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Are you home yet? Outstanding agents Outstanding results

BRIGHTON FREE | the no.1 place to buy or rent a property

14 – 20 Novr 2017 ★ Issue 855

LIFE CHANGING The impact of this DMB build has been extraordinary Page 4

PROJECT BRIGHTON Arundel Castle – standing strong after 950 years NEW INTEREST RATES Mortgage advice from Craig Poulter

Brighton Looking for property? You'll find it here. latesthomes.co.uk Brighton’s best property website

01273 688448 www.h2ohomes.co.uk the agent for waterside homes

Be moved by

the experienced

01273 243 561 www.surepropertysolutions.co.uk


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LH CONTENTS Cover image credit: Jenn Good

4 | LIFE CHANGING

The impact of a DMB build on this family’s life is extraordinary

7 | MONEY MATTERS

Craig Poulter: Good things always come to an end

8 | MOULD SOLUTIONS

How to make sure your winter is clean and fresh

4

9 | PROJECT BRIGHTON

After 950 years, historical Arundel Castle is still standing strong, and as active as ever

11 | AUCTION OPPORTUNITIES

Parson Son & Basley present some highlights from their next auction

12 | HOMES ACROSS BRIGHTON & HOVE A wide range of homes to rent or buy from page 12

16 | HOMES IN & AROUND WORTHING A wide range of homes to rent or buy from page 16

20 | PORTFOLIO LANDLORDS

Khalil Properties examines who gets hit the hardest by the new prudential regulation authority lending guidelines

9

HOT PROPERTY Central greeting Bag yourself this beautiful period two bedroom house right in the centre of town, immaculately presented, and with a bath tub you just won’t ever want to leave. Not only does it offer you the seafront, shops and station on your doorstep, but also your own garden, and scope to expand into the loft. Guide £675,000 – £700,000 01273 771111 www.phillipsandstill.co.uk

LH

LATEST GROUP

To advertise call

01273 687171

1 PAGE OF PROPERTY ON PAGE 12

Managing Director Bill Smith Business Director Angi Mariani Creative Director Andrew Kay

LATEST 7/HOMES

LATEST TV

Head of Sales & Marketing Lesley Lawrence CEO Bill Smith Editor Victoria Nangle TV Scheduling Dan Roberts Design/Production Kyle Moon Sales Manager Tracey Davidson

LATEST HOMES, 14-17 MANCHESTER STREET, BRIGHTON, BN2 1TF Editorial: editorial@thelatest.co.uk

LATEST MUSICBAR Ali Cluney­Hickford Jeff Hemmings Lesley Lawrence

Advertising: lesley@thelatest.co.uk


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LIFE CHANGING The impact of a DMB build on this family’s life is extraordinary

O

ver the years Latest Homes has been to see work undertaken by DMB and to meet the people that they have worked for. It’s always an

interesting experience, not least because each person or family is different, each home requires a different approach and everyone has a different budget,

“ Extracting the right brief is essential if the job is to work”

from the generous to the small. The one common factor is that expectations will be high, after all, no matter what your budget, this will be a major decision that each client hopes will improve not only their home but their lives. On this occasion it was a young family who for years had been coping with a beautifully located but strangely configured property. One that was built in a time when kitchens were merely seen as a utility that needed to be there but never seen. Of course now we all want a kitchen to enjoy and share, a family space and a space to entertain our friends in whilst preparing food. The house was also built on a steep embankment and rooms were divided by split levels that had created dead spaces and wasted space. DMB are the kind of company that take pride in making sure that they find out exactly what their clients want by listening. Extracting the right brief is essential if the job is to work. At the same time DMB will lend their experience and expertise to any discussion and bring to the table ideas that a client might not have thought of or indeed thought that they could afford or was possible. It’s this merging of desire and experience that makes a DMB job so special, and in this case a job that the clients have declared as life­changing. This kitchen was small, very small, and there was no real space for dining, casual or formal. By building a small extension with a beautiful lantern light they now have a wonderful L­shaped family cooking and dining space. It’s sleek and modern and it’s filled with light. The space divides into clearly defined areas, cooking and dining, and a short return on the work surface offers a breakfast bar, ideal for busy parents when getting the kids ready for school. The dining area has a large table and built­in banquette style seating along two 4 | LATEST HOMES

