March/APRIL 2021
Spotlight Feature
Don't miss out
Making sure you don’t miss out on the stamp duty holiday
Read our March/April Issue
Friars Mead, London, E14
Narrow Street, London, E14
We believe in being Frank.
That means straight-talking, honesty and doing ordinary things extraordinarily well. Phone calls promptly returned. Turning up on time. Doing the paperwork. Being polite and friendly. And while our team are enthusiastic, energetic and empowered to make things happen, they know that dishonesty – such as inflating an asking price to secure an instruction – simply won’t be tolerated. It’s not fancy. It’s just Frank. We believe that if a job is worth doing, it is worth doing really well. No half measures. We take pride in our work, which means we put in the hours, we work hard for our clients and we earn our fee.
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Docklands
Capstan Square, London, E14
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Docklands
Burrells Wharf Square, London, E14
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Limehouse
Celtic Street, Poplar, E14
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Limehouse
Scotia Building, Wapping, E1W
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Demand for property in your area is high and we have registered buyers and tenants waiting. Now is a great time to sell or let your property.
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As a result, around 100,000 sales that are currently stuck in the pipeline were predicted to miss out on the March 31st deadline. The holiday period has now been extended until 30th June for the nil rate band up to £500,000 and until 30th September for the £250,000 band. However, delays in the sales process remain and anyone planning on taking advantage of the extension period will still need to get a move on. Below is a guide to current timings and some tips on how the process can be speeded up. For the most up-to-date advice, though, just give us a call at Franklyn James.
Making sure you don’t miss out on the stamp duty holiday
Thanks to Covid and the high levels of demand created by the stamp duty holiday, the average time to complete a sale has risen from between 3 to 4 months to 5 to 6 months.
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Mortgage offer One of the very first steps is to get a ‘mortgage in principle’ offer. That way you’ll know exactly how much money you will have available, so you can target your search accordingly. They normally only take a few days to organise and will last for between 30 and 90 days, depending on the lender.
Appoint a solicitor This is another thing that’s worth doing at an early stage. They will be able to give you an update on how the sales process is working. Don’t just go for the cheapest option and try and avoid factory conveyancers. Instead, chose a solicitor that is both efficient and responsive, as it will cost you considerably more if you miss out on the stamp duty deadline.
Deposit Ensure you have the appropriate funds ready and available.
If you are selling You’ll need to wait until you’ve got a firm offer on your existing home before making an offer on a new one. To avoid any unnecessary delays on your onward purchase, get all the relevant paperwork ready in advance for the property you’re selling. This should include:
Finding your perfect home
How long will it take? The average time to find the right property ranges between 4 and 12 weeks, with the majority of people viewing at least six properties before committing (source: What Mortgage). But remember, these are only averages. You may find your perfect property on day one, or it may take considerably longer.
Once your offer is accepted
Surveys If you want a survey, don’t delay. Commission one the moment your offer is accepted, as they are currently taking between 6-7 weeks to complete. And, if they unearth any issues, these may need to be resolved before you can exchange. There are three types of survey to choose from: Home Condition Report (the cheapest), the HomeBuyer Report (mid-price), and the Building Survey (the most expensive).
Mortgage valuation and formal offer Timings for this are double what they would normally be. Mortgage offers are currently taking between 2 and 6 weeks for a straight-forward purchase but can take even longer if there are any queries raised by the lender. A good broker can usually speed things along and can also help smooth out any problems.
Conveyancing: One of the biggest areas of concern are Local authority searches. They are currently taking far longer than the usual 7-14 days. Timings vary hugely from one local authority to another. Most are currently turning them around in under 40 days but there are reports of delays of anything up to 10 weeks. It’s therefore extremely important you ask your solicitor to order one the moment your sale is agreed. Be aware, though, the results are only valid for three months, so they will need to be redone if the rest of the sales process drags on too long. Search insurance is an option if timings get too tight.
