Q: I’m buying a new property and it’s perfect…

… do I really need a Homebuyer Report?

A: Unless you have a great deal of property experience and construction expertise, it is essential that you seek the opinion of a professional before you enter into contract. Just as you would never buy a car without first looking at the engine, do not buy a property without confirming that it is structurally sound. There may be things lying await beneath that fresh lick of paint that even the vendor themselves are not aware of.

In general it is best to organize a full building survey. This type of survey looks not only at the structure but all of the building elements, ie. roof, windows, decoration, fixtures, fittings, services…

Remember, if the surveyor identifies defects, you may be able to negotiate the cost of these repair/ maintenance works off of the purchase price.

But there is also the lesser option of the homebuyer report, which does not provide as much detail but instead simply gives a professional opinion as to the current state of the property. This may be enough to enable an informed purchase decision.

For more information on propertysurveys from Dawson Surveyors, click here.

You will also need to consider the fact that when applying for a mortgage, your lender will request a valuation. This acts as reassurance to the bank or financial entity that their investment into your property is safe whilst you repay the borrowed amount. Whilst a property valuation is not the same as a survey, it can be incorporated into a full building survey.

We recommend that your surveyor is from a RICS regulated practice as it is important to know that your professional is highly skilled and acting in accordance with industry codes of practice.

In addition, you can discuss future plans for the property with your Chartered Surveyor, and again receive a professional opinion on their feasibility and ease. Dawson Surveyors can assist you with all of your design, permitting and planning needs as well as advise or project manage conversion or extension projects.

For aninstant building survey quote, please click here.

Or call us now. Initial advice is free of charge. +44 (0) 1424 882263

UK Property Prices: North v South

London property prices have always made the eyes water. But recently the well-documented prices have risen to levels that could cause an eye geyser rather than a gentle water.

Statistics over the past few months however, show that perhaps it isn't London that presents the most intriguing property investment potential. 

The property pricing trough hit in 2009 and since then rates have, in general, been on the increase with dubbed "housing bubbles" and "booms". However, it wasn't until 2012 that prices in Northern cities such as Leeds, Liverpool, Newcastle, Glasgow and Edinburgh started to recover with Belfast only recently showing improvement. Therefore, perhaps it is these locations that are worth watching for the savvy investor.

UK property institutions such as Nationwide, Halifax and RICS have all suggested that there will be a loss of momentum in London and so, the best investments could be found outside of the capital.

When looking at the final quarter of 2014, thisismoney.co.uk says "Cities in the north of the UK have seen more rapid house price growth". 

The Telegraph did report during summer 2014 that "...in the north of the country, every county except two has prices that are still below their precrisis peak, with County Durham, West Yorkshire, Greater Manchester and the North East among the worst hit." But somewhat contrary and more hopeful statistics were released in January 2015 by thisismoney.co.uk who stated, "the region which saw the biggest boost was the North West, with prices rising 2.6 per cent in the month." In addition, Lucian Cook of Savills supports this statement by saying, "At the other end of the scale, there is more capacity for price growth in the North East". Although he does add that "the economic drivers for it to be realised are weak." 

In summary, the challenging factor about London property and surrounds is the ability to achieve a good return on investment. With prices so very high, profits can only be sustained at a limited percentage. For example, LSL quoted rental yields of 7.1% for the north-west whereas London achieved only 4.3%. Any Buy-to-Let investor is indeed recommended to consider northern UK climes over its southern neighbours.


Of course, house prices are closely linked to employment rates and so London's burgeoning economy now, and always will, aid southern UK figures.


Dawson Surveyors knows that there is never an easy answer to property investment. And, of course, no property investment should ever be considered without fully assessing the specific merits of the property itself. 
Whether in the north or south, 
whether a flat, house or mansion, 
bricks and mortar always matter!


But we also believe that there are no problems and only solutions so please contact us for more information. Initial advice is free of charge. And our instant quote online service can make booking your property survey even easier!

Dawson Surveyors for East Sussex, London & Further Afield

Dawson & Associates operate from Rye, East Sussex. Therefore, a percentage of our work is obviously based in this stunning area of the UK – affluent properties are released to market in a steady fashion at an average price of £402,008 and generally sold within 6 months. 

However, we do often find that our RICS regulated Chartered Surveyors are called into South-East and Central London. With over 40 years of qualified surveying experience, our level of expertise is frequently in demand. And so, it is not only the UK who call for our property services but also parts of the France and Spain.

Dawson & Associates have a good working knowledge of both Spain and France that has been derived simply from a longterm relationship with both – on personal AND professional levels. We have seen the property markets flourish and suffer over the years and obviously, the basic, solid rules of what makes a good property investment are the same no matter what the language of its current occupants. This is a simple fact that many investors tend to forget as a side-effect of a sunny season. A property must be structurally sound, without debt and without major cause for longterm concern if you are to exchange contracts in the UK, France, Spain or anywhere else in the world (unless, of course, allowances are made within the sales price).


For more information on property services and surveys from Dawson & Associates, please visit www.dawsonsurveyors.com or call us directly at 01424 882263

Leasing a Property?

... Protect Yourself and Your Business!



The term "schedule of condition" is one whose meaning is not immediately obvious. 
In the broadest sense, we could say that it clearly details the condition of a property at the point in which you have taken responsibility for it. 


"SCHEDULE OF CONDITION
A Schedule of Condition will record the condition of the building at that particular time
and may be supported by photographs, sketches and drawings. It may be prepared at
the beginning of a lease or prior to commencement of adjacent construction work or in
connection with litigation."


