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Buyer Beware: What a Surveyor Really Looks For

A surveyor’s job is to examine a property and highlight any potential issues that could cost you later on. A survey is your safety net. Without one, you may find yourself facing expensive repairs you didn’t see coming.

Surveyors look for a range of issues, from structural damage to dampness. They’ll check the foundations, the roof, and the overall integrity of the building. These might not be things you’d notice on a quick viewing, but they could be costly to fix. Cracks in the walls? A red flag for potential structural issues. Water stains on the ceiling? That could point to a leaky roof or plumbing problems. Damp is another common issue, often hidden behind walls, which could lead to mould and long-term damage if not addressed.

But it’s not just the obvious structural concerns. Surveyors also check for electrical problems, which can be dangerous if left unchecked. Old wiring, faulty sockets, or improper installations could be a safety hazard. Don’t forget about the heating system too – a surveyor will ensure it’s working efficiently. A poor heating system can make a property uncomfortable and costly to run.

Now, here’s the thing – while you can’t always spot these issues yourself, a surveyor can. They know what to look for and will give you a clear picture of the property's condition. If the survey reveals issues, you’ll be in a much better position to negotiate with the seller or decide whether to proceed with the purchase.

Don’t skip this step. Booking a property survey is an investment that can save you from unexpected costs down the line. It’s a small price to pay for peace of mind.

Tips for Buying Leasehold Flats in the UK

However, before committing to a leasehold, it’s essential to understand the unique considerations that come with it. Leasehold ownership means you own the property for a set number of years, but the land it sits on is owned by someone else – typically a freeholder. This can affect everything from the length of the lease to the cost of maintenance and ground rent, so it’s vital to approach with the right information.

One of the first things to check is the length of the lease. If the lease has fewer than 80 years left, it could significantly impact the value of the property and make it more difficult to secure a mortgage. If you find a property you’re interested in, it's a good idea to ask the seller to extend the lease before you proceed with the purchase. This can help avoid complications later on.

Next, it’s essential to review the ground rent and service charges. Ground rent is the amount you pay to the freeholder for the land the property is on. Some leasehold agreements have increasing ground rent clauses, so it’s important to check whether this is the case for the property you're considering. Similarly, service charges cover the cost of maintaining the building and communal areas, and these can vary significantly depending on the property’s size and location.

Another point to consider is the leasehold’s restrictions. These may include anything from restrictions on pets to limitations on making alterations to the property. Understanding these restrictions upfront can save you from potential frustrations down the line.

Buying a leasehold property can be a great investment, but it's crucial to go into it well-informed. If you're looking to purchase a leasehold property, be sure to consult with a legal professional and a property agent who understands the ins and outs of leasehold agreements. They can guide you through the process, ensuring you make the right decisions every step of the way.

Ready to explore leasehold properties? Get in touch with us today and let us help you find the perfect home.

Capital Gains Tax: What Property Sellers Need to Know

This tax applies to the profit you make when selling a property that is not your primary residence, such as a second home, rental property, or a buy-to-let investment. Understanding how CGT works can help you avoid any surprises when it comes to your tax bill.

The first thing to note is that CGT is calculated on the profit you make from selling the property, not the full sale price. This means that if you bought a property for £200,000 and sell it for £300,000, your taxable gain would be £100,000. However, you can reduce this gain with allowable costs, such as the purchase price, improvement costs (not maintenance), and any professional fees like solicitor or estate agent costs.

In some cases, you may qualify for exemptions that reduce or eliminate CGT. For instance, if the property you’re selling has been your primary residence for the entire period of ownership, you may be eligible for Private Residence Relief, which can exempt you from paying CGT altogether. However, if the property has been used for rental purposes or as a second home, you may not be eligible for this relief.

It’s also important to keep track of your annual CGT allowance. Each tax year, there is a tax-free allowance for gains made, known as the annual exempt amount. For the 2025/2026 tax year, this amount is set at £12,300, meaning any gain below this threshold won’t be taxed. If your gains exceed this amount, CGT will apply to the excess.

Understanding CGT is crucial when planning to sell a property. If you’re uncertain about your liability or want to ensure you’re fully compliant, it’s wise to consult with a tax advisor or an experienced estate agent. They can help you navigate the complexities of CGT and make sure you’re well-prepared for the sale.

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Thinking of Selling or Remortgaging? Why a Fresh Valuation Matters

Property values can fluctuate for a number of reasons, such as market conditions, changes in local infrastructure, or the condition of your home. A valuation will give you an accurate picture of your property's current worth, helping you make more informed choices moving forward.

For those looking to sell, a fresh valuation allows you to set a realistic asking price. Overpricing can lead to your property sitting on the market for too long, while underpricing may result in you leaving money on the table. An accurate valuation ensures that you can strike the right balance, attracting potential buyers without compromising on value. It also helps in understanding where your property stands in comparison to others in your area, giving you an edge in a competitive market.

If you’re thinking of remortgaging, a fresh valuation is just as important. Lenders will use this figure to determine how much you can borrow and at what interest rate. A higher valuation can mean access to better deals and more borrowing power, potentially saving you money in the long run. Conversely, if your property’s value has decreased, it may impact the loan-to-value ratio, which could result in higher interest rates or even difficulty securing a remortgage.

Having an up-to-date valuation also helps you plan for the future. Whether you want to make improvements to increase your property’s value or you’re evaluating the current equity you have, knowing exactly where your property stands is invaluable. To make the most out of selling or remortgaging, getting a fresh valuation is a smart move.

Reach out to us today for expert advice.