Category Archives: Advice

Not the usual rental home!

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What is everyone after in their ideal rental property? A couple of good sized bedrooms, maybe a nice garden? How about a moat, thick stone walls and a barge as a guest room? If so, we might have the right house for you!

The entranceway leading to......

After our blog last week mentioning historic properties in the area, we have a very suitable addition to our portfolio, in the shape of Starborough Castle!

....your very own moated castle!

Starborough Castle, a folly built on the foundations of a 14th Century castle destroyed by Oliver Cromwell, is an excellent example of Gothic Architecture. The original castle was built by Reginald de Cobham, a founding member of the Knights of the Garter, and ally of the famous Black Prince. Famous guests included the Duc d’Orleans, to whom the castle played host after his capture at the Battle of Agincourt in 1415. It was then home to several members of the British aristocracy before it was occupied by Parliamentary forces in the Civil War and then dismantled by Oliver Cromwell’s New Model Army to prevent Royalist occupation. Finally, in 1754, Sir James Burrows built the current castle using the original medieval materials, a true English Folly!

The majestic reception area

Featuring a large reception area, galleried kitchen, bathroom, cloakroom and two bedrooms in the folly itself, a small flat above the garage and a houseboat as alternative guest or staff accommodation, this property is certainly unique. The castle is set on its own ½ acre island, accessed via a bridge across the moat which is full of over 2000 Koi Carp, as well as several other species of fish.

The guest accommodation - at the users risk!

Available at £2500pcm, for anyone looking for something just that little bit different, please call Caroline Sugden or Andrew Stafford at FoxWood Maclean on 01732 866492 or email edenlets@foxwoodmaclean.co.uk.

Shortfall fears for interest-only mortgage holders

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In our latest market spotlight, we look at the problems of interest only mortgages, and why it is crucial to talk to your agent to be put in touch with a mortgage advisor that understands your situation.

The Financial Conduct Authority has warned that more than a million people with interest-only mortgages face financial problems when they have to pay them off. Some 2.6 million UK householders have such mortgages but estimates suggest that nearly half will not have savings or other funds to cover the final bill. The average shortfall is £71,000, according to the FCA, and lenders will now step up warnings to homeowners to prevent payment shocks.

Interest only mortgages - good or bad?

Interest-only mortgages were popular when sold alongside an endowment policy in the 1990s, and again during the last decade when many homeowners banked on the rising value of their home to cover the cost.

The FCA commissioned research to give a clear indication of what borrowers face when mortgages mature between now and 2041. Researchers questioned 1,103 interest-only borrowers to consider how prepared they were to repay their loans, and found that 37% of interest-only mortgage holders said they faced a shortfall in their plans to pay back the lump sum of the home loan, based on their own sums. The FCA says this underestimates the full extent of the problem and that the real number is as high as 48%.

More critically, one in 10 –  the equivalent of 260,000 people – have no repayment strategy in place at all. They face the prospect of having to sell their homes when their mortgage matures.

The watchdog said that those facing a shortfall, even if their final bill is looming within the next 10 years, should be able to find a viable way to pay the home loan back. Mortgage lenders have agreed to write to borrowers to ensure they have a repayment strategy in place, concentrating on those whose policies mature first. This way, people who might be affected can be made aware of their mortgage repayment position, and have an opportunity to take steps to alleviate future problems.

Many leading professional estate agents, such as FoxWood Maclean, have financial partners in place who can also offer independent advice and guidance. Current mortgage rates are amongst the most competitive ever seen, and for some, moving to a better deal may allow them room to increase their capital repayments. So, make sure you talk to an agent and their mortgages advisors – look before you leap and you wil hopefully land safely!

Information and data provided by Guild of Professional Estate Agents. A prospective purchaser shold not solely consider this article in their decision, and should speak to their agent and a qualified mortage advisor.

 

Deposit disputes – how adjudication works, and why it does!

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Letting agents and landlords are required by law to hold a tenant’s security deposit in a Government Approved scheme such as the TDS or DPS - compliance with this is definitely one of the things to check when choosing your agent. This theoretically protects both parties, but it has been argued that it works much more in favour of the tenant than the landlord. Helen Harrison of FoxWood Maclean explains why deposit schemes are just as good for both sides.

We all know the scenario, tenant moves out of property, check out duly undertaken, condition of property reported to tenant and Landlord and the tenant inevitably complains vociferously about how much better they have left the property than it was when they moved in.  With no hope of a compromise the deposit monies go into dispute and the adjudication service becomes the last resort with angst on both sides.

We recently had such a case.  In this instance, though the tenant requested to vacate the property early (a request which the landlord granted), they left personal belongings at the house, did not clean thoroughly and refused to pay the Landlords fees for vacating, deciding that they were exorbitant.  Furthermore, they suggested the new tenants could dispose of the belongings as they saw fit (presumably at their cost) and could also bear the cost of cleaning the property to a good standard.

No compromise was able to be reached as the relationship between the landlord and tenant broke down, so the case went to adjudication with the TDS. The evidence (an inch thick folder!) was compiled to support the claim for cleaning, removal of goods and damage at the property and for the full payment of fees for the Landlord.

It feels like a long slow process when you are in the thick of it and waiting for the verdict.  Finally, after what seemed liked months the email arrived from TDS to advise all parties of the result.  The adjudicator awarded 86% of the disputed monies in favour of the Landlord.  At FoxWood Maclean, we receive no award monies for achieving this result, however the satisfaction that justice prevails is reward in itself (and it is another part of our commitment to providing excellent quality of service to our clients), as well as proving that deposit disputes are not just about an agent/landlord ripping off the tenant!  If proof is needed that the adjudication service does work, for both sides, surely this is it.