Moving to a new home can be refreshing and exciting; however, the move itself can be a stressful process for younger members of the family, who often need a bit of extra support and time to prepare.  While moving can be a potentially worrisome event for children, much of the negative emotional effect can be mitigated by proactively dealing with the process in a positive manner.

The reason behind the move often determines the amount of stress caused. If your family is upgrading to a larger home or relocating to a nicer area, for example, there will be far less emotional upheaval than if the move is because of a loss of income or divorce. Another crucial aspect is the timing of the move. According to psychological studies, very young children and older children take moving in their stride, while those between the ages of 11 and 14 years are typically more affected as they’re also dealing with hormonal changes.

Regardless of the reason, there are ways for parents to make the transition easier for their children. Here are some of our top tips:

Before the move

Communication is key

If possible, tell the children about the move as early as you can to give them time to process the idea. Children generally take longer than adults to get used to change and will have a higher level of anxiety if they feel as if something is happening and they are not fully aware of the details.

Point out the positives

It is a great idea to highlight the positive aspects of the new home or area to get the children excited about the new location. They may think moving means leaving behind their favourite toys and pets, so take some time to explain that they will all be moving together.

Focus on things that won’t change

Consistency makes children feel secure, so highlight elements that remain the same, regardless of the circumstances. Parents can emphasise aspects that will not change during or after the move, such as play schedules, bedtimes or the fact that they have a loving family that supports them.

During the move

Happy young mother pushing children sitting in laundry basket. Mother and children playing at home.

Let the children say goodbye

This doesn’t just refer to people, but also some of their favourite local places such as the park. It might be worthwhile to tell the children that saying goodbye today does not mean goodbye forever and that they may be able to visit those friends or places in the future.

Don’t let the children see the moving truck

When the truck is being loaded with your household items, it may be better for the children to be out with a friend or family member. Seeing all their possessions loaded into a truck and hauled away can be an upsetting experience for some children.

In the new home

Make the children’s bedrooms priority

it’s a good idea to set up the children’s bedrooms up first, so they have a familiar and safe retreat to go to when the move gets busy.

Allow time to adjust

For both adults and children, it will take time to adjust and acclimatise to your new surroundings. Make it an adventure by taking children out in the new area to explore. This is a great way to find nearby parks and activities for them to do.

Get involved

Whether it is joining the local church or playgroup or getting involved in the local community and activities, it will help everyone in the family make friends and feel at home faster.

Lend an ear

Irrespective of their reaction to the move, it is vital they know they have someone who is listening and paying attention to their emotions and needs. They may need to be reminded there is no right or wrong emotion and their feelings are valid.

An important element to reducing the stress on children is for parents to support and help each other deal with the change in circumstances. As with most situations that can have a negative impact on relationships, mutual support is vital to ensure that both adults and children adjust to the move as seamlessly as possible.

If you are looking for a new home for your family, contact us at www.victormichael.com

Source: www.guildproperty.co.uk

Whether you like it or not, the festive season is fast approaching and those considering a house move should act quickly if they want to be in before the big day.

The conveyancing experts at JMP Solicitors have compiled a list of top tips for moving house, taking into account logistical considerations such as smartening up a premises, and organising belongings, pets and post.

1.Get the property ready for marketing

Once the decision has been made to move house before Christmas, it’s a good idea to smarten up your home before putting your property on the market.

Declutter the property and redecorate if necessary, a coat of paint can work wonders, as can giving the house a deep clean, emptying the loft and turning the storage/junk room into a useable space. Your property will then be more appealing to a prospective buyer, especially with a realistic price tag – always check the competing market.

It’s also worth ensuring that you get the best survey you can before you commit to any purchase, if the boiler does not work and you’ve already moved in, prepare for an expensive replacement, especially around Christmas time.

2. Be patient

3. Choose your removal company wisely

Moving house without the help of a removal company may be cheaper, but it can also be very stressful. If you are opting for DIY packing, it is best to start as early as two weeks before your moving date to box up items you aren’t currently using. This will make the whole process less stressful and will also help with the de-cluttering of items that you never use or don’t need, which can go to charity. Writing the contents and room on each box will help organise your packing and make unpacking easier. If you don’t fancy packing yourself, get your removals company to pack for you. A good removals company will be able to supply you with purpose-built boxes and packing materials, and they will offer various packing options to suit you.

