Need support to sell your home ready for your next move? Have a property to rent but not sure where to start? Looking for a Managing Agent for a block of flats? Wanting a smooth, professional service from a dedicated team of local agents committed to giving you the best results? Then you’ve come to the right place… 2
H E L P I N G C R E A T E H O M E S F O R O V E R 5 0 Y E A R S 3 Welcome to Boydens 4 Sales 6 Useful Information for Buyers 11 Superior Homes by Boydens 14 Lettings & Management 16 Leasehold & Estate Management 24 Commercial, Land & New Homes 28 Holiday Lettings 30 Glossary 32 Get In Touch 34 Contents
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Welcome to Boydens Estate Agency is a changing industry and looks totally different today compared to when I joined the established family business, back in 1976. Your home is where memories are made and, whilst the industry and the needs of our clients has changed over the years, certain underlying principles remain the same. Boydens has always been a trustworthy, traditional and principled Estate Agent built on the solid values of being honest talking and highly professional. These are the values which underpin every aspect of what we do to help you when dealing with your property needs. We have invested heavily over recent years improving every aspect of our business ensuring an up to date service to our clients. Whether you are a home-owner, landlord or a Director of a Residential Management Company, Boydens is well placed to help you whatever your property needs and our friendly, local teams are ready for your call. David Boyden Managing Director W E L C O M E T O B O Y D E N S 5
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At Boydens, we appreciate that selling your home can be one of the most stressful things you can do... ...that’s why we take every opportunity to reassure and guide you along the way. Over the years we’ve moved many generations of families. Whilst selling your home is one of the most significant life events, it needn’t be a headache. We’ll take the time to explain everything in clear and easy to understand terms. We know that communication is key and so we promise honest, straight-talking advice to keep you up to date at all stages of the process. Keeping you on track Every property listed with us follows our established sales process. We’ll keep in touch with you regularly to provide you with up to date information. Once your sale has been agreed, you will be allocated a dedicated Sales Progressor who will be committed to getting your sale completed. Our linked offices Our branches are linked using the same powerful database meaning our staff can maintain and market our properties across all our locations. Additionally we will be promoting your property to a local, regional and national audience of potential purchasers. Our reassurance to you Not all agents are members of the National Association of Estate Agents (NAEA Propertymark) - Boydens is and so you can have complete peace of mind that you are dealing with an estate agency which abides by the strictest professional standards. Sales R E S I D E N T I A L S A L E S 7
Research ma & market ac Pr w Liaise with exchange your dedic Our Process for Selling Your Property 8 Boydens is a team of dedicated property professionals who take pride in everything we do. We know that regular communication combined with our wealth of experience and planned strategies is key to ensuring a timely sale at the best possible price. “Having previously looked at properties on Boydens books and seen their professionalism, and having studied the quality of their marketing on Rightmove, which compared very favourably with others, it was an easy choice to sell our property with them. A difficult time for buying and selling was made so much easier with their top notch communication and support. We have been so impressed from start to finish with Natalie, Sophie and Gemma, a caring, experienced and friendly team who are conscientious and go the extra mile. We had total trust in them. We cannot recommend them highly enough.” CA – Seller “From the moment we sold, Gemma, our sales negotiator, kept us informed of all updates. Being in a very long chain, we found this very helpful and informative. Her professionalism and work ethic was 5 star, along with all the staff at Boydens of Frinton. We have bought and sold our properties through Boydens, and would thoroughly recommend this estate agent.” BS – Seller
arket ctivity Attend & carry out market appraisal Contact registered applicants & respond to interest Guide vendor through marketing process and Anti Money Laundering (AML) checks rovide viewing feedback within 24 hours Secure offer Qualify purchaser, AML and financially Issue memorandum of sale Assist with replies to enquiries h all parties to agree and completion date via cated Sales Progressor Collect keys from vendor Hand keys to purchaser upon completion R E S I D E N T I A L S A L E S 9
Reasons to choose Boydens to sell your home: Accurate pricing We are renowned for our realistic valuations (free and without obligation), and our honesttalking approach. Rest Assured As Boydens is a member of the National Association of Estate Agents (NAEA Propertymark), sellers can be reassured that they are dealing with experienced and trained professionals who abide by a nationally recognised Code of Practice. Our heritage We have been in the business since 1966 and so we have a wealth of experience to help guide you. Managing Director, David Boyden has in-excess of 40 years experience in Estate Agency and our loyal and professionally qualified team share his passion for providing a first class service. Database of buyers Our well-established database of buyers enables us to rapidly and effectively match and update our clients with each new property listing. Upon receiving your instruction to market your property we’ll contact our database of qualified, registered buyers and make immediate matches between you and primed purchasers. First-Class Marketing We’ll talk you through our defined sales process for selling your home and use the latest technology to market your property. In addition to featuring your property on our website, we also advertise using leading property portals, Rightmove and Zoopla. Our online marketing activity including social media channels such as Facebook, Twitter and Instagram ensures we reach as wide an audience as possible. Adverts are also occasionally placed in the printed press and selected magazines. In addition, our eye catching sales boards draw maximum attention to your home. Dedicated to you You will be allocated a dedicated Sales Progressor who is committed to moving your property through the sales process, keeping you fully informed at all times. We are local Knowing the area is key to successfully selling property. Our teams are best placed to market your home as many of them live locally and so when we say “we know the area”, we really do! No Sale, No Fee You only pay for our services when we sell your home and so, unlike some online estate agents, that means your interests are perfectly aligned with ours in selling your property for the best price. Honest talking We will give you a frank and honest evaluation of your property and its market value and will ensure that it receives an unparalleled number of viewings from the widest audience. All under one roof As a multi-disciplined agency, Boydens is a specialist in Residential Sales, Lettings and Leasehold & Estate Management and so we are able to provide a life-cycle of services to investor clients. Call your local Boydens branch to talk to one of our Sales experts. 1 0
Buying and selling property is, for most people, one of the biggest financial commitments they will ever make. At Boydens we are here to assist in making the process as easy as possible for you. Useful Information for Buyers & Sellers U S E F U L I N F O R M A T I O N 1 1
A Guide to Buying 1. Arrange your finances At the start of your property search it is essential that you arrange your finances and, if required, have a mortgage agreed in principle. This will guide the entire property search and will influence how much you can afford. Letting us know as much as possible about your needs and what you are looking for will also help us to find the most appropriate property to suit your needs. We are able to offer mortgage assistance via our recommended mortgage broker with access to the entire market, as well as exclusive deals and rates to help find you the best mortgage available. Simply contact any Boydens branch for further information. 2. Register with us Registering with your nearest Boydens branch will help us to keep you informed about local property market conditions and property available (or soon to be available) to you. Register either by visiting or calling one of our branches to discuss your property requirements with one of our local experts or registering online at boydens.co.uk 3. Knowing us, Knowing you Once we have a clear understanding of your requirements you will receive a selection of properties that match your criteria. We’ll then keep you updated when the latest properties become available (and sometimes we’ll tip you off about properties yet to come to market which could suit you perfectly). 4. Make an offer Once you have identified a suitable property we will put your offer forward to the seller. At this stage you may be asked to demonstrate that you are able to proceed (for example you may need to provide evidence of your mortgage agreed in principle). Once your offer is accepted we will prepare a memorandum of sale, write to all parties to confirm the agreed price and ask you to confirm your solicitor’s and mortgage broker’s details. 5. Instruct your solicitor Appointing an experienced solicitor is key to making the purchase and sale of a property as smooth as possible. The successful purchase of a property can be reliant on the instruction of an efficient and experienced solicitor. It is sensible to use a solicitor who knows the area that you’re moving to and specialises in conveyancing. We respect your right to choose whichever solicitor suits you best, however, we have a selection of tried and tested solicitors that are experts in property who we would be happy to recommend if you require this. Your chosen solicitor will start the conveyancing process whereby they request local searches, raise any queries and agree a date for exchange of contracts. 6. Survey and mortgage offer A survey of the property will be booked on behalf of the mortgage lender to identify any structural problems and ascertain the property’s value. After the mortgage valuation report is received, a formal mortgage offer will be sent to you and your solicitor which you will need to sign before it is returned. 7. Exchanging contracts Exchange of contracts occurs when all enquiries have been confirmed and resolved. Once the contract has been signed by both parties the deposit (usually 10% of the purchase price) will be sent from your solicitor. At this stage the completion date is then set by mutual agreement. 8. Completion Completion is when the remaining monies (usually 90%) are transferred from your solicitor to the seller’s solicitor’s account. The keys to the property are then released once the money has cleared in the seller’s account. 1 2
Moving Home Checklist Who to Notify Here are some tips to make the day you move out as painless as possible: •Ask your friends to recommend a professional removal firm - your belongings are precious so ask for references and get removal quotes. •Remember to take meter readings on both properties on the day(s) of the move. •Arrange for your post to be redirected a few weeks before you move with the Royal Mail - a good precaution against identity theft and can be used afterwards to inform any contacts you may have missed about your move. •While you still have an internet connection (it could be a few weeks before your new property is connected), download any instruction manuals from the manufacturer’s website for your new appliances. If you’re moving house, it’s important to inform the relevant people of your departure. Use our handy checklist to ensure no-one is forgotten. Services and Utilities Water Gas Electricity Telephone Post office Internet service providers TV licensing Financial Banks/Building Societies Credit card companies Council tax National savings and premium bonds Your employer Insurance companies Pension companies Inland revenue Health Doctor Dentist Optician Motoring DVLA Vehicle Insurance Breakdown/Recovery service Other Friends and relatives Magazine subscriptions Sports club Library Schools/colleges Milk delivery Newsagent U S E F U L I N F O R M A T I O N 1 3
boydens.co.uk/superior-homes sh_boydens Selling Exceptional Homes Across Essex and Suffolk. At Superior Homes by Boydens we offer a service dedicated to the sale of premium properties in Essex and Suffolk. With knowledgeable and dedicated staff located within each Boydens branch we are on hand to assist you during each step of the sales process. Choose Superior Homes by Boydens and benefit from: » The knowledge of one of East Anglia’s most experienced, independent, family-run Estate Agencies; » A network of branches covering Essex and Suffolk with prominent Superior Homes window displays & attractive For Sale signs; » A dedicated, local Superior Homes specialist working in each branch; » Finest quality brochures with professional photography & floor plans; » Your property promoted via our dedicated Instagram channel; » Drone photography and video tour; » Accompanied viewings; » Specialist Superior Homes advertising in the property press; » Out of normal office-hours contact and viewings. Throughout our long history, Boydens has always placed local knowledge at the heart of what we do. You can rest assured that we have the experience to help you through the sale of your Superior Home. –David Boyden Head of Superior Homes by Boydens
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Boydens is a team of qualified, knowledgeable and passionate letting agents who care about your property as if it were our own. We know that a competitive rental price coupled with trustworthy tenants is vital to landlords. We pride ourselves on our high calibre applicants and our ability to let properties quickly. Whether you own a property portfolio or you have a single private let to manage, we will ensure you have a positive experience. Even if you are an experienced landlord, the assistance of a professional and committed letting agent will help you to manage your property and responsibilities (including a wide range of legislation), without the stress of going it alone. We believe in developing strong, ongoing relationships to provide landlords with peace of mind and therefore have many long-standing landlord clients who appreciate the reassurance we provide. Not all agents are members of the Association of Residential Letting Agents (ARLA Propertymark) - Boydens is and so you know that you are dealing with a letting agent which abides by the strictest professional standards. Lettings & Management L E T T I N G S & M A N A G E M E N T 1 7
