“Revealing the Shocking Impact of Record-High Interest Rates: What Home Buyers and Sellers Must Know Now!”

Discover how recent interest rate increases affect mortgage rates, property market trends, and your current mortgage. Stay informed about the Bank of England’s decisions and prepare for potential rate fluctuations. Read on for valuable insights from Open House Estate Agents Staffordshire.

Introduction:
In a recent move, the Bank of England (BoE) raised its Base Rate by 0.5%, marking the 13th consecutive increase and pushing interest rates to their highest level in 15 years. This article explores the implications of these interest rate rises for home buyers and sellers, providing valuable information and insights to help you navigate the current real estate landscape.

Impact on Mortgage Rates:
The Base Rate serves as a crucial factor for lenders when setting fixed-rate mortgages. As a result, average fixed-rate mortgage rates have been rising in anticipation of the Base Rate hike. Lenders base their rates on swap rates, reflecting the market’s expectations for future Base Rate levels. Open House’s mortgage expert, Matt Smith, highlights the significance of this development and encourages prospective buyers to stay informed about the latest mortgage rates.

Current Property Market Trends:
Real-time data reveals interesting trends in the property market. Open House has observed a surge in inquiries from individuals interested in viewing homes for sale, surpassing pre-pandemic levels. Additionally, their Mortgage in Principle service has experienced a 53% increase in visits over the past month, indicating a growing number of individuals evaluating their borrowing capacity amidst rising interest rates. Matt Smith emphasizes the importance of reassessing personal affordability in light of higher rates, enabling buyers to adapt their budgets accordingly.

Understanding the Impact on Existing Mortgages:
Fluctuations in the Base Rate can affect the interest paid on loans, including mortgages. If you have a fixed-rate mortgage, your monthly payments will remain unchanged until the end of your deal. However, variable or tracker mortgage holders are likely to see an increase in their monthly payments. Open House advises homeowners to stay informed about their mortgage terms and be prepared for potential adjustments resulting from interest rate changes.

The Road Ahead: Potential Rate Fluctuations:
Experts suggest that the Base Rate may reach a peak of around 5.75% before it starts to decrease. The Bank of England’s Monetary Policy Committee convenes approximately every six weeks to deliberate on interest rate adjustments. The next decision will be announced on 3 August 2023, underscoring the need for home buyers and sellers to stay updated on developments that may impact their financial decisions.

Conclusion:
With interest rates at their highest level in over a decade, it is crucial for home buyers and sellers to understand the implications of recent rate hikes. Open House Estate Agents Staffordshire offers valuable insights into the relationship between interest rates and mortgage rates, market trends, and existing mortgage obligations. By staying informed and adaptable, you can make well-informed decisions that align with your financial goals. Remember to keep a close eye on the Bank of England’s decisions, as they play a pivotal role in shaping the future of interest rates.

Navigating the Impact of Rising Interest Rates and Inflation on UK Property Market

Introduction:
As the Bank of England prepares to raise interest rates for the 13th consecutive time, the impact on the UK property market becomes a topic of concern for both buyers and sellers. In this blog post, we will explore the implications of rising interest rates and inflation on the property market, providing valuable insights to help individuals make informed decisions in this changing landscape.1. Understanding the Current Economic Landscape:

The Bank of England’s decision to raise interest rates reflects its ongoing effort to tackle rising prices and control inflation. With inflation at 8.7% in May, it is likely that the benchmark rate will increase from its current 4.5% level. This article explores the reasons behind the Bank’s decision to use interest rates as its primary tool for combating inflation.
2. Impact on Homeowners and Savers:
An increase in interest rates can have implications for homeowners and savers alike. While higher rates may lead to increased mortgage costs for homeowners, it may offer a silver lining for savers looking to earn more on their investments. This section delves into the potential consequences for these two groups and provides tips on navigating the changing financial landscape.
3. The Property Market Outlook:
With interest rates at their highest level in approximately 15 years, the property market is experiencing significant shifts. This section analyzes the impact of rising interest rates on the property market, discussing factors such as affordability, demand, and the potential for price stabilization. It also highlights the importance of considering long-term investment strategies in a changing interest rate environment.
4. Government Response and Policy Considerations:
The blog touches upon Prime Minister Rishi Sunak’s commitment to combating inflation and the government’s responsibility to address the impact of rising rates on individuals with mortgages. It also mentions Labour’s stance on mortgage assistance. Understanding the government’s approach and potential policy changes can provide insights into future market dynamics.
5. Comparative Analysis:
This section compares the UK’s inflation situation with other countries such as the US and Germany, where inflation is falling. By understanding the global context, readers gain a broader perspective on the challenges faced by the UK and how it may impact the property market.

