Halifax Property

The last downturn of the global stock market saw millions of ‘every day’ investors having their fingers badly burned. Overnight life savings were eaten away, retirement funds went into decline and the economic forecast for all of us who had any money invested in stocks and shares was gloomy to say the very least.

As a direct result investors in their thousands turned their backs on the rollercoaster stock markets and sought alternative asset classes in which to invest their hard earned money. This has led to a global boom in real estate markets and property prices, and it has spawned a generation of budding real estate investors.

For those of you wondering whether it’s too late to venture into real estate investing or considering how best to make the most significant returns from property investment, here are 5 hot tips for successful real estate investment to set you on the path to potential profits!

1) Consider Investment Property Abroad

There are many relatively untapped property markets in countries around the world that offer the real estate investor greater return on investment in the form of rental yields or short to medium term capital growth.

While major markets in the USA, UK, Australia and Europe are slowing down, there are emerging property markets globally that are hungry for investment and are proving to be highly profitable.

For example, in 2007 a number of countries are already aligned for accession into the European Union and as a result property markets in these countries are likely to benefit from greater numbers of visitors, more trade, increased investment into infrastructure and more stable economies. The likes of Hungary, Slovakia, Bulgaria, Croatia, Turkey and even Northern Cyprus are just a few examples of overseas destinations with emerging real estate markets that may be worthy of your consideration.

2) Make Sure Your Plans Are Profitable

This sounds ridiculously simple right? Well, you’d be surprised how few people actually make sure their plans are actually sustainable and as profitable as they hope.

Examine any real estate market that you’re about to enter by firstly comparing property values across the city, state or region and making sure you know what your money will buy you. Then ensure that the rental yield you intend to obtain from your property is actually realistic or that the asking price you intend to set once you’ve renovated the property will be offered.

3) Never Assume Anything

This goes from assuming a house is structurally sound to accepting that tax laws won’t change – from believing your tenants when they tell you that they are house proud and honest to accepting the first builder’s quotation!

Do your due diligence on every single aspect of the process from ensuring the asking price for a property is fair to checking your tax returns before your accountant submits them for you. This is your investment, your future, your potential profit and therefore it is ultimately your responsibility.

4) Employ An Expert When In Doubt

Few people are a master of all trades therefore be prepared to acknowledge areas where you are far from being an expert and at least consider courting a second opinion. Again, this goes from checking out the structural soundness of a property to understanding the legal ramifications of letting out your property. If in doubt always double check – and if this means you have to call in an expert, make sure you call in an expert!

5) Set A Realistic Budget And Stick To It

Whether you’re purchasing property to let out or buying real estate to renovate you need to sit down and add up every single area of projected expenditure to enable you to set a realistic budget with which to work.

Make sure you add in everything from having searches and surveys conducted, legal fees, accountancy fees, insurance costs, likely interest payments on any finance required, taxation, connection of utilities, marketing for tenants or buyers, real estate agency fees, and of course don’t forget to add on the cost of the property and the price of any renovation and refurnishing and decorating work required.

Spend time considering every single area where a cost will be incurred and detail every likely payment that will have to be made and you will arm yourself with a bullet proof budget and do all you can to ensure you encounter no nasty surprises along the way.

In the society of UK, there are categories of person who seek for an external financial aid; but hesitate due to lack or reluctant of pledging their property. This issue has captured the notice of lenders and after much surveillance formatted polices under the name of UK unsecured finance. UK unsecured finance, thus, enables them to execute their material desires by acquitting loans without any collateral. UK Unsecured Finance is suitable for every single and multiple demands in a single amount. Without having the least fear of stake to your property, you can borrow capital stating minimum and maximum of £1,000 and £25,000, respectively. Any amount you pick has to be reimbursed within the stipulated date, which stretches from 1-10 years. Unsecured UK finance is a relief for the citizens of UK but not for lenders. Releasing finance without any collateral involves risk borne only by lenders. And for this risk they levy slightly higher interest rates to marginalize the risk. Furthermore, interest rates fluctuate in the competitive atmosphere. Take the advantage of the competitive atmosphere and shop for marginal rates that suit the repayment budget.

In a single amount of UK unsecured loans numbers of ends can be realized. Among the various few are listed, buying an expensive car, going for exotic holiday destinations, meting expenses of weddings and higher education of children and as well. Dormant credit profile holders can also approve the same provisions of UK unsecured finance.