Call your local Boydens branch to talk to one of our Lettings experts. Fully Managed Service If you don’t want the worry of dealing with your property (or properties) then our most popular, Fully Managed Service is for you. We will deal with EVERYTHING from day one all the way to the end of the tenancy including dealing with all maintenance, regular property visits, FREE legal advice, invoice management, end of tenancy check out and deposit management. This service is ideal for new and experienced landlords alike. Part Managed Service If you are an experienced hands-on Landlord who is happy to deal with all aspects of the tenancy, but want reassurance that a professional agent is collecting your rent for you and undertaking the credit control as required by legislation, then our Part Managed Service is for you. Find Tenant Only Service If you are a Landlord who likes being involved in all aspects of the tenancy good and bad, then this may be the service for you. Ideally this service is for very experienced Landlords who have the time and knowledge to deal with all aspects of their tenancy. 1 8 Our reputation for delivering excellent Lettings and Management services is well known and is the main reason landlords choose us. We are also: Vastly experienced - with a long history of letting and managing properties; Up to date - with current legislation; Long established - with an extensive Property Management portfolio; Trusted and Recommended - with many long-standing landlords; Accredited - as members of the Association of Residential Letting Agents (ARLA Propertymark); Highly visible - with an extensive presence on the UK’s leading property websites - Rightmove and Zoopla; Accountable - via dedicated Property Managers; Thorough and concise - with tenant referencing, credit checks and Right to Rent checks. Our Landlord Services
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Research ma & market ac Boydens is a team of knowledgeable and passionate letting agents who care about your property as if it were our own. We carry out regular planned checks in order to provide reassurance to our landlords. 2 0 Our Process for Letting Your Property “As a overseas landlord I rely on Boydens for looking after my entire portfolio - from start to finish. I have found them most responsive to my tenants requests for maintenance issues which they have dealt with promptly and reasonably. I would have no issues in recommending them to look after your property to both your tenants and your needs.” CM - Landlord “My partner and I are renting our first property through Boydens. Deri has been extremely helpful and professional throughout the whole process! He’s helped with all our questions quickly and professionally. We’ve had such a good experience with him and so glad to be dealing with someone so friendly and helpful! Thank you Deri!” JS - Tenant
arket rent levels ctivity Attend & carry out market appraisal Draw up Assured Shorthold Tenancy & legally required documents L E T T I N G S & M A N A G E M E N T 2 1
2 2 Being a landlord can be daunting, however when professionally managed, it can also be very rewarding. Boydens have been providing services to landlords for over 50 years and so we are well placed to help you fulfil your requirements as a landlord and to help you enjoy it. If you have any queries or questions, feel free to call in to your local branch and speak to our professionally trained and friendly staff. Ten Steps to take before becoming a landlord Step 1 – Get Permission It is important to seek permission from your mortgage provider to let out your property prior to marketing the same. Step 2 – Do your Research There are lots of agents on the High Street and online, but how do you know which one to choose? Boydens are members of the Association of Residential Lettings Agents (www. arla.co.uk). All members of ARLA are professionally trained and meet strict codes of conduct including the legally required redress scheme and client money protection. Step 3 – Obtain a Valuation Even if you know the rent you wish to charge, it is always prudent to secure a free valuation to check what the market is doing as it can change very quickly. Contact our staff at your Lettings & Management
local office to secure a FREE no obligation valuation. We will advise you of what the local market is doing and how best to market your property to secure a quick and productive tenancy. We can also talk you through the different services that we provide to find the best one that suits your needs. Step 4 – Energy Performance Certificate and MEES (Minimum Energy Efficiency Standard) The Minimum Energy Efficiency Standard (MEES) came into force in England and Wales on 1 April 2018, and applies to private rented residential and non-domestic property and is aimed at encouraging landlords and property owners to improve the energy efficiency of their properties by a restriction on the granting and continuation of existing tenancies where the property has an Energy Performance Certificate Rating of F and G. Boydens can assist and provide guidance if required. Step 5 – Gas and Electrical Safety & Detectors Gas Safety (Installation & Use) Regulations 1998, states that a landlord must have a valid gas safety certificate in place throughout the duration of the tenancy. The safety check must be carried out on an annual basis by a Gas Safe accredited engineer. The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020 require the landlord to ensure that there is a satisfied electrical installation condition report, in line with the 18th Edition, in place at the property prior to the commencement of each tenancy. The report will last for a period of 5 years. The Smoke and Carbon Monoxide Alarm (England) Regulations 2015 require private sector landlords