The Blog

Completion day is without doubt the best part of the entire home buying process. It’s on this day that you’ll pick up the keys and take possession of your new home. But before completion day can happen, there are a few final checks to be done. What Happens Before Completion? Prior to completion your solicitor will ensure that all of the mortgage conditions have been met and request the money from the lender. The lender will also carry out some last minute checks to ensure there have been no significant changes to your credit rating. So, if you take out a loan to buy a new car for example, this could have very negative implications on your mortgage offer. On the other side, the seller’s solicitor will request a redemption certificate that’s calculated to the day of completion if the seller still has a mortgage on the property. Essentially this is a document that details what will happen to the outstanding balance on the mortgage when you take possession. In most cases, the seller will pay off the outstanding balance from the proceeds of the sale, while you will have a brand new mortgage agreement in place. What Happens on Completion Day? The solicitors on both sides will carry out their final checks and paperwork, including a completion statement which sets out all of the payments made and received. Any outstanding invoices will be raised too, including the estate agent fees for the seller and any conveyancing costs that you haven’t paid yet. These will be due on completion. Once the final checks have been completed and signed off, your solicitor will transfer the money to the seller’s solicitor. When they’ve confirmed receipt of the funds, they will let the estate agent know that the keys are ready to be collected and you will be notified by their solicitor that they’re now able to go and collect them. How to Ensure a Smooth Completion Day While completion day is an exciting day for both parties and the final point in a lengthy process, it can also be quite stressful too. To ensure it runs as smoothly as possible, there are a few things that you and the seller can do. For sellers, it’s vital to have everything boxed up and ready to move out prior to the day. The target time to move out is usually between 12pm and 2pm, although it can vary depending on the number of buyers and sellers in the chain. Put simply though, things will run a lot smoother if the sellers have everything ready to go first thing in the morning, rather than scrambling to pack everything by lunchtime. As for you, the buyer, all that’s really required is to have your phone to hand and be ready to pick up the keys from the estate agent! If you’re having to vacate your old property on the same day, then they’ll also need to be packed up and ready to move. There’s no requirement for you to actually move into your new property on completion day, however, it’s usual to do so unless you are a first-time buyer who still lives at home with parents, as you can simply collect the keys on completion day and then move in when you want to, perhaps after you’ve decorated for example. How Much Time is There Between Exchange and Completion? The completion day is agreed between you and the seller in advance, and it usually takes place between 7 and 28 days after the exchange of contracts. In some rare cases it can take less than 7 days, and it’s even possible to exchange and complete on the same day, but this is incredibly unlikely and not all lenders will allow it. What is the Best Day to Complete? Most people choose to complete on a Friday, as it then gives them the weekend to unpack and get things in place. However, due to the demand for this day, it can mean that removal costs are higher, and solicitors are busier, as they may have several completions to work through on the same day. Another potential issue is that if the completion fails to go through for any reason, the party responsible for the delay will be liable for the other party’s costs over the weekend. Therefore, it’s usually better to complete earlier in the week if possible, as it can save you money and your solicitor or conveyancer should be slightly less busy. James Gorey Estate Agents are your local property experts for the South East London and North Kent area. Call us on 020 3633 9866 or email info@jamesgorey.com to chat with a member of our friendly and experienced team.