4. Don’t forget to tie up loose ends

Be sure to inform utility companies that you are moving and have all mail forwarded to your new address once you have exchanged contracts. Write your Christmas cards in plenty of time and post with your new address pre-printed inside, this saves time and money on separate letters and messages.

5. Look after your pets

Both pets and young children can find moving house very stressful. Whilst animals can be kept safe and secure in a separate room to the unpacking, it is best to see if family or friends can look after children for the day so that they do not get anxious about the moving process and leaving their old home, this way they won’t feel unsettled and can just enjoy the excitement of arriving at their new home.

Source: www.propertyreporter.co.uk

While leaving your home to a family member is a very generous act, there is the matter of inheritance tax to think about.

One of the Founding Fathers of the United States, Benjamin Franklin was once attributed to saying that ‘nothing is certain except for death and taxes.’ Combining the two in the form of inheritance tax seems to only add salt to the wound. Often referred to as “death tax”, inheritance tax is levied on the estate of someone who has passed away. Although this tax only impacts a small number of estates, approximately around 4% in 2014/2015, the amount of revenue has increased annually.  As property prices increase, so will the number of people who will be liable to pay the tax.

When does inheritance tax occur?

Inheritance tax is charged at 40% on assets above the current tax-free threshold of £325,000 for an individual and £650,000 for a married couple. Amendments which were introduced in 2017 mean an individual can now transfer an additional £125,000 during the 2018/2019 tax year to their direct descendants, this increases to £150,000 in the 2019/2020 tax year, rising again to £175,000 in 2020/2021.

It is imperative to ensure the right people benefit when you pass away. If you die without a will in place, your estate will be dispersed according to intestacy rules and may attract a higher level of tax.

Is there a way of avoiding inheritance tax?

While inheritance legislation is complicated, there are a lot of ways in which you can legally avoid paying inheritance tax. One of the best ways is reducing the value of your estate by gifting sums of up to £3,000. Every year gifts of up to £3,000 can be given to your spouse or legal partner, a registered charity or a political party and are inheritance tax free. The legislation allows for other types of gifts too, such as variable amounts for weddings or civil ceremonies, the value of which is determined by your relationship. The golden thread is that you must not benefit from the money or assets you give away, because if you do, your estate will still have to pay inheritance tax.

Larger gifts

It is possible to give away larger amounts, however, it is far more complex, and you must live for seven years for it to be completely tax free. It is also important to note that, while you might not need the excess cash now, it may be needed later in life, so take that into account before gifting larger sums of money. Concerns about gifting to younger children or grandchildren can be allayed by setting up trust funds to ensure the money is spent wisely.

Tax relief investments

Certain investments, such as a trust fund, do qualify for tax relief provided they are structured in the right way. Remember, however, all investments carry a level of risk and should be assessed on its merit as a sound investment, rather than a means of tax avoidance.

Another effective and essential part of the planning is taking out life insurance, which can be placed in a trust so that your executors can pay any outstanding tax outside your estate.

Before you give everything away though, remember to enjoy the money you’ve worked for and spend it. There’s no need to live on a tight budget just to save money that will be taxed.

Looking for further advice on property related matters, then contact us on 020 8519 2000.

Source: www.guildproperty.co.uk

Newly released figures from Barclays have revealed that many home movers are being caught out by additional costs that they didn’t factor in to their budget.

Newly released figures from Barclays have revealed that many home movers are being caught out by additional costs that they didn’t factor in to their budget.

Analysis from Barclays Mortgages shows the average upfront cost of moving home in the UK, including estate agent, legal and surveyor fees, land registry, EPC and stamp duty, is £7,641, on top of the purchase price. Meanwhile, the average unexpected associated costs can add up to £1,690, meaning homeowners are stumping up £9,331 on average in total home moving costs.

Upfront moving costs

The analysis looked at the average upfront cost of moving by city across the country, and found that costs vary significantly. Liverpool residents expect to pay just £2,787, compared to a whopping £22,417 spent in upfront costs for those looking to purchase a typical property in London.

