BBC News Debt Diary

You may read a lot of information and articles on the internet about financial and property subjects. But how much of this information is just regurgitated nonsense. How many of these people have actually dealt first hand with the subjects they write about. I recently came across a cool section on the BBC business section where a reader was providing an in depth online diary about her current financial problems and debt worries. Regular BBC news reader Sayara Beg is 36 and a freelance IT consultant. She is currently having financial problems as she is taking a former employer to court over sexual discrimination. Sayara is also pregnant so she is facing further pressure to sort out her and her husband’s financial situation.

The diary is extremely frank and in depth, it covers a lot of her concerns and genuinely makes you feel for her. She covers many subjects such as avoiding repossession, wanting to sell her property in a quick property sale.

Im not sure whether diary entry 13 is her last, but Sayara starts looking back over her struggles with the bank and her creditors and she puts together some tips and advice.

These are work out a budget early, consider timing of starting a family and cutting up your credit cards. To fully understand this advice, you should really go and read all her diary entries which can be found here.

Lending for Housing Mortgages has dropped by 20%

A new record has been set by mortgage lending for property purchase falling to a new low. The British Bankers Association (BBA) has stated that during May, numbers of mortgage approvals has dropped to 28,000. This is a drop of 20% since April and 56% drop since the previous year. This number of approvals is apparently the lowest since the BBA started recording data in 1997. “Measures of mortgage activity were lower in May as a result of tighter lending criteria and economic pressures on households, only remortgaging business is holding up, where people need or want to take advantage of deals with other lenders.” Said David Dooks of the BBA.

Apparently two thirds of the UK mortgage lenders are part of the BBA who are reporting that the UK property market is dealing with an unprecedented slump in sales. Due to the current credit crunch, a lot of the funds used for mortgages and provided by lenders and international financial markets have been stopped.

Many people in the property industry, such as builders, mortgage lenders, surveyors and estate agents are reporting the same bad news and sales are said to drop to between 35% and 45% over 2008.

These bad sales figures have led to house prices falling over the last few months with predictions of prices falling by more than 10% by the end of the year.

A good indicator of sales is mortgage approvals levels, but figures from the BBA show a contradiction in levels so far. This data does not include building societies which will alter results.

All mortgage lenders will provide data and these figures will be published by the Bank of England on 30 June. ”Deep correction” Howard Archer, chief UK and European economist at Global Insight, said “More housing market data, more very worrying news that heighten concern that we are in for an extended, deep correction in the housing market. “The BBA data graphically highlight that housing market activity is currently being throttled by stretched affordability and tight lending conditions. “Very low housing market activity seems certain to feed through to further depress already markedly weakening house prices.”

For more Property news and information on quick property sale visit here

Top tips for selling your property

In today’s blog post we will look at some handy tips for how to prepare and sell your house quickly.

1. Research the market.

Before putting your property on the market, you should sit down and consider your target audience. Who do you want buying your house? Once you have decided, you can make your property appeal to a certain audience. For example turning an office into another bedroom will help target families.

2. Clear up the house

This seems obvious to have your house tidy for people to come and look at it, but not for the obvious reason of simply being tidy. Potential buyers need to be able to imagine themselves in a property and things like family photos and unique pieces of furniture will spoil the illusion for them. Buyers need a relatively blank canvas to be able to imagine themselves in the setting.

3. Clean up and freshen up.

If your house is looking a bit old and run down, a new coat of paint in some of the rooms can do wonders. Replace broken fittings that make the property look bad, but if you do not have the funds to redecorate much then cleaning up should be a high priority. Everything in the house should be spotless and inviting, including your toilets and cupboards.

4. Spread the word

Sometimes word of mouth can be the best way to sell a property. Tell all your friends and neighbours, someone you may know could end up buying your house taking a lot of the stress of viewings out of the equation.