Property management companies are an invaluable element of the investment process. In the early stages of their investment career, many landlords overlook the value that solid management can bring. From sourcing quality tenants to ensuring that all legal requirements are met, an excellent management team frees up the landlord’s time to focus on doing what they do best. An Adaptable Approach Generally, property management companies work in a very flexible manner. This means they develop relationships with individual landlords, building a working pattern favouring all parties. Some landlords prefer to work ‘hands-on’ and seek the assistance of a management team only to advertise the home. Whereas other investors prefer to sit back and hand over complete control. What Does a Property Management Company Do? Firstly, a management company will advertise the home. This will consist of sourcing a photographer, writing captivating descriptions and creating detailed floorplans. From here, they can conduct viewings and answer any queries prospective tenants may have. Once a great tenant is acquired, the management agency will conduct background checks on the individual and arrange for holding deposits to be taken. From here, they can deal with drawing up the tenancy agreement, ensuring that it is legally binding. During the tenancy, your management will conduct regular property inspections and deal with any queries the tenants may have. Should you wish, they can also collect the rent on your behalf. In the unfortunate event that you need to evict tenants, they will handle the legal complexities this situation forces. Finally, your management company will conduct end of tenancy checks, deposit releasing, and organise the newly vacant property ready for fresh tenants. Property Management Companies Will Thoroughly Vet Tenants The first, and perhaps most important, reason to use a property management company is to ensure you have first class, reliable tenants in your property. Not only do they have the expertise and experience to acquire quality tenants, but they have the process of conducting background checks perfected. Meaning, your property will be occupied by tenants who pay on time and take the utmost care of the home. Hiring Management Can Save You Money Understandably, some landlords are concerned they will not receive the return on their investment when hiring a team to oversee the property. However, many are surprised to hear hiring the right team can save them huge amounts of money in the long term. Firstly, it is much less likely that the property will sit empty, and therefore as the owner, you will not attract the costs associated with void periods. Secondly, management companies often develop strong working relationships with those who specialise in property maintenance. This means the upkeep of the property can be dealt with swiftly, generally attracting much lower charges in return for loyal custom. A Point of Contact Management companies become the first point of contact for your tenants. There is no need for your tenants to have your personal contact information and can liaise directly with the team, who will get in touch with you where necessary. This relieves pressure on you as the landlord, and gives tenants the confidence to know exactly who they should contact should they have any queries. Property Management Ensures Legal Compliance There are many legal complexities related to investing in property. Management companies can ensure a tenancy agreement is created and signed which benefits and covers both landlord and tenant. In addition to the contract itself, they will deal with all necessary property requirements such as carbon monoxide detectors and smoke alarms. When to Hire a Property Management Company You Want to Be A ‘Hands-Off’ Landlord People embark on property journeys for many different reasons. Some landlords enjoy being in the mix and working closely with their tenants. Others prefer to take a back seat and let someone else handle the daily running of the property. For those who favour this latter approach, a management company will be required. You Have a Growing Portfolio For landlords with an extensive portfolio, it can become physically impossible to manage the properties alone. Marketing the homes and arranging tenant viewings is a time-consuming task, especially for landlords who have a career separate from property investment. You Don’t Live Close to The Rental Home If you have invested in property away from your location, as many landlords do, you may be lacking the required local knowledge. This expertise allows you to instruct the best professionals for any issues the tenants may need rectifying. Management companies can fill this gap, enabling your tenants to be content in the property. James Gorey Estate Agents are your local property management experts for the South East London and North Kent area. Call us on 020 3633 9866 or email info@jamesgorey.com to chat with a member of our friendly and experienced team.

So, you’ve found the home of your dreams and your offer has just been accepted. Congratulations! Your journey to owning your new home has officially begun. If you’re wondering what happens next, here are five immediate things you need to do after your offer has been accepted to get things moving. 1. Provide Confirmation Once your offer has been accepted, your estate agent will likely give you a congratulatory call. But this won’t just be a courtesy. They’ll also request confirmation of a few things so they can finalise the offer. You’ll usually need to provide confirmation of things like: You have the funds available to make the purchase Your mortgage in principle You have a solicitor – or you’re working to get one now 2. Remove Competition Normally, estate agents will cancel viewings and take the property off the market as soon as your offer has been accepted. However, you’ll want to make sure this is definitely the case. Remove the competition immediately and ask your estate agent to cancel any scheduled viewings and to take the property off the market. If the listing isn’t taken down, you could be at risk of getting outbid or even gazumped. 3. Instruct Your Solicitor There’s no better time to get the ball rolling than after your offer has been accepted. For a quicker sale, you’ll want to instruct your solicitor as soon as possible. If you haven’t already found a solicitor, ask your estate agent for a recommendation. At this stage, your solicitor will start completing the checks and searches on the property. Depending on the solicitor, they may also ask you to pay up-front for some of their services. 4. Complete Your Mortgage Application Since the mortgage in principle was a principle agreement, you’ll need to complete a full application for the money now that your offer has been accepted. You’ll need to apply for the exact amount you need to borrow for the property in question. If you have a mortgage advisor, they’ll guide you through this process and let you know what information you need to supply. 5. Arrange a Survey While surveys aren’t compulsory when you buy a new home, they’re a good idea. During a survey, a professional surveyor will inspect the property and cast an eagle eye over the place. Surveys can help you understand any current or future issues you may have with the property. To arrange the survey, you’ll need to speak with your estate agent about booking time with the sellers. Still Looking For a South East London and North Kent Home? If you’re still looking for your new home in South East London and North Kent, James Gorey Estate Agents could have what you’re looking for! Check out our listings or let us know what type of property you’re interested in so we can help keep an eye out for you. Give us a call today on 020 3633 9866 or email us at info@jamesgorey.com to speak to a member of our friendly team.

