updated its How to Rent Checklist. This provided more protection for renters. The update introduced the Housing Loss Prevention Service. It states that renters will get free legal advice if they are in danger of losing their homes. Renters are also eligible for free legal representation if the matter gets to court. To find how to get this service, read UK Government updates on how to rent checklist A beginner's guide to rental costs Buying a home in the UK is tough. The increased interest rate has made mortgage rates high, asking prices low, and sellers desperate. Buyer demands are low too. Renting a home instead of buying one is a way to manage costs. Before searching for a home to rent, you should understand the cost of renting one. We have written a checklist that guides you through the costs you need to pay when renting a home. In this checklist, we will analyze current rental rates and the costs of moving. You will also know the costs required to set up your home. Here is the checklist for costs related to renting. ■ Rental Rate Your rent per calendar month is the biggest expense to worry about. You should work out your budget and decide what you can afford. Don't be worried that the average rent in the UK is £1,276. There are places you can rent below that amount. Example: Renting in the North East region of England will only set you back £668. This is from the Homelet Rental Index. There are other places you can rent a home for low prices. If you are wondering how much of your salary you should keep for rent, there is a general ballpark. Experian advises using the 30% rule. This rule states that you should spend no more than 30% of your gross monthly income on rent. This means that if you earn £2,800 per month, your budget would be £840 or less. This way, you will be able to afford other running costs. This ballpark may be unrealistic for your budget. Take various factors into account to determine whether it makes sense. You should be sure of the frequency at which a particular landlord demands rent. Is it per week or per month? If a landlord demands weekly rent, you can make calculations to find out if it fits your budget. If the weekly rent is £150, multiply by the number of weeks in a year. This is 52 weeks. This means that annually, you're paying £7,800. To get the monthly rent, divide the annual by 12. This means you should budget £650 monthly on rent. If it's too high, you can check Axifour for cheaper options. ■ Rental Advance Landlords will usually request that you pay an advance before you move in. This practice is called "rent in advance". There is no legal percentage you can be asked for. Landlords may ask you to pay more if there's a problem with your credit check for references. Check here to find out your credit report before your potential landlord or lender does. Remember this: Three credit reference agencies in the UK give lenders access to your credit report. They are Experian, Equifax, and TransUnion. You can request your report from them to check if your status is good. ■ Security Deposit A security deposit is paid to a landlord as proof of intent to move into the home. It is usually five weeks' rent. Plan for that in your budget. The security deposit is refundable. In the past, some landlords would withhold the entire deposit if there were disputes with the tenant. The UK government's introduction of tenancy deposit protection in 2007 has regulated the system. This regulation calls for landlords to protect a tenant's deposit. The landlord must use an approved deposit protection scheme to do this. There are three DPS you can access in England and Wales: ○ Deposit Protection Service ○ MyDeposits ○ Tenancy Deposit Scheme ■ Holding Deposit This deposit restricts the landlord or letting agent from renting out the property to other people. The landlord is required to hold it for 15 days. If you wish to reserve the home for more than 15 days, you must have an agreement with the landlord. Get a written and signed agreement. This should include the amount you paid. It should also include the penalty for not moving in before the 15 period elapses. A holding deposit should not be more than one week's rent. Do not pay or sign anything unless you're convinced of the property. You could lose the money if you renege on moving in. ■ Bills and Utilities As a tenant, there are bills you have to budget for. They include: ○ Council Tax - You pay for council tax if you're 18 or older. There are categories of people who are exempt from paying this tax. They include: ○ Those under the age of 18 ○ Those on certain apprentice schemes ○ 18 or 19 in full-time education ○ Full-time students at college or universityTo count as a full-time student, one must fulfill certain requirements ○ Diplomats. ○ Gas and Electricity - Unless your landlord states otherwise, you must pay for these. You have to find your own supplier and manage payments each month. ○ Water - You cannot choose your supplier on this. Find out which supplier covers your area. Costs vary depending on the area you rent. ○ Phone and Internet - You'll need to find an internet provider and pay for the service. ○ TV licence - If you plan on watching anything on your TV, you need to pay for a license. This can be paid in installments or upfront. Find out which of these is included in the rent. ■ Furniture Your home may come fully furnished, partly furnished, or unfurnished. If it's unfurnished, or partly so, you may want to budget to furnish the home. You can also find other homes that are fully furnished to save yourself money. ■ Other Costs You are responsible for the damages you cause. This cost must be reasonable and must be calculated. How to get back your security deposit Moving into a new home comes with diverse challenges. Dealing with the costs is one of the top things you must consider. Luckily for you, we have a checklist that guides you through the cost of renting a home. One of the costs you pay when moving into a rental home is the tenancy deposit. It is important to know more about this deposit and the protections attached to it. ■ What is the security deposit? A security deposit is the equivalent of five weeks rent paid to a landlord before moving in. This deposit protects the landlord against any breaches of your tenancy agreement. The breach of the tenancy agreement includes, but is not limited to, the following: ○ Anti-social behaviour, including noise ○ Criminal activities on the property. ○ Damage to the property ○ Keeping pets. This is if the tenancy agreement explicitly prohibits pets. ○ Rent arrears The deposit is yours and is returned at the end of the tenancy. You may keep an inventory to document the condition of the property. If you're keeping one, start at the beginning of the tenancy. You're not legally required to keep one, but it's good practice. It may prove helpful if the landlord claims your deposit. Some letting agents will require you to do regular checks on your property. Inform them of any faults that were not yours. Take photographs at the start of the tenancy as a reference. ■ What is a tenancy deposit scheme? The government established the deposit protection scheme in 2007. This gave protection to tenants who had their deposits seized by landlords. In the past, some landlords would unjustly lay claims to the deposit. They did this by bringing up disputes with the tenant. The TDS requires that the landlord put the deposit into a trust if you rent your home on an assured shorthold tenancy. An AST allows your landlord to retain the right to repossess the property at the end of the term. If your tenancy is not an AST, your landlord can accept valuable items (e.g., a car or watch) as deposits. There is no plan in place to protect this. Your Landlord must make you aware of the details of this trust. This must be done within 30 days of your payment. If you're in England or Wales, your deposit can be registered with any of these three: ○ MyDeposit ○ Tenancy Deposit Scheme ○ Deposit Protection Scheme For those in Scotland, your deposits are stored in any of these three schemes: ○ Letting Protection Service Scotland ○ Safe Deposits Scotland ○ MyDeposits Scotland There are two appointed administrators for deposit schemes in Northern Ireland. They are: ○ Tenancy Deposit Scheme, Northern Ireland ○ My Deposits Northern Ireland The schemes help safeguard deposits and provide a means of resolving disputes. ■ What deposit protection scheme should I use? There are two types of deposit protection schemes you can choose from. Whichever is chosen is at the discretion of the landlord. ○ Custodial This scheme holds the deposit for free. The money is released when the landlord and tenant agree on the sum to be returned. They must also agree to whom it should be returned. ○ Insured Under this scheme, the landlord holds the deposit in their own bank account. The scheme is then paid to insure the sum. The landlord handles the repayment of the deposit to the tenant. If he does not, the scheme will pay the tenant and then get the money back from the landlord. ■ What if there is a dispute? Disputes arise when there are disagreements over who receives the deposit. This is usually at the end of the tenancy term. If your landlord lays claim to your deposit, the registered scheme will alert you to this. They will also require you to challenge this claim. If you assent to the claim by your landlord, the scheme will send the deposit to him. If you refuse, you must submit an application to the Alternative Dispute Resolution Service in order to have the dispute resolved. There may be a deadline for applications, so file one as soon as possible. Landlords tend to claim deposits based on the general wear and tear of the property during the tenant’s stay. It is usually impossible to avoid certain degrees of wear and tear when staying in a house. The tenant may be required to prove that the damage was within her reasonable use of the property. Send all the evidence you have. This evidence ought to demonstrate why you ought to keep the deposit. Evidence can include: ○ Fully signed, and legally compliant tenancy agreement ○ Check-in inventory and schedule of condition ○ Check-out inventory and schedule of condition ○ Vacating Instructions ○ A copy of agent’s terms of business (if applicable) ○ Estimates, invoices, and/or receipts ○ Statement of rent accounts ○ Correspondence regarding the dispute ○ Photographs, videos or any other visual evidence ○ Housing benefit correspondence and documentation ○ utility bills ○ witness statements Case Study: Mary's tenancy is over, but her landlord has refused to refund her deposit. The landlord has laid claim to it based on: - The backwall behind the stove was dirty. Mary's evidence may be that the distance between the hob and the back wall is short. This may have enhanced the chances for cooking fumes to stain the wall. Mary takes photographs of this and sends them to the investigators. She also calls the new tenant of the home, who says that the landlord did not improve the house before letting it to them. If you need guidance on rental information, check out our For Rent page. How to save for a new home with