We were contacted by a director from a block of apartments where the residents had purchased the freehold. The had self-managed the site for several years but due to ill health and retirement they decided to look to appoint an agent to look after the running of the apartment blocks and grounds, freeing up their valuable time.
We initially asked to be sent the lease; this will establish if there are provisions to allow a managing agent to act on behalf of the company (the site).
Once we established the terms of the lease we arranged to meet the directors at the block, for us to see what is involved but also to introduce ourselves and pass over information on KT-Management and the services we provide and discuss the future plans of the site.
We received feedback from the directors after the meeting and we were told that they would like to use KT-Managements services.
Then we produced a contract between us and the directors (the site management company). The contract highlights what services are provided and the frequency. We also drew up specifications for gardeners and cleaners for each individual site and discuss these with the directors to make sure they are happy with the specifications put in place. The directors were able to give us their input on whether they wanted to continue using their current contractors or if they wanted us to obtain new quotes for new gardeners and window cleaners.
The final stages of the process was for us to set up new site bank accounts in line with the Landlords and Tenants Act and look at the accounts. Then we send out our welcome packs to residents with information of the handover along with contact numbers and our information. We also held a residents meeting so the residents could meet us and discuss the needs of the site where they live.
Some initial work and communication is needed when a site wants to appoint a managing agent like KT-Management but now the site in question are free from property management stress and they have more time to themselves whilst having the amount of involvement that they desire.
Now we have had time to digest last weeks election result, here is a basic overview of what this means to the Property Industry and for home buyers.
With a Conservative majority here are the policies we will have;
–Help to Buy
There are two types of Help to Buy, one being a guarantee to mortgage lenders for what is classed as higher risk purchasers with a 5% deposit.
There is also the Help to Buy equity loan. This is for new build properties; the government will loan 20% of the value, meaning purchasers can have a 5% deposit with a 75% mortgage.
–Help to Buy ISA
This is due to start later in the year, first time buyers can apply for a Help to Buy ISA where for every £200 saved the government will put £50 towards your savings with a maximum saving of £15,000.
-Right to Buy
Council tenants can apply to buy their home if they have lived within council properties for 5 consecutive years. Right to Buy offers the houses at a discounted rate. In the run up to the election the Tories explained how they want to extend Right to Buy to community housing residents.
The Conservatives have pledged to build 200,000 new starter homes for first time buyers with an additional 275,000 additional homes.
With the election result here is what we won’t have;
-Mansion Tax, an annual fee on properties over 2 million (Labour and Lib. Dem.)
-Rent to Own, first time buyers can rent to build up their share meaning they do not need a deposit. (Lib. Dem.)
-3 year tenancies in the private rental sector. (Labour)
-Stamp duty removed on Properties Under £250,000 (UKIP)
-Abolishment of Right to Buy (Green)
-Abolishment of Bedroom Tax (SNP)