Residential property july 04 2013 by Hamodia newspaper

Shop Around for the Best Mortgage Deals

A Vibrant Housing Market Exploring house prices in the frum areas

RESIDENTIAL PROPERTY SUPPLEMENT

4 JULY 2013

HAMODIA

Shop Around for the Best Mortgage Deals

The new development at 93 Shirehall Park selling agents are Roundtree. BY LEON SIMONS

There is talk almost on a daily basis of mortgages: whether they’re up, down, staying the same, affecting house prices, affecting the economy, affecting household budgets. But what is a mortgage? And how do you go about getting one? A mortgage is a loan which is given against the security of a property, says David Hollingworth, head of communications at mortgage broker London and Country Mortgages. “Increasingly, it’s taken as read that people have the internet and that’s where they would begin looking for a mortgage these days,” said Mr. Hollingworth. “That is certainly where lenders will have details of their mortgage products, but it doesn’t necessarily give all the advice.” At the very start of the process, lenders — primarily banks and building societies — will look for two things. One is that the person seeking the mortgage has sufficient income to cover the repayments. Second, that the property is adequate security for the amount being given, that

is, it is worth what the potential owner says it is worth and there are no problems that could affect that adversely, for example, damp. There are three ways to establish how much a property is worth: a mortgage valuation for which you will have to pay in order to secure a mortgage offer, which should not be confused with a survey. The mortgage valuation merely confirms to the lender that the property is worth at least what it is lending you – it is not its responsibility to point out any repairs that need doing. Next is a homebuyer’s report. This covers structural safety and highlights problems, including damp, as well as anything that doesn’t meet current building regulations. It takes two to four hours to complete, giving an independent and expert view on the property’s value. Finally, there is a building survey. This survey is for older properties and those of a non-standard construction (e.g., timber). It usually takes a day to complete, depending on the size of the property. A building survey gives a detailed report on the condition of the property

and highlights issues that should be investigated further before going ahead with the purchase. It does not include a valuation. “A lot of people go for the homebuyer’s report as the best option that meets the various needs for both buyer and lender,” said Mr. Hollingworth. “The lender knows it won’t fall down, while it will flag up any potential problems for the buyer. “In terms of the individual, the lender wants to make sure the risk (of lending the money) is worth it — essentially, that you’re good for the money and the monthly repayments,” he continued. Be aware that any lender will always carry out a credit check via various credit agencies. This will tell the lender when you have borrowed money in the past and whether you have repaid on time. The check is likely to contain the following information: * Your name and address * Whether you are on the electoral roll at your current address * How much you owe lenders currently * Details of any joint financial products you hold (e.g., a current account)

Whether you have made any late payments on existing or past credit card or loan accounts Whether you have missed payments on existing or past accounts Whether you have had any County Court judgments (CCJs) made against you Whether your home has been repossessed or you have moved away owing money Whether you have been declared bankrupt or entered into an individual voluntary arrangement (IVA) Contrary to popular belief, there is no such thing as a credit “blacklist.” Nor does any individual have a single credit report “score” or a number that lenders will use when deciding whether to let them borrow. “It’s good to have some kind of credit rather than none whatsoever,” said Mr. Hollingworth. “If you have had credit and always pay off, it tells the lender you can manage an agreement. The lender needs to be able to build a picture of a borrower’s Continued on page P16

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Manchester A Buyers Market BY TOLI YODAIKEN

As the only heimishe high street estate agent in North Manchester, we can honestly say that the housing market in Broughton Park & Prestwich is buoyant once again. Since November 2012, we have noticed a steady increase in activity. We must stress that, contrary to some newspaper reports which suggest a blanket increase in property prices, we believe this is only in affluent areas and predominantly in the capital. In the North West, however, it is still very much a “buyers market.” Deals are being done only where vendors can afford to be more realistic and less nostalgic about inflated prerecession values. The main interest is from first-time buyers such as young couples returning from Eretz Yisrael or couples who have been renting for a few years and whose income allows them to service a mortgage. Finance is more readily available, and there are some excellent heimishe mortgage brokers who are doing their utmost to get deals through for the kehillah. With interest rates still competitive, repayments are viable. There are also a few families who have b”H grown out of their current houses and are buying bigger properties, and older couples looking to downsize.

Furthermore, there are two recent affordable housing projects which are nearly sold out: Kings Square, located at the bottom end of Leicester Road; and Elite Close, off Tetlow Lane. These projects have provided circa 100 units and have been a much needed service to the kehillah, especially for lower-income families. The rental market in heimishe areas is rising, and prices are at an all-time high. This is due to the steady influx of Yiddishe families wishing to settle in Manchester. Rental properties are being snapped up as soon as they become available, with minimal advertising required! In general, there are some really positive signs in the property market, and the expansion of the kehillah in particular is contributing to increased local demand. At Aubrey Lee, our policy is to be as honest as possible on valuations to avoid giving vendors false hopes. We are still offering extremely competitive promotional rates of 0.75% + VAT. Should you require our services, general advice, or any recommendations for mortgage brokers, surveyors and solicitors, please feel free to contact us on 0161-798-8000 Mr Toli Yodaiken is a Director of Aubrey Lee & Co.

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RESIDENTIAL PROPERTY SUPPLEMENT

It All Starts With the ABC Since completing their first transaction in 1989, Aldermartin Baines & Cuthbert, a boutique family run agency, pride themselves in offering a proactive, Sales, Lettings and Management service for both Residential and Commercial property across Greater London. Upon opening the Mayfair office located at 16 Hanover Square in 2011, the Director Richard Davidoff embarked on a substantial Radio Advertising Campaign on LBC Radio. With one million people a day listening to the adverts across Greater London, Aldermartin Baines & Cuthbert focused on their Unique Selling Point by offering a FREE Rent Guarantee, with all Lettings that they do across Greater London, which works as follows. When a regular Estate Agent finds a tenant for your property they should do the usual “in house” referencing process which entails obtaining a previous landlords reference, an employer’s reference, proof of ID & income etc. ABC go one step further and outsource to an independent insurance company who run a Credit Check on the applicant to the same standard as if they are applying for a credit card or a mortgage, and they get a much more in depth understanding of their financial standing and credit history. Once the insurance company have rubber stamped the applicant as a “good tenant” ABC then pay the insur-

