Regal Park Property Magazine: Peterborough Spring 2018

Issue 3

e H O M E S

PETERBOROUGH |

G A R D E N S

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L I F E S T Y L E SP

-let Buy-to r Tips fo s r Investo

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20

18

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What's Hot for Interiors in 2018 • Market News • Interiors 2018 • Stamp Duty • Buy-To-Let Tips • Properties For Sale • Mortgage Advice • Featured Properties

It starts with you

Discover the Regal Park difference for yourself

01733 560 650 RegalPark.co.uk

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Regal Park

3592 RPPC-Spring Peterborough Magazine_v7.qxp_RPPC-Magazine 09/03/2018 16:54 Page 3

WELCOME TO

Hello and welcome to the Spring 2018 edition of our Property Magazine.

I hope you all enjoyed our Autumn issue of this glossy publication and I do hope you will enjoy this edition even more.

Well it’s been an active and exciting 6 months since our last Property Magazine and I have a lot to tell you about.

I am very proud of our team as we have been voted the ‘Best Estate Agent in Peterborough & PE7’ for 2017, the second year running.

BEST

BEST

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CUSTOMER EXPERIENCE

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I’m very passionate about what we do and as an independent company I can promise you that we really do care about our customers and will go that extra mile to provide you with our personal service.

So if you’re thinking about buying, selling or letting, please feel free to contact me on 01733 560650 or email: James@RegalPark.co.uk I hope you enjoy this edition, our next one will be September 2018.

James Trigg, Managing Director

“

I’m very passionate about what we do and as an independent company I can promise you that we really do care about our customers and will go that extra mile to provide you with a personal service.

”

Sales & Lettings

Finance

Conveyancing

Prestige

Thinking about selling or letting your home, call us now for your free valuation.

Need a Mortgage, Protection or Insurance call our financial experts now.

To ensure you have a smooth sale or purchase use our experienced team who will keep you updated every step of the way.

If you have an exclusive home to sell, market it under our Prestige brand and service.

Inside this issue…

6

What’s Hot for Interiors In 2018

18

Featured Property

11

What You Need To Know About Stamp Duty

23

Properties For Sale

It starts with you

13

LETY B

Buy-to-let Tips

24

Thinking of Extending?

Discover the Regal Park difference for yourself

15

16 2018 Looks Bright For The Hamptons

The Only Way is Artificial

26

Management Packs

29

01733 560 650

Finding The Right Mortgage

RegalPark.co.uk

Spring 2018

3

The choices you make for your home are some of the most important in your life time, which is why when it comes to choosing a solicitor who will act on your property, it’s crucial you make the right choice.

As a rm with many experienced conveyancers we are rou nely recommended by developers and estate agents alike, so you can rest assured that you are in safe hands.

Whether you’re an experienced buyer or new to the process, we are here to make ma ers as easy and stress free as possible. We understand that whether selling or buying a property you want me e ciency, without compromising on quality or price compe veness, which is why we have developed a service with these elements at the core of what we do.

We o er our clients a xed price structure for transparency so there are no unwanted surprises, and op onal addi onal support for rst me buyers.

Essen ally, we take care of everything so you can focus on star ng life in your new home.

For a no obliga on quote please speak to one of our property team in our Peterborough o ce on 01733 333 333.

Market News James Trigg talks about the Hampton market…

Living in Hampton I often get friends ask me if there is a difference in the prices between Hampton Hargate and Hampton Vale, is one more expensive than the other.

It depends how you interpret this question, it could be are the ‘asking’ prices different or the ‘sold’ prices. Both have various factors.

I’ve done some research on sold prices and I’ve also asked my team the question, and we all came up with the same answer.

Property prices are affected by supply and demand, the market at that time and the circumstances of the vendor. For example, if there are not many 4 bedroom detached houses on the market at that specific time and we have several buyers looking for a 4 bed then this can push the ‘asking’ price up as the demand will outweigh the supply.

Likewise, if a vendor is relocating out the area or they have found their perfect home and want a quick sale, then this could affect the ‘sold’ price as their motivation to sell causes them to drop the price.

Below are some interesting figures based on sold prices…

Hampton Hargate Vs Hampton Vale Most of the sales in Hampton Hargate over the past year were terraced properties which on average sold for £215,522. The average price for a terrace property in Hampton Vale was £211,239.

Semi-detached properties in Hampton Hargate had an average sold price of £224,128 whereas Hampton Vale was £215,429.

Detached properties in Hampton Hargate averaged at £281,633 whereas in Hampton Vale it was £287,745.

Hampton Hargate had an overall average price of £221,456 whereas in Hampton Vale it was £214,269.

So as you can see there’s not a lot between the two areas.

Source Rightmove 5th March 2018.

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Call 0781 6470621 email barrie@bpmms.co.uk visit bpmanagementandmarketing.co.uk

Spring 2018

5

What’s Hot For Interiors In 2018?

It may feel like we’re still in the depths of Winter but it’s soon set to change. While we’ve been tuck up in our homes enduring the cold nights it’s easy to forget that the lighter evenings will soon be upon us and the sweet smell of Spring will be in the air. There’s nothing like a good Spring clean to get you prepared and poised for the warmer weather but with less clutter to draw your attention to it highlights the areas that need some TLC to bring them to a new lease of life. It’s time to think about home improvements so here’s what to look out for in the world of interiors in 2018.