Conclusion:
As the Bank of England raises interest rates in response to rising inflation, the UK property market undergoes a period of adjustment. This blog post aimed to provide valuable insights to buyers and sellers, equipping them with knowledge to make informed decisions. By understanding the implications of rising interest rates and inflation on the property market, individuals can navigate this evolving landscape with confidence and adapt their strategies accordingly.

Navigating the Changing Tides: How Falling UK House Prices Can Benefit Homeowners

In recent news, the Nationwide Building Society reported a significant decline in UK house prices, marking the fastest annual pace of decrease in nearly 14 years. With a 3.4% drop in prices in the year leading up to May, it’s evident that the housing market is facing challenges. This blog post aims to explore the implications of falling house prices on the real estate sector and provide insights into the potential effects on buyers, sellers, and the overall market.

The Current State of House Prices:
According to the Nationwide, the average property price now stands at £260,736, with a 0.1% decrease in May alone. Additionally, average prices remain 4% below their peak in August 2022. This decline may present opportunities for first-time buyers, who have struggled with climbing prices in recent years. However, rising interest rates and mortgage costs could pose challenges to those trying to enter the housing market.

Impact on First-Time Buyers:
The decrease in house prices might offer some relief to aspiring homeowners. However, the simultaneous rise in mortgage interest rates due to inflation concerns means that mortgage costs are higher than anticipated for many first-time buyers. This development could alter their plans and require adjustments to their budgets, potentially affecting their ability to enter the market.

Effects on Mortgage Debt and Approvals:
Recent figures from the Bank of England indicate a decline in mortgage debt borrowed, reaching its lowest level since the onset of the Covid pandemic. Furthermore, net mortgage approvals for house purchases have also seen a slight decrease. These trends suggest a potential slowdown in the housing market as buyers become more cautious and lenders exercise more prudence in granting approvals.

Inflation and Interest Rate Speculations:
The UK inflation rate remains a significant factor influencing the housing market. Analysts predict that the Bank of England may need to raise interest rates further, potentially reaching as high as 5.5%, to curb rising prices. This projection has led to an increase in mortgage interest rates by various lenders, impacting affordability and potentially dampening demand.

Future Outlook and Market Conditions:
Although headwinds in the housing market are expected to strengthen in the near term, the Nationwide’s chief economist, Robert Gardner, suggests that a dramatic downturn is not anticipated. Solid labour market conditions and relatively healthy household balance sheets offer some stability to the market. However, a decline in property sales has already been observed, signalling potential challenges ahead.

Conclusion:
The recent decline in UK house prices, combined with rising mortgage interest rates, poses both challenges and opportunities in the real estate market. First-time buyers may find some relief as prices become more attainable, but they need to consider the impact of higher mortgage costs. The overall market is likely to face decreased demand, lower sales, and potentially weaker prices. As the housing landscape evolves, buyers, sellers, and industry professionals must remain vigilant and adapt to the changing conditions to make informed decisions.

How Open House Estate Agents Staffordshire Can Help:
If you’re a homeowner navigating these shifting market dynamics, Open House Estate Agents Staffordshire, led by owner Steve Lythgoe, is here to provide expert advice and guidance. With our deep knowledge of the local market and extensive experience in real estate, we can assist you in making informed decisions that align with your goals. Whether you’re considering selling your property, looking for opportunities to invest, or seeking professional insights into the current market conditions, our team is dedicated to providing personalized support tailored to your specific needs.

Reach out to Open House Estate Agents Staffordshire today to schedule a consultation and discover how we can help you make the most of the evolving real estate landscape.

Please note that this blog post is based on the provided BBC Business article and is written for informational purposes. It is advisable to seek professional advice before making any significant decisions related to real estate investments or transactions.

https://www.bbc.co.uk/news/business-65774620

In House Complaints Procedure

IN-HOUSE COMPLAINTS PROCEDURE

We are committed to providing a professional service to all our clients and customers.  When something goes wrong, we need you to tell us about it.  This will help us to improve our standards.