ance company a premium to insure the tenant for the duration of the tenancy, which gives the Landlord 3 elements of comfort. Every Landlord’s primary concern is to have a “good tenant”. The Landlord knows that the tenant we introduce has been vetted to a high standard, not only by us, but also by an independent Insurance Company. The Insurance Company insures you in the event that the Tenant doesn’t pay their rent for any reason, then the insurance company will pay the Landlord on a monthly basis thereby protecting their cash flow. If the tenant makes the transition from being a “good” tenant to a “bad” tenant — they also deal with the whole eviction process for you as well, - at their cost they will instruct Solicitors to act for you. Aldermartin Baines & Cuthbert effectively offer a total “peace of mind” package to their clients who can rest assured that once they have signed a tenancy agreement with an applicant introduced by ABC, they can put the matter to bed for 12 months and relax knowing that there should be no problems! Stuart Lesser who runs the Edgware Office based at 240 Station Road says that being on the panel of 5 of the Nation’s largest Asset Managers means that they see a steady flow of repossessions being brought back to the market. Over recent years the Banks exercised a policy of “forebear-

ance” whereby they were reluctant to repossess a property as they would rather not take a property that was in negative equity onto their books. Instead they would typically allow the property owner to pay a lower monthly sum and roll up the shortfall onto the back of their mortgage, with a view to working it out when the market improves. Stuart is quoted to have said that “since the beginning of 2013 ABC have brought a reasonable volume of repossessions back to the Market, which typically sell swiftly as one has a motivated Seller”. Hannah Davidoff who runs the Hendon Office based at 51 Brent Street has recently expanded her team of 11 staff, and taken on two new member who are not office based, but are based on the road, on branded motorbikes, whose job is to accompany all viewings that are located more than 20-25 minutes car drive from any of the offices. Whereas a negotiator in a car might take in excess of an hour to get to an instruction based in West London or South London the bikers can swiftly get there in approximately half an hour and thereby ensure that every appointment is accompanied by a member of the Team. Debby Davidoff, who commenced her career just one year ago, is already looking forward to when she can open the next new ABC office in St John’s Wood. “When I first joined the family firm I wasn’t sure if this was going to be a long term career for me.

However, I have now started going on regular training courses and hope to take my exams with the National Federation of Property Professionals very shortly. I anticipate training within the existing offices for three to four years, after which I would like to expand the firm by opening an office in St John’s Wood”. Mr Davidoff advises that the company has recently expanded their Block Management Department, he says “Having actively managed Freehold Blocks for the last eleven years, we have seen the legislation evolve and change dramatically over that time. As a member of ARMA (The Association of Residential Managing Agents) we regularly attend ARMA and LEASE Seminars to stay abreast with changing legislation as well as attending briefings in Barrister’s Chambers which ensures that we are fully compliant in this specialist field. This year we created a partnership with a Hampstead based firm, The Property Divas, creating a subsidiary company, ABC-DIVAS. Their substantial Block Management portfolio which is predominately based in the Hampstead Area, is now dealt with by our experienced Management Team, thereby enhancing both firms by association.” FOR A NO OBLIGATION APPRAISAL ON YOUR PROPERTY PLEASE CALL 0800 888 66 88.

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RESIDENTIAL PROPERTY SUPPLEMENT

Ten Questions Before You Start Your Building Project versions, etc.

Do I need a project manager?

Depending on the complexity of the job — jobs of £100,000 and up will really benefit from having one. The role of the project manager: Looks out for the best interests of the client Makes sure the project runs smoothly. Obtains best prices from contractors before job goes ahead. Ensures nothing has been missed out on the drawings. Engages with professional team on behalf of client.

7. How come the price difference between builders is so significant?

How long will the job really take?

In order to answer this question, we need to step back and see how a building job comes about: Engage an architect who will conduct a site survey and will make drawings of existing structure. Client will then meet architect to discuss what he requires, after which architect will create a proposed drawing.

Planning approval Once approved, structural engineer for structural calculations Party wall surveyor, building control, Thames water approval, health and safety certificates, etc. Estimator (qs) to create schedule of works that outlays work from beginning to end including the square meterage of all items, etc. Once obtained, builder can give estimate based on this report and create gantt chart that outlined timing of the job. PROS of doing this are: real length of job can be known, know exactly what you’ll get, no problems with planning permission or building control, full detailed price list, therefore can adjust price to keep to budget. CONS: it costs money without seeing end product, takes time (in beginning, rather than at end since problems can crop up). Client needs to know what they want before starting.

How can I ensure I stay within my budget?

Ensure that you raise all points with your contractor by initial meeting. Find out from friends what they missed out on their original contract and how much they paid for the total job. Sign a contract. Keep changes/variations to a minimum. (If you go for cost plus, try to minimise uncertainty by getting your contractor to get estimates from the sub contractors or workers before work begins.)

How do I know that the builder is competent?

References are a priority. Check for certificates or if he’s part of a governing body. Check work that he has completed after 3 seasons (to see if it endures weather changes). Has the builder got a guarantee policy? (Ask to see their insurance certificate as well as a health and safety plan.)

4. Do I need planning permission? (Whats this temporary new law about 6m ground floor extensions?) This is divided between conservation and non-conservation area. Conservation area — this vicinity is not eligible for permitted developments schemes; therefore they must apply for any changes, even simple jobs like changing windows from timber to upvc or fitting an outside air-conditioning unit. Non-conservation area — this vicinity is eligible for the following: mid-terraced house, extend 6m out at the back of ground floor, up to 3m high — but where it meets the neighbours’ property, it has to be dropped to 2m in height. One does still need to obtain full planning permission since next-door neighbours have the right to object on grounds of amenity (blocking part of their light). Therefore it would be best to talk it through with neighbours before spending any money on planning. A loft conversion for your house is considered to be permitted development, not requiring an application for planning permission, subject to the following limits and conditions: A volume allowance of 40 cubic metres additional roof space for terraced houses. A volume allowance of 50 cubic metres additional roof space for detached and semi-detached houses. No extension beyond the plane of the existing roof slope of the principal elevation that fronts the highway. No extension to be higher than the highest part of the roof. You can look up further information on http://www.planningportal.gov.uk where you can view pictures. Even if you don’t need planning permission, the best way to go about it is to get a lawful certificate from the council on the project you would like to build, ensuring that what you are building is permitted. Also, your neighbours will be aware that you have obtained permission, and therefore they won’t cause any hassle.

Do I need a structural engineer?

Yes — this is always good, to ensure the stability of their property is adequate. Finding the right structural engineer is essential of budgeting. Some engineers specialise in certain areas and therefore will charge more for that specific area e.g., basements, supports to load-bearing walls, extension foundations, loft con-

The price difference is less significant when there is a schedule of work, since it closes the price gap because the job specification will be the same. Quality of workmanship. Quality of materials. Quality of service. There is a concept in marketing: You can only have two of these three together. It’s up to you what to prioritise.

Timing

Price

Quality Service

8. Can I live in my house while the works are carried out? A basement or loft cause minimal disturbance to the house. Ground floor, rear, or side extension without access through either a basement or side/back alleyway will cause disturbance, and usually the best option will be that you’ll move your kitchen/dining area to a floor higher. (Internal alteration and decorations to existing house is the most difficult and expensive to be built around occupants.)

