Property News UK - National Residential
 

Property News UK

Property Auctions

Are All Property Auctions The Same?

ABSOLUTELY NOT – also, worthy of note: not all bidders are the same either – our auctions recognise that.

The method we use to sell property is often referred to as a ‘Modern‘ Property Auction’ (also known as conditional auctions). It is different to many other types of auction (offline and online) because of what happens when the bidding ends. In a Modern Property Auction when bidding ends the winning bidder pays a non refundable deposit to secure the property but the crucial difference is the winning bidders are given time to secure lending.

 

Because our auctions are open to private buyers with mortgage funding (not just cash buyers who are often developers looking to buy a property at rock bottom prices so they can make a profit when reselling), our properties typically sell for 10 – 15% more than similar properties sold at auction houses.

 
Our fees are lower too, (see next section)!

Similar to the ‘sealed bids’ process, in our auctions a winning bid is the BEST offer the seller chooses to accept which is usually but not always the highest bid. Like traditional auctions, all bids are legally binding and the bidding process is transparent so all bidders are kept informed of other bids throughout the process.

 

National Residential Auction vs Auction House: Seller Costs

Our commission rates range from ZERO – 1% (min £2,000) depending on what sale option our sellers choose.

Auction houses normally charge between 1% – 3% commission. As well as higher commission fees, many auction houses also charge an entry fee, legal fees and additional advertising fees that can easily add £3000 to the cost of their services and some of those cost will be charged whether a property sells or not.

We do not charge any type of entry fee or legal fees if a property does not sell. Almost all our sellers set a reserve price and there is no entry fee, marketing fee, legal fee or agency fee to take part in an auction so, with a no sale, no fee policy, we simply do not get paid for our time, effort and costs if we cannot match or exceed our seller’s expectations.

If we cannot sell a property, our sellers pay nothing !

 

Buyer Experience

As well as making it possible for mortgage lenders to bid, we do everything we work hard to make participation in our auctions less daunting than other auctions and to ensure buyers are kept informed of all costs and conditions before bidding so that their experience is a happy one.

Bidding can be done independently from the convenience of a phone or computer connected to the internet or with the help and guidance of our consultants over the phone. The bidding window is open for longer and we always end our auctions outside office hours to make them as accessible as possible.

The better the experience is for a person interested in a property, the more likely they are to bid. Normally, the more bids there are in an auction, the more the competition between bidders pushes up the final sales price. AND the greater the transparency in a process, the less likely it is that the sale will fall through due to buyer grievances and/or misunderstanding.

 

Buyer Fees / Costs

National Residential do not normally charge buyers’ fees* and the nonrefundable deposit buyers pay to secure a sale always counts towards the final sale price so buyers do not lower their bids to factor in costs that are paid to the auctioneer.

* In some circumstances, sellers do ask us to charge buyer’s fees rather than commission so they know their ‘walk away’ price more easily. When this happens all fees are clearly marked in the property description.

 
property developer budgetMost property buyers (and especially cash buyers who attend auction properties) are restricted by budget – whether that is determined by lending limits or ROI and have to factor the cost of buying at auction into the offers they can make. Buyer fees and charges effectively take money out of the property budget into the costs budget and ultimately into auction house profits.

 
Some auction providers charge a non refundable reservation fee in addition to a buyer deposit or a deposit that does not contribute towards the final sale price. This and any other cost the buyer has to pay will either affect the offer they make for your property or could jeopardise the sale if they were not aware of the additional costs.

At National Residential there are no hidden costs. We work hard to ensure all our costs and commitments are know to sellers and buyers throughout our processes so that the sales complete as fast as possible and our reputation among buyers and sellers is held in high regard.

To see what buyers (and sellers) think of our services please check us out on Google Reviews, Trustpilot and/or our own testimonials page (that also include the length a property has taken to sell, the starting over (guide) price and the final sales price.

