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Tag: Local Estate Agent

Why use a mortgage adviser?

Posted on by Sophie Winter

When searching for a mortgage, is it better to use a mortgage adviser or approach a bank or building society directly? Keep reading to understand the benefits of getting mortgage advice from an expert.

What does a mortgage adviser do?

A mortgage adviser acts as an intermediary between borrowers and lenders. They gather offers from multiple lenders, and help you to become mortgage-ready. Additionally, they gather important financial details like income, assets, employment records, credit reports, and other relevant information to evaluate your affordability. This information is then forwarded to potential lenders.

Using a mortgage adviser can make the mortgage application process much smoother compared to navigating it solo. In addition to offering expert guidance, they act as a liaison between you and various potential lenders, guaranteeing they secure a deal tailored to your specific requirements and preferences.

When is the best time to get advice?

For the best time and money savings, we advise reaching out to a mortgage adviser at the start of your property search. This approach ensures your adviser is well-informed with your entire mortgage process, and can help you steer clear of any mistakes you might otherwise overlook.

What are the downsides of not using a mortgage adviser?

  • Lacking the guidance of a adviser increases the risk of securing a mortgage deal that may not align with your best interests.
  • Errors in completing your application or not meeting the lender’s criteria could lead to rejection.
  • You’ll miss out on exclusive deals and rates available through adviser, and without a middleman, you’ll need to directly communicate with lenders.

Why not just go directly to lenders?

Some opt to approach a lender directly, such as a bank or building society, rather than using a mortgage adviser, often due to their preference for familiarity. Some may feel inclined to maintain loyalty to their bank, particularly if they’ve been banking with them for an extended period and value the personal interaction.

While you might be more familiar with a lender because of your longstanding banking relationship, it doesn’t guarantee they will offer you the best mortgage deals. Lenders typically have their own range of mortgage options and may not present alternatives beyond their offerings, limiting your access to the full range of available deals.

Are you in need of assistance determining your next steps?

Everyones circumstances are different, and there isn’t a universally correct way to securing a mortgage. We can’t tell you which path to choose, but if you want to get honest, trustworthy mortgage advice, reach out to our partnered mortgage broker The Residential Mortgage Hub today. Their team of advisers will help you work out what you need and what next steps to take.

If you’re looking to sell or let a property please get in touch with a our experts at CR Real Estate today.

Important information

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The actual amount will depend upon your circumstances. The fee is up to 1% but a typical fee is £598.

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How do I sell my land?

Posted on by Sophie Winter

If you’ve come into possession of developable land through inheritance or simply are tired of gardening duties, now is an ideal time to consider your selling options. In this blog, we’ll explore the various approaches you can take and the best selling option suited to your needs.

What are the different options?

Typically, there are four methods for selling your land:

  • Outright sale
  • Sale subject to planning
  • Sale with existing planning permission
  • Promotional agreements

Naturally, the choice of sales option will depend on your specific situation. That’s why it’s vital to explore every path with the help from a land expert before committing to any decision.

Unconditional sale

If you’re in a rush to sell, this might be the most suitable choice for you. With an unconditional sale, you’re selling the land in its current state. This means without planning permission and offering no assurance of future development potential.

Should a buyer present an offer, the risk they assume will be reflected in the price they propose. Additionally, the buyer will also factor in the time and financial resources necessary to pursue planning approval when making their offer.

When everything is tallied, depending on factors like size, location, and market demand for your land, the risk element can significantly impact your financial outcome.

Our recommendation? If time isn’t of the essence, it might be wise to consider alternative avenues.

Subject to planning

Also referred to as a ‘conditional contract’ or an ‘option agreement’, the subject-to-planning method is the most common selling approach for good reason.

Under this arrangement, the buyer retains the option to retract from the transaction should the planning application fail. Ultimately, it means that they are willing to offer a slightly higher price for your land, recognising that the financial risk is lower compared to an unconditional sale.

However, before committing to a conditional contract, it’s essential to consider the timeframe involved. Even if a buyer expresses interest in your land, this sales approach can be time-consuming. It can often take months, and sometimes even years, for planning permission to be secured and for funds to be paid out.

