Pricing your property accurately, and choosing your buyer wisely are becoming all the more important with Brexit looming and lenders confidence dipping. As we saw in 2008 down-valuing now appears to have hit Nottingham and lenders are treading carefully when it comes to property valuations.

Down valuations by lenders, can mean buyers having to pay thousands of pounds extra, up front, or renegotiate their purchase price to avoid the sale collapsing.
“Reduced valuations are often due to surveyors covering their backs, but they are almost impossible to argue with the lender” comments Jonathan Detheridge from Granger & Oaks Estate Agents. “We saw this a lot in 2008, particularly from one lender who at the time offered the most favourable rates, but thankfully it didn’t last very long”

Down-valuing is problem that has been affecting other parts of the country during 2018, but with price growth in Nottingham being strong in 2017-18 it appears that lenders are now sharpening their pencils and adopting a more cautious approach.

See BBC story below from July 2018

https://www.bbc.co.uk/news/business-44202542

After many months of deliberation The Ministry of Housing, Communities and Local Government (MHCLG) has announced that mandatory five-year electrical installation checks on private rented housing in England will be introduced in the coming months.

In a surprisingly sensible manner, the government are introducing the legislation in a 2 year staged process to give landlords plenty of time to fulfil the requirements. In year one, all new private tenancies will be affected, and in year two all existing tenancies will come within the scope of the scheme.

The implementation date has not yet been clarified, but MHCLG has stated its intention is to introduce the legislation as soon as parliamentary time allows. Landlords and agents will then be given at least six months to familiarise with the new legislation before it comes into force.

Properties that already have a valid electrical installation condition report (EICR) will not need to replace it until five years have passed since it was issued.

 

Following legal advice, Nottingham City Council have u-turned on a number of conditions of the scheme being rolled out this summer.

The following updates have been made to the scheme conditions:

1) Proof of building insurance will no longer need to show proof of alternative accomodation. 

2) Standard, or Enhanced DBS certificates wil now be accepted. 

3) There is no requirement for an Electrical Condition Report. (although it is recommended you have one done for each property as it expected to be a legal requirement across the entire Private Rented Sector from October 2019)

4) There is no longer a requirement to provide a fire alarm test certificate where there is a fire alarm control panel.

5) There is no longer a requirement to fit a thumb turn mortice lock on the front door of the property.

6) There is no longer a requirement to produce an inventory.

Instead of the above conditions, the council are instead intending to score properties based on risk, with properties showing the highest risk scores earmarked as initial targets for HHSRS inspections by the council. 

Clients are reminded that we are now only one month away from the application process opening, so now is the time to make sure that all your paperowork is ready for you to apply. 

To mark our 15th anniversary, we are today embracing the glorious weather and embarking on a 15 mile charity walk to raise money for the Alzheimers Society & Maggies. 

To allow the walk to take place, this week we are closing early, so the office will close for business at 12:30pm. 

If you've not already sponsored us, there is still time. The link is below. We're aiming to raise £1500 pounds, and as I write we're only 8% short of the target. 

https://www.justgiving.com/teams/GnO2

Granger Oaks 15 Miles for 15 Years

In conjunction with East Midlands Property Owners (EMPO), Granger & Oaks will be holding a series of Selective Licensing Workshops to help landlords prepare for the licence application start date of July 1st. 

Our two hour workshops are a must attend event for all landlords in Nottingham affected by the new Selective Licensing Scheme.

Selective Licensing comes into force in Nottingham on August 1st and this scheme has more boxes to tick than any other scheme before it. Applications open in July, but landlords have a lot to do prior to get themselves & their properties ready.

Landlords with property that is affected should join us at our information workshops in the coming months to help you prepare for the application opening date of July 1st.

Granger & Oaks Selective Licensing Workshops

Each workshop will last for 2 hours and they are being held at Castle Cavendish Business Centre, Dorking Road, Radford. The dates & times are as follows; 

Wednesday 2nd May 2018 - 11:00am – 1:00pm, 1:30pm – 3:30pm, 4:30pm – 6:30pm
Monday June 18th 2018 - 11:00am – 1:00pm, 1:30pm – 3:30pm, 4:30pm – 6:30pm
Tuesday July 10th 2018 - 11:00am – 1:00pm, 1:30pm – 3:30pm, 4:30pm – 6:30pm

The objective of the workshops is to explain, step-by-step, exactly what landlords need to do to initially get their properties licenced, and explain their ongoing requirement to manage their properties within the terms of the scheme. 

There will be Q&A’s along the way, and attendees will leave with a full practical understanding of what is required in time for the August 1st deadline.  

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