Some general points During a purchase, there are a lot of requests for information flying around and one of the biggest causes of delays are slow responses from both buyers and sellers. Make sure you review, fill out, sign and return all documents quickly and efficiently. There is also no harm in chasing up the various parties to make sure everything else is happening in a timely fashion.
Agreeing a completion date Typically, completion takes place one or two weeks after exchange but, in certain circumstances, it can take place on the same day. Your solicitor will be able to advise you on the appropriate course of action.
Exchange
Deposit Try not to leave the transfer of your deposit to your solicitor until the last minute.
Removals Like most areas of the property industry, removals companies are busy at the moment, so book yours as soon as you have a confirmed completion date.
Completion!
1) Proof of identity check 2) EPC 3) Property Title Deeds 4) Property Information Form (TA6) 5) Fittings and contents (TA10) 6) FENSA Certificates for any replacement windows and doors 7) Gas and electrical safety certificates, where appropriate 8) Relevant planning permissions and building control documents 9) Leasehold and Freehold details 10) Management Information Packs for leasehold properties – depending on how efficient your freeholder is, obtaining these can sometimes cause considerable delays, so make sure your solicitor requests these as early as possible.
Docklands
60 Westferry Road, London E14 8JE
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Opening Hours Monday - Thursday 9am - 7pm Friday - 9am - 6pm Saturday - 10am - 4pm
Limehouse
29 Narrow Street, London E14 8DP
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Opening Hours Monday - Thursday 9am - 7pm Friday - 9am - 6pm Saturday - 10am - 4pm
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Capstan Square, London, E14
House
Price £670,000
Franklyn James is pleased to present this impeccably presented four-bedroom townhouse located in ever-popular Capstan Square private residence. This very well-spaced four-storey freehold is being sold on a chain free basis and benefits from of a stylish open-plan kitchen and reception room, creating a fantastic social space for the family to come together or for entertaining, four spacious double bedrooms, two family bathrooms and an abundance of storage space. The house also boasts an allocated parking space as well as a front garden and balcony on the third floor. Capstan Square is conveniently situated for the River Thames and is well serviced by several bus routes and is within easy reach of Crossharbour DLR providing excellent transport links.Internal viewings are highly recommended.
Key Features
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Four double bedrooms Two bathrooms Allocated parking Private front garden Excellent transport links Townhouse
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Burrells Wharf Square, London, E14
Flat/apartment
Price £1,450 per month
Bright and spacious duplex apartment, with expansive river views to be enjoyed from a wide private balcony. The apartment boasts 6-meter-high ceilings, oak floors throughout, and is in immaculate condition. This property includes a share of freehold, exclusive underground parking, and onsite concierge service. It is next to the Masthouse Pier with swift boat service to central London, and near the DLR for fast access to Canary Wharf and the City. Situated on the third and fourth floors, the apartment comprises an ample reception area, an open plan kitchen with high quality integrated appliances, a contemporary four piece bathroom, and a master bedroom on the top level. Historic grounds, the river, Mudchute Farm, the DLR, the Greenwich markets, all a short walk away, made of this area one of the best places to live in the UK in 2019, according to The Times.
Key Features
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One bedroom duplex Double height ceilings Direct river views Share of freehold Underground Parking Residents gym and swimming pool 24/7 onsite concierge No onward chain Boat service and DLR
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Friars Mead, London, E14
House
Price £625,000
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Franklyn James is pleased to present this superb semi-detached two-bedroom house located in one of the most tranquil developments on the Isle of Dogs. The property is presented in excellent condition throughout and boasts: a stunning open plan bespoke kitchen/dining area, extended living area and downstairs guest WC.
key features
Freehold house Two bedrooms Open plan kitchen and Lounge Private garden Allocated parking Quiet residential location
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What the vendor says...
