Landlord Guide

• Introduction
• The Neighbourhood
• Choose a Property
• Viewing the Property
• Leasehold or Freehold
• Registered or Unregistered Property
  

Introduction
Looking for a new home is a time-consuming process, and it is tempting just to rush into buying the first one you like the look of. But watch out, as it will not be so easy to take back to the shop if you decide you don't like it after you have moved in. Once you have decided to buy a house and found out how much you can afford, it is worth sitting down and thinking hard about what you want from your new home and what your needs are. We have made a list of some of the things you should consider when househunting. The Neighbourhood

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The Neighbourhood - Location, location, location
It is important to research a particular area before viewing lots of homes or making an offer on a house there. If you decide it is not the kind of neighbourhood you would enjoy living in, then you could save yourself a lot of time and effort by doing so early on in the process. Even if you can get a bigger home for your money in an area which isn't so nice, make sure you really are doing the right thing. Remember that you can always make changes to a house but not to the neighbourhood.

• What is the neighbourhood like? Is it the kind of place you can imagine yourself feeling comfortable in? Who lives there?
• What kind of amenities are there locally? Check out the leisure facilities, activities for kids, shops, public transport and so on.
• If you have children, look at the local schools. Do they have a good reputation? Where do they stand in the league tables?
• What is the level of crime in the neighbourhood? Check crime reports in the local newspaper or crime statistics online, such as those supplied by the Home Office.
• How easy is it to reach your workplace?
• What council tax band will you be in?
• Will you have enough car parking space?
• What kind of condition are the other houses in your street in? If they are in a state of disrepair, or look as if they are falling into one, it could bring down the value of your property.

Simply touring the area can give you a good idea of what it is like. There are also some good sites on the internet where you can research different areas and what is available there. Gentrification is a key indicator of an area which is improving and where house prices are more likely to go up. Key signs of gentrification include an abundance of cafes and trendy home design shops. Another sign of a good area to invest in is one with a lot of interest from property developers. Find out if any new flats and homes are being built. Local newspapers and council websites are a good source of information about planning activity, as well as information about local schools.

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Choose a Property
Do you want a new or an older house? If you are buying a very old one make sure you have looked into what this can entail. Old houses can look lovely but cost a lot to keep up in terms of maintenance and heating bills. Newly-built homes can also have drawbacks, such as higher prices than 'secondhand' ones, and the requirement to buy before they are fully built, but advantages include less maintenance and decoration costs, and often complimentary extras thrown in by the builders such as carpets, curtains and fitted kitchens (though you will not necessarily get to choose your own decorations). Remember new builds can be poorly built too, and you should consider a proper survey. There are additional guarantees for newly built homes under the NHBC guarantee scheme, but you do not want to have to call on these guarantees. It is far better to have any outstanding works (or 'snagging') dealt with before you move in.

Do you want a terraced, semi-detached or detached house, or a flat? If you want a flat, do you want a purpose-built one or a conversion? All have their advantages and disadvantages: consider space, privacy, noise, parking and character. How much does each one matter to you?

How much decorating or improvement do you wish to make to a property?

Do you want a leasehold or freehold property?

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Viewing the Property
Key Tips
Once you have found a property you feel you like, make sure you learn as much as possible about it. Even if it seems perfect at first glance, try to think about it from all angles. And write everything down - the best house-hunters take notes on each property they view which they can compare later.

Make at least two visits. View the house in the daylight and at night. Come at rush hour, as you could get a nasty surprise - is the road used as a short-cut by motorists?

General Condition

• Check what fixtures and fittings will be left by the previous owner
• Consider the layout of the house - are there any unusual shaped rooms that it would be difficult to fit furniture or appliances into? Are there are enough power points?
• Don't be put off by the seller's choice of decor - try to imagine the house with your own furniture and style

State of Repair

• Insulation: is the roof well-insulated? Go into the loft and turn off the light - you shouldn't be able to see any patches of day-light. Is there wall-cavity insulation?
• Central Heating: is the central heating system efficient? How old is it? Is it gas or electricity-powered? Ask to see a winter heating bill as this can help give an idea about the quality of insulation
• Plumbing: Are the pipes and the boiler lagged? How old is the piping? Lead piping will need replacing
  Plug sockets: How old are they? If they are the old-fashioned, round-pin type, re-wiring will probably be required

Structural Problems - Inside

• Subsidence: look for cracks in ceilings and walls, doors that stick or don't hang correctly
• Damp: You can smell damp, so use your nose. Mould, walls which are damp to the touch, flaking paintwork or wallpaper which is peeling off are also signs of damp. Be wary of new paint or wallpaper which could be hiding problems underneath
• Condensation problems: rotting window frames can be a sign of this. If they are very soft to the touch this means they are rotten. Make sure the bathrooms and kitchen are well ventilated
• Woodworm: indicates by holes in woodwork

Structural Problems - Outside

• Subsidence: look for big cracks in the walls, a bent chimney stack, or an uneven roofline
• Damp: examine for missing roof tiles, and check the brickwork and mortar as cracks can let in damp
• Root damage to foundations: if there are any big trees nearby this could cause problems

NB: Inspecting the property yourself does NOT avoid the need for a professional survey

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Leasehold or Freehold
All properties in England and Wales are either freehold or leasehold.

Freehold
This means that you fully own the property. As a freeholder you will have full responsibility for the maintenance and repairs of the property.

Leasehold
This means that you own the property for as long as is specified in the lease; you are granted the right to live there by the freeholder. At the end of the lease the property again becomes the possession of the freeholder. Many leases are originally granted for up to 999 years, but existing leases on properties are usually shorter. The majority of leasehold properties are flats, although some houses are leasehold.

The lease stipulates who is responsible for maintaining and repairing different parts of the property and any conditions you must meet as a resident. Check these if you are considering buying a leasehold. You must also pay a ground rent to the owner of the land (the freeholder), usually a small amount paid each year. Your solicitor should check that the seller is up to date with ground rent payments before you sign the contract.

You should not buy a property with a lease of less than 60 years, and anyway mortgage lenders are very unlikely to lend for a lease as a short as this. Lenders normally want at least 20 years left on the lease after the end of the mortgage term. As a leaseholder you have the right to extend the lease for 90 years or even to buy the freehold if certain criteria are met, though the application process is expensive and takes a long time. Contact the Leasehold Enfranchisement Advisory Service for more information.

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Registered or Unregistered Property
In England and Wales, property can either be 'registered' or 'unregistered'.

If property is registered, the title to the property is registered at the Land Registry and is guaranteed by the state. The owner has a 'Land Certificate' instead of the usual title deeds. Buying registered property is more straightforward than buying unregistered property.

If property is unregistered, ownership is not guaranteed by the state. The title can only be proved by a copy of the title deeds, and your solicitor will check back the property's documentation over at least 15 years to certify it. With unregistered property, disputes over title are not uncommon.

When you buy unregistered property, it must now be registered for the first time with the Land Registry. This will take some time so the buying process will take longer than if you are buying registered property. Your solicitor/conveyancer's fees will probably also be higher.

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Buying at Auction>>

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