an ISA Buying a home in 2023 can be terrifying. If you do not have money to buy outright, getting a mortgage may come with high interest rates. You can also choose to have the government buy you a home. ■ The Individual Savings Account (ISA) Individual Savings Accounts, or ISAs, are savings or investment accounts that allow you to save money tax free. There are conditions for accessing this tax-free incentive. The most important thing is that you must be over 18 but under 40. ■ Getting a home with an ISA There are four types of ISA. They include: ○ Cash ISA ○ Stocks and shares ISA ○ Innovative finance ISA ○ Lifetime ISA You can put money into each kind of ISA every year. You can define a year to align with the UK government tax year. This runs from April 6 to April 5. You can put up to £20,000 into your desired ISA each tax year. You can spread the payment among different ISAs. If buying a home is your goal, then you should consider the lifetime ISA. Be aware that there is a cap on the payment you can make into your lifetime ISA each tax year. This figure stands at £4,000. ■ Opening a Lifetime ISA The Lifetime ISA is for those who want to buy a house for the first time. Those saving towards buying a home when they retire can also get the account. The condition is that you must be 18 or older, but not under 40, to open one. The maximum you can save in your Lifetime ISA is £4,000. You can save until you're 50, but you must make your first payment before turning 40. For every £1,000 saved, the government adds a bonus of £250. This is 25% of your savings. This is known as Help to Buy. The maximum bonus you can receive annually is £1,000. When you turn 50, you will not be able to pay into your lifetime ISA. The government's bonus will also cease. You will still earn interest or investment returns on the money you have up to that point. To qualify for the government Help to Buy you must meet certain conditions. They include: ○ You must be a resident of the UK or their spouse. If you're a member of the armed forces serving overseas, you qualify. ○ The property you have intentions to buy must be in the UK ○ It must be bought with a mortgage ○ You must have the intention of living on the property. ○ You must be a first-time buyer. This means you must not have owned a property prior to applying. If you intend to buy a property with another person, you cannot do that with one account. The other person must apply for a separate ISA and meet the eligibility criteria. ○ The minimum time for withdrawals from your ISA is 12 months after you first save into the account. ○ The home must be worth £450,000 or less. ○ If you are purchasing with another person, the £450,000 still stands. The cap is calculated based on the value of the house rather than the equity you own in the house. ■ Can I withdraw for any other reason? Do not withdraw for any reason other than buying a house. The lifetime ISA is intended to be a long-term savings plan. You can withdraw if you are terminally ill. There is a 25% penalty for withdrawing for a reason other than the two. The withdrawal charge helps the government recover its bonus. There is an extra charge for the original savings. You could end up getting less than you put in. ■ How can I open a Help to Buy ISA? You can no longer open a Help to Buy. You can still open a Lifetime ISA to save for a home. The help to buy is the government bonus. The scheme is still open to current users. If you already have one, you can continue paying until November 2029. The government bonus ends a year after that. If you need help buying a property, there are other ways you can do that. You could get: ○ a shared ownership plan. ○ a loan to help with the cost of building a home (for those in England, Scotland, and Wales) ○ a loan to help with the cost of a new-build home if you're a first time buyer (for those in Wales) Understanding fixed-rate mortgage There are over 1,400,000 mortgage rates coming to an end in 2023. The average two-year fixed-rate mortgage entering the final quarter of 2021 was 2.51%. In 2023, that number stood at 6.43%. For those wondering if now is the right time to remortgage, read this guide on the things to consider. High interest rates have caused mortgage rates to rise since 2021. The Bank of England increased it 14 straight times before stalling in September 2023. Experts, however, believe change is coming. Halifax Director Kim Kinnaird said: "With the bank rate now likely to be around its peak, we are seeing fixed mortgage rate deals ease back from recent highs." For those who are considering remortgaging after their fixed deal ends, this is for you. What is a fixed-rate mortgage? A fixed-rate mortgage has interest rates that remain locked for a set period. They are typically up to five years old, but sometimes up to 10. This means you have the ability to plan your mortgage payments. You will also know what your monthly payments will cost. This makes it easier to draft a budget. At the end of the fixed-rate period, your interest rate would automatically switch to the standard variable rate. This means adopting the prevailing SVR at the time. The current average SVR is 1.75% higher than the average 2 year fixed-rate. This is why it is recommended to prepare a new deal for when your current one comes to an end. These are the advantages and disadvantages of a fixed-rate deal. Remember not to make a decision solely on these points. Make a decision if it will place you in a better financial position than any alternative. ADVANTAGES DISADVANTAGES The fixed-rate deal helps you know how much to spend monthly. This helps you create a budget. If interest rates fall, you will still pay at the rates you did when you bought the mortgage. This means you pay more even if the interest rate falls. You will be protected against rising interest rates. This means you pay at the rate you bought. It may be expensive to remortgage to a cheaper deal. This is because of the Early Redemption Charge (ERC), which may be high. The ERC is a penalty from your lender if you overpay on your mortgage more than they allow. This charge falls between 1 and 5 percent Fixed-rate mortgages can represent good value when interest rate is low If you want to remortgage before your current deal, you pay the ERC or you port your mortgage. Porting your mortgage means moving your mortgage to a new property. Cost of fixed-rate mortgage The cost of a fixed-rate deal depends on the terms of the mortgage. These include: ■ The size of the mortgage ■ The interest rate; ■ The length of the mortgage term ■ Mortgage fees Should I get a two or five year fixed deal? The first thing you should do is seek the help of a professional. It is advised to take enough time over any decision. Speak to a professional mortgage professional. Also, look at the current forecasts for mortgage rates. A 5-year deal will make sense if you think the rate will stay where it is for several years. If you think the interest rate will decline from its current 5.25% in the immediate future, then a 2-year deal may be better. You have to consider if you will move or remortgage before a fixed 5-year term expires. If there is a higher probability of that happening, then get a 2-year term. Lenders charge as much as 5% of the original mortgage as ERC if you want to break out early. The 5-year fixed-rate deal will give you certainty on what you pay for the next 60 months. The 2-year deal could leave you in a bad financial situation when it comes to an end. If you have no intention of leaving the property, you are limited to that 2-year period. This means you will have to get another fixed term at the existing rate. It is cheaper to get a 5-year fixed mortgage than a 2-year deal. The current average 2-year fixed-rate mortgage is 6.48%. The 5-year deal is 6.19%. Both are at 75% loan-to-value. If you are considering remortgaging, read this guide. A very detailed checklist for first-time buyers Buying a home can be very exciting. But if it's your first time doing it, it can be intimidating. We have prepared a checklist that guides you every step of the way. This checklist will help you know how much to spend at every stage. We will also guide you on initiatives that will make the process easier. Before we reveal the checklist, we would like to remind you of our earlier buying a home checklist. Check it out, as this one will cover a different scope. The checklist: ■ Save for your deposit A deposit is an amount paid upfront towards the full cost of a home. If you intend to take a mortgage to acquire the home, then you should think about the deposit. The deposit only covers a percentage of the value of the home, while your mortgage covers the rest. Minimum percentages may be varied. Find out the minimum percentage your lender will insist on. You should keep in mind that the more money you pay towards the deposit, the less you need to borrow. How much should the deposit be? The mortgage that will be available to you depends on how much deposit you put in. 10% is the usual ballpark to save towards. That said, you may see some mortgages that require 5% or below. How to raise a deposit when you don't have any The UK government's Help to Buy Scheme was an effective means to raise money towards buying your first home. But it has been discontinued. The programme is still available to current registrants until 2030. There are other government initiatives through which you can save money on your first home. They include: ○ Shared Ownership This allows you to buy a home for a percentage of its value. You then pay rent to the landlord, who owns the remaining equity. ○ ○ Help to Build: Equity Loan This loan is available to first buyers in England, Scotland, and Wales. Welsh citizens have another loan specific to their region ○ ○ Individual Savings Accounts: ISAs are good alternatives to saving money towards your first home. There are four ISAs, but the Lifetime ISA concerns building a home. You are allowed to pay up to £4,000 every year into your Lifetime ISA. There are other criteria. Find them here ■ Get an Agreement in Principle An “Agreement in Principle” is the first step to getting a mortgage. This is done before applying for a mortgage. This lets you know how much you could borrow. It also gives you an idea of what kind of home you can afford. ■ Get a mortgage If you are looking to buy outright, it is a good idea. But if you do not have money to buy your home outright, you are going to need a mortgage. There are various criteria to meet when applying for a mortgage. Find out how to boost your chances. ■ Consider other costs There are several other costs to consider when buying a home. Make plans to keep your budget updated to cover all of them. They include: ○ Conveyancer's charges Conveyancing fees are one of the several fees to consider. How much you pay depends on the circumstances of your purchase. This charge is paid to the solicitor who will handle your conveyancing or documentation. They cover the legal side of your buying process. You should expect to pay an average of £500-£1,100 when buying a home. You can decide to handle your conveyancing yourself, but it is wise to hire