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Property People Blog

Southfields Area Guide
Posted: November 27, 2013

Southfields, SW18 is a small town nestled between Wimbledon and Wandsworth offering a suburban and pseudo- village lifestyle to those not wishing to rack up their commuting mileage into the city for their daily commute.

This area comes in two parts. Coming out of Southfields tube you will be greeted with a small high street boasting smaller food and wine shops, ye olde style groceries and butchers, a handful of local chain supermarkets, hairdressers, library and a locals pub called The Old Garage. It also has a lovely Italian restaurant (mainly dominated by families) and an up-market Thai place. Furthermore there is ‘The Savanna’ shop catering for the significant and well-settled South African community in the area, providing them with the tastes and flavours they miss from back home. Southfields is also humorously nicknamed “SaffaFields” due to this prevalent population.

Furthermore the famous closed- down Riley’s Snooker Hall is under planning application to become a mix of residential flats, retail units and perhaps leisure space which would certainly be the injection of life into the high street. However the main fear by the community is that the ‘Southfields Plaza’ could take away from the village feel of the area pushing it forward to become more like its big brothers- Wimbledon and Wandsworth.

Coming off the high street there is a mesh of parallel roads, tree-lined, peaceful and more like the suburban dream one would envisage. This area, aptly named “The Grid,” consists of mainly Edwardian houses with the odd small business dotted here and there. On the weekend it is mostly populated with young families, dog-walkers and couples making their way to the pretty green open spaces of Wimbledon Park (with the lake) or to coffee shops/ pub to wile away the afternoon.

From down in the grid one can make out in the distance the tall shadows of the tower blocks which are situated in the other side of Southfields. A combination of council and private occupants these places offer the most affordable living in such a sought after area of South West London. Where people may have their reservations about large high-rise housing blocks they do offer quite breath-taking views stretching our far over the city. Southfields is also a part of the large borough of Wandsworth, which means for its residents they can enjoy the cheapest council tax in the UK (surprising I know).

Of course the final and probably most important event which Southfields is known for, is the famous Wimbledon Tennis. Every year Southfields prepares itself for the busiest two weeks in its social calendar as tourists flood to the area to watch the Championships. Or tourists travel down just to be a part of the vibe and hopefully do some celebrity sight-seeing in Wimbledon Village during the post-Tennis celebrations. Some local residents will even leave the area to rent out their homes during this brief period, and can expect to achieve a very high rental.

All in all, Southfields – also called Southfields Village by local estate agents has a lot to offer. It is certainly a growing community that takes pride in its neighbourhood.


By Natalie Elms. Senior Lettings Negotiator at Property People. Letting Agents in Southfields


Tags: Southfields Area Guide, Wimbledon Tennis, Southfields Village, Southfields SW18, Wimbledon Park Road, Southfields Tube Station, Wimbledon Park, Estate agents in Southfields, letting agents in wimbledon park, Estate agents in wandsworth, Lettings agents in south west London, Estate agents in London, Living in Southfields, South west London area guide

Multiple Agency vs. Sole Agency
Posted: November 14, 2013

A very popular dilemma experienced by landlords after deciding to sign up to one agency to sell or rent their property through is should they also instruct other agencies for the same job? The thought process behind this is that choosing to go down the multiple agency route will increase the chances of a faster let/ sell. There is no right or wrong answer but for landlords to understand what this would entail.

  • You would incur multