It’s been a promising start to the year. Understanding how the property market is evolving is crucial to making informed property decisions...

The longer, lighter, and warmer days of spring are perfect for preparing your home for summer... 

Whether you’re considering buying a home with a partner, friends, or even family members, joint mortgages are there to make the process that bit easier. 

In this article we discuss the ins and outs of a joint mortgage and why splitting the costs and commitments of a property can be a beneficial decision.

What is a joint mortgage? 

A joint mortgage is a mortgage that allows you to buy a property with up to three people, it’s commonly used by two borrowers in a relationship. A joint mortgage allows you to combine your money and increase your overall deposit, as well as split the cost of monthly mortgage repayments, creating ease throughout the duration of your mortgage. 

A joint mortgage allows all parties involved to be held responsible, not just a sole person. Anyone is eligible for a joint mortgage, first-time buyer or not, but this could lead to you paying stamp duty if you purchase a property with a non-first-time buyer. 

What are the benefits of having a joint mortgage? 

When purchasing a home, a joint mortgage can bring several benefits, including the ability to borrow more money from the lender as your average household income increases. 

By having multiple people involved in a mortgage, it allows you to display a more responsible and trustworthy persona to the lender for repayments, as there are two or more of you having to meet the requirements of the mortgage. 

By having multiple people involved, it may allow you to place a larger deposit down, decreasing the cost of your monthly repayments and increasing your overall equity in the property. 

How does a joint mortgage work? 

A joint mortgage has the same principle as any regular mortgage: paying a deposit and meeting monthly repayments, but the lender will see your deposit and household income as one, not individually.  

When applying for a joint mortgage, you will have to decide with your co-owner(s) how you will split the equity of the property. 

A joint tenants mortgage means that all the borrowers will have equal rights over the property, and if you were to sell it, you would split the profits equally. Most joint mortgages act as one owner, with an equal split of the property and equal rights. 

When friends buy a property together, they typically opt for a tenants in common mortgage. This mortgage is where each person owns a different amount of shares in the property, which can be split however they wish. This will be in the deed of trust detailing each person’s ownership percentage. 

When choosing which type of joint mortgage you are going to opt for, it is important to understand which type suits your situation. 

Leaving your joint mortgage 

The main reason for wanting to exit a joint mortgage is usually because the relationship between yourself and your partner or co-owner(s) has broken down, and sometimes it can be hard to identify who is left accountable for the mortgage. 

Who’s responsible? 

You and the other borrower(s) continue to stay responsible for each monthly repayment until your name is not on the mortgage. Even if one of you decides to move out, you are both still liable for the mortgage and financially linked together. 

How can you leave a joint mortgage? 

Sell the property  

The easiest way to walk away from a joint mortgage is by selling the property. This allows you to split the profits from the property and restart your mortgage journey. This method is cost-effective and simple, all while being achieved in a shorter timeframe. 

Buy your partner out 

Buying your partner out of the joint mortgage is another method, but a slightly more complicated route. This means that the entire equity of the home will be transferred over to the remaining borrower(s), but it also means you must meet new requirements, which can sometimes be harder to meet as the overall household income decreases, which could also lead to the lender pulling out. 

Add a new name to the mortgage 

Another way to maintain the joint mortgage could be by adding a new name. This encourages the lender to allow you to keep your mortgage and property, as multiple incomes are more convincing. There is a fee to change a name on a mortgage, as you have to pay a solicitor to cover the costs of the legal work and pay potential lender and registration fees, so changing the name on a mortgage could set you back. 

When purchasing a property, there are many stages throughout the buying timeframe you need to face before you can finally call the property yours. During these stages, there are multiple factors that can get in the way and extend the process unnecessarily.

In this article, we discuss the different stages you go through after your offer is accepted and how you could potentially speed up the process of purchasing your dream home.

Stage 1 – Your offer is accepted

Finally, you found the home of your dreams, and your offer is accepted, but that doesn’t mean the property is yours just yet, as nobody is contractually obliged.