Undoubtedly, it’s a slow burner! But, if you have the luxury of time and aren’t in urgent need of cash, this could be the best choice for you.

Selling with planning permission

Selling land with planning permission puts you in a strong financial position. And it allows you to request a premium price for your property.

Often referred to as ‘shovel-ready,’ this type of sale indicates that the site has obtained all necessary approvals and technical assessments, making it highly attractive to potential buyers.

With the reduced risk and enhanced convenience associated with these transactions, buyers have the flexibility to proceed with their development plans, adjusting details like the number and mix of housing units according to their preferences.

As you may have gathered, this option offers a fast-track route for buyers. So make sure that your price reflects having the added value of secured planning permission.

If you’re wondering how much planning permission can affect pricing, land with outline consent to build housing can be worth up to eight times more than land without approved planning.

So, if you’re in no rush, this option undoubtedly has the potential for maximising your profit. But remember, various factors influence land value, including:

  • Demand for land in your area
  • Accessibility
  • Local available services and amenities
  • Market trends – i.e value and property prices
  • Physical attributes and characteristics

Promotional agreements

Commonly associated with larger pieces of land, promotional agreements entail developers leveraging their financial resources, expertise, and industry knowledge to navigate the planning process with the goal of obtaining planning permission.

Once permission is secured, the landowner agrees to sell their land, with the promoter receiving a predetermined share of the sale proceeds. The percentage of the promoter’s share depends on various factors. These can include the size and location of the land and the level of risk involved.

With this arrangement, the landowner is not burdened with any financial risks—the responsibility lies entirely with the developer (promoter). From the outset, the developer is expected to finance the entire process, including legal expenses associated with initiating the agreement.

This approach alleviates financial concerns for the landowner and is certainly worth considering as a viable selling option.

Have you got a piece of land to sell?

If you have a site that may be suitable for a new housing development, you might have a golden opportunity. Given the current high demand for land in the UK, now is an ideal time to explore these methods to sell your land.

For more advice on how to sell your land, get in touch with a our experts at CR Real Estate today.

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A guide to downsizing your home

Posted on by Sophie Winter

After dedicating years to climbing the property ladder, the idea of moving to a smaller home may leave you feeling unsure. However, downsizing not only offers immediate financial benefits but can also lead to long-term savings and open up new opportunities.

To help you in make an informed decision, we’ve compiled a comprehensive guide to downsizing your home. Drawing from our extensive experience in helping hundreds clients through this process, we offer valuable tips and strategies to support you along the way.

Is it worth downsizing your home? 

Determining whether downsizing your home aligns with your needs is a decision that rests solely with you. Before reaching a conclusion, it’s crucial to weigh various factors, including your financial situation and space requirements. Here, we’ve gathered some of these considerations along with responses to common questions asked by our clients.

What to consider when downsizing your home

When thinking about downsizing your home, it’s essential to take into account various factors. Before making a decision, consider the following:

  • Your finance: Downsizing could lead to a smaller mortgage, resulting in reduced monthly payments or even achieving a mortgage-free status. Additionally, there may be savings on council tax, heating, and electricity expenses.
  • Maintenance: Larger homes often require more upkeep, which can become overwhelming. If you’re feeling burdened by maintenance tasks, a smaller home might be more manageable.
  • Your new home: Remember that this is still a move. Can you afford the property you want? Do you know what you want from your next home? 
  • Associated costs: Each move has its own expenses, including removal costs and stamp duty. It’s crucial to factor these costs into your decision-making process.
  • Flexibility: Consider whether having extra space is essential for hosting guests, pursuing hobbies that require ample room, or potentially renting out space. Evaluate whether you’re willing to give up this flexibility.
  • Long-term plans: If you’re not sure where you want to live for the longer term, perhaps for your retirement, you may want to hold off on downsizing so as not to go through the upheaval of another move. This will also save you the costs of multiple moves. 
  • Motivations: Reflect on why you’re considering downsizing. Ensure that your decision aligns with your genuine motivations to prevent potential regrets post-move.