a professional. ○ Stamp Duty This is likely to be your biggest extra cost. Stamp duty is a tax paid when you buy a residential property. You only pay this tax, however, when the property in question is valued above £250,000. The stamp duty rate is between 0-12%. It is important to note that there are special stamp duty rates for first-time buyers. ■ Finding your first home Are you ready to find your first home? There are millions of homes to browse on Axifour. We will help you sift through the options until you find your best fit. Find homes with your desired features with the For Sale tool DIY Checklist to protect your home from Burglars Your home should be your haven. It should be a place where you are calm, happy, and collected. It should not be a place of distress or discontent. Keeping your home protected should not be rocket science. That's why we have created a DIY checklist that will enhance the security of your property. This checklist will focus on deterring and detecting security breaches. ■ Increase fence security Planting dense, thorny shrubs around your perimeter fence can deter intruders. Plant shrubs like Pyracantha, Berberis, or Ilex. Make sure that the hinges, bolts, and padlocks on your gates are secured. Get gates that do not provide cover for intruders. ■ Add deterrents Add locks to your gates to deter entry by unwanted people. A lot of people tend to overlook its importance, but it is very important. Locks are some of the cheapest things you can get. For a couple of quid, you can get a good lock for your gates. A security camera will also act as a deterrent to burglars. It will send a psychological message to a potential burglar that you're watching his movements. Look out for cameras that have features like motion triggering recording, infrared night vision, and two-way communication. You should place a camera on corners that give you a view of the yard. You can also add gravel to walking areas. This will cause noise as people walk on them. That way, you'll be alerted when someone is on your property. If you have this already, make sure to top them up regularly so that they maintain a loud crunch as people walk on them. ■ Watch out for ladders Burglars would love anything that can help them gain entrance to your home. A bin may serve as a ladder with which they enter through your upstairs window. Make sure anything that can serve as a means to gain entry is not easily accessible. ■ Pay attention to window security Burglars will target windows as they are easier ways to enter your home. A lot of older windows are easy to get into. A burglar needs to take the beading off, and then they take the window out. For upper windows, make sure there are no walls, bins, or garden furniture that could be used to reach them. Add a sash to your upper windows. This allows you to open your window just enough for fresh air, but not enough for an intruder to climb through. Regularly check your sash cords for wear and tear. A damaged sash cord can lead to a window falling off. Add key operated locks if your windows open out. Always check that you have locked them before going out or to bed. Remove stones and bricks that can be used to smash through your windows. ■ Strengthen your doors Use toughened glass for your doors. A burgler can break a less toughened glass and gain entry. Also, check for doors that are shaking. Someone can gain entry by using a knife to damage the spring lock. Make sure the keylocks are fastened. ■ Light up the front yard Reduce dark spots by illuminating your yard at night. It can also make it easier and safer for you to navigate your compound. You can add motion-activated security lights to cut down on energy bills. Install this at the front and back of your property. ■ Keep all valuables out of sight Get a security box to keep valuables such as jewelry or documents. When selecting a safe, get those that have heavy-duty bolts. That way, you can fasten them to walls or floors. ■ Use smart options to deceive Install smart devices in your home to give the illusion that you are home. Smart lights and plugs allow you to remotely switch on your lights and music systems from long distances. That way, intruders think twice before attempting to burgle your "occupied" home. How much does it cost to sell your home? Selling your home costs money. From the flat rates to the percentages, this guide helps you understand what you should expect to pay. Let's look at the costs of selling your home. These costs depend on how much you're selling for. In order to sell your home, you'll need to get a valuation done on your property. A valuation will give you a guide and a recommended price. It is ultimately your decision on the price to sell. If you want an instant or expert valuation done on your property, visit our valuation page We'll be looking at the estate agent fees, conveyancing fees, removal costs, mortgage exit fees, early repayment charges, and energy performance Certificates ■ Estate agent fees: Cost: 1%-3% This fee typically ranges from 1% to 3% of the sale value. It depends on how well you negotiate. It also depends on which agents you use. Some agents will charge a flat rate. Online estate agents prefer this method. High street agents prefer a "no sale, no fee" commission-based method. Online agents charge fixed fees that range from £0-£1000. The pros of the flat rate are that it might be cheaper than the commission. The downside is that if your home does not sell, you will still pay the agent. For the commission, you only pay when your home sells. If it does not sell, you don't pay. That is a good option for sellers. The con is that you may end up paying thousands of pounds if your home is worth a lot. You also need to consider if you're using a sole agency contract or a multi-agency contract. As the name suggests, a sole agency contract means one agent markets your home. The fee ranges between 0.9% and 2% of your home value. The multi-agency contract means that you employ more than one agency to market your home. The agency that sells the home gets the commission. They could get as much as 3% commission for the sale. Employing a multi-agency strategy means that there is more competition for your home. This could see a bidding war start. ■ Conveyancing fees Cost: £575-£1,270 You'll need to consider conveyance fees. While you can handle this responsibility yourself, hiring a professional is advised. Your conveyancing solicitor will handle the legal aspects of the sale. Choosing the right conveyancing solicitor is important to reduce the stress of selling. You may need to get one, especially if you're changing mortgages to buy another property This fee is divided into two categories: ● Legal fees ● Third party charges for certain services Some documentation that your solicitor handles includes: ○ Property information form: This form is completed to provide detailed information that may be relied on for the conveyancing process. ○ Leasehold information form: Here, the seller provides all relevant documentation relating to the lease. This includes documents given to the seller when they bought the property. ○ Fittings and consent form: This makes it clear to the buyer which items are included in the sale. Conveyancing fees can range from £575-£1,270 ■ Removal Costs This cost ranges from £250-£4,000 (VAT included) It depends on factors, including the firm you use and the quantity of possessions you have to move. It also depends on whether you will handle the boxing-up yourself or if you want them to handle it. They will also consider how accessible your home is and how far away your new home is. Find out if the firm you choose charges per mile or if they have a flat rate. ■ Mortgage Charges You should consider the mortgage charges you may need to pay. They include: ● Mortgage exit fee ● Early repayment charge ○ Mortgage exit fee Cost range: £50-£300 This is an administrative charge for closing the file on your mortgage. This charge is made when your balance is cleared. You may not have to pay this charge, as not all lenders have it. Confirm if the fee charged is different from the fee stipulated on your contract when you got the mortgage. ○ Early Repayment Charge 1%-5% of the loan amount This charge is paid when you are paying off your mortgage before the end of its term. ■ Energy Performance Certificate Cost: £60-£120 We have a full breakdown of what this certificate is about. Check here to find out how to get yours. You must present it to the buyer before completing the sale. In Scotland, you must put it on any part of your property. Discover the market town of Wadhurst Getting a home in 2023 is a battle. Rising inflation rates have caused mortgage rates to skyrocket. Average house prices across the UK have also fallen as sellers become desperate. House demands are also down as fewer buyers qualify for new mortgages. More buyers under the age of 30 are choosing marathon mortgages. This allows them to spread payments across long-term periods. Lenders are offering 35- to 40-year mortgages. If you have decided to buy a home or rent one, this is for you. This weekly guide shows you the best places to live in the UK. Before you grab your cheque, it may be more cost-effective to remodel your home than plunging for a new one. These are the best places to live in the UK in 2023. There are different criteria examined while generating this weekly list. These include health, average house price, and proportions of residents holding managerial jobs. Friendliness is another factor to consider. This picturesque market town is The Times' Best Place to Live in the UK. There is access to towns and cities, but it also offers a rural setting and lifestyle. Wadhurst beat over 70 other locations to emerge as the winner. With a population growth rate of 0.47%, this town has residents who keep it vibrant. There are good schools and convenient transport links. Buying properties in Wadhurst will cost you some money. The average price of houses in this town is £647,330, according to Rightmove. The majority of sales during the last year came from detached houses, selling for an average of £994,297. Terraced houses sold for an average of £359,781, with semi-detached houses bringing in £635,556. The previous winner of this editorial title was Ilkley, a town in West Yorkshire. The average house price in Ilkley is £561,336. This represents a 27% increase from the 2020 peak. Traditions The bonfire night comes up on November 4 and is one of the most important events of the year in Wadhurst. Lee Bates, a local, says: “The whole village gets together, and it’s an incredible spectacle!” Wadhurst retains a medieval landscape of small, irregular-shaped fields and scattered farmsteads. You'll find sheep or cattle grazing on these fields You can take a walk through Wadhurst to explore its rich heritage. Bates continues: “Most proud, I’d say the location and scenery. Some of the walks you can do around Wadhurst are beautiful. [A] proper milestone for country living. Also, everything you want is within walking distance. Whether a pint in the village or a train to London, you can walk to" There are other attractions in