The process of moving home can become highly stressful. With a seemingly endless to-do list, mounting cardboard boxes and looming deadlines, getting in touch with energy suppliers is often pushed to the bottom of the pile. However, failing to notify your energy supplier in enough time can result in you being overcharged and adding further stress later down the line. Here’s your complete guide to dealing with energy suppliers when moving home in South East London and North Kent. First, Let Your Current Supplier Know Once your move dates are confirmed, you should let your current energy supplier know. They will require a few personal details alongside your move date and forwarding address. Some may also ask for the new occupiers’ names, to keep their records up to date. You should always give them at least 48 hours notice, but an extra few days can help you get your affairs in order. Take a good look at your account and figure out whether you are in credit or debit. This way, you will know roughly what to expect from your final bill. Your supplier will likely ask if you would like to transfer your plan to your new property. It is recommended you instead wait until you have moved, and assess your options. Provide a Final Meter Reading To calculate your bill efficiently, your supplier will require a final meter reading. This way, it is guaranteed you are not overpaying for electricity that you have not used. You should complete this meter reading on the morning that you vacate your home. Send a copy of this information to the new owners and your estate agents for the extra peace of mind that you all have the correct information. Find Out Who Your New Supplier Is Sellers should pass this information to the estate agents, however, this understandably sometimes slips the mind. To find out who your new gas supplier is, use the Find My Supplier website. The Energy Network Association can be used to find out your electricity provider. Notify Your New Supplier You should take meter readings on the day you move into your new property. Ordinarily, the estate agents handing you the keys will be available to show you where the meter is and take a copy of the reading for their records. Send a copy of the reading to your new supplier who will be able to calculate your ongoing bill. You should choose a flexible plan which allows you to exit at any time. You will likely find a more affordable plan elsewhere, and this way, you can avoid expensive exit fees. It is beneficial to also send a copy to the previous owner or landlord. This will help ensure that everyone’s records align and no one is caught out with an unexpected charge. Find the Right Settings Don’t forget that you are inheriting someone else’s heating system, who probably had different preferences to you. Check the timers and temperatures already in place to see if they fit in with your family’s needs. Otherwise, you might be unnecessarily burning through energy and cash! Search for the Best Deal The supplier of the previous occupier may not necessarily be the most economical option. Although you will owe them for your initial days in the home, you should head to one of the many price comparison websites to secure the best deal. It may also be worthwhile to arrange a smart meter installation which can save your household heaps of money as well as the hassle of submitting regular meter readings. Set Up a Direct Debit The easiest way to pay your monthly energy bill is via direct debit. You will generally pay the same monthly instalment, which can then be slightly adjusted either way in accordance with the meter readings you submit. At this point, it’s also worthwhile to check your records with the supplier from your previous home. Ensuring that you have paid any outstanding balance or claimed your refund will prevent any reminders from being issued in the weeks and months to come. Other Suppliers to Notify Council tax Water Broadband & landline Car registration and insurance Home Insurance TV licence Healthcare services (doctor, dentist, optician) Bank Stay Organised The key to a smooth home move is undoubtedly organisation. Understandably, many movers put off contacting their utility companies, either because of logistical stress, or to delay payments. However, attempting to delay these bills will only result in a much heftier sum when it does arrive on your doorstep! If you have any questions, please do get in touch. James Gorey Estate Agents are your local property experts for the South East London and North Kent area. Call us on 020 3633 9866 or email info@jamesgorey.com to see how we can help.

