Tag: Property UK

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How to Navigate the UK Property Market as a First Time Buyer

How to navigate the UK property market as a first time buyer

The UK property market can be a challenging and confusing place for first time buyers. With so many options available on the market, it can be difficult to know where to start.

But with the right approach (and a couple helpful tips), you can find the perfect home for you. Below, we’ve outlined some of the key steps you should follow when buying your first home in the UK.

Determine your budget

Before you start searching for homes, it’s crucial to determine your budget. Consider factors such as your income, savings, and any potential mortgage repayments. This will help you get a good idea of what you can afford and where you should start looking.

This would also be a good time to take a look at your credit score. Your credit score can determine your ability to secure a mortgage so it’s really important. Head to websites such as MoneySuperMarket, Experian or Clearscore to check your credit score for free.

Get a mortgage pre-approval

Before you start viewing homes, it’s a good idea to get a mortgage pre-approval. This will give you an idea of how much you can borrow, help with budgeting, provide negotiating power, and what the repayments will look like.

At Hopewell, we advise you to engage with a mortgage adviser early on in your property search to help give you certainty about your acquisition budget and long-term affordability. Click here for more buyer information.

Find a reliable estate agent

Estate agents can be a valuable resource when looking to buy a home due to their knowledge of the property market. Look for an estate agent who has experience in the area you are interested in, great local knowledge, and one who you feel comfortable communicating with. They can help you find properties that meet your needs, arrange viewings on your behalf, and negotiate the very best deal.

Research the market

It’s important to do your research and stay informed about the latest trends and market conditions in the areas you’re interested in. This will help you make informed decisions about what to look for when viewing homes and what offers to make.

Things to consider are location, schools, amenities, future developments, and transport links. Anything that is a good fit for your lifestyle and needs.

View multiple properties

Before you make an offer, it’s essential to view multiple properties. This will give you a good idea of what’s available in the property market and help you to compare. Be sure to take your time, ask questions and make detailed notes of each property.

Making an offer as a first time buyer

Once you’ve found a property you like, it’s time to make an offer. Your estate agent will be able to guide you through this process, but be prepared to negotiate. It’s important to remember that the first offer is often not the final offer and that there may be room for negotiation.

You should…

  • Know your budget
  • Be ready to make quick decisions
  • Do your property market research
  • Be prepared to negotiate

Get a professional survey

Before making an offer, it’s important to get a survey of the property. This will give you an idea of any current or potential issues with the property, giving you peace of mind. It can help you make an informed decision about whether to proceed with the purchase or be a great negotiating tool.

Once your offer has been accepted, it’s time to finalise the purchase. This involves hiring a solicitor, exchanging contracts and arranging a completion date. Your estate agent and solicitor will guide you through this process from start to finish.

Buying your first home in the UK can be a complex and challenging process, but with the right approach, you can make it a success and hopefully as stress-free as possible. Be sure to take your time, do your research, and seek professional advice when needed. With these steps in mind, you’ll be well on your way to finding your dream home. Good luck!

If you are wanting further advice on purchasing your first property, or perhaps you’d like to talk through your options, please get in touch with one of our team at 0117 911 8663 or register with us here.

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Property Jargon Busters: Top 12 terms you should know!

Property

Are you looking to rent or become a landlord and are having difficulty understanding the property expert jargon? If you’re finding yourselves overwhelmed or confused by the terminology, and are struggling to move forward with your move or purchase, then take a look at our jargon breakdown for some helpful information on some keywords. 

HMO 

This initialism stands for ‘House in Multiple Occupation’ and is sometimes  referred to as a ‘House Share’. This is when three or more people, who are not from the same household, live in one property and share facilities such as kitchens, bathrooms and communal areas. 

HMOs are popular amongst University students and can also be regularly occupied by young professionals looking for somewhere cost-effective to live after leaving home or University.

