Davis & Lund

What Type of Survey Do I Need When Buying a Property in Ripon

davislund — Thu, 02 May 2024 12:40:30 +0000

Buying a house in Ripon is such an exciting time. Looking at areas, looking at different styles of property, different gardens, locations, schools, transport links….and of course, no one loves looking at property more than us! We adore it when our clients find the home of their dreams and move in ready to start a new chapter.

But wait. Of course, there’s more to buying a house than simply falling in love with it. You must make sure it’s a sound property and isn’t going to cause you headaches and turn your dream into a nightmare.

And that’s where surveys come in. A home survey will help you decide whether it’s a green for go or a bright red STOP right now. Here, we explain the surveys you’ll need to consider when buying a new home.

But first, one of the questions we get asked most often is:

Do I really need a home survey?

The answer is probably, yes. Why? For two reasons really. Firstly, you may love the house you’ve found, but think about this.

Is it structurally safe?
Is it going to need rewiring or things fixing?
Are lots of works required to bring it up to standard?

If it’s going to cost you a lot of money and lots of time to correct, is it really the right house for you?

Conversely, if a survey suggests you need to make repairs worth thousands and you still want the place, you could potentially ask the seller to reduce the asking price.

In a Nutshell: A survey gives you security that the property is right for you.

Is a home survey a legal requirement?

No, it’s not a legal requirement to have a home survey done on a house that you are buying. You may look at the costs of having a survey done and think the cash is better off in your own pocket. But we would always respectfully suggest that you seriously think about commissioning a survey.

If it’s a new house, then the survey you need won’t be as expensive as a full survey on an older property that may have issues. If you have a survey that flags up issues, it could save you money in the long run.

Is a home survey the same as a mortgage survey?

No! As a condition of getting a mortgage approval, you may well have to get a survey done on the property you want. This is a survey the lender will do – via an independent surveyor – to make sure that they can be confident the property is worth what it is on the market for. A survey of this type isn’t anywhere near as in depth as a proper, structural survey and sometimes is done from a distance.

Your lender survey and home survey are two different elements of the home buying process. If you need help clarifying what type of survey you require, just ask us and we’ll explain. We like to talk in plain English and love to help.

What’s in a survey?

The type and level of survey very much depends on what sort of property you are looking to purchase.

Condition Report

If you are eying up a newbuild, which should come with a warranty and certain guarantees, you should be looking at a low-level survey – a Condition Report. These typically cost a few hundred pounds and take a couple of hours to be completed.

Homebuyers Report

Then there’s a Homebuyers Report, which costs a little more and is also a little more in depth, usually containing advice on what needs to be done. You can see why these might be needed for an older property.

Full Building Survey

A full Building Survey – now this does cost more but is very thorough. It’s ideal for an older property or one that is perhaps unusual. You need to make sure that the house you are buying is structurally safe and this will tell you everything – warts and all.

What Happens Next?

Your survey may well point out some defects and highlight what works needs to be done. You need to properly assess whether this is something you either want to do or can afford to do.

Should you need further advice on surveys, please get in touch with us. We are more than happy to advise you. Email us at sales@davislund.co.uk or call us on 01765 602233 Our friendly team at Davis & Lund can help point you in the right direction.

View to a thrill

davislund — Mon, 12 Feb 2024 14:33:27 +0000

Everybody lives differently. Of course they do. But when viewing properties, seeing past how someone else lives can be vital in terms of establishing whether the property is the one for you. It’s all too easy to get sidetracked by the ‘stuff’ rather than the ‘space’ that a property offers.

Concentrate on the structure of a property. How does it flow? Is it easy to move from one room to another, or does it feel like you’re having to navigate carefully? If a room feels too big, could a simple piece of furniture, or even a change of colour scheme, break things up a bit and make the place more cosy? And if it’s not big enough, is it the room itself that’s a bit on the small side or is it just cluttered, or painted in dark colours? It’s amazing how a fresh lick of paint can transform the feel of a room.

Bathrooms and kitchens can present the biggest challenge, as things like kitchen units or bathroom suites can seem like immovable objects. But sometimes losing a cupboard can free up so much space (and do you really need that many cupboards anyway?). And if there’s only a shower but you wanted a bath, could a smaller tub be fitted where the shower is now, with a new shower being fitted over? The point is everything’s changeable. All this sounds like simple stuff but it’s amazing how many times a property is perceived differently to its potential because of how it has been used, rather than how it will be used.

Most importantly, how does the house feel? Emotional connections to properties are easy to ignore but are perhaps the best way of determining whether this is a place you could happily live in. Maybe there’s a bit of work that needs doing but you’ve told yourself you didn’t want a project. And yet, the house itself is giving you good vibes. Don’t question them, embrace them! Because sometimes, our ideal home can be found in the unlikeliest of places…

Bank holds rate at 5.25% in split vote

davislund — Thu, 01 Feb 2024 12:23:45 +0000

The Bank of England has held the base interest rate at 5.25% for the fourth time running.