5. Choosing the right buyer

Sometimes the person offering the most for your property may not be the best offer accept. You and your estate agent should look into the persons circumstances before accepting. A person offering a bit less but with no chains can be an all round better situation than someone offering higher but with lots of ties.

6. Using a “Quick sale” Company

Whatever the situation, you will sometimes need to sell your property quickly. A lot of companies offer cash for property but will offer considerably less than if you sold your property through traditional estate agents. But these deals can often be ideal if you need to sell your house fast, need to stop repossession or do not have the funds to fix up your house

Selling your house quickly

If you are having trouble paying off your mortgage and maybe even facing a repossession hearing then you need to get hold of some money quickly. This can obviously be a case of borrowing money from someone you know or taking out a loan, but seeing as you are in financial problems already, these are probably not advisable. Another solution is a quick property sale using a company that will quickly and efficiently buy your house off you giving you financial freedom.

If you need to sell your property fast it is best not to go for the traditional method of using an estate agent, as we are all too aware that this can be a long and costly process, which is something you cannot afford to do if you are having difficulties.

Whereas an estate agent can get you a good price for your property, it doesn’t guarantee a quick deal that will offer you cash for property.

The best way to arrange a fast house sale is to get in contact with one of the many Cash for property specialists that are out there, these companies often guarantee to buy your house, completion of the sale within a short set time, no estate agent fees and a cash sale price. These companies will also offer services such as sell and rent back, this is where they will buy the house off you, which releases the equity of the house so you can clear your mortgage arrears and then rent the property back off the company. This stops you from having to introduce the stress of moving your family into another home, let alone finding a new home.

Where do I go to advertise my property?

The property market is something that is forever discussed around the world. Nowhere more so at the moment than in the UK. Newspaper articles and magazines are constantly speculating what will happen next and the variety of television programmes that show buying, selling and refurbishment of properties are certainly on the up.

As a property developer or owner the challenge is to cut through the clutter and find the best company and media for you, to deliver the best possible outcome. Ideally you’ll be looking for a company who has experience in the property advertising combined with strong relationships in the media of your choice. Better returns come from targeted creative, specialised planning and being able to work within an allotted budget. This sounds like quite a lot to be asking for but there are companies out there who can help. Ideally you’d be looking for a full service advertising agency and the general planning for an effective campaign goes as follows:

• First class writers, art directors and designers with excellent property experience and knowledge. With a set fixed price and no additional costs.
• Extensive planning with a detailed understanding of market. Research into the property and its surroundings is obviously important, just as vital is finding the correct media to put the advertisement through be it online, television, radio, outdoor or in a magazine, newspaper.
• Access to the creative, planning and buying schedules is useful as you can keep on top of the goings on of your project to make sure things are going as you want.

To read more about Advertising Agency please visit Conrad here

Franchise Opportunity made easy

Most people probably think of places like Mc Donalds or Subway when they think of franchises. But there are many other types of businesses areas out there that you can take up a franchise opportunity in. Different areas will suit different people, but one of the growing areas in Franchises in the UK, is the property lettings
market.

With a property lettings franchise, you will be given an area or town exclusive from your franchiser. They key to a good franchise model is the partnership it provides. The franchiser not only gives the franchisee the basic resources but also provides knowledge from experience to help you on your journey.

A typical franchise opportunity will include the following things

• Exclusive territory
• Shop Fitting
• Staff recruitment
• Business plan/model
• Funding and help with commercial premises
• Training
• Ongoing support
  

When you take up a franchise opportunity, you will have a franchise agreement that will last a set period of time. After this runs out you will able to renew, and usually without a further franchise fee.

Franchise opportunities are a great way for someone to easily set up a successful business and lock into a network

The 5 stages of repossession

Facing repossession can be one of the most traumatic times in any home owners life. So we have broken down the process into 5 stages to help you cope and prepare.

Stage 1
If you miss more than 2 months of mortgage payments then your mortgage provider may start the repossession process. But in most cases they will contact you and try to come to an agreement where the arrears will get paid without the need for legal action and will stop repossession.

