Author: colin_williams

There are many things to consider when buying to let and it is essential that all investors and landlords undertake a level of research before purchasing property. Even landlords who are investing in a local area or an area they know well should carry out due diligence on a property, an area and on their finances.

With this in mind, there are a number of factors that would suggest Petersfield is a good investment. This may be a market town in East Hampshire, with a population around the 15,000 level, but it has plenty to offer. With a train connection to Portsmouth, which lies 17 miles away, and being located on the Portsmouth Direct Line which connects to London, it is easy to see Petersfield as an area that will be attractive to commuters.

The average value of property in Petersfield, as of September 2017, stands at £507,965 and the average price paid for property in the past 12 months stands at £474,490. In the past six months, the average price paid for property in Petersfield stands at £454,637. This should ensure that there is good value to be found.

Consider the rental yield when considering a property investment

Of course, when looking to determine whether an area represents good value and is a sound investment, a buyer cannot just consider the price. The expected rental yield is important and in the GU31 postcode area of Petersfield, there is an expected rental yield of 4.76% for a one bedroom property. For a two bedroom property in this part of Petersfield, the expected rental yield stands at 4.443% and a three bedroom property will offer a yield of 3.72%. There is an expected rental yield of 3.13% for a four bedroom property and a five bedroom property provides an expected rental yield of 4.43%.

In the GU32 postcode area of Petersfield, there is an expected rental yield of 5.3% for a one bedroom property while a two bedroom property offers an expected rental yield of 4.27%. There is a 2.94% return for a three bedroom property, a 4.02% expected rental yield for a four bedroom property and there is a 2.90% expected rental yield for a five bedroom property in the GU32 postcode area.

The cost of property impacts on expected rental yield

The stand-out properties in Petersfield with respect to expected rental yields would be a one bedroom property in both of the postcode areas. This can be seen as a reflection of the cost of this style of property, which should be more affordable than larger homes. The cost of a property has a big impact on the overall yield an investor should expect, so this stands to reason.

Given that Petersfield has a lot to offer tenants, which should ensure there is a good level of demand for rental accommodation, and that there are affordable property options with an appealing return, it is fair to say that Petersfield is worth considering as a good investment area.

Thinking of buying a property as an investment then please contact us.

 

Williams of Petersfield are delighted to announce that March 2017 was their most successful month ever for arranging new sales. Our ability to bespoke the marketing of our clients homes to suit them and their home, as lead to unprecedented demand and attracted the most suitable buyers to their property. We believe in advising our clients honestly, especially when it comes to the pricing of their home and we can advise our clients on how to attractive the most suitable buyers, whether that advice is to gain the quickest sale, or whether it is designed to get the best price available, our valuers; Colin Williams, Andrew Woodcraft and Chris Sullivan conduct extensive market research on pricing and comparable homes before each property is marketed, to help our customers move smoothly.

If you are considering a move in the near future, why not get in touch and we can discuss your moving requirements and would love to assist you buy or sell your home.

There are so many buzzwords out there when it comes to property that it’s difficult to know exactly what they all mean. I will be giving you a list of the jargon people like to use and what these terms really mean.

Assured Shorthold Tenancy:

This is a widely used rental agreement that covers 3 important factors. The tenant is an individual, the net rent does not exceed £25000 a year and the agreement covers a fixed period so both parties know when the property will be vacated.

Break Clause:

A break clause is a clause sometimes agreed by the tenant and the landlord which is inserted into a fixed term agreement, typically if the initial fixed term is for over a year in length. This will allow either the landlord or the tenant to give written notice after a certain date or period of the tenancy in order to end the tenancy earlier than the original fixed term.

Bridging Loan:

A temporary short-term loan that allows you purchase a property before you sell your current one.

Chain:

A chain is formed when several property sales are all linked and dependant on each other. A chain can be quite complicated, but a good estate agent will keep it moving.