The 2 G’s

The buyer and seller are not legally bound until the signed contracts are exchanged, so there’s always the chance you could be gazumped or gazanged. Have you heard of these terms?

Gazumping is when another buyer offers more money to the seller even after your offer has been accepted, reversing your deal. To avoid the possibility of this happening, it’s common to ask the seller to take the property listing off the market.

Gazanging is where the seller decides to cancel the sale and not sell the property. A shift in the market could trigger this, potentially increasing the value of their property in the future.

Both are decisions made by the seller, making it hard for you to avoid them. Either of these decisions could result in a financial loss. This is why speeding up the buying timeframe is extremely important, as you are vulnerable until the exchange of contracts.

Stage 2 – Apply for mortgages

When purchasing a property, you are most likely going to need a mortgage to make this happen. Mortgage offers normally only stay valid for 30 to 90 days, depending on the lender. Ensure you complete thorough research when applying for mortgages, and don’t just accept the first offer.

By completing thorough research ahead of time, you can shorten the timeframe of your property purchase, as it can take as long as a couple weeks to over a month for a mortgage offer and approval.

Stage 3 – Discover a Conveyancing firm

Conveyancing is the legal process of transferring property from one person to another. Conveyancers are lawyers who specialise in property and complete all the legalities of exchanging property. It’s important to choose the right conveyancing firm that is reliable and offers clear communication. By choosing your conveyancing solicitor firm ahead of time, you can speed up the process.

Stage 4 – Property searches and surveys

While your mortgage application waits for approval, your conveyancing solicitor can begin to complete the necessary searches that are advised.

• Local authority searches
• Drainage searches
• Environmental searches

These searches come at a cost but are sometimes required by the mortgage lender.

When purchasing a property, it is highly recommended to get a property survey completed. This will highlight any hidden issues that may not be spotted with the naked eye. By having a property survey completed, this allows you to negotiate price reductions or repairs before the final transaction goes through. 

The lender will complete their own mortgage valuation of the property to see if they are prepared to lend you the mortgage. The lender completes this process because the bank would repossess the property if the mortgage repayments weren’t met.

Stage 5 – Mortgage offer

Your mortgage offer is accepted! Now it’s time to check your offer thoroughly and ensure that everything is accurate. A mistake as small as a misspelt name could cause delays and expenses, extending your wait.

Transferring your deposit

You’re almost ready to exchange contracts, which means transferring your deposit to your solicitor. Most banks don’t allow large sums of money to be moved in a short span of time, so you may need to contact your bank to organise this.

Signing your contract

At this stage, you will now sign the contract and commit to buying the seller’s property. The transaction still isn’t fully completed yet though!

Stage 6 - Exchange contracts

Finally, your solicitor and seller’s solicitor will swap signed contracts, and this is known as the ‘exchange in contracts’. Once completed, it’s time to celebrate! This exchange is legally binding between you and the seller, and now neither of you can retract it.

Your solicitor will deliver paperwork with a clear breakdown of the contract and any remaining costs of the property transaction.

Signing the transfer deed

The transfer deed is a contract that confirms you are taking ownership of the property; it needs to be witnessed and sent to the seller’s solicitor.

Paying for the property

The solicitor will arrange the payment to the lender, and this will kickstart the mortgage. You will receive proof that the seller’s mortgage has been cleared from the property, and you will begin yours.

Stage 7 – Move into your new home

It’s time to collect the keys and move into your new home! You can now start paying off your mortgage and begin your journey on the property ladder.

With the spring market seeing an 18%* increase in mortgage approvals, as home buyers got busy moving, you can't be blamed for being tempted to move. Getting ready to move, or ‘move-ready’ to coin a phrase, during the summer months will stand you in good stead for the cooler months on the horizon. This could make your move easier when you decide the time is right. So, with that in mind, here are a few things you can do.

Don’t mistake 'move-in ready’ for ‘move-ready’  

‘Move-in ready’ means a home is ready for immediate occupancy and involves a significant level of legal work, which may help to speed up a sale. Whereas being 'move-ready’, in this context, is simply doing what you can, so that you and your home are more prepared for moving, even if you are not planning on moving right now. 