National residential on TrustpilotNational residential on Google Reviews

 

Conveyancing

As we mentioned earlier, one of the biggest differences between traditional auctions and modern auctions is what happens after a sale is agreed – modern auctions offer slightly longer for completion meaning the auctions are open to more people (so the sale price is more likely to be higher and the added time means sellers have more time to prepare their property for handover after a sale has been agreed so they can keep their options open until they receive a suitable offer).

Once a sale has been agreed and a deposit taken, the whole process is handed over to solicitors to complete the process for their respective clients within the permitted time frame.

The added certainty in terms of completion and schedule that an auction sale provides are two of the many reason people choose to sell their properties at auction rather than run the risk of broken chains, collapsed sales and frequent delays.

Most auction houses recommend conveyancing solicitors but are not involved in helping them to achieve the deadlines so sellers (and buyers) must take responsibility to maintain an active interest in the progress of the sale and to demand timely developments and remind solicitors of the conditions of the sale as required.

We can provide panel solicitors to act on behalf of both buyers and sellers and we will even pay £600 +VAT towards our sellers’ legal fees* if they use them because we can use our repeated business with the solicitors to ensure they prioritise our buyers/sellers and it makes it easier for us to liaise between them to ensure our track record of fast completions are not damaged.

The difference between National Residential and other auction providers in respect of conveyancing/completion is our involvement. By participating more in the process (e.g. posting documents and providing postage paid envelopes for fast return, ordering searches, liaising between solicitors, surveyors and mortgage lenders, helping to present solutions where problems arise) we do the most to ensure more auction sales agreements complete.

 


 

Solve Problems Using Our Cash Against The Equity In Your Home

These options are not relevant to everyone which is why we have saved them for last but for anyone considering an auction because their property is unsuitable to sell at an estate agent’s – e.g. if it is tenanted, has a short lease, is in a state of disrepair and/or in need of clearing or is unmortgagable – OR because they need a fast sale but want a better price than selling directly to property buyers (an option we also provide), we can provide very useful options that auction houses do not provide.

We can:

  • Maximise the Sale Price

    We can use our fund to solve problems that affect the value of a property before the sale completes if the cost of the solution is less then the added value to the selling price – i.e. if it is worth YOUR while to do so.

  • Provide Cash Advances*
  • If you need cash ASAP, we can advance a % of the final selling price ahead of completion.

  • Stop Debt Collectors Adding Interest & Charges To The Debt*
  • If you are selling an asset to repay lenders, the sooner you can do it the less interest and charges will be added to your debt. Do not underestimate the cost of debt – it can add thousands onto a moderate debt.

  • Stop Repossession Orders and Give you Time To Relocate On Your Own Terms*
  • If you have a repossession order against the property because of missed mortgage repayments, we can pay your lenders what is outstanding and lend you a cash advance if there is any equity tied into the property so that you can get a better price for your property and organise alternative accommodation before the sale completes.

For more information about how National Residential can provide more options and a better sales price than traditional auctions, get in touch today.

We will explain our options, estimate the sale value of your property and suggest a reserve price we think can achieve.

* If you need the speed of a traditional auction but the performance of a modern auction, these solutions are ideal for you.


House Prices After Brexit

 

What Will Happen To House Prices After Brexit?

A lot of people have speculated about what will happen to house prices after Brexit. The uncertainty has had a dire affect on the housing market with fewer buyers, fewer sellers and sales taking longer to complete. Despite the smaller volumes of trade and slowed growth rate, house prices have largely remained the same with only Scotland showing a small fall in house prices in the months immediately running up to the first withdrawl deadline in March 1, 2 so why is the market so affected by the uncertainty over Brexit?

 

Stark Warnings About House Prices After Brexit Have Excited Buyers

There have been stark warnings from the Bank of England’s governor Mark Carney that house prices could fall by up to 30% from their pre Brexit level if there is no deal. He also said that is his job to plan for the worst case scenario suggesting that the pessimism is based on possibility rather than probability. While most industry experts do predict some sort of drop in price following a no deal Brexit, although there are also those who predict no change and those who predict slight increases 3.

Gauged by the reduced activity in the housing market it seems as though a significant number of buyers are delaying their plans to buy property until after Brexit due to the fear of negative equity if the property values drop significantly.

The buyers most tempted by the prospect of a drop in property costs are those who are not also selling during the same period – i.e. first time buyers, second home owners and buy to let landlords. They represent a significant percentage of the housing market buyers.

 

Will House Prices Drop After Brexit?

The simple answer is that nobody can know until a plan has been agreed and even then the extent of any affect on house prices after Brexit will also depend on a range of other economic factors including Secton 24, aka The Landlord’s Tax.

The following information gathers together some relevant factors and attempts a logical understanding of the situation. It is NOT intended as any sort of advice.

 

Continue reading House Prices After Brexit


Stop An Agreed Property Sale Collapsing

The problem: Broken House Chains

With over 10 years of specialising in selling property quickly, we do of course know the pitfalls that can derail any house sale – i.e. issues that cause chains to break resulting in everyone involved wasting time and money.

We also know that the average percentage of agreed sales that fall through is currently stands at almost 40% and unfortunately, the number is on the rise*.

 

* According to recent figures released by Quick Move Now, the number of house sales falling through before completion has risen to 38.8% in Q1 2018 – nearly four percentage points higher than a year earlier and 18 percentage points higher than five years ago.

 

Of course, any experienced estate agent also knows this but unlike most, we at National Residential do not accept that it is an ‘acceptable risk’  and/or unavoidable.

That is why we have tailored our sales process to minimise risk and maximise success. Our stats speak for them selves – due to our rigorous buyer approval procedures 95% of our agreed sales complete.

 

Continue reading Stop An Agreed Property Sale Collapsing


Section 24 – HMRC UK Tax Changes

Section 24 Means Buy To Let Landlords Can No Longer Offset 100% of Mortgage Interest Against Rental Income.

Section 24 - Her Majesty's Revenue & Customs logo Section 24 is a HMRC taxation change affecting what costs can be deducted from rental income to calculate ‘Net Profit’ – i.e. the figure counted as income and the figure that you will pay taxed against.

As tax relief drops, tax bills will rise and in some cases taxes owed will be more than the income minus costs.

Chris Cooper of Axe The Tenant Tax said,
A perfect storm is brewing in the rental market, landlords will either have to raise rents or sell because of the tax rises. Landlords are sleepwalking into disaster”.

section 24 tax payments prediction

The tax relief that private landlords of residential properties will be able to claim for finance costs is being restricted to the basic rate of Income Tax (20%) for the lowest amount between finance costs, property business profits or adjusted total income.

Until April 2017 mortgage interest was an allowable expense so ‘Net Profit’ represented rental income minus mortgage interest and any other allowable expense.

After 2021, Net Profit will be calculated on rental income minus allowable expenses but NOT including mortgage interest.

The changes are being phased in over a four year period with the amount of finance that can offset income being reduced from 100% to 0% in 25% steps.

 

2016 /17 – 100% TAX RELIEF

100% of 360,000 = £360,000

Taxable income, (450,000 – 360,000) = £90,000

Income Tax calculation:
£11,000*0% = £0
£32,000*20% = £6,400
£47,000*40% = £18,800

Total Income Tax = £25,200

2017/18 – 75% TAX RELIEF

75% of 360,000 = £270,000

Taxable income, (450,000 – 270,000) = £180,000

Income Tax calculation:
£11,000*0% = £0
£32,000*20% = £6,400
£137,000*40% = £54,800

Total Income Tax = £61,200

 

2018/19 – 50% TAX RELIEF

50% of 360,000 = £180,000

Taxable income, (450,000 – 180,000) = £270,000

Income Tax calculation:
£11,000*0% = £0
£32,000*20% = £6,400
£227,000*40% = £90,800

