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CategoriesResidential

New-Build Home Trends

By George Martin Limited,

New-Build Home Trends

When looking for a new home it’s important to understand what everything means. So, what’s the difference between freehold and leasehold properties?

Eco-Friendly Homes

Making your hone eco-friendly is a great way to look after your family and the environment. Builders are seeking new ways to build ecofriendly homes within the development , building and handover processes.

At George Martin we often seek local contractors to build and renovate our homes. Our Instead of building from scratch with out Dunton Court apartments we renovated a previous office building.

This reduced waste and made the most of a well-suited building! We’re looking for more ways to make our develops more environmentally friendly.

Smart Homes

AI technology is a great new trend that is being put into newly built homes! Smart homes are great for modern families. They provide efficiency in advanced systems such as heating, cooling and even security.

Modern Homes

Modern builds are appearing more often in developments. From exterior modern looks to landscaping modern homes are a testament to minimalism and functionality. Favoring clean lines, interiors and living room layouts. A modern home is great for families as well as those seeing new build apartments.

Our Dunton court renovation favor modern interior designs. Our one and two bedroom apartments house open plan living. They also have integrated modern kitchen designs, which is great for storage. Our contemporary homes are a canvas ready for you to add your touch.

Longevity

People see new build homes as starter homes. Yet, some new build owners are looking at their property as an investment. Ensuring that your new build home provides longevity is a great way to get the most out of it for future generations.

Weather that’s adding extensions, re-designing in a few years or renting out when you’re ready to move on.

Our Dunton Court apartments are available on the first-homes scheme. This enables you to purchase your first home at a purchase price.

Click here to learn more
CategoriesResidential

Freehold VS Leasehold

By George Martin Limited,

Freehold VS Leasehold

When looking for a new home it’s important to understand what everything means. So, what’s the difference between freehold and leasehold properties?

Freehold

A freehold property is where the owner of the home also has indefinite ownership of the land. The land refers to the place where the structure such as the house is built on.

The benefits of a freehold property is versatile including having full control over the property. When purchasing this type of property you will also be completely rent free. Your ownership of the land also doesn’t expire. This will be whether you home is a new build or apartment.

Your home and the land it sits on may also be easier to sell in the future. Although freehold properties have their benefits they can also be initially more expensive. These properties have a higher purchase price making them less affordable for the likes of for first-time buyers.

Another downside to freehold properties is the maintenance work and time you’ll need to dedicate tot he land. This includes repairs and other significant costs.

The freeholder will always be responsible for maintaining their land and property. In urban areas such as large towns and cities it may be hard to find these types of properties. This is as a result of land availability.

Older homes, such as those you can purchase resell, will often come with a freehold.

Leasehold

A leasehold property is a where the homeowner has the right to use the land but on a time limit. The specified time is outlines on a lease agreement when the home or building is purchased. The agreement will also state the amount of ground rent the homeowner is meant to pay. A leasehold property often also comes with service charge. 

Although this type of property has it’s monthly costs it can be initially cheaper. The value of a leasehold home is often reduced. This is as you will need to pay either a monthly or annual ground rent.

Leaseholders will often need permission from the freeholder to make any modifications or renovations to the land/property. This can become an issue or often be restricting to your home.

During the purchase of a leasehold property there may also be solicitors concerns depending on the time remaining on the lease contract. If there is a short time (often under 50 years) the solicitor may raise concerns. This is to protect the buyer from any disputes. If the lease has a short amount of time remaining it can often be expensive to gain a lease extension.

As the term of the lease decreases so can the property value. Often leaseholders can gain the opportunity to buy their freehold. This can boost the property value immensely.

How to choose

If you’re on a low budget when purchasing your new home a leasehold property might be right for you. However if you’ve got more finance room and are looking for flexibility and full ownership a freehold property will fit you better.

CategoriesResidential

5 things to know when buying a new build

By George Martin Limited,

5 things to know when buying a new build

New build properties are a large investment and as more developments are arising in both rural and city area’s we’ve got the guide to see you through! Here are our top 10 things to know when buying a new build home.

1 - New build homes can be bought "off plot"

To get a level of security when get in the door with any first buyer offers you can buy an “off plot” when purchasing your new build. Developers offer these plots to those who would like input into the fixtures and fittings of a home. Depending on the development size you can often buy off plot homes around 1-2 years before the completion of the development.

