Is now a good time for first-time buyers?

  If you are looking to own your first home, you may wonder whether or not now is a good time to buy. On the one hand, the increase in property prices seems finally to have stalled. On the other, living costs and interest rates have risen sharply. Add to this the uncertain economic outlook, and it is hard to decide what to do for the best. Nobody knows for certain what the future holds. For most people, their home is a long-term commitment, and it is important to see things in perspective. Whether you decide to buy now, or to wait, there is a lot to consider. We outline some of the key considerations for first-time buyers. Plan your finances well in advance Building up savings can reduce the amount you need to borrow and…

The UK's most affordable locations for first-time homebuyers

More than six out of ten first-time purchasers in the UK shared the cost of the average home, which increased 13% to £302,010 last year. According to a new Halifax analysis, the number of first-time buyers decreased by 11% to 362,461 in 2022 from the year before. With average prices hovering around £171,425, Northern Ireland has continued to be the cheapest location to buy a home since 2017. The North East region was next, with houses costing on average £175,091. Unsurprisingly, London, where the typical house cost £518,900, was on the higher end of the scale. The average down payment for a home in the capital was £125,378; this amount would almost have been sufficient to purchase a home elsewhere in the UK. Scotland saw the biggest increase in the amount needed for a deposit, going…

Selling a property after someone has died

When someone dies, all their belongings and property vest in their personal representatives who must enter into any agreement to sell the property and sign the necessary transfers, which are called ‘assents’.  ‘Selling a home or holiday home when someone has died is similar in many ways to a conventional property transaction,’ explains Holly Stevens, Director & Head of Residential Property with Ware & Kay in York. ‘However, there are some important differences and additional procedures you must follow. This can mean a sale takes longer or is more complicated, but there is a lot you can do to make things easier.’ Check you can deal with the property Ideally, your loved one will have made a will and their wishes will be clear. If you are named as executor, you may decide to renounce this…

Transferring property to your children

Almost one in two first-time buyers receive some financial assistance from their parents, but cash gifts or mortgage support are not the only ways to help the next generation. If you are asset rich and own land, vacant buildings or a second home, transferring property to a child is another option.  People sometimes have a separate outbuilding, such as a gite or annex, which they would like to gift. Alternatively, the subdivision of a farm or large garden could provide the site for a child to build their own home.  However, it is important to consider your own needs, and how these may change over time. Transferring property to a child can also raise different issues to a traditional conventional transaction, so it is important to get the right professional advice especially on the tax issues…

Key considerations for buying a home off plan

Does the idea of a brand-new home appeal to you? If so, you are not alone as the last two years have seen a dramatic rise in the number of people buying off plan. Whether you are looking for your forever home, an investment property, or a holiday hideaway, buying off plan has its own challenges. Holly Stevens, Director & Head of Residential Property with Ware & Kay in York explains, ‘As with any property purchase, you should do your homework and consider all the pros and cons. Buying off plan also raises some specific legal issues, so it is important to get advice from the right professionals.’ Here she answers some of your questions. What exactly is buying off plan? Buying off plan involves committing to purchase a property you have not seen…

Can a fraudster really steal a house?

A solid building, made of bricks and mortar, seems an unlikely target for thieves. For most of us our homes evoke a powerful sense of security; ‘safe as houses’ as the old saying goes. But the facts tell a different story, as there has been an exponential growth in property fraud which now accounts for 70 per cent of all frauds. Media reports of a Luton vicar discovering his locks changed and a stranger in his home, is an extreme example.  However, there is no room for complacency and there is a lot that you and your solicitor can do to prevent you becoming a victim of property fraud. What happened in Luton Reverend Mike Hall made the headlines when a fraudster targeted his modest terraced house in Luton. Working away from home, he was surprised…

Local land charges, your questions answered

It takes between eight and twelve weeks on average to complete the purchase of a new home. Many factors determine how long the conveyancing process will take. However, solicitors frequently cite the local land charges search as a cause of delay. But what are local land charges, and why do they matter? ‘The local land charges search is an important part of the checks we carry out for home buyers,’ explains Holly Stevens, Director & Head of Residential Property with Ware & Kay, York. ‘It reveals whether your new home is affected by certain restrictions or charges, which could impact on its value or future use.’ Here she takes a closer look and answers some of your questions, including how to speed things up. What are local land charges? Legislation sets out the various categories of…

Selling a property to downsize

Downsizing is, at its most simple, moving to a smaller property. People often associate downsizing with retirement, although it can appeal equally to active empty-nesters attracted looking to release some of their equity. Whatever your age, there are advantages and disadvantages to downsizing. It is a big decision, with lots to consider. So, it is important to plan well ahead and get the right professional advice from the start. The pros and cons of downsizing If you are uncertain whether downsizing is for you, it can help to make a list of advantages and disadvantages, which you could then discuss with friends and family. For example: Downsizing could help you stay independent longer, and many older people choose to buy a bungalow or an apartment with this in mind. It could provide surplus sale proceeds…

Buying a property with cash

If you are searching for a new home, you may have come across the term ‘cash buyers only.’ Rather than expecting you to turn up with a trunkful of money, the agent is looking for a speedy sale to someone who does not need to borrow money via a mortgage and is in a position to proceed. Likewise, if you are selling a property, your estate agent may describe someone as a ‘cash buyer’ indicating that they are mortgage free. Most people see being a cash buyer as a positive, but what does this term really mean, and how could a cash-only transaction benefit you? ‘There can be distinct advantages to being a cash buyer, or selling to one,’ agrees Holly Stevens, Director and Head of Residential Property with Ware & Kay in York ‘Unfortunately, there…

Selling a home to appeal to eco-conscious buyers

Eco features matter more to some home buyers than the size of the garden, according to a recent survey by Money.com. Solar panels now rank ahead of ensuite bathrooms on our property wish-list and, as energy prices rise, this trend looks set to continue. So, if you are selling your home, how do you appeal to today’s eco-conscious buyers? ‘Buyers are certainly more concerned about energy efficiency,’ agrees Catherine Edge, a Solicitor in the Residential Property team with Ware & Kay.  ‘Fortunately, you can improve your home’s performance and make it easier to sell without spending thousands of pounds on innovative technology.’ Your EPC can help you You will need a valid Energy Performance Certificate (EPC) before marketing your home, and it will then be available to any potential buyer. The EPC is a short report…