What happens to my mortgage if I downsize?

Depending on the value of both your previous and new homes, you might secure a reduced mortgage or none at all.

If the sale of your old home provides you with more than the value of your old mortgage, you can use the money to pay off that mortgage. You would then use the remaining money to take out a mortgage on your new home. Downsizing to a home of a lower value means that your monthly mortgage payments will be lower. Depending on the value of your old home and the size of your new mortgage, you may even have some money left over.

Alternatively, if the proceeds from the sale of your old home can pay off your old mortgage and buy your new home outright, you’ll have no mortgage at all! If you would like advice on your mortgage please contact our partnered mortgage broker The Residential Mortgage Hub – click here to book an appointment.

Is it worth downsizing to be mortgage-free? 

Every homeowner dreams of being mortgage-free, and downsizing presents an excellent opportunity to make that dream a reality. If the proceeds from selling your current home are sufficient to clear your mortgage and cover the expenses of your new property, you’ll enjoy:

  • Reduced monthly expenses: Eliminating monthly mortgage payments eases financial strain, particularly as retirement approaches.
  • Better financial security: Owning your home outright gives you increased financial freedom, especially if you’re approaching retirement. 
  • Greater opportunities: Freed from mortgage obligations, you can redirect funds towards savings, investments, luxury holidays, or providing support to family members.

However, it’s important to acknowledge that downsizing entails its own costs, and the decision involves your cherished home. While achieving mortgage-free status is undeniably appealing, it’s wise not to part with a beloved home unnecessarily.

Before making any major decisions, seek advice from a financial advisor and consult your mortgage lender to assess the most suitable course of action.

When to downsize your home

Deciding when to downsize is as personal as determining whether downsizing is the right choice at all. Ultimately, only you can decide the timing that feels right for you.

Some opt to downsize as soon as the move will help them become mortgage-free. Others wait until they begin planning for retirement, while some postpone until after retirement, once they’ve mapped out their next steps.

It’s important to consider that downsizing can lead to reduced monthly expenses, even if a mortgage is still in place. From a financial standpoint, downsizing sooner rather than later often makes sense.

On the other hand, if your children aren’t settled in their life away from home just yet, you may want to hang on to the extra space in case you need it. Alternatively, if they’ve started their own families, having space for visits or sleepovers with grandchildren could be a priority.

Ultimately, only you can decide when it’s time to downsize. If you’re uncertain about the financial implications, consulting a financial advisor is advisable to gain clarity and make an informed choice tailored to your needs.

Is now the right time to Downsize for you?

If downsizing aligns with your needs and the timing is right too, don’t hesitate to get in touch with one of our team members today to find out how we can help you downsize your home and start your next chapter. We have a proven track record of helping many clients in finding their ideal homes by listening to their requirements and using our local knowledge to find suitable properties.

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Landlords: why going fully managed could help you

Posted on by Sophie Winter

We recognise that handling a property can become both time-consuming and costly. That’s why we suggest entrusting your property to a professional agent with a fully managed service.

Whether you’re a new landlord or a seasoned property investor of one week or ten years, there’s one thing we can all agree on: managing your property can be challenging. When renting out a property, the need to be accessible to tenants becomes priority. Many landlords and property investors find it challenging to manage multiple properties on their own, especially during busy seasons and holidays, which only adds pressure to these responsibilities.

How can we help you?

This is where a reliable letting agent can play a vital role. Our skilled experts at CR Real Estate can assist in saving you time by overseeing your rental property, handling financial paperwork, and dealing with tenant management.

We understand the significance of time, particularly during busy periods. Our lettings team are here to assist with tenant enquiries, maintenance issues, and much more with our fully managed service. Our expertise will allow you to enjoy holidays and day-to-day living without interruptions from tenants and issues. We offer regular check-ins on your property to ensure it stays well-maintained, which reduces the chances of unexpected expenses that might add extra stress.