9. What are my responsibilities under the health and safety act? The legal owner of the house is responsible for the health and safety of the property. However, if you build your own private house, you don’t need to issue an F10 (notification to health and safety) — but you are still liable to ensure your workers or contractors are complying with PPE (personal protection equipment) and they must have in place structural drawings and temporary structural drawings, method statements risk assessment.

10. I can’t make a decision on the design as I can’t visualise the final product; how can I avoid this? An easy and cheap option is to physically measure a room that you would like to replicate. Make sure to use a scale ruler (which can be easily obtained in any stationery store) to measure drawings which are of the same scale. A better option would be to get a 3-D artist to create your room, which will then help you to visualise the end result, although it may be a little more costly.

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P16 HAMODIA SHOP AROUND Continued from page P3

credit worthiness, which is where things like being on the electoral register come in. If you’re not on it, the lender can’t attach your name to a current or previous address. That might be the difference between lending or not, because you don’t meet the requirements.” The lender will look closely at the amount a buyer wants to borrow. Back in the days long before the sub-prime mortgage scandal and the banking crisis that followed, mortgages were given for two and half times salary, or in certain cases three times. But not today. It will probably be something like four times’ income or sometimes five, depending on the size of the income. However, Mr. Hollingworth pointed out that lenders will also look at affordability. “It’s not just what’s coming in, but also what’s going out, what you’re spending your money on, your regular commitments, any other personal loans, and how you’re budgeting. It becomes more like a bespoke service, though they all work slightly differently,” he said. The size of a deposit on a house is crucial, he said, and links directly to a key phrase, “loan to value” (LTV). This refers to the loan as a proportion of the value of the property. The rate of interest on offer can vary, depending on how big a deposit a prospective buyer can put down. So the lowest rates of interest will be to those who can put down a 40 percent deposit, along with the widest choice of lender. Typically, the smallest deposit today will be 10 percent. Alongside the obvious costs, there can

For Sale Montefiore.Court, N16 lovely 2 bedroom flat on the 2nd floor - POA

4 JULY 2013 be some that are less so [i.e., lower], including fees for surveys; a mortgage arrangement fee, which will vary depending on the product but can range from nothing to between £1,000 and £2,000; and legal fees. “All this needs to be borne in mind and factored in when making your calculations,” said Mr. Hollingworth. “Then it’s about finding the right deal, and there are thousands out there. That gives people choice and they can tailor the deal to their individual needs.” One choice that everyone must make is whether to plump for a fixed deal or variable rate. According to Mr. Hollingworth, most people go for fixed deals which can range from two to 10 years. “This gives security and peace of mind, as you know what you’re paying from day one.

RESIDENTIAL PROPERTY SUPPLEMENT Currently the rates are very good and there is a lot of choice. However, buyers should be aware that there will be penalty charges if you pay up early and that can also apply to variable mortgages.” Buyers should then consider the interest rate they are paying. If it’s very low, it could attract quite a high mortgage arrangement fee. Some buyers might consider a slightly higher rate with a smaller or even no fee at all. The advice is to look at all the costs involved to make sure you have the right package. Once you’ve decided what you want to go for, you can approach a lender who will offer an agreement in principle, while all the checks mentioned above are carried out. This is not an agreement in itself. From there, you proceed to the full application.

The lender might also ask a buyer to produce pay slips and tax statements, again to check the veracity of the borrower. Someone who is a sole trade and selfemployed will be asked for evidence of income or self-assessment tax forms going back at least two years. The buyer’s solicitor will make searches of the land registry and local council to make sure there are no hidden problems, such as building plans, and that the title to the property is sound. Once that is all completed, one should proceed to a formal offer. Mr. Hollingworth added: “The things on which to focus are the budget – can you afford what you’re asking for and have you costed everything properly? — and whether to go for fixed rate or variable.”

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Quality Insurance Advice from A Caring Team Everyone who works at Churchill Insurance Consultants is quick to smile and say that their Churchill has nothing to do with “the nodding dog.” “We are an independent brokerage,” explains Benjamin Goldberg, their latest recruit, who joined from the property advisory team at accountancy giants KPMG. “That means we have access to a broad range of insurers, giving us the ability to source the best deal for you in terms of a combination of money, cover, and quality of service.” Churchill are based in Beaufort Park, the new complex between Edgware and Hendon. They have thirty years’ experience as brokers, and are led by the original managing director, Clive Sladen. As a firm they cover most commercial insurance needs, including Property Owners (Buildings) Insurance, Marine Cargo, Professional Indemnity, and general business. They also offer buildings — and contents insurance to high—net—worth individuals, and some other personal insurance lines. Property owners are those Benjamin has been employed to work with. His experience at KPMG, advising on property management, acquisitions and renewals, makes him see himself as more than an insurance broker, and instead more as an advisor. “Clients are regularly taken aback when I discuss their needs with them,” he says. “They

are surprised that someone tries to take the time to understand them rather than just sell them a policy that might not suit their needs.” For Benjamin, understanding those needs means rarely doing business over the phone. Where possible he prefers to meet clients in their office, as this “enables me to see them at work, to get a feel for what they do, and consequently better advise them.” He works closely with others in the property industry, building a close network of property professionals who can be of service to his clients if and when they need them. “When a client has, chas v’shalom, been burgled, we are regularly the first people they call. We have trusted locksmiths and other tradesmen that we work with who they can call on to secure their homes and make them feel safe, avoiding their having to run around dealing with things. We also have links with professional cleaners, developers and surveyors, so that our clients who are landlords can leverage our network of contacts to save themselves time and money.” Benjamin’s background contributes to this dedication to his clients. He is a descendant of the renowned Frumkin dynasty, owners of the well-known Kosher wine shop in the East End, whose devotion to tzedakah and helping others was famous.

Benjamin learnt in several yeshivos, including the Mir where he attended the shiur of Harav Yitzchok Helman, with whom he maintains a close relationship. Having left Mir he learnt in a variety of smaller batei medrash before starting his career. He admits that it is hard to maintain a good work/life balance — he is married with three young children, the eldest of whom attends Tashbar Primary School in Edgware — but he manages to do so. He even finds the time to write a weekly parashah sheet for his shul and several booklets on different Yamim Tovim which are distributed throughout Edgware, with the help of generous sponsors. Benjamin has put a huge amount of effort into the Property Insurance team within Churchill. “Networking has become a large part of my life,” he explains. “I spend most of my time meeting people, exploring their needs, or if they are not a potential client, seeing if we can refer business to each other.” He stresses that there should be no embarrassment about approaching people in a business context. “If you are good, and think you have something to offer, then anyone can be a client.” Benjamin deals mainly with Property Owners, that is, those who own a property and let it out, whether it be residential or commercial. His main

targets within that group are those with a portfolio of properties, but he does not turn anyone away. He is particularly keen to meet and talk to Property Managers who arrange insurance, as he has some exclusive deals for them. Benjamin can be contacted on 0208 511 1098 or

benjamin@churchillins.co.uk

“Call me,” he says, “even for free advice. I love to talk to people and am always happy to help.”

