Diary Of A First Time Buyer

Viewings

I started looking at properties in local newspapers and on portals such as Rightmove and OnTheMarket at the beginning of the year.  I knew I wasn’t quite ready to buy, but I felt that it was important to start to get a feel for local prices and find out what I was realistically going to be able afford both to buy and maintain.  I signed up to a couple of local estate agents in Fitzrovia, which was the area I was looking in.

My initial searches did not return much and I soon went back to the drawing board to have a think.  I realised that my criteria was too precise.  Firstly, I had only signed up to a couple of estate agents in Fitzrovia which is such a small area.  I soon realised that to maximise the number of properties being sent to me, I had to sign up to estate agents in surrounding areas such as W1 and Covent Garden.  I also started to understand the difference between asking price, and achieved price! I had set my search budget at the maximum I wanted to pay, as opposed to slightly over, with a view to actually purchasing the property at a lower price.

Once I had increased the number of estate agents I was subscribed to, along with my budget, I started to get lots of emails with a larger and better variety of properties.  It was at this point, that I wanted to start going out and taking a look at the properties.

I shortlisted a selection of apartments, making sure that the list contained properties that I simply liked the look of, ‘sensible’ properties (i.e. good price, good location but without the ‘wow’ factor) and properties that were really over my budget.  I wanted to see things that had varying pro’s and con’s to see whether I could love a sensible property or whether the over budget properties really were worth the money / wait to move.  I met with a string of different estate agents in Fitzrovia, W1 and Covent Garden and viewed a total of 25 properties.

Funnily enough, I had seriously considered offering on a couple of properties when I viewed an apartment that I fell in love with.  It was originally in my ‘sensible’ category and if I am honest I was not particularly excited to take a look around.  I hate to sound cliché but it was a case of love at first sight.  I immediately felt at home in the property and from the moment I walked through the door, I was already visualising my things in the flat.  It was in desperate need of a lick of paint, and a bit of TLC but liveable.  When I had initially begun looking, I had visions of taking on an absolute wreck of a property and making my fortune doing it up.  However, I soon realised that it was going to be rather impossible to work full time and then come home and continue working on a property.

Offer and negotiation

I took some guidance from estate agents in Fitzrovia and W1 on making an offer on a property.  They all suggested that I should offer low which would leave room in my budget for a counter offer and further negotiations.  I did just that and then when a counter offer was put forward, I accepted it and the deal was done! The negotiation for my property was really simple, although I know that this is not always the case so it’s a must to keep your wits about you.

Memorandum of Sale and Exchange

The memorandum of sale was the important bit to get signed after having had the offer accepted.  The estate agents in W1 sent me over both an electronic copy via email, and a hard copy which I was instructed to sign and return, along with my solicitor’s details.  I was lucky enough to have been recommended a solicitor by chartered surveyors in Fitzrovia and so it didn’t take long to complete the memorandum.  However, I took my time to read everything through and seek help for anything I wasn’t sure about.

At this point I also discussed with the vendor, the estate agents in Covent Garden and my solicitor when we could all expect to exchange.  Once we had agreed a date and my solicitor had completed the searches etc., we exchanged contracts and everything went quite quiet! It was a bit unnerving at first as I thought I should be doing something, however I was reassured by the estate agents in W1 that between exchange and completion, there isn’t a lot to do apart from get ready for the move!

Completion

Our completion date was a couple of months later and when the day finally arrived I was so excited.  I was called by the estate agents in Covent Garden who confirmed that they had received the paperwork and were ready to hand me the keys to my new property.  I met up with the vendor and the estate agents in Covent Garden, just to double check everything over and once they left, the property was mine!

 

Our Favourite Buildings…By The Davis Brown Staff!

The very fact we are estate agents means that bricks and mortar are a big part of our lives, we eat sleep and breathe the stuff of course!  We all have our favourite buildings and I’m going to let you into the minds of some of us who work here at Davis Brown estate agents in Fitzrovia.

DB-144 - Lisa WLet’s start with The Shard, designed by Renzo Piano as a spire –like sculpture emerging from the River Thames, housing 87 storeys – modern architecture at its best as is the thinking of our residential property manager Lisa.

DB058-1B - John EdenJohn our graduate surveyor and newest recruit chose 1 Canada Square, this skyscraper in Canary Wharf was the tallest building in the UK from 1990-2010, standing at 770 feet and containing 50 storeys. Then The Shard was built and knocked it off the tallest spot!