Stage 2
If these conditions are not met and you still don’t pay then the mortgage provider or their legal team will write a warning of legal action, they will then apply to the court for a repossession order.

Stage 3
The court will make a summons, which is where the court will “summon” you to court, providing a date and time for your hearing. At this point you should contact a legal professional and reply to the court as it may harm your case if you don’t.

Stage 4
The next stage of the process is for you to attend the hearings, if you fail to do so, the judge will more than likely award the possession order against you as you have failed to give evidence. When you go to your hearing the judge will listen to evidence from both you and your mortgage lender and the make a decision on an outcome. These are the following possibilities.

Case dismissed – this happens if the arrears have been paid off so the repossession stops.
Case adjourned – This is when the hearing is postponed for a whatever reason, meaning the hearing will be rescheduled for a later date
Suspended Possession Order – If you agreed to pay the regular monthly payments as well as an amount towards the arrears for each month, then the judge can suspend the possession if he is convinced that you can make these payments. If you default on the agreed terms, the lender can seek possession by eviction or possession warrant without a further hearing.
Possession order – This allows the lender to take possession of your property after the possession order date. This result usually comes about if the judge finds out you haven’t contacted the lender or the court, or if he believes you cannot afford the payments you have agreed to.

Stage 5
If you don’t make the payments agreed to in the Suspended possession order or you have not moved out after the possession order date, the lender can apply for a warrant of eviction notice. This means you will get a letter telling you, that you have 7 or 14 days to leave the property. On the date you are meant to leave a bailiff will arrive to take possession.

Have a holiday home you can be proud of!

Great Reasons to choose Lodge Holiday Homes

Alot of people like the idea of having a holiday property or holiday home but think they will be too expensive, but have you considered a lodge holiday home instead of your more conventional villas and cottages. Here are some reasons why considering a Cotswold holiday lodge could provide you with a great holiday home:

• Exteriors are landscaped by local tradesmen using natural stone to ensure lodges complement the surroundings
• All are individually designed and stylish offering a spacious, light, modern living space
• All lodges are equipped with fully fitted furniture and top of the range appliances including dishwasher, microwave and washing machine
• At Keswick, boat owners have access to the jetty and slipway. Boat storage may be available on request
• Selected lodges have master bedrooms with an en-suite bathroom. All have a flat screen television
• Gas central heating is supplied as standard
• All Lodge locations are safe and secure with resident Holiday Park Managers keeping an eye on your investment for total peace of mind
• In some cases, you can have input into the design of your Lodge by meeting with the manufacturers.

 To read more about exclusive lodge luxury please visit exclsuive lodges here

More strange houses

We have found another blog post of unusual houses, the house on its own little island looks so relaxing, click here to see the rest

Why not start a property franchise

While a lot of you may find the whole process of buying or renting a property complicated and expensive, and may even find yourself envious of the estate agents that are taking your money for showing you round a house. Well the old saying goes if you can’t beat them, join them. If you have some money and the desire to run your own business, then why not take up a franchise opportunity from Martin & Co and run your own property and lettings franchise. The lettings market in the UK is a very strong, dynamic and exciting area of business. Martin & co currently have 127 franchised offices in the UK and plan on reaching around 200 offices by the yea 2010.

Franchising is a great way of starting and running a business as there are so many benefits. The partnership between the franchisor and the franchisee allows knowledge, training and experience to be used to create a strong business. Plus you also benefits from the brand name being behind you. Along with this you get development of a 5 year business plan, exclusive territory, commercial premises, shop fitting, staff recruitment and training.

Buying a franchise is a great way for someone to start up their own business and be part of a huge support network. With a structured pattern of growth, most of the stress and uncertainty of starting a business is eliminated.

So if you fancy a new take on life and fancy running your own business, why not consider a franchise opportunity from Martin & Co. For more information visit there site here.