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Blog

 

Here we aim to highlight industry events and changes and invite comment

By Michael Collis, Oct 9 2015 02:21PM


Got a call today from a web enquiry,

"could you help me get a mortgage, I alrady own the property"


Me; ...Is there an existing mortge on it?.

"no"


Me:How much is the property valued at?

"er, I don't know"


Me: How much do you want to borrow?

"err, I'm not sure"


Me; What's the money for?

"To settle an existing loan"


Me Unsecured?

"No, its secured",


Me: Thats a mortgage Sir,

"No, it's not a Mortgage"

By Michael Collis, Sep 11 2015 07:34PM

We are pleased to announce that we are now located in the offices of Michael Holden Chartered Surveyors at Oswaldtwistle Mills Businese Centre

By Michael Collis, Jun 21 2015 11:38AM

The assets of more and more people are finding their way into the pockets of Her Majesty, Prince Charles, or the Treasury because they are failing to make a will.


Research from law firm Pannone has found that assets from deceased people with no named beneficiaries - known as intestacies - in England and Wales totalled £38.5m in 2011/12, a rise of 91% on the year before.


Pannone believes that the majority of these ownerless assets - known as 'bona vacantia' - were smaller estates, rather than being made up of higher value intestacies.


Pannone's Liz Braude said: "There is no clear explanation, thought, as to why the amount of bona vacantia has risen by so much in such a relatively short space of time.


"One must presume that some cases of this nature involve people who felt that their assets were so comparatively small that it wasn't necessary to make a will.


"There is also a risk if, in having made a will, it isn't kept up-to-date, that beneficiaries and executors don't know where it is, or any intended heirs do not survive the person making it."


Figures from the Legal Services Commission have previously suggested that more than one in six Britons die intestate, with the value of their assets going to the Treasury on behalf of the Crown.


But estates which fall within the boundaries of the duchies of Lancaster and Cornwall, which provide income for the Queen and the Prince of Wales respectively, will go to those duchies.


Pannone found that income due to the Duchy of Lancaster from ownerless estates rose from £3.15m in March 2011 to £3.35m in March 2012. The income due to the Duchy of Cornwall meanwhile rose from £75,000 to £552,000 in the same period.


Intestate money going to the Treasury almost doubled, with £33.5million swelling its coffers in 2012 compared to £17m the year before.


Efforts are made when estates are left without wills or heirs to track down relatives who may be entitled to the assets.


And enquiries to the Treasury about unclaimed assets did increase by 6.4% in 2011/12, with some 28,170 queries handled by the department during the 12 months.

By Michael Collis, Mar 17 2015 02:00PM


We get loads, in fact, pretty much ALL of our customers ask us what we think about rates and what is likely to happen in the future – ‘do we recommend a fixed rate or a tracker rate?’, ‘Should I tie myself into a long term or short term deal?’


It’s a good question, and one that any financial adviser must meet with caution because really the truth is that no one knows what will happen with rates. Any advisor that sticks their neck out to predict the future leaves themselves open to complaint and is basically gambling with other peoples’ money!


If you were to say rates will stay low for 2 years and recommend everyone take tracker mortgages, then if rates increased customers may lose out compared to fixed rates.


If you were to say rates will go up in 2 years and recommend everyone take a fixed mortgage, then if they don’t increase customers may have paid over the odds during that time.


So if market experts and advisors can’t tell me, what rate shall I take?!


This is purely down to your preference. If you are comfortable with the risk of rates increasing and can afford a higher outgoing if they did, then a tracker might be best as it could be cheaper to start with and if rates don’t move (although currently some fixed rates are amazingly cheaper than trackers!). Conversely, if you are averse to risk and like to know where you are every month so you can budget effectively, then a fixed rate may be better for you.


There are many other types of mortgage over and above just fixed/tracker, but these are the two most common. To discuss the options available to you and to find out which mortgage is best, make a full enquiry here or ask us a question below…


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