Our Patch march 2017
SOLICITOR >>
Ria Daroowala Solicitor - Owen White & Catlin ria . daroowala @ owc . co . uk Tel : 020 8987 1415
181 Chiswick High Road , W4 2DR Tel : 020 8987 1400
www . owenwhitecatlin . co . uk
FINANCIAL ADVISER >>
James Muncaster Operations Manager - Capricorn Financial Consultancy james @ capricornfinancial . co . uk Tel : 020 8834 1494
26-28 Hammersmith Grove , W6 7BA Tel : 020 8834 1005
www . capricornfinancial . co . uk
Surveyor >>
John O ’ Neill Chartered Surveyor - O ' Neill Surveyors john @ oneillsurveyors . co . uk Tel : 07495 620 550 ( direct )
5 Welsby Court Eaton Rise , W5 2EX Tel : 020 8998 0481
www . oneillsurveyors . co . uk
The sleepness nights , the worry , the tension – the excitement . No you ’ re not having a new baby , you ’ re in the process of buying a home . The biggest transaction most people make in their lives is fraught with anxiety . Solicitor Ria Daroowala , helps reduce the stress .
What is the most frequently asked question from homebuyers ? ‘ When are we going to exchange ?’ Some people think it can all be done in two weeks . I often tell my clients it ’ s like a tennis match : we make enquiries , we get the replies to our enquiries , we go back with further enquiries … until we are satisfied from a legal perspective and our clients are happy too .
“ they have an automatic right to have their lease extended after two years by 90 years ”
How long does it usually take to complete ? A freehold property where everything is straightforward ? Usually four to six weeks . But , if there has been an extension built , for instance , we will need to make sure it has been put up lawfully . If it hasn ’ t , it would be a problem when our client wants to resell later on .
Do you have any advice for leaseholders ? Some don ’ t know they have an automatic right to have their lease extended after two years by 90 years – this is in addition to the remaining term - and also for their ground rent to be reduced to a peppercorn rent .
There are many misconceptions surrounding the ability of would-behomeowners to get a mortgage , says broker James Muncaster , and one size definitely does not fit all .
It ’ s really difficult to get a mortgage these days , isn ’ t it ? Not really . All banks will carry out an affordability assessment on each client . The common myth is that a bank will look at every transaction you have made and interrogate you about your spending . We , as brokers , know what the banks are looking for and can save you time and stress . Banks can lend up to five times your income and in some cases more .
Being self-employed is a big nono , surely ? Not true . Banks are very happy to lend to self-employed clients ; it just comes down to how much you pay yourself . They will look at salary , dividend , retained profit , net profit , director ’ s loans , etc . Also , if you are recently self employed , some banks will use as little as one year ’ s accounts .
Is it harder to get a buy-to-let mortgage ? Yes . However , there are ways that you can improve this . Some banks will look at surplus income to cover rental shortfall ( top slicing ), and , if you apply for a five-year , fixed rate mortgage , the rental tests are easier . Or you could set up a limited company for the property .
You ’ re over the moon , you ’ ve found your dream home . Now is the time to ensure it doesn ’ t end up becoming a money pit , says surveyor John O ’ Neill .
Why should people have a survey done on a property before they buy it ? There is no legal requirement for a survey , but around one in four people does commission a comprehensive report such as a Building Survey . It will provide the buyer with an in-depth analysis of the property ' s condition and includes advice on defects , repairs and maintenance options .
What should people look for in a surveyor ? A good RICS building surveyor is like a detective , researching and questioning the key issues , until satisfied they ’ re in a position to provide rounded practical advice , which meets the purchaser ’ s needs .
“ A GOOD RICS BUILDING SURVEYOR IS LIKE A DETECTIVE , RESEARCHING AND QUESTIONING THE KEY ISSUES ”
Have you ever advised a homebuyer not to go ahead with the deal ? There have been circumstances where I have advised a client not to buy , including recently where a property had a substandard loft conversion and side extension .
What are the biggest issues you find with buildings in the area ? Structural movement and Japanese knotweed are two of the biggest problems .