The Business Exchange Swindon & Wiltshire Edition 46: Dec/Jan 2019 | Page 42

10 Minutes with... Roshni Patel Roshni is a Property Solicitor at the Swindon branch of Bower Bailey Solicitors. Roshni joined the residential team in September 2017. Since qualifying in April 2017, Roshni has specialised in residential conveyancing. We caught up with Roshni to get her property tips and find out how the Swindon residential property market has faired in 2019 and what it looks like as we move into 2020. In your experience, what type of property was most sold in Swindon in 2019? We are fortunate enough to have many different types of properties in Swindon, depending on what part of the area you are looking in. I have personally dealt with many terraced houses and flat sales and purchases. Are there any trends in what people are looking for locally? I would say that there is a trend to buy a property close to amenities such as a local supermarket or a local pub. There is also a demand for properties with a parking space, drive and garden. Can you help me solve a pub debate? Is it better to own a Freehold or Leasehold property? [email protected] 01793 610466 @BowerBailey Freehold and Leasehold properties are traditionally the two main forms of legal ownership and buyers should understand the difference of them both before purchasing a property. The key features of both are as follows: Freehold: There is no annual ground rent or maintenance charges to pay in most cases. The land and property belongs solely to the registered land owner. You do not generally need any other persons consent to carry out building works except for the usual local authority consents. Leasehold: This is the method of owning a property for a fixed term but not the land on which it stands. Usually there will be ground rent and service charges payable. Landlords consent will be required for works that you may wish to carry out to the property. There has always been a debate on whether freehold properties are better than leaseholds. Unfortunately there is no correct answer to this question as it wholly depends on the buyer’s needs and requirements. Luckily we have an excellent conveyancing department with many experienced members of staff who have in-depth knowledge of all the different forms of home ownership so should a client have any queries or concerns with the tenure of property that they are purchasing, our department is always ready to provide excellent advice. Are there any potential problems buyers should be looking out for with Freeholds and Leaseholds? Buyers of Leasehold properties should be aware of the term of the lease and the annual ground rent and service charges. I would also advise them first to ensure that the lease is not a doubling ground rent review, as such rent review clauses can reach extremely high levels by the end of the term of the lease. Most lenders are also refusing to lend against such properties and trying to vary the term can also be problematic and costly. With Freehold properties, buyers usually have the perception that there will be no annual charges to pay like leasehold properties however with newer properties on recently developed estates, there has been an increase in properties with annual rent charges/estate charges which buyers should be cautious about if they have a strict monthly budget as that will also need to be accounted for. What challenges does the market face as we move into 2020? There’s no doubt that the housing market has seen its ups and downs and with the current economic climate there is this perception of uncertainty. We are fortunate however that the housing market is one area that will continue to keep moving despite the current situation. With prices continuing to grow in most parts of the country, the market is still active. There will always be a demand whether the purchaser is an investor, first time buyer or generally just people wishing to downsize or up! Do you watch any of the many popular property programmes on TV? My ultimate favourite daytime TV show is Homes under the Hammer which I absolutely love. It is great to see how much properties are sold at auction for, the transformations undertaken and the cost of the same. It’s a great show for anyone trying to get into property investment as there are useful tips to catch and make notes of. Local expert legal advice for you, your business and your family • Accident and Injury Compensation • Divorce and Children Matters • Employment issues • Commercial Property • Company and Commercial • House Sales, Purchases, Mortgages • Consumer and Civil Disputes • Wills and Estates 42 Bower&Bailey_TBE_Swindon_59x210mm_Ad_v3.indd www.tbeswindonandwilts.co.uk 1 Cambridge House, 4 College Court, Regent Circus, Swindon, Wiltshire SN1 1PJ T: 01793 610466 F: 01793 511505 www.bowerandbailey.co.uk 06/11/2015 08:23