Completion Statement:

A document that your solicitor or conveyancer will give you that provides a record of all the financial records and costs.

Contract Race:

This happens when two or more potential buyers are given a draft contract and the first one to exchange contracts buys the property.

Conveyancer:

A representative who deals with all the legal aspects of buying or selling a property. Both the buyer and the seller will each have their own conveyancer.

The Deposit Protection Service:

The DPS is the only scheme authorised by the Government and is free to use by all landlords and letting agents. A tenant’s deposit is required to be paid to the DPS for the entire duration of the tenancy. The amount is then paid back at the end of the tenancy after an agreement has been reached by both parties.

Gazumping:

Gazumping occurs after a seller has agreed a certain price with the buyer and then accepts a higher offer from another buyer. It is worth noting however, that until the contracts are exchanged, estate agents are bound by law to tell a seller about any offer they receive for a property.

Gazundering:

This is where a buyer reduces their offer just at the point of exchanging contracts.

Homebuyer Report:

This is a report that’s designed to be easily read by the buyer that informs a buyer of the physical condition of a property. Defects to the property are listed and graded for their seriousness and need for attention.

Mortgage Valuation:

Usually incorrectly referred to as a “mortgage survey”, a mortgage valuation is carried out by a surveyor on behalf of a lender to provide them with a report stating the value of the property. The purchaser usually pays the fee for this.

Negative Equity:

Where the sale value of a property is worth less than the amount outstanding on the property.

Open Market Value:

The likely sale price of a property assuming a willing seller and buyer, and a reasonable period of publicity, marketing and no special factors affecting the property.

Peppercorn Rent:

A very small sum of rent. In the past it was literally a peppercorn.

Preliminary Enquiries:

After a sale is agreed, the buyer’s conveyancer will send the seller’s conveyancer a standard list of questions regarding the property.

The Property Ombudsman:

The property Ombudsman are a free and independent service that resolve disputes between sales and letting agents which are members of The Property Ombudsman and buyers/sellers of residential property in the UK.

Tenancy Deposit Scheme:

An insurance scheme run by The Dispute Service Ltd. Used for the protection of tenancy deposits and the resolution of disputes between landlord’s agents and tenants concerning the return of deposits at the end of the tenancy.

Transfer Document:

The final legally binding document that transfers the property and all its rights to the buyer from the seller.

Petersfield is an old English town founded back in the middle ages. With such a rich and interesting history, here are 12 interesting historical facts about Petersfield.

1. The town of Petersfield was founded in the 12th century by the Earl of Gloucester. The Earl who owned the land in the area built a church dedicated to Saint Peter and the surrounding area was then known as St. Peter’s Field.

2. The prosperity of Petersfield was based on wool and leather tanning, with most the local population living by weaving and tanning leather.

3. In 1568 Petersfield suffered an outbreak of the plague, despite this however, the population rose to a respectable (at the time) 1000!

4. By the 18th century, the wool trade had declined and Petersfield became a small and quiet market town.

5. In 1722 Richard Churcher left money in his will to create a school for Petersfield. This school was created in part to teach boys things like navigation in preparation for working for the East India Company.

6. In 1735, the east of Petersfield was a common area where the townspeople had the right to graze their cattle. Part of this land however was boggy and some animals drowned in it. The citizens however came together and dredged the bog, creating Petersfield Pond.

7. By the time, of the first census in 1801, Petersfield’s population was 2100. While its importance had declined, there were still 27 stagecoaches passing through Petersfield providing prosperity to the residents of the town.

8. In 1859 the railway reaches Petersfield, connecting it to London and Portsmouth.

9. A lot happened between 1852 and 1884, with gas street lighting arriving in 1852, a police station being opened in 1858, a corn exchange was built in 1866 and a cottage hospital opened in 1871. In 1884 a system of sewers and drains were built.

10. In 1901, the very first festival of music was held, and the two fairs that were held in Petersfield since the middle ages were closed.