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RESIDENTIAL PROPERTY SUPPLEMENT

Former North London Monastery, Converted into Luxury Homes

Carmel Gate is a prestigious new development of exclusive apartments & duplexes, courtyard news houses, cottages, villas and a gatekeeper’s lodge, all set within secure, gated, landscaped grounds, in the prime residential area of Temple Fortune, North West London, NW11. Situated in a discreet location, on the site of the historic Carmelite Monastery circa 1906, the development features a distinctive internal courtyard and a selection of conversion and new build homes, offering many original features with contemporary specification and finishes. Set to become North West London’s most desirable new development, Carmel Gate is ideally located close to a range of excellent schools, shops, parks and transport links as well as being in walking distance of nine synagogues. It provides both privacy and high security with a gated entrance, off-street parking, 24-hour concierge, video entry system and CCTV throughout. Successfully blending old and new, the distinctive architecture and period features of this stunning building have been sensitively converted and skilfully combined with contemporary interiors to create an exceptional and luxurious place to live. Karen Morris, Glentree Estates New

Homes, comments: “Carmel Gate offers a rare opportunity to live in an established, popular residential area in a piece of history which is now a stunning collection of luxurious homes. Each home in the former monastery is different, with distinctive layouts and original features providing unique and quirky living accommodation. While the new build villas are perfect for families. There really is something for everyone.” Accessed via secure electronic gates, the development is set around the original 23m by 12m courtyard cloister which when built will include landscaped grounds, a pergola, seating areas and a beautiful water feature in the shape of a rill running down the centre. Carmel Gate provides a wide range of luxury accommodation including 22 two and three-bedroom apartments, three, three and fourbedroom courtyard mews houses, two two-bedroom cottages, the original gatekeeper’s house which has been converted into a deluxe two-bedroom show home and five premium detached seven-bedroom new build villas located within secure gates in a tranquil setting at the rear of the development each featuring private, landscaped gardens. Each home has been crafted and finished to a high standard and features high

specification throughout with underfloor heating to all bathrooms, bedrooms and living areas, movement sensitive lights to all wardrobes and dressing rooms in some homes. Some homes in the monastery feature terraces or balconies, while many homes overlook the beautiful internal courtyard. The prestigious villas also feature Lutron mood-control lighting, and cinema rooms. The luxurious designer kitchens are Alno, a leading German designer and come complete with Siemens built-in appliances. The villas feature Poggenpohl cabinetry and Miele built-in appliances. All kitchens feature composite stone worktops and ceramic floor tiles or Amtico flooring and include integrated dish washer, fridge/freezer, gas hob, chimney extractor, oven and microwave. Villas also benefit from double ovens, a coffee machine and wine cooler. Some homes and all the villas include utility rooms. The stunning bathrooms offer the very best in modern design, complete with Villeroy and Boch sanitary ware with Vado chrome fittings, heated towel rails and full height ceramic wall tiles in master bathrooms. The villas also feature luxurious wet rooms and contemporary modern free-standing baths.

Temple Fortune is renowned for its stylish shopping from elegant boutiques to Waitrose and M&S, and a wide selection of cafés and restaurants. The neighbouring areas of Golders Green, Finchley, Hampstead and Highgate Villages and Brent Cross Shopping Centre provide endless entertainment options. Golders Hill Park and Hampstead Heath with its 800 acres of parkland are close by, as well as several high achieving primary and secondary schools including Henrietta Barnet. First class transport links ensure Carmel Gate is ideal for getting around with Golders Green tube station a short distance away, making it just a 15 minute journey to King’s Cross St Pancras. The North Circular A406, M1 and M25 motorways provide direct access to greater London and the rest of the country, while Heathrow is just a 35 minute drive away. Prices for the remaining homes start from £575,000 for a two-bedroom apartment to £3.25 million for a seven-bedroom villa. If you would like further information please contact Sole Agents Glentree New Homes on 0208 731 9500 or visit newhomes@glentree.com or www.carmelgate.com.

ESTATE AGENTS

Residential Sales & Lettings 45/47 Manor Park Crescent, Edgware, Middlesex, HA8 7LY

Situated on the most prestigious and highly sought after Canons Drive Estate we are favoured to offer a Period Tudor style double fronted detached family residence, which boasts excellent sized family accommodation of 3 reception rooms and 2 bathrooms with one en-suite and we feel internal viewing is a must. This property has many fine features with wellproportioned rooms and benefits from a delightful south facing garden, and much much more! This is a rare opportunity to acquire a home on this ever popular and sought after Canons Drive.

An excellent opportunity to purchase this substantial 4 bedroom 2 bathroom (one ensuite and ensuite dressing room) detached family home with 3 reception rooms. The property is situated in between Broadfields Avenue and Hale Lane therefore being within easy walking distance of all local amenities including Edgware's multiple shopping centre and Northern Line tube station. V i e w i n g i s a m u s t t o f u l l y appreciate this fine property.

A unique and rare opportunity to purchase this 3 bedroom, 2 bathroom (one en-suite) detached Architect designed bungalow, set in a most private setting approached by a private driveway with remote controlled electric gates. Ranelagh Drive is situated off Ashcombe Gardens in central Edgware within easy reach of all local amenities. Early viewing is highly recommended by appointment through Sole Agents

Canons Drive, Edgware £1,050,000

Edgware OIEO £850,000

Edgware £724,950

A unique opportunity to purchase this 4 bedroom detached family house with an en-suite shower room. With a side plot of land approx. 23' wide with the benefit and potential to carry out a double storey side extension to significantly enlarge the accommodation, subject to planning. This was previously passed but has lapsed. Blackwell Gardens is located in between Edgwarebury Lane and Wolmer Gardens and is well situated of all local amenities. View is a must through Sole Agents Melvin Jacobs

We are pleased to offer for sale this Art-Deco 4 Bedroom Detached residence situated on a bold corner plot in this popular and sought after road. The property has the benefit of being in a quiet residential location within easy walking distance of Edgware's shops and transport facilities T h e p r o p e r t y i s w i t h i n t h e E r u v. In our opinion this house is offered in good order throughout and a viewing is highly recommended through Sole Agents

We are pleased to offer you this delightful 4 Bedroom Semi-Detached residence situated in an idyllic position. The property is close to Mowbray Parade shops and has good transport links as well as being within the Eruv. Viewing is a must through Sole Agents Melvin Jacobs