The UK property market has seen a drop in sales, but prices continue to rise. Meanwhile, the happiest place to live in Britain has been named in a survey, and one mortgage lender has launched an extraordinary new fixed-term product. These are just some of the headlines this month in November’s UK property market update. Read on to find out more. House Sales Fall 52% In One Month, But Prices Continue To Rise Figures released by HMRC have shown a significant 52% drop in property transactions across the UK for October, following the end of the government’s stamp duty holiday. There were just under 77,000 transactions completed as buyers rushed to get their purchases completed before the 30th September. This made it the slowest October since 2012 and signalled a 28% drop in transactions from the same month last year. Despite the slowdown in sales, prices continued to rise across the UK, with Halifax reporting a 0.9% increase in average property prices, which was the fourth consecutive month they’ve risen. Their data also confirms that the average property price in the UK has crept above £270,000 for the first time, while fellow lender Nationwide also reported an increase of 0.7% on the average price. 40-Year Fixed Rate Mortgage Launched In a very rare move, one lender has recently launched a fixed-rate mortgage for up to 40 years. Specialist lender Kensington Mortgages has taken the highly unusual step as they seek to capitalise on growing uncertainty among buyers and homeowners who are anticipating an increase in interest rates. Although some lenders already offer a 10-year fixed term mortgage, Kensington’s new deal will allow borrowers to sign up for anything from 11 to 40 years. The interest rate will vary depending on the size of your deposit and the length of the mortgage term, but for those fixing between 36 and 40 years, the rate currently starts at 3.34%. The Bank of England’s interest rate is currently at a record low of 0.1%, but an increase is expected in the coming months, which will make the prospect of a 40-year fixed term deal attractive to many homeowners. Rent Increases Hit 13-Year High In Major Cities Increased demand for rental properties in major cities across the UK has led to the cost of rent reaching its highest point for 13 years. Some cities have seen demand double in their central zones, squeezing would-be renters out of town and forcing prices up. According to leading property portal, Zoopla, average rents across the UK have risen by 6% in the past 12 months, with the South West seeing a 9% increase as demand for properties has continued to outstrip supply. It’s a similar picture across the UK, with only London failing to see the same kind of increases, although prices have still risen 1.6% in the year to September, but they’re 5% lower than they were pre-pandemic. Britain’s Home-Selling Hotspots Revealed Research from leading property website Rightmove has revealed the country’s 6 top hotspots for sellers. Grays in Essex and Mangotsfield, Bristol share the number one spot, with 84% of the homes listed for sale on the website already sold subject to contract. Following closely behind, Eastleigh in Hampshire and Redditch in Worcestershire both have 83% of properties sold subject to contract, while Yeovil in Somerset and Hythe in Kent complete the top 6, with 82% of properties sold STC. Perhaps rather tellingly, none of the top 6 are city-centre locations as an increase in remote working since the pandemic has led to employees having more options when it comes to where they live, and buyers are increasingly looking for more bang for their buck. Britain’s Happiest Place To Live Revealed Leading property portal Rightmove has released the results of their annual ‘Happy at Home Index’, which reveals that Hexham is the happiest place to live in Britain. The market town in Northumberland scored highest overall based on factors like the friendliness of neighbours, its sense of belonging, the quality of local amenities, and the availability of open space. It’s a return to the top spot for the North East town, which was also number 1 in 2019’s survey. Richmond upon Thames was the happiest place to live in London for the 7th year in a row. The affluent borough in the southwest of the capital, where average house prices are just under £1.2m, came second overall in the standings. Harrogate in Yorkshire rounded off the top 3, while 2020’s winner, St Ives in Cornwall came 8th. James Gorey Estate Agents are your local property experts for the South East London and North Kent area. Call us on 020 3633 9866 or email info@jamesgorey.com to find out how we can help you buy a new home or sell your property.

