Andy’s Auction Blog – 7th December 2015

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Getting your skates on if you’ve been planning to buy at Auction

As the countdown to Christmas begins, and 2016 comes hurtling towards us, I, for one, can’t help but look back on this year and reflect on the great plans I had….but never quite got round to!

Like the gym I was going to join….

We all start a new year full of good intentions, motivated and with fire in our bellies about the goals we’ve got. If buying an investment property in 2015 was top of your list, chances are you attended your first auction to get a feel for how it all works. Perhaps you attended your first investment property seminar or bought and read the self-help book? So far, so good. Then, all of a sudden, its summer holidays, the kids are back to school, and it’s almost Christmas again. Where did the year go?

If you’re one of those people whose plan was to invest in a buy-to-let or investment property, but didn’t actually take the plunge, then now, more than ever, is the time to act. Walk the talk, pull your socks up, or better still, get your skates on now and buy before the newly announced Stamp Duty changes* hit hard in April 2016. If you buy at our next auction on 8th December, or, at a pinch our auction on 3rd February 2016, you could still complete on your purchase in time to avoid the proposed 3% surcharge on buy-to-let and second home purchases.

Think of it like this – the money you save by purchasing before the April 2016 deadline could cover the cost of a new kitchen or bathroom for your new property!

And don’t worry if it all sounds too quick to organise – that’s where I come in. I can guide you through the whole process, including arranging the finance, and make all the necessary arrangements for you to buy at auction. And, all being well, beat the Stamp Duty deadline.

Ten minutes before writing this blog, a client of mine, Mr Kamran, exchanged contracts on a property pre-auction. His week, running up to today, went like this:

DAY 1 First meeting with myself and our finance specialist, Rachel Carlin
DAY 2 Mortgage Approval in Principle received from Lender
DAY 3 Mortgage Valuation instructed
DAY 4 Mortgage Valuation conducted
DAY 5 Valuation Report received
DAY 6 Full Mortgage offer received and contracts exchanged

And Mr Kamran is not a seasoned property dealer – in fact, this is the first house he has ever bought. After reading my last blog, he gave me a call for a chat about buying at auction and, with his decisive approach and my help, backed up by the Edward Mellor network, Mr Kamran has bought himself a great property – in the space of a week – and he couldn’t be happier about it!

Here’s what he has to say about the experience:

“Having missed out on a couple of properties with local estate agents, I decided to look into auctions. After reading Andy’s blog that mentioned the success of a recent First Time Buyer at auction, I arranged to meet him to see if he could help me too.

Andy was great and talked me through the whole buying process and even though I was eager to buy the property as soon as possible, he made sure that I had everything in order first and didn’t take unnecessary risks. He also put me in touch with Rachel who is the Financial Advisor working with Edward Mellor Auctions. She arranged my mortgage really quickly, knowing that I was in a rush.

Having someone with Andy’s knowledge on hand everyday makes a huge difference and the whole process from meeting him to exchanging contracts (including getting a full mortgage offer) took less than a week. I can’t wait to get the keys now!

I would wholeheartedly recommend Andy and the team at Edward Mellor if you’re looking to buy property from auction.”

So, “get your skates on” and end the year on a high by buying at Auction on 8th December, or “get your ducks in a row” (see my last blog) for our next one on 3rd February and start 2016 with a bang (of the gavel!).

Andy Thompson is Auction Consultant at Edward Mellor 

0161 443 4740 / 07530 704234

Do you have a question for Andy? Why not e-mail him here.


Adam’s Sales & Rental Blog – December 2015

Negotiating Skills


Autumn Statement Thoughts

A healthy private rental sector is absolutely essential to the housing market, for those who either cannot or do not wish to buy. The plan in the Autumn statement to increase stamp duty by 3 per cent on the purchase of buy-to-let properties announced is disappointing, given the importance of privately rented property to this county’s housing needs, however I do not foresee it having a substantial impact.