Edgware £685,000

Edgware £595,000

Edgware £545,000

We are pleased to offer for sale this 2 Bedroom Detached residence situated on a cul-de-sac location. The property has the benefit of being in a quiet residential location within easy reach of local shops and offering access to Edgware's shops and transport facilities. The bungalow is also within the Eruv. Some modernisation is recommended but this has been reflected in the asking price and viewing comes recommended through Joint Sole Agents

An excellent opportunity to acquire this spacious newly refurbished 2 Bedroom apartment with the benefit of patio doors opening onto a spacious and communal gardens as well as the advantage of having its own allocated garage. The block is highly sought after and is situated within easy reach of both Stanmore and Edgware's shopping and transport facilities. An internal viewing is a must through the Vendor's Agents Melvin Jacobs

Edgware £530,000

Edgware £399,950

Edgware £289,950

45/47 Manor Park Crescent, Edgware, Middlesex, HA8 7LY

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RESIDENTIAL PROPERTY SUPPLEMENT

A Vibrant Housing Market Exploring house prices in the frum areas BY LEON SIMONS

Mention houses and house prices and people can get very hot under the collar. This is not surprising given the history of the house market in the last few years. The subject is rarely out of the news. The repercussions of the sub-prime scandal are still reverberating both in Britain and America, with buyers, sellers, banks and building societies still feeling the heat. Yet despite all these problems the market, according to estate agents in the heart of London’s charedi communities in Golders Green, Hendon and Edgware, is vibrant and very active, with some reporting shortages of suitable properties and buying in all areas. Barry Allsuch started in the property business in 1973, the year of the Yom Kippur War. Now he is about to celebrate his 40th year of selling homes to the Jewish community in Edgware. “I started with Moss Kaye, which is no longer there,” said Mr Allsuch. “They started selling in the Broadfield estate and then expanded to cover the whole of Edgware. When I started, houses were selling for £19,950, while the really expensive homes in Canons Drive were £99,950 and nothing broke the £100,000 barrier. Now we have offices in Elstree and Radlett but Edgware still represents very good value for money.” A three-bed home now in an area “near where the action is” — that is, near shuls, shops and kosher infrastructure — says Mr Allsuch, would

cost the best part of £500,000. Edgware falls into three distinct categories: the Broadfields estate, the middle part of Edgware around Hazell Gardens and around the A41 road and then an area off Green Lane. Prices vary from that half a million in Broadfields, rising to £700,000 in central Edgware and £900,000 upwards around Canons Drive. “When I started here, people would say ‘I don’t want to live in Edgware but I want to live on the Canons Drive estate’,” he said. “Edgware would suit all pockets. I don’t see prices in Edgware going through the roof, so to speak, except in Canons Drive.” The manager at the Edgware branch is Emmanuel Menahem, who is a member of Edgware Sephardi Congregation. A different story is told at Taylor Hawkins, the oldest surviving estate agent in Edgware and in business for half a century. Its staff is seeing demand from young couples for rental properties and more established family units seeking three and four-bedroom semi-detached homes. “Our clientele won’t look at Canons Drive, where you can pay £1 million for a four-bed home,” said the company’s spokesman. “In our experience, they would rather buy a four-bed semi and extend.” The game has changed with bigger demand, he said. “If more properties come on to the market, they would sell,” he said. “There is a real shortage of three and four-bed semis. If I get a three-bed, I can make a couple of phone calls and it will sell.”

In the rental market, two bed flats sought by young couples vie alongside those semis as the properties of choice. “I get calls from people in Israel asking me to hold properties they’ve seen six months in advance of relatives moving here,” said the spokesman. “People can’t be fussy otherwise properties will go.” He said a similar situation prevails in Golders Green. Two-bed flats will rent for £1,000 to £1,200 a month, while three-bed houses are £1,500-£1,700 a month. As for mortgages, he said buyers were being asked for as much as 25 per cent deposits, which could mean they would have to find as much as £150,000 up front to secure a property. He pointed to the Shuls, Schools, Kosher Shops and the creation of the Edgware Kollel as prime factors in attracting an ever-increasing frum community to Edgware. These facilities in Edgware has proved a magnet for frum families to the area, says Steven Kersh at the Melvin Jacobs estate agents. However, the shape of the community has given rise to what he described as possibly “kosher enclave”, where some parts of Edgware, notably around Hillcrest Avenue, have developed by being closer to more shuls than elsewhere. This has proved more attractive for young families with push chairs, drawing them towards a Broadfields Avenue-Hale Lane—A41 triangle., an area that encompasses a dozen shuls. Mr Kersh joined others in pointing to three and four-bed semis as the most

popular houses, with numbers coming into the area increasing in the last five years as the infrastructure has built up with shops, delicatessens and restaurants creating a significant community. “On Yomim Tovim, it becomes a ghost town,” he said. On obtaining a mortgage, Mr Kersh felt it was something that can sometimes be difficult. “Sometimes people need a helping hand along the way. Deposits need to be a bit higher today, but often — particularly with young people — they get some parental help.” There’s a very simple adage at Hendon Estates: “Anything that comes on the market will sell depending on the size of the property,” according to Sheldon Bodner. “New couples are looking for two and three bedroom flats or houses, while bigger families will be looking for three, four or five bedroom homes. There’s no question that the numbers are increasing,” he said. There is evidence of movement from Hampstead Garden Suburb to Hendon and Golders Green properties, for particularly bigger homes “across the board”. This is despite prices rising “substantially” in the last couple of years. “As families grow, people are looking for bigger homes, as big as seven or eight bedrooms, as well as those further down the scale.” Some buyers are finding it extremely difficult to obtain mortgages. It is advisable to those looking to purchase a property to start arrangements as soon as they decide to look.

BARRY ALLSUCH & Co Property Experience Spanning Five Decades

Covering Edgware, Canons Drive, Mill Hill & Stanmore Areas

SALES

RENTALS

Edgware

We are pleased to offer this superb 4 bedroom family home with substantial potential to extend (STPP) in a prime Edgware location.

We are pleased to offer this stunning 5 bedroom detached family residence, situated off Broadfields Avenue, offered chain free.

Price guide

£650,000 Price guide

Edgware

A 4 bedroom detached family home situated in this prime turning with a landscaped rear garden and carriage driveway to the front.

An exceptional 4 bedroom detached family home, located within the highly sought after Canons Drive Estate.

£850,000 Price guide

Stanmore

• 1 Bed Apartment • Reception Room • Bathroom

Edgware

• Spacious 2 bed • 2 Bathrooms • 1 Reception

A well-appointed 4 bedroom detached residence situated on this highly desirable residential street in the heart of Stanmore.