If you have a complaint, please put it in writing, including as much detail as possible.  We will then respond in line with the timeframes set out below (if you feel we have not sought to address your complaints within eight weeks, you may be able to refer your complaint to the Property Ombudsman to consider without our final viewpoint on the matter).

What will happen next?

  • We will send you a letter acknowledging receipt of your complaint within three working days of receiving it, enclosing a copy of this procedure.

  • We will then investigate your complaint. This will normally be dealt with by the office manager who will review your file and speak to the member of staff who dealt with you.  A formal written outcome of our investigation will be sent to you within 15 working days of sending the acknowledgement letter.

  • If, at this stage, you are still not satisfied, you should contact us again and we will arrange for a separate review to take place by a senior member of staff.

  • We will write to you within 15 working days of receiving your request for a review, confirming our final viewpoint on the matter.

The Property Ombudsman

Milford House

43-55 Milford Street

Salisbury

Wiltshire

SP1 2BP

01722 333 306

admin@tpos.co.uk

www.tpos.co.uk

Please note the following:

You will need to submit your complaint to The Property Ombudsman within 12 months of receiving our final viewpoint letter, including any evidence to support your case.

The Property Ombudsman requires that all complaints are addressed through this in-house complaint’s procedure, before being submitted for an independent review.

Client Protection Membership & Privacy & Cookies Policy

Please click on link below to access our Client Money Protection Certificate

CMP MemberShip Certificate

 

Who we are

Open House Staffordshire (‘We’) are committed to protecting and respecting your privacy.

This privacy policy sets out the basis on how we process and protect any information that you give, or we collect, when you use this website. Please read the following carefully to understand our views and practices regarding your personal data and how we will treat it.

Our nominated data controller is Steve Lythgoe Managing Director. Open House Staffordshire ( S A Lythgoe Property Services Limited trading as Open House Staffordshire) of 113 Wolverhampton Rd, Stafford, ST17 4AH.

What information may we collect about you?

We may collect personal data about you in the course of our work. That may include things like:

  • Your contact details.
  • Your date of birth.
  • Where you work.
  • Your wishes and criteria in any transaction you are considering.
  • Financial information, for example about your income and capital resources.

Usually we will have received this directly from you. However we may also receive personal data about you from others, such as from the other party to a transaction you are engaged in or from joint agents. Family members also sometimes provide information about each other.

How will we use the information?

Our use of such personal data is subject to data protection law.

We mainly use your personal data to provide you with information or services you have requested. We may also use it for any other purpose for which you give your consent. For example we may send you additional information about the firm or its services, if you have consented to us doing so.

We may also use it for other normal purposes connected with our work. For example we will use your information to update our own business records, complete statutory returns, and otherwise comply with our regulatory obligations.

Will we share information about you with anyone?

We take your privacy seriously. We will never sell your personal data to anyone, and we take precautions to keep it secure.

It will sometimes be a normal and necessary part of our work to pass on information to third parties. For example:

  • We may pass on information about you to solicitors to help them proceed with a transaction in which you are involved.
  • If you are a prospective tenant, we may pass on references about you to the landlord.
  • We may inform utility companies of changes in the occupiers of property.
  • We may pass on information to maintenance and repair contractors, in respect of property where we have responsibilities.
  • We may need to pass on information to those who help collect outstanding accounts.

In addition our practice may be audited or checked by third parties such as our accountants, which may enable them to see some information about you. Such third parties are required to maintain confidentiality in relation to your information.

Your rights

You have a right of access under data protection law to the personal data that we hold about you. We seek to keep that personal data correct and up to date. You should let us know if you believe the information we hold about you needs to be corrected or updated.

What data breach procedures we have in place

In the event of a personal data breach we will notify the ICO within the required 72 hours and provide them with

  • a description of the nature of the personal data breach including, where possible:
    • the categories and approximate number of individuals concerned; and
    • the categories and approximate number of personal data records concerned;
  • the name and contact details of the data protection officer
  • a description of the likely consequences of the personal data breach; and
  • a description of the measures taken, or proposed to be taken, to deal with the personal data breach, including, where appropriate, the measures taken to mitigate any possible adverse effects.