advertising feature

LATEST TV | VIRGIN MEDIA 159 | FREEVIEW CHANNEL 7


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sides and a bench opposite, but it’s easy to see that this formatting is very flexible. Large double doors open out onto the first terraced space of a long garden and when open the space becomes inclusive and immense, wonderful for warm evenings and ideal for parties. We asked the family about their experience and once again we discovered that they were delighted with every aspect of the project, loving the interaction of DMB at the design and planning stage, amazed at the cleanliness of the team and their determination that the process would be as un­intrusive as possible, especially at the weekends. We asked about budget and timings too as these are so often the areas that go wrong. Happily the agreed budget had been kept to, with a few changes that had been requested by the clients – and the job came in on time. It was clear that this was one very happy family and this was confirmed by their clear statement that the work that DMB had undertaken for them had been “Life changing”!

01273 777459 www.dmb­solutions.co.uk


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MONEY MATTERS Craig Poulter: Good things always come to an end

A

s predicted by many the Bank of England’s Base Rate increased to 0.5% last week but what does this mean to you and me? Well, the most obvious is for anyone on a Base rate tracker, they will see a modest increase on their monthly payment immediately. It’s not a dramatic increase unless you have a particularly large mortgage. Also, many lenders have a Standard Variable Rate (the rate you would generally go onto after your initial benefit period i.e 2 year fixed rate) which is directly linked the Bank of England Base Rate. I’ve heard some people proclaim this is the start of high interest rates in the not too distant future, granted a couple of these were ‘Savers’ hoping rather than truly believing. The Governor of the Bank of England, Mr Mark Carney, even said himself the rate increases will be small and not regular and that we shouldn’t expect pre 2008 rates any time soon. As an industry we have noticed a change in customers’ ‘attitude to risk’ in recent months and by that I mean many more

5 and 10 year fixed rate mortgage products have been chosen over the cheaper short term deals, such as the 2 year fixed rates which offer a more attractive interest rate.

If you are on a Base Rate tracker and concerned by the rate rise, check your mortgage offer. Section 10 usually informs you about any “early repayment charge” you have for coming out of your product. Some lenders for the last couple of years have been offering trackers without the early repayment charge as an incentive for

“ Offering trackers without

the early repayment charge as an incentive ” borrowers to take a tracker deal. Santander and Nationwide are just two of the lenders to have done this. This means you could leave your current deal and change to a product you feel more comfortable with. And please don’t forget that if you are on a lenders standard variable speak to a qualified and reputable mortgage adviser sooner rather than later, the chances are you a paying way over the odds. If you have any questions about how the Base Rate change will affect you and not sure which way to turn, feel free to give us a call at Venture Mortgage Management for a no obligation discussion. Craig Poulter Certs CII (MP &ER) www.venturemm.co.uk 01323 894532

KNIGHT & KNOXLEY, Brighton’s leading independent property agency have unique opportunities for experienced sales & letting negotiators. Huge potential to progress with us and to get involved with our expansion in Brighton & The South Coast. The successful applicants will have at least one year’s agency experience; be hard working and success-driven; self-motivated and capable of working under their own initiative; have great organisational and strong IT skills; be fluent in English and have excellent communication skills; have a full UK driving license & live within the Brighton area. If you are interested in applying for this position please email nat@knightandknoxley.com Job Type: Full-time Salary: £14,000 – £17,000 Basic With Commission Structure OTE £20,000 – £30,000

LATEST TV | VIRGIN MEDIA 159 | FREEVIEW CHANNEL 7

LATEST HOMES | 7


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MOULD SOLUTIONS

T

he NHS, the Department of Health and the World Health Organisation all regard exposure to excessive mould as a

threat to health. That’s why the Housing Health and Safety Rating System (HHSRS) has classified mould as a Category 1 health

Mould Solutions Professional Mould Removal & Prevention 01273 589 689 | 077 2929 6969 mould-solutions.co.uk

hazard. Living with mould can have a detrimental effect on one’s health which is why mould problems should be dealt with quickly and effectively. Paint isn’t your solution As tempting as it may be, heading for the mouldy wall with a bucket of paint and a brush in hand isn’t going to solve the problem. In actual fact, painting over existing mould won’t kill it. Painting over the mould is simply a waste of time and money, as mould will continue to grow, resulting in the continuous dispersion of mould spores. Even the thickest coats of paint won’t mask your mould trouble. Unless you