Total Income Tax = £97,200

2019/20 – 25% TAX RELIEF

25% of 360,000 = £90,000

Taxable income, (450,000 – 90,000) = £360,000

Income Tax calculation:
£11,000*0% = £0
£32,000*20% = £6,400
£317,000*40% = £126,800

Total Income Tax = £133,200

 

2021 onward – 20% TAX RELIEF

20% of 360,000 = £72,000

Taxable income, (450,000 – 72,000) = £378,000

Income Tax calculation:
£11,000*0% = £0
£32,000*20% = £6,400
£335,000*40% = £134,000

Total Income Tax = £140,400

 

 

 

NB. These calculations (together with the others on our case studies page) are intended as approximate illustrations only and may contain minor inaccuracies. We strongly recommend anyone concerned about the effect of Section 24 on their tax bills should discuss the implications with their accountant and get a detailed, tailored projection.

For the government guidance on working out the effect of Section 24 tax relief abolition, see How to assess the impact of Section 24 from 6 April 2017.

The most consistent advice given to landlords and property investors by the HRMC and advisory bodies is make sure you keep informed and are prepared for the effects of Section 24 so you can make informed decisions and plans ahead of tax payment deadlines.

National Residential consultants are experts in property investment as well as property sales. Contact us today on 01244 757152 to find out how we can help landlords and property investors to respond to Section 24 tax changes.

Continue reading Section 24 – HMRC UK Tax Changes


Case Studies of Section 24 Buy To Let Tax Changes

Buy To Let Section 24 Finance Expenses, Tax Changes

NB. All figures are intended as a guide only. The calculations have not been confirmed by the HMRC however they are based on the formula given on the HRMC guidance – please see HMRC Case Studies re Section 24 Tax Changes

Anyone considering selling their property based on these figures should seek confirmation from their accountants. National Residential cannot be held accountable for any inaccuracies in the information given.

All case studies are based on before 2017 (i.e. before the tax changes come in force) or after 2021 (i.e. after the gradual changes have been phased in).

The 4 phases are:

  1. 17/18: 75% of finance costs deductible from rental income, 25% basic rate tax reduction for finance costs.
  2. 18/19: 50% of finance costs deductible from rental income, 50% basic rate tax reduction for finance costs.
  3. 19/20: 25% of finance costs deductible from rental income, 75% basic rate tax reduction for finance costs.
  4. 20/21: 0% of finance costs deductible from rental income, 100% basic rate tax reduction for finance costs.

As summarised on Section 24 – HMRC UK Tax Changes, the biggest affect to tax bills will be to people whose income is taken into the higher tax brackets however people whose tax remains the same could find that they lose some benefits as the amount classed as income will change.

As a general rule of thumb, the bigger the finance costs are, the bigger the effect of Section 24.

 

Rent: 650 pcm = £7,800 pa
Mortgage interest: £450 pcm = £5400

A person paying basic rate of income tax (20%) before 2017

Other income = £26,000

Property income calculation (1 property):
Rental income = £7,800
Finance costs = – £5,400
Other allowable expenses = – £1,000
Property profits, 7,800 – (5,400+1,000) = £1,400

Total income (26,000+1,400) = £27,400

Income Tax calculation:
£11,000*0% = £0
£16,400*20% = £3,280
£0*40% = £0

Final Income Tax = £3,280

A person paying basic rate of income tax (20%) after 2021

Other income = £26,000

Property income calculation (1 property):
Rental income = £7,800
Other allowable expenses = – £1,000
Property profits (7,800-1,000) = £6,800

Total income (26,000+6,800) = £32,800

Income Tax calculation:
£11,000*0% = £0
£21,800*20% = £4,360
£0*40% = £0
Total Tax = £4,360