For homebuyers also selling their own property, estate agent fees can play a major part in costs. For example, those selling a property in Oxford on average pay £5,783 in estate agents fees compared to £1,780 in Glasgow.

Stamp duty can equally cause a financial headache for those looking to move. In London, where the average house price is currently £482,200, homebuyers have to find typically £14,110 in stamp duty. House hunters in Oxford and Cambridge have on average similarly large stamp duty bills to pay too, with £10,365 and £11,130 respectively. But it’s not all bad news. Those looking to buy in Liverpool, where the average house price is £123,000, would not have to pay stamp duty on a house of this value, under the current stamp duty threshold of £125,000.

On top of this, building insurance costs can amount to £107 and a survey – although not a legal requirement but recommended – will set you back a further £550. An energy performance certificate is a legal requirement, which adds an additional £90 on average.

Associated costs of moving

In addition to these largely anticipated costs, many home movers are being caught out with a number of unexpected costs, including childcare, self-storage, decorating and pet-sitting fees. Indeed, nearly one in two (47 per cent) say they have incurred such costs as a result of moving property3.

The most commonly unanticipated costs nationwide include buying new furniture that didn’t fit in the new home (43 per cent), decorators/DIY help (34 per cent) and the need to buy takeaways for the first few weeks after moving in the absence of a fully functioning kitchen (26 per cent). Bristol and Belfast pay the most in unforeseen costs on average, while London the least.

Hannah Bernard, Head of Mortgages at Barclays, said: “Buying a house is a huge financial moment and the lead up to your dream home should be as stress-free as possible. Our findings show that on top of the burden of expected costs, homebuyers are getting caught out by additional costs that aren’t included in the asking price.

To balance the budget, try to plan ahead and really challenge what home move costs you could cut down, or better yet, if there are any you can cut out. Enlisting friends and family to help out could really save the pounds too. Our Barclays app helps customers plan ahead and see their payments in a calendar view, making it really simple to balance outgoings.”

The cost to wellbeing

Whilst the hidden financial implications are high, moving properties can also have a negative impact on mental health. Of those surveyed, 42 per cent admitted that moving home made them feel worried and anxious, while almost one in six (17 per cent) said that the stress of the move had a negative impact on their mental health.

Two-fifths (40 per cent) of home buyers believed it took them between three to six months to feel settled and in control again following a big move. Nearly half (46 per cent) named solicitor delays as the main factor impacting their mental wellbeing, with financial pressure (45 per cent) coming a close second.

The research also revealed that almost half (47 per cent) of homebuyers admitted to not being prepared for moving financially, underestimating the overall costs involved. This has resulted in 54 per cent admitting to needing to lean on family members for financial support to deal with the unexpected costs of moving – putting additional strain on their mental wellbeing.

Hannah Bernard continues: “Whether it’s storage for belongings, parking and removal vans or even childcare, buying a new house can really take its toll on finances at a time when home movers will be feeling the pinch. We know that financial pressures are a principal contributor to stress and anxiety around a house move. Being prepared for any last minute costs is a first step to make that milestone as smooth as possible.”

Source: www.propertyreporter.co.uk

London isn’t simply a place to live; it’s an experience that gets into your blood! There’s no getting away from it – living in London really will change your life in all kinds of ways you probably never expected. You’ve been warned…