DID YOU KNOW? Mould is a Category 1 Health Hazard If left untreated MOULD can: • Trigger asthma attacks • Cause allergic reactions • Cause sinus infections • Make you more susceptible to colds and flu

If your home, let or business is affected by mould, don’t delay – call us today

invest in a proper and professional mould removal procedure, the mould will only just continue to grow! Out with the mould! MOULD SOLUTIONS specialise in mould removal, prevention and ventilation solutions. They can identify the cause, treat the mould and give you advice on how to keep you homes healthy and mould free. For more information call MOULD SOLUTIONS on 01273 589 689 or visit mould­solutions.co.uk

8 | LATEST HOMES

BEFORE

AFTER

LATEST TV | VIRGIN MEDIA 159 | FREEVIEW CHANNEL 7


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PROJECT BRIGHTON After 950 years, historical Arundel Castle is still standing strong, and as active as ever

A

rundel Castle in West Sussex is this year celebrating the 950th anniversary of the order for its construction. The order was given on Christmas Day in 1067 by Roger de Montgomery, Earl of Arundel, and construction began in 1068. It is the ancestral seat and family home of the Duke of Norfolk, and one of the largest inhabited and complete castles in England. Commanding the landscape amongst 40 acres of stunning grounds and gardens, and steeped in almost a millennium of history, Arundel Castle is a jewel in the crown of UK visitor attractions. From local residents to countrymen drawn from further afield by a passion for the past, and even international enthusiasts keen to enjoy one of England’s best­preserved estates, Arundel Castle has wide appeal. One of its oldest features, the 30­foot tall Norman Motte and Keep, provides breath­taking views across the nearby River Arun, the South Downs and a spectacular panoramic vista of West Sussex, showing that today, just as in the 11th Century, Arundel is the gateway to the south. The Castle’s Keep, Gatehouse and Grounds have been open to the public on a regular basis since the 1800s and the enduring popularity of Arundel Castle as a visitor attraction is clear to see. An ideal location for history buffs, visitors to Arundel Castle have the opportunity to explore the Castle in its entirety. From the Armoury and beautiful Regency library through to opulent Victorian bedrooms, where Queen Victoria once laid her head, each room is filled with its own unique charm and historical tales.

“ Today, just as in the 11th Century, Arundel is the gateway to the south ” Outside of the Castle itself, the Fitzalan Chapel is one of the country’s finest examples of Gothic architecture, founded in 1390. It features a carved timber roof and choir stalls, as well as carved stone tombs which are of major artistic interest. For horticultural visitors, Arundel Castle offers a series of beautiful gardens to enjoy. HRH The Prince of Wales officially opened The Collector Earl’s Garden in 2008, an installation conceived as a tribute to Thomas Howard, 14th Earl of Arundel who was known as The Collector. It is now home to the renowned Arundel Castle Annual Tulip Festival. This garden also showcases a delightful rill pond and Oberon’s Palace, a spectacular shell­lined enclosure which plays host to open air Shakespeare performances as part of the Arundel Festival in August. In addition, the Castle gardens are home to the highly acclaimed Stumpery; a unique artistic concept which aims to ignite the imaginations of all who visit. The walled gardens also boast stimulating Herbaceous Borders, a fully functional Organic Kitchen Garden and a beautiful rose garden that is heavy with glorious scented blooms at the height of summer. Arundel Castle proudly plays host to an action­packed calendar of events, providing professional historical interpretations of periods throughout the Castle’s impressive history. The undoubted highlight of the Castle’s events season is the weeklong Arundel Castle Medieval Joust – the longest tournament of its kind in the world, which will celebrate its tenth instalment in 2018. Competitors from across the globe will descend on Arundel to battle for glory on horseback, under the shadow of the mighty Castle. In celebration of this momentous milestone, the 2018 LATEST TV | VIRGIN MEDIA 159 | FREEVIEW CHANNEL 7

competition will be the Champion of Champions edition, contested by previous winners, guaranteeing a high­octane week of twists, thrills and suspense. Arundel Castle, its grounds and gardens are currently closed, but will re­open from 30 March 2018 until 28 October, Tuesday – Sunday, Mondays in August and Bank Holiday Mondays. With so much to enthral and entertain visitors of all ages, Arundel Castle has earned its place as an unmissable visitor attraction in the South. For more information, or to buy tickets online, please visit www.arundelcastle.org.