Less 20% tax reduction for finance costs (£5,400*20%)= -£1080

Final Income Tax (4,360-1080) = £3,280

A person paying basic rate of income tax (40%) before 2017

Other income = £46,000

Property income calculation (1 property):
Rental income = £7,800
Finance costs = – £5,400
Other allowable expenses = – £1,000
Property profits, 7,800-(5,400+1,000) = £1,400

Total income (46,000+1,400) = £47,400

Income Tax calculation:
£11,000*0% = £0
£32,00*20% = £6,400
£4,400*40% = £1,760

Final Income Tax (6,400+1,760)= £8,160

A person paying basic rate of income tax (40%) after 2021

Other income = £46,000

Property income calculation (1 property):
Rental income = £7,800
Other allowable expenses = – £1,000
Property profits (7,800-1,000) = £6,800

Total income (46,000+6,800) = £52,800

Income Tax calculation:
£11,000*0% = £0
£32,000*20% = £6,400
£9,800*40% = £3,920
Total Tax = £10,320

Less 20% tax reduction for finance costs (£5,400*20%)= -£1080

Final Income Tax (10,320-1080) = £9,240

(+ £1080 on 2017 figures)

 

Rent: 1,500 pcm = £18,000 pa
Mortgage interest: £1,200 pcm = £14,400pa

Before 2017

Other income = £20,000

Property income calculation (4 properties):
Rental income = £72,000
Finance costs = -£57,600
Other allowable expenses = -£8,000
Property profits, (72,000-65,600) = £6,400

Total income (20,000+6,400) = £26,400

Income Tax calculation:
£11,000*0% = £0
£15,400*20% = £3,080
£0*40% = £0

Final Income Tax = £3,080

After 2021

Other income = £20,000

Property income calculation (4 properties):
Rental income = £72,000
Other allowable expenses = -£8,000
Property profits (72,000-8,000) = £64,000

Total income (20,000+64,000) = £84,000

Income Tax calculation:
£11,000*0% = £0
£32,000*20% = £6,400
£41,000*40% = £16,400
Total Tax = £22,800

Less 20% tax reduction for finance costs (£57,600*20%)= -£11,520

Final Income Tax (22,800-11,520) = £11,280

(+ £8,200 on 2017 figures)

 

Rent: 1,500 pcm = £18,000 pa
Mortgage interest: £1,200 pcm = £14,400pa

Before 2017

Other income = £0

Property income calculation (50 properties):
Rental income = £900,000
Finance costs = -£720,000
Other allowable expenses = -£75,000
Property profits, (900,000-795,000) = £105,000

Total income (0+105,000) = £105,000

Income Tax calculation:
£11,000*0% = £0
£32,000*20% = £6,400
£62,000*40% = £24,800

Final Income Tax = £31,200

After 2021

Other income = £0

Property income calculation (50 properties):
Rental income = £900,000
Other allowable expenses = -£75,000
Property profits (900,000-75,000) = £825,000

Total income (0+825,000) = £825,000

Income Tax calculation:
£11,000*0% = £0
£32,000*20% = £6,400
£782,000*40% = £312,800
Total Tax = £319,200

Less 20% tax reduction for finance costs (£720,000*20%)= -£144,000

Final Income Tax (162,800-144,000) = £175,200

(+ £144,000 on 2017 figures)

 

Rent: 800 pcm = £9,600 pa
Mortgage interest: £525 pcm = £6,300 pa

Before 2017

Other income = £0,000

Property income calculation (12 properties):
Rental income = £115,200
Finance costs = -£75,600
Other allowable expenses = -£15,000
Property profits, (115,200-90,600) = £24,600

Total income (0+26,600) = £24,600

Income Tax calculation:
£11,000*0% = £0
£13,600*20% = £2,720
£0*40% = £0

Final Income Tax = £2,720

After 2021

Other income = £0,000

Property income calculation (12 properties):
Rental income = £115,200
Other allowable expenses = -£15,000
Property profits (115,200-15,000) = £100,200

Total income (0+100,200) = £100,200

Income Tax calculation:
£11,000*0% = £0
£32,000*20% = £6,400
£97,200*40% = £19,440
Total Tax = £25,840

Less 20% tax reduction for finance costs (£75,600*20%)= -£15,120

Final Income Tax (25,840-15,120) = £10,720

(+ £8,000 on 2017 figures)

Finance costs include: mortgages, loans – including loans to buy furnishings and overdrafts.

