Watsons Property

Welcome to Geraldine

2012-02-18T10:23:00.003Z

We would like to welcome Geraldine Kendall, Geraldine is coming to work as Personal Assistant to the senior partner, Andrew Tayler, at our busy flagship office at Bank Plain in Norwich.

Welcome Geraldine, we hope you enjoy your time with us

Well Done To All

2011-12-17T11:21:00.002Z

Well done to all! we have managed to raise over £2000 for Macmillan Cancer care. Our target was to raise £1000 over the year. Staff have been cycling, Firewalking, baking, Tombollaing and raffling to raise the much needed funds for a worthwhile charity. you can still help by visiting our justgiving site www.justgiving.com/watsonsEA

The end of the stamp duty holiday

2011-12-15T10:39:00.002Z

Holidays always have to come to an end – as the chancellor’s recent autumn statement proved.
It had been hoped by some agents that the stamp duty holiday for first time buyers, due to end next March, would be extended but the decision was made that it will finish as stated, bringing an end to possible savings for those buying their first homes of up to £2,500. What was the response on this from N&DAEA members? Nick Eley, chairman of the N&DAEA and a partner at Watsons, said: “Let’s be positive, there is still time for any first time buyers to get out there, purchase a property and avoid the payment of stamp duty land tax. “The sale needs to complete before March 25 but bear in mind this is a Sunday so Friday 23 will need to be the target date. The resulting saving is up to £2,500 and buyers should still find a good choice of property despite Christmas being around the corner. The exemption to stamp duty applies if you have never owned a house or flat in the UK or anywhere else in the world and if you are buying with someone else they must never have owned a property either.” Julie Engall, of Mills Knight, said she felt the government missed a trick by not extending the holiday.

“The failure to extend the holiday for first time buyers undermines the government’s own attempts to kickstart the first time buyer market across the country.

“Although in Norfolk many first time buyers purchase below the zero rate of £125,000, so will not be affected in areas of the country where house prices are more expensive, this is further money that will need to be saved before they will be able to buy.

“This budget would also have been an ideal time to announce a rethink of stamp duty at all price bands.”

What a festive Success!

2011-12-13T11:38:00.002Z

On behalf of myself and my staff I would like to say a very special thank you to all of those who came to see us at the Christmas Fair.

It was great to see so many people full of festive cheer!

I would also like to extend a warm thank you to those gave their support donating gifts for our, it was a festive success.

With your help we were able to raise £257.89 in aid of Macmillan Cancer Support.

May we take this opportunity of wishing you a Merry Christmas & a Prosperous New Year.

Debbie Dobrzanski Manager

You can still donate by visiting www.justgiving.com/watsonsEA

Aid For Africa

2011-12-12T14:49:00.001Z

Anthony Burn, manager at our Holt office, and his family have designed and produced charity Christmas cards which they hope will raise £2,500 towards food for people in Malawi.

One features a cute robin by 14-year-old Bryony Fraser-Burn, and the other three sheep in a snowy field by her mum Carolyn Burn, whose husband Anthony has covered the cost of production through raising sponsorship.

The family, who go to the New Wine Church in Holt, were aware of the plight of Malawi through the local Aid Africa charity shop.

“We saw a need and decided to do something about it,” said Mr Burn,

“We have close links with Lynda Mills, who is the director for Aid Africa, and who explained to us that, due to the lack of rain, crops have failed and there is an urgent need to supply food,” he said.

“The idea was to sell Christmas cards, but typically, not all the money people pay for them goes to charity.

“We wanted to find a way of ensuring 100 per cent did go to those in need.”

Packs of eight cards (four of two designs) are now available at a cost of £5 per pack from Aid Africa, Watsons, Smith and Pinching and Gresham’s Pre Prep School.

“Africa is a big place but we are doing this to help the people we know about in these communities – and we can make a difference.”

The news is there is no news!

2011-06-06T15:26:00.002+01:00

May has proved that following the statistical dip in activity during the string of Bank Holidays and Royal Wedding the market feels as though it has returned to the position it was before this period. Much of the “chatter” at the end of May has been about the “Rent Generation” however there is activity from some First Time Buyers bringing new money in to the market.

