Chris Currell was a guest speaker at the National Insolvency Conference held at 20 Fenchurch Street (Walkie Talkie building) in the City on 4th October 2017. The event was hosted by DWF in their London office with delegates attending from all over the country.
The event brought together speakers including Phillip Shaw, Chief Economist at Investec, who gave his medium and long-term view on the economy. Heather Morris, DWP Business Restructuring, who spoke about the ‘vulnerable bankrupt’.
Katharine Lawrenson, Head of Creditor Services, discussed the most FAQ’s regarding tenants & landlords and the day was brought to a close by Gavin Jones, Head of Restructuring at DWP. Find out more about DWP and the work they do here.
Chris Currell talked about the property market over the last 20 years and how London and the South-East have raced ahead from the rest of the UK. It was accompanied by two insolvency case studies that Currell Chartered Surveyors have dealt with, providing an insight into the type of work and cases that Currell have been involved in.
If you need further information on our insolvency services please email email@example.com
London Mayor Sadiq Khan announced yesterday plans to earmark £250m for City Hall to use for the purchase and preparation of land for new and affordable housing.
The funds will be used alongside the £3.15bn affordable housing budget announced in last year’s Autumn Statement.
The money raised from selling this land to housebuilders will be reinvested to buy new land for affordable homes. This will aid the Mayor and City Hall in delivering their target of approximately 90,000 new affordable homes by 2021.
The move has been cautiously welcomed by commentators, who say that any additional government funds invested into housebuilding is helpful, however they are skeptical that the Mayor and City Hall will be able to deliver the 90,000 projected homes. This is on the basis that private housebuilders will only choose to build homes if the returns are attractive enough.
In addition, the Mayor will shortly announce plans to bring together London’s private tenants and landlords to develop a new “London model” of renting, the end aim being better rights and more security for tenants.
The Mayor is also lobbying central government to provide a comprehensive and urgent devolution of powers to City Hall so that his ambitious targets can be met.
In an appeal to Whitehall the Mayor said ‘I will use my power and resources to their fullest, but government needs to play its part too by giving London the powers and resources we need to see an even greater step-change in the number of homes being built’
Yesterday’s announcement marks the start of a three-month consultation. Subscribe to the Currell blog (see right) for further updates.
Getting on the property ladder is tough. For buyers in London you are paying rent and saving for a deposit, and it can feel like an uphill struggle at times.
There are however certain schemes available to first time buyers, which we’ve outlined below:
Help to Buy ISA
This product is available from a range of banks, building societies and credit unions. You save money into a Help to Buy ISA and the government will boost your savings by 25%. So, for every £200 you save, you receive £50 in a government bonus. The maximum government bonus you can receive is £3000. The accounts are available to each first-time buyer and not each household. This means a couple could get £6000 towards their first home. Your solicitor will apply for the government bonus on your behalf and use the funds at the completion of the property transaction. You cannot use the funds for the deposit at exchange of contracts. Further details here.
If you cannot afford the mortgage on 100% of a home, you can buy a percentage of one (normally 25-75%) and rent the part you don’t own. As and when your income allows you can purchase more shares in the property (there are costs involved with this and you purchase at the current market value). To be eligible your household needs to earn £80000 or less outside of London and £90000 or less in London. Further details here.
Help to Buy Equity Loan
Under this scheme the buyer needs a 5% deposit, the government offers a 20% interest free loan (first five years only) and the remaining 75% is funded by a standard mortgage. Be aware though that from year 6 interest becomes payable on the 20% and starts at 1.75%. Every year after it increases by RPI (Retail Price Index) plus 1%. This scheme is available for all new-build properties in England worth up to £600,000. Further details here.
Help to Buy London
In an extension to the above scheme, the London Help to Buy was launched on 1st February 2016. Specifically to help buyers in London, the amount will grant an equity loan of up to 40% of the purchase price. Buyers can proceed with a deposit as little as 5%. Subject to qualifying you would need a mortgage on the remaining 55%. You won’t be charged any fees on the 40% for the first 5 years of owning your property. You cannot sublet this home and you are not allowed to own any other property at the time you buy your new home with Help to Buy London. From year 6 interest becomes payable on the equity loan and follows the formula in the Help to Buy Equity Loan scheme above. Further details here.
If you are a first-time buyer (under 40 years old) the Starter Homes scheme could help you buy a new-build home with a 20% discount. The maximum cost of a home offered via the Starter Homes scheme will be £250,000 outside London and £450,000 inside London. The scheme isn’t up and running yet but planning is well underway. Aspiring homeowners can register their interest online now here.
Get on the housing ladder with a deposit of only £9,975
A fantastic opportunity for first time buyers to get on to the housing ladder in this leafy corner of Surrey. There are 45 one and two bedroom apartments available with prices starting at £99,750 for a 35% share of the property.
The apartments come with a contemporary interior specification and all benefit from an allocated parking space.
The developments unique location gives residents access to a wide variety of green spaces and local amenities. Kingston-upon-Thames is an 18 minute drive and offers outstanding shopping with a healthy mix of high street brands and independent retailers. There are no less than 6 primary schools located within a mile, two being private and the remaining four receiving Good and Outstanding results from OFSTED at last inspection.
Transport links are excellent – Walton-on-Thames railway station is just 0.5 miles away with frequent services to Basingstoke, Woking, Guildford and London Waterloo. Road links are superb with the A3, M3 and M25 all easily accessible.
Priority will be given to those living/working in the borough of Walton-on-Thames.
Please contact Currell shared ownership team on 01932 807 418 or firstname.lastname@example.org to register your interest.