LATEST HOMES | 9


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NEW in

NEW price

NEW in

Withdean Court

Carlyle Avenue

Hodshrove Road

Guide price £325,000 Leasehold • Communal entrance hall, entrance hall • Lounge, kitchen, three bedrooms • Bathroom, separate W/C • Balcony. EPC D62 Call Fiveways office 01273 566777

Offers over £325,000 Freehold • Well proportioned 3 bedroom house • Double glazing throughout • Some cosmetic updating required • 73' garden with stunning views. EPC C69 Call Lewes Road office 01273 677001

£280,000 Freehold • Well presented 2 bedroom house • Lovely position in popular area • Modern bathroom & kitchen • Landscaped rear garden. EPC D61 Call Lewes Road office 01273 677001

NEW price

NEW in

Downs Valley Road £520,000 Freehold • Detached Eco-home • 3 Double Bedrooms • Open Plan Kitchen and Living Area • 4KW Solar Panels generating income. EPC B90 Call Woodingdean office on 01273 278866

NEW in

Springfield Road

Swanborough Drive £389,950 Freehold • No Onward Chain • Views of the Race Hill • Three Bedrooms • Kitchen with room for dining table. EPC D64 Call Woodingdean Office 01273 278866

£375,000 Share of Freehold A SPACIOUS TWO BEDROOM GROUND AND LOWER GROUND FLOOR MAISONETTE situated in this extremely popular residential area. The flat benefits from many features with modern kitchen and bathroom, gas fired central heating and South facing rear garden. Energy Rating D61. Call Fiveways office on 01273 566777


011_LH855_PSBAuctions_FP Ad 10/11/2017 09:26 Page 1

FOR SALE BY PUBLIC AUCTION 11AM WEDNESDAY 6TH DECEMBER 2017 NEW VENUE THE OLD SHIP HOTEL, KINGS ROAD, BRIGHTON, BN1 1NR Simon Caplin 01273 274010 simoncaplin@psandb.co.uk

ST AUBYNS, HOVE • One Bed GF Flat With Large Garden • Potential to Convert to Two Bed (STNC) • Sought After Central Hove Location

GUIDE PRICE: £170,000-£180,000 LH SHARE FH

LONDON ROAD, BRIGHTON • Two Bed Flat with Balcony & Parking Space • Ideal First Time Buy/Buy-to-Let • Sought After City Centre Location

GUIDE PRICE: £175,000+ LH

GARDNER ROAD, PORTSLADE • GF Studio Apartment with Parking Space • Ideal First Time Buy/Buy-to-Let • Conveniently Located on A259

GUIDE PRICE: £135,000-£140,000 LH

TORONTO TERRACE, BRIGHTON • 6 x Garages, 6 x Lock-Ups & Hard Standing Area • Garages Let Producing £6,396 PA • Huge Re-Development Potential (STNC)

GUIDE PRICE: £180,000-£200,000 FH

KNIGHTS COURT, SOUTH CHAILEY • Previously B1 Offices - Planning Consent to Alter to 3 Bed House with Garden & Parking • Sought After Countryside Location

ALBERT ROAD, BRIGHTON • Ground Floor Studio Apartment • Let on AST Producing £7,200 Per Annum • Sought After West Hill Conservation Area

GUIDE PRICE: £140,000+ LH WITH SHARE FH

ALDRINGTON AVENUE, HOVE • Vacant Lock-Up Garage • Ideal Storage Facility - Approx 11.8 SQ M • Just Off Old Shoreham Road

GUIDE PRICE: £180,000-£200,000 FH

KINGSBURY ROAD, BRIGHTON • Two Bed Three Storey House with Roof Terrace • In Need of Complete Modernisation (STNC) • Close to Shops, Amenities and Train Station