David Callaghan

1st February 2024

The Bank of England held its base interest rate at 5.25% for the fourth time in a row today, but its Monetary Policy Committee was divided on the decision.

It means the rate remains at a 15-year high for the first part of the new year, as the Bank moves cautiously in its battle with inflation.

SPLIT DECISION

The Bank’s Monetary Policy Committee voted by a majority of 6–3 to maintain the rate at 5.25%. Two members preferred to increase the rate by 0.25%, to 5.5%. One member voted to reduce the rate by 0.25%, to 5%.

Andrew Bailey, the Governor of the Bank of England (main picture), and Huw Pill, Chief Economist, are both believed to favour a hold in the rate.

DOWNWARDS

Today’s decision was widely expcted even though there was a surprise increase in inflation during December to 4% from 3.9%.

Most City analysts believe the inflation trend is firmly downwards, with some even saying the Government will reach its target of 2% by April.

INDUSTRY REACTION

Dominic Agace, CEO at Winkworth, says: “It’s sensible to hold the rate, as while all the indicators point to a return to inflation target by April and rate cuts, it’s important to not get carried away.

“Inflation remains high and to ensure there are no unpleasant surprises, it’s vital that we pursue a steady and predictable path,” he says.

“The property market hates uncertainty and surprises, which was demonstrated by the fall-out as a result of the Liz Truss Budget. A steady approach reducing rates makes for the best approach for a property market that people can predict and so trade in.”

Jonathan Samuels, CEO of Octane Capital, says: “It appears that the Bank of England’s slow but steady approach to managing the economy has finally started to pay off, with inflation falling sharply this week.

“Generally speaking, today’s decision to keep the base rate held should bring further positivity for the economy and the property market, in particular.

“But while it’s likely to stoke the fires with respect to the increasing number of buyers returning to the market in recent weeks, they are best advised to proceed with caution,” he says.

“Swap rates have been gradually climbing so far this year in anticipation of today’s decision and so an ongoing degree of certainty where the base rate is concerned doesn’t necessarily mean lower mortgage rates are guaranteed.”

Guy Gittins, CEO at Foxtons, says: “A freeze on interest rates since September of last year resulted in 2023 finishing with a far higher degree of mortgage market positivity than many had forecast and it’s now clear that this positivity has carried over into 2024.

“We’ve already seen a promising start to the year compared to January last year, as buyers have returned to the market.

However, the potential now is that mortgage rates could start to climb following a fourth consecutive decision to keep the base rate frozen at 5.25% and we’ve already seen evidence of lenders increasing swap rates in recent weeks in anticipation of today’s news,” he says.

“This will further add to the air of urgency shown by buyers of late, who have been encouraged by sub 4% mortgage opportunities and have been keen to secure them while they are available.”

Verona Frankish, CEO of Yopa, says: “Today’s decision won’t necessarily add to the property market positivity seen so far this year, but it certainly won’t diminish it either.

“Whilst the cost of borrowing remains higher than the nation’s borrowers have become used to, they should be reassured that we’ve likely seen the peak where interest rates are concerned and that any future movement will be downwards.

“This should help draw more buyers back to the market and we anticipate that the uplift in market activity seen during the closing stages of last year will continue to build throughout the year ahead.”

January market update

davislund — Wed, 24 Jan 2024 14:09:43 +0000

2024 has started with a bang in terms of property sales. While predictions were for a slow start with interest rate uncertainty putting a brake on mortgages, plus the cold weather affecting viewings, reality is proving the opposite to be true. Serious buyers and sellers are out in force, at least in and around Ripon and Thirsk.

But this optimism is also creeping into over-optimism in some areas, not least the notion of being proceedable when it comes to making a house purchase. While we have seen a higher than expected number of house sales already this year, several other would-be deals have been proposed without someone in the chain being able to progress their purchase due to an unsold house. Naturally, the end result is frustration all round, as four or five people with mortgage agreements or cash in place to buy their dream home wait for the over-optimist to sell their own des-res somewhere down the chain.

In this fast-moving and dynamic housing market, you need to have all your ducks in a row before making that all important offer. Has your buyer got anything to sell? If so, are they actually on the market, or just thinking about it? When they say they’ve sold, who to? Someone who has the wherewithal to complete a purchase, or someone who just likes the idea of buying their house? Have they appointed a solicitor or at least got an estate agent who can confirm their position?

Essentially, being proceedable means having the money, or the promise of the money, to make the purchase, and if that requires a sale, make sure your buyer is ready to proceed. Otherwise any offer you might want to make could sound hollow and run the risk that a vendor might not take you seriously.

New 1% deposit mortgage deals coming???

davislund — Tue, 23 Jan 2024 17:00:35 +0000

Reports that the Government is considering a radical scheme to help first-time buyers by guaranteeing mortgages which would require just 1% deposit have left property and finance experts divided.