From a financial standpoint, the benefits of opting for a fully managed property agent are clear. We can guide you through the complex landscape of property management and enhance your investment for optimal returns. By efficiently managing tasks such as rent collection and property inspections, we ensure your investment is optimised.

Compliancy made simple

The legal responsibilities facing landlords today have significantly increased compared to just a few years ago. Ensuring you’re well-versed in these matters is crucial to avoid hefty fines that could transform your buy-to-let aspirations into a nightmare.

Legislation is notorious for its constant changes, making it challenging to stay updated on all the details. Having a team of experts by your side is invaluable in today’s dynamic environment. As a reputable letting agent we stay informed about any regulatory changes impacting your property investment and present your options in a clear and understandable manner.

Finding tenants isn’t as easy as it once was

There have been significant changes in the rental market, including shifts in tenant expectations. While the demand for quality homes remains high in many areas, tenants are no longer willing to settle for subpar properties or inadequate landlord services. With rental costs consuming a considerable portion of people’s incomes, it’s understandable that they expect nothing less than what they deserve.

Additionally, the challenges in the property buying market have contributed to a ripple effect in the rental sector. Tenancy durations are extending, with many lasting four years or more nowadays. This increased commitment from tenants emphasises the importance of professionalism in attracting the best renters.

Opting for full management services ensures representation by a trusted name that tenants can rely on. This instills confidence in potential renters and significantly improves the chances of finding the right tenant for your property. Additionally, with experienced valuers and negotiators working on your behalf, you stand to secure the best rental price—a clear win-win situation.

Want to discuss your rental property and becoming fully managed?

Don’t hesitate any longer! Give yourself the luxury of time, savings, and a stress-free 2024 — all made achievable through the expert care of our property management agents!

Got a property or portfolio you’d like managed in Medway or any of the surrounding areas in Kent? We’re here to help! Simply get in touch with our dedicated lettings team to find out more about how we can help you become more hands-off with your investment.

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February revealed as the best month for selling homes

Posted on by Sophie Winter

Based on an analysis by Rightmove, the UK’s largest property website, February stands out as the optimal month for selling homes. Offering those who list a property for sale with the greatest chance of securing a buyer quickly.

The study, based on millions of properties listed since 2012 (excluding 2020 due to the Covid pandemic), revealed that, on average, homes listed in February took 51 days to find a buyer. This surpasses March by a day and aligns with January. Additionally, approximately 66.4% of homes listed in February successfully found buyers. This shares the top spot with April and narrowly surpasses March’s 66.3%.

Moreover, February listings show the highest probability of completing a sale and the lowest likelihood of being withdrawn by the owner. Rightmove emphasised that March also ranked high in the analysis. The data underscores that those preparing to sell at the onset of spring position themselves better for a successful move in 2024.

Whats happening in the current property market?

The current property market shows an 8% increase in the number of buyers contacting agents about homes for sale compared to the previous year, accompanied by an 11% rise in the number of new properties listed by sellers.

But we understand that you can’t always plan or predict when a move is needed. But for those who have the flexibility to move whenever desired we advise from our experience in selling homes the strength of the market is particularly higher at the beginning of the year. Ultimately, the best time to get moving is the time that’s right for you. And our team of experts are here to help you whenever you need us.

Want to find out how much your home is worth?

If you are considering selling your home or simply want an idea of what it may be worth – please contact our expert team today to see how we can help you. 

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How to value garden land

Posted on by Sophie Winter

Thinking of selling your garden land? It’s important to determine its value accurately. While valuing land can be complex, understanding the right method and factors affecting its value can help you estimate its worth effectively.

CR Real Estate are here to help with our land valuation guide, perfect for sellers looking to learn about calculating land prices, choosing the best valuation method for their property type, understanding the benefits of valuing land, and more.

What is garden land?

Garden land, as the name suggests, refers to land associated with a property. In the property context, it is land that homeowners can sell to buyers intending to utilise the space for purposes such as additional development, land assembly, or commercial use.

How do you calculate garden land value?