Wadhurst. The Bewl Water, which overlaps the Kent border, offers plenty of activities. It can be a good source of family bonding. With the aqua park, water sports, and fishing, visitors will have enough to experience. Do you fancy Wadhurst? Check here for houses to buy in Wadhurst Winter is Coming: Current fixed-rate holders prepare for expiring deals James Bore and his wife, Nikki, secured a 2.29% five-year fixed-rate mortgage deal to buy their £420,000 home in 2019. The same deal on a 50% LTV in 2023 is just under 6%. Bore and over 1,500,000 other lenders whose deals end in 2024 will have to decide their mortgage future. For many, it is unaffordable. Bore, whose current monthly pay for his 3-bedroom bungalow in south-east London is £1,300, is unsure of what lies ahead. He will have to pay over £1,600 monthly if the rate remains like this. The data security expert is not alone in having this concern. To handle the mortgage costs, many borrowers are taking different actions. Over two million fixed-rate deals will come to an end in 2023 and 2024. Bore says, "We have thought about many options. We have considered switching to an interest-only mortgage or a buy-to-let. But we have considered other options." "At 2.29%, I thought it would double. I thought it was a reasonable deal. We thought by the time we got to the end of it, it might have gone up a bit, or it might have doubled. I wasn’t expecting it to have gone up this much. We did work it out; it’s affordable, but only just." Switching to an interest-only mortgage will mean Bore will have to pay back the full borrowed amount in one go. "We'd rather not go into interest-only, but if we have to, for expense purposes." KPMG's Consumer Pulse Survey for Summer 2023 shows a new trend. 1096 mortgage holders polled revealed: ○ 18% have used savings to reduce their outstanding mortgage balance. 25% say they are considering the same move. ○ 16% have switched to interest-only mortgages. This allows them to pay only the interest accrued. ○ 12% have lengthened their mortgage terms ○ 8% have downsized to cheaper homes. Marathon mortgages are one way to deal with the increased mortgage rates. As earlier revealed, more people are choosing to spread mortgages over the long term. There has been a 150% increase in the number of mortgages with terms of 35 years or more. Bore continues: "We still have another 20 years of mortgage term after the next fixed term. So, at that point, we can then look at repaying the mortgage. So, it's more of just putting things on pause and not having it eat all of our money." ■ How can I manage my mortgage costs? Interest-Only mortgages Like James and Nikki, a lot of borrowers are considering interest-only deals when their current deal expires. Interest-only mortgages allow you to make monthly payments on the interest of your loan. You do not pay off any capital from the original sum borrowed. But you must pay back the full mortgage amount in one lump sum. This can be at the end of the mortgage or when you sell the property. It also leaves you at higher risk of negative equity. Because you are not paying off your mortgage, you don't build equity in your property. Any fall in house prices could put you at risk. ■ Buy-to-let Another option to consider is buy-to-let. This means purchasing a property specifically for the purpose of renting it out. To get a buy-to-let mortgage, there are certain aspects you should understand: ○ There is a typical salary range you must earn to qualify. You may be required to have a minimum salary of £20,000–£25,000. ○ The minimum deposit for this mortgage is generally 20%–25% of the purchase value. ○ The amount you can borrow on this mortgage type is based on how much your property can generate. Lenders may expect your rental income to meet a threshold of monthly interest payments on the loan. Are you considering remortgaging? Find out if you should do it now. At what stages can your home sale fall through? Your property sale can fall through at any stage, but there are stages where a sale is most likely to fail. It can be due to mortgage challenges or a bad survey report. It can happen at the last minute due to a sudden change of heart. We will guide you through the stages at which a sale is most likely to fail. The process of buying a home can be stressful. If you want a step-by-step guide to selling your home, we already have you covered. We will be looking at why your house sale can fall through. If you're wondering the stage at which your sale can fall through, continue reading. If you're also asking why house sales fall through, what percentage falls through, or if you want to know what to do when yours does, this is also for you. The average time a house sale takes, from start to completion, is six months. A considerable portion of that lot will fall through before documents are exchanged and signed. 25% of property sales fell through from May to August 2023. 56% fell through in the quarter before. In 2022, more than 35% of property sales fell through. This is according to figures from Quick Move Now. ● Why do property sales fall through? ■ Failure to secure a mortgage Certain events come into focus when applying for a mortgage. First, the lender has to check your credit report to make sure there are no bad records. A bad credit report may cause a lender to deny a buyer a mortgage. The lender may also be cautious if there is market uncertainty. Also, a wrong valuation by a lender can lead to the buyer turning down a mortgage. A mortgage lender may value a property at a lower price than the one a buyer had agreed to with the seller. This means the buyer will have to make up for the balance or renegotiate with the seller. In the event of the seller refusing a renegotiation, the sale may fall through. If a low mortgage offer was withheld for a higher one, this could lead to the failure of a sale. ■ A bad house survey A survey report can make a buyer refuse to complete a deal. Survey results may cause prospective buyers to reconsider their decision. Some problems that could make a buyer refuse to complete a deal include: ○ Damp ○ Asbestos ○ Old wiring ○ Subsidence ○ Rotten window frames ○ Electrical issues ■ Impasse in price negotiation If there is a failure to agree on a price, the sale may fall through. This may occur after a bad survey has been received and the buyer feels the value of the house should be lower. If the seller is not happy with reducing the price, this may lead to the sale falling through. A number of things can make a buyer change his mind about completing a property purchase. ■ The buyer changes their mind 50% of the property sales that failed in the period from May to August 2023 did so because a buyer changed their mind. This change of heart may be due to economic uncertainty. Concerns about a potential increase in interest rates may lead a buyer to refuse to proceed with a deal. Many would rather wait and see how the economic situation turns. ■ A break in the process There are step-by-step guides on how to sell a house. They include: ○ Getting an EPC ○ Appointing a conveyancer ○ Appointing an estate agent There are others. Check them out here. A break in this chain can lead to a sale falling through. Chains break for varying reasons. ■ If the seller sells to more than one buyer A seller may accept an offer from two different buyers. This may be because one offer is higher than the other. This is known as gazumping. As a buyer, understand that nothing is certain until documents have been exchanged and signed. ● How to avoid a sale falling through ■ When it has to do with down valuation ○ The buyer must do thorough research on the current average sales prices in the area he wants to buy in. This will help you know if you're overpaying. Also, sellers should get multiple valuations from different sources before listing a property. Zerodip offers an instant valuation for your property. Access it here. If you need an expert to pay you a visit to value your property, check here. ○ The buyer should get an agreement in principle with a lender before viewing homes. The seller should make sure that the buyer has a confirmed plan to finance the deal before proceeding with the sale. ■ When it has to do with a chain of transactions ○ Make sure to hire a good conveyancer and keep up with them. Provide them with key documents when required, and answer any questions they may have. ○ If you're a buyer, consider all the events that must occur before a sale is completed. Ask yourself if you're willing to wait that long for all the pieces to fall into place. ■ If it has to do with a bad survey Do a full survey of your property before listing it for sale. If it is an old home, this makes it even more important. ■ If it has to do with gazumping ○ If you're a buyer, you can show the seller you are willing to complete the purchase by showing an agreement in principle. If you have a deposit, make sure that the seller knows its value. ○ Ask that the property be taken off the market. The seller may not agree to this, but make an attempt. If you need guides on how to get a successful mortgage for your home or want to know what requirements may be expected of your potential buyers, follow our mortgage guides If you want to understand the step-by-step process to selling a home, follow our selling-a-home guides What is a variable-rate mortgage? Getting a variable-rate mortgage means that your monthly payment will go up or down depending on different factors. These factors include the terms of the mortgage or government economic policies. The variable-rate mortgage is of two types. They include: ○ Tracker rate mortgage ○ Standard variable rate ■ Tracker mortgages: The tracker mortgage follows the Bank of England base rate. It fluctuates based on the current base rate. This means that any percentage by which the base rate increases or decreases is reflected on the mortgage. If the base rate increases by 0.25%, then the mortgage increases by 0.25%. This means that if you are on a £200,000 mortgage with a 25-year term, an increase in interest rate from 6% to 6.25% will see £30 added to your monthly payment. This means that they are a fixed percentage. They reflect any percentage changes in the BOE base rate. The tracker mortgage generally follows the base rate for up to 5 years. The term of the tracker mortgage can also be open-ended. This means that it could last a lifetime. There is no formal end date. With this option, you also have the opportunity to remortgage at a lower rate if you want more security from rising interest rates. You are not penalized for this. ○ Benefits of a tracker mortgage Your monthly payments fall when the Bank of England base rate falls. The lender's discretion is not important if your monthly payment falls. It is solely dependent on the status of the base rate. You are not penalized when you switch to a lower rate. You are immune to payments such as the early repayment charge. ○ How can I get a tracker mortgage? As usual with mortgages, a lot of things come into focus when applying for one. It is even more so with tracker mortgages. The tracker mortgage is fixed to reflect the Bank of England base rate. Your monthly payment goes up or down if the base rate does the same. Getting a tracker mortgage will require you to have a clean credit report. Lenders will check this in order to give you a tracker mortgage. How much equity you bring in will also depend on the options the lender makes available to you. At the expiration of your tracker mortgage, the lender will move you back to their standard variable rate. This is a widespread practice among lenders. The current average tracker-rate mortgage is 5.72%. This is according to better.co.uk. ■ Standard Variable Rate This is the default interest rate a lender uses. It is the interest rate that lenders will charge when your tracker mortgage or fixed-rate mortgage comes to an end. The standard variable rates (SVR) follow your bank's own rate rather than the Bank of England base rate. Lenders will often follow the base rate, but this is not a requirement. This means that, if you are on an SVR, your interest rate could go up or down at any time, if the lender wishes. If you are on a fixed-rate mortgage or tracker mortgage, you are moved automatically to your lender's SVR when your deal ends. This will be the case unless you decide to switch to a new deal. The SVR tends to be higher than most mortgage deals. You may want to consider remortgaging now if your fixed deal is ending soon. You can find out if this is the best time to remortgage here. Read your lender's terms and conditions if you choose to stay on the standard variable rate. You may pay more each month than you would with other mortgage types. ○ How does the SVR work? Lenders set their own standard variable rate. This can go up or down at any time. Your mortgage payment will reflect this. But there is no fixed percentage that your monthly payment must reflect. Some factors influence the SVR. One of them is the cost of borrowing. This is the amount you are charged on top of the capital of the loan. It comprises the interest rate and other fees. The lender might decide to increase the SVR at any time. Example: If the BOE base rate increases by 2%, the lender may increase by 2% or more. If the base rate decreases by 2%, the lender may decrease by 1% or 2%. There is no requirement on lenders about what percentage to charge on SVR. Benefits of the standard variable rate If your SVR goes down, then your monthly payment will go down too. This means you'll pay less There is usually no early repayment charge. If you want to pay off the mortgage at any time, there is no penalty for doing that, unlike the fixed-rate mortgage. The typical standard variable rate is 7.93%, according to better.co.uk. What is Loan-to-value ratio? Have you been thinking about getting a mortgage? You would have heard of loan-to-value (LTV). Here's our guide that extensively explains what loan-to-value means. ■ What does LTV mean? When buying a home, one of the jargons you come across a lot is loan-to-value. But what does loan-to-value mean? How do you calculate it? What are the examples? Loan-to-value is often used in mortgage lending to determine the amount a borrower must put in as a down payment. It also helps a lender know if they should extend a loan to a borrower. It is the amount you want to borrow for a mortgage. It is a percentage of the property's total value. Lenders will generally prefer lower LTVs. This means that the borrower must pay a larger deposit. They also want to know if you are able to pay back the loan at the end of the term. Lenders will usually take a number of things into consideration before extending you a credit. They analyze your earnings and your spending in order to understand how much you can pay back on a monthly basis. The deposit you are putting down is also important for whether a lender will give you credit. ■ Why is LTV important? Lenders want to avoid the risk of a higher loan-to-value ratio. They assess the LTV ratio to understand the level of exposure to risk they assume when giving you a loan. When borrowers request a loan for an amount with a higher LTV ratio, lenders are usually skeptical. The fear is that in the case of a default by the borrower, the lender may find it difficult to sell the house. If you are requesting a loan of £405,000 to buy a house valued at £450,000, this means you are requesting a 90% LTV. The lender would often prefer a lower LTV. Most lenders offer mortgage applicants the lowest possible interest rate when they have higher deposits. Higher deposits mean a lower LTV. LTV ratios of 80% or below usually get this deal. In order to protect themselves from the risk of higher LTVs, lenders would charge you higher monthly payments. ■ How does a higher LTV mean a higher monthly payment? A borrower applying for an LTV higher than 80% may be required to buy private mortgage insurance. PMI is mortgage insurance that buyers are usually required to get if they are paying for a loan with a high loan-to-value ratio. Simply speaking, if the down payment is less than 20% of the value of the home, the borrower is required to get this insurance. A PMI can add up to 1% to the total loan amount annually. This means that if you are getting a 90% LTV on a property valued at £450,000, you will have an additional £4,500 to pay annually. On a monthly basis, this means an extra £375. ■ How do you calculate your loan-to-value ratio? An LTV ratio is calculated by dividing the borrowed amount by the appraised value. The appraised value is the total value. So, if the mortgage value is £360,000 and the appraised value is £450,000, to calculate the LTV, you: £360,000 ÷ £450,000 = 0.8 To get the percentage, you multiply by 100 This means that the LTV is 80% Loan-to-value is one of a number of things to consider when buying a home. Find out three things to consider when buying your home How to find your perfect rental home Finding your perfect home is made a lot easier with online platforms and apps like Zerodip. With these online sources, you get to select from a wide range of options. You should ask yourself certain questions before deciding on a particular home Before we go into our checklist on how to find your perfect rental home, let's analyze what you should consider before beginning your search. ● Location matters It doesn't really matter if the flat has all the perfect features. There are other things that should come into focus when making a decision to rent. One of those is location. How close is it to basic needs? How much do you have to spend to get to work? Does the location work for you? You should also consider how close it is to your friends and family. How far are you prepared to travel to meet your friends and family? Consider your hobbies and how close you will be to places that encourage those hobbies. ● Consider pricing Another point to consider is price. Would you comfortably afford the home, or barely? If a particular option will stretch your spending, you should consider checking other options. Start with a clear budget when starting out. If you can't find any within your budget, you can increase it slightly. Remember the basic cost of living, and add that to the monthly rental output you'll have to make. Will the added costs make it harder or easier to afford your rent? Consider in-house features like heating and how much you'll have to pay for them. These will have an impact on how much you spend monthly. Consider council tax. ● Consider the size You should also pay attention to the size of the apartment. If you are single, you might want to consider getting a home with fewer rooms. Your property will also come into focus. Will they fit comfortably? Will you have enough walking space? You can think about decluttering as a way of reducing unnecessary belongings. Check out our decluttering guide for this. ● Find out why the home is on rent Find out the previous tenants and why they are moving. Find out if the previous tenants lived there for a long time. Knowing they did will give you an idea if it is a good home. If the property has a history of tenants staying for a short time, then you might want to know why. ● Consider the EPC Find out the energy efficiency of the home and how much energy has been expended. Your landlord should give you an EPC certificate showing the energy of the home. The rating is ranked from A to G, with A being very efficient and G being not efficient. It is not legal to rent out a property with a rating below G. ■ How to find your perfect rental home If you have settled on the criteria listed above, you can start with your search. Zerodip gives you tools that will make your search easier and stress-free. On Zerodip, you are able to: ○ Browse through a wide pool of rental options ○ Add properties that match your search criteria to your wishlist ○ Get agent valuations on your home choices. Register on Zerodip. To find out how to create an account on Zerodip, check out our support guide on how to do this. Activate email alerts by setting this option on your profile page. Go to the preferences tab on your profile page, select email alerts and select which kind of alerts you want to receive The alert options include: ○ Listing report ○ Property request details ○ Property tours Why should you rent through a letting agent? A letting agent is an intermediary between you and your landlord. The agent manages a rental property on behalf of a landlord. Any contact between the tenant and the landlord is usually through the agent. It is always important for a tenant to get access to quality information that will help them understand their new home and what their new landlord will be like. Getting this information may not be possible. That is where agents come in. An agent will help assure a trusted level of professionalism in the rental experience. What do letting agents bring to the rental process? ○ They advertise and promote the property on behalf of the landlord. ○ They refer tenants for the property ○ They handle viewing sessions. These sessions allow the tenants to inspect the home. ○ Additionally, agents schedule routine inventories with tenants to make sure that the latter have not caused any damages. The tenant is required to submit an inventory of the property after the term of the rent. They must do this in order to get their security deposit back after the term. ○ They conduct property inspections ■ Do agents belong to professional bodies? In England, there is no legal requirement for letting agents or estate agents to belong to a regulatory body. In Wales, letting agents must be licensed via Rent Smart Wales. The programme gives licenses and delivers relevant training for those involved in the rental market. Scotland has a Letting Agents Register for agents who let properties in Scotland. It is a criminal offence for any agent to operate without registration ■ Why should you use a letting agent? ○ With an agent, you have access to expert knowledge of the local area. People always find it tough when moving to uncharted territories, but with an expert as a guide, you are able to find available properties. By calling on a letting agent, you have a good idea of the area you intend to rent. The knowledge you gain will inform any decision you make. ○ You also get the agent's company when viewing the property. By going with an agent to view properties, you are assured of security. You also get the opportunity to ask questions about particular features you may observe about the property. ○ Assurance of professionalism The government has made it mandatory for agents to join a redress scheme if they must practice. Estate Agents dealing with residential properties or letting agents in England or Wales must be registered with a scheme This serves as a government mechanism to handle customer complaints about the services of an agent or agency. Approved redress schemes include: The Property Ombudsman Limited Property Redress Scheme There is a penalty of £5,000 and a revocation of the license of agents who do not join a redress scheme. ○ Protection of your deposit There is a security deposit you pay when you rent a property in the United Kingdom. This is usually the equivalent of five weeks rent and is paid to a landlord before moving in. In a previous post, we examined the tenancy deposit scheme and how a landlord must put your deposit into a scheme for protection. This must be done within 30 days of receiving your deposit. However, some landlords would often bring up disputes with tenants in order to keep the deposits to themselves. Letting agents will require regular checks on your property. This way, you can make them aware of any faults that were not yours. They may require you to keep an inventory of the property. Working with a letting agent will give you peace of mind about the status of your security deposit. ○ Renting through an agent will also give you assurance of a legal and compliant tenancy agreement. Your agent will handle all documentation on the property and help you get up and running quickly. UK House Price Index: A rude wake up call for home sellers? The upward trend of mortgage payments has put the UK housing market under pressure since the end of 2021. Key numbers: ○ 2: The bank rate has remained steady at 5.25% the last two times it was reviewed by the Bank of England's Monetary Policy Committee ○ 14: The number of consecutive times it was increased before it was stayed at 5.25% ○ 2.34: Average 2-year fixed-mortgage in October 2021 ○ 6.5: Average 2-year fixed-mortgage in October 2023 James Bore locked in a 5-year fixed deal at 2.29% in 2019 when buying a £420,000 home in London. His deal expires in 2024. He, as well as over 1,500,000 other homeowners whose deals are ending in 2024, may start looking for alternative ways to deal with the high rates. James said, “I wasn’t expecting it to have gone up this much. We have thought about many options. We have considered switching to an interest-only mortgage or a buy-to-let. But we have considered other options." First-time buyers are holding off on seeking a deal. The general idea is to wait until mortgage rates come down or sellers drop their asking prices further. It is, however, more complicated than that Nationwide reported a 5.3% decrease in average house prices in the year to September. Halifax's data for September, year on year, showed a -0.6 difference to that of Nationwide. The reason for this decrease can be blamed on soaring mortgage rates. This has left sellers desperate to sell. In January 2023, sellers were cutting as much as £22,800 for properties. In October, however, data from Rightmove shows that the average asking price for homes by new sellers increased by 0.5% This has coincided with a decrease in sales. Buyer demands have reduced. Potential buyers are struggling to pay the amount that sellers are quoting. The number of agreed sales has decreased by 17% compared to October 2022. This decrease is attributed to sellers who are finding it difficult to meet buyer price expectations. This means that, as a consequence, homes are not selling. ■ Will mortgage rates go down as 2023 ends? Mortgage rates have increased since the Bank of England began its base rate hike spree in December 2021. This series of increases was a strategy to tackle soaring inflation. The decision to stall the rates at 5.25% in September has given lenders confidence to offer a reduced price on their products. Lenders often anticipate a potential increase or decrease in the base rate by adjusting their rates accordingly. Lenders are also aware of the fact that buyers are slow to return to the market. With the number of people struggling to make monthly payments, banks are making cuts to their rates. ■ How can I get the best mortgage rates? There are ways to get the best deals on your new home. It may not be possible to have all factors figured out, but there are steps you could follow. ○ Improve your credit rating Lenders look at your credit report when giving you a loan. Three agencies give lenders access to your credit report. They include Experian, Equifax, and TransUnion. Review your credit report before your lender does. This will help you notice any inaccuracies that may harm your chances. Checking your credit report will also give you the opportunity to correct any outdated information that may prevent you from getting a loan. ○ Go mortgage window shopping There are online tools that will allow you to make mortgage comparisons across lenders. Use them to gather rate quotes. ○ Find out the fees involved Find out if a prospective lender charges penalties for early repayment. There may be other charges too. Find them out. ○ Speak with a specialist There are mortgage specialists or advisers that can guide you to the best deals. One thing you can find out from them is the better choice between a fixed-rate deal and a variable rate How much does an agent property valuation cost? Are you moving, remortgaging, or simply curious about any changes in your property value? It may be time to get an agent's valuation. This will help you know the right price to quote should you decide to sell. Professional valuations offer a way to satisfy your curiosity and make sure you're not selling below market value. It also helps you maintain competitive value. ■ How does right pricing maintain competitive value? ○ Having the right value for your property will help you set the right initial asking price. When you price a property too high, potential buyers can be discouraged. With the current increase in mortgage rates, buyers have largely decreased compared to recent years. By having a valuation done on your home, you can attract buyers and negotiate better deals. ○ Knowing the right value of your home will help you position it properly against similar listings. A proper value can also help justify your asking price. ○ A right valuation of your home can give you an improved advantage on the negotiation table. An asking price based on an objective assessment will help buyers trust your offer. ○ It also improves the chances of a faster sale. If you want a quick sale, you may want to know the accurate value in order to avoid a prolonged process. It is not mandatory to accept the value an agent quotes, but it gives you an opportunity to know what is obtainable in the current market. ■ How long does a property valuation take? A property valuation is simply what you make of it. If you're simply interested in knowing the price of your home, then an in-person valuation will take between 30 and 45 minutes. If you want to know the valuation in order to better market your property, then it will require an in-depth analysis. ■ What does the agent look out for? The agent will analyze the features of the home in order to know the real selling points. Other things the agent looks out for include: ○ The location of a property is a crucial point of analysis. A buyer wants to know that the home is situated in a prime location, close to access to basic needs. If the home is located in a good environment, it will improve its value. ○ An additional factor that the agent considers is the property's size. They want to take into account how many rooms or toilets the home has. Does it have a balcony or garden? ○ A good agent will also take into account local trends that may have an impact on the value of your home. For example, if more people are buying homes with office spaces, then your home value will more likely be improved if you have an office space. ■ Is an estate agent's valuation accurate? You might want to get valuations from more than one agent. This will help you get a better picture of your home and the right price to list it. The reason is this: different agents might put different price tags on your property. You want to make sure the quoted value is not coming from a biased point of view. Simply put, you want to make sure there is no bias in the appraisal or valuation process. Appraisal or valuation bias is discrimination in the valuation process of a property sale. This happens when a lower value has been assigned to a property because of a non-objective factor. By devaluing your home, the equity you stand to make by selling it is reduced. This is why you should get two or more agents to value your home. With a diverse pool of opinions, you get an accurate picture of your home and your equity in it. ■ Do I pay for an agent valuation? With Axifour Search, you do not pay for an agent valuation. You can get a free instant valuation done for you on your home by clicking on Valuation. Will leasehold be abolished? What you should know about the King's Speech The King's speech has been scheduled for November 7, and Housing Minister Rachel Maclean has announced that new housing reforms have been included as part of the King's speech. The King's speech is the speech that the King reads out in the House of Lords on the occasion of the State Opening of Parliament. While any inclusion of housing reforms in the speech does not mean it is law, it is a vital step for one important housing issue: the future of leasehold. If you're asking, "Should I extend my lease or wait?" or "When will leasehold reforms become law?", or you're wondering when ground rent will be abolished, keep reading. ■ Why are leasehold reforms important? There are two ways you can own a home in the UK: by being a freeholder or by leasehold. If you purchase a leasehold property, you do not possess it outright. What happens is that you own the home, but you gain the right to the land for a determined number of years. The terms of the lease agreement govern your rights as a leaseholder. With a leasehold, you also get the freeholder's permission for any changes to the property. This means that the leaseholder is in a tenant-landlord relationship with the freeholder. Typically, a leasehold lasts between 90 and 120 years, but it can be as long as 999 years. ■ What reforms are expected? Housing Secretary Michael Gove had promised to scrap the leasehold system in the UK. In his speech to the House of Commons in January 2023, Gove talked about "the reality facing millions of leaseholders in this country". He stated that "leasehold ought to be abolished". Gove has since withdrawn that statement in favour of reforms, with Rachel Macleans tweeting about "Plans to phase out leasehold and restore true home ownership to millions of people and end the reign of rip-off freeholders and