6

Spring 2018

Article by:huntersinteriorsofstamford.co.uk

This is going to be the year of subtle pinks, copper, ceramic, dark wood, big artwork and exotic prints. We’ve seen some impressive exotic prints from supplies such as Matthew Williamson, Harlequin and Clarke & Clarke and it appears they’re still staying strong for 2018. Bright shades bring us warmth, while natural colours and materials are timeless and allow us to mix and match decorative objects.

A delicate pink colour is associated with softness and gentleness; a natural, floral-like colour. Match exotic prints with soft pink to counter act the boldness and achieve a contemporary but gentle surrounding. This beautiful colour looks great in velvet and ceramic.

A copper table and lamps add a sophisticated touch to your living room, bringing a warm glow into the home. In addition, this natural material is affordable and can easily be incorporated into most interiors. Bring some vibrancy into your home with botanical patterns. Tropical leaf prints can be found on cushions, tableware and wall art, becoming a centrepiece of your living space. Big and bold, it can make an impact in the room.

Using different materials in the same room creates a fabulous aesthetic. A glass floor, wood kitchen cabinets, metallic pipes, copper lighting and exposed bricks add unique decorative accents to your kitchen with a contemporary twist. This material has been used throughout the years and will continue to be used in different interior elements such as furniture, flooring, walls, accessories and, believe or not, in fashion too.

Ceramic vases and side tables with gold finishes will be found everywhere in 2018. These glossy round tables will bring elegance and luxury to any reception room. You can mix tables of different sizes and colours, or overlap them there’s many options to incorporate the two finishes.

Big statement wall art is set to be a big 2018 trend with the objective to have only one eye-catching piece of work. Hang your artwork above your fireplace, or lean it against your wall as a perfect alternative, or you can pair a large painting with a low bed instead of a headboard. The frame is as important as the actual wall art, so take your time to choose it.

Dark wood adds a luxurious touch to a room. Use dark wood flooring to create a comfortable and warm atmosphere as it contrasts well with a variety of shades such as blue, white or yellow.

I hope you’ve enjoyed our design tips for what’s set to hit the interior market this year, it’s important to make the right decisions around your home as mistakes can be costly and disappointing that’s why we would always recommend seeking advice from an interior design service such as ourselves. Our showroom is open to the public Monday – Friday 9am – 5pm and Saturday’s 10am – 1pm pop in and see us for any interior questions you might have or to browse our collections of fabrics, wallpapers, accessories, furniture and much more.

Spring 2018

7

8

Spring 2018

£365,000

Spacious 5 Bedroom Detached House – For Sale Turnpike Road, Hampton Vale, Peterborough The Property Comprises of Entrance Hall, Lounge, Kitchen/ Breakfast Room, Dining Room, Utility Room & Downstairs WC. To the First Floor there is a Master Bedroom with En-Suite and Dressing Area, as well as Bedroom 4 & 5 and a Family Bathroom. The Second Floor has Bedrooms 2 & 3 as well as a Jack & Jill En-Suite. Driveway & Double Garage.

Viewings are highly recommended.

Please call 01733 560 650.

It starts with you

Discover the Regal Park difference for yourself

01733 560 650 RegalPark.co.uk

Spring 2018

9

THE TIME IS NOW WITH OUR HOME OF THE MONTH

Photography from a previous CALA development

The Fossdale – A modern 4 bedroom townhouse with a stylish integrated kitchen, garden and built-in wardrobes to the en suite master bedroom.

Priced from £239,950 with flooring included and a contribution towards legal fees*.

THE MALLARDS, NATURE’S WAY, HAMPTON VALE, PETERBOROUGH, PE7 8JH

INCENTIVES AVAILABLE TO GET YOU MOVING

01733 829 281

|

C A L A . C O. U K

RMJAN18 *Plot specific incentive. Visit cala.co.uk/terms for full terms and conditions. Image shown is taken from a previous CALA showhome and features, fittings, décor, flooring and soft furnishings which are not included as standard in a CALA home. Images are used to suggest possible finishes which can be achieved in your home at an additional cost. Please ask a Sales Consultant for further details. Photography has been enhanced. Telephone calls within the British Isles will be charged at local rate. Telephone calls may divert to a mobile service in which case call charges may vary. Calls may be recorded for training purposes. Prices are accurate at the time of going to print.

What You Need To Know

ABOuT STAMP DuTY!

How to calculate the new Stamp Duty rate

Buy-to-let and second homes Stamp Duty 2018

So, if you bought a property for £850,000 you would pay no stamp duty on the first £125,000, then 2% on £125,000 to £250,000 and 5% above £250,000. (eg: £800,000 = £600,000 x 0.05 = £30,000 + £2,500 = £32,500). As the property price increases the rate of pay increases within a certain tax bracket with percentages rising when a higher price threshold is reached. Under the new SDLT property over £925,000 - £1.5m will be taxed at a rate of 10% compared with 5% in 2014.

From April 2016, property buyers in England and Wales will have to pay an additional 3% on each stamp duty band. To discuss which London or UK areas will provide the highest returns on investments in 2018, 2019 and beyond, please speak to one of our London or regional property experts (residential/buying) who can offer advice on where and when to invest.

See historic SDLT rates: stampdutyrates.co.uk/historic-rates.html

Read more information on Second Home or Buy-to-Let Stamp Duty (buy-to-let-stamp-duty-calculator), exemptions or to calculate surcharge.

