Buying, Selling And Renting Out Your Property

Frank Worth

Description

A Straightforward Guide to Buying Selling and Renting Out Your Property-Revised Edition-is a comprehensive and clear guide for all who are involved in the purchase, sale or renting of property. This book is particularly relevant now taking into account the current property market, the uncertainties of BREXIT and the need to be aware of the fundamental points when buying selling and renting. The book covers all aspects of the sales and purchase process including auctions, and is up to date to 2019.

Sujets

• Droit et juridique

Informations

• Publié par: Straightforward Publishing
• Date de parution: 25 juillet 2019
• Nombre de lectures: 0
• EAN13: 9781913342142
• Langue: English

Extrait

A STRAIGHTFORWARD GUIDE TO BUYING, SELLING AND RENTING OUT YOUR PROPERTY

Frank Worth
Editor: Roger Sproston
Straightforward Publishing www.Straightforwardco.co.uk
© Straightforward Co Ltd 2019
All rights reserved. No part of this publication may be reproduced in a retrieval system or transmitted by any means, electronic or mechanical, photocopying or otherwise, without the prior permission of the copyright holder.
British cataloguing in Publication Data. A Catalogue record of this publication is available in the British Library.
ISBN: 978-1-84716-935-8 ePUB ISBN: 978-1-913342-14-2 Kindle ISBN: 978-1-913342-07-4