PCM and PW

PCM stands for ‘Per Calendar Month’. This can be in reference to rent, which will be paid to the landlord or Letting agent monthly. This is the most standard practice when it comes to rent payments, bills and other contractual obligations. Similar to this, you may also have come across PW which means ‘Per Week’. 

STC 

While house hunting you may have come across STC, but what does this mean? Once the property owner has accepted an offer , the property will be moved to the sold ‘subject to contact’ status, meaning that the property owner is awaiting legally binding contracts to be signed and returned by the potential buyer. At this stage, the property will be close to being removed from the market. However, if for any reason the contracts cannot be completed, the sale will fall through and the property may go back to the market, allowing other potential buyers to view the property and make an offer. 

Assured shorthold tenancy

An Assured Shorthold Tenancy (or AST) is an agreement between a tenant and landlord in which the tenant is given security of tenure for an agreed length of time, usually 6-12 months. Since being introduced by the Housing Act in 1988, it is now a default and applies to most tenancy agreements in England and Wales used by Private Landlords and Letting Agents. 

A key feature of an AST agreement is that using sections 21 of the Housing Act 1988, Landlords can evict tenants without reason; However this may be changing soon due to government changes to the private rented sector. 

Short Lets 

You may have seen on our own website or through our social media, that we often use the term Short Lets. This is an abbreviation for ‘Short Term Lettings’ and can refer to any property we have available to rent for as little as one day, to one month. If you think of Airbnb, where you might go to search for weekend breaks or city escapes, these will most likely be Short Term Lets. 

Long Lets

Long Lets is an abbreviation for ‘Long Term Lettings’ and quite literally is for people who are looking to rent for a longer term. Our Long Term Lettings will be properties that we are offered on either 6 or 12-month AST contracts. If you are looking for somewhere to live permanently, then these are the properties you will want to search for. 

Mid Term 

Although other letting agents offer Medium Term Lettings which can be contracts of three to eight months, our ‘Mid Term’ Lets are a bit different here at Hopewell. With our Medium or ‘Mid Term’ Lettings, we offer fully furnished properties that are available to rent on a month-by-month basis, with all bills included in the price. 

These properties offer more flexible terms and are perfect for people who need temporary accommodation either between homes, for ongoing home renovations, or are visiting the area for a longer period and would prefer not to live out of a hotel. 

To Let 

When a new property comes onto the rental market, it will be listed with the ‘To Let’ status. This means the property is available for viewings and to accept offers. 

Let Agreed 

Once a property has an offer accepted, the agent will change the property listing to a ‘Let Agreed’ status. Similar to STC, the property is close to being removed from the market, but it hasn’t received all the necessary documents to finalise the tenancy. If the documents and contracts needed to finalise the tenancy aren’t received by the agent, then the property could be reverted back to the ‘To Let’ status, opening it up to new viewings and offers. 

If you see a property you like and it is under ‘Let Agreed’, it might still be worth saving the property. If the tenancy is finalised, the property will then become unavailable, as it will have been removed from the market. 

Property Manager 

Property Managers deal with the day to day of properties within our short or long term portfolios. Our team of expert property managers are here to help our tenants and landlords with whatever issues or questions the property may incur. When you stay in a ‘Managed Property’, all correspondence regarding the property will go through our Property Managers and they will be your first port of call. From listing the property, arranging viewings, and managing cleaning and repairs, our Property Managers are here to ensure both landlords and tenants have the best experience possible. 

Landlord 

A landlord is a person who owns the property and allows others to use it in exchange for payment. If you are looking to rent and are going through an agency, then the likelihood of you meeting your landlord during the renting process is slim. However, if your property is not managed by the agency you have rented through, then your landlord will be your first port of call when something needs addressing in or with your property. 

If your property is managed by your letting agent, then all communication between the landlord and tenant will go through the agency, meaning you will contact your Property Manager for any faults, fixes, or queries you may have. 

Tenant

A tenant is a person who rents and occupies a property that is owned by a landlord. 