In general, serious buyers and sellers are going about their business without to much nervousness or fear. More people entering the market with this mind set will help to stimulate more market activity.
The requirement for large mortgage deposits remains a hinderence to the market. Whilst we do not want to return to 100% lending and an overheated market, some relaxation on lending criteria, however small, would be a welcome stimulus.

Minibus marathon to help youngsters in· Mongolia

2011-05-23T13:29:00.002+01:00

A Norwich duo will travel thousands of miles in a minibus to help poverty-stricken children in Mongolia. Tim Voller and Tim Bolger are part of a team of four people who will drive 10.000 miles to deliver the vehicle to a charity helping street children. The pair, who will have to navigate through 14 countries after departing Norwich, will also spend two days visiting the Mongolian capital, Ulaanbaatar, where the bus will be used to take children on trips. Tim Voller, who works for Watsons residential and commercial property. said it was the chance to do something worthwhile and experience a complete adventure which made him take the opportunity. The 34·year·old, of Unthank Road, said:” The huge language barrier is one of the issues we are going to have to face." We have been trying to learn a few Russian phrases, but it is still going to be difficult. Meanwhile, there is the problem with bribes in some of the countries where you need to pay to get on to roads or through borders. We have also heard some horror stories of other teams who broke down for days on end - but it is all part of the challenge. “Laura Jones, 25, from north Norfolk, and Richard Tobin, 34, of west Wales, will make up the rest of the team, which will begin travelling on Saturday, July 9.They will visit France, Germany, Austria, Hungary, Romania, Bulgaria, Turkey, Iran, Turkmenistan, Uzbekistan, Kyrgyzstan, Kazakhstan and Russia before arriving in Mongolia for the charity Go Help
donate here http://www.justgiving.com/MongolianFalcon

Home Sweet Home

2011-05-23T11:56:00.002+01:00

A Cromer couple have proved there's no place like home by moving back to their former town - and into the same house they sold four years ago. David and Betty Cole upped sticks in 2007 and headed to Scotland. They sold their house and went to live near their daughter in a small village near Inverness. They quickly became involved in community life, with former Cromer British Legion chairman David training as a welfare office with the Soldiers, Sailors, Airmen and Families Association. But the couple missed their north Norfolk friends and neighbours, and their old home. Knowing her parents were feeling homesick, their youngest daughter scoured the internet for suitable properties in Cromer and was thrilled when she spotted her parents' former house back on the market. Mr Cole, 72, said: "We were overjoyed at the possibility of moving back. "We've had a fantastic welcome from all our old friends and neighbours - it's like we have never been away."

Congratulations to Norwich City

2011-05-17T14:38:00.000+01:00

After some promising signs in the market place in the first quarter, April has been full of welcome distractions with Bank Holidays and Royal weddings but of course this does distract potential buyers from purchasing activity, making the market a little harder.   On the plus side enquiry levels are holding up, giving cause for optimism for the next few months.
Data continues to flow from a variety of sources showing a continued downward trend in prices. The price changes are fairly small but they do reflect a willingness amongst sellers to set prices to stimulate the market and generate a sale.   Buyers need to act now to take advantage of these opportunities whilst they are still available.

Congratulations to Norwich City football club who have just been promoted to the premiership.    The publicity and prominence of this can only help and enhance the reputation of the City of Norwich and County of Norfolk, as a successful place to live, work and do business.

Better than expected enquires, viewings and sales!

2011-04-20T16:14:00.001+01:00

I noticed two articles of interest from newspapers this week; the latest RICS UK Housing Market Survey in the Business section of the EDP and The Daily Telegraph picked up on survey for Globrix.com about the potential increased saleability of a property with a name rather than just a number!

According to research, of the 4,000 people surveyed, 40% said their impression of a property altered when given a name and for those keen to add value to their home one in 14 will pay more for a pretty name! I can see the logic of this. A name conjures up a visual impression with one in five imagining a named property to be older and have character while 19 percent thought the property would be in good area. Of course the name needs to match the property! I have seen property names generated using the first couple of letters from family names – I would avoid this like the plague!