The price of land per square meter in the UK varies depending on the location. A study conducted by The Grass People examined 50 locations across the UK, revealing an average price of £1,526 per square meter. The valuation of garden land considers several factors, including location, size, zoning, topography, and development potential. Various methods are used for land valuation:

  1. Sales comparison method – This involves comparing the property to recent sales of similar properties in the area.
  2. Income method – This estimates the income the land can generate over time.
  3. Cost method – This estimates the cost of replacing the property, minus depreciation.

What is the best method for valuing land?

The approach for valuing land varies based on the property type and the reason behind the valuation. For those involved in the sale or purchase of garden land, the sales comparison method is commonly used. On the other hand, if the land is intended for commercial or investment use, then the income method might be a more suitable.

Factors considered during a land valuation

Various factors can influence the valuation of garden land in the UK, including:

  1. Location: The land’s value is significantly influenced by its location. Properties situated in sought-after areas with excellent transportation links, amenities, and good schools tend to have higher value compared to those in less desirable locations.
  2. Size: In general, larger properties tend to be more valuable than smaller ones. But this can be dependent on the specific area.
  3. Zoning: Properties designated for commercial or residential use typically have higher value than those zoned for agricultural or other purposes.
  4. Development Potential: Land with potential for residential or commercial development is usually more valuable than land with limited development possibilities.
  5. Development Controls: When developing garden land, the construction will be governed by various rules and regulations. These include land use, land tax, premise level, and floor area ratio. These factors are considered in determining the land’s price.
  6. Land Records: Verified records of past purchases and buyers are crucial for establishing ownership and resolving disputes. Land lacking proper verification may be cheaper but comes with the risk of potential disputes.
  7. Topography: The land’s topography, including slope, drainage, and soil quality, can impact its value. For instance, land on a slope or hill may be more expensive due to construction costs.
  8. Access: Accessibility to roads, public transport, and amenities is an essential consideration. Well-accessible properties generally have higher value than those with poor access.
  9. Age of Structure: While more commonly applied to built properties, the age of structures in the vicinity can also affect land value. Land in areas surrounded by older buildings may be considered less valuable compared to land in newer developments.

Benefits of having your land valued

Knowing the value of garden land offers numerous advantages. For sellers, understanding the land’s value can help you set a realistic asking price and negotiate with potential buyers. For buyers, having knowledge of the land’s value will help to avoid you overpaying and making informed decisions regarding the purchase. Additionally, land valuation can also be beneficial for tax-related purposes. These include the calculation of capital gains tax, inheritance tax, or stamp duty land tax.

How do I value my plot of land?

We would always recommend seeking guidance from a professional valuer or an experienced estate agent familiar with conducting land valuations in your area. Their services are crucial for establishing a realistic asking price. If the price is set too high, assistance may be required in finding a buyer, whereas setting it too low could result in missed potential profits. It’s essential to bear in mind that the value of land is subject to fluctuations over time, making it advisable to obtain a fresh valuation if the land remains unsold within a reasonable timeframe.

For those in the process of buying land, a professional valuation can help to determin the fairness of the asking price. They will also help evaluate the land as an investment opportunity. Consider hiring a surveyor to examine the land’s condition and identify any potential issues.

Looking for a land expert?

If you are considering selling your land or want a valuation, why not contact our expert team today to discuss this opportunity and how we can help you. 

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5 reasons to use a buy-to-let mortgage broker

Posted on by Sophie Winter

When you need a new buy-to-let mortgage, of course you can go directly to a lender yourself. But if you do, you might not be getting the right deal over the lifetime of your investment, so is it sensible?

There are five very good reasons why you should speak to a mortgage broker for the financing of your buy-to-let property. Each of which can really benefit you and the profitability of your property investment:

Expert knowledge

If you’re not a mortgage broker, it’s highly unlikely that you’ll know of every aspect when applying for, and progressing, a mortgage. This could lead to you wasting a lot of time and effort trying to work your way through your options, only to end up with a deal that a broker could easily better.

More importantly, there’s a possibility that you might not provide all the necessary information to the lender in the correct way. You may also unwittingly leave out things that are critical to securing the right mortgage.