Kelly Landers 01273 274014 kellyl@psandb.co.uk

GUIDE PRICE: £15,000-£20,000 FH

CHAPEL HILL, CROWHURST • Plot of Land Approximately 400 SQ M • Ideal Building Plot (STNC) • Idyllic Rural Location

GUIDE PRICE: £300,000-£325,000 FH

GUIDE PRICE: £15,000-£20,000 FH

LD R SORIO P

RUTLAND GARDENS, HOVE

HIGH STREET, HORAM, HEATHFIELD • 3 Bedroom Detached Bungalow • Double Garage, Driveway & Good Sized Garden • Potential to Extend To Rear And In Roof Space (STNC)

• Freehold Ground Rent Investment • Producing £420 Per Annum • Maisonette 67 Years Left on Lease

GUIDE PRICE: £21,000-£23,000 FH

GUIDE PRICE: £350,000+ FH

MARINE CRESCENT, WORTHING • Four Bed Detached Seafront Property • Spacious Accommodation with Sea Views • Sought After Seafront Location

GUIDE PRICE: £460,000+ FH

A guide price is a range that the auctioneers expect the property to sell within. The reserve price is usually set within this range but never above it. Both can be subject to change. www.psandb.co.uk 3 2 Q U E E N S R O A D , B R I G H T O N , B N 1 3 Y E

Follow us on Twitter @psb_auctions


013_LH855_H2O_FP Ad 10/11/2017 09:24 Page 1

SALES

SALES

Kingsway, Hove, Lancaster Court £215,000

Brighton Marina, Sovereign Court £275,000

Raised ground floor, 1 bedroom apartment with living/dining room, balcony, fitted kitchen and bathroom. Share of freehold. Communal hot water and seasonal heating. EPC: E

Ground floor one bedroom apartment. Living/dining room, fitted kitchen, double bedroom and bathroom. Large patio. Allocated parking space and extended lease. EPC: C

SALES

SALES

Brighton Marina, Neptune Court £320,000

Brighton Marina, Neptune Court £380,000

First floor, 2 bedroom apartment with views harbour’s. Living/dining room with access to balcony, fully fitted kitchen, en-suite, bathroom & Garage. EPC: D

Rarely available 2 bedroom apartment with marina, sea and coastal views. Living/dining room, kitchen, master bedroom with en-suite, bathroom, balcony and parking. EPC: D

LETS

LETS

Rottingdean, Highcliff £1,090PCM

Brighton Marina, Copenhagen Court £2,400PCM

AVAILABLE NOW – U/F. 2 bedroom apartment with sea views. Living/diner, fitted kitchen, balcony, bathroom and separate toilet. Allocated parking space. Fees apply. EPC: C

AVAILABLE NOW – FULLY FURNISHED. 3 bedroom duplex apartment with outer harbour views. Kitchen/diner, lounge, 2 balconies, 3 en-suites. 2 parking spaces. Fees apply. EPC: C

34 Waterfront, Brighton Marina, Brighton, East Sussex, BN2 5WA

01273 688448 | www.h2ohomes.co.uk


014_LH855_Sure-FP-17_FP Ad 10/11/2017 11:24 Page 1

IN N ST E RU W CT IO N

www.surepropertysolutions.co.uk 01273 243561

Bonchurch Road, Elm Grove £575,000 Freehold • 109 square meters/1173.27 square feet • Four storey • End of terrace house

• Three bedrooms • Additional loft room • A wealth of period features

• Gas central heating • Open plan kitchen/dining/sitting room • Good size rear garden

4

FREE professional photos and floor

plans for all sales and lettings properties

31 Upper St James Street Brighton BN2 1JN 01273 243561

info@surepropertysolutions.co.uk

1

EPC: E


015_LH855_KnightKnoxley-ad-Brighton_FP Ad 10/11/2017 09:25 Page 2

Roseberry House, Preston Park, Brighton BN1 £1,500,000 Freehold

Park Crescent, Brighton, BN2 £1,750,000 Freehold

Stunning double fronted detached seven bedroom home. 100ft South west facing gardens. Exceptional throughout.

Grade II * listed Regency house set within 3.5 acre private gardens, six beds, swimming pool and beautiful garden.