• Weird clothing becomes the norm. In fact, you’ll soon not give even the most outrageous of garb worn on the street a second glance.
• Being surrounded by awesome history, and seeing such delights as The Houses of Parliament, St Paul’s Cathedral and Westminster Abbey on a daily basis kind of spoils you…
• You’ll become obsessed by the weather! Talking about it isn’t the British national pastime for nothing, you know. The ability to enjoy (or should we say endure) rain, sun, wind, hail, snow, warm and cold all in a period of a few hours means you’ll soon be talking (or at least thinking) about the weather more than you ever thought possible.
• On the same subject, a foldable umbrella will become part of your every-day arsenal, even if the weather man swears that it’s going to be sunny all day.
• You’ll learn to queue – AKA, stand in line. Because one thing you never do in London (or the UK, for that matter), is queue jump. And if you see someone else doing it, it’s obligatory to complain about them in a tone that’s loud enough to be conveyed to the person next to you, but not quite loud enough for the individual in question to hear.
• Seeing a person fail to stand on the right on an escalator is a crime worthy of punishment. What, you mean tourists don’t have to take a ‘London’ test before they’re allowed entry…!
• And talking of tourists, you’ll develop an unreasonable annoyance towards anyone wearing a backpack or carrying luggage on The Tube during rush hour.
• The wildlife is amazingly varied. Seeing foxes on the empty night streets and parakeets flying in some of London’s famous parks simply becomes normal.
• You’ll learn to love the fact that some of the oldest buildings in the world, such as The Tower of London, can stand in the shadow of mankind’s most recent creations, like the towering Shard.
• Going out for the evening never again needs a designated driver, thanks to being able to get home on The Tube, or, if it’s a proper late night, braving one of London’s infamous night buses.
• When the sun comes out, it’s almost law to head to one of London’s beautiful parks during your lunch hour and bare your skin to the rays (even if the mercury has barely reached 20 degrees!).
• Clothes shopping takes on a new meaning, and you learn to never, ever hit Oxford Street on a weekend or public holiday – because every other person seems to have had the same idea…
• You refer to your Oyster Card without batting an eyelid. After all, it makes perfect sense to name a travel card after a seafood mollusc, doesn’t it!
• Forget smiling at strangers or striking up a conversation. In London, you might as well be a mad axe murderer if you attempt such shenanigans.
• You develop the ‘London’ way of crossing roads. Forget what the traffic signals tell you – if you see a gap, you’ll learn to run…
• Wherever else you move to in the world, you’ll take a little piece of London with you. With it’s amazing architecture, ancient history, infamous monarchy, strange traditions and quirky habits, the city will forever hold a special place in your heart, no matter how short or long you live here.

Source: www.movingtolondon.net

Home buying comes with a number of different questions that you want answering yet there is no reason why home sellers won’t also have unanswered thoughts running around their head. Whilst the selling and buying of homes are completely unique processes, with a little preparation both can be stress and hassle-free.

When is the best time to sell my house?

Everyone wants to know the answer to this question but no one has the answer. Reports suggest that spring is the preferred time yet the truth is that people buy houses in spring, summer, autumn and winter. Only you can decide when the best time to sell is based on your financial and personal situation.

How is the market right now?

Once again, this question is common in the property industry. Instead of looking at the market as a whole look at the local market. Take into consideration how much similar properties sold for and how long they were on the market for. Even though negative stories regarding the UK property market may be fluent in the news, at the end of the day, people are always going to want houses.

How should I prepare my home for a sale?

First impressions are huge so make it a good one. Consider what buyers may think when they drive up to your property. Is it attractive, clean, welcoming and well-maintained? Kerb appeal is what brings potential buyers in and sets your home apart from the competition.

Once inside, your property should be clean and a bunch of flowers and a scented candle will make all the difference. Repair any problems and take down anything that largely relates to your family or political/religious stance. You want to allow buyers to envision their own family inside.

What should and shouldn’t I tell potential buyers?

It’s important to let a potential buyer know of any defects. The old saying ‘treat people how you would want to be treated’ applies. If you are aware of any problems then it’s best to try and get these fixed before putting your property up for sale or negotiate the price to include the cost to fix them.

How much is my property worth?

This question is one that every seller wants answered but one that cannot be answered with a general response. However there are a number of ways to ensure that your property is worth the higher spectrum including bathroom and kitchen renovations. Take a look at the local market to see how much similar properties sold for but only use this as a guide.

How do you determine how much my home is worth?

As well as a comparative market report, things such as square footage, number of bedrooms and bathrooms, the state of the kitchen, window quality, location, roof age and style of the property will also be taken into consideration to determine its worth.

What happens if I change my mind?

Don’t worry! An offer to buy or sell a property is not legally binding in England and Wales until contracts are exchanged. After this, there may be some legal implications but before any contracts have been signed, you just have to cover any estate agency fees.

Shall I leave appliances or not?