Buy-to-let and second home Stamp Duty tax bands Brackets

Standard rate

Buy-to-let/second home rate (April 2016)

Up to £1250,000

0%

3%

£125,000 to £250,000

2%

5%

£250,001 to £925,000

5%

8%

£925,001 to £1.5m

10%

13%

Over £1.5m

12%

15%

Source: HMRC

First-time buyer Stamp Duty Effective 22/11/2017, stamp duty (STLD) will not be payable on properties up to £300,000 for first time buyers. First-time buyers of homes worth up to £500,000 will not pay STLD on the first £300,000 of the price. You will pay Stamp Duty on the remaining amount, up to £200,000 at 5%. Homes worth more than £500,000 will be charged the same level of stamp duty as before.

Can I reduce Stamp Duty?

As stamp duty is only payable on the land purchase, removable fixtures and fittings, or chattels, such as freestanding wardrobes, sofas, fridges, carpets and curtains, are not subject to SDLT and can, therefore, be subtracted from the total property price. Everything “attached” to property such as light switches technically form part of the property and are subject to SDLT.

If a seller is willing to leave certain chattels, you should agree to pay a reasonable amount between yourself and the vendor and subtract it from the agreed purchase price. This can be executed by a good tax lawyer or conveyancer.

Who pays Stamp Duty?

Stamp Duty is paid by everyone purchasing a property in England, Northern Ireland and Wales above £125,000, including overseas buyers.

When is Stamp Duty paid?

You must pay stamp duty to the HMRC 30 days from the date of completion or you may risk a fine. Your solicitor or legal advisor should take care of this for you and ensure you don’t miss the deadline. Some buyers prefer to add on the SDLT amount to their mortgage loan. Please speak to your mortgage provider.

How many properties do you own at the end of the day of the transaction?

One: The transaction is not subject to the higher rates, regardless of what the property is used for.

Yes: The transaction is not subject to the higher rates.

Two: Is the property being purchased replacing your main residence (which is being sold)?

Yes, but previous main residence has not yet been sold: The transaction is subject to the higher rates, but a refund is available if the previous main residence is sold within 18 months.

No: The transaction is subject to the higher rates.

Spring 2018

11

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Buy-to-let tips for investors James Trigg gives his thoughts on the growing demand for Buy-to Let properties. As a Landlord himself James only knows too well of the criteria when looking for a property to let.

For those entering the Buy-to-let market it can be a minefield. Changing regulation, particularly around taxation means that those who are interested in the property industry need to stay up-to-date with the ever-changing buy-to-let regulations.

As residential property remains a popular investment choice and the rental market continues to grow, this indicates new investors are still coming to the market, despite the ongoing changes to the sector.

We have seen significant growth in Peterborough despite the stamp duty increase and the uncertainty of Brexit.

Do your home work Buy-to-let investors now face an extra three per cent stamp duty charge on additional properties (ie any property purchased in additional to their own home) under new government measures introduced in April 2016.

The government is also pressing ahead with its crackdown on the tax relief claimed on maintenance.

Currently, landlords are able to claim the top tax rate relief on residential buy-to-let properties but this will soon be reduced.

The change will affect higher rate taxpayers who could see their profits drop significantly. New investors need to ensure they understand costs that lies ahead so they can plan accordingly.

“

A good accountant will be able to advise you on all of the above, if you have any questions or require tax advice speak to a qualified accountant.

Work out your rental yield Rental yield is the annual rental income as a percentage of the property value, so prospective Landlords will need to work this out accurately in order to estimate the profitability of the property.

An average rental yield for Peterborough is around 6.0%. To calculate the yield I multiply the rental income by 12 (months in a year) then divide that by the purchase price and hit the % key. This should then calculate the rental yield for you.

As an example: If a property achieves £750pcm and you purchase this for £150,000 then you calculate 750x12/150,000% = 6.0%.

If you can achieve higher than 6.0% you are doing well, so the idea is to get a good rental property in a good area for a competitive price.

Location, Location, Location There are various ways to second guess upand-coming areas, so do your research.

Major infrastructure projects, such as HS2 or a new university can greatly affect the money landlords make on their investment.

Landlords managing their own properties will need to live nearby to deal with maintenance problems, or pay a letting agent a management fee to look after the property. They will also have to carefully choose an area popular with those looking to rent to ensure the property doesn’t stand empty for long periods of time.

While interest rates are very low and rental demand is very high, property will always be a popular investment choice James Trigg, Regal Park.

”

Choose the right property Investors will need to research the local market and get to know which areas are popular with families or students for example.

In city centres it may be easier to rent out a one-bedroom flat, whereas a threebedroom terrace is likely to rent better in a family neighbourhood.

So decide your target market as there are certain areas in Peterborough that will attract different tenants.

For both location and the property, transport links, schools and leisure facilities are all key factors. Investors looking at an area they’re not familiar with should speak to a local estate agent or use sites such as Righmove and Zoopla to get some background information and a sense of market rents.

Get your finances in place Other than those buying with cash, buyers will need a buy-to-let mortgage. Most lenders will typically look at how much rent the property will bring in, as well as age, property type, income and credit history and may have a strict lending criteria. There are also some lenders that will consider buy-to-let mortgages on properties such as those in need of renovation.