Apparently the most popular UK property name is “The Cottage” followed by “Rose Cottage” and “The Bungalow” recorded in a survey undertaken by Aviva and the Land Registry records show 1.4 million of the 26 million homes in Britain have names.

Turning to the RICS Housing Survey, a rather gloomy picture was painted of the property market countywide but stated regionally there were some strong variations. This is certainly the view of my Norfolk based offices during March and a number of other Norwich & District members I have spoken to. It is also worth remembering the survey is based on surveyors perception and expectations and this does not always match what is actually happening on the ground.

Overall my offices experienced a buoyant month with better than expected enquires, viewings and sales, so it is certainly true to say there are micro markets with those motivated to sell listening to the advice of their agent and adjusting their asking price where necessary to generate fresh interest. A property is only worth what someone is prepared to pay for it and this will be true of the property sellers go onto purchase. - Nick Eley

Leasehold property.

2011-03-10T11:19:00.000Z

What should you be looking for as a purchaser obviously condition of the common parts would show that the block is well managed and is being looked after? Lights, door entry systems car parking all important. What about the lease? Probably as important if not more so than everything else. In particular length of lease and ground rent provisions.

Length of lease is now becoming a crucial issue with many flats built in the 1970’s and 1980’s with 99 year leases. Some of the earlier flats will now have less than 60 years with others less than 70 years remaining.

Some of the major lenders will not lend on anything with less than 70 years left although some will lend providing there is a minimum of 25 years left after the mortgage has finished however this is the exception rather than the norm.

Lease extensions are becoming increasingly popular.

What are the leaseholder’s rights?

The Leasehold Reform, Housing and Urban Development Act 1993, amended by the Commonhold and Leasehold Reform Act 2002 entitles a Leaseholder to purchase an extension of 90 years to the existing lease term at a peppercorn ground rent subject to the following:

a) the leaseholder must have owned the flat for at least 2 years

b) the leaseholder’s original lease term must be greater than 21 years

c) the leaseholder does not need to be resident in the flat

What is the cost of the lease extension?

This is assessed in three parts:

a) the value of the ground rent income

b) the value of the freeholders reversion at the end of the lease

c) 50% of the marriage value i.e. the amount that the value of the flat increases when the lease is extended. Marriage value is not payable if the existing lease has nore than 80 years unexpired.

The leaseholder pays the freeholders legal costs valuation costs and stamp duty.

How is the price agreed?

The leaseholder’s solicitor serves a notice on the freeholder making a monetary offer. The freeholder either accepts or serves a counter notice giving his asking price.

The parties then negotiate a price but if they fail either may apply to the Leasehold Valuation Tribunal to determine the price.

Our experience is that the majority are agreed before getting to the LVT.

Calculating the Price

We can assess the price for either party following inspection and perusal of documents including the lease.

Negotiating the Price

We can negotiate the price for either party.

How much are valuations and negotiation fees?

Valuation fees and negotiation fees vary from case to case. We can provide fee quotations if given basic details.

Ray Smith FRICS

a noticeable increase in enquiries

2011-03-04T16:16:00.000Z

I wouldn’t’ call it a trend quite yet but there has been a noticeable increase in enquiries from first time buyers, which was not entirely expected, although welcome none the less. First timers have been deterred from the market by high prices in ’06 & ’07, mortgage restrictions and falling prices in ’08 and lack on confidence in ’09 &’10. Now, there seems to be the first embryonic sign of a return to a normal market, where people start their first step in to home ownership and from where the upward flow of money in to the property market commences.

Enquiry numbers have been variable however, a number of agents have indicated increases activity levels increasing from the middle of the month. So, perhaps February is the new January!!

Those buying and selling seem to be confident in what they are doing and it is encouraging to note that in a recent Sunday Times survey just 4% of people were moving home because of financial difficulties. Lets hope that things continue to improve in this manner as we approach the spring.

Ian Harris MNAEA

Secretary, Norfolk Branch.

What happens next!?

2011-03-01T15:36:00.002Z

We are now in the season of review and prediction and the property market has a healthy tradition of differing views from which you can take your pick depending how optimistic or pessimistic you want to be.