Stanford Ave, Blakers Park, Brighton BN1 £850,000 Freehold

Beaconsfield Villas, Preston Park, Brighton BN1 £950,000 Freehold

Attractive semi-detached four bedroom period home in highly sought after area. Period features throughout.

Immaculate semi-detached period home, four bedrooms, three bathrooms, period features throughout.

Surrenden Road, Brighton BN1 £935,000 Freehold

Gerard Street Preston Circus Brighton BN1 £535,000 Freehold

Unique Arts & Crafts detached four bedroom home. 150ft West facing gardens with separate double garage.

Attractive three bedroom period three storey house close to City centre.

SALES – LETTINGS – MANAGEMENT – HOLIDAY RENTALS – COMMERCIAL 01273 28 66 66 2 CLYDE ROAD, BRIGHTON, BN1 4NP THE NEXT GENERATION OF ESTATE AGENCY

INFO@KNIGHTANDKNOXLEY.COM WWW.KNIGHTANDKNOXLEY.COM LONDON BRIGHTON HASTINGS


016_017_LH855_MichaelJonesMarch17_FP Ad 10/11/2017 09:25 Page 1

Cote Street, Worthing ■ £1,350,000

Grand Avenue, Worthing ■ £350,000

A renovated and extended detached country home. Views and gardens. Six bedrooms and six bathrooms with three reception rooms, kitchen/family room and cellar. Self-contained annexe, gardens, double garage and the option of an additional 1.5 acres of land under licence. Internal viewing is recommended.

A TWO bedroom GROUND FLOOR apartment in Raglan Court, PRIVATE ENTRANCE, entrance hall, lounge, two DOUBLE beds, EN SUITE, bathroom, WC, modern fitted kitchen with APPLIANCES, GARAGE in compound, the remainder of 999 year lease and NO ONGOING CHAIN. Internal viewing is considered essential.

Call our Findon office

Call our Goring office

Highview, Sompting ■ Guide Price £425,000

Westbourne Avenue, Broadwater ■ £525,000

Perched at the entrance to the SOUTH DOWNS National Park, whilst boasting FOUR FIRST FLOOR BEDROOMS in a picturesque CUL DE SAC position. Offering an abundance of individual features, this DETACHED FAMILY RESIDENCE is offered for sale with a viewing highly recommended. Call today to view...

A particularly spacious FIVE DOUBLE bedroom DETACHED house in need of MODERNISATION. Two reception rooms, kitchen/breakfast room, GF cloakroom, laundry room, family bathroom, separate WC, ensuite shower room, SOUTH facing garden, GARAGE, workshop, small parking space.

Call our Lancing office

Call our Broadwater office


016_017_LH855_MichaelJonesMarch17_FP Ad 10/11/2017 09:25 Page 2

Lindum Road, Tarring ■ £350,000

Argyll Mews, Findon Valley ■ £1,700 PCM

A spacious and rarely available and WELL APPOINTED two bedroom semi - detached bungalow. A superb LARGE and WELL ESTABLISHED rear garden, KITCHEN, BATHROOM, gas fired central heating, UPVC DOUBLE GLAZED WINDOWS, private driveway.

A brand new development consisting of an airy living/Dining room with doors leading to a rear private garden. A kitchen with Bosch appliances, store area and WC. Master bedroom with ensuite and three further double bedrooms all with fitted wardrobes and a family bathroom. Rooftop terrace and car barns, GCH.

Call our Worthing office

Call our Lettings office


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019_LH855_PalmsPropertiesFP-9box_Palms 10/11/2017 09:26 Page 1

SALES • LETTINGS • HOLIDAY LETS

Portside £900 pcm

Victory Mews £1,150 pcm

Collingwood Court £1,150 pcm

An u/f one bedroom apartment within the Village Square. On the first floor and comes with one parking space. Avail 09 Jan. Energy Rating C

An u/f two bedroom apartment on the 2nd floor with balcony, water views and allocated parking space. Available now. Energy Rating B

An u/f two bedroom apartment on the ground floor with large enclosed terrace and garage. Available now. Energy Rating C