DB-190 - Tony HThe Old Palace at Hatfield House, Hertfordshire is a favourite of Tony, one of our Directors.  It was built in 1485 by the Bishop of Ely and was one of the foremost examples of medieval brickwork in the country.  Henry VIII owned it and Elizabeth I spent most of her childhood here.  Steeped in history and exceedingly beautiful it’s easy to see why this would be in the mix!

Our other favourites include 20 Fenchurch Street AKA The Walkie Talkie building, it stands at 525 feet tall making it the 13th tallest in London.  The Natural History Museum – nothing not to love there!  St Pancras Station, the Cathedral of Santa Maria in Palma,  Windsor Castle and the Union Building in Pretoria, South Africa.   As you can see we have diverse tastes – always good for a discussion in the office!

A guide for Commercial Landlords letting their property

Considering letting your commercial property? Davis Brown – a firm of Chartered Surveyors and Estate Agents in W1 are here to help you with the process. We are regulated by the Royal Institution of Chartered Surveyors so you can take full advantage of our professional expertise. Here are a few criteria that you should consider first of all:

  • The user clause, size and condition of the property
  • Location of your property and proximity to transport links and amenities
  • Market Trends
  • The Unique Selling Points of your property

You need to ensure that your property complies with all relevant Health & Safety Regulations (ensuring gas, electrical and asbestos reports are up to date). You will also require an EPC (Energy Performance Certificate). It is a legal requirement that Landlords must provide before the property can be put on the market to let or sell. Ensure that you have Building Insurance and ask your solicitor to check any lease restrictions which may prevent you letting to certain tenants. Davis Brown’s Commercial Lettings Department in Fitzrovia will be happy to assist you here.

 

Landlord Considerations:

Once you have the above information to hand, contact Davis Brown – your commercial agent and discuss what you are looking for in a tenant. Also consider the following details and discuss them with your agent so that they can give the prospective tenants as much information as possible before viewings take place and time is wasted, to ensure your incoming tenant has full knowledge of the facts of the lease their company will be taking on:

 

  • Lease length (are you willing to take a short lease or do you require 10 years +?)
  • Break Option (do you wish to grant a break, will this be mutual or landlord only and what notice period do you require?)
  • Service Charges (are you willing for the incoming tenant to “cap” their service charge or not and what does the service charge cover?)
  • Rent Deposit (how much do you require)
  • Dilapidations (what are the incoming tenant’s responsibilities?)
  • Building Maintenance (when are the next works to the building both internal and external being undertaken and what are the incoming tenants contributions?)
  • Lease Restrictions (do you wish them to have the option to assign or sublet the lease, do you have any other restrictions which they should be made aware of – i.e. building works or changes to the premises they are letting?).
  • Additional Charges (ensure the incoming tenant is aware of all additional charges which may not have been advertised – these will normally include their building insurance contribution and possibly a “sinking fund” contribution).

Tenant References and Credit Checks:

All prospective tenants will need to provide full company accounts. Bank details and current landlord details of any prospective tenant will be obtained by your commercial letting agent here at Davis Brown so that references can be obtained. We can also discuss together the rental deposit that you will require.

Legal Requirements:

Energy Performance Certificates (EPCs)

All new lettings will legally require an EPC. It is the landlord’s responsibility to provide a valid EPC and this must be available before the property is marketed. Contact your agent to arrange an EPC if there is not a valid certificate for the premises.

Gas Safety

The 1998 regulations place a legal duty on Landlords and agents dealing with rented properties. The regulations require all gas appliances, pipework and flues from the appliances to be checked annually by a qualified Gas Safety Registered engineer. A valid Gas Safety Certificate must be issued each time and updated every 12 months and a tenancy cannot commence without the appropriate certificate. Failure to comply is a criminal offence for both the Landlord and the Landlord’s agent.

Electrical Certificate

You need to ensure that you have a valid certificate for any common parts of the premises. Your tenant is responsible for providing this for their demised area.

Asbestos Report

You need to ensure that you have a valid certificate for any common parts of the premises. Your tenant is responsible for providing this for their demised area.

Building Insurance

You also need to make sure that the building is covered by buildings insurance. When the building is tenanted this cost will usually be covered by the tenant.