Vanessa Warwick of Property Tribes said “I believe that Section 24 is the biggest threat that the private rented sector has ever had to face. It is a ticking time bomb.”

Chris Cooper of Axe The Tenant Tax said, “A perfect storm is brewing in the rental market, landlords will either have to raise rents or sell because of the tax rises. Landlords are sleepwalking into disaster.

To find out National Residential can help you avoid the affects of Section 24, see our guide Section 24 What Can Landlords Do


Introducing ‘Registered Auctions’.

National Residential have been at the forefront in setting standards for selling property quickly and fairly since we began in 2007. We were a select group of industry representatives selected to define a Code of Practice For Quick House Sales Companies to The Property Ombudsman (TPO) and in 2013 we helped set up the National Association of Property Buyers (NAPB) to inform the public of companies that agree to the principles and abide by the practices listed in the code.

At the heart of the code is transparency – see Code of Practice for Residential Property Buying Companies

We believe that selling property using our ‘Modern Auctions’ method adds convenience and transparency to our property sales:

  • by accepting a combination of online and telephone bids ensures no-one is prevented from making an offer due to other commitments, inexperience of internet bidding or financial arrangements that prevent us ring fencing funds for the holding deposit until the auction ends.
  • all offers (including telephone bids) are added to the auction and our consultants keep all participating parties informed.

Although the process that follows online bidding to secure a purchasers agreement usually takes just 24 hours to conclude it can sometimes take longer and the bidding process is only formally ended once we are sure we have the highest bid, the seller has accepted this bid, and the winning buyer has paid their deposit and has passed the financial qualification process with our sales team.

To complement our existing sales options by providing sellers a faster qualification period and more certainty to the highest bidder at the end of an auction, we are pleased to introduce ‘Registered Auctions’ which will run alongside our existing auctions.

The platform is provided by the ‘Essential Information Group’ (EIG), a secure, independent online auction service provider since 1991.

Continue reading Introducing ‘Registered Auctions’.


London Property Market

How Long Does it Take To Sell London Property?

On average, London property takes longer to sell than any other area of the UK.

According to RightMove’s October House Price Index, top London property takes an average of 86 days to sell and the average for all London property types is 65 days.

 

National Residential sell all types of London property from 1 bedroom flats to 5 bedroom semi-detached housing. Our top property (with a sale price of £780,000) took only 29 days to sell – that is over 50 days below the average for the same type of property.

 

During the year Nov 2016 to Oct 2017, the average selling time National Residential took to sell all types of London property was just 26 days compared to the average time other estate agents take of 61 days.

 

Continue reading London Property Market


Performance Report for July, Aug, Sept & Oct

We sell property in our 28 day auctions for 100% of their market value – but what is ‘market value’?

Market value is the top price that buyers from a mix of the private and investment sectors will pay for a property. It isn’t always the price sellers think their property is worth and it isn’t anything we can control – quite simply, it is what people want to pay.

There is, of course, more than one way to find the market value – one way is to start high and end low, reducing the price every 3 months or so until eventually it is what someone is willing to pay. On the plus side, sellers can dream big but the negative side of being ‘ambitious’ is potentially long and costly delay in selling your property.

The time it takes to sell a property fluctuates with season, the market, the asking price and regional influences but most people are aware of property that has been on the market for months and months and months…

 

Some estate agents recommend asking prices that, at best can be described as  ‘ambitious’ (and at worst misleading) purely to secure representation.

unrealistic property valuation

 

Continue reading Performance Report for July, Aug, Sept & Oct


Selling Tenanted Property

selling tenanted property

As we previously documented in Complications & Problems Selling Rental Property,  there are A LOT of decisions to be made and a lot of laws to be considered when landlords decide they want or need to sell their rental property and a lot of it depends on factors that are usually unknown at the start of the process – such as, whether the buyer you haven’t met yet is looking for a private residence or a rental property and whether they would prefer a sale with sitting tenants or vacant possession.