2 - All about warranty

Some newly built homes come with a warranty that can cover things like structural changes, appliances and even windows! Always research your development and what warranty is on offer.

3 - Inspection is key

Inspection is the key to success when purchasing your new build. If you’d like absolute certainty during your home-buying experience hire an independent inspector. These inspectors will look at both structural, interior and exterior details of the home to ensure they’re all up to standard.

4 - Location

Your new home is where you going to live and whether that is for a while or you plan to relocate it’s important to research further into the location of the development. Ensure you look at local amenities, schools and even commuting routes (planes, trains and cars.)

What makes a good location?

5 - Completion

The completion of a newly built home has a similar process to purchasing a resold home. Always be clear to your developer or estate agent of your wanted completion date. Outline an action plan to all parties if there are any delays and ensure any promises to a timelines are in writing. 

Reducing stress with your home purchase
CategoriesResidential

Are lifetime ISAs useful for new home savings?

By George Martin Limited,

Definition
ISA – Individual savings account

Are lifetime ISAs helpful in buying a home?

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Lifetime ISA accounts are predominantly used for buying your first home or saving for later life. To open a lifetime ISA you must be over 18 but under 40. The financial limit on these accounts is £4,000 each year until you reach 50. You MUST make the initial payment into your ISA before the age of 40.

To benefit from a lifetime ISA the government will add a 25% bonus to your savings. This is capped at £1,000 per year.

You can hold stocks and shares or cash in this ISA and even have a combination of both.

Why is it useful for first-time buyers?

Sometimes it can feel like saving for a house will take years. With a lifetime ISA saving for a home can be sped up. Let’s look at the finances:

Maximum £4000 a year [Divided by monthly payments] = £333 per month

+ 25% additional government funding per year = £1000

Total savings a year – £5000

Average deposit needed on a £250,000 first home – £25,000

The average time to save for a deposit is 5 years with a lifetime ISA. Using an ISA boosts your deposit by £5000 over 5 years + any additional interest earned by ordinary interest set by your bank.

To learn more details about a lifetime ISA visit the government website.

CategoriesCommercial Residential

What is commercial and residential property?

By George Martin Limited,

Residential and commercial properties have their differences, and it’s safe to say that they serve completely different audiences.

What makes a property residential?

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A residential property is a building that is lived in and is a suitable space for dwelling purposes. They are specific buildings that are built and made to live in. Residential homes can be either for an individual dweller or a household; you have the choice to buy or rent a residential property.

When you purchase a residential property, you must pay stamp duty, which is a land tax on properties in the UK. There are certain homes which are exempt from stamp duty, including homes under £250,000, which includes our Dunton Court apartments. Properties above £250,000 fall within a tax bracket depending on the value of the property at the time of purchase.

What makes a property non-residential?

A non-residential property is essentially a building that is not suitable for everyday living. There are certain factors that determine whether a property is not suitable for human habitation.

In the UK, many people decide to purchase non-residential property as stamp duty rates differ and are often lower. However, these properties can only be used for non-residential activities such as running a business. You can change the purpose of a building from non-residential to residential, depending on the criteria.

Key Differences Between Residential and Commercial Properties

Purpose and Use:

Residential: Designed for living purposes, suitable for individuals or families.

Commercial: Intended for business activities such as offices, retail spaces, and industrial use. 

Ownership and Tenancy:

Residential: Often owned by individuals or families; can be rented out as single units.

Commercial: Typically owned by companies or investors; leased to businesses.

Financing and Investment:

Residential: Easier to finance through traditional mortgages; considered a lower-risk investment.

Commercial: May require more complex financing; potentially higher returns but with increased risk.

Regulations and Maintenance: 

Residential: Subject to different building codes and regulations focused on safety and habitability.

Commercial: Must adhere to regulations pertaining to business operations, health and safety, and accessibility.

Market Dynamics:

Residential: Influenced by factors like local housing demand, employment rates, and interest rates.

Commercial: Driven by economic conditions, business growth, and location desirability.

Click the below button to learn more about our available commercial and residential properties.