4edge www.4edge.co.uk
Cover design by Bookworks Islington
Whilst every effort has been taken to ensure that the information contained within this book is correct at the time of going to press, the publisher and author cannot be held responsible for any errors or omissions contained within or for any subsequent changes in the law.
CONTENTS
Introduction
Chapter 1 –Buying a Home-Looking for a Home
Area
Choosing your property
Valuing a property
Purchasing a flat
Viewing properties
Buying an old house
Renovation grants
Disabled facilities grant
Equalities Act 2010
Planning permission
Buying a listed building
Buildings in conservation areas
Buying a new house
Building Guarantees
Websites for housebuilders
Buying a Rented House-Right to Buy
If your landlord has spent money on your home
Social Homebuy
Buying more of your home later
Help to Buy Schemes
Shared/part ownership property
Self-build property
Chapter 2-The Role of Estate Agents in Buying and Selling Property
Estate Agents
What to expect from an estate agent:
Choosing an agent if selling
Sole agency selling
Joint sole agents
Multiple agency
Buying property using the internet
Selling property using the internet
Ten top tips when selling a property
Chapter 3- Buying a Property-The Practicalities
Considerations when buying a house or flat
Budgeting
Deposits
Stamp duty- What is stamp duty and who pays it?
How much do I have to pay?
Rates on your first home
Other costs
Land Registry
Energy Performance Certificates (EPC’s)
Structural surveys
Mortgage fees-Mortgage indemnity insurance.
Mortgage arrangement fees
Buildings insurance
Removals
Costs of moving
The process of buying a property
Making an offer
Putting your own home on the market
Exchange of contracts
Buying with a friend
Completing a sale
Buying at auction
What is a property auction?
Different types of property auction houses
Those who attend auctions
What types of property are suitable for auction?
Why is property being sold at an auction?
What happens next?
Bidding for a property
How do prospective purchasers find out legal and survey information for the properties in which they are interested?
How is finance arranged?
Can lots be bought before auction?
House swapping
Saving money through swapping homes
Chapter 4- More About Mortgages
Lenders-Banks and building societies
Centralised lenders
Brokers and “independent” financial advisors
How much can you borrow?
Mortgage Market Review
Deposits
Government Help-to-Buy Scheme
Help to Buy equity loan
Equity loan fees
Paying back the loan
Help to Buy ISA
Buying through shared ownership
Older people
Disabled people
Buying more shares
Selling your home
Joint mortgages
Main types of mortgage
Endowment
Repayment mortgages
Pension mortgages
Interest only mortgage
Mixed mortgages
Foreign currency mortgages
Cashbacks
Buy to Let Mortgages
Using price comparison websites
Plan for times when there’s no rent coming in
What to do if you feel that you have been given wrong advice
Borrowing and the internet
Chapter 5-Selling Your Home
Estate agents
DIY Selling
Setting the price if selling yourself
Advertising your property independently
Selling using online agents
Rights when using an online estate agent
Pros and cons of online estate agents
Selling at Auction
Advantages of auction
Chapter 6-Conveyancing a Property
Legal ownership of property
Freehold property
Leasehold property
The lease-Preamble
Check points
Two systems of conveyancing
Registered and unregistered land
Registered land
Production of the Land Certificate
The key steps in the process of conveyancing property
Making enquiry’s before contract
Local land charges search
Local authority searches
Coal mining search
Other enquiries
Planning matters relating to specific properties
The contract for sale
Procedures in the formation of contract
The Contents of a contract
Misdescription
Misrepresentation
Non-disclosure
Signing the contract
Exchanging contracts
Completion
Return of pre-contract deposits
The position of the parties after exchange of contracts
Bankruptcy of the vendor
Bankruptcy of the purchaser
Death of Vendor or purchaser
Chapter 7-Planning Moving Arrangements
DIY moves
Using professionals
Contacting utilities
Chapter 8-Buying and Selling in Scotland
Looking for property
Newspapers
Estate agents
Home reports in Scotland
Making an offer on a Scottish property
Conveyancing for buyers in Scotland
Concluding the missives
Settlement109
Land and Buildings Transaction Tax
Buying a tenement property
Tenement maintenance costs
What is a ‘factor’?
Restrictions of use
Feuhold properties and feu duty
Joint ownership of a Scottish property
Joint ownership
Common property
Help to Buy (Scotland)
How the Scottish property system differs from the rest of the UK
Chapter 9-Buying Overseas
General
European property
Other useful websites:
For the USA
Property overseas generally
Chapter 10-Letting a Property-Sourcing Suitable Tenants and Managing Property
Letting Agents
Online lettings agents
Advertisements
Letting your property through The public sector
Company lets
Short-lets
Student lets
The DSS and housing benefit
Holiday lets
Letting through Airbnb
Showing the property to the tenant
Deposits-Tenancy Deposit Protection Scheme
Moving into a property
Deposits
Rental guarantees
Chapter 11-What Should Be Provided Under the Tenancy
White goods
Furniture
Services
At the end of the tenancy
A word on inventories
Chapter 12-Knowing The Law
Explaining the law
The freehold and the lease
Freehold
Leasehold
The position of the tenant
The assured tenant
The Assured Shorthold tenancy
Getting possession of your property before the end of the tenancy
Tenancy running on after fixed term
Joint tenancies
Evicting assured shorthold tenants
Security of tenure: The ways in which a tenant can lose their home as an assured (shorthold) tenant
The mandatory grounds for possession
The discretionary grounds for possession of a property
Fast track possession
The contract between landlord and tenant
Other types of agreement
The right to quiet enjoyment of a property
Chapter 13-Carrying Out Repairs and Improvements To A Property
Repairs and improvements generally:
The landlord and tenants obligations
Reporting repairs to landlords
The tenants rights whilst repairs are being carried out
Can the landlord put the rent up after doing repairs?
Tenants rights to make improvements to a property
Disabled tenants
Houses in multiple occupation (HMO)
Safety generally for all landlords-the regulations
Furniture Safety
What items are not covered?
Electrical Safety
The availability of grants
Rgulations on Smoke and Carbon Monoxide detectors
Obligations on Landlords to upgrade and maintain insulation
Legionnaire’s disease
Sanitation health and hygiene generally
Chapter 14-Repossessing A Property
Fast-track possession
Rules for Section notices
Section 21 (Form 6A) pre-requisites
Going to court to end the tenancy
Chapter 15-Private Tenancies in Scotland
The new Private Residential Tenancy
What changes has the private residential tenancy brought in?
Person already an assured/short assured tenant
What is a private residential tenancy?
Tenancy agreements
The process that the tenancy can be brought to an end
Rent Increases
Ending a tenancy
Landlord access
Getting repairs carried out
Can a tenant sublet or pass their tenancy on to someone else?
Short assured and assured tenancies
Short assured tenancies
Assured tenancies
Other types of tenancy
Ending a Short assured tenancy
Other tenancy types (excluding the new private residential tenancy)
Ending a tenancy early
If tenants don’t leave
If tenants want to leave
Houses in multiple occupation (HMOs )175
Is the landlord a fit and proper person to hold a licence?
Is the property managed properly?
Does the property meet the required standards?
Safeguarding Tenancy Deposits
Useful websites
Index
INTRODUCTION
As time goes by, we either find ourselves in the middle of a housing market ‘boom’ or a ‘bust’. Currently, at the time of writing, 2019, we are experiencing an erratic cycle in house prices, the London market is growing in certain areas and contracting in others due, it is said, to a lack of new housing. Whatever the cause, home ownership is beyond the reach of many in the South East generally. Other areas outside of London and the South East are showing signs of growth..
However, notwithstanding market conditions, the process of buying and selling a home remains probably the single most important activity undertaken by individuals in their lifetime. The money and effort involved means that it is a process that must be carried out effectively and with a clear knowledge of the elements involved.
There are different people out there buying property, some private individuals and other buy-to-let investors. This book is aimed generally at those who are trying to buy and sell a property, and is al