Sort your home’s outdoor areas out  

There are a lot of advantages to moving in the summer with good weather, longer days, and the possible help of your children while they are off school. But if moving in the summer is not on the cards, taking advantage of the good weather, to make your garden and home’s kerb appeal more beautiful, will make your home more appealing to buyers. Having a sort out of the shed and a trip to the tip will de-clutter it, saving you a job in later months, when it’s time to move. 

Odd jobs inside the house

Summer is a good time to dedicate a few days to addressing any issues around the house that need your attention. From painting and decorating to simple mends. From emptying your attic space, to clearing out your closets. Whether you add a few days to your holidays or have a bank holiday DIY weekend or afternoon, doing it during the summer months will require so much less effort than it would during the colder months. Then, when the season of change sets in, you can change homes with relative ease. 

Check your paperwork 

Whether you are thinking of moving now or in the future, it’s always better to have your paperwork in good order. Perhaps you check your credit rating regularly and have all your important paperwork stored safely. But, if there is something missing, it could delay your sale significantly when it’s time to move. Things such as gas certificates, an updated EPC rating, or certificates for any structural modifications that have been carried out, show that the work is compliant with building regulations. 

Watch the property market closely

Apart from making life easier, you can take advantage of the market more easily if you are ready to move. It’s always a good idea to keep an eye on the property market. Perhaps you like exploring homes for sale online and are well-versed in tracking the progress of a home’s sale. Talking to your local agent will also give you extra insights into the markets and areas you are most interested in. The contemporary UK property market is made up of layers of localised markets, from street to street and from region to region, that can differ and are almost as unique as the various homes that reside within them. So, if you are prepared, you may be rewarded by finding your perfect property.  

Zoopla*

Periodic inspections are a vital part of being a landlord and running a successful enterprise. By performing regular inspections, you can maintain high standards throughout your properties and ensure you maintain happy tenants for the duration of their tenancy agreement.  

What are periodic inspections?  

The primary purpose of this inspection is to assess the overall condition of the interior and exterior of the property. Throughout the tenancy agreement, periodic inspections should occur at regular intervals. These are performed by the landlord or letting agent to assess the property’s legality, standards, and whether the tenant is meeting their responsibilities.  

Landlords have a duty of care that must be met, so periodic inspections are important. They deliver a high standard of living and maintain healthy, happy relationships with tenants. These inspections enable the identification and resolution of minor issues before they escalate into more significant ones. Maintaining these inspections on a regular basis allows you to avoid strain on your landlord-tenant relationship.  

How often should periodic inspections be completed?  

As well as performing inspections at the beginning and end of the tenancy, you also need to perform regular periodic inspections throughout the rental period. Periodic property inspections should be carried out at three to four monthly intervals, as this allows the change of seasons to occur, which can help reveal maintenance issues.  

When you have a new tenant, it’s important to begin the tenancy the right way by performing the first periodic inspection as little as one month after they move in. This will help you identify what your new tenant is like and allow you to build a good landlord-tenant relationship.  

Following this inspection, you should be performing periodic inspections at three-month intervals; otherwise, this could be seen as invasive. Your landlord's insurance guidelines will help advise you on how often you are expected to perform these regular inspections for insurance purposes.  

Giving your tenants notice  

To maintain a healthy landlord-tenant relationship, it’s important to have periodic inspections scheduled ahead of time. This shows the tenants that you have their best interests at heart and that you don’t want to catch them out when these inspections occur.   

When attempting these periodic inspections, it’s vital that you give your tenants notice. The ‘1988 Housing Act’ states that you must give your tenants at least 24 hours’ notice prior to an inspection, scheduled or not.  

What you should look out for during the inspection

Once you have agreed on the time and date of the inspection with 24 hours’ notice, it’s important to know what to look out for. As a landlord, you need to ensure everything in the property is legally compliant and is a safe space for people to live. This inspection also allows you to check that the tenant isn’t breaching their agreement, make sure they are happy, and resolve any issues or queries they may have.  