incompetent profiteering management companies” to be part of the King’s Speech. There are an estimated 4,980,000 leaseholders in the UK. This is according to estimates from the Department for Levelling Up, Housing, and Communities. This number This number represents 20% of the housing stock across the UK. For many leaseholders, new reforms mean reviewing the high costs of extending a lease or buying out the freeholder. ■ What are the problems associated with leasehold ownership? Leaseholders have a number of issues with the current system. Some of the issues reported include: ○ High costs of maintaining the leasehold, including service charges. They also want more transparency on how these charges are determined. ○ high costs of extending the lease, including marriage value costs and ground rents. Long-term leaseholders complain of accumulated ground rent due to regular reviews by freeholders. ■ What has the government done so far? In 2021, the government announced planned legislation that would set ground rents to zero. A year later, it introduced the Leasehold Reform (Ground Rent) Act 2022. The act put an end to ground rents for new long residential leaseholds. Long residential leaseholds are those that exceed 21 years. It also introduced a new definition that would ensure leaseholders are not paying more than they should. This applied to lease agreements signed after the implementation of the Act. ■ What is ground rent? Ground rent is an annual payment made by leaseholders to landlords. A peppercorn ground rent means that the leaseholder must pay a service charge to cover the maintenance of the property. Freeholders would often demand high ground annual rents. This figure could reach hundreds of pounds a year. Under the 2022 Act, new long-term residential leaseholders who pay premiums may not pay ground rents exceeding one peppercorn per year. A peppercorn is an annual rent with a financial value of one to ten pounds. A leaseholder must provide the freeholder with a peppercorn rent each year. This means zero ground rent. It depends on the landlord to collect it or not, but it is very low. ■ What reforms are expected on November 7? ○ Abolishing the marriage value. If you do not have an idea what marriage value means, it is the profit accrued from a combination of the freeholder's and leaseholder's interest. This means increasing the property's value once the lease is extended. This kicks in when the lease is below 80 years. Leaseholders would have to pay the freeholders up to tens of thousands of pounds in marriage value, making the extension process more expensive. ○ Introducing an online calculator to simplify and standardize the process of buying the freehold of a property: This will help you gain more control and ownership rights over your home. ○ Give leaseholders of all property types equal rights to extend their lease agreements whenever they want, for a term of 990 years, at zero ground rent. Do you plan on buying your own home? Follow our buying guides for improved knowledge on what you need for a smooth process. How much does it cost to get a new lease? Getting a new home can come with a lot of charges. If you intend on getting one on leasehold, there are a number of charges you should be aware of. First, you should know that you won't have to pay the annual ground rent to your landlord if you are getting a new lease. Millions of leaseholders who got theirs before the passing of the Lease Reform (Ground Rent) will still have to pay this charge. ■ What is the Ground Rent Act? What does it mean for you? Under the leasehold system, you own the home you live in, but the land on which the home is built still belongs to the freeholder, also known as the landlord. The leaseholder must get the permission of the landlord before making changes to the property. You will also have to pay a number of service charges to the landlord for the maintenance of the property. The service charge is just one of the charges you have to pay There is one charge you do not have to pay if you are getting a new lease. If a ground rent is at all demanded as part of a new long residential lease, it cannot be more than one peppercorn per year. The peppercorn ground rent is low. In most cases, it is between one and ten pounds. Will your landlord insist on collecting the ground rent if it is £1? It depends on the landlord. Old lease holders will still have to pay this charge. The ground rent act, which was passed in June 2022, introduced legislation that will not require a leaseholder to make a payment of the ground rent. This legislation only applies to new residential leases that were granted after the commencement of the Act. Under the law, a landlord is liable to receive a financial penalty if he charges a ground rent in contravention of the Act. The penalty is between £500 and £30,000. ■ Leasehold charges you should be aware of According to the Department for Levelling Up, Housing, and Communities, there are 4,980,000 leaseholders in the UK. If you are considering getting a home on lease in England and Wales, there are fees and charges you should be aware of. Find out from your estate agent and your solicitor the exact fees you should pay. The charges and fees you should think of when getting a lease include: ○ Service Charges Under the terms of a lease agreement, the leaseholder may be made liable to pay service charges for services provided by the landlord or their proxies. A service charge is the sum of money a lessee pays for various services, such as maintenance, insurance, renovations, and repairs. The service charge, which may vary from year to year, only applies to charges incurred on communal parts of the property. Communal parts of a property include gardens and car parks. Your service charge may be different from the property next to yours. ○ Ground rent While the ground rent has been banned or reduced to peppercorn in England and Wales, it still applies to Northern Ireland and Scotland. The ground rent can be of two types: fixed or escalating. Fixed ground rents remain static throughout the term of the lease. On the other hand, escalating or increasing ground rents rise over time. For example, a 90-year lease may have an initial rent of £40 for a determined number of years, increasing to £80 for an additional number of years. ○ Administration charges Freeholders may charge administrative fees for handling tasks on the property. Tasks for which these fees are charged include renovations to the property, access to information, or penalties for not paying other fees. ■ How much does extending a lease cost? Extending a lease is a contract between a landlord and a leaseholder. It is legally binding and allows the leaseholder to retain possession of the property for an additional period of time. Extending a lease can be a long process and can be equally expensive. The cost of extending can depend on multiple factors and can vary. If you are an existing leaseholder, it is important to keep track of the number of years remaining on your lease. Keep documents for easy reference. You can also ask the landlord how much is left on your lease. The King's speech has been scheduled for November 7, and according to Housing Minister Rachel Macleans, the speech includes "plans that will restore true home ownership to millions of people. This is a continuation of the resolve of the government to reduce the cost of extending a lease. A number of factors should also be considered. They include: ○ The value of the property ○ The number of years left on the property If there are fewer than 80 years left on the lease, it may get harder to increase the lease. For example, a leasehold with less than 80 years left may attract a marriage value. Marriage value is a fee that arises when the interests of the freeholder and that of the lease holder are factored in. When a property has less than 80 years left, its value is reduced. To extend the lease, the difference between the new low value and the increase in value when it is extended is shared equally between the freeholder and the leaseholder. This means that you can end up paying your landlord tens of thousands of pounds to extend your lease. The marriage value is one of the various fees leaseholders are calling for an end to. It is expected that it may be included in the King's speech on November 7. You should be aware that reforms included in The King's Speech do not automatically make them law. Any final resolution would follow after the House of Commons and House of Lords have discussed and asked additional questions regarding them. ■ Should I extend my lease now? You should consider increasing your lease if it is nearing the 80-year mark. If it drops below 80 years, then extending it will be difficult. Remember that the marriage value fees are expensive and kick in when the term of a lease drops below 80 years. If you want to find out more about leasehold or want to know if it will be abolished, check here Understanding HMO: A guide for landlords and tenants Operating an HMO can come with a number of advantages, one of which is the increased income generation that comes with it. However, there are downsides to it: increased maintenance costs and increased management—in other words, it can be more time-consuming compared to running a single-let property. If you are a landlord and you have more than one tenant on your property, you may be living in an HMO, or House in Multiple Occupation. Why does this matter? Keep reading to find out what an HMO really is. If you are asking, "Can I convert my property into an HMO?" or "Do I have to get a licence to run an HMO?", then keep reading. On the other hand, if you are considering getting a HMO, this is also for you. ■ What is an HMO? HMO, in full, is House in Multiple Occupation. It is a rental system where two or more households live in one property. Your home is an HMO if the following applies: There are at least three tenants living there. The occupants form more than one household. The tenants use shared facilities, meaning facilities such as toilets and bathrooms are shared with other tenants. HMO is, in simple terms, three or more households living on one property and sharing utilities. They must not be related to each other. Commercial and residential properties can be used as HMOs. A household is either a single person or members of the same family who live together. "Family" is defined as people who are: ○ Married or living together ○ Relatives or half-relatives, including grandparents, aunts, uncles, and siblings ○ Step-parents and step-children If there are three people living in a property who share amenities, and one of them is the landlord, then it is not an HMO. A large HMO occurs when there are five or more households living on the property. ■ Who manages an HMO? The landlord, or the person to whom authority has been given to receive rent from the HMO, is responsible for it. This means a delegated authority can manage the HMO on behalf of another person. ■ Do you need a licence to run an HMO? It depends on the size of the HMO. According to Shelter, your landlord must get a licence if the following two apply: ○ You share with