Is there still some property jargon we haven’t quite cleared up for you? Feel free to tweet us @hopewellbristol and we’ll be happy to help! 



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Top 5 Things To Know About Bristol

View over Bristol Harbourside during balloon fest

Are you new to living in Bristol? Or are you looking to relocate to the city? There are many wonderful things to know about Bristol – which we’re sure even the born and bred Bristolians won’t know! All of which are great reasons to want to make the big move. See why people love living in this part of the South-West and why they end up staying for life. 

Location

Firstly, it’s undeniable that Bristol is in a great location. Close to Cardiff, Bath, Swindon and just 120 miles from London. Positioned on the M4 corridor, Bristol has terrific travel links by both car and train. Whether you’re a professional or a student, there are many benefits to being located in Bristol, and easy travel access can bring beneficial opportunities.

Being the largest city in the South West and home to two Universities – The University of Bristol and UWE – this often makes Bristol a hub for many events and activities, from festivals and parades, to corporate events. There is always something going on for everyone. 

Work 

Named one of the happiest places to work in the UK, Bristol is said to be a big city with a small-town community. The working culture in Bristol has been influenced by the modern hybrid working styles popular in London, which have grown nationwide in recent years. With multiple coworking spaces and many companies now offering hybrid opportunities, it offers more comfort and flexibility for employees, which can improve their overall wellbeing. 

Bristol is also a huge hub of creative industries, with them being one of the key building blocks of Bristol’s modern economy. This could play a big part in Bristol being such a happy place to work, as people in creative positions claim to be the happiest at work! 

Sustainable 

If you’re an eco-warrior and love all things green, then Bristol might just be the perfect fit for you! In recent years, Bristol has been crowned the greenest city in the UK, scoring the highest for recycling and air quality and awarded the Green Capital Award in 2015. Bristol has long been a centre of alternative living and was ranked as the vegan capital of the world, according to Chef’s Pencil. 

Bristol is a Fairtrade city, trading fairly with nearly five million workers in 58 developing countries. It was also the UK’s first cycling city, being the first to receive government funding, pledging to double the number of people biking on its streets over three years. 

Culture

Bristol is a bustling multicultural city, which embraces multiple different cultures, religions and values. In 2019, Bristol has named the best place to live for under 26’s outside of London, after being recognised for being ranked highly for many factors from mental health and wellbeing to music events, sports facilities, and even 4G strength. It has also been named the kindest city in the UK, and the most artistic city in the UK. 

History 

Bristol is an interesting place and always has something wonderful going on, which is well reflected in the city’s history! For example, did you know that from 2012 – to 2021, the city had its own currency? And until 1840 Bristol had its time zone which ran 10 minutes behind London. 

As well as these, the city holds many other wonderful historic facts. The dark fruity drink Ribena was invented in Bristol in 1933 by a University of Bristol scientist, which grew in popularity during the war as an alternative source of vitamin C. Bristol Zoo, which is due to move from its famous location, is the fifth oldest zoo in the world! And the first-ever bungee jump took place on the 1st of April in 1979, from the Clifton Suspension Bridge. 

Looking to make the move to the big city? Visit our website to see how we can help you find your perfect property. Or contact our team at hello@hopewell.co.uk for more info! 

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8 Property Management Tips for First Time HMO Landlords

HMO Landlord

Houses of Multiple Occupancy (HMOs) can be a lucrative source of income, and buy-to-let landlords can earn three times as much money letting out separate rooms in a shared house compared to letting a whole property to one family. However, HMOs are heavily regulated compared to other types of rental properties and failing to comply with the rules can lead to a big fine. 

In this article we’ll outline the eight most important tips for first time HMO landlords.

1. Get to Grips with the Rules of your Local Housing Authority

Different local housing authorities have different rules when it comes to HMOs, so it’s crucial to know the legislation. A large HMO is classed as a property let to five or more people from two or more households who have shared access to facilities such as a kitchen and bathroom. 