If you are leasing or renting a property, whether for either your own specific use or for a number of employees, you will be expected to return it in the exact state or repair (in some cases, this should perhaps read "disrepair") as it was given to you. This is a reasonable request and tenants often accept the responsibility by contract without much thought. But one year or maybe even 10 years later, it will be very hard to remember which marks on the floor or holes in the wall were there originally. Most especially if there is a variable number of staff and clients within the building, causing mishaps without your knowledge - possibly without even their own knowledge. And of course, there is always the question of acceptable wear and tear, meaning that the cost of replacement should be charged to the owner and not the tenant.

Whilst everyday life unfortunately does result in minor scrapes and spoils which individually demand little effort to repair, the cost can definitely be daunting if many small items accumulate over time. It´s at this point that disagreements/ confusion occurs.

If you don't have a clear reference document that has been methodically compiled by an impartial professional, it may be impossible to ever ascertain who is right and who is wrong. In these cases, it is often the tenant who takes the fall as they contractually accepted the responsibility of care for the building. 

Dawson Surveyors is a big believer in making life straightforward – most especially business life where every disruption to the working day costs money! Therefore, our Schedule of Condition report is a precise written and photographic examination of the existing condition of the building prior to rental or purchase. We also ensure that any areas that are likely to present problems in the future are highlighted to ensure that reasonable maintenance support is provided by the landlord or current owner, free of charge.

In addition a Schedule of Dilapidation Report is often commissioned by either the landlord or tenant to protect their own interests. Simplifythelaw.co.uk defines a Schedule of Dilapidation as:

"A schedule of dilapidations is a document, normally prepared by a surveyor, which lists the problems with the maintenance of a building which a tenant needs to remedy or account for (dilapidations). A schedule of dilapidations is prepared after the completion of a dilapidations survey and is sometimes known as a ‘Scott’ Schedule.
The schedule should list only the dilapidations for which the tenant is liable and this will vary depending on what the tenant is required to do by the lease."

For more information, please contact Dawson Surveyors today. Our initial advice is free.

Hyde Park Mansion to Top UK Property Charts

It looks as though Hanover Lodge (that we previously documented as being Britain's most expensive property) has some competition... 
[see blog £250 million Russian Investment in London Property]

A Knightsbridge mansion (pictured below) is likely to be sold for £280 million. 

http://www.telegraph.co.uk

Hyde Park Mansion is a 60,000sq ft, 45-bedroom property with underground parking, a large swimming pool and lifts to enable easy traverse from room to room. The most recent owner passed away in 2012 and it has been looking for a daring suitor ever since. As also discussed in a recent Dawson & Associates article [see blog The Politics of Property], the marketplace is now better suited to these kind of extreme-end sales due to the absence of mansion tax. In addition, property sales are naturally stimulated by a view of political – therefore economic – stability. But even millionaires/ billionaires need to be realistic with the potential new owner negotiating a revised price tag, significantly lower than the original £300 million. It remains to be seen whether the new owners intend to reside here in a single residence or whether the building will be split into 4 more manageable (and market accessible) family homes, with some believing that it will be divided even further into numerous high-luxury apartments.


The property's contents are yet another multi-million pound investment. Though the 1,252 items are said to be auctioned without a guide price, they include ornate chandeliers, jewel-encrusted bidets, curtains, doors and even gold-plated waste-paper bins. The auction is said be staged by Mark Flynn of auctioneers ProAuction Ltd, over two days in July. Mark states that decorations include "such semiprecious stones as malachite and amethyst together with precious metals such as bronze, gold and silver”. He suggests that the auction enables everybody to have a little taste of luxury with some lots available for as little as £15.


For up-to-date information on the UK property market, please see Dawson & Associate's regular blog posts

The UK's Buy-to-Let Bomb!

Charles of Dawson & Associates has previously raised his concerns about projected rental yields. 

Having been involved in the UK property industry since 1970 (frequently advising portfolio managers with regards to Buy-to-Let investments) he has warned a cautious approach to property investment returns that initially appear large but, in truth, only reflect the current low interest rates. This is an opinion shared by many other property industry professionals and savvy investors who have also witnessed a volume of individuals releasing pension funds to take advantage of this apparent opportunity. An occurrence that could result in an inflated and volatile market, removing first-time buyers from the equation.

With 40 years of property experience, Dawson has seen it all happen before. 
And it is a point well discussed in Simon Watkins' article in The Mail on Sunday...

"It seems that we are suddenly a monopoly-playing nation divided into two tribes: those who have a gleaming, shimmering BTL property and those who do not."

Those 2 million private investors who have ventured into the BTL territory are apparently identifiable by an inherent smugness only achievable by those who have done very well. But Watkins and Dawson agree, once the smoke clears, the mirror may reflect quite a different expression. Because the bank rates are expected to go up 
– what will happen to vulnerable landlords then? 

Watkins hypothesises that with a rise of just 1%, rental profits could easily be wiped out entirely. Should interest rates rise further, the new landlords will soon look to sell which could flood the market with an excess of properties, leading many into negative equity. 

Dawson states that this is just another example of where solid professional advice should be sought before a commitment to the investment is made. The property market does tend to have a cyclical nature so those who have been working in it for many a year, are likely to have seen similar circumstances. A true case of "invaluable experience". 

As a chartered surveyor Dawson can assess the condition of a property and therefore judge its purchase potential. But it is the working expertise of UK and international property development, construction, leasing and sales that will provide a well-rounded prognosis of what the future may hold...


Charles of Dawson & Associates works with highly qualified, senior personnel who are members of the following institutions: • RICS • ASI • CIOB • RIBA • I of C Mgrs • FPWS • CIBSE

Please feel free to contact Charles or any other member of the Dawson & Associates team for instant survey quotes or property advice. Initial consultations are free of charge.