The best and quickest way to approve UK unsecured finance is to fill the online application candidature. Online is the high-end wired process that let you access any information from any location of the world or by sitting comfortably at home. It is a sensitive process, so careful steps should be followed while furnishing the details.

UK unsecured finance is a loan free from all the worries and fear of risking the property. So, just approach a lender for UK unsecured finance if you are not willing to place property as collateral.

When moving home it is imperative that you pick the right estate agent. You want an agent that is going to do your property justice and get you a good price. Before you sign anything and enter any deal with an estate agent there are number of questions you need to ask; here are ten of the best questions to ask to make sure you receive efficient service.
1. The first question to set to your estate agent is how much they charge. Although rates vary a general rule of thumb is around one to three percent of the eventual sale price. At this stage it is essential to negotiate if you feel the cost is too high, it is worth remembering though that price usually reflects the effort the estate agent will put into the sale of your home. A lower price may in fact harm the service you receive. Before entering an agreement ensure to get all details put down in writing so you can highlight any discrepancies you may have.
2. Another question you should ask your estate agent is whether they are a member of any ombudsman schemes. In the UK there are no compulsorily legislative regulation schemes and hence membership to a body such as the NAEA (National Association of Estate Agents) or the OEA (Ombudsman of Estate Agents) is essential. These types of organisations ensure their members follow strict guidelines and have comprehensive complaints measures in place.
3. Thirdly you should find out how viewings will take place, obviously you know your property better than anyone and will want to show it off to its best potential. Research however has shown that houses that are viewed in the presence of an estate agent do sell quicker, this is definitely worth bearing in mind. Usually a balance of the two will maximise the viewings and increase your chances of a sale.
4. Find out from you estate agent the prices of similar houses in the area. Any agent worth their salt will be able to answer this question in a knowledgeable way, if they cannot, it may be time to find a new representative. Although the answer to this question may vary greatly due to market fluctuations, its purpose is not really to gain a figure but work out the level of knowledge possessed.
5. Ask how your property will be marketed; websites are increasingly being used in the industry and to maximise the chance of a sale, online marketing is essential. The older methods of local papers are still worthwhile but finding an estate agent who is up to date with technological developments is highly desirable.
6. Try to find out what the notice period is if you do want to change your agent. Some will require a two to four week period before you can make the change. Changing however is not always advisable; twelve weeks should be allowed for the sale of your house unless you are utterly unhappy with the service you are receiving.
7. Assess the level of sales that fall through with that particular estate agent. According to research it is estimated that eighteen percent of sales fail to reach completion. This is normally down to the buyers so a figure below this percentage will reveal how devoted an agent is to pursuing a sale.
8. A good question to ask is what kind of information they will be including in the marketing literature, this should ideally be asked after they have looked around so you can assess whether you estate agent has noticed your property’s strongest selling points. It can also give a good indication of the agent’s marketing skills.
9. It may seem a given but asking how to stay in touch with your agent is essential. Selling your house can be stressful and not being able to get hold of your representative can make the process more so. Test the water by making enquiries before the house has gone on the market, if they take their time getting back to you, you can presume they give buyers the same level of service.
10. Finally a vital question that needs to be answered is the time the average property takes to sell. If properties are on the books for no time at all it may be an indication that your agent is underselling. The opposite can be asserted if properties are on the books for extended periods of time.
By following these ten points the sale of your house should be speedy and efficient. Finding the right agent is a fundamental element of selling houses and if you want your move to go ahead swiftly, the services you and the buyer receive could be the deal breaker.