 

Accepted Offer:

Once an offer has been accepted, your agent will send out Heads of Terms to all relevant parties and their solicitors, setting out the draft terms of the lease. Once the Heads of Terms have been accepted your agent will place the property “under offer” and further viewings of the property will cease. Davis Brown will then request that draft contracts are sent to the relevant parties and will liaise with your solicitor to ensure a swift timescale to completion.

 

On Completion:

On completion of the lease your solicitor will collect any monies due. Once the monies have been cleared and the lease has been signed by all parties, your agent will then arrange with the incoming tenant a suitable time to collect the keys. If your agent manages the premises on your behalf, they will also take meter readings (gas, electric, water etc) and contact all suppliers, including the local authority (business rates) to notify them of the new tenants.

 

Break Clause:

If your lease has a “break clause” which allows either you or the tenant to terminate the lease before the lease expiry date, ensure that your agent makes a note of the date this must be completed by. Should you wish to terminate the lease, notice must be given in writing. Your agent will be able to assist you in this matter.

 

Expiry of the Lease or Exercising your Break Clause:

Around 3 months before your lease expiry, it is advisable to contact your agent and request they commence marketing the premises for a new tenant. Your agent will then visit the premises to take marketing photos and possibly new measurements. Your agent will liaise with the current tenant with regard to access for any viewings.

 

Schedule of Dilapidations:

Generally, 1 or 2 months before the current tenants vacate, we would suggest that you appoint your agent/surveyor to visit the premises to undertake a “Schedule of Dilapidations”. This will provide the outgoing tenants with a step by step guide of all works that must be undertaken to the premises before they leave, this will ensure that the premises are left in a good state of repair and condition.

 

Moving Out:

If you agent manages the property, they will visit the outgoing tenant to undertake meter readings and to collect all keys to your premises.  They will also inform the current suppliers (gas, electric, water) of the tenants “moving out” date and inform the local authority in relation to their business rates.

 

For more information, please contact Davis Brown – your Estate Agents and Chartered Surveyors based in W1 – who will be happy to help you every step of the way.

 

 

One for the Cineastes – Snippets of history from the world’s greatest capital city!

As longstanding Estate Agents in W1, we know a great building when we see one!   And the Curzon Cinema in Mayfair is undoubtedly (well, in my opinion anyway) the best post war cinema in London.  It is housed within a beautiful (OK – you can debate that one with me) Grade II listed building and was built in 1963 by HG Hammond of Burnet Tait & Partners, replacing the Modern Dutch cinema built in 1934 by the same firm.

From the outside – on Curzon Street, it appears as a windowless stone panel and around the corner by the entrance in Hertford Street as windowless brick sections.  The interior features illuminated coffered ceilings designed by Victor Vasarely, these contrast with the rough fibreglass murals by W Mitchell & Associates.  It boasts a 530 seat auditorium, a vast 43 foot by 20 foot screen and two royal boxes, and in 2002 the rear stalls were converted into a second screen so they could offer a wider selection of film.  and it was one of the first cinemas to show foreign language films in the UK.  One of the most prominent art-house cinemas in London (being one of the first cinemas to show foreign language films in the UK), with plush seating and a refurbished bar, this cinema is a treat for any cinephile.

As autumn is now upon us and the nights are drawing in, why not go and experience the cosy Curzon Mayfair for yourself while catching up on the latest blockbusters?  I’d say that was quite the plan!

Curzon Cinema

A brief review of the UK property market from August/September 2015

As fully qualified chartered surveyors, the team at Davis Brown, London takes an avid interest in both the residential and commercial property markets. With September marking the end of the third quarter of the financial year, it is a good time to reflect on the situation. The below is a brief summary of the recent Royal Institution of Chartered Surveyors (RICS) reports on the subject.

Commercial Properties

The trend for demand over-running supply continues across the country, with demand for leasable space growing for the eleventh consecutive month. The continued lack of space relative to demand is set to increase rental prices in the next quarter. As commercial property agents in W1, we note that the gap between supply and demand and ergo the rental increase, is more pronounced in the London area. This is mirrored by 50% of the London surveyors questioned who believe that commercial space is overpriced (a 5% increase on the respondents with the same answer in the prior period).

The retail sector as a national average has grown; however, it remains notably lagging behind the office and industrial sectors. This discrepancy is most notable in the North of the UK.