I purchased a property through Antony. Throughout the process, Antony was very accommodating and always went the extra mile to ensure I got what I needed. There were complications along the way (out of Franklyn James’ control) and Antony was calm and pragmatic and I can thankfully say kept everyone in the chain happy resulting in me obtaining my dream property. I’ve been in the property a week now and can honestly say Antony that it is even better than I remembered! Thank you so much.
On the first floor you will discover two good sized bedrooms, alongside a stunning four-piece family bathroom suite. Additional benefits include: a large private garden, loft for additional storage and an allocated parking space.
Friars Mead is ideally located for Mudchute and Island Gardens DLR allowing for quick and easy access to Canary Wharf. This house is also conveniently close to local schools, supermarkets, and shops and with the Greenwich Foot Tunnel allowing for easy access to Greenwich Village.
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Scotia Building, Wapping, E1W
Flat/apartment
Price £500,000
EWS1 COMPLIANT! Franklyn James are excited to bring to market this stunning two bedroom, two bathroom apartment that has been finished to an excellent standard throughout. The apartment was refurbished in 2013/2014 which included creating an open plan living/kitchen area, a brand new family bathroom as well as an en-suite shower room being added in the master bedroom. In total, the apartment offers approximately 715 sq ft of internal living space, has ample storage (two cupboards in the hallway), a modern, fully fitted kitchen and a private balcony with partial River views. This property has been maintained to one of the highest standards and is ideally located being within moments of the Thames pathway and a short walk from Limehouse DLR station which offers quick and easy access into Canary Wharf and the City. We certainly recommend an early viewing!
Key Features
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Two bedrooms Private balcony Excellent condition throughout Two bathrooms Ample storage Daytime porter Allocated parking space Close to Limehouse DLR
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Celtic Street, Poplar, E14
House
Price £3,300 pcm (£761.54 pw)
A rarely available 5 bedroom, 5 bathroom, end of terrace house that has recently been refurbished throughout. The property comprises two reception rooms, large kitchen, ground floor shower room, private rear garden and 5 double bedrooms (4 with en-suites). All bedrooms include wardrobe storage and work/study desks. Offered on a furnished basis and available immediately.
Key Features
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Five bedrooms Five bathrooms Newly refurbished Furnished Private rear garden
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Narrow Street, London, E14
Flat/apartment
Price £599,950
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Franklyn James is excited to present this stunning, fourth floor apartment located in the extremely desirable Mosaic development on Narrow Street and offered on a chain free basis. The property comprises two double bedrooms, the master bedroom having fitted wardrobes and an en suite shower room, an additional family bathroom with modern three-piece bathroom suite as well as a spacious open-plan living area with fully fitted bespoke modern kitchen and floor to ceiling dual aspect windows with access onto a private south facing balcony.
key features
Two double bedrooms Two bathrooms Double car park space Bespoke modern kitchen Fourth floor 24-hour concierge
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What the vendor says...
My wife and I used Franklyn James to market and sell our property in Bow. We were very impressed with the service we received. Lee and Antony were very responsive, pro-active and diligent throughout. I would have no hesitation recommending the firm.
Additional features include ample storage, covered allocated parking, covered bike storage and 24-hour concierge.
Ionian building is situated just off the very sought-after Narrow Street, which boasts an abundance of eateries/bars, as well as being within walking distance of Limehouse DLR station and Canary Wharf tube station for easy access into the City. You will also find the River Thames situated on your doorstep offering great routes for morning walks or evening runs.
Arranging a free, no-obligation market appraisal with Franklyn James couldn’t be easier. Just phone or email us using the details below, or complete the form and request an appointment with an experienced valuer at a time which works for you.
Alternatively, call into one of our high street offices where a member of staff will be happy to take all the necessary information. Our valuer will provide you with an up-to-date market valuation for sales, lettings, or both, and will advise you of current market trends and provide you with detailed information on how your property would be marketed. You can be confident that you will receive an honest and frank appraisal – we see no benefit in grossly inflating an asking price or setting unrealistic expectations.
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Docklands
020 7005 6080
Limehouse
020 7791 1777
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