Cookies Poilicy

Our values mean it is important to us that we are open about our use of cookies on https://openhousestaffordshire.co.uk

Cookies Introduction

In accordance with the EU law on Cookies we are committed to cookie compliance and provide the following advice to enable you to manage the use of cookies.

This website uses cookies, as almost all websites do, to help provide you with the best experience we can. Cookies are small text files that contain information sent from a web server, and then stored by your web browser on your computer’s hard drive or mobile device and used when you browse our website or access our free blog content. They enable our site to identify your web browser but do not contain personal information such as your name or other personal details.

They help us to improve our site and deliver a better experience for our users. Some of the cookies that we use are essential for the site to operate.

We do not use cookies to:

  • Collect any personal identifiable information (without your express permission)
  • Collect any sensitive information (without your express permission)
  • Pass data to advertising networks
  • Pass personally identifiable data to third parties
  • Pay sales commissions

Our Cookies help:

  • Effectively administer our website
  • Improve the user experience
  • Remember your settings during and between visits
  • Improve the security/speed of the site
  • Aggregate information about the usage and effectiveness of our site
  • Allow you to share pages with social networks

You can learn more about all the cookies we use below.

Allowing us to use cookies

If the settings on your software that you are using to view this website (your browser) are adjusted to accept cookies we take this, and your continued use of our website, as your consent to accept our use of cookies. Should you not consent then we provide information on how to remove cookies below, however doing so will likely mean that you may not be able to access all, or parts of our site.

We use traffic log cookies on our website and blog to identify which pages are being used. This helps us analyse data about web page traffic and improve our website to be more user friendly. We only use this information for statistical analysis purposes and then the data is removed from the system.

Our own cookies

We use cookies to make our website work in the following ways, and all are used to improve the user experience:

  • Allowing you to add comments to our site
  • Contact form validation to prevent spam emails being sent
  • Tracking anonymous visits to website for statistical purposes

Social website cookies

These are used to help you ‘share’ or ‘like’ content on our website on various social media websites, as we have added sharing buttons on our site.

Turning Cookies Off

Most modern browsers allow you to control your cookie settings. You can disable them completely by editing your browser settings, however in doing this you may be limiting the functionality that is displayed on our website and also a large population of websites on the Internet that use cookies to serve their content.

To learn how to disable cookies on browsers please click here. http://support.google.com/accounts/bin/answer.py?hl=en&answer=61416

If you are concerned about cookies tracking your movements on the Internet then you may be concerned about spyware. Spyware is the name given to a particular band of cookies that track personal information about you. There are many antispyware programs that you can use to prevent this from happening. Learn more about antispyware software – http://en.wikipedia.org/wiki/Spyware

Cookie Check

Our website uses a cookie to display our “Cookie Notice” at the top of the page. In order for us to remember that a user has agreed and wishes to close that notice we store an anonymous cookie that removes that notice for a period of 7 days. If you do not wish this cookie to be stored then you can choose not to close the notice.

Contact Forms (Captcha)

Our website uses a session cookie to provide users with a contact form validation service known as captcha. This cookie does not store any personal information about you and is only used to check the captcha form field to verify that a human being has entered the information.

Google Analytics

We use Google Analytics to analyse the use of this website. Google Analytics uses cookies to generate anonymous statistical and other information about website use. The information generated relating to our website is used to create reports about the use of the website. Google will store this information. Google’s privacy policy is available at: http://www.google.com/privacypolicy.html

Google Maps

We use Google Maps to give users the opportunity of visiting our business location. Google Maps only uses cookies to enable you to use the functionality of their map software. No personal information is stored on our website through the use of Google Maps.

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Please accept via the on screen Cookie Policy Option.

COVID 19 Viewing Safely

 

During the second lockdown the government have allowed the housing market to carry on as normal. This is due to the hard work all agents across the country have made ensuring their premises and practises are as safe as possible. Here at Open House all our vendors and viewers are asked to read and follow these guidelines on this Risk Assessment.