11. During the depression in 1933, citizens formed the Petersfield Community Service Committee, they provided land, tools and seeds for the unemployed to grow food.

12. In the 1960’s, the centre of Petersfield was redeveloped with many historical buildings being torn down and replaced. And in 1963, the cattle market which had met since the 17 th century came to an end.

Moving house can be one of the biggest and most stressful experiences you can have if you are not prepared for things to not go according to plan. A good way to reduce the stress when it comes to a big thing like moving is to take care while planning so that you have backup plans, but keep in mind that you can’t plan for every eventuality. Keeping track of money can also be an added stress while moving as there can be many people involved with the moving process, you can have piles of documents and money going to so many people for different things and moving through different hands. You may also experience delays due to different conditions like weather, traffic, illness etc. with things getting complicated, as long as you have worked out each step with your estate agent, they will be able to give you advice and come up with back up plans if and when needed. These 5 unexpected pitfalls will also be able to help you realise when things are going wrong and help you on your big day of moving in to your new home.

Issues with your new home upon arrival

When you are setting up your contracts and getting all your documentation ready, the condition your new home has been left in may affect your plans, things like what fittings will be left for you and any issues found due to your survey. Making sure this is all correct with the help of your estate agent from the get-go will protect you when you arrive at your new property for any damage that might be left, so make sure your property insurance is in place as the seller should let you know of any damage once your contract is signed.

Beware of lengthy chains

Some sellers like to sell their properties extremely quickly and may have multiple offers on the table and start a contract race. This can be really stressful and incur additional cost, but if you want to pull out of the race then you have every right to do so. So make sure you have all the contract and legal information done and check with your estate agent to make sure you don’t lose your property at the last second.

Don’t be a victim when moving home

When you are looking for the best removal company for you, ask your estate agent their advice as they will have a list of all the best companies in your area and budget. One thing you must always do is check the company’s feedback and their social media platforms as this will allow you to check peoples comments and reviews from other customers who have used their services. The last thing you need is to hire a cowboy company as your belongings may be damaged and that the price they say when booking isn’t always the price on the day.

Get the right estate agent and solicitor

It is essential from the beginning that you get the right estate agent and solicitor from a reputable company, so take your time and really look for the right one as this will help if anything goes wrong further down the line. It’s more important to go for an estate agent that will work with you during this process rather than just the cheapest one you can find. If in doubt, when looking for a solicitor, then ask your estate agent to help find the perfect one for you, this is essential because if anything goes wrong, have the back-up you need to protect yourself.

Protect yourself

Buyers have the option to have a more in-depth survey done to protect themselves and their interests. This is called a homebuyers report or a building survey. This will identify any other issues that the property has that may not have been visible during the viewing and might affect the original mortgage evaluation and could also affect the value.

Moving house can be a very busy time full of surprises and stress. It’s important to take some time and just take a breath once in a while. Although there is a lot to remember when moving, it is all achievable. A good way to try finish everything before the move date is to write everything down on sticky notes so you can remove a note each time something is completed. Here a few points to write on those sticky notes:

Check the new house is insured

It’s always good the check what insurance is already on the house you have bought so you can purchase the relevant insurance. This can be done up to 30 days prior to moving in so you can schedule it to start on the day you pick up the keys!

Let everyone know your change in address

Email, text, call, write a letter to everyone and anyone you know to inform them of the move. You don’t want to miss out on any letters or visitors going to your old house. This also includes the company you work for, gas companies, your banks, local government so you can still vote, TV companies. Any company you are linked to will need to be informed so they can bill to the correct address and have the correct details on file. Leave no one out, even if at the time they seem unimportant, in a year’s time, they could be.