£1,350,000 Price guide

Elstree Office 3 High Street, Elstree, Herts WD6 3BY 020 8953 1175

• Modern Kitchen • Nr Edgware Tube • Newly Decorated

Edgware

LET

Price guide

• Spacious 2 Bed • 2 Bathrooms • Reception Room

• Modern Kitchen • Near Train • Allocated Parking

Stanmore

• 4 Bed Detached • 2 Bathrooms • Fitted kitchen

• 3 Receptions • Garden • Garage

£885,500 Rental guide £1400 pcm Rental guide £2500 pcm

Stanmore

A much larger than average five bedroom detached home, which has been rebuilt and modernised to an extremely high standard of finish.

• Balcony • Residents Gym • Parking

Mill Hill

£750,000 Rental guide £1100 pcm Rental guide £1300 pcm

Edgware

Price guide

Edgware

LET

• 3 Bed Apartment • Balcony • Residents Gym • 2 Bathrooms • 1 Reception Room • Parking

LANDLORDS WE URGENTLY NEED YOUR PROPERTY FOR WAITING APPLICANTS

£1,375,000 Rental guide £1550 pcm

Edgware Office Sales & Rentals Chartwell House, 292-294 Hale Lane Edgware, Middlesex HA8 8NP

020 8958 1400

Radlett Office 223 Watling Street, Radlett, Herts WD7 7AL 01923 852 333

www.barryallsuch.co.uk

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RESIDENTIAL PROPERTY SUPPLEMENT

Donâ&#x20AC;&#x2122;t Let The Rot Set In BY HILLEL BRODER BSc (Hons) MRICS

I am often called upon to inspect properties to carry out a Building Survey for purchasers and some times to specifically report on cracks and subsidence for existing property owners. In the latter case I have on occasion been greeted by a rather apprehensive husband or wife in fear of various cracks they have noticed and asked if there is a danger the property will collapse. I am tempted to respond that we had better step outside to discuss this as it is safer! but due to the seriousness of the enquiry think better of it. I generally advise the concerned home owner that the cracking should not result in a sudden collapse of their property which normally provides instant relief. This appears to be the usual reaction of clients to cracks and the fear in which they are held. However I am often amazed by the neglect that has been suffered by these very same properties with leaking gutters, rotten window sills and defective roof coverings all allowing water penetration and causing extensive damage to the property which is seemingly accepted and generally ignored. These defects do not generate the same feelings of fear engendered by the dreaded cracks but maybe more attention should be given to this neglected area. The purpose of this article is to highlight some of the problems associated with dampness and in particular rot to timbers so that more attention is given to this important area which can have far reaching and devastating consequences if neglected. I would also like to highlight the importance of having a Building Survey carried out prior to purchasing a property.

Timber decay There are two types of rot, namely wet rot and dry rot. It is important to distinguish between the two types of rot. Wet rot, as the name implies, is caused by excessive amounts of moisture in contact with timber surfaces. Classic examples would be an external timber window sill which has become bare of paint which has allowed water to penetrate and results in decay of the timber or perhaps a leaking waste under a bath which causes rot to timber floor boards and joists. If left and the bath is loaded with water the floor could indeed collapse! Dry rot on the other hand is not as the name implies a result of dry conditions but rather less moisture (30% moisture content within the timber) and normally warmer conditions which allow for the growth of the dry rot fungus known as Serpula Lacrymans. This type of rot often occurs where moisture levels may have been high due to a leak and as the source of the leak is abated and areas dry out conditions can become favourable for the dry rot to develop. It is for this reason that areas should be properly ventilated or a dehumidifier fitted following abatement of any leak. Timbers in proximity to damp affected brickwork may also become vulnerable to dry rot and in particular floor joist ends which are in contact with damp

brickwork may become adversely affected by both wet rot and dry rot. One of the reasons why dry rot has such a fearsome reputation is that it may remain undetected for some time within the structure and may be only apparent as slight rippling of the timber or paint finishes on skirting boards. This is something that an experienced surveyor should notice and so investigate further including checking for dampness using a moisture meter and possibly exposing areas. The type of rot will also have to be identified. Dry rot will produce filaments of various thicknesses ranging from white to yellow to brown reminiscent of Zoraus that affected buildings in biblical times. It will also produce fruiting bodies which produce millions of spores searching for new timber to settle and feast on if the conditions are right. The dry rot fungus will eat away at the timber and eventually turn it into dust The dry rot spreads by fine filaments known as mycelium which can even spread into brickwork and plaster searching out further timber on which to feed upon. It is for this reason that a popular method of eradication of dry rot includes removal of affected plaster and treatment of brickwork behind with an anti-fungal spray and then reinstatement of the plaster. This can be quite invasive, destructive and costly particularly if ceilings with ornate cornicing are involved. Damp proof companies will often insist on removal of plaster and extensive treatment with fungicidal sprays and irrigation of brickwork, however it may not always be necessary as abating the source of dampness will ensure that the dry rot does not spread or continue to cause decay. An independent surveyor should be able to assess and advise regarding the extent of remedial works required. It should be noted that the chemical treatments are toxic and care should be taken to protect occupants and even pets such as fish that are highly sensitive to these chemicals. Any structural timbers will also have to be checked to ensure they have retained their integrity. It is therefore important to establish the cause of the dampness which has generated the outbreak of dry rot as this is the key to successful eradication and to help determine the correct remedial works and treatment. It may also be appropriate to refer the matter of rot infestation to your building insurers. The insurers will not normally cover the cost of remedial works to abate the leaks such as to repair a leaking pipe work but depending on the policy wording may cover the cost of resultant rot remedial works which may be extensive

Sources of Dampness The causes of dampness may be obvious such as a leaking gutter or rainwater pipes, overflowing blocked gutters and hoppers and leaking roofs. Less obvious causes of dampness maybe defective pointing to brickwork, porous brickwork, cracked or porous render or open joints in the structure. Even less obvious sources maybe leaking pipes under floors or within the structure or raised water table.. There could be problems with rising

damp due to defective damp proof courses or, in some cases, no damp proof course at all. Brickwork could also be below ground level and vulnerable to penetrating dampness. Poor workmanship in the construction of extensions or original houses may also contribute to the problems of dampness where damp proof courses have been compromised. A further and less obvious source of dampness may be problems with condensation. This really deserves an article in its own right but briefly condensation will occur where warm moisture laden air comes into contact with a cold surface. To avoid problems with condensation it is important that any moisture generated is extracted to external air and areas are properly ventilated. What is not commonly realised is that condensation below timber floors, particularly on the ground floor can build up and cause problems with what appears to be rising damp. A surveyor should be able to identify the difference between dampness caused by condensation and by rising damp. It is for this reason that sub floor ventilation of timber ground floors is so important. The presence of mould on the wall is usually an indicator that the dampness is a result of condensation rather than rising damp. Without giving away too many secrets or being too technical the salts within the ground can be deposited in the brickwork and plaster when there is a problem with rising damp. These salts are hydroscopic which means they attract moisture from the air which exasperates the problem and in addition they prevent the growth of mould. There can also be a build up of condensation within the void of flat roofs which have not been correctly insulated and ventilated and similar rot problems can result. It can be seen that the source of dampness may not be immediately apparent and requires careful investigation and analysis. Opening up works or use of an endoscope may also be required to check for sources of damp and possible rot. Some times a trial and error approach is required to identify the cause of the damp.