Investment levels have been growing steadily, as have the number of overseas buyers. When paired with the continued lack of property for sale, the capital values for commercial properties have risen notably in the period. An interesting note on the topic of foreign investment/policy is that 44% of the respondents stated the belief that if Britain opts to leave the European Union in the upcoming referendum, it would have a significantly negative effect on the commercial property market.

Residential Properties

In a similar story to the commercial market the residential market show continued growth in terms of interested new buyers but a lack of new instruction is damaging the rate of sales growth. This is further compounded by the continued (but less pronounced) decline in the number of vendor listings (which have failed to increase significantly since 2013). Again, with demand outstripping supply, house prices are set to rise and as consequence house price inflation will also rise. The RICS suggests that there will be a significant growth in sales across the UK in the next twelve months, but with particular effect in Scotland and Wales.

Again mirroring the commercial property sector, respondents from London gave a 50% view that the prices were fair, in comparison to 68% of respondents from other parts of the country.

In the lettings market the RICS predicts that rental prices (UK average) will increase by 4.5% over the next 5 years. This reflects the increased tenant demand, which is paired with a mild increase in Landlord instructions.

As a macro point the Loan To Value (LTV) values remain relatively settled across the buyer categories (First time, Buy to Let and Existing).

For more information about the property markets in London, why not contact Davis Brown, we are quality driven residential and commercial property agents in London.

NEWSFLASH – MARGARET STREET – FREEHOLD CONVERSION/REFURBISHMENT OPPORTUNITY

Davis Brown – your favourite Estate Agents in W1, has a fantastic property new to the market so we wanted to give you the heads up right here, right now!

A stunning Victorian mid terraced building in Fitzrovia, its adjoining neighbourhoods of Soho, Bloomsbury, Mayfair and Marylebone, makes this prime central location incredibly sought after. This freehold conversion/refurbishment opportunity has the added bonus of recently being granted planning consent.

Mail chimp template

Fitzrovia is at the forefront of several new and exciting developments, and as local Estate Agents we are welcoming the growth that the area is enjoying. Some of these developments include brand new luxury flats on Margaret Street, Fitzroy Place – a 95,000 square metre office, residential and commercial complex which has been developed from the former Middlesex Hospital building site. Several fabulous hotels –the beautiful boutique London Edition Hotel is super place to visit for a delicious meal or cocktail, and the Sanderson Hotel is perfect for afternoon tea, as well as the newly refurbished Berners Street Hotel. Rathbone Square is another new development nearby made up of 38,300 metres of office, residential and retail space.

This property is served well by great transport links from Oxford Street, including buses and Oxford Circus tube station just steps away. All sounds pretty perfect to me! I would advise early viewing on this amazing property in the centre of one of the best capital cities in the world! Please contact Emma How or David Green on 020 7637 1066 to arrange a viewing.

Marvellous Margaret Street! – Snippets of history from the world’s greatest city!

Margaret Street has been home to Davis Brown – Chartered Surveyors & Estate Agents in W1, since 1979. We came to Margaret Street from 62 Berners Street as Davis & Co. where we first occupied No.9 and moved to No.1 in 2003. The firm changed its name to Davis Brown in 1995 while still part of William H Brown with which we merged in 1987. We became independent in 1998.

Margaret Street is away from the hustle and bustle of Oxford Circus and runs parallel to Oxford Street, and leads from Fitzrovia to Marylebone.  It was created in 1734 and was named after Lady Margaret Cavendish who was the wife of the 2nd Duke of Portland.  It’s packed full of commercial and residential properties, but the most eye catching of buildings on the street is arguably All Saints church.  This Anglican Church is grade I listed, it was designed by architect William Butterfield and built between 1850 and 1859.  A pioneering building of the High Victorian Gothic style that would influence and characterise British architecture from around 1850 to 1870.  It’s predominantly made from red brick (which was a departure from the usual stone) and it’s spire is banded with stone.  It soars 227 feet above London making it the second largest spire in London.  And let’s not forget the interior – “dazzling” would be a most fitting adjective to describe it!  Richly pattered with inlays of marble and tile and of course beautiful stained glass windows, all of it a feast for the eyes!

Last year the English Heritage made All Saints Church one of the ten most important buildings in the country, so of course we are honoured to be a close neighbour of this stunning building. And by the way, the site upon which it was bought was £14,500.