Re-direct mail

Arrange for your mail to get re-directed to your new address by the Royal Mail. This will protect your personal information from getting stolen, especially if the mail is from the bank. There’s a small charge for this to happen but it’s worth it to be able to stop your important documents being seen. 6 to 12 months is usually enough time to redirect your mail as it gives you enough time to contact everyone that needs to be, and, if you haven’t spoken to that person in a year, then they obviously aren’t worthy of the new address!

Finish the food in your freezer

It’s very unlikely that you can move your freezer without the food inside defrosting and getting lost. Make sure you use up the food from it in the weeks leading up to the move so you don’t waste any of it. If this isn’t possible, ask a friend to store the leftover food until the time you’re able to store it in the new house.

Get enough cardboard boxes

Make sure you have enough boxes to be able to pack all your possessions away safely for the move. You don’t want to over pack your boxes or under pack them as that’s how things get broken. Arrange a moving van to move it all safely to try minimise the risk of breaking. It will also be cheaper to hire a van for a day than taking millions of trips back and forth with your car. It also guarantees that your furniture will fit in the vehicle and not get damaged!

Take the final meter readings

Just before you move out, take the reading of water, gas and electricity meters to notify your suppliers of these so they know when to stop charging you at that house. You don’t want to be paying for someone else’s usage. After notifying your providers of your move, they should be able to arrange the move to stay with them.

This is meant to be an exciting time for you and your family so don’t waste it by stressing and panicking too much. Obviously there will always be worries when moving, but don’t let it take over. There will be time to fix things after you’ve moved in but in the meantime, follow these tips to help your move be as stress-free as possible.

1. Make a list of your priorities

You will always have to compromise on something when looking for your dream home, so be prepared and be realistic. Keep an open mind when looking at properties and decide which of your requirements you would be able to compromise on. Pick one factor which would be a deal breaker and let your agent know this.

2. Know your budget… And stick to it!

It’s always a good idea to look at a range of properties with a variety of prices, however if you know you can’t afford a place, be strict with yourself. Work out what you can spend on rent as an absolute maximum per month and don’t forget to factor in utilities. This will give you an accurate idea of what type of home you can afford.

3. Get to know your agent

Estate Agents are there to help you. They can give you all the information you need on a property you might want to rent, so make sure to squeeze as much information out of them as possible to help you make the right decision. Be prepared with your questions and be friendly to build up a good relationship.

4. Keep your eyes peeled

It is important not to rush when looking for a property to rent (wait for point number 7!), however the property market is always fast paced, especially with rentals. Properties up for rent can get snatched up the same day they come on the market, so it is important to keep a constant eye out to be the first to know when a new property becomes available.

5. Set aside time for viewings

Viewings are a crucial part of finding the perfect home for you, so make sure you view effectively. Don’t cram viewings into your lunch break for a quick glance at a property, why spend only 5 minutes when you could be living there for 5 years? Book a day off work and fit in as many as you can, but make sure you aren’t rushing so around 6 viewings in a day should be ideal.

6. Know what you are looking for

Think ahead before looking at what’s available, what are your plans for the foreseeable future? We all know plans can change, but by thinking about how long you might stay there you will find a place you won’t grow out of, rather than somewhere you may be happy in the short term.

7. Don’t Rush

Never feel pressured into making a quick decision. The right property for you will turn up! Be patient when looking to rent and if you’re not sure then don’t make the decision, as it may end up being the wrong one.

8. Decide which spaces matter most to you

Think about where you spend most of your time, will you be entertaining guests in your new pad? Make sure you are happy with the layout of the rooms and you will find a space you won’t get bored of.

9. Use a fresh pair of eyes

If you think you’ve found the perfect place to rent, don’t hesitate to book a second viewing. Try to see the property at a different time of day and bring a trusted friend or family member along with you to get another opinion. But remember, your opinion is the most important!

10. Don’t give up!

Finding your dream home to rent can be frustrating, you will most likely miss out on a couple of properties but it is crucial not to become discouraged. Keep looking, be in a situation where you are ready to move and use these 10 tips. You’ll find the perfect pad in no time.