Lenders typically have varied criteria and regulations based on how you intend to let the property. Specialised mortgages are necessary for properties like HMOs. Also if you intend to let to tenants on benefits, you’re likely to be restricted in your choice of financing.

Access to a wide range of mortgage deals

A mortgage broker will have access to a vast range of products available in the market. They will work to effectively source the most suitable one for your specific circumstances.

Speed on limited-time deals

Certain deals are only available for a very limited time. Often only those with a buy-to-let specialist broker may have the opportunity to secure them. In these cases, it’s essential to work with someone who is experienced and knows exactly what to do and when, so that the administration is done correctly from the outset.

Working with underwriters

If you work with an experienced mortgage broker who has been handling buy-to-let cases for a number of years, they will have created relationships with underwriters and other key people who can help progress your application as quickly as possible.

They’ll be able to get answers to your questions quickly, and a well-connected broker can be the determining factor in successfully obtaining the necessary financing as opposed to a deal falling through.

Regular reviews

A qualified mortgage broker will keep up-to-date with all the latest regulations and new deals. They will also let you know about the optimal times to consider switching your mortgage. Many brokers are also happy to work with your financial adviser to help ensure your investment keeps delivering the best returns.

Looking for a buy-to-let mortgage broker?

At CR Real Estate, we work with a local Kent broker who are buy-to-let specialists. Their friendly team are always happy to speak to landlords about their mortgage borrowing. If you’d like a review of your portfolio, or have any other questions, please get in contact with The Residential Mortgage Hub.

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Important information

There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to meet the cost of the mortgage. Your property may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount will depend upon your circumstances. The fee is up to 1% but a typical fee is £598.

Benefits of selling with an independent estate agent

Posted on by Sophie Winter

Despite the growing demand for properties in Kent, many homeowners still find selling their property to be a difficult task. In this competitive market, you need to make your house stand out from the rest of the crowd by effectively market your property, and manage numerous legal and administrative issues.

This is where the services of an estate agent are here to help. We have the expertise and proficiency to make the process much smoother. We will be able to help you to sell your home conveniently, faster, and at a better price. Hence, this is why most people turn to independent estate agents for support.

There are several benefits to selling your home with the assistance of an independent estate agent.

An independent estate agent is familiar with the area

When it comes to selling or presenting any property, local knowledge goes a long way. In comparison to an online or larger agent who doesn’t have this knowledge, an independent local estate agent, who is likely to have a database of potential buyers, who knows the market, and where you can get all of the required information and facts about the property, will deliver a more specialised and personalised service.

A knowledgeable agent can provide information that extends beyond knowing the local bus or train routes, which can easily be found online. They will be more familiar with the area. And their presence will allow them to not only attract buyers to the property itself but also highlight the appeal of the surrounding area. This enables them to effectively market properties using the most impactful strategies available.

Independent estate agents have built a name, trust, and relationships in the community

The fact that a local independent estate agent from the area is likely to be well-known and recommended has significant appeal. If they have assisted a number of other homeowners in finding their dream house or selling their property, they naturally inspire confidence and trust, qualities that individuals seek when navigating the process of buying or selling a house.

Additionally, having your property promoted or advertised by a local independent estate agency can greatly enhance its visibility. It can also ensure that information about your home spreads swiftly, reaching a broader audience.

An independent real estate agent will devote more time and attention to you

A local independent estate agent will dedicate ample time and personalised attention to your needs. In contrast, agents from larger firms often have specific targets and handle extensive portfolios. Consequently, they might lack in-depth knowledge about your property and struggle to fully understand your requirements due to time constraints. They may not have the opportunity to familiarise themselves with your home thoroughly, offer tailored advice, or help you enhance its presentation.

Opting for an independent estate agent can provide peace of mind when you’re selling your home or looking for reassurance throughout the selling process.

Final Thoughts

Do you want to talk to our team about the benefits of selling with a local and independent estate agent? You can contact our experts at CR Real Estate to learn more.

We would be delighted to hear from you and assist you with all of your estate agent requirements. We will provide you with the finest quality service and ensure you receive the best support that you deserve.

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