Collingwood Court £1,150 pcm

Britannia Court £1,225 pcm

Merton Court £2,150 pcm

A two bedroom u/f apartment on the first floor with balcony, views & parking space. Redecorated. Available 15 November. Energy Rating B

An u/f two bedroom apartment on the 3rd (top) floor with balcony and parking space. Available 19 November. Energy Rating C

An u/f 4 bedroom penthouse with South facing terrace & balcony, Marina views and garage. Available 22 November. Energy Rating C

Neptune Ct £259,000 Leasehold

St Vincent’s Ct £359,000 Leasehold

Holiday Lets Per Week

A one bedroom apartment on the ground floor with enclosed West facing terrace and allocated parking space. Energy Rating C

A two bedroom top floor apartment with South facing balcony, tranquil water views and allocated parking space. Energy Rating C

A selection of studio – three bedroom quality apartments available for weekly or short term lettings. Ideal for in–between house moves. Call for details.

14 Waterfront, Palm Drive, Brighton Marina, BN2 5WA 01273 626000 | enquiries@palmsagency.co.uk | www.palmsproperties.co.uk


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PORTFOLIO

LANDLORDS MAY

BE HIT HARDEST

BY THE NEW PRUDENTIAL REGULATION

AUTHORITY

LENDING

GUIDELINES Khalil on Portfolio Landlords

T

he new lending regulations that started to arrive in January have now completed their second phase roll­out. For good or ill they are here with us. And it looks like it will be portfolio landlords who will feel the impact the hardest. The first stage The first stage of the Prudential Regulations Authority (PRA) changes was released on 1st January 2017. This concerned itself with ‘affordability calculations’, recommending that lenders increased what is known as the ‘stress test’ rate for BTL mortgage coverage. The test was advised to be increased from a typical 125% of coverage of the rent by the mortgage to 145%. What this means for landlords is that they are likely to be able to borrow less, particularly in areas of low rental yields. And, of course, if they can borrow less they will have to find a bigger deposit to put down on new investment properties. The second stage The second stage was recently bedded down on 1st September 2017. And this, specifically and deliberately, targets portfolio landlords. It aims to introduce much stricter underwriting for those with four or more properties. Lending to portfolio landlords will now be assessed using a specialist underwriting process. In practice, what this means is that, when applying for a buy­to­let mortgage, portfolio landlords 20 | LATEST HOMES

advertising feature

must furnish the lender with a wider range of documentation. And this documentation will come under much more rigorous scrutiny. Documentation that portfolio landlords may be asked to provide includes: • Portfolio schedule • Business plan • 12­month cash flow forecast statement • Statement of assets and liabilities Landlords are now being assessed on much more than the basis of the property they are investing in. They are being assessed on their entire portfolio and the market trends more generally. What does this mean for portfolio landlords? In simple terms – when combined with the removal of mortgage interest relief and base rate rises – it means that the ability of landlords to quickly build their portfolios will be severely restricted. We have already seen many lenders declining to operate in this space and no longer take on portfolio landlord business. It looks like things are set to get tougher. A portfolio landlord’s dream Yet, wouldn’t it be easier if you could show your lending source that you had guaranteed rent. A stable portfolio is your best bet to borrow on the back of. And guaranteed rent is far from a dream. Khalil’s Rent Guarantee Scheme leases your property from you. In many cases we also may alter their interior to give you an extra room – at no extra charge to you. We then rent your property out for the term of the lease and pay you guaranteed rent every month. That’s regardless of whether the property is occupied or not. We handle all tenant relations, all administration and daily maintenance – so you have no other outgoings, just a regular, guaranteed income hitting your balance sheet every month. A stable portfolio reduces your exposure to risk. And that is exactly what lenders are looking for. Phone: 01273 573960 Mobile: 07984 015669 Email: ahmed@khalilproperties.co.uk Address: 124 Lewes Road, Brighton, BN2 3LG www.khalilproperties.co.uk

LATEST TV | VIRGIN MEDIA 159 | FREEVIEW CHANNEL 7


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KHALIL IS COMING TO

HOVE We will Guarantee the rent for Hove landlords and offer Maintenance cover.

Call 01273 573960

Latest Homes: No. 855  

Life Changing, the impact of this DMB build has been extraordinary.