A daily roundup of all the key property news.The number of UK mortgage approvals hit 66,400 in June, up from 65,650 in May, according to the Bank of England's latest data, above economists’ expectations and the highest number since January. In addition to a small boost from dodging a no-deal Brexit in March, record employment, sustained wage growth and low interest rates have boosted demand.
Southampton City Council: Pure Town Planning are pleased to announce that Dan Wilden has just secured outline planning consent for the erection of a block of fourteen 2-bedroom apartments at a site in Shirley, Southampton.The scheme was designed by local architects ARC Architecture and is on a prominent corner site approaching Shirley High Street, currently occupied by a redundant doctors’ surgery.
Corporate second charge.A large established business with multiple cross charges on assets required funds to use for cashflow in the business whilst a deal they are working on comes to fruition later this year. As the funds were only needed for a few months, the best option was a second charge bridge.
Development of 30 flats with commercial. £10m GDV. This project is currently at the planning stage. Lenders will not provide development funding until full planning has been approved. In this instance, the client was contractually obligated to complete within 10 days of planning approval being granted,
Stock levels are currently insufficient to match levels of demand from buyers and this imbalance could ultimately keep driving prices upwards, moreover, interest rates remain low and there is more choice than ever from mortgage lenders, hopefully, signs of increased confidence among buyers will eventually be reflected by renewed vendor confidence and we will see a wider range of properties being made available for sale.
Setfords are delighted to announce that our client Fashion on Screen Plc has completed on the listing of their shares on the Vienna Borse exchange.The project was led by our senior commercial consultant solicitor Paul Puxon who assisted in preparing the information memorandum and all the ancillary legal documents required for a stock exchange listing. Paul is also the company secretary.
Raising mortgage finance to buy a home can be seriously challenging for those who do not enjoy high earnings or a perfect credit rating. However, the risks involved in overcoming that difficulty by putting someone else’s name on the title deeds were underlined by a decision of the First-tier Tribunal (FTT).
A daily roundup of all the key property news and views. The number of homes being bought, renovated and sold on for profit has dropped 70% over the last 15 years as the property market cools.A report fromHamptons International has found that 18,630 homes were “flipped” across England and Wales last year, against 60,340 in 2004.
So back in 2013, the coalition government expanded permitted development rights which were aimed at reducing the red tape involved in the planning process and thereby encouraging building development and house building including office conversions and extensions.
A Fire Risk Assessment is the process whereby an accredited person systematically evaluates a property to identify any hazards which may increase the risk of fire. They are then responsible for proposing actions that will eliminate or limit the consequences should a fire occur.
Linear LED lighting utilises LED (Light Emitting Diode) technology to create a new style of interior lighting. LEDs first came into public use in the 1960s, but at this point they were inefficient and could only produce single colours rather than white light,
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