I tend toward a more practical point of view. After all, the property market is always about real people with real money buying and selling bricks and mortar. In 2011 we know that public spending will be cut and borrowing may get a little tighter before it gets better, BUT, on the upside prices are attractive and where borrowing is available it is cheap.

One of the most important factors is what the government of the day thinks about the market and Housing Minister, Grant Shapps, recently said in the House of Commons: “House prices have doubled in the last ten years, putting home ownership beyond the reach of many potential first-time buyers. “This Government believe that what is needed now is not a return to rapid house price growth but a period of house price stability.”

After the turmoil of the last 5 years lets hope that 2011 is the dawn of the stable market the government wants to deliver.

A quick look at 2010!

2011-03-01T15:35:00.003Z

Respected Housing Market Analyst, Henry Prior, has just released his review of the market for 2010 which shows how the market has changed in 2010 compared with previous years.

Compared with 2009, this year has seen an 8% rise in new instructions to the market, a 44% rise in the total number of properties available on the market and a fall of 11% in the numbers of properties actually selling.

This explains the falls in price we have been seeing in the last quarter, with serious sellers recognising the need to set their asking price competitively and negotiate realistically.

On the upside, buyers can enjoy a greater choice of attractively priced property and the luxury of a little more time to consider their purchase although, the nest properties always sell strongly even in a difficult market.

To buy or not to buy, that is the question?

2011-03-01T15:34:00.002Z

……… and the answer for some is definitely “yes”!

Prices fell at the end of 2010 and there is now an excellent stock of well priced property available.

Anyone requiring a mortgage, investors or owner-occupiers, should consider a move now. Following the over-lending of the 2004-2007 period, the Financial Services Authority (FSA) are conducting a mortgage market review, considering what lending restrictions it might introduce to prevent dangerous lending bubbles occurring in the future. From recent press releases, The Council of Mortgage Lenders (CML) seem worried that the FSA are taking an excessively risk-averse approach and people may want to buy before any additional restrictions take effect. Despite this, the CML are not predicting any significant falls in the numbers of property transactions in 2011.

First Time Buyers can save £1,250 to £2,500 of Stamp Duty by buying before 31 Dec 2011, when their exemption is due to end.

I am inclined to agree with the NAEA analysis of the coming year: “We do not believe that there will a widespread fall in house prices over the next 12 months. There will be ups and downs, but I’m confident that we won’t see a plunge.”

2011-03-01T15:13:00.001Z

Monday 8th November. Four very different tasks today.

2010-11-12T15:58:00.000Z

Building Survey on 15th century cottage completed

Reminded me of the first cottage I purchased 20 years ago thatch/timber frame similar issues.

When are we going to stop using cement in the repair and refurbishment of older buildings? Although the effects were not horrific I have seen a lot worse. The ability of these buildings to able to breathe is paramount.

Leasehold enfranchisement is becoming a hot topic. As the lease of your flat reduces in length so the value of your home deteriorates. With mortgage lenders becoming increasingly concerned about lease length this will be an issue capable of frustrating a vendor’s sale of a leasehold flat.
Serving a formal notice for a lease extension under the Leasehold Reform Housing and Urban Development Act 1993 (as amended) enables qualifying leaseholders to acquire a 90 year extension to the current lease with the ground rent reducing to a peppercorn as part of the process.

Building disputes are often inevitable when two parties’ idea of what was intended have not been recorded. A simple contract will often prevent such disputes or at least make resolution that much easier. Without it payments are disputed as are very often the quality of work and the requirements of the client. Leading to long drawn out discussions and arguments were both parties suffer.

Defect diagnosis can be tricky and sometimes not straightforward. Dampness particularly in older cottages is a problem which occurs on a regular basis. The damp can be of three types Condensation, Penetrating and Rising with the former often being mistaken for latter two. However all three can be caused by the inappropriate use of ……cement.

Just another day in the life of a Chartered Surveyor.

2009-03-05T13:08:00.000Z

Welcome to the new Watsons Surveyors Blog, this is a new service to keep you up to date with market trends and the innovative ways in which we can help you