Open House Safety Risk Assessment


Our precautions to help reduce the risk of transmission of coronavirus (COVID-19) and help keep everyone safe
On 13th May 2020, the government amended the coronavirus (COVID-19) regulations to make clear that people who wish to move home
can do so provided social distancing is adhered to. This guidance provides important public health information to ensure that moving home
and key activities around this, such as viewings, can happen safely.
Based on the government guidance, we have formulated our own risk assessment to keep our employees and clients safe when conducting
viewings. We hope that the guidance below provides assurances that Open House are ready to resume estate agency activity safely and
with minimal risks to all parties concerned. We would like to stress that we are as motivated as ever to sell your property, but this needs to
be balanced with the increased risks presented by coronavirus.
All visits to your property by our agents and prospective buyers must be carried out in whilst observing social distancing in line with public
health advice. The simplest steps you can take when looking to move home is to wash your hands frequently and wherever possible stay at
least two metres apart from people who are not members of your household.

Virtual Viewings
We recommend the use of virtual viewings before sending people to out to your property. This will minimise public health risks and will
ensure physical viewings are only conducted where prospective buyers are seriously considering making an offer on a property. If we have
yet to arrange a virtual viewing of your property and you would like us to do so, please let us know.

Physical Viewings
Before viewings
• Before booking a physical viewing, we will ask you whether any members of the household are showing symptoms of
coronavirus or are self-isolating. If you answer yes, a physical viewing will not be booked.
• In addition to checking whether you are showing symptoms of coronavirus or are self-isolating, we will also ask whether
there are any occupiers who are classed as clinically vulnerable (e.g. over 70). If you answer yes, viewings can still be booked
in this instance, but you (or the vulnerable household member) will need to carefully consider your personal situation and the
circumstances and may wish to seek medical advice before deciding whether to proceed.
• If our agent is due to attend the viewing and develops symptoms of coronavirus between booking the appointment and the
day it is due to take place, we will contact you to postpone the appointment giving as much notice as possible.
• We will ask all prospective buyers whether any members of their household are showing symptoms of coronavirus or are self isolating.
If they answer yes, a physical viewing will not be booked.
• We will keep viewings as short as possible. Most properties should be able to be viewed sufficiently within 15-20 minutes.
If you are conducting the viewing yourself, we will advise prospective buyers beforehand that the viewing must not be
unnecessarily prolonged.
• If a property is not large enough, or there are any other logistical issues which mean a viewing cannot be conducted whilst
adhering to social distancing measures, we will not book a viewing at the property.
• Before the viewing, we would ask that you prepare by:
– Opening all internal doors to minimise contact with door handles.
– Ensuring all surfaces at the property and any other highly touched items have been wiped down.
– Opening all windows when possible to ensure good ventilation at the property is maintained.
• If the viewing is to take place at an unoccupied property, our agent will use standard household cleaning wipes on all
door handles within the property.

Working Safely
• If our agent is due to attend, they may opt to wear a face mask/covering and gloves as a precautionary measure. If you would
like to insist that our agent wears any PPE for added reassurance, please let us know before the viewing. If you are conducting
the viewing yourself and wish to wear a face covering but don’t currently have one, these can be made at home and advice
on how to do this and use them safely can be found on the GOV.UK website (https://www.gov.uk/government/publications/
how-to-wear-and-make-a-cloth-face-covering).
• We will restrict the number of people who attend the viewing so social distancing can be practised. A maximum of two
people from the same household will be permitted to attend your property for a viewing.
During viewings (agent accompanied)
• Our agent will either walk to the property or use their own transport. We will ask all prospective buyers not to use public
transport to travel to the property.
• When arriving at an occupied property, our agent will knock on the door and step back two metres (about three steps) so
that when you open the door, social distancing is adhered to.
• Our agent will introduce themselves as they normally would but will not shake hands upon entering or leaving the property.
• Our agent will wash their hands with soap and water (or hand sanitiser if this is not possible) immediately after entering.
Where possible, you should allow access to handwashing facilities and ideally separate towels/paper towels.
• Due to social distancing we encourage that you wait outside the property (e.g. in the garden) whilst the viewing is taking
place. If this is not possible, we would ask that you maintain social distancing by keeping to one room and moving to another
room when required. Our agent will be required to stay at least two metres from all members of your household and any
prospective buyer at all times.
• If our agent needs to sneeze or cough during the visit to your property, they will always look to cough or sneeze into a tissue,
or their sleeve, and dispose of the tissue as soon as possible and then re-wash their hands, either with soap and water or their
own sanitiser. We will ask all prospective buyers to do the same.
• Our agent will not share pens, paper, or any other objects during the appointment with anyone in attendance.
• Our agent will avoid touching surfaces where possible and will bring their own hand sanitiser and we will ask prospective
buyers to do the same.