What lies beneath?
There has been significant growth in the number of lenders offering secured lending to people with credit problems, including those who have been bankrupt, have County Court Judgments logged against them, and for purposes such as debt consolidation. As consumer credit debt tops an eye-watering £1.2 trillion in the UK, it is no wonder that the major lenders in the UK and some significant players from abroad have been falling over themselves to get a slice of the growing sub-prime cake in the UK.
But for the IFA there is need for caution. The evolution of the UK sub-prime market needs to be examined and the implications for those who are active in it examined.
From an IFA’s perspective, get sub-prime business wrong and the consequences could be serious.
Several factors caused a growth in demand for sub-prime mortgages in the mid-1990s. These include: mainstream lenders automating credit-scoring procedures; more people with previous debt repayment problems; more marginal borrowers seeking loans for home-ownership and, in the late 1990s, soaring levels of borrowing for consolidation of debts as interest rates rose. Since the early 1990s, a range of factors has created circumstances in which both the demand for, and the supply of, sub-prime lending has flourished.
Following the 1990s recession, more people suffered some episode that had harmed their credit rating whether from house repossession, falling into arrears with housing or utility payments, which were pursued more aggressively by privatised companies, having had a CCJ or being made bankrupt. Reflecting broader labour market changes, more people had flexible contracts or terms of employment and income that was variable or hard to confirm.
Mainstream lenders, which had suffered during the housing market recession, reacted by exercising extreme prudence in lending, particularly using mechanised and centralised credit-scoring mechanisms to select only low-risk borrowers.
Individualised
The UK sub-prime sector started to evolve from the mid-1990s with the entry of specialist lenders. These saw a niche for lenders building on a more individualised approach to underwriting and pricing the risks involved in lending to sub-prime borrowers. Luckily a buoyant property market has covered up any deficiencies in the risk pricing models. House prices have more than doubled in the past decade, so it is not advisable to heap too much praise on the sub-prime lending actuaries.
A greater proportion of borrowers in the sub-prime sector are in arrears than those in the mainstream sector, as might be expected, around 10 per cent to 15 per cent in 2004.
There is also evidence that sub-prime lenders move towards possession more quickly once arrears start to accumulate, on both first and, especially, second mortgages. Now there is a new raft of specialist sub-prime to sub-prime lenders which are mopping up the heavy adverse clients. Competition would on the face of it seem like good news for sub-prime clients and intermediaries active in this segment. This year there are expected to be six new entrants in the UK sub-prime mortgage market.
Deutsche Bank has already entered the fray, Oakwood Financial Services enters later this year, headed by the ubiquitous Michael Bolton, formerly of BM Solutions/HBoS. Others of note, include Mortgages Plc which is backed by Merrill Lynch, and is making real inroads with its innovative products, keen pricing, technology and extensive teams of field sales support. GE Capital, GMAC, BM Solutions, Money Partners, Platform the list goes on. These organisations want serious market share and that means sacrificing margin to get to the top of sourcing system best-buy tables.
When lenders compress margins, other things can suffer, such as commission payments. At the near-prime end of sub-prime there is now little difference between rates offered by high street lenders and commissions paid.
If there is a sustained price war, and the signs are it is under way, only those with big balance sheets will survive. That could mean the end for a number of small niche players. It is like the corner shop taking on Tesco there will be casualties and collateral damage. A favoured niche sub-prime lender may not be around forever.
Clearly sub-prime lenders fill a market gap. They allow entry to owner-occupation for those who are able to repay, but fail high street criteria. They allegedly offer credit repair to borrowers who, if they maintain repayments can re-enter the mainstream market. There is an important qualification to make here. Sub-prime lenders in the main will not proactively credit repair clients.
Assumptions
It would be nice to assume that a sub-prime client who has diligently suffered the ignominy of higher interest rates would automatically get a rate reduction if he paid his sub-prime mortgage for two years without missing a beat. But that is not how it works. Sub-prime lenders securitise their lending portfolios and that means investors who buy these juicy mortgage-backed bonds expect a decent rate of return.
Proactively managing these cleansed clients to a better rate would put them at loggerheads with their investors, so it is the customer who misses out. Brokers and IFAs need to remain vigilant and pro-actively manage their cleansed clients back to prime rates with high street lenders or face the wrath of the FSA which is taking an ever closer look at this market segment.
Record levels of consumer debt mean that debt consolidation has become increasingly popular. Consolidating can allegedly provide a “fresh start” for a client whose borrowing has become unmanageable. Sub-prime borrowers are higher risk overall, and face higher interest rates and charges than mainstream borrowers. They also face higher charges.
There is evidence that sub-prime lenders are relatively quick to pursue repossession and impose relatively high charges to borrowers in arrears. Repossessions have doubled in number from last year. A worrying trend, and one which would gain real momentum if property prices headed southward.
This can lead to a downward spiral for borrowers, through repeated re-mortgaging from lenders at increasingly higher rates and worse terms due to increasingly poor credit records.
This is an area of significant importance to intermediaries and one that could come back and bite the unwary.
The FSA’s initial review of sub-prime lending is no doubt the first of many more detailed investigations as it begins to understand the complexities of the market. In its initial review the FSA was concerned many firms could not demonstrate that they had gathered sufficient information in certain areas to demonstrate suitability of a sub-prime product.
All information gathered for the purpose of assessing suitability needs to be recorded. The FSA has sounded the warning bell, reminding brokers that they need to have regard for all relevant facts about a customer of which they should reasonably be aware when selling a sub-prime mortgage product as well as those facts that a customer has disclosed himself.
It also added that firms must determine what is relevant when dealing with each customer, but in particular brokers must understand and document:
- the customer’s credit history, including an awareness of his debt position details;
- any existing mortgage arrangements and
- income and expenditure information to assess affordability.
To demonstrate suitability firms can use a factfind document to show that all requirements have been discussed and considered with the customer. Completing a checklist can demonstrate additional considerations have been reviewed with the customer.
Enforcement
It is only a matter of time before the FSA starts to enforce its treating customers fairly principles. Those in the sub-prime sector can pay significantly more for borrowing than those in the mainstream sector.
While this might initially appear to be unfair in that it is the more financially vulnerable who pay the most, the question is really whether such borrowers pay more than is warranted by the extra risk they present.
Money advisers, in particular, express concern that people may be tempted to borrow more than they can really afford. Spiralling levels of consumer debt back this up.
There is no doubt the FSA will start to monitor what is being done to proactively credit-repair a sub-prime client. Leave a cleansed client on higher sub-prime rates longer than is necessary at your own peril. The TCF principles are there for all to observe, and the FSA does have teeth.
The sub-prime market is set for a period of extended competition and consolidation. Factor in the ever- increasing presence of the FSA and its principle-based management and it is clear that you cannot play at sub-prime lending. Unless a company has critical mass and sub-prime is a significant proportion of the business mix, it should tread carefully because there is no doubt that the FSA will claim scalps.