to install at least one smoke alarm on each floor of the property, and a carbon monoxide alarm in any room containing a solid fuel burning appliance, with effect from 1st October 2015. Step 6 – Referencing a Prospective Tenant All prospective tenants are required to undergo referencing to confirm their financial position and their right to rent. Once completed Boydens will secure a date for the commencement of the tenancy. Step 7 – Getting the Property Ready A well presented and clean property is more likely to be looked after by the tenant. If possible arrange for the property to be professionally cleaned which will then set the standard from the start of the tenancy. Now is also the time to attend to those small maintenance jobs such as loose cupboard doors or dripping taps for example. Step 8 – The Inventory It is important that an inventory and schedule of condition is compiled before the commencement of the tenancy and a copy handed to the tenant at move in. The inventory will provide details of the condition of the property and any fixtures and fittings remaining, along with photographs showing the same. Even if you have an unfurnished property, an inventory must be completed to protect your position. In the absence of an inventory, the landlord could very easily jeopardise any claim against the tenant’s deposit. Step 9 – Moving the Tenant In On the date of move in the tenant will attend the local Boydens branch to sign their tenancy agreement, pay any remaining funds due and confirm receipt of all of the required documents to ensure the landlord is compliant with current regulations. Step 10 – Enjoy being a Landlord! Being a landlord can be challenging with expectations increasing, driven in many cases by the requirements of new legislation. Our most popular Fully Managed Service allows landlords to rest assured that they will remain compliant in all aspects as professionally trained Boydens staff deal with the day to day requirements of the property. You can then relax and enjoy the benefits of being a Boydens landlord. L E T T I N G S & M A N A G E M E N T 2 3
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When choosing a Managing Agent, you’ll naturally want an agent offering a professional service and one which is up to date with key legislation and compliant with the highest possible standards... ...that’s exactly where our Leasehold and Estate Management (LEM) team can help. Our ARMA registered team has a wealth of experience in managing all manner of property interests large and small, including: private estates, blocks of flats, commercial interests and mixed use developments. We can help manage your development, be it brand new purpose-built or a listed conversion, our team have the right expertise to assist. Our clients include Freehold Landlords, Residential Management Companies, Right to Manage Companies, and Developers. Whatever your Block Management needs, we have the experience required to manage your site to the level it deserves. Leasehold & Estate Management L E A S E H O L D & E S T A T E M A N A G E M E N T 2 5
Call our Leasehold & Estate Management team to talk to one of our experts today 01206 764321 Our reputation in delivering leading Block Management services in Essex and Suffolk is well known and the main reason Residential Management Companies choose us. We are also: Professional - with a dedicated Leasehold and Estate Management (LEM) team offering a personal and high quality service; Accessible and easily contactable - with an extensive LEM portfolio offering clients in-depth local knowledge; Approachable – with regular contact with Directors/Freeholders including meetings as required; Timely - with Service Charge budgets prepared and issued to Directors/Freeholders for approval in good time to issue demands in advance of the new financial year; Adaptable – with tailored services to fit individual site needs and adapted Management Agreements to reflect this; Accountable – with a dedicated property manager attending site regularly, on a timescale agreed at commencement of management, and a summary report sent to the Client. Sales Information Packs issued within 5 days upon receipt of payment and any further enquiries responded to efficiently at no extra cost; Audited – with checks by the Association of Residential Managing Agents (ARMA) and the Royal Institution of Chartered Surveyors (RICS) to confirm adherence to strict standards. Thinking about selling or letting? As a multi-disciplined agency, we offer Residential Sales and Lettings in addition to our Leasehold & Estate Management services, so talk to us about our range of discounts on services for clients who sell or let properties we manage. Guaranteeing the highest standards in Block Management As an accredited ARMA Member, you will be guaranteed the highest possible industry standards and, furthermore, you will be able to measure our performance against those standards. 2 6
