Leasehold vs Freehold explained!

The two most common forms of property ownership in the UK are freehold and leasehold. We get asked about the differences all the time - here's a brief explanation!

Leasehold is a method of owning a property for a fixed period, often around 125 years if the home is new, though leases can be shorter. With leasehold properties, you do not own the land it is built on, the rights of which remain with the freeholder. Possession of the property will usually be subject to the payment of an annual ground rent and possibly monthly maintenance charges. When the lease expires, ownership of the property reverts back to the freeholder. Most of the flats/maisonettes and apartments in Andover are leasehold.

A drawback to leasehold is that as the lease period diminishes, particularly beyond 75-80 years, the property may become harder to sell or obtain a further mortgage on. Leases can be extended but this can be quite costly, so it is worth being aware of this from the start. 

Freehold is the outright ownership of the property and land on which it stands. There is no time limit to the period of ownership.

Freehold is a more attractive option because it means you own both your property and the land on which it stands, without any time limit or maintenance/ground rent charges. Most houses are freehold.

Meet the Belvoir Team - Jess Baynes

Put a face to a name and see who’s who in Belvoir…

Jess Baynes, Lettings Negotiator

Jess is usually the first cheery face you see when you walk into the Belvoir office and has been a part of our Lettings team for over a year.

As Lettings Negotiator, it is Jess’s role to contact new prospective tenants and try and match them to the perfect rental property. 

"I really enjoy my job" says Jess "Every day is so varied. Different people, each with different stories and of course, some lovely houses"

In her spare time, Jess loves watching all types of movies. She enjoys spending time with her family, and her much-loved dog Flo. Currently on the Couch to 5K programme, she will be running her first 5K in December, in aid of The Enham Trust.

Fun fact/claim to fame: In a previous job, Jess quoted for providing new worktops in Mary Berry’s kitchen!

Favourite song: Memories, Maverick Sabre

Looking after our Landlords with Rent Guarantee Scheme

We are delighted to now be able to offer our Rent Guarantee to all our Landlords. Paid monthly, this unique Guarantee offers complete peace of mind should your tenant default on rent payments.

In the event that a tenant defaults, rent will continue to be paid under the Guarantee whilst the property is occupied and you, the Landlord, will not be out of pocket. In addition, Belvoir will handle the legal process with specialist solicitors to ensure that the tenant is removed from the property. There is no claim process involved and you will not be required to attend at court or instruct solicitors, this is all handled as part of the service.

Without our Rent Guarantee, eviction of tenants for non-payment can be a very expensive and time-consuming process. With it taking typically 6-8 months to gain vacant possession, the cost to a Landlord can be astronomical.

Get in touch and sign up now for the Belvoir Rent Guarantee. At only £24 per month (including VAT), we are recommending that all our Landlords take advantage of this comprehensive protection. 

PAULA PRESENTS GOLD MEDAL AFTER BELVOIR’S AWARD WINNING RUN

World champion marathon runner, Paula Radcliffe, MBE has presented local property lettings specialist, Belvoir, with another long running Gold medal of its own – following its record sprint in the industry’s top award scheme.

The nationwide Belvoir franchise, which offers its multi award winning property management service from a local office at Bridge Street in Andover was named ‘Best Franchise Lettings Agency of 2015’ – for the fourth year running – in the UK’s Letting Agency of the Year Awards. It also scooped the same award in 2010, making it a five times winner overall.

Greg Greatbatch, who co owns Belvoir Andover  said: “ I am sure this is an unprecedented run of success in what is widely recognised as the toughest award scheme in our industry.

“My staff and I are thrilled and extremely proud with the achievement – and it is a reflection of the hard work that goes into maintaining the highest of standards of service provided for our local landlord, tenant and buy to let property investor clients.” 

Run in association with the Sunday Times and Times, and sponsored by Zoopla, this year’s awards were staged at the Lancaster London Hotel.

In citing Belvoir as the Gold winner, a distinguished judging panel of leading property experts, said: “Belvoir is perpetually successful in this category, due in part to its continual investment in its audit team, which keeps standards consistently high, but also because of the outstanding support and training given to franchise owners which helps them to grow successful businesses.”

    

Belvoir, which has over 160 offices in its UK network, celebrates its 20^th anniversary this year and Co owner Phil Pinkney, said: “This is a huge tribute to the Belvoir Andover team, who uphold all the exacting standards and brand values of our business and I offer them my warmest congratulations.

“These awards are the longest running in the industry and were set up to recognise and reward best practice in our industry. This year the judging and scrutiny of all entrants was more robust than ever and we are incredibly proud to have been honoured once more for the service we provide.

Phil added: “We know that all local landlords and tenants in our area have a wide range of choices, so we go all out to provide them with a fully rounded property management service designed to exceed their expectations and provide them with the very highest level of customer service and care.

“I would like to thank all of our staff, clients and suppliers for their continued support of our business and for helping us to set a new record by winning this prestigious national honour, yet again.” 

If you are looking for award winning lettings & landlord services in Andover, Ludgershall, Whitchurch, Tidworth or the surrounding areas, please contact us to see what we do differently to all the rest.

Tel. 01264 366611

Email: info@belvoirandover.com

Which is the most expensive road to live in, in Andover ?

Ever wondered which roads in Andover are the most expensive to live in ? Here in Andover there are some very desirable roads to live in, but which are the most expensive ?

The Andover Advertiser decided to do this research and have come up with the following Top 30:

1 Manor Copse £585,638

2 Eversfield Close £524,115
3 Enham Lane £504,671
4 Newbury Street £499,362
5 Tyhurst Place £490,434
6 The Pines £478,818
7 Winchester Gardens £448,492
8 Tyrells Croft £446,816
9 Croye Close £443,048
10 Kemys Gardens £439,587
11 London Street £429,670
12 High Street £424,076
13 High Beech Gardens £417,416
14 Rooksbury Mill Court £396,733
15 The Avenue £391,565
16 Lakeside Close £390,269
17 Sainsbury Close £388,093
18 Wellesley Road £381,719 19 Palmerston Place £369,498
20 Humberstone Road £369,214
21 Croft Gardens £365,083
22 Alexandra Road £361,850
23 Appleton Mews £360,041
24 Bradwell Close £359,382
25 St Swithin Way £358,631
26 Whynot Lane £358,215
27 Croft Avenue £357,262
28 Elbe Way £355,0270
29 Cuxhaven Way £351,902
30 Mead Hedges £348,783


They go on to say "This list may include properties in streets which have not sold in normal free market conditions, such as ‘right to buy’ and compulsory purchase schemes or areas already subject to demolition and regeneration. 

The data includes all transactions completed since January 1995, as recorded by HM Land Registry."

For more information on where to buy or let, come and see us for a coffee or tea at our Bridge Street office.

What will happen in the residential housing market for 2015?

Daniel Tarrant, the sales director and business partner of Belvoir Andover on Bridge Street says "It is that time of year again where I am always asked by clients & mutual property professionals what my predictions are for the coming year.

With a general election planned for next year and changes made to both the stamp duty & pension schemes (please feel free to contact me if you would like to know more about either point) there have been mixed opinions on whether the 'bubble' would burst. For starters, this 'bubble' never existed, all that happened in 2014 was the market re consolidating and catching up on what can only be described as lost time."

Daniel goes on to say "Rightmove reported that the South of the UK had increased 32% from January 2012! This was buoyed from a ripple effect of the London market and the increase in the 'buy to let' market.

Although we do not expect to see such heavy house price rises in Andover and the surrounding area for 2015 there is an expectation that the market activity will still be strong with small percentage rises throughout the year. 

We also expect January to be a busy time in the market where people immediately get online house hunting immediately that Christmas is behind them."

 

Now is a great time to be preparing for your home to come to market. Why not call us to get a FREE and no obligation valuation. You never know, your home may be worth more than you think!

The residential buy to let property market here in Andover has always been reliable, safe and profitable for investor buyers. With typical yields of 5 - 10% yields on relatively low purchase prices.

As many of you will be aware, Belvoir is part of a national network of owner operated businesses where Andover sits in the top 5 busiest in the UK. Be with Belvoir for expert property marketing services.

For a more information on anything relating to property, whether it to be buying, selling, marketing, finance or mortgages, please contact us 01264 366611 or sales@belvoirandover.com