Left unchecked rot can be devastating So next time you are worrying about creaking cracks, spare a thought for dampness and rot and donâ&#x20AC;&#x2122;t let the rot set in.

Building Surveys I have referred to Building Surveys in this article and would like to briefly expand on this subject. A Building Survey involves an inspection of a property followed by a comprehensive and detailed report on its condition and is usually carried out prior to a purchase. The type of defects which would be highlighted would include any signs of movement and cracking, dampness and rot and general wear and tear of elements of the property such as roof coverings, brickwork, joinery and decorations. Other aspects of the property such as quality of any extensions or alteration works would also be covered. Gardens and boundaries will also be reported on and any signs of the dreaded Knotweed identified. The report will often include photographs to illustrate points in the report so that it is user friendly and budget costings if requested. The report will hopefully provide the perspective purchaser with the piece of mind they will need before proceeding with what is likely to be the biggest investment of their lives Having said this I am amazed that so many people proceed to purchase a property without a Building Survey perhaps just relying on the bank valuation. This does not make sense as inevitable there will be something that comes up on the survey and the price of the property may be renegotiated on the basis of the report. The report will in that situation effectively not cost you any extra and you may even save yourself great expense and inconvenience. Why take risk of not knowing what you are buying.

The author Hillel Broder is a chartered Building Surveyor and partner in Ord, Carmell & Kritzler a firm of Chartered Surveyors in Golders Green and can be contacted on 020 8455 0057 or emailed: hb@ock-survey.co.uk www.ock-survey.co.uk

Dry rot fruiting bodies that can develop at the later stages.

Dry rot damaged timbers showing characteristic cracking and mycelium.

LE T

T URS H D 8 A BRO NUE, HA AVE 0,000

£56

LE A S R O F

Thinking of selling or letting? CALL US FOR A FREE NO OBLIGATION MARKET VALUATION ON 020 8958 2222

HIG H AVE VIEW NU HA8 E,

FO RS AL E

BROADFIEL DS AVENUE, HA 8

£445,000

E D GWA R E ’ S LO N G E ST S E RV I N G E STAT E AG E N T

58 Edgware Way, Edgware www.taylorhawkins.net

P26 HAMODIA

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RESIDENTIAL PROPERTY SUPPLEMENT

Principal Private Residence Relief

Period of absence for up to 36 months for any reason. If these circumstances apply one after the other, the periods can be added together for a longer period of ‘deemed residence’.

I use some of my home for my business. Is this a problem? If there is partial business use, HMRC will not allow PPRR on that portion. The disallowed portion of the gain can be measured using a reasonable method; floor space being commonly used. For example, if a room consisting 10% of the floor space of the home is used for business purposes, 10% of the gain is taxable. This only applies if part of the home is used exclusively for business. If a spare room is used both as a bedroom and office, PPRR should be fully available. Berry Leigh ACA CTA.

An Englishman’s home is his (taxexempt) castle! One of the most significant yet ‘personal’ capital gains an individual is likely to make is on the sale of their own home. Thankfully, a generous tax relief is available, and in most cases there should be no capital gains tax (CGT) liability. The rules are complex; below, we briefly review the workings of the relief.

What’s the relief? It’s called Principal Private Residence Relief (PPRR) and is available when you sell your main home. Most people will live in their home full time, and qualify for full PPRR on the gain made on sale; however, where the homeowner did not always live in his home, or used his home for other purposes, PPRR may well be restricted, or even fully denied. The relief is only given if the property was not acquired with a view for onward sale at a profit!

I didn’t live in my home for the full

Pinny Olsberg ACCA.

period of my ownership. Can I still have PPRR? PPRR can be restricted if you don’t live in your home full time. If, say, you are absent for 6 years out of a 12 year ownership period; half the gain will be tax free and the other half relates to a period of absence and will be partially subject to CGT. Certain absences are ignored (known as ‘deemed residence‘) and PPRR will still be available. The most useful period of deemed residence relates to the final 36 months of ownership of a home that was once a PPR. The following periods are also ignored where you have actually lived in the property, both before and after the period of actual absence: Absence from your new home due to works being carried out – the first 12 months, and in special circumstances, 24 months. Time away from your home if you were sent to work abroad by your employer. Living elsewhere in the UK for up to 4 years for reasons of work.

I have lived in my home for some years, but rented it out prior to sale. Will I get PPRR? You may not get full PPRR if you’ve rented out your home for part of your period of ownership, but you may get the associated “lettings relief” which is capped at a maximum of £40,000 per individual owner; a couple may be eligible for a maximum of £80,000 relief.

I rented a room under the ‘Rent-ARoom Relief’ scheme for Income Tax. How will this affect me? Rental income received from a lodger in your home can be exempt from Income Tax up to a maximum of £4,250 a year. This exemption will not restrict full availability of PPRR.

What if I own two homes? If you purchase a second home also used as a ‘residence’, you can nominate either home as being your ‘main residence.’ This election must be notified to HMRC within 2 years of acquiring the new residence. Should no particular property be nominated, HMRC will

consider the facts before deciding which property constituted the main residence and therefore eligible for PPRR. A useful planning tool can be available. As mentioned earlier, the final 36 months of ownership will be eligible for PPRR. An individual looking to enjoy PPRR on his second home can ensure that it qualifies as a ‘residence’, elect for it to be his PPR and subsequently vary that election back to the main home. He would obtain PPRR on the final 36 months of his ownership of the second home whilst enjoying (essentially) full PPRR on the main home. Of course, ‘living’ in the second home means exactly that; so merely popping in once a while or enjoying a two week stay will not be sufficient to render the home as a ‘residence’. Recent case law has shown that the Courts view the quality of residence as a determining factor in this area. Many further issues may arise with PPR, such as: Will the flat I built at the end of my garden qualify for PPRR? I have a large garden, and have sold some for development. Will I get PPRR? Can the trustees of a Trust claim PPRR? I have divided my home into separate flats. Will I get PPRR? PPRR is an extremely valuable relief, and in appropriate circumstances, much of the gain made on the sale of your home can be tax free. However the rules are complicated and it will be appreciated that appropriate and timely advice should be obtained. The above provides a flavour of the issues commonly encountered and should not be regarded as definitive advice. Barry Leigh ACA CTA (Partner) and Pinny Olsberg ACCA (Manager) at Cohen Arnold provide tax advice to a wide range of personal and corporate clients. They can be contacted on (020) 8731 0777 or by email at barryleigh@cohenarnold.com and pinnyolsberg@cohenarnold.com