Do you dreamed about buying a property or house? Shortages of funds are creating hurdles to fulfill your dreams? With Quick bridging loans, you can easily buy or refinance the property without any cash obstacles. This loan efficiently bridges the financial gap between purchasing and selling of property by the applicant.

You can apply these loans from many methods but the best procedure is to avail online. You simply need to fill and submit the very basic application form. Your personal details will be kept in the strictest confidence and will never be passed on to any third party without your consent. The lenders do their maximum to provide you quickest and easiest service effortlessly.

This loan mainly offered in secured form. You can place any valuable asset as collateral. It might include your home or any real estate. The amount you can avail with this service ranges from £ 100000 to £ 400000 with repayment period of 1 to 12 months. Quick bridging loan attracts lower interest rate as it is secured in nature. However, you need to sell your existing property within the suitable time period so that you can repay back the loan money well within stipulated time period.

The bad credit status will not let you down or feel hesitated applying this loan. This service is available to all type of borrower regardless of bad credit or good credit status. Therefore, if you are a bad credit holder then also you can avail these loans without any restrictions. CCJ’s, IVA, arrears, and various related defaults will not create hurdle any more.

Cheap bridging loans are helpful to solve temporary financial hiccups and fill the financial gap between purchase and sale of property by providing you the requisite amount. You can get instant finance to buy a property of your choice before any other buyer seizes it.

Cyprus is the ideal place to buy many different types of property: a holiday home, a new place to live permanently or property investment. When it joined the EU Cyprus saw a rise in its popularity and rapid economic growth. This has led to a lively and fast expanding community of expats, but property prices are still relatively cheap. This makes Cyprus a wonderful place to make a home. Your dreams can be realised when you buy homes in Cyprus. “Buy sell Cyprus” is a catchphrase heard all over the island.
Cyprus today enjoys the wealth of all of its resources from its prime location and magnificent weather and now being a full member of the European Union, it has made tremendous advances leading to vast improvements in communications, transportations, trade and shows growth in all the economy indicators. The EU constitutes more than 50% of import and export and over 70% of the 2.4 million tourists in 2006. Cyprus also maintains strong political ties with the middle east region and Africa. That explains the surge in interest to buy cyprus property.
Cyprus property is a hot ticket on the market today and future projections show this trend continuing for a good while. Even with an increase in construction of houses, it does not appear that supply will outweigh demand in the near future. If you have been interested in purchasing in Cyprus you should do it now before the prices get too high, there were many who hesitated to get in on the ground in Spain before their boom and they are all regretting in now.
There are a great number of houses and villas available to interested property investors spread out over the island of Cyprus. So much so, that it can be exhausting to choose from the many real estate agents and developers available. This is why it is imperative to research the Cyprus area before jumping in and making a choice. Buy Sell Cyprus are the country’s leading estate agency with around 25,000 homes for sale all over Southern Cyprus.
Another fortunate aspect of buying Cyprus properties is that many Cypriots speak English as a second language (it’s taught in all the schools). Moreover, since all of the solicitors and property agencies have English-speaking staff, there’s very little likelihood that you’ll experience any communication problems during business transactions. Yet another favorable aspect is that, as a result of Britain’s occupation of Cyprus up until the 1960s, Cyprus’ legal system closely resembles the UK’s legal system.
You should be aware of two important differences: Firstly, that as a non-resident of the country you are only permitted to own one piece of property on Cyprus. This regulation may change in the future. Secondly that if you buy a new property on Cyprus then you will not receive the deed until up to five years afterwards. This is common and does not stop you selling your Cyprus property in the intervening time. It is even possible to invest in such a property and to sell before construction is completed. That’s why many property investors decide to buy homes in Cyprus.