At Regal Park Financial, our specialist Mortgage Advisers can assist you on any type of Buy-to-Let Mortgage.

If you have a query, or are considering purchasing a property to let, please call Regal Park Financial on 01733 560 650, email: Info@RegalPark.co.uk or visit RegalParkFinancial.co.uk

LE T BY

Spring 2018

13

!"#$%"&'"$()$ *+,-$.")(/"$ 0(1$.10222 Gowers Surveyors are a local independent frm of Chartered Surveyors and Chartered Building Engineers, specialising in Period Property Building Surveys. We will provide you with a professional assessment of your prospective purchase so you are fully aware of what you are buying.

!"#$%&'(#)*)+,-.)$,)#.-%)$-,$/),-0+)/$1&$*)2($3&"$4"3$5+/$"+/)#,15+/$3&"#$+)6$*&')7$)8(25-+-+0$ #)(5-#$5+/$'5-+1)+5+%)$-,,"),$5+/$*&6$&2/$4"-2/-+0,$96&#:;$52&+0$6-1*$5/.-%)$&+$2-,1)/$4"-2/-+0,<$2)052$ '511)#,$)1%= >)$*5.)$5$6)521*$&?$)8()#-)+%)$-+$(5#1-%"25#$6-1*$25#0)#$5+/$*-,1&#-%$(#&()#1-),$5+/$15:)$(#-/)$-+$&"#$ 511)+1-&+$1&$/)15-2<$(#50'51-%$5((#&5%*<$@"52-13$&?$,)#.-%)$5+/$5((#&5%*542)$'5++)#= STAMFORD Orion House, 14 Barn Hill, Stamford, Lincs. PE9 2AE 01780 758524 stamford@gowers.co.uk

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Registered in England & Wales: No. 05988958

The Only Way is Artificial…

Matt Mecham wanted a lawn for his children to play on, but he didn’t want to mow it.

My first encounter with a garden with artificial grass came last summer at a friends house. It was a hot day, and I remember soft blades brushing against my exposed calves in such a pleasant way that I soon found myself drifting away from the general chat about nannies, nappies and organic food.

Our own garden, back then, was an overgrown mess; full of weeds and dead grass, no place for my boys to play. It was sad to see our one -year-old staring through the glass back door, not allowed out.

By the following spring, we agreed to change it as we wanted both children to enjoy playing outside.

We looked into real grass for about an hour. It was that half-hearted.

This was partly because my parents had a real lawn at the house where I grew up, which was meant to be green but was often brown. The fact that neither my wife nor I want to mow was also a factor. Who does?

When a gardener told us we didn’t have enough direct sunlight to keep a real lawn healthy and that it would go mossy, I could have kissed him. I entered “Artificial grass” into Google with lightning speed and after a week of research, we knew this was the answer.

We chose a blade called sensation it was soft to touch, and when the boys sat on a sample and announced it was nice, the deal was done. After all, our laziness aside, the main reason for this outlay

Before

has been for our children to enjoy it as much as possible, while doing little ourselves. Hence the plastic.

My friends calls it a carpet, and well, I did vacuum it the other day, after some of the leaves had blown all over it. The neighbours probably laughed, but hey.

The fake grass has been in place for over a year now and hasn’t grown an inch. It is still as green as Wimbledon’s Centre Court on day one. The weather was awful a few weeks ago; torrential rain woke us up at night, but the garden remained weirdly dry, the underlay and sand soaking up the water and leaving the “grass” on top unaffected.

I’m slowly now converting my friends, some remain a little sceptical and they also thought that vacuuming was a bit The Only Way is Essex, but at least we don’t have the need for a mower anymore.

My boys love playing football on the grass, no more muddy boots so they can play all day. My wife loves it too.

We like the convenience because we are, after all, part of the Steve Jobs generation, living in a world of designed edges and efficiency that does the work for us so we can have fun. I now see artificial grass as the iPhone of horticulture – so practical and pretty that only lofty traditionalists would opt for anything else.

Spring 2018

15

Hamptons

2018 looks bright for the Hamptons

2018 looks set to be another busy year for the Hamptons. Here are some of the exciting developments and community activities coming up…

Hamptons East is the next chapter in the Hamptons’ story. Made up of four villages Hampton Beach, Hampton Gardens, Hampton Woods and Hampton Water - each has its own distinctive features.

Persimmon Homes continues its work at Hampton Gardens. This development has planning for 866 homes, with 80 homes already built and occupied. With its desirable location and practical transport links, Hampton Gardens is proving ideal for first time buyers and young families looking for a spacious new home.

The newest housebuilder is Barratt Homes, the first to build at Hampton Water. They are building 269 new homes, with the first hoping to be completed by July this year.

Award winning and innovative property development company Hearne Holmes Ltd, has recently submitted planning permission for two select hamlets of 25 and 15 units respectively in the country parks area and next to the cricket pitch. Bovis Homes has also recently submitted a planning application for 327 homes in the second phase of Hampton Waters.

New homes and facilities continue to be built in Hampton Vale.

16

Cala Homes is nearing the end of its first Hampton development, with 106 of the 125 Spring 2018

homes in ‘The Mallards’ development already sold. O&H is also opening a new sports playing field near to this site.

If you would like to get involved, please contact Josie Stone at josie.stone@vivacity.org

Nearer to Hampton centre, Abbey Homes has built 58 of 130 planned homes. Within easy walking distance of Serpentine Green Shopping Centre, the site, known as Cumberland Place, consists of apartments, one, two, three and four-bedroom homes.

