Victor Michael

There have been cases where people have bough leasehold properties on leasehold land, leaving themselves wide open to pay sometimes eye watering rates. While some charges start off reasonable, they very often increase sharply.

There have also been cases where the land beneath the leasehold property has been sold on, with the new contractor then imposing new rules and rates.

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Either way, homeowners face huge charges and are unlikely to be able to onward sell their properties for a decent price.

 

Four things you should be able to tell clients about when selling leasehold properties:

 

Ground rent. Usually paid annually to the landlord and may rise over time. How much is it, and what are the terms? i.e. Does it double every year or follow inflation? These costs can quickly spiral out of control.

Service charge. How much is it and what does it cover?

Reserve fund. This is a sum that leaseholders pay to a managing agent for works that may have to be addressed in the future. Is there one, and has it built up? This can be presented as a benefit to a buyer, as potential future repairs may already be covered.

Length of lease remaining. Very often, an add will advertise the lease length as it was at the very beginning of the properties life span. So, this may say 999 years’ lease. Even though only 100 years remain. If the remaining lese length is 85 years or less, be aware. Many lenders will not lend on less than 80 years. The cost of extending a lease after that time also increases dramatically.

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How close are you to the point of reaching that much dreamed moment of buying your own place? If you’re already at the point of searching for a property, it’s time to wake up!

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Deciding that you need a home of your own and getting to the point of eventually searching for the right place for you can be quite a long road to walk. You know exactly how your house looks in your dreams, but finding it on the market is a real challenge.

Not necessarily wanting to shatter your dreams, here are some advice you might want to follow when searching for a property.

Stay on the budget. Assuming you already know your limits – how much a financial institution or the bank of ‘Mum and Dad’ can offer you, it is very important to not cross these limits in any way. The temptation is huge when you see those pictures of the perfect house just a little above your price range, but the extra cost will just lead to new extra costs. Remember that it can be just as frustrating to live in an empty house because you might not be able to buy any furniture for it.

Keep it real. Make a plan of exactly what your needs are. You might want to ask yourself from time to time:

Do I really need that enormous kitchen?

Is an extra bedroom going to be of any other use that to deposit things in it?

Will I really use the two bathrooms in this apartment?

Location, location, location. You might search for places around your working place or near your friends. Keep in mind that jobs change and people move so pick a place that has good connections and nice surroundings. Because that is exactly what you are going to be using/ seeing every day.

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A better supplied market does not seem to be the answer for forcing rental prices to go down. At least not around London. 

Latest data showed that in the second quarter of 2017 the rental offer increased by 7% in the areas around London. At the same time, the average rent per month reached £790 – going up by 2.8% in comparison with the previous quarter.

Supply of rental properties rises in UK, but rents still going up too

Inside London, rents dropped by 0.2%, however, with an average rent at £1,934 per month.

To get a clear view of the market, go to the Victor Michael website in the ‘Letting’ section.

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By Mahe Georgio Branch Manager – Victor Michael

I have been in the property industry for over 25 years and, believe me, a good job is hard to find, but every entrepreneur knows that a good employee is even harder to keep.

Over the years I have found it quite easy to keep employees motivated. ‘I provide them with a leader worth following and tasks worth fulfilling’! However, as time goes by, I still look for more ideas to drive my staff forward, keep them motivated and keep them performing to the best of their ability whilst enjoying it at the same time! Here are just a few things that I have tried and tested:

Use food as an incentive. Don’t underestimate the power of having some food around the office! Tell your staff that you are having a breakfast morning one day a week or month… They will be sure to come in early if food is waiting for them.

Making things interesting. Break up the day-to-day routine of the work schedule by shaking things up every now and then.

Reward your employees for hard work. Giving rewards to staff is a great way to motivate them. For example, create competitions to see who can generate the most revenue by the end of the month. I believe any contest will keep your staff motivated to produce solid work. You can reward them with either gift vouchers, tickets for sport venues, time off work or a casual dress day.

Acknowledge individual achievements. Take the time out to tell someone that they have done a great job. If truly exceptional, stand up and make an announcement to praise that person with a round of applause. (It is important to recognize employees’ individual efforts, but it is equally important for the rest of the staff not to feel left out if you are always recognizing the same few employees).

What ideas do you have that you think would motivate you or you staff? We’d love to know!

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