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PROPOSED GROUND FLOOR PLAN LIVING ROOM OFFICE / GUEST BED KITCHEN / FAMILY WC DINING COVERED CAR PORT VOID BED 4 BED 3 4885 4868 4885 1818 1564 7118 6378 1200 PROPOSED ROOF LEVEL PLAN A A A A 10500 UTILITY ST. SHOWER PROPOSED FIRST FLOOR PLAN LANDING BED 1 BATH BED 2 BED 5 4885 4868 4885 4885 4868 4885 2173 667 7660 1200 10500 4885 4868 4885 EN. PROPOSED FRONT ELEVATION PROPOSED REAR ELEVATION PROPOSED RIGHT HAND SIDE ELEVATION SECTION A - A DWELLING PLAN PROPOSALS PROPOSED MATERIALS - RENDER:- SOFT RED MULTI STOCK FACING PLINTH / CHIMNEY BRICKWORK 1 PLAIN CLAY TILES - COLOUR NATURAL / DARK RED / RUSTIC MIX - OR SIMILAR TO BE AGREED DOUBLE GLAZED TIMBER OR uPVC WINDOWS - COLOUR MID / WARM GREY OR SIMILAR (OBSCURED WHERE SHOWN SHADED) 4 5 SLIDING / BI-FOLD DOORS - ALUMINIUM POLYESTER POWDER COATED (PPC) DOUBLE GLAZED UNITS - COLOUR WARM / MID GREY OR SIMILAR 6 FASCIAS AND BARGEBOARDS - TIMBER OR uPVC - COLOUR MID / WARM GREY OR SIMILAR (NOTE: EXPOSED RAFTER CAN BE USED IF PREFERRED) 7 FRONT & UTILITY DOORS - COMPOSITE 5 POINT LOCKING. FINAL DOOR STYLES AND COLOURS TO BE AGREED SAND / CEMENT RENDER WITH A 'RUBBED' FINISH - COLOUR OFF WHITE / CREAM 2 PAINTED / STAINED TIMBER HORIZONTAL WEATHERBOARD CLADDING - EXACT TYPE AND FINISHED TO BE AGREED 3 8 OAK FRAMED PORCH & CAR PORT STRUCTURES (WITH 1 AND 3 WHERE SHOWN) 9 ELEVATION PROPOSALS - RENDER 2 8
Whatever your requirements – office space, industrial, retail or land and new homes, we can help. With a wealth of experience combined with personal service, Boydens is the perfect partner of choice for small businesses and developers alike. Why choose us? We’re accredited - as members of the Royal Institution of Chartered Surveyors; We’re connected - with a database of contacts working across our Branch Network for maximum efficiency and with strong links to regional developers; We’re personal - and are known for clear and honest guidance from our knowledgeable and experienced team. Call your local Boydens branch to talk to one of our experts. Commercial, Land & New Homes C O M M E R C I A L , L A N D & N E W H O M E S 2 9 PROPOSED REDEVELOPMENT OF 'WINDYRIDGE', COLNE ROAD, BURES HAMLET, CO8 5DH PROPOSED DWELLING B - PLANS, ELEVATIONS AND SECTION 1:100 @ A1 SEPT. 2016 SCALE BAR @ 1:100 0M 1M 2M 3M 4M 5M 9M PL / 04
Could you use your property to generate additional income? The Essex Coast has long been a popular tourist destination. With vast knowledge in letting residential properties, we are ideally placed to let Holiday Homes and Beach Huts along the Essex Coast. Have you ever wondered how much your Holiday Home or Beach Hut is worth? Perhaps you own a Holiday Home or you don’t use your Beach Hut as much as you did in the past. Would you be interested in generating additional income? If so we can talk you through the options for selling or letting your Beach Hut or Holiday Home and, with many years’ experience, we’ll help you to secure the maximum value. With a waiting list of eager buyers and holiday makers, we are ready to help you today. Holiday Lettings Call our Frinton on Sea branch to talk to one of our Holiday Lettings experts on 01255 851185 3 0
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Glossary ARLA (Propertymark): The Association of Residential Letting Agents - the professional body for letting agents in the UK. ARMA: The Association of Residential Managing Agents - the leading trade association for residential leasehold management in England and Wales. RICS: The Royal Institution of Chartered Surveyors - the world’s leading professional body for qualifications and standards in land, property, infrastructure and construction. NAEA (Propertymark): The National Association of Estate Agents - the professional body for estate agents in the UK, promoting the highest standards in estate agency. Chain: Most sellers will be buying a new home at the same time, and the person they’re buying from is also likely to be buying another property. This is called a chain. Completion date: This is the date when you become the owner of your new property, and can move in, having paid all money due. Completion statement: Your lawyer or conveyancer will provide a statement, which lists all the financial transactions and costs. Conditions of sale: These are the terms agreed between the buyer and seller, including any special terms. Conveyancer: A property lawyer or solicitor who manages all of the legal aspects of selling or buying a property. Conveyancing: The legal process of buying or selling a property and transferring ownership. Deed(s): The legal document(s) that gives title to the property and includes its history of ownership. Deposit: See Mortgage deposit and Holding deposit. Disbursements: Other expenses paid by the lawyer or licensed conveyancer on the buyer’s behalf, such as local searches, Stamp Duty and Land Registry fees. EPC: The Energy Performance Certificate (EPC) shows the energy efficiency and carbon emissions of a property and gives an indication of the fuel bills. It’s shown as two graphs - the energy efficiency and environmental impact of the property. Each is graded from A to G with A being the best rating. Equity: This is how much of the property you own. It’s the difference between the value of your home and the mortgage you still owe. Negative equity occurs when you owe more to the lender than the sale price of the property. Exchange of contracts: The buyer and seller exchange contracts through their lawyers. The contract is a legally binding agreement and means