O&H will be supporting the festival again so keep an eye out for an update on plans here.

Next door the superstructure of Cranberry Court is nearing completion, 44 retirement living flats in the McCarthy and Stone development which share a boundary with the recently opened “Mulberry Tree Farm”, a Green King Farmhouse pub and restaurant.

Hampton Festival The Hampton Festival is back for 2018.

Peterborough Presents and Vivacity are working on plans for this year’s festival and are inviting people from the Hamptons to get involved by joining the Festival Panel Team.

An interest in arts and creativity is helpful but there’s no need for previous experience in organising festivals or events. The key is a willingness to help create something worthwhile for the local community.

Community groups such as the Women’s Institute, Scouts, Brownies etc are encouraged to get involved.

Happy in the Hamptons Continuing the community spirit and reminiscing on the Hamptons 20th anniversary, it has been heartening to hear positive comments from local people about why they love living here.

Residents have also been reminiscing about the early pioneering days when the first houses were occupied in the reclaimed landscape.

Here’s just a few: “I have travelled the world but this is one of the best moves I have ever made.”

“I have returned to the Hamptons with my own family.”

“Some awesome memories of growing up in Hampton. I love how as adults we are still here with our own houses.”

“Good memories from Hampton.”

For more information, visit: www.ohhampton.co.uk

HAMPTON WATER TO LAUNCH SOON

WITH BARRATT HOMES The Hamptons are a series of thriving village communities located to the south of Peterborough, Cambridgeshire, boasting a rich community life, great facilities and extensive open space and parkland.

Having already built a number of homes in Hampton, Barratt Homes Cambridgeshire has started work on the newest development in the Hampton Villages. Named Hampton Water, the development will consist of over 250 houses with a range of two, three and four bedroom homes, providing great places to live for both first-time buyers and growing families.

Hampton Water is ideally situated for families and commuters alike. The development is conveniently located within easy walking distance of Hampton Gardens Secondary School with Hampton Vale Primary School a short drive away.

Local amenities also include the Serpentine

Green Shopping Centre offering many high-street branded stores and a doctor’s surgery, pharmacy and opticians.

Hampton Water will benefit from over 1,000 acres of green park land, meaning residents can enjoy the outdoors with plenty of walk and cycle ways to explore right on their doorstep. Situated less than 10 minutes’ drive from Peterborough city centre, Hampton Water is ideally located close to a wide selection of shops, cafes, restaurants and activities. The development is also convenient for commuters as it’s just a short drive to junction 16 of the A1(M) or they can arrive in London Kings Cross by train in under one hour.

With its great location close to beautiful green open spaces, ideal transport links for commuting and stunning choice of homes, Hampton Water could be just the place for you to call home.

For more information contact barratthomes.co.uk or call 0844 811 3399

Spring 2018

17

18

Spring 2018

£465,000

4 Bedroom Detached Georgian Family Home – For Sale Scaldgate, Whittlesey, Peterborough

Stunning 4 Bedroom Detached Georgian Family Home in the popular market town of Whittlesey. The property is situated close to local amenities and is within walking distance to Whittlesey Train Station. The property comprises of: Lounge, Dining Area, Sitting Room, Study, Kitchen, Utility Room, Cloakroom. To the first floor are 4 Bedrooms and a Family Bathroom. There is a low maintenance courtyard garden and gravel Driveway providing ample off road parking, leading to a Detached Double Garage. Viewings are highly recommended. Please call 01733 560 650.

It starts with you

Discover the Regal Park difference for yourself

01733 560 650 RegalPark.co.uk

Spring 2018

19

We are very proud to announce we have recently won for the second year running The Best Estate Agent in Peterborough & PE7 – for the year 2017, for customer experience.

The awards were for Customer Experience reviewed

by AllAgents.co.uk, the UK's largest customer review website for the property industry.

James Trigg, said: "For our team to win ‘Best Estate Agent’ in Peterborough & PE7 for the second year running is a really great achievement and this just shows the level of service and excellence we provide.

Best Estate Agents in Peterborough & PE7 in 2017

From day one, our aim and ethos has been to improve the customer experience when buying or selling property. Our staff being voted the best in the city - as well as in our PE7 postcode area, where Regal Park is based, proves that we've tapped into exactly what customers want when they move home.

Customer service is our number one priority and behind everything we do. Combining this ethos with our wealth of experience of buying and selling property in Peterborough means we're the estate agent people are choosing to use.

Along with our professional conveyancing and financial services, we are providing the services to make the process as simple as possible.”