You have a keen interest to purchase a new property which has got a suitable prospect in future. But due to the shortage of necessary funds you are not in a position to clinch the property. Moreover, you may not be ready to sale your existing property for some personal reasons. In such a hapless situation, you can still arrange the much required finances by opting for a short term bridging loan.

Short term bridging loan are generally provided for a short term of 6 months to 24 months to help you get the desired property even without disposing the existing one. The term you get here is enough for the getting best deal for your existing property that is required to get the right appraised value or the best possible return on your existing property.

This loan offers you the monetary assistance with the help of which you can purchase the property conveniently. After clinching the deal, the amount you borrowed can be repaid by selling off your existing property in a convenient and affordable manner. During the ensuing period when you have not sold your existing property, all you need to pay is the interest rates. This implies that this loan is an interest only loan where in you have pay the interests only. The principle amount can be paid back once you have been able to sell the existing property.

One must put adequate research into the matter before applying for a short term bridging loan. There are many lenders available. You can compare among the different loan quotes of the lenders to ensure better terms. For this an online search can be the best way in which you reach different lenders at a time without shopping them personally.

Dubai… A great place to live and property investment!

The Dubai Properties and Real Estate Blog is a resource center for international property investors. Being the commercial hub of the Arab world, Dubai saw property boom since 2002 when the government had permitted foreigners to invest in Dubai properties in order to boost Dubai and as well as the whole UAE real estate market.. For a few years now, some have been saying that the Dubai property bubble was about to burst and that a property crash was just around the corner. Yet, prices kept increasing and such doom mongering proved unfounded. The Dubai property market is unique in many ways, and as such doesn’t follow the general rules of other property markets around the globe and other Middle East property markets. The current rate of return on UAE property investments is in the region of 10 – 15 percent per annum, with this rate expected to continue for the foreseeable future, and rental yields in excess of 10% are further evidence of strength in the property market. The growth in the tourism industry of Dubai has been phenomenal with the 3.4 million visitors in 2001 expected to rise to over 6 million in 2010 – from a standing start the area is becoming a magnet for overseas visitors. Many of Dubai’s property developments set out to emulate the most prestigious residential addresses in the world. However, the less glamorous middle-income gulf or Middle East real estate market is increasingly drawing the attention of savvy investors. Dubai Properties is one of the biggest and has said it will deliver 5,000 units to the freehold market in 2008 which is not nearly enough to meet surging demand. Abu Dhabi property market will not deliver a single new real estate unit this year, and deliveries will only start late in 2009, and that creates additional demand in Dubai.

The Mediterranean island of Malta has recorded the strongest growth in property prices from countries in the European Union, and recent news could help see property inflation in double figures for the next few years. Malta is not only a tax efficient location with beautiful costal properties for sale or rental, but its warm climate, beautiful sea and days full of sun will help you relax and retire in a friendly and safe environment for Mediterranean property investment. Sustained property inflation at levels seen in Malta are rarely seen in other countries, but new economic activity on the island could see property demand at good levels for some years to come. The introduction of low cost flights to Malta from the UK will open up the possibility of more international real estate investors looking at the island for holiday homes that could be used for long weekends, and the Malta hotels industry could reap the benefits of the 3 and 4-day tourist seeing the island as a viable place to visit. After some years of wondering how Malta property market would fit into the modern world, property agents, hotel owners and the Malta holidays industry are beginning to see the future with some optimism.