If landlords selling tenanted property choose to leave tenants in situ during the sale it could cause problems showing the property but if they vacate the property too soon, it could cost them thousands in lost rent.

The best option, of course, is to leave sitting tenants in situ as long as possible but not so long that it causes problems. Timing, speed and legal advice are all crucial to getting the best results for landlords selling tenanted property.

National Residential specialise in selling tenanted (& sub-tenanted) property, often with additional complications like short leaseholds or absentee freeholders.

Continue reading Selling Tenanted Property


Complications & Problems Selling Rental Property

Problems Selling a Rental Property With Tenants In Situ During The Sale

Selling a rental property with tenants in situ can be difficult in any circumstance because it can add cost (sometimes in the form of losses), risk and complication throughout the process to both the buyer and the seller.

For home owners selling property while tenants are in situ, the potential for problems range from showing interested parties around the property without infringing a helpful tenant’s legal right to ‘quiet enjoyment of the property’; to trying to arrange access to the property with ‘unhelpful‘ tenants; to ‘bad’ tenants putting buyers off through sabotage, unkempt surroundings and resentment; to collapsed sales through problems with mortgage conditions; to the compliance of any tenant to fulfil any state of occupancy at completion agreed between the buyer and seller.

In other words, some buyers might want the tenants to stay while other buyers want them to leave. They can refuse to do either. It’s a risky business.

bad-tenants

Added to all that, with the legal implication tenancy types have on eviction options and thereby sales options it’s easy to understand why more sales can fall through selling a property with a sitting tenant and why property with tenants in situ can be difficult to sell.

Continue reading Complications & Problems Selling Rental Property


David Coughlin, Managing Director of National Residential shares the secrets of his success.

Waiting to sell your house is undoubtedly one of the most traumatic experiences you can have. Thousands of Homeowners and Landlords throughout the UK have taken the option to sell their house through National Residential rather than wait for possibly months with their local estate agent.

“Success has been built on providing the very best service for people selling their properties. We not only ensure the vendor gets the very best deal possible but we also ensure that all of our business practices are completely transparent. When you concentrate on being a loyal, friendly and courteous service, it’s natural for more people to come to us for help.”

David Coughlin, Managing Director of National Residential

Continue reading David Coughlin, Managing Director of National Residential shares the secrets of his success.


National Association of Property Buyers (NAPB)

The National Association of Property Buyers (NAPB) was founded in 2013 in response to to the growth in popularity of Quick House Sales companies.

Quick house sales companies differ from estate agencies because they enable members of the public to sell their properties fast by buying them directly or brokering a deal with a property developer – i.e. without promoting them to the public or having to wait  for someone to make an offer. Quick house sales companies that buy property directly must have significant funds available to make an instant purchase.

Continue reading National Association of Property Buyers (NAPB)


The Property Ombudsman (TPO) Member

Help & Advice To Resolve Property Sales Disputes

The TPO provides consumers with free, impartial and independent advice for all types of property sales. Its Redress Scheme has been providing consumers and property agents with an independent dispute resolution service since 1990.

It is a government approved scheme to provide independent rulings  designed to achieve a full and final settlement of disputes and all claims made by either party. Continue reading The Property Ombudsman (TPO) Member


Quick House Sales – Good Practice Regulations

The Office Of Fair Trading reported “Quick house sales can be beneficial to home sellers who want a quick, guaranteed and hassle-free sale. Our study has shown this to be a dynamic and innovative sector where some businesses have modified their business models to try to offer a better service to home sellers.