During viewing (unaccompanied)
• We will ask all prospective buyers not to use public transport to travel to the property.
• We will ask all prospective buyers to knock on the door upon arrival and step back two metres (about three steps) so that
when you open the door, social distancing is adhered too.
• Under no circumstances should you shake hands with people viewing. We will advise all people viewing not to attempt to
shake hands upon entering or leaving the property.
• We will ask all people viewing to wash their hands with soap and water (or hand sanitiser if this is not possible) immediately
after entering. Where possible, you should allow access to handwashing facilities and ideally separate towels/paper towels.
• Only one person from your household should be present to show the prospective buyer round the property. Due to social
distancing we encourage all other household members to wait outside the property (e.g. in the garden) whilst the internal
inspection is taking place. If this is not possible, we would ask that they maintain social distancing by keeping to one room
and moving to another room when required. All members of your household including the person showing them around will
be required to stay at least two metres from any the prospective buyer at all times.
• We will ask prospective buyers to cough or sneeze into a tissue, or their sleeve, if they need to do so, and dispose of the tissue
as soon as possible and then re-wash their hands, either with soap and water or their own sanitiser.
• We will ask prospective buyers to avoid touching surfaces where possible and bring their own hand sanitiser.

After the viewing
• We will not hold feedback discussions with the prospective buyer inside the property at the end of the viewing. This will
either be conducted outside the property, maintaining social distancing, or through a follow up call.
• Once the viewing has taken place, the homeowner should ensure surfaces, such as door handles, are cleaned with standard
household cleaning products and towels disposed of safely or washed as appropriate.
• Our agent will remove any wipes, tissues etc which they have personally used during the appointment and dispose of them
as appropriate. We will also ask any prospective buyers to do the same.
• If we have been issued keys to conduct a viewing on an unoccupied property and they are due to be returned to you, we will
make sure they are appropriately cleaned before handover.

 

 

 

Recently Sold Properties

Open House Estate Agents Cannock are a local estate agent available 24/7, we approach house selling a little differently. We provide professional photographs, video tour, 360 virtual tour and floor plan as standard.

Fees from £698 or pay £998 no sale no fee

We have a presence on Facebook, Twitter, Instagram and YouTube & we use the latest technology to place your home in front of buyers.

We offer a more personal touch, you will deal with one person throughout the process, who will be available and responsive.

Call 01543 327873 or schedule a free advice meeting below

 

Virtual Viewings & Valuations

Open House Cannock Offer Virtual Viewings & Valuations During this crisis

Get Ahead With Your Home Sale

Government restrictions due to the Coronavirus pandemic are making it very difficult to sell your property and find your next dream home. However we have an answer which will put you one step ahead of everyone else when the country returns to normal.

Open House Cannock is offering virtual viewings using the latest technology. Our current vendors have been sent a comprehensive “how to video guide” to film their properties and film videos to send to us. We can then edit these using our latest software and upload to selling portals such as Rightmove & Zoopla. Some proprieties have been sold without a physical viewing! Nevertheless this will place your home in a great position when the market returns to normal.

Please see below an example of a home owner filming his own tour of his property with a smartphone. He sent the footage to us and we edited it and uploaded to the property portals such as Rightmove.

 

Going forward Open House Cannock will embrace this new technology and offer 360 degree virtual tours and video tours as part of our normal package.

Here is an example of what we can offer, please see this One Floor example of a town house below

 

 

 

Please give us a call on 01543 327873 to discuss how we can help you or to answer any questions you may have.

 

The Coronavirus Act 2020

The Coronavirus Act 2020 received Royal Assent and came into force today. Section 81 and Schedule 29 are the parts which concern the law relating to Landlord and Tenants. The provisions apply from 26 March until 30 September 2020, but this may be extended by up to 6 months by the Government. The following information has been shared with us by our referencing and legal partner Let Alliance.