Existing Landlords

Existing landlords will be unaffected and new investment will be considered alongside the returns available elsewhere.  With pension contributions heavily restricted, many will continue to invest in property. The lettings market will continue to see strong demand and if supply is further constrained, rents will rise, yields will increase, and investors will view 3 per cent extra stamp duty as insignificant.

Opportunities Abound For Investor’s Who Act Quickly

Since the stamp duty levy will not take effect until 1st April, it is likely we will see a rush of investors buying before then. Anyone who has been considering buying or selling an investment property must see this change as an opportunity to act quickly to complete their transaction before 1st April. Sales of leasehold properties can take an average of 12 to 16 weeks to complete from offer so it is possible, if the process begins now, to complete a transaction in time to save thousands of pounds.

Location, Location, Location

Buying the right property in the right location will be crucial to success, as will correctly calculating rental yields, tax liability and profitability. It is now more important than ever to consult a knowledgeable expert to make the right decisions at every stage.  It is imperative to give landlords expert guidance to help them meet the challenges they face and get the most from their investment property or portfolio, now and in the long-term.

If you are unsure of your options or require further information / guidance I will be delighted to assist.

Feel free to contact Adam Kingswood on 0115 926 4500 or

You can also follow Adam on Twitter: @AdamKingswood


Scottish landlords/agents – have you installed carbon monoxide (CO) alarms ready for 1st December 2015?

New guidance requiring private landlords in Scotland to install carbon monoxide (CO) alarms in all relevant rental properties will come into force on 1st December 2015.

Following the Housing (Scotland) Act (2014), which states that all private rental properties must contain “satisfactory provision for giving warning if carbon monoxide is present in a concentration that is hazardous to health”, the Private Rental Housing Panel has produced guidance that all landlords in Scotland will be required to follow from December this year.

Read more
Save on your landlord insurance

Kate Faulkner of Property Checklists view on the Autumn Statement

Kate Faulkner

Kate Faulkner of Property Checklists

The economy
Strong economic forecasts over the next five years for the country of growth between 2.3% and 2.5% are expected and are being driven in a healthy way via business investment and a growth in exports, not just consumer spending.

It’s estimated another one million jobs will be created over the next five years and even more good news is that job growth is already reaching areas outside of London such as the Midlands (3x rate of elsewhere) and the Northern Powerhouse, spreading the wealth across the country.

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Tessa Shepperson – why all the legal changes in the private rented sector?

Landlord LawNew legislation is a welcome attempt to deal with problems that have been affecting the private rented sector for years, but does it go far enough, asks Tessa Shepperson of Landlord Law.

After years of being told that the government had no intention of introducing further regulations, 
the private rented sector has been hit by 
a succession of legislative changes, with 
more on the way. Why is this?

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Decision to freeze out investors with a hike in stamp duty – good news or bad?

1671h0044Adam Male, Founder of online estate agent gives his reaction:

“The decision to freeze out investors with a hike in stamp duty by adding a further 3% onto buy-to-let property shows the government’s clear dedication to first time buyers. This is a definite requirement in today’s market, but it is also important to remember that we are not only a nation of first time buyers!

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Unexpected Stamp Duty rise affecting Buy To Let and second home buyers

Stamp Duty rise

The Chancellor has announced an unexpected tax rise for buy-to-let and second home buyers – an additional 3% stamp duty on new purchases to raise £3.8bn over the next five years. Corporate and fund investors are likely to be exempt from the new increase. It follows on from the recent restriction on mortgage interest tax relief for buy-to-let landlords.

Taken together, these recent measures seem to show the Chancellor encouraging a shift in the residential rental sector away from amateur landlords.

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Will the Autumn Statement signal a positive move for prospective homebuyers?

“Will the Autumn Statement signal a positive move for prospective homebuyers”, says Adam Male of online estate agent, “or are we just going round in circles?”

“With all eyes on the Chancellor today, there is one area which affects the whole nation. Housing is a hot topic at the moment, both in and out of the hall of Westminster, and today’s Autumn Statement is looking to shake up the somewhat desperate marketplace.

Read more
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