Due to the gains in housing equity in the past 20 years, more people have been seeking to invest in housing, rather than other forms of investment. In the UK there has been a rise in the number of private buy to let investors. Similar to an increase in the buy to let sector, there has also been an increase in demand for houses from oversees property buyers. This has had a significant effect in boosting real estate demand, especially in London. In terms of land mass the UK is an incredibly small country yet it attracts amongst the highest levels of immigration in the world. the supply of property is always restricted in the UK and that exaggerates price swings and ensures a recovery. Those more patient buyers from Arabia will find themselves well rewarded.

Currently, repossession properties make up 20% of all homes sold at auction. This figure is constantly rising due to the financial crisis in the UK. Banks and lenders are now moving even more quickly when it comes to repossessed houses and are looking to sell them on their first day listed at auction. What does this mean for potential buyers? low prices. The banks and lenders will be willing to sell low in order to force a quick sale and recoup funds.Property auctions are the best place to buy repossessed homes, but it’s important to know what you are doing and not end up paying over the odds. Below we have added some quick tips to Repossessed Homes UK so that you can hopefully pick up a bargain repossessed property.1. Do Research- Make sure you know the area you are buying in.- If buying to let then know the rental market.- If the area has Universities or hospitals nearby then finding tenants will be easier.- Check the market rate in the area especially on the same street.2. Auction Trial Run- Visit Property Auctions as a test and familiarise yourself with the process.- Watch how others bid.- Obtain Auction Catalogues from auctioneers.- If interested in a particular property see if there are other documents available from the auctioneers.3. Visit The Property- Make a visit to the property, don’t just rely on catalogue descriptions.- Take a builder with you if possible to get an idea of how much renovations may cost.4. Pay for a Survey- Surveys are essential and can ultimately save you thousands if it means you avoid buying a dud property.5. Have a Price Limit and Stick to It- When attending auction, have a maximum bid price in your head for a particular property and STICK TO IT. It’s easy to get carried away in repossession auctions with other bidders present but it can ultimately prove costly.6. Arrange a Mortgage Before The Auction- Don’t bid on a repossession property unless you are sure you can get a mortgage.- Exchanges are done on the day of property auctions.- You will need to complete within 20 days.- Never apply for a mortgage after you buy at auction, if your application is rejected you risk losing your deposit.7. Make Sure Your Deposit is ready- Make sure you have the 10% ready to put down as deposit on your repossessed property.- Take chequebook and identification to the auction.8. Factor in all CostsRemember that there will be many costs involved and don’t forget to budget accordingly.- Survey Fees- Deposit- Auction Fees- Stamp Duty- Solicitor’s Fees- Renovation Costs for the repossessed house- Insurance Costs- Future Mortgage Payments- Other Costs9. Calculate Taxes You May Need to Pay in the Future10. Cover your Mortgage Payments- If buying to rent the property out, it is not certain that you will get a tenant on the first day, or if there is renovation you will have to wait for a tenant. During this time the mortgage will still need to be paid so factor this in also. We advise to have at least 3 months payments in reserve.

A house or a property comes to an auction center when the owner of the house is unable to sell the property or the house, and the property has been taken back by the lender in foreclosure. The owner of the house can either be a builder or an individual; so he can sell the home either by a real estate investor or with a help of an auction company.

The most important task that you need to do when you’re planning to buy an auction property, is that you need to investigate and do some research! If the property is a single property that went into foreclosure, try to get some information about the house. Try to know about the house’s size, what are the basic facilities does the house have, was there any previous owner and who owned it. The most important part you need to know is the opening bid. You may even cross check with local title company or with the county’s recorder for list of houses which are currently in foreclosure. Before you buy the property or the house, you must know the property’s value; therefore you have to compare the sale prices of two such similar properties in that particular locality. In order to predict the property’s value, try comparing houses which are within 3 miles of the house which is been auctioned. Try to find what kinds of amenities does the house have; such as number of bathrooms, bedrooms, parking area, fireplaces, swimming pool, etc. This will help you to know about the value of the property.

Keep yourself financially ready, at property auctions you might need to deposit a minimum of at least $1000 to maximum of $5000. You may pay the remaining amount when you buy the house. You should always know to keep your price limit. People at auction are known to create excitement and agitations, so more the crowd, the more likely the price to increase! Keep yourself stuck to the price which you have targeted and don’t get carried away. You have to be prepared to just walk away if you think the property or the price doesn’t satisfy you. If you feel if there is a bidding war among the bidders then try to stay away, as your bid will only shoot up the tension. So once the bidders have dropped out you may slowly get in.