The Governments promise to renters stated that:

  • Emergency legislation to suspend new evictions from social or private rented accommodation while this national emergency is taking place, and
  • No new possession proceedings through applications to the court to start during the crisis

The government is clear – no renter who has lost income due to coronavirus will be forced out of their home, nor will any landlord face unmanageable debts.

Q1 – What changes does the Act make in relation to private landlord and tenant law?
  1. All notices under Section 8 and Section 21 of the Housing Act 1988 served from (and included) today must provide a notice of not less than 3 months. This replaces the previous requirement of 2 weeks and 2 months respectively.
Q2 – What remains unchanged by the Act?
  1. Despite the Government’s promise that there would be a complete ban on evictions, the legislation, in its current form, does not ban landlords from serving a notice seeking possession nor does it prevent landlords from issuing possession proceedings within the Relevant Period.
  2. Despite the Lord Chief Justice saying that landlord and tenants should be expected to work together to establish affordable payment plans. There remains no Pre-Action Protocol for private landlord and tenant proceedings.
  3. Any rent payable during the Relevant Period remains treated as rent legally due.
  4. The grounds for recovering possession under Schedule 2 of the Housing Act 1988 are unchanged. For instance, despite the notice period requirement being increased to 3 months, the requisite criteria for satisfaction of Ground 8 remains 2 months’ rent arrears at the time of serving notice and at the hearing.
Q3 – What about notices already served and orders obtained?
  1. Notices served prior to 26 March 2020 are unaffected by the Act. Therefore, once they have expired, proceedings may be issued.
  2. Possession orders remain enforceable and are unaffected by the Act. Therefore application for warrant of possession may be made, but many Courts are cancelling Bailiff appointments already listed and refusing to carry out evictions.
Q4 – What does that mean for us moving forward?
  1. We suggest that you operate business as usual in that if you would normally issue proceedings on an expired notice already served, then you should do so.
  2. Similarly, if you can issue a warrant request, continue to do so. This will ensure that your application is ‘in the queue’ and whilst it may not be actioned just yet, once the restrictions are lifted, we consider all applications will be dealt with in date order and will therefore be enforceable in due course.
  3. Whilst a Pre Action Protocol was suggested it is not yet law or even drafted to be considered. The current Social Housing PAP has been suggested but whilst it’s not really suited to the private sector it can be used as an indication of good practice.
  4. The suggestion that attempts should be made to negotiate settlement and not issue proceedings in order to avoid a Court fee, in our view, isn’t commercially viable as those attempts should have been exhausted before issue anyway. In addition, by not issuing when you are able to, you will be further down the list of applications when the Courts are back open for business and there will be a flood of backlogged cases to get through which is likely to result in considerable delays for the foreseeable future.
Q5 – What about Company letting agreements?

The Act extends the required notice period of a Notice to Quit to three months in respect of Rent Act 1977 by amendment of Section 5 of the Protection from Eviction Act 1977.

Whilst there is no direct mention, or applicability to the position relating to company let agreements the Act does provides similar protections in respect of Business Tenancies under the Landlord and Tenant Act 1954. Our view is therefore that it is the clear intention of Parliament that all tenants should be given 3 months’ notice of the landlord’s intention to recover possession of premises. It is the function of the Court to interpret the legislation and in our view it would be the most logical interpretation that the period of notice required for Company letting agreements is also to be extended to 3 months’ notice.

If less than 3 months’ notice were given for a company let agreement, we consider there is a risk that the Court would deem the Notice to Quit invalid and the action for possession would fail. Meaning it would be likely that a new Notice to Quit would need to be served, providing 3 months’ notice and delaying the recovery of possession considerably.

Q6 – A possibility of further amendment and changes to associated legislation?

It seems the Courts aren’t actively listing cases and may have been advised not to make possession orders just yet but there is currently no changes in law which alter the position of the Court when faced with an application for possession which satisfies the requirements for possession on mandatory grounds. If an accelerated application is issued for instance, and dealt with by the Court on the papers, there is nothing at present to suggest that the Court is precluded from making a mandatory order for possession.

In light of criticism it has received, the Government may introduce further amendments to the Act, or introduce subsequent changes to legislation which seeks to further deliver on the promises made and therefore the practical implication as it currently stands may change.