Who doesn’t love the festive season? One of the best things about Christmas is getting to lug the decorations out of the loft and scatter joy around your home. But when you’re selling up, Christmas decorations need to be handled in the right way. The trick to decorating your home when it’s on the market is to keep things clean and simple. There’s nothing worse than scaring off a potential buyer with an overbearing amount of Christmas Santa’s in the hallway! Without being a bah-humbug this year, here are six stylish Christmas decorating ideas for your home that won’t scare away buyers! 1. Wrap Up Ornaments Instead of putting away the ornaments on your shelves, how about turning them into presents? Choose a simple colour scheme (like brown, silver, blue or gold) for your wrapping paper and replace your ornaments with beautifully wrapped presents. 2. Add Eucalyptus Accents Fake or real – eucalyptus adds a splash of nature to homes at Christmas. Add a few accents to your bathroom, dining room table or living room to create a fresh and stylish look. You can even add a few accents to your Christmas trees! 3. Go Bold Just because it’s Christmas, that doesn’t mean you have to stick to the traditional red, green and gold colour schemes! Be bold this year and do something different. Grey, blue and white, and even yellow colour schemes are popular choices for people selling their homes. Their neutral feel creates a bright yet festive atmosphere that looks fab and won’t deter buyers. 4. Scatter Logs Give your home a rustic feel this Christmas! If you have kiln-dried burning logs, pile them up at the bottom of your tree or near your fireplace. The simplicity of firewood can make your home look cosy and comfortable this Christmas and both you and potential buyers will appreciate it. 5. Create a Festive Bar Just because you’re selling at Christmas, that doesn’t mean you can’t enjoy a drink or two! Create a space you and your guests love by reserving an area for festive drinks. If there’s a lonely cabinet in your living room or an area of your kitchen you don’t use often, add a few sprigs of holly, some festive glasses and a few coffee (or alcoholic) syrups to make your own DIY bar. 6. Add Fresh Amaryllis Fresh amaryllis is a growing trend! Chances are that your local supermarket packs the shelves with these luscious plants at Christmas time. If you want to create a stylish look in your home this year, choose a vibrant red or crisp white flower. They’ll look stunning throughout the festive season. Plus, they’ll prove to buyers that there’s enough natural light in your home to keep plants alive! Selling Up This Christmas? Christmas time is just as good as any to put your house on the market. If you’re thinking about selling up this Christmas, we’d love to talk to you! Here at James Gorey Estate Agents, our team are experts at selling homes in any season – including yours! Give us a call today on 020 3633 9866 or email us at info@jamesgorey.com for a chat with one of our friendly team.

The wish list for tenants is ever-growing. As the rental market becomes even more competitive, people are looking for more features in a rental than just a good location and a clean property. Using our expertise here at James Gorey Estate Agents, we’ve come up with the five things that South East London and North Kent tenants want from a rental. 1. Ample storage space Storage space is one of the most desirable features for any home nowadays. New builds are prioritising storage in their designs as a standard practice. If your rental is an older building, then it’s likely that built-in storage is in limited supply. To attract tenants in South East London and North Kent, consider providing them with access to the loft or a garden shed. If this isn’t available, you could supply a small wardrobe or set of drawers, or even invest in a built-in storage cupboard that can be squeezed into a hallway or living room. 2. Home office space Remote working is soaring in popularity. Naturally, this means that home offices are becoming more and more desirable for renters and buyers. People are even selling their homes to find better remote working spaces! Even if you don’t have a spare room, there are other ways to capitalise on space. Can you squeeze a desk in a living room, hallway or even under the stairs? Measure up and see where a home office can fit in. To make it obvious to tenants that they could work in your property, you could even provide a desk as part of the furnishings. 3. A decent landlord This might go without saying since no one has ever wanted a bad landlord. But with people leaving employers that don’t respect them in 2021, this trend could quickly move to landlords. High-quality tenants might not want to stick around once the initial term is up if you aren’t communicating with them or being reasonable in what you provide to them. 4. Security The crime rates in the area surrounding your property are completely out of your control. But people do want to feel safe and secure in their South East London and North Kent home. Regardless of the local crime rates, adding an alarm or another security feature can be highly cost-effective and will increase your chances of attracting great tenants. 5. Pet-friendly policies In 2021, remote working is on the rise. This means that people have more time for pets. Agreeing to pets in your rental can help you attract good tenants that stick around for longer. Plus, the younger generation isn’t just opting for furry friends. Gen Z will be looking for landlords that let them have their micro tortoises, geckos and snakes stay with them. Since they are usually no trouble at all, it’s even more reason to approve of animals! Attract great tenants with our help At James Gorey Estate Agents, we can help you attract and retain excellent tenants. For more advice on how to get the best tenants, get in touch with us today on 020 3633 9866 or via email at info@jamesgorey.com.