Some buyers appreciate appliances and big furniture items being left but some would prefer you didn’t. If you can’t make up your mind and know you don’t want to take the items with you, give the buyer an option and offer a slightly reduced price if they don’t want them.

Should I be present when someone is viewing my home?

There is no right or wrong answer here but many sellers forget that their own behaviour says a million words. If you’re frosty, rude and bored then your property will have the same negative feeling. Some buyers will also feel more confident asking questions if the seller isn’t present.

How long will the process take?

This depends on the property and anyone involved in the chain. As a guide, look at the local market to compare how long similar properties were on the market for and when offers come in, ask whether the potential buyer is waiting to sell their property before they move. There is no definitive answer.

Remember asking questions is the only way to enlighten yourself so the more you ask, the less confused you’ll be. Good luck selling! If you are thinking of selling and have any questions, please get in touch.

Getting your foot on the first rung of the property ladder is no mean feat these days. Once you’ve saved up your deposit, you need to choose an affordable location.

The research shows that across the UK the net salary available would allow a home buyer to save a 10% deposit on the average house price in just 11.4 months. While there are 30 or so lenders currently offering 5% deposits, working based on a 10% deposit will allow first-time buyers to secure a better interest rate which is more beneficial in the long run.

The North East offers the best mix of money and property affordability with an average time of just 7 months required to save a 10% deposit. The North West and Yorkshire and Humber are also home to a time to save below 10 months.

London (17.9) and the South East (14.7) are predictably the worst regions to live in when it comes to the money available to save for a deposit.

Burnley is the best place to buy a house, with the net salary available totting up to a 10% mortgage deposit in just 4.7 months, providing the quickest, most affordable foot on the ladder when considering the wage available.

Pendle in Lancashire ranks second at 5.1 months, with East Ayrshire in Scotland, Hyndburn and County Durham all home to a net salary that would total a 10% mortgage deposit in 5.3 months.

Copeland, Hartlepool, Merthyr Tydfil, Blaenau Gwent and West Dunbartonshire also make the top 10 at 5.9 months or below.

In contrast, London dominates the top 10 longest times to accumulate a 10% deposit, with the City of London the least affordable foot on the ladder at 25.7 months. Hackney, Haringey, Brent, Camden, Barnet and Hammersmith and Fulham are also amongst the worst.

Oxford is the only entry into the top 10 longest outside of the capital, with it taking 20.6 months to accrue a 10% deposit on the net salary available.

Source: www.propertyreporter.co.uk

The figure is supported by strong growth in Wales of 6.7%, up from 3.9% in March 2019

Average house prices in the UK increased by 1.4% in the year to April, down from 1.6% in March, according to the latest UK House Price Index from the Land Registry and the ONS.

The figure is supported by strong growth in Wales of 6.7%, up from 3.9% in March 2019. This strengthening in the annual growth rate for Wales is due to both strong growth between March and April (2.4%) and falling prices (0.3%) between March and April 2018. Falling prices last year can be linked to Land Transaction Tax replacing UK Stamp Duty Land Tax in Wales from April 2018.

The average house price in England increased by 1.1% over the year to April 2019, down slightly from 1.3% in March 2019. House prices in Scotland increased by 1.6% in the year to April 2019, down from 3.5% in the year to March 2019.

Northern Ireland house prices increased by 3.5% over the year to Q1.

By region, the lowest annual growth was in London, where prices fell by 1.2% over the year to April 2019, up from a fall of 2.5% in March 2019.

The East Midlands was the English region with the highest annual growth, with prices increasing by 2.9% in the year to April 2019. This was followed by the North West, with prices increasing by 2.6%.

On a non-seasonally adjusted basis, average house prices in the UK increased by 0.7% between March and April, compared with a rise of 1.0% in average prices during the same period a year earlier. On a seasonally adjusted basis, average house prices in the UK saw a monthly fall of 0.2%.

Source: www.financialreporter.co.uk

According to the latest research from Close Brothers, 47% of non-homeowning employees in the UK don’t believe they will ever be able to afford to get on the property ladder.