they are committed to the transaction. At this time, the buyer could pay a holding deposit. Fixtures and fittings: A list of the items at the property, which will be included or excluded from the sale. Freehold: When you buy a freehold property you own the property and the land outright and are responsible for maintaining them. See also Share of freehold. Gazumping: This happens if the seller takes an offer of a higher price offer from another house buyer after your offer has been accepted. Gazundering: This happens if the buyer offers a lower price after the original offer has been accepted by the seller. Holding deposit: This is paid when contracts are exchanged, but not all sellers insist on a holding deposit. It is paid to the seller’s solicitor and is usually between £500 and £1000 or a percentage of the purchase price. This demonstrates that you are serious about purchasing the property and is only refundable in some circumstances, usually if the seller pulls out. 3 2
G L O S S A R Y 3 3 Indemnity insurance: Insurance taken out by conveyancing firms to cover losses to clients, arising from errors or fraud in dealing with their matters. Land Registry: A government office that stores records of land ownership and any charges against the property such as a mortgage. Land Registry fees: Fees paid to register the ownership of property with the Land Registry. Leasehold: A leasehold property means you have the right to live in it and occupy the land it is on for a fixed period of time - the length of your lease. This can be a varying term but commonly 99 years, 125 years or 999 years. Legal fee: The charge made by a solicitor or licensed conveyancer for carrying out the conveyancing and other legal work connected with buying and selling a property. Licensed conveyancer: This is a specialist lawyer who is trained and qualified in all aspects of buying and selling property. Mortgage deposit: The upfront payment towards part of the of the property purchase price. Typically, it’s around 20% but can be more, or less. Also known as a Down Payment, or Home Loan Deposit. Mortgage deed: This is an agreement, which transfers legal title to your property to the mortgage lender. It remains dormant unless you don’t repay the mortgage. If this happens, the lender can repossess your home. Offers over: This is the lowest price a seller will accept. Open house or open viewing: House hunters are given a time of a few hours when they can all go and view the home for sale rather than in separate viewings. Property questionnaire: Sellers provide an accurate account of the property including: Council Tax band, Local Authority notices served on it, any alterations made, any history of flooding, parking, and arrangements covering the repair and maintenance in place for flats. Searches: These are done by your lawyer to check if there’s anything that could affect the value of the property. You must have a Local Authority Search before exchanging contracts. Share of freehold: This is when the freehold of the property is owned by a limited company and the shareholders are the owners of the property, usually the owners of flats within that building. Stamp Duty: This is a tax charged on the purchase price of every home sold in England, Wales and Northern Ireland over a certain price. Current rates of stamp duty tax can be viewed via the GOV.UK website. Survey: This is carried out by a qualified building surveyor to check the structure for any faults. Home buyers can choose from three main types of survey. See also Valuation Survey. Subject to contract: This means a contract is not legally binding until contracts are exchanged and the details of the contract have been agreed. Subject to survey: An offer is usually made ‘subject to survey’ and it’s a provisional price depending on what the survey reveals. The results can often lead to negotiation on the price if expensive faults are uncovered. Title deeds: The ownership documents which have a description of the property and land you own, as well as any rights and conditions attached to it. Transfer document: The final legally binding document that transfers the property and all its rights from the seller to the buyer. Valuation survey: This is done by the lender’s surveyor to verify the property is worth the purchase price for mortgage purposes.
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G E T I N T O U C H 3 5 Colchester Branch Aston House, 57-59 Crouch Street, Colchester, CO3 3EY T 01206 762244 E [email protected] E [email protected] Coastal Branch 73 Connaught Avenue, Frinton-on-Sea, Essex, CO13 9PP T 01255 851185 E [email protected] Sudbury Branch 64 North Street, Sudbury, Suffolk, CO10 1RE T 01787 883700 E [email protected] West Essex Branch 121 High Street, Kelvedon, Essex, CO5 9AA T 01376 570335 E [email protected] Holiday Lettings 73 Connaught Avenue, Frinton-on-Sea, Essex, CO13 9PP T 01255 851185 E [email protected] Leasehold and Estate Management Aston House, 57-59 Crouch Street, Colchester, CO3 3EY T 01206 764321 E [email protected] Superior Homes by Boydens Aston House, 57-59 Crouch Street, Colchester, CO3 3EY T 01206 483200 E enq[email protected] W boydens.co.uk/superior-homes Get in touch
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