Welcome to Tedworth Property
We are thrilled to be sending you our first newsletter for 2024.
January has flown by and judging by activity levels since our return to the office, we are certainly optimistic for the year ahead. As we have discussed before, positive sentiment is key for the prime London property market and with the softening of mortgage rates and other economic factors looking more favourable, we are already seeing an increase in buyer enquiries which bodes well as we move towards the spring market.
There are of course several factors beyond anyone’s control that could alter this sentiment, but for now, our team are focusing on positioning our clients to capitalise on this renewed vigour and energy in the market.
The latest edition of The House Library – Vol 4 was released before Christmas and we would like to thank everyone who has taken the time to get in touch. It’s been great to hear so many positive comments and if you would like to receive a copy, please do let us know and we will pop one in the post without delay.
From us all at Tedworth, we wish you a prosperous 2024 and as ever, please feel free to reach out to a member of the team if we can assist with any property related matters.
A Word With George Seater
In our experience, buyers often leave insurance to the last minute when purchasing a new home, as they assume arranging it will be easy. However, there are all sorts of things that can trip you up and leave you without the level of cover that you need, when you need it. Here are the important things to remember…
Cover at point of exchange
The property you’re buying becomes your legal responsibility as soon as you exchange contracts. That means you should arrange for your insurance policy to start from this date. There are potential insurance complications that can derail you here. From a non-standard property to a property with an adverse history of subsidence or flooding, to an indemnity issue causing problems. And if you can’t find cover, it may adversely affect the property purchase. So, start early and make sure that insurance isn’t a barrier to purchase.
Insurance during the move
One thing that is easy to overlook is your contents insurance during the move. Most policies will provide some level of cover but there could be limits, such as restricting the total value of items covered or what is covered – for example, jewellery might be excluded. There may also be a time limit or complete exclusion for contents being kept in storage.
Alternatively, if you’re using a removal company and relying on their cover, check the small print as it may be limited, and should you wish to top up, it could prove expensive.
Planned building works
Let your insurance company know if you’re planning to renovate, convert, or extend your new property. Insurance policies have a building works condition written into the wording, and if you break this condition, you could find yourself without any cover. Larger scale works, especially if you’re not living at the property, may require an additional specialist policy.
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