The Independent reported at the weekend that Prime Minister Rishi Sunak (main picture) and Chancellor Jeremy Hunt were considering the move to bolster the chances of first-time buyers (FTB) – and more importantly younger voters – of getting a foot on the housing ladder by guaranteeing mortgages.

But news of the plans received a mixed reaction.

Ying Tan, Habito

Ying Tan, Chief Executive of mortgage broker Habito, says: “This news will certainly grab the headlines and entice younger voters to support the Government.

“At first glance, this is great news. In principle, the more help we can get for first-time buyers, the better.”

But Tan told The Neg that he was concerned how mortgage affordability would be assessed.

“It is pointless only needing a 1% deposit if it’s impossible to borrow the 99% mortgage.

“With a high loan-to-value comes higher risk for the lender, so rates will certainly be more expensive, giving less disposable income to the consumer.”

And he adds: “What we must avoid is reeling first-time buyers in, without thinking about the possible unintended consequences, leading to a potential house price bubble.

“At the end of the day what this government and the next need to do is build more homes that are affordably – it’s simple economics.”

Mark Harris, Chief Executive of broker SPF Private Clients, adds: “99% mortgages could be a good idea in the appropriate circumstances.

Mark Harris, SPF Private Clients

“With added stamp duty costs, a 99% mortgage can look identical to a 95% mortgage for previous generations. Add in the fact that saving for a deposit while renting is practically impossible, this could be a solution.”

And he says: “There are 100% mortgages available today – for example, Skipton Track Record, which uses the evidence of long-term rent payments as part of its affordability basis and assessment. Also, Barclays Springboard, albeit using equity in a guarantor’s house, so net loan-to-value is lower.

“Unlike 100% mortgages in the past, lenders now have more stringent assessments to perform to assess affordability and stressing. There is less risk of borrowers over-stretching themselves.

“Naysayers will no doubt focus on the fact this is a policy to increase demand for housing not supply so inevitably the effect on house prices will be upwards.”

SHOCK: Interest rate cuts and price rise of 5% during 2024, predict economists

davislund — Fri, 05 Jan 2024 16:30:57 +0000

Economists are boldly forecasting two reductions in interest rates this year coupled with a jump in house prices.

Interest rates will be cut at least twice this year, and house prices will jump up 5%, according to leading economists.

A poll of 41 economic experts by The Times showed most predicted two reductions in the Bank of England base rate, while nearly half actually said there would be three or more cuts.

The base rate currently stands at 5.25% after the Bank’s monetary policy committee held it there three times in a row last year, and the Bank’s governor Andrew Bailey has warned it is too early to consider any reductions.

But only two economists in the survey said the Bank would leave the base rate at its present level.

INTEREST RATES

Inflation has fallen to 3.9%, and is expected to drop even further towards the Government’s 2% target in the next few months.

Economists expect a decrease of 0.4% in average two and five-year fixed mortgages to have a significant impact on the market.

HOUSE PRICE JUMP

Meanwhile, some economists are forecasting a rise in house prices this year as mortgage rates continue to fall.

A rise of 5% in 2024 is on the cards according to estimates by consultancy Pantheon Macroeconomics, The Times reports.

Andrew Wishart, Senior Property Economist, Capital Economics

And Andrew Wishart, senior property economist at Capital Economics, said falling house prices could be “avoided altogether”.

The Neg reported that Halifax’s latest data showed house prices rose for the second month in a row in December – making a typical home £1,300 more expensive than the previous month.

Want a valuation without the home visit?

davislund — Thu, 11 Nov 2021 11:57:14 +0000

At Davis & Lund we use a market leading instant valuation tool that not only gives you a rough value of your property in seconds, but you can also upload photos of any renovations you have done that may not be taken in to account when the instant valuation is generated. Of course, you can always arrange for us to come out to your property, that way we can give the most accurate price.

Give it a try here https://valuation.davislund.co.uk/

Speed It Up! Experts join forces to call for quicker transaction process

davislund — Wed, 10 Nov 2021 16:32:16 +0000

https://www.estateagenttoday.co.uk/breaking-news/2021/11/speed-it-up-experts-join-forces-to-call-for-quicker-transaction-process

At Davis & Lund, we use WeCOMPLETE, conveyancing reimagined. Streamlining the conveyancing process from start to finish. You do not have to buy or sell through us to use our system. Get a quote now at DavisLundConveyancing

Are interest rate increases round the corner??

davislund — Wed, 10 Nov 2021 16:30:11 +0000

The Bank of England will maintain their low interest rates for now, but hinted that changes may be on the way. Were you expecting an increase?

Read the full article now and share your thoughts with us: http://ow.ly/fc2A50GGVHE

Now is probably the best time to review your mortgage. Everybody has different circumstances, but why not have a free, no obligation chat with our very own mortgage broker, Damien Purdy, who is part of Mortgage Advice Bureau. Could he save you money? Click here to find out https://www.mortgageadvicebureau.com/mortgage-advisers/kirkgate-ripon