four or more people. This means at least five people are living in the HMO. ○ There are two or more separate households There are cases where landlords of smaller HMOs may be required to get a licence. It, however, depends on the area. ■ How does one get a HMO licence? To get an HMO licence, you must apply to your local council. There are strict requirements to adhere to in order to get one. First of all, you are required to pay a fee. It costs around £1,000 to get one, and it is valid for 5 years. Other requirements include: ○ The house must be suitably sized for the number of occupants. ○ The landlord or manager must be fit and proper. This means that anyone who has violated local laws or who has a criminal record is ineligible to own or run an HMO. Your property must also meet the standards of the council where it is located. For example, landlords are obliged to ensure tenants' bedrooms meet minimum size criteria. Tenants must also comply with local waste disposal schemes. Find out the guidance on HMO standards applicable to the area where your property is located. The council will carry out a risk assessment on your HMO within 5 years of your receiving a licence. It is known as the Housing Health and Safety Rating System. You must work to eliminate all risks found by the inspector. You are also required to inform the council of your plans to make changes to the HMO. You also need to notify the council of any modifications your tenant makes. ■ Penalties for not having a HMO licence or having an incorrect one It is a criminal offense to operate a house in multiple occupancy without a licence. A fine may be imposed for operating without a licence. Other penalties may be imposed. Possible penalties include: ○ Fines The fines for operating an HMO without a licence are unlimited. The general belief is that it is £20,000, but it can be any number. In 2019, a landlord was ordered to pay £2,650 in fines by the Barnet Council after failing to licence a HMO. In another case, the council fined another landlord £19,902 for failing to acquire a licence and manage an HMO. The fine included a £170 victim surcharge. The council fined erring landlords £47,000 in 2019 alone. Then Chair of Barnet Council Housing Committee, Gabriel Rozenberg, said: "Landlords must follow the correct legislation when it comes to licensing HMOs. Failure to do so will result in enforcement action, which may result in prosecution or a penalty notice of up to £30,000." Find out whether or not you require a licence to operate your HMO. Reach out to your local council for that. ○ Criminal conviction As previously stated, it is a criminal offence to run an HMO without a licence. Councils are toughening laws regarding licencing. ■ What are Planning Permissions for HMOs? Do I need them? You may not require planning permission for your HMO. Getting this permission will depend on the size of your HMO and the number of people living there. It also depends on Article 4. With Article 4 Direction, you can make minor alterations to your property without requiring planning permission. This is called permitted development. You need planning permission to turn a property into a multilet. If you own a property in an Article 4 zone and you changed it to multilet before the adoption of Article 4, then you don't need a planning license. Moving to Bedford There are a lot of things to be concerned about when moving to a new home. It can be daunting, even for the strong-hearted, to move to an entirely different city. In this edition of the UK Area Guides, we lead you to the historic town of Bedford. Bedford is built along the river Great Ouse. This ancient town is steeped in history that can be traced to the Victorian era. Bedford is home to people from multiple backgrounds and nationalities. You can find this diversity in everything. The unique and authentic blend of multicutural experiences makes Bedford an exciting choice for people who want to experience other cultures without leaving town. As you take a walk through the streets of Bedford, you are immediately hit with its Victorian architectural trends. Victorian-style structures are noticeable and heavily reflected in the architecture and redbrick-era features. This is especially clear in and around Bedford Park, which is the town's largest park. Bedford is 33 minutes by train from London. The town is in the east of England and borders Luton and Milton Keynes. It is located 50 miles north of London and is described as being ideal for individuals employed in London who are not willing to pay high housing costs in the capital. London is known for its high living costs, and this is where Bedford offers less expensive alternatives. Housing, transportation, and general expenses are relatively cheaper in Bedford. ■ How much will it cost to buy a home in Bedford? Buying a home in Bedford will set you back £367,076. This is the average asking price for homes in this town. Below is data from Home showing the average asking prices by property type in Bedford in the last 12 months. ■ How much can I rent a property in Bedford? The average rent in Bedford is £1,416 pcm. To get a two-bedroom flat, you'll have to pay £1,274, and for a four-bedroom flat, you'll pay £2,142. ■ How can I find an estate agent in Bedford? You can search for your ideal property type on Zerodip. With this, you can compare listings. On each property page, you can save your preferred listings for future reference or request to speak with an agent. ■ What is living in Bedford like? There are a number of attractions in Bedford. The first is the Great Ouse. This is a river that cuts across six counties. It is described as the fourth longest river in the United Kingdom and flows through Buckinghamshire, Bedfordshire, Huntingdonshire, Cambridgeshire, and Norfolk. Residents of Bedford can explore the river by boat, canoe, or kayak. ○ Shopping: There are lots of shopping options in Bedford. One of them is the local market, which comes alive twice a week. Here, traders set up shop and sell everything from gourmet food to toys. Handmade goods can also be bought at the local market. There is also an abundance of local shops and shopping malls. The most famous of them is Hapur Centre. ○ Restaurants and bars As previously highlighted, Bedford has a cosmopolitan nature. This means that you can experience the palates of multiple nationalities without ever leaving Bedford. The Embankment is a very good place to try everything from a full English breakfast to American pancakes. It is a favourite among locals. You can also have a taste of Indian, Thai, and Greek, among others, in Bedford. ○ Religious Centres There are a number of religious centers for worship in Bedford. Whichever religion you are, you can be assured to find a church or temple for worship. Saint Paul's Church is a Christian cathedral you can visit. There is also the Guru Nanak Gurdwara Temple, which is a Sikh temple. ■ Other things to see ○ Russell Park ○ Priory Country Park ○ Bedford River Valley Park ○ Putnoe Woods ○ Panacea Museum ○ Sharpenhoe Clappers Are you considering buying or renting a home in Bedford? Check out our Buying a Home Guide or Renting a Home Guide for more information. Bank rate unchanged again: what does it mean for mortgage rates? The Bank of England has voted to keep the rate at 5.25%. Here, we guide you on what this means for the housing market. The BOE's 9-member Monetary Policy Committee voted on November 2 to have the rate remain at 5.25% until December 14, when they sit again. This is the second time in a row the committee has decided to hold the bank rate at 5.25%. Before that, it had gone on a 14-consecutive increase spree starting in December 2021, when the rate was 0.1%. The majority of experts had expected this decision, with a few predicting a 0.25% increase to 5.5% BOE Governor Andrew Bailey, however, said he predicts the rate to "remain as it is for the foreseeable future." Governor Bailey continued: "There's obviously the downside to doing too much or too little." Why has the Bank of England paused the Bank Rate again? The BOE started increasing the bank rate in December 2021 in order to get inflation under control. The current Consumer Price Index is at 6.3%. The BOE has set a target of 2%. In order to achieve this, the Bank of England raises rates. The belief is that higher interest rates make it more expensive for people to borrow money and thus encourage them to spend less. This, in turn, causes the prices of goods to rise more slowly. However, previous increases showed strain on the economy, further weakening economic growth. Employment has also been affected. The Monetary Policy Committee, which is in charge of deciding the Bank Rate, voted by a majority of 6 to 3 to keep the Bank Rate again at 5.25%. How does it affect mortgage rates? Mortgage rates have dropped in the past few months. Fixed mortgage rates have already been dropping steadily. The belief is that mortgage lenders will look to reduce mortgage rates in order to compete with other lenders. Bailey said: "The rates on mortgages have been falling gradually since about July, I think I'm right in saying, and that's because we've actually come off the peak of.. expected rates over the next few years have actually come down, reflecting the fact that, of course, we've got rates on hold since August. So, the path of expected interest rates has changed quite a bit and has actually reduced the path for mortgage rates.” "Rates have dropped in the past few weeks as lenders find new ways of lowering rates", commented Paul Hitchins, Regional Mortgage Director for the Home Counties, Countrywide Mortgage Services. "Some have covered the cost with high fees, but the appetite to lend is high, so they are cutting margins if they can. Swap rates are key and suggest rates will come down a bit but not to the level in the past few years." Over 800,000 fixed mortgages are due to end in the second half of 2023. They are not affected immediately by the increased rises in mortgage rates. However, a lot of homeowners are considering a number of options to manage the rising rates. It was earlier revealed that 18% of home owners are using their savings to offset their monthly mortgage bills. 16% have switched to interest-only mortgages, while 12% are choosing to lengthen their mortgage terms. Will the rates go down anytime soon? Ben Broadbent, Deputy Governor, Monetary Policy of the BOE, said: "We think it will be misleading, given the imprecision of these estimates, certainly in real time, to give you some numbers where we think we're definitely going back to in three or four years. We're following policy in response to data, and then we might look back over time and say such and such has happened." Paul Hitchins agrees that with mortgage rates tied to the state of the bank rate, there is no foreseeable pathway for the rates to return to 2019 levels. He said, "I can't see mortgage rates dropping to that level for at least another year, if at all, as lending was at an historical low and rates are the average for the past 20 years or so." Follow our property news to keep up with further updates on the Bank Rate and more