• Aerials for digital freeview TV & DAB radio • Sky+ HD, Sky Q , Freesat & foreign satellite • Flat screen TV wall mounting (all sizes)

plus

• HD & 4K distribution over cat6

C. 1788

• Fault finding and repairs • Communal systems of any size designed and installed • CAI plus systems installer and government trust mark endorsed

FREEPHONE: 08000 232 848 T: 01733 311 741

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Spring 2018

M: 07795 253 997 E: steve@hereward-digital.co.uk

Ross Close, Hempsted

Terraced House | 3 Bedrooms Lounge-Dining Room | Parking for 2 Cars Easy Access to A1

Marlborough Close, Yaxley

Semi Detached House | 2 Bedrooms Lounge | Kitchen | Conservatory Easy access to A1

0 00 £3 65 , 0 00 Fortuna Drive, Cardea

00

Semi Detached House | 3 Bedrooms Lounge | Kitchen-Dining Room Family Room | En-Suite | Driveway & Garage

,0

0 00 Semi Detached House | 3 Bedrooms Kitchen-Dining Room | En-Suite Driveway & Garage

Detached Home | 5 Bedrooms | Kitchen Breakfast Room | Dining Room En-Suite | Double Garage

£2 30 ,

00 ,0 £4 50 Bayleaf Avenue, Hampton Vale

Turnpike Road, Hampton Vale

£3 00

£1 90

,0

00

Detached Home | 5 Double Bedrooms Lounge | Dining Room | Study Conservatory | Driveway & Garage

Extended Detached Home | 4 Bedrooms Open Plan Living Area | En-Suite Popular location

0

Farrow Avenue, Hampton Vale

Thorpe Road, Longthorpe

00

£3 40

,0

00

Detached Georgian Home | 4 Bedrooms Lounge | Dining Area | Sitting Room Study | Double Garage

£2 20 ,

Scaldgate, Whittlesey

£1 65 ,

£4 65 ,

00

0

If you would like to view any of the properties below, please call us on 01733 560 650 or visit RegalPark.co.uk

R FO LE SA

Properties For Sale

Fairfield Road, Fletton

Detached house | 4 Bedrooms Kitchen-Dining Room Driveway & Tandem Garage Walking distance to City Centre

Want to advertise in Regal Park Property Magazine?

Your quality products and services will be of interest to our readers, who are in the market place for buying. Contact Barrie Pierpoint, email Barrie@RegalPark.co.uk or telephone 01733 560 650

Spring 2018

23

So you are thinking of extending your home?

With more and more people looking to stay put there has never been a better time to extend your home to give you the additional space you have been craving!

Scott Whight

Architects and Development Consultants scottwhight.co.uk

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So whether it be an additional bedroom, a larger kitchen or perhaps that ‘open planned’ garden living room across the back of the house, then what’s stopping you!

From modern vaulted ceilings, with pitched rooflights and minimalistic interiors to the more traditional room forms with decorative timber work and wall coverings you are only limited by imagination. Decluttered spaces, effortless movement between one room and another, harnessed natural light and seamless transition between internal and external spaces. Your home should be a relaxed environment in which to take away the stresses of the day

Spring 2018

and enjoy quality time with the family.

With the availability of a wide variety of construction methods and materials external design options for your extensions and refurbishments are almost endless as well. From traditional brick built forms with roof lanterns, through to the more modern timber clad walls with bi-fold doors there is no reason why you cannot have what you have always wanted.

So what should I do?

For some the prospect of carrying out building work will seem a little daunting, but it need not be. Once you have suitably qualified and experienced professionals on

board the process can be both enjoyable and exciting. An architect should of course be your first point of call. They can advise you on how to achieve the additional space you are looking for and how best to manage your budget.

Once designs have been prepared it is likely that you will need to submit both planning and building regulation applications, but the architect will take care of all this for you.

They will also advise on the costs and timescales involved. With permissions in place then you will be in position to seek competitive quotations from builders. It is likely that the architect can point you in the right direction as well, to avoid falling foul of the cowboy builders often highlighted on our tvâ&#x20AC;&#x2122;s!

So go ahead and get the ball rolling! Meet and discuss your needs with an architect and bring those ideas to life!

Spring 2018

25

Does your property have a

Management Pack?

Shirin Manji

Solicitor Conveyancing@RegalPark.co.uk

When it comes to selling a modern home, it is not uncommon that you may have an estate fee or management fee to pay as some private estates have both Freehold properties and blocks of Leasehold Flats. All homeowners will be expected to pay for the upkeep of the communal areas on the estate.

The communal areas may simply be private roads, but they can also include landscaped gardens, electric gates, street lighting, refuse areas, sewage pumps and TV aerial systems.

We have seen this on several occasions says Shirin, which can delay the sale.

So what can you do about it?

Shirin has prepared a guide for freehold homeowners paying service charges.

Paying for the upkeep of communal areas Freeholders buy their house with a legal document called a deed of transfer. This will contain a clause requiring them to pay a contribution towards the cost of maintaining the communal areas.

A well written deed will also set out exactly what items the freeholder must pay for, what proportion of the total costs they should pay; the dates the payments should be made on; and whether annual statements of accounts will be provided.

If you don’t have a copy of your deed of transfer to check on your obligation to pay charges, you can get a copy from the Land Registry for a small fee.

Residents Management Companies

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The usual arrangement on private estates is for a small company to be set up that owns the communal areas. Each freeholder (and leaseholder on mixed estates) becomes a member of that company.

Spring 2018

Shirin Manji is a Solicitor from Regal Park Conveyancing and explains why it pays to be prepared when selling your property.

These companies are called Residents’ Management Companies (RMCs) and they have the benefit of giving freeholders a say on how the communal areas are kept. But the freeholders will need to volunteer to become company directors.

• TV aerials and satellite dishes Adding an external aerial or satellite would be viewed as an external alteration, and once again you may be required to seek permission from the management company.

Some private estates have companies which own and maintain the communal areas, but aren’t related in any way to the freehold homeowners.