The Close Brothers Financial Wellbeing Index, developed in conjunction with renowned corporate wellbeing expert Professor Sir Cary Cooper, shows this is despite homeownership remaining an aspiration for 65% of non-homeowners.

Average house prices in Britain have skyrocketed by more than 270% over the past two decades, according to the ONS. This has pushed back the age that people become homeowners by at least eight years since 1997. There is potential for improvement here as house price growth is at the lowest annual rate since September 2012; if growth continues to stagnate while wages improve, homeownership could become a more feasible ambition.

But to successfully save for a property, employees must have a financial plan in place. Concerningly, four in ten employees said they don’t know where to start when it comes to getting onto the housing ladder; this more than anything highlights the importance of offering employees the right advice to help them reach their long-term savings goals.

Financial wellbeing isn’t straightforward for property owners either. Two thirds (63%) of employees would expect to see their housing costs increase in the case of an interest rate rise. Of these, 65% said that this is because they have a variable rate mortgage. Millennials are most exposed; 76% would see housing costs rise in the case of a rate rise.

In the Financial Wellbeing Index, employees score their wellbeing in each of the seven areas of financial health. Employees across the UK scored an average of just 53.6 out of 100. Within the property category specifically, financial health in the UK is higher, with an average score of 61.2. This higher score reflects the fact that the majority of employees (67%) believe their housing costs are affordable, and also that the average amount spent on housing is quite reasonable; two fifths of their monthly salary. We cannot ignore though that over a quarter (27%) of UK employees are spending more than 50% of their monthly income on housing costs, and 10% are spending over 70%.

Jeanette Makings, Head of Financial Education at Close Brothers said: “Housing is a key area of financial wellbeing, and it’s heartening to see that employees record a relatively strong score here. However, there seems to be a gap between perception and reality. While there’s confidence around affordability, a huge proportion of people’s salaries are going on housing costs. This makes saving for the future more difficult and contributes to the scale of uncertainty when it comes to taking the first step onto the property ladder.

All of these issues can be improved by a solid financial education programme, supporting employees in their ambitions be they short or long term. Employers can help employees in this respect, improving their financial health and creating a happier and more productive workforce.”

Professor Sir Cary Cooper, a leading expert in workplace wellbeing, ALLIANCE Manchester Business School, University of Manchester said: “Shelter is an absolute necessity and being worried about housing affordability can unsurprisingly damage a person’s wellbeing regardless of whether they’re at home or work. Whether it be paying the rent, taking the leap as a first-time buyer, or the impact of a variable interest rate in times of economic uncertainty, it’s vital that employees are comfortable and confident in how to approach their finances when it comes to housing.”

Source: www.propertyreporter.co.uk

Following the introduction of the Tenant Fees Act next month, landlords and renters will increasingly appreciate the level of service provided by the country’s best traditional letting agents, according to Tenant Shop.

The utility management service says that due to the financial pressures the ban on fees will put on letting agents, only the best-equipped will succeed as we move through the second half of 2019 and into 2020.

The traditional approach is best

In a post-fees market, letting agencies that take a traditional approach with a focus on high customer service will be of huge value to landlords.

With tenants no longer paying upfront fees, it will be vital that agents help landlords to properly vet prospective renters and ensure that all aspects of the move-in/move-out process – including notifying local councils and utility companies about tenancy changeovers and dealing with stray bills – are handled professionally and efficiently.

“The introduction of the Tenant Fees Act is the most significant change to the private rental sector in recent years and landlords will need full service traditional letting agents they can rely on,” says Glenn Seddington, managing director of Tenant Shop, an Inchora company.

“Having the right tenant referencing, contractual and deposit systems in place will become even more important, as will remain compliant with the new legislation.”

“Letting agents can also prove their worth to consumers by providing a comprehensive, knowledgeable and personal service at a time of huge industry change when people will need reassurance and expert advice,” he says.

Building an offering for the future

As many landlords consider their options following management fee increases brought about by the fees ban, agencies can make their offering stand out by showing clearly the range of expert services they provide for their fee.

“It’s this kind of approach with an emphasis on full service and demonstrating the value for money available to landlords which will see the very best traditional agents take centre stage once the fees ban becomes law”.

Source: www.propertyreporter.co.uk