The Office Of Fair Trading, Quick House Sales Market Study, 2013, http://webarchive.nationalarchives.gov.uk/20140402173245/http://oft.gov.uk/shared_oft/market-studies/oft1499.pdf

Continue reading Quick House Sales – Good Practice Regulations


Sell A Short Leasehold London Property in 3 Days

Anyone trying to sell a leasehold property will know about the drastic affect a short term left on the leasehold will have on its value and the time it will take to sell (even at a very reduced price).

National Residential Can Solve Most Property Sales Problems

If only they also knew what National Residential can do to sell a short term leasehold property for a better price and a fast sale….  If you’re wondering, you could read this article ‘Is a Short Leasehold Stopping You From Selling Your London House?‘   or you could just take a look at a recent example then phone us on 01244 757152 to find out how we did it.

 

London flat purchased in just 3 days!

Instruction on Friday and completed the next Tuesday!

In June 2017, National Residential purchased a property with a short leasehold  in London in just 3 days. The flat’s owner had the combined problems of a very short lease along with an absentee freeholder so had no way of extending their lease to sell on the open market. National Residential stepped in and we completed on the purchase in just 3 days.

Phone now on 01244 757152 to find out how National Residential can help you sell your short leasehold property in just 3 days.


Is a Short Leasehold Stopping You From Selling Your London House?

Short Leasehold Property For Sale in London

Short leaseholds are a major problem if you want to sell your house  – especially in London where the cost to extend a leasehold can be very prohibitive. Short leaseholds start to affect the selling price of the property at about 80 years. The fewer years there are left on a leasehold, the more affect it will have a property sale price.

Continue reading Is a Short Leasehold Stopping You From Selling Your London House?


Avoid Bankruptcy Charges & Trustee Fees

BANKRUPTCY CHARGES CAN DOUBLE A DEBT.

You could lose your home and ADD bankruptcy fees and/or costs of up to £60,000 if you let trustees control repayment of your  debt*.

*A trustee charged to manage a banckruptcy and ensure all debt is repaid can charge c.£300 per hour and you could be charged a Secretary of State fee of 17.5% on the amount raised from the sale of your home to repay your bankrupt debt.

Meanwhile, your bankruptcy creditors can also claim 8% statutory interest on outstanding amounts.

You will  save money the sooner you can repay your debts.

Your house can be forcibly sold  up to three years after your bankruptcy order if there is no other way to repay your debts. 

You will probably get a higher price for your house if you sell it yourself and you could avoid thousands of pounds in added cost.

Continue reading Avoid Bankruptcy Charges & Trustee Fees


Repossession Orders

Home repossession is the same  process as ‘mortgage possession’ – it is a process lenders go through to recover money owed to them if the terms of repayment are broken by the borrower (debtor).

When a house is sold in the repossession process, any money that exceeds the mortgage loan or any other loan secured on the property or the court costs and fees is returned to the subject of the repossession order (the person whose home is sold).

Who Can Repossess Your Home

Your home can be repossessed by your mortgage lender if you fail to make the scheduled mortgage repayments agreed in the loan agreement.

Your home can also be repossessed by a lender of other loans if you have used your house or any equity tied into your house value to secure the loan.

Continue reading Repossession Orders


Endowment Mortgage Shortfall

Since the 1980s and 1990s, many thousands of endowment policies have failed to mature as expected leaving thousands of policies with an endowment mortgage shortfall and homeowners struggling to make their final mortgage repayments.

If policy holders do not have savings or some other means to cover the mortgage repayment shortfall, it may be possible to extend the term of their mortgage if they still have a regular income.

However, if they cannot raise money to cover the shortfall or extend their mortgage term, they may have to sell their property to release the equity tied into it.

Downsizing To Repay an Endowment Mortgage Shortfall

A significant difference between the amount the property  has increased in value and the money needed to make up the shortfall may provide enough funds to buy a smaller property outright and repay the endowment shortfall.

Continue reading Endowment Mortgage Shortfall


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