Category Archives: Property

News, Property, Wales News

Principality Commercial finances regeneration of historic development

Principality Commercial has provided financing for the redevelopment of an historic building in Cardiff Bay.

Developed by Cardiff Bay Estates, Marine House has been regenerated to provide 13 stylish one bed apartments for first time buyers in the community.

Set in a Grade II listed building, the redevelopment has combined both the classical features of the building with modern design, ensuring both the character of the building remains while providing a contemporary living space.

The regeneration of Marine House began after the building was highlighted in the ‘Buildings at Risk’ survey in 2011. The building’s original features, including the main staircase, Victorian windows and exterior, have been repaired to ensure the character of the building has been kept intact. Marine House’s history dates back to 1857 where the building served as residential property for sailors, at the heart of Tiger Bay’s trade history.

The apartments, which are priced to support the first time buyer market by qualifying under the Help to Buy Wales scheme, have already proved popular. To date, 10 of the 13 apartments have been reserved, with the development expected to complete by November 2019.

James Ford, Relationship Manager at Principality Building Society, said:

We’re proud to be supporting Cardiff Bay Estates – a long standing customer who is enabling the regeneration of an unoccupied building to provide high standard homes to first time buyers. Their attention to detail is evident from the product they are bringing to market, ensuring the character of this period building remains intact.

Mehrdad Chegounchei, Director at Cardiff Bay Estates, said:

We are immensely proud of the Marine House development. We have been meticulous in ensuring we have kept as many classical features as possible, including the shell stuccos which are unique to this building. This makes it a really desirable development.

Martin Grindell, Director at Cardiff Bay Estates, added:

We’d like to thank Principality Commercial for the support they have provided to us – we have been most impressed with their service as a lender.

Principality Building Society has recently announced the launch of a £50 million fund available for small housing developers across Wales to support the Welsh Housing Agenda. For further information, please visit www.principality.co.uk/commercial

Property, Wales News

Cardiff estate and letting agents Seel and Co bought by Jeffrey Ross

Seel and Co, one of Wales’ oldest independent estate and letting agents, chartered surveyors, and auction houses, has been acquired by Jeffrey Ross estate agents.

Seel and Co’s outgoing Managing Director Tony Seel will stay on as a consultant at the company for a period of time for continuity. The company was established by Tony’s great grandfather in 1898. Following the sale, Seel and Co will continue to operate completely independently.

Ross Hooper-Nash, Managing Director of Jeffrey Ross – which has four branches across Cardiff – said of the acquisition:

“I have long been an admirer of Seel and Co and believe it has great potential in the real estate market in south Wales. The business perfectly complements and adds a new dimension to the current offering we have at Jeffrey Ross.

“For customers and clients of Seel and Co it will be business as usual, its expert staff will carry on doing what it does best – offering a specialist service in the auction, lettings, block property management and surveying market.”

Ross added:

“The values of the two companies are very much aligned, we intend to carry on the tradition of personal and professional service to Seel and Co’s customers for years to come. I am excited to be working with such an experienced and knowledgeable team.”

Outgoing Managing Director Tony Seel said of the acquisition:

“For some time now I have been contemplating the next stage in the development of Seel and Co and I am delighted with this outcome.

“Finding the right match for Seel and Co hasn’t been an easy task but I believe that in Ross we have found a person whose values and approach to business mirror those of our own. I am looking forward to seeing Seel and Co move forward and grow.”

Seel and Co has 22 members of staff based at its Cardiff offices.

Property

Manchester Estate Agent shares advice for Tenants

As a reputable Manchester estate agent, GetaPad are frequently asked for advice on how the new letting agent fee ban affects tenants.

Here is our guide to the new law and how tenants are affected.

WHAT ARE THE NEW TENANCY RULES REGARDING LETTING AGENT FEES?

Since Saturday, 1st June, tenants can no longer be charged letting fees in England on new tenancies, with Wales expected to follow suit in September.

Tenants can now only be charged the following fees when taking out a new tenancy:

  • Rent.
  • Utilities and council tax if included within the tenancy.
  • A refundable deposit capped at five weeks’ rent if your annual rent is less than £50,000, or six weeks’ rent if annual rent is more than this.
  • A refundable holding deposit to reserve the property, capped at one week’s rent.
  • Changes to the tenancy requested by the tenant, capped at £50 (or “reasonable costs”, backed up by written evidence from the landlord or agent).
  • An early termination fee if the tenancy is terminated early at the request of the tenant.
  • Defaults by the tenant, such as fines for late rent payments or lost keys. Fines for lost keys must be “reasonable costs”, with evidence given in writing by the landlord or agent (you don’t have to pay the fee until you’ve received this evidence).

WHAT HAPPENS IF I AM LATE PAYING MY RENT?

We always recommend paying rent on time where possible.  You should contact your landlord or letting agency at the first available opportunity if you are unable to pay on time.

If you pay more than 2 weeks late, you can be charged a fine under the new rules.

Fines for late rent payments are capped at an annual percentage rate of 3% above the Bank of England base rate (currently 3.75%), calculated based on the number of days the payment has been outstanding. They can be charged once a payment’s been outstanding for 14 days.

I’M ALREADY IN A TENANCY – CAN I STILL BE CHARGED FEES?

The fees ban does not apply to tenancies entered into before 1 June, so if you are already in a tenancy, at the moment fees still apply.

Therefore, if your tenancy includes an agreement to pay further fees – for example, check-out fees or tenancy renewal fees – you will still have to pay these up until 31 May 2020.

WILL I HAVE TO PAY FEES EVEN IF I STAY LONG TERM ON THE SAME AGREEMENT?

After 1 June 2020, any term in an existing tenancy which requires you to pay fees will no longer be binding, so you won’t need to pay them regardless of what your agreement says or when you signed it.

If you renew your tenancy on or after 1 June 2019, any term requiring you to pay fees won’t be binding on the renewed tenancy.

If you have any questions at all, please do not hesitate to get in touch with our lettings team.  We’re here to help you find the pad of your dreams and we do all we cannot to provide fair, supportive advice to both tenants and landlords.

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