The property & lifestyle magazine brought to you by FISKS / Issue 93 INSIDE THIS ISSUE Freehold VS Leasehold Renovating Your Cellar DIY Safety Tips This Month’s Properties
FREEHOLD VS LEASEHOLD Confused about the differences? Let FisksRENOVATINGCONTENTSexplain.YOUR CELLAR It’s time to start work on that cellar. DIY SAFETY TIPS We bring you essential safety tips if you’re doing those overdue DIY jobs.
Welcome to our With the cost-of-living hitting us allsome more than others - we must all remember that this situation won’t last forever. Soon, a new PM will be announced, and with any luck, they will have a strong plan to help those struggling the most. Despite the cost-of-living crisis, the property market is still well and truly in full swing - with more buyers out there than sellers. If you’re looking to sell, the time to do it is NOW! In this issue of Gateway, we help you understand the difference between freehold and leasehold, give you tips on renovating your cellar, and bring you some safety tips if you’re doing some Enjoy!DIY.
John &FNAEA(Honoured)PringMARLA|Director magazine
FREEHOLD VS LEASEHOLD Confused about the differences? Let Fisks explain.
Whether you’re buying or selling a property, the whole process can be confusing and overwhelming at times - you’ll even often come across a whole host of terminology to make the confusion even worse too. One of the most common questions is what’s the difference freehold and leasehold? Well, you’re in luck, Fisks are about to explain…
WHAT IS A FREEHOLD?
WHAT ARE THE BENEFITS OF HAVING A FREEHOLD?
WHAT IS A LEASEHOLD?
If you own a property that is leasehold, you own the property (subject to the terms of course) for the length of your leasehold agreement with the freeholder. This means, that when the leasehold ends, the ownership returns to the freeholder, unless you can extend the lease. Most flats and maisonettes are owned leasehold, meaning – you’ve guessed it – you will own your property in the building, but not the building it is in.
There are a number of benefits of having a freehold - you won’t have to worry about the lease running out, you won’t have to deal with the freeholder (often known as the landlord), and you won’t have to pay ground rent, service charges, or any other landlord charges either.
The freeholder of a property owns it outright – that includes the land its built on. If you buy a freehold property, you’ll be responsible for maintaining the property itself and the land it sits on.
CAN YOU EXTEND YOUR LEASE?
More often than not, the answer to this question is an easy ‘yes’. You can ask the freeholder of the property to extend the lease at any time – furthermore, once you’ve owned your home for two years, you could have the right to extend your lease by 90 years, as long as you’re the qualifying tenant. But, just like most things in life, this does come with a cost, so set some money aside for it - you might also have to hire a solicitor and surveyor too.
When you find yourself buying a leasehold property, you’ll take over the lease from the previous owner. You should consider things such as how many years are left on the lease, how you’ll budget for service charges and related costs (if there are any of course), and how long is left on the lease as this might affect you getting a mortgage and the property resale value in the future. It is recommended to have around 100 years left on the leasehold.
SO YOU’RE BUYING A LEASEHOLD?
For up-to-date information, and to find out more about freehold and leasehold, head on over to the gov.uk website.
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RENOVATING YOUR CELLAR It’s time to start work on that cellar.
GET STARTED
First things first, if you have no experience, hire a professional - you don’t want to start the work yourself and realise you’ve done something wrong that could cost you big time. You’ll most likely need a structural engineer, a plumber, and an electrician. You should also check if you require planning permission from your local authority, and make sure your cellar can meet fire safety regulations too.
Whether you want to build your own little escape from the outside world, a cinema room, or even your very own wine cellar, renovating your cellar will not only be fun, but add some serious cash to your property’s value too. Our following tips will get you ready for that renovating project you’ve been wanting to do for years...LET’S
MONEY, MONEY, MONEY
If you’re wondering how much it costs to turn your cellar into a living space, wonder no more - a cellar conversion, on average, costs around £1300 per square metre. If you want to go all out and have even more cash on the hip then why not consider a spiral conversion - which are perfect if you want your own wine cellar.
• A gym • A wine cellar • A cinema room • A guest bedroom • A utility room • A man cave • A playroom for the kids • A spa room
HERE ARE
CONVERSION IDEAS Whatever type of
THE NOT-SO-FUN BITS
LET THE FUN BEGIN This is the moment you’ve proabably been waiting for - it’s time to decorate. Sure, you could hire a professional interior decorator, but where’s the fun in that? It’s time to get on your favourite social media pages for inspiration - check out Pinterest, an amazing social media platform flooded with inspirations for your home. OUR CELLAR room you choose to build, make it fun...
Before we get to the fun part, it’s time to address the not-so-fun part. It’s important to check in with your hired professionals from time to time for your peace of mind and knowledge - knowing that things such as waterproofing, floor level, lighting, insulation and heating are being done accordingly is always reassuring. Don’t forget to plan your lighting with your electrician toothere’s nothing worse than a dimly lit cellar.
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DIY SAFETY TIPS We bring you essential safety tips if you’re doing those overdue DIY jobs.
If you’re working on something bigger than just tightening up the odd bit of furniture, then consider buying a fire extinguisher. If you’re working with larger power tools, a fire extinguisher should be put on your shopping list.
PREVENT FIRES
WEAR THE CORRECT CLOTHING
More and more of us are finding yourselves doing DIY nowadays. Whether it’s fixing that squeaky bathroom tap, or re-tiling the kitchen to match your new colour scheme, it’s important that we don’t get too carried away and forget about safety. Our following tips will help you stay safe while doing those all important jobs you’ve been putting off.
LET THERE BE LIGHT
Clothing and accessories can easily get caught in power tools and cause severe injury. Before handling any power tool its advised that you remove things such as watches, bracelets, or loose clothing. Invest in some good PPE like safety goggles, gloves, and dust masks.
Whatever you find yourself doing, always make sure the room you’re working in is well-lit. If you’re working on a larger project, use overhead lighting to avoid tripping on wires.
BE CAREFUL WITH THOSE LADDERS Ladders are often the cause of many injuries, so it’s important that you take them seriously. Rule of thumb is ‘one out, four up’ - meaning, for every one step length you have out, you should have four steps lengths going up. Always make sure your ladder is on solid ground and a non-slippery surface.
Just like driving a car, you should avoid any form of DIY when tired too - being tired will cut reaction time in half, so make sure you get plenty of sleep before starting your DIY project, especially if you’re using power tools. Also, if you’ve had any alcohol or medication, do not use any type of power tool or sharp object. A big no no!
AVOID WORKING WHEN TIRED
READ THOSE INSTRUCTIONS You’d be surprised at how many people don’t read those all important instructions before operating a power tool or even putting together a piece of furniture. Don’t think that because you’ve watched a YouTube video or two on the subject, you can skip the instructions - not all power tools are created equal, so before you turn it on, ensure you know how it works properly.
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