The Platinum Apartments at Kilburn Quarter comprises 8 three and four bedroom duplexes set over approx. 1631 and 1427 sq. ft. respectively. All have their own private outdoor space and include secure underground parking. Kilburn Quarter is a brand new mixed tenure development in one of London’s most vibrant areas, NW6. Situated on a leafy tree-lined street, the apartments at the Kilburn Quarter development have been designed by award winning architects Lifschutz Davidson Sandilands and Alison Brooks.
These eight duplex apartments offer light and space, contemporary design and luxury finishes, making them great family homes. Floor-to-ceiling windows open onto private terraces through double glazed patio doors. All flats include fitted kitchens, en-suite bathrooms and built in storage. Benefitting from the south Kilburn regeneration scheme, the development offers purchasers an opportunity to be part of a new neighbourhood renaissance.
Residents have access to a private central courtyard garden, or the facilities of Paddington Recreation Ground, which is a short walk to the east of the development. Transport links are excellent – Kilburn Park (Bakerloo line) is a seven minute walk from the complex and Kilburn High Road (London Overground) around ten minutes. Kilburn High Road offers frequent bus services to Camden, Shepherds Bush and Oxford Circus.
There are only 3 three bedroom apartments remaining. To book a viewing call 020 3846 8500 or email email@example.com
Book your viewing for this Saturday 8th July.
Prices from £515,000.
The Shoe Factory is a collection of newly converted, warehouse lofts situated in a former Clarks shoe factory on Tudor Road, E9.
The developer ensured this conversion would preserve all the original features of loft living and because of this attention to detail the building retains a genuine industrial feel throughout. Each loft consists of a large open-plan reception room with brushed timber flooring to all rooms. All kitchens are open/island kitchens with a selection of Neff integrated appliances and handmade concrete kitchen worktops.
Bathrooms are fitted with traditional and timeless Burlington bathroom suites and selected flats have Electrostatic glazed panelling to bedroom areas enabling clear or frosted privacy glass at the switch of a button.
A limited number of private parking spaces are available by separate negotiation.
The development has excellent transport links, with both London Fields (0.3 miles) and Hackney Central (0.7 miles) stations in close proximity with direct links to Liverpool Street and Stratford respectively.
Please contact Currell New Homes on 0207 722 6611 or firstname.lastname@example.org for further details
Only one shared ownership apartment remains for sale at the popular Kings Crescent development. This first floor 3 bedroom apartment is available to purchase with a deposit of only £8,438.
This spacious apartment has wood flooring throughout, a high end kitchen with integrated appliances. It also has a large balcony and views over the courtyard to the rear of the property.
The development is ideally located next to Clissold Park, and with excellent transport links nearby. Manor Park tube station is just over half a mile away and Finsbury Park (tube and rail station) is a ten minute walk from the development. In 2018 Finsbury Park will become part of the Thameslink mainline, offering improved services to the south coast and beyond.
Applications are accepted from all London boroughs, and priority will be given to those living and working in the London borough of Hackney.
To register your interest please call the shared ownership team on 0207 704 5618 or email email@example.com
A CGI of a typical Latimer home
Currell, in conjunction with Clarion Housing Group, announce the forthcoming release of 34 one, two and three bed shared ownership apartments at the Iron Works on Pomeroy Street, Lewisham, SE14.
Each apartment in The Iron Works comes with a fully fitted kitchen with high-specification surfaces and integrated appliances – while in the bathroom, components have been chosen specifically to create a light and relaxed atmosphere.
All apartments benefit from private outdoor space (balcony or terrace).
Queens Road Peckham Overground station (zone 2) is a 5 minute walk away and New Cross Gate Overground station a 7 minute walk, both offering frequent services to London Bridge.
Priority will be given to those living/working in Lewisham but applications from those currently living or working in Bromley, Southwark or Greenwich will also be considered.
Launching summer 2017 – prices to be confirmed. Arrange a viewing on our website, or contact Currell shared ownership team on 0207 704 5618 or firstname.lastname@example.org to register your interest.
The electorate has once again surprised the pundits and the general election has ended in a hung Parliament. There can be little doubt that whatever your political views, a hung parliament at this very crucial time in our nation’s history is not good news. On a more positive note there will be much more cross-party discussion ensuring thorough and robust debate on key issues, most especially Brexit and the economy.
However, the housing market in May has proved resilient, despite political uncertainty. The average property price in the UK hit an all-time high of £303,200 in May. Across England and Wales this year house prices have increased by 4.8%, a rise on the previous month’s 3.5% according to the most recent HPI from Your Move. The latest figures from the Land Registry showed that in March London prices increased 1.5% with outer London recording an increase of 5%.
Your Move said house prices rose by 0.3% month-on-month in May as the housing market remained strong. An estimated 62,500 homes changed hands in May, a substantial figure demonstrating the housing market remains buoyant.
We are selling 11 apartments in the St Paul’s Square development in Bow, E3. With prices for one bedroom apartments starting at £440,000, and £525,000 for two bedroom units at £525,000, all apartments are available through Help to Buy.
All apartments are built to a high specification and benefit from private outside space. The development is beautifully designed with modern city living in mind, and is surrounded by landscaped gardens. These apartments offer an excellent opportunity to live in a well-connected location near to both the City and Canary Wharf, at attractive price levels.
The development is conveniently located for public transport with Mile End station and Devons Road DLR within walking distance giving easy access to Central London, Canary Wharf and the West End.
For more information about the development please contact a member of the new homes team by email or phone: email@example.com or 020 3826 4888, or arrange a viewing on our website here.