Margaret Street

 

Covent Garden – Snippets of history from the world’s greatest capital city!

Having been an area of trade, noise, conflict and pleasure Covent Garden has always been one of the very vibrant territories of London, and therefore, of course, a hit with us at Davis Brown estate agents!  In the 1630s, the Earl of Bedford redeveloped some land that had formerly been a Convent Garden for Westminster Abbey (needless to say this is where the name is derived), Inigo Jones the Architect was employed and England’s first public piazza was created.

CDBP

The Earl of Bedford realised the potential of holding a market sited between the City and Westminster, so he obtained the right to do so and gradually market traders became an established feature of the square.  Although the area actually dates back to the 6th century when in Saxon times it was also used as a place of trade and barter – and it still is today!

In the 18th century Covent Garden became a more Bohemian area for artists, journalists, painters and the like – including John Zoffany and Richard Wilson, who took up residence in the Piazza and Tavistock Row.  Bow Street was home to the famous Will’s Coffee House – frequented by the likes of Samuel Pepys, John Dryden, Alexander Pope and Jonathan Swift who were among some of the most prominent writers and poets of the 17th and 18th centuries.  Take a stroll up Wellington Street to the corner of Tavistock Street and look out for number 26 (which is now the Charles Dickens Coffee House), this was where Charles Dickens had his office for his weekly magazine, “All The Year Round” and he lived and worked here for long periods of time.

CG blog photo

So many fantastic historical building in the area such as the Royal Opera House and Lyceum Theatre to name but two;  so whether you’re a tourist or a local whose keen to know more about this area you will be enthralled at what you’re likely to discover in this wildly exciting area of London!

Snippets of history – Take Note in Notting Hill!

It’s strange to think that two hundred years ago Notting Hill was farmland, except for a small settlement of Kensington Gravel Pits – now Notting Hill Gate.  Development began in the early 1820s and during the later twentieth century Notting Hill became home to many immigrants from the West Indies who brought us what is now known as the Notting Hill Carnival (next weekend folks!).

Some important names have been linked to the area, including Javaharlal Nehru – the first Prime Minister of India.  He lived at 60 Elgin Crescent briefly from July 1910 to January 1911.

One of the most famous and influential people in the history of Women’s Rights moved to the area in 1916; Emmeline Pankhurst and her daughter Dame Christabel Pankhurst lived together at 50 Clarendon Road, W11 – this was after they had set up the Women’s Social and Political Union, a militant group whose members were known as Suffragettes.  Incidentally the average estimated value of a property in Clarendon Road today is £2.56 million!

At 31 St James Gardens there is a plaque dedicated to the Chinese Writer Lao She.  He came to England in 1924 to teach Chinese at the London University’s School of Oriental Studies and his experiences in London resulted in the novel The Two Mr Mas.  He was considered one of the outstanding Chinese writers of the twentieth century – a Chinese Charles Dickens if you will!

Yet another part of London so rich in history, and being an area that we at Davis Brown estate agents cover, we know this only too well.  Take the time to wander the streets and remember to look up – you miss so much if it’s eyes to the ground!

easgsrhd.;

 

A Little Bit Of Info About The Fitzroy Tavern

The Fitzroy Tavern – arguably the most famous pub in Fitzrovia (and a few minutes’ walk from Davis Brown – arguably the most famous Estate Agents in Fitzrovia..), started life as the Fitzroy Coffee House in 1883. It was later converted to a pub named The Hundred Marks, so-called due to the many German immigrants living in the area.  The pub re-opened as the Fitzroy Tavern in March 1919 and gives the area of Fitzrovia its name.

Back in the day in the 30s and 40s it was a Bohemian hangout with writers, artists, composers, sculptors & poets all frequenting the pub.  Apparently, the deal was if one of them sold an article/painting/sculpture or any other talent was peddled they would then all be in the money – until it lasted, and then become broke again until another one got lucky.  George Orwell, Dylan Thomas and George Bernard Shaw – all locals of the area were bound to have raised a few glasses in here.

Fitzrovia no longer has that Bohemian air about it and has been given over to media types, but still has some of the best old school pubs in London.  So if you’re in the area and fancy a good old fashioned English pint in a pub full of character and rich history then it would be well worth your while to pay The Fitzroy Tavern a visit.  And being favoured by us here at Davis Brown Commercial Agents you may well bump in to one of us there too!

 

rtjrtfj