Home Information Packs (HIP) are becoming more widely accepted since the first date of implementation. However, with the Home Information Pack’s existence also comes some fallacies and myths which have been attached to them. Due to this we have decided to look at a selection of some commonly held misconceptions and some of the more unusual ones we have come across.1. HIP stands for and is an abbreviation for Home Improvement Pack.This a common mistake many make and one can certainly be forgiven for holding this belief. This error was recently made by the Communities and Local Government (CLG) when publishing a guidance document on Home Information Packs within their website. It has since been rectified.2. A HIP only last for 12 months and then it must be renewed.As long as the property is continually marketed (this does not have to be via the same agent) the HIP remains valid.3. If my property doesn’t sell I do not have to pay for the Home Information Pack.There are various payment options available when purchasing your Home Information Pack; including an upfront payment and quite often a deferred payment option. With both of these payment options you will ultimately need to pay for your Home Information Pack whether your property sells or you choose to take your house off the market.There has recently been promotion of a ‘no sale, no fee HIP’ which does potentially mean if your property does not sell you may not have to pay. However, there is a large extra cost implication involved and quite complex terms and conditions attached to this payment option. Some terms related to this option dictates the pricing of your property in a falling market. Please read these terms and conditions carefully before entering to such an agreement4. Home Information Packs are an increased cost in the buying and selling process.It is true if you are selling a property without buying a property there is a ‘new’ cost in the selling process though this should not translate into large increased overall costs. However, if you are buying and also selling a property as is the ‘normal’ transaction, Home Information Packs costs negate themselves between the buyer and seller.Due to the new Home Information Pack legislation organisations have been forced to streamline their operations in a slowing property market often reducing their costs which have ultimately been passed on to the end consumer. For e.g. search companies and local authorities have had pressure applied to reduce their costs to the consumer and also to increase their speed and efficiency returning information requested. This a direct result of Home Information Pack legislation.5. Home Information Packs duplicate the work my solicitor will do, so I will pay twice.The Home Information Pack provides official documentation which has always been required when selling your property for e.g. Land Registry documentation and the water & drainage search. There is no reason for this information to be supplied twice and the main difference it is now supplied at the start of the home buying and selling process.You may be asked by your conveyance to pay for regional specific searches such as a Coal Mining Search in addition to the mandatory search provided within the HIP. If you prefer you can quite routinely order these ‘extra’ searches via your HIP provider.Many conveyancers have reduced their costs associated with the buying and selling process due to the Home Information Pack being immediately available as this has reduced the time they required; though some, not surprisingly have not.6. Home Information Packs are added bureaucracy and do not hold any importance.We have often read and hear that the only document contained within the HIP of any interest to the buyer is the Energy Performance Certificate. The EPC shows good relevant information in a user friendly format the energy efficiency of the property.Whilst there are plans to increase the added ‘usefulness’ of the information to the prospective buyer through various methods including the Property Information Questionnaire; the existing documents importance must not be disregarded. As stated above many of the documents within the Home Information Pack have always been required and considered essential by conveyancers though may not make particularly interesting reading to the home buyer.7. Home Information Packs must be bought via an estate agentEstate agents can arrange your Home Information Pack quite routinely on behalf of you, though it is quite unlikely that they are preparing the documentation in-house. Most agents have connections with a specialist provider who will prepare the Home Information Pack.As is common, not just in this market; going direct and commissioning a Home Information Pack direct from a HIP provider may save you money.8. The HIP doesn’t need to be completed until I have accepted an offer.This statement is contrary to one of the main concepts of the HIP i.e. having the required information prepared to enable a smooth buying and selling process to take place therefore speeding up the process. Only completing the HIP once an offer has been accepted returns us to the position we were in prior to HIPs introduction with unexpected delays that can easily hold the sale up.At the time of writing you can market your property IF you have ordered your Home Information Pack as per the first day marketing exception currently in place. This exception is currently under review at present, with an announcement expected shortly in regard to whether this will remain or be removed as was originally planned.The time taken from ordering of your HIP to competition should generally be no more than 5-10 days and this is a question that should be asked of your prospective HIP provider.If you have not ordered a Home Information Pack and can not prove so, you are NOT legally allowed to market your property.9. HIPS are the reason the UK housing market has slowed down.This is a myth that we felt must include but it is hard to find words for such a far fetched concept. How can Home Information Pack documentation which commonly costs £250 -£400 and provides useful required and essential information in the property buying and selling process cause such a slow down in the UK Property market?10. Every property now requires a HIP if it is to be marketed.Whilst it is true that the initial roll out of the HIP legislation via number of bedrooms has been completed i.e. number of bedrooms does no longer determine whether a property requires a HIP; there are still some HIP exclusions. For e.g. a private, non-marketed sale and mixed use properties remain exempt from requiring a HIP. More reading on Home Information Pack exclusions can be found here.HIP-Consultant.co.uk have supplied many Home Information Packs and we are confident that we have aided sales completing successfully on time due to identification of issues and taking the appropriate action; to the benefit of our clients and those connected with the sale.Home Information Packs continue to receive a bad press from the ‘usual’ regular critics. However, they remain and it seems as if they will become established in the UK’s Property buying and selling process. Ultimately, the ‘finished’ product may not be as we see it now but what successful product or service does not seek to evolve or improve?You can find other interesting expert advice and information from BuyAssociation about buying property abroad and also in the UK .We look forward to your comments and hearing any others myths you have come accross.