Do you know where your boundaries are for your property? And, do you know which boundaries you are responsible for? There are many myths surrounding boundaries and responsibilities, so we’ve put together this short guide to help you understand where your property boundary is – or if you don’t, knowing how to find it! Is it important to know my boundaries? Sometimes it’s easy to spot exactly where your property boundary is. Chances are, there will be a fence or a hedge or some other structure that helps define the boundary. But that is not always the case. It might be that the boundary is overgrown, or there is no definitive boundary to be seen. There could even be not-so-neighbourly disputes that occur about trees planted on a boundary for example, with one side saying the other has to sort things out and the other side are in disagreement. That’s why it’s important to understand boundaries! Not to mention the fact that it’s useful to know exactly what’s yours! Will the title deed of a property tell me about my boundary? Actually, while you would have thought so, it’s not always the case – but it’s a good place to start. If you look at the Government website, it’ll tell you that to find out about boundaries, you need to look at the Land Registry website and find the title plans. The Land Registry is where ownership of land is registered, and the title plan outlines the land in question. The website states: “Most title plans don’t show exact boundaries”, however, this is not a huge issue as the website goes on to state that “you usually don’t need to have the exact boundaries recorded anywhere”. So, I can make an agreement with a neighbour about my boundaries? Yes, you can make an agreement with a neighbour which is handy because between you there can then be no dispute as to which bit of land is yours and what you are responsible for. You can do this informally, or you can apply to have it officially registered. There is a process to go through and certain details are required. It’s best to seek formal legal advice on matters like this. Is it right that the rule is that I’m responsible for the left-hand side of a property boundary? This is something many people believe to be true but it’s not! There is, in fact, no legal basis to this. Some people, even solicitors, will say that a red line on a title deed marks the boundaries, and therefore responsibilities, but this is not always the case either. As the Land Registry says, it’s just the general boundary. The red line will fall within the boundary, but in the case of a dispute, it is the courts that will decide. What if my boundary is obviously marked by a fence and trees? If you plant a hedge or a tree, what happens when it grows so wide that the original boundary becomes obscured? You may have a fence installed – but does it run along the boundary or is it just inside? It’s fair to say that you should not assume anything as boundaries can become blurred over time. How can I find out where my boundary is for sure? There is a document called a Title Plan. On that plan, which goes right back to when the land was originally developed and sold, there will be a boundary mark, and on it will be a shape like the capital letter T. Where the top of the T falls, it is the owner of that land that has a particular responsibility. But, again, be careful. Just because you have responsibility does not necessarily mean you have ownership! Are boundaries really this confusing? It’s clear that the rules on boundaries aren’t always crystal clear. But, you will need the information when you are ready to sell your property. Your conveyancer will definitely want to know about boundaries and responsibilities because the Land Registry will need to know who owns what and where. And of course, you and your buyer will want to know for sure too. A conveyancer will likely ask if the boundaries are your understanding. So, if you’re thinking about moving home, we suggest that you gather all the paperwork regarding boundaries together in good time so that it can be presented to the conveyancers. If there are any issues with land ownership and boundary lines, they are the ones who will ask the questions and raise enquiries. While boundaries are not an issue for the majority of home movers, they can become a legal minefield for others and it’s easy to see why neighbourly disputes can occur. If you have any questions, please do get in touch. James Gorey Estate Agents are your local property experts for the South East London and North Kent area. Call us on 020 3633 9866 or email info@jamesgorey.com to see how we can help.