As you will appreciate, guidance on likely or predicted changes is difficult and we wish to remind you that we are still in fast moving and unprecedented times but we shall provide further updates as and when appropriate.

Source Open House Hinckley https://www.openhousehinckley.co.uk/post/the-coronavirus-act-2020

Top Tips: How to Increase Value Of Your Home and Sell Quicker

 

Preparing your home for viewers, or “staging” as it’s called, is important. It will not only ensure your property is sold faster but can potentially add thousands of pounds to its value.

De-clutter – but don’t depersonalise
 Get rid of all the excess stuff that has accumulated in every nook and cranny. Put it in storage or give it to a friend
 People need to be able to envisage what the property would look like if they were living there. People often find this difficult, so make it easy for them to see all the fantastic living space you’re offering them
 Don’t make it look like a generic hotel; leave some personality. Apart from anything else it gives unimaginative buyers suggestions as to what they might do
 People are often buying into a lifestyle as much as a property. Show them the attractive side of your lifestyle
 Consider removing any bulky furniture that makes the room feel small and replacing it with smaller furniture

A fresh lick of paint
 Giving your walls a fresh lick of paint, neutral paint will make your home seem lighter and bigger
 It will enable the viewers to more easily imagine how they would adapt the rooms to their needs
 It will be easier for the buyers to move in and use the rooms immediately than if the walls were still bright purple or lime green
 Create a good first impression – give the front door a new coat of brightly coloured paint

Fix and clean
 Make any minor repairs necessary – holes in walls, broken door knobs, cracked tiles, torn or threadbare carpets. Many buyers want to move in without making changes, so allow for this
 Clean everything until it sparkles. Get rid of limescale, clean and repair tile grout, wax wooden floors, get rid of all odours, hang up fresh towels. This will make the place more appealing and allow viewers to imagine living there
 Tidy up the garden: cut bushes back, clean the patio and furniture of lichen and dirt, and cut the grass. While this doesn’t add much value to your home it makes it more likely to sell as people visualize themselves using the garden

Update the kitchen

The kitchen is the most valuable room in a house. It is worth the most per square foot and can make the difference when buyers are unsure
 Consider refacing your kitchen cabinetry. This is much cheaper than installing new cabinetry and often as effective
 Upgrading kitchen counter tops is expensive, but can add serious value
 De-clutter the surfaces and just leave a bowl of fruit out. Take out any bulky appliances
 Consider upgrading the plumbing fixtures and white goods, but keep in mind that while that could make your property sell faster, you will be unlikely to recoup their full value

Light and airy
 Wall mirrors make a room look much bigger and lighter. Consider putting some up, especially in smaller rooms or hallways
 Clean windows inside and out and replace any broken light bulbs. Making the place feel light and airy makes rooms feel bigger and the property more attractive
 Ensure that you have lamps on in any dark corners
 Putting a soft light bulb in the bathroom can create a warm glow

Light a fire
 If it’s a cold evening, or even chilly day, light your fire. Consider burning some pinecones for the delicious smell. This will make your home feel warm and inviting. If you don’t have a fire then ensure the fireplace is clean

Make it look pretty
 Make sure the windows are properly dressed with blinds or curtains as naked windows make a place feel impersonal and run down. Buy some cheap ones if necessary.
 Plants and flowers bring colour, life and light to a room and they also smell delicious. So does that fruit bowl on your kitchen counter.

Get the right smells
 Bad smells are the single biggest turn off for prospective buyers. Don’t just cover them up, fix the source of the smell. Clear drains, wash bins, open windows, air the kitchen from old cooking smells, get rid of furniture that is embedded with cigarette smoke, and wash any grimy bed sheets
 If you are a smoker, place bowls of vinegar around the house and leave out for three days. Though the vinegar will smell when you open the windows it will disappear quickly taking a most of the stale cigarette smell out with it.
 Conversely, good smells can make a property feel like an alluring home. While it might be impractical to bake fresh bread, cakes or brownies for every viewer that visits your home, you could perhaps brew some fresh coffee

Obvious conversions
 If there are any obvious conversions – adapting the garage into extra rooms or going up into the loft – and you have some spare cash, why not take advantage of this cash cow rather than letting the new owners make easy money out of improvements. You should usually recoup your money
 If you don’t have enough spare cash to make the conversion, consider getting planning permission anyway.