Statutory inspection checks  

You must check the property's gas safety and ensure that there is a gas safety certificate in place. Every gas appliance should be assessed by a gas safe registered engineer annually.  

Fire safety is another important factor. You must legally install smoke alarms and ensure they are continuously in working order. You can also supply fire blankets and extinguishers in the property, but they are not a legal requirement.

Electrical safety is another important part of checking the property’s legality, and you should have a registered electrician carry out a professional check every five years to get an EICR (Electrical Installation Condition Report).

All these certificates and reports should be available for the tenant to access.  

Tenancy breaches  

Tenants should take care of the property and are responsible for what occurs there. When performing these regular, periodic property inspections, this is your time to carefully inspect and see if any unwanted activity has been occurring in your property. This could range from subletting rooms to potentially smoking inside.  

Property condition  

Recording the condition of the property is a crucial part of periodic property inspections, as it allows you to arrange any maintenance or improvements that need to be carried out. By maintaining these regular periodic inspections, you are protecting your investment, and you can ensure the property is always safe.  

The benefits of using a letting agent  

Whether you are a landlord with one buy-to-let property or a large portfolio, periodic inspections are a vital part of property management. These can be difficult to carry out periodically without the help of a letting agent.

By using a property management service, you can ensure positive relationships and high standards within your properties are maintained. This could reduce your overall stress as a landlord and allow you to focus on growing your property portfolio.  

As soon as a property is sold, it will be listed as ‘SSTC’, so let us take a look at what this means.

As technology continues to evolve, so do our homes. The smart home revolution is in full swing, transforming ordinary houses into homes built for convenience, security, and efficiency. Here are the top 8 smart home updates you should consider to make your living space more connected and intelligent.

Touchless tech  

Touch-free home tech allows you to interact with various systems in your home without any form of physical contact. Touchless bathrooms in particular are the perfect solution to the risk of germs and viruses spreading in the household. From sensor taps and electronic soap dispensers to touchless toilet flush systems, these smart features promote better hygiene and optimise convenience.

Smart meters  

According to Energy Saving Trust, at the end of 2023, over 60% of all meters in the UK were smart meters, highlighting their rapid growth in popularity. * Smart energy management systems help you monitor and reduce your home’s energy consumption, offering real-time data on energy usage and costs. Some smart metres also have settings that can reduce energy consumption when the house is empty or during peak hours.

Home offices  

With remote work becoming more common than ever before, the home office is now a crucial part of most living spaces. Smart home technology can make your home office more efficient and ergonomic. From adjustable smart lighting for reduced eye strain, to voice-activated devices that help manage your schedule, smart technology can optimise your productivity at home.

High-tech security

Home security is a top priority for many of today’s homebuyers, and with high-tech security becoming more accessible, fitting your home with a comprehensive security system is both simple and cost-effective. Video doorbells and smart cameras can offer motion detection, immediate alerts, and the ability to stream live footage from your smartphone. These systems lend themselves to effective thief deterrence and a simplified approach to surveillance.

Voice-activated controls

Voice activation is a cornerstone of the smart home experience. It allows you to control various aspects of your home hands-free with devices like Alexa, Google, and Siri.

USB-C home integration  

The new USB-C standard is becoming ubiquitous in modern electronics, and integrating it into your smart home setup can simplify your life. Unlike USB-A (which is slowly being phased out), USB-C outlets can charge your gadgets faster and more efficiently.

Seamless integration

A truly smart home is one where all devices work together seamlessly. For this to be achieved, integration is key. Smart hubs connect and manage all your smart devices from a single app, creating a unified ecosystem that allows you to manage every facet of your home from one place.

Smart locks

Gone are the days of fumbling for keys. Smart locks offer convenience and enhanced security with keyless entry. From PIN codes and fingerprints to smartphone apps that can unlock your doors, the lack of keys is both a luxury and a heightened security measure.

Energy Saving Trust*