All large HMOs must be licensed in England and Wales, but in some areas Local Housing Authorities (LHA) have introduced additional licensing for certain types of smaller HMOs, so you must check the rules in your area.

2. Obtain an HMO Licence

If a licence is required, you must obtain one before letting any of the rooms in your HMO. Letting a licensable HMO without a license is an offence and can result in very large fines, usually between £10,000 – £30,000. 

When you apply for a license, the LHA will carry out an inspection before granting it. The cost of an HMO license varies a lot, depending on where your HMO is based, but it will usually be over £300 and can be over £1,000 in some areas of London. Once you have it, it will last five years before it needs to be renewed.

3. Get a Mortgage that Allows HMO Use

Not all buy-to-let mortgages are suitable for HMOs, so it’s vital to check with your mortgage provider before applying for a license. Or, if you know you’re planning on letting a property as an HMO, make sure you get a mortgage that allows this first. Some standard buy-to-let mortgages allow HMO use for small properties (three or four tenants), but a large HMO needs a specific mortgage product. 

4. Get the Right Insurance

Houses of multiple occupancy must have specialist insurance cover, so don’t rely on the usual buy-to-let insurance deals and hope that you are covered. HMOs are perceived to be higher risk, so some providers won’t cover them, but there are still plenty of deals available. Make sure your insurance covers the building itself, the contents and any loss of rent if the property is damaged or destroyed. You also need to beware of tenants subletting rooms in your property, as this can render your insurance void.

5. Carry Out Your Duties as a HMO Landlord

The Management of Houses in Multiple Occupation (England) Regulations 2006 lay out the various rules and regulations that HMO landlords must abide by. These stipulate that landlords must:

  • Follow strict fire safety rules specifically for HMOs
  • Provide the landlord’s contact details to the occupiers and display them prominently in the property
  • Maintain a supply of gas and electricity
  • Ensure gas appliances are tested annually and electrical appliances every five years
  • Make sure the property is clean and up to standard before tenants move in
  • Maintain common areas, fixtures, fittings and appliances
  • Provide waste disposal facilities

Landlords must carry out regular inspections of their HMO to ensure that safety and maintenance issues are kept under review. If tenants report faults or issues, landlords must respond promptly.

6. Find the Right Tenants

Having a group of people who gel and create a harmonious household works in your favour as a landlord, as it saves you having to deal with conflicts or issues. Look for tenants who have similar lifestyles and living patterns. For example, a group of lively students who stay up late won’t be a good match for someone who works morning shifts and needs to go to sleep early. 

A group of people who enjoy living together are likely to have fewer disputes and you will have a slower turnover of tenants, which means less periods of time when rooms are empty. If you are happy with your existing tenants it can be a good idea to allow them a say when screening prospective new tenants.

7. Have a Written Tenancy Agreement

It should go without saying that you must have a written tenancy agreement in place with each person living in your property. Having room-only agreements allows you as landlord to have regular access to the property as you retain control over the common parts of the property, which isn’t the case with joint tenancies. Assured shorthold tenancy agreements usually run for 12 months with a six month fixed period during which neither party can end the agreement, unless the rules of the tenancy have been breached. 

8. Keep Detailed Records

Written records should be kept of correspondence and conversations with tenants, as well as all inspections that you do of the property. You should also keep records of any maintenance that is carried out, and the correspondence you have with the tradespeople doing the work. This type of evidence can be very useful if any disputes arise. 

It is also important to have detailed financial records, including all incomings and outgoings related to the property. Whilst it isn’t necessary to operate your HMO as a limited company, it’s a good idea to open a separate business bank account for all finances related to it.

Running an HMO requires planning and careful management, as there are various pitfalls that can lead to large fines. However, if you do your research and know the rules and regulations that apply, carry out your duties properly and choose the right tenants, it can be a lucrative and rewarding way to rent out your property. 

If you need further information, get in touch and one of our expert letting agents will be happy to help.