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CategoriesResidential

Reducing stress in your purchasing journey

By George Martin Limited,

According to a June 2022 survey by Zillow, 50% of homebuyers cried at least once during the home-buying process. Buying a home can be a stressful overwhelming experience and if you’re mid journey or just starting on your search reducing stress throughout the process will make your new home more enjoyable.

Is owning a home right for you?

Before your home search ensure that buying a home is the right decision for you. Take a look at your finances, calculate your affordability and look at your life timeline throughout the expectancy of your home-purchasing journey. 

Getting a wider look will help you be prepared for the journey ahead as well as make stepping through the front door more enjoyable.

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Financial Discipline 

Owning a home is one of the biggest purchases you might ever make. Ensuring you have financial discipline as well as a steady income, low debt and a good credit score can make that journey a lot smoother. 

Your finances are a huge part of securing a mortgage, getting an offer accepted and finally moving into your dream home.

Getting things in order

Payslips, bank statements and written statements are all needed during your mortgage and house search. During your mortgage approval, your lender will ask for bank statements as well as proof of income and any savings to ensure that the transaction is as legitimate as possible. 

If you’re self-employed you’ll need to provide tax returns and proof of invoices. Making sure you have access to or prepared these documents will save hours in your home-buying process.

Prioritise your needs

Unrealistic expectations may be a big issue for some when looking for a home. 7 bedrooms in a picturesque Essex town will set you back millions so make sure your budget aligns to your new home goals.

Asking Questions

If you’re unsure about anything in any part of your buying process make sure to ask questions and get some reassurance. There’s nothing worse than putting your life savings into a process you don’t understand and putting your hard work into the hands of uncertainty. 

It may be helpful to jot down any questions or concerns you may have before appointments to ensure you get the answers you’re looking for. 

CategoriesResidential

The First-Home Owner Scheme In Detail

By George Martin Limited,

What are the criteria?

The first-homes scheme allows those who are purchasing their first property a discount of around 30% to 50% on the asking price. The home must be the buyer only or the main residence.

The home must be either a new home built by a developer or a home you buy through an estate agent which someone else bought through the scheme. 

You can apply for the scheme if you are purchasing as a sole buyer or a joint buyer. Below are the criteria you must meet to qualify for the first home scheme:

You must:

  • Be 18 or older
  • Be a first-time buyer
  • Be able to get a mortgage for at least half the price of the home
  • Not earn more than £80,000 a year before tax (£90,000 if the property is in London)

If you’re buying with others:

  • You must all be first-time buyers
  • You must apply together, even if the mortgage is not in all of your names
  • Your joint income (earned in the previous year before tax) cannot be more than £80,000 a year before tax (£90,000 if the property is in London)

Each council may have different criteria and may prioritise the scheme for those who are key workers, local residents, those on a lower income or applicants who are in the armed forces.

How does the scheme work?

To find a home that is part of the scheme look for properties in your area that are advertised by developers or estate agents through the First Home Scheme.

Developers offer these homes to first-time buyers with a discount of at least 30% of the asking price. And unlike shared ownership properties there is no rent to pay.

Each home that is sold is valued by an independent surveyor to ensure that the discount is based on the local market value and that the price is fair.

New-built homes that are part of the scheme cannot cost more than £250,000 (or more than £420,000 if the property is in London) after the discount is applied. The local council have the right to lower the maximum price.

Properties can be decorated and improved but if you wish to let or sell the property you will need to follow the first Home scheme rules.

Our Current Properties

How can I apply?

To apply for this first-homes scheme you must first contact the developer or estate agent and inform them you want to buy a property through the scheme. This includes George Martin.

They’ll check you meet the criteria and will help you to complete the application. The developer or estate agent will submit the form on your behalf to the local council.

Some developers and estate agents may need you to pay a reservation fee if the property you want to buy is a new build. You’ll get the fee back if your application is unsuccessful.

The developer or agent can offer incentives such as free goods or cash back which can be no more than 5% of the discounted purchase price.

Click the link below to apply for our of our residential properties.

Apply here

Get in touch

Phone

01268 919940

Email

admin@georgemartinltd.co.uk

Location

Basildon

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George Martin Limited 
West Mayne
Basildon
SS15 6RW

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George Martin Limited 2023
Registered office: Service House, West Mayne, Basildon, Essex SS15 6RW. A member of MJT Securities Ltd.
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