Overseas residential property-buyers beware! When you buy in Europe, you can pay up to 25% of the purchase price in round-trip costs, i.e., legal and other fees.

Punitively high round-trip transaction costs are incurred in Russia (25%), Bulgaria (24.9%), Italy (17%), France (16.3%), and Greece (15.5%) (i.e., the total cost of buying and selling a property, including all taxes and fees). Purchasers of new property often incur even higher costs, with additional VAT of 20% payable in some countries, according to a report released this week by the Global Property Guide.Very high transaction costs in Europe

Residential investments in Europe incur punitively high roundtrip transaction costs in many countries, exceeding 15% in several cases. Purchasers of new properties often incur even higher costs.

In Russia and Bulgaria, transaction costs can reach around 25% of the property value for a typical transaction of a resale property. On the other hand, property buyers will be relieved to know that transaction costs are very low in Estonia, Slovakia and Lithuania, typically below 4%. Transaction costs in the UK are near the bottom of the scale at around 5%.

These are some of the findings of a landmark study of transaction costs in 37 countries in Europe, published this week by the Global Property Guide. As the study notes, previous research on European transaction costs covered very few countries, so an over-all picture was difficult to establish.

The study considers all transaction costs involved in the property sale-purchase process, including registration and notary fees, legal fees, real estate agents’ commissions, and sales and transfer taxes such as VAT.

To analyze transaction costs, the study looks at a ‘typical case’, adopting the assumptions that:

1. The property is purchased by an EU-national, not resident in the country where he/she is buying

2. Is worth €250,000

3. Is paid in cash

4. Is a condominium located in a major city

5. Was used by the seller as his principal residence for the past ten years

Interestingly, roundtrip transaction costs in countries with French legal systems are generally higher compared to other countries; these French legal origin countries include Monaco (19.7%), Belgium (17.9%), Italy (17%), France (16.3%), Luxembourg (15.7%) and Greece (15.5%). In several countries with French legal systems, the use of lawyers is mandatory, with fees set by law. Sales and transfer taxes are also more common in French legal system countries.

The study disputes earlier findings that southern Europe has Europe’s highest transaction costs. This impression was created by studies concentrating on selected southern countries with French legal systems.

Buyers of new residential property are in for a shock, because additional taxes are charged on newly constructed or renovated properties (which are often hidden in the sale price).

Monaco imposes 20.6% VAT (instead of 6.5% registration tax) on new properties, bringing total costs to 33.75%. In France, transaction costs for new properties are around 31%, because of the 19.6% VAT levied in lieu of registration fees.

Real estate agents’ fees are highest in Scandinavian countries. However, this is because the agent guides buyers throughout the property registration process. The use of lawyers in Scandinavia is common but not required. Economics Team:

Prince Christian Cruz, Senior Economist

Phone: (+632) 750 0560

Cell: (+63) 917 735 2228

Fax: (+632) 325 0642

Email: prince@globalpropertyguide.comPublisher and Editor:

Matthew Montagu-Pollock,

Phone: (+632) 867 4220

Cell: (+63) 917 321 7073

Email: matthew@globalpropertyguide.com Address:Global Property Guide

5F Electra House Building

115-117 Esteban Street

Legaspi Village, Makati City

Philippines 1229

info@globalpropertyguide.com

www.globalpropertyguide.com