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.