In these difficult times we wanted to let you know that we’re still busy working to help meet the needs of our clients, and are available to discuss any borrowing and protection requirements you may have.
We have ability to communicate via telephone, email, social media, and video-conferencing.
In this bulletin, we set out some of the financial support offered to help tackle the impact of Coronavirus. However, if you’re keen to consider your borrowing needs, there are some excellent mortgage deals on offer – further aided by the reduction in the Bank of England’s Base Rate to 0.1%!
The Legal Bits
■ The contents of this bulletin are believed to be correct at the date of publication (March 2020).
■ Every care is taken that the information in the COVID-19 UPDATE is accurate at the time of publication. However, all information and figures are subject to change and you should always make enquiries and check details and, where necessary, seek legal advice before entering into any transaction
Thousands of people move home every year and settle happily into their new property, but some experience buyer remorse. Here are some of the problems that can occur and how to avoid them.
FAILING TO CONDUCT A STRUCTURAL SURVEY
Poor quality building work or a previous owner’s neglect can mean expensive repairs, so a structural survey is important. More serious problems like subsidence can leave a house uninsurable and potentially unsellable.
MAKING A RUSHED DECISION
Buying a property is a huge commitment and needs careful consideration. However, it’s easy to put yourself under pressure to buy, especially if it’s your first home. Take time and think carefully before agreeing to purchase a property and be sure it’s right for your needs.
PAYING TOO MUCH FOR YOUR PROPERTY
It can be tempting when faced with the property of your dreams, to spend more than your budget. The excitement of finding a home that you like can lead to you overstretching financially and then regretting this afterwards. Have a clear price in mind and be prepared to widen your search area in order to keep within your budget.
The House of Lords Committee on Intergenerational Fairness and Provision has called on the government to make society fairer by supporting younger people in employment and the provision of housing, rather than leaving many to rely on help from the Bank of Mum and Dad.
The Committee’s recommendations included requiring better-off workers over the State Pension age to pay National Insurance Contributions while they work, and a review of the triple lock on State Pensions, free TV licences, free bus passes and winter fuel subsidies.
Self-storage units have become a popular way of finding extra space for possessions between house moves, during renovations, or just because there isn’t room for them at home. If you’re putting items into a self-storage unit, you’ll need an insurance policy to protect them.
Nearly all of the major storage companies offer their own form of storage insurance, and many make it compulsory to have insurance in place before the storage unit can be rented.
When you’re rushing through the paperwork and arranging a storage unit, it’s easy to just tick the box and set up the storage company’s own insurance policy. However, you need to be aware that this might not be your best option and you should take advice. Recently, MPs have raised concerns about the policies sold by storage companies as they may not be value for money or provide sufficient cover.
GETTING THE RIGHT COVER
Home insurance policies can provide cover for ‘items temporarily removed’ from your home, although you’d need to check as there may be a time limit, typically 30 to 90 days, and you will need to inform your insurer when you put items into storage.