Taking the Complexities Out of Conveyancing Moving home can be an emotional and stressful experience. Blood pressure can rise, anxiety levels may increase and tempers become frayed. Many people will have less-thancomplimentary stories about their flat or house move, often arising from unanswered telephone calls, endless delays, unhelpful advice and poor service. At Rosenberg & Co Solicitors — a niche property practice in north-west London — we specialise in all aspects of residential conveyancing and are accredited under the Conveyancing Quality Scheme. With many years’ experience, we offer a very personal service which is bespoke to the client’s needs, a service we feel can rival (dare we say better) that of the West End, but not at their prices! Communication — this is essential. It is so important to be able to speak to your solicitor and obtain answers to

your questions promptly. Efficient and personal service — we care about our clients and go above and beyond the call of duty. We appreciate that availability outside office hours is important. Plain English — you need a solicitor who can explain legal jargon in a straightforward and uncomplicated way. Expertise and knowledge — fundamental ingredients for a professional service. Whether buying, selling or re-mortgaging, we are pro-active. Indeed, our approach has always been to look for a practical and pragmatic solution to problems that invariably arise. Clients don’t need a five page essay about the niceties of a legal point; they want to know what can be done to resolve an issue so that the transaction can move forward.

By way of just one example, a satisfied client recently wrote the following testimonial : “Stuart Rosenberg helped us buy our house 11 years ago, and just helped us sell it. He is reliable, prompt, pays attention to detail without being needlessly pedantic, and can explain legal issues in a way that makes them clear. As it happens he’s also funny and a pleasure to deal with! His fee was reasonable and he even eliminated part of the fee once he realised that the paperwork at issue could be taken care of under another heading. We’d recommend him without hesitation, he’s a real find.” The author of this article, Stuart Rosenberg, is a conveyancing solicitor at Rosenberg & Co. Stuart can be contacted on 020 7431 8832 or at stuart@rosenberg-and-co.com

Experts on all accounting and taxation matters associated with property. COHEN ARNOLD IS A FIRM OF CHARTERED ACCOUNTANTS, TAX ADVISORS AND REGISTERED AUDITORS WHO ARE PROFESSIONAL, DYNAMIC AND PROACTIVE WITH EXPERIENCE IN ALL AREAS OF ACCOUNTANCY, AUDIT AND TAX ADVICE RELATED TO PROPERTY INCLUDING:

◊ Capital Gains Tax & Corporation Tax ◊ Landlord and Tenant Matters ◊ Principal Private Residence Relief ◊ Service Charges ◊ Property-Based Transactions ◊ Enfranchisement Rights

FOR A FREE INITIAL CONSULTATION, PLEASE CONTACT DAVID GOLDBERG OR BARRY LEIGH.

◊ Capital Allowances ◊ Compulsory Purchase Orders ◊ VAT on Property Transactions and Developments

020 8731 0777

◊ Options to Tax

www.cohenarnold.com

◊ Inheritance Tax

lebrating Ce

1938

2013

YEARS

New Burlington House, 1075 Finchley Road, London NW11 0PU Fax: 020 8731 0778 E-Mail: mail@cohenarnold.com

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Good Potential In North West Says Rountree House buyers in Hendon and Golders Green are looking at anything and everything, particularly in areas within walking distance of shuls, according to Mark Block, a founding partner of Roundtree Real Estate in Hendon. “We feel that in Hendon, there is a lot of potential around the Vivian Avenue area where there is affordable housing. But people don’t want to go there,” said Mr Block. “The main part is the Vivian Avenue side of Hendon Central, where there is family housing still below £400,000.” However, within the areas favoured by the frum community, he believes prices have risen 10 per cent a year in the last two years. Despite this, he bemoans the lack of houses available. “We don’t have enough properties to sell. One reason why people don’t sell is because they might have a mortgage on a low fixed rate so there may be no incentive. However, houses still sell quickly if they are priced correctly.” “Young people are often being trapped in rental accommodation. They can’t afford a deposit and are priced out of the market. The cheapest three-bed terraced house in the most sought-after parts of Hendon and Golders Green is nearing £500,000 and often needs plenty of work doing to it.” “It’s getting much tougher for young people particularly on benefits since they have been capped at £400 a week. We have found recently that large houses are harder to rent, rents have begun to fall slightly on the larger houses in particular as people can’t afford them.” Roundtree Real Estate was set up in 2009 by Mark Block and Martin Frydenson, who were both born and brought up and currently live in the Hendon and Golders Green area. Mr Block said they both feel “very connected and in touch” with the local community. “We are always happy to advise clients free of charge on plans and any property needs,” he said. Apart from the usual sales and lettings, the company specialises in ‘niche’ property management throughout London. “Our attitude is that we look after people and their property as if it were our own,” said Mr Block. Roundtree’s swift climb up the property ladder is demonstrated by its recent involvement with a major development of three gated homes with every comfort and modern facility in within the ever-popular Shirehall Estate. The three houses comprise six bedrooms on two upper floors, three of which have en-suite bathrooms, with two further family bathrooms. On the ground floor, a lounge-diner runs the length of the house, with a kitchen/breakfast room complementing it on the other side of a long entrance hall. Each home has secure offstreet parking and landscaped gardens and is finished to the highest specifications. The three houses have German kitchens with kosher-adapted appliances and granite finished surfaces and LED lighting throughout. The homes are priced starting at £1.15 million. Viewing will be by appointment with Roundtree Real Estate. However, there will be an open day on Sunday July 7 between 11am and 1pm when a show home will be open for anyone to view.

To advertise in our next Property Supplement, please Call Alan Rubenstein on 020 8447 7777 or email alan@hamodia.co.uk

4 JULY 2013

RESIDENTIAL PROPERTY SUPPLEMENT

4 JULY 2013

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Discover Temple Fortune’s best kept secret

Carmel Gate is a prestigious new development in Temple Fortune, NW11. A selection of exclusive two and three bedroom cottages, apartments, courtyard mews houses and seven bedroom detached villas with concierge. All set within gated landscaped gardens with parking in a unique courtyard setting including water feature.

Sales

Site

T: 020 8731 9500 E: sales@carmelgate.com W: www.carmelgate.com 07425 911 708

Show House Now Open Monday to Friday: 10am to 5pm. Sundays: 11am to 4pm. By appointment. CGI’s for guidance purposes only.

s Apartments from £575,000, stc s 2 bedroom cottages from £950,000, stc s Spacious 3-4 bedroom triplex courtyard houses from £1.45m, stc s Luxurious 7 bedroom villas – Price on application s Show Home now open by appointment s Available from Summer 2013

Carmel Gate, Bridge Lane Temple Fortune, London NW11 Developed by

Sole Selling Agent