• Parking Some roads on private estates are quite narrow and aren’t built to the same standard as public highways. In these cases, parking in the road is often banned under the deeds of the houses.

Managing Agents It’s common for companies that own the communal areas of private estates (including RMCs) to employ managing agents to carry out the maintenance and other services.

The managing agent will sign a contract with and be accountable to the company’s directors; it has no legal contract with the individual freeholders.

The agent will normally prepare a budget to be approved by the directors; send out invoices; organise contracts (gardening for example); deal with repairs; and prepare accounts for the directors at the end of each financial year.

Restrictions on Freeholders A freeholder’s home may be their castle. But on some estates, the deeds may impose certain restrictions on what they can and can’t do to their home. Here are some of the most common: • External decorations Some estates require paintwork to follow a certain colour scheme. This may have been a requirement of the original planning permission.

• External alterations You may have to seek permission from the management company before you make any alterations to the external appearance of your home. Again, such clauses are often required as part of the original planning permission.

Service charges, Estate charges and Maintenance charges Confusingly, lawyers and managing agents use different names for the charges paid by freeholders. The most common term is ‘service charge’, the same as payments made by leaseholders of flats.

Although freeholders may be paying for exactly the same services as leaseholders, there’s an important legal distinction between the two payments. The Government has passed a number of Acts of Parliament giving rights and protection to leasehold flat owners, which unfortunately don’t apply to freeholders.

Rentcharges Rentcharges provide a regular income for landowners who release their land for development. Sometimes the land is released without a capital sum, so the rentcharges becomes the only payment.

Once imposed, a rentcharge continues to bind the land even when it’s later divided and sold off in plots. In these cases, one householder can be responsible for paying the whole rent. That person is then left to collect the appropriate portion from the other householders whose land is also subject to the rentcharge.

There are two main types of rentcharge: an individual rentcharge (which could be redeemed): and an estate rentcharge (which can’t be redeemed). Rentcharges

can also be apportioned where one householder is liable to pay the whole rent for several properties.

an independent ombudsman – all ARMA members must be signed up to an independent ombudsman scheme.

An estate rentcharge is created to either make a homeowner’s personal covenants enforceable; or to secure payment for the provision of services, repairs, insurance or other benefits to the land.

But remember that the managing agent reports to, and takes instructions from, the directors of the management company. If the agent is following lawful instructions then they might not be at fault.

Estate rentcharges are only legal if they’re accompanied by covenants in the transfer which set out the obligations to provide the services, repairs, insurance etc.

If you’re unhappy with what RMC is doing, then you should make a complaint to the directors in the first instance. If you’re still not happy, you should seek to remove the directors or raise a motion to change matters at the company’s annual general meeting, if you’re a member.

There’s no implied test of reasonableness for rentcharges, like there is for service charges paid by leaseholders. Nor do freeholders have the right to go to a tribunal to dispute their rentcharges.

Redemption of individual rentcharges If you’re a freehold homeowner paying a rentcharge, which is not an estate rentcharge, you may be able to redeem it by paying a single lump sum under the provisions of the Rentcharges Act 1977.

You can check up on your position by visiting the Department for Communities and Local Government’s website: www.gov.uk

Annual Statement of Account Depending on your deeds and the approach of your management company, you may be able to expect an annual statement of account for the rentcharge you pay.

Also, if you’re a member or shareholder of an RMC, the annual company accounts will often contain a summary of the service charges paid and expenditure. As a member of the company, the annual accounts should be sent to you.

What to do if you’re unhappy with the estate rentcharges or the services provided You should complain to the managing agent in the first instance, if one’s been appointed. If the agent is a member of ARMA you will have the right to complain to

If you’re unhappy with a management company that’s not made up of the residents, then you and your neighbour can collectively approach the company and ask them to sell you the freehold of the communal areas.

This will allow you to take over responsibility, but there’s no right in law for the freeholders to do this; it’s a matter of negotiation between both parties.

Tribunals – Not an Option Leaseholders can challenge their service charges by taking the matter to a Tribunal.

Tribunals have the power to take an independent view and decide what constitutes a reasonable charge.

Unfortunately this course of action is not open to freeholders. Even though you may be asked to pay a service charge, and even pay into the same pool as the leaseholders on your estate, the same rights and protections from unreasonable service charge don’t apply to freeholders.

Estate management schemes There is one important right that freeholders can exercise, however.

The 1967 Leasehold Reform Act and the 1993 Leasehold Reform, Housing and Urban Development Act made it possible for leaseholders to set up estate management schemes; this involves them buying the freehold of their blocks of flats or houses in areas which are predominantly leasehold.

When this happens, freehold houses on the same development will end up paying service charges to the estate management scheme. And under S159(2) of the Commonhold and Leasehold Reform Act 2002, such service charges are subject to a test of reasonableness, and can be challenged at a Tribunal. So the freeholders will share this right with the leaseholder.

Estate management schemes aren’t that common and most exist in London where they are made up of properties owned by the large landed estates. The 1996 Housing Act limited the formation of estate management schemes to two years.

Health and safety and insurance Communal areas of freehold estates (such as private roadways) must comply with health and safety law. So a general risk assessment should be carried out. If there’s just a private road and footpaths, then this doesn’t have to be a complex exercise, or require professional advice. But the types of risks that may exist need to be covered and should be recorded.

The management company of the communal parts needs to take out third party liability insurance. This will cover claims for damage from users of the roads, footpaths and gardens etc. Freehold houses will not be included under this insurance.

Final word If you’re a freehold homeowner living on a private estate, you may be expected to pay service charges for the upkeep of the communal areas. Even though you might share the estate with leaseholders, you unfortunately don’t share the same rights when it comes to what you pay. But it’s important to know where you stand and what options are open to you in case you run into problems in the future.

My advice when putting your home up For Sale is to not wait for a sale to be agreed before you instruct your solicitor, but do this straight away.

For further advice on any aspect of the legal work, please e-mail Shirin at Conveyancing@RegalPark.co.uk

Please note that Regal Park Conveyancing is a trading name of Taylor Rose TTKW, for more information of the terms and conditions of business, please visit www.taylor-rose.co.uk Taylor Rose TTKW Limited is authorised and regulated by the Solicitors Regulations Authority, SRA No. 623604, and is a company registered in England & Wales, Company No. 09673088. Registered office 13-15 Moorgate, London EC2R 6AD. We use ‘partner’ to refer to a shareholder, a senior manager or consultant. Please note that telephones may be recorded for training and monitoring purposes.

It starts with you

Discover the Regal Park difference for yourself

01733 560 650 RegalPark.co.uk

Spring 2018

27

Do You Need A Mortgage?

• Buying your first home?

• Moving house?

• Buying to let?

• Want a better deal on your current mortgage?

• We can help you!

As professional Mortgage and Protection Advisers we can advise you regarding a choice of products and recommend the right mortgage for you.

We pride ourselves on our personal and professional service. We’re here to help.

Call Regal Park Financial on 01733 560 650 or email Info@RegalPark.co.uk

Some Buy To Let Mortgages are not regulated by the Financial Conduct Authority.

It starts with you

Discover the Regal Park difference for yourself

Your home may be repossessed if you do not keep up repayments on your mortgage.

01733 560 650

RegalParkFinancial.co.uk

Regal Park Financial Limited is an appointed representative of Openwork Limited which is authorised and regulated by the Financial Conduct Authoriity.

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THE KEY to finding the right mortgage

Getting a mortgage is probably the biggest investment that you will make in your life.

Whether you do it once, staying with the same lender, or constantly move from deal to deal, people will spend a large proportion of their life paying off a mortgage in one form or another.

At Regal Park Financial, our dedicated team of Financial Advisers will guide you every step of the way, to ensure whatever decision you make you will have the support and knowledge throughout the process.

The mortgage market has a growing number of lenders with a range of flexible solutions to help people achieve their goal of getting onto the property ladder.

Yet although the choice is wide, the perception of what is available is narrow. Every day we hear from would-be buyers who believe their dream of owning their own home is over because they have been turned down by the first lender they approached.

This is why my most important piece of advice to anyone thinking of buying a house is the same as it would be if they were buying a kitchen, car or mobile phone – go to a mortgage broker that has access to a number of lenders, including high street banks, and not just visit a bank.

Have you ever been declared bankrupt and fear that this will exclude you from getting a mortgage? That is not the case, same with those who have adverse credit history with defaults, County Court Judgements (CCJ’s), arrears and late payments. Yes, you may have to pay a slightly higher interest rate, but compared to the rates available five years ago, the deals available for adverse credit mortgages are extremely good.

Regal Park Financial Limited are a credit broker and not a lender.

If you are struggling to get the money together for a deposit, consider approaching your family. An increasing number of people are approaching the bank of Mum and Dad – known as BOMAD for an advance.

Whatever you do, it is vital that you act sensibly. Lenders will ask for proof of your income and your expenditure so that they can assess your liability to keep up with repayments should interest rates rise.

This is welcome, if not always helpful. This is why, when you get your new mortgage, don’t just file the paperwork away and forget about it.

With the ever changing world of mortgages to choose from, ensure you seek help and advice from a reputable mortgage expert.

For further advice on mortgages, please call Regal Park Financial on 01733 560 650, email David@RegalPark.co.uk or visit: RegalParkFinancial.co.uk

THINK CAREFuLLY BEFORE SECuRING OTHER DEBTS AGAINST YOuR HOME. YOuR HOME MAY BE REPOSSESSED IF YOu DO NOT KEEP uP REPAYMENTS ON YOuR MORTGAGE.

It starts with you

Discover the Regal Park difference for yourself

01733 560 650

RegalParkFinancial.co.uk

Regal Park Financial Limited is an appointed representative of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

Spring 2018

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More time for an easier life with a low-maintenance apartment

Typical Apartment

Typical Homeowners’ Lounge

Cranberry Court

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Hampton Avenue, Hampton, Peterborough, PE7 8QH One and two bedroom retirement apartments from £169,950*

Exclusively for the over 60s, Cranberry Court offers a selection of luxury retirement apartments with stylish, spacious interiors designed to a high speci cation, along with a stylish communal lounge and beautiful gardens.

Situated in the heart of Hampton, Cranberry Court offers low-maintenance living in a convenient location close to shops, local transport links and a wider variety of amenities.

Features of Cranberry Court Dedicated House Manager Stylish communal lounge On-site car parking† Guest suite#† Beautiful landscaped gardens

Call us on freephone 0800 201 4708 to find out more or visit mccarthyandstone.co.uk/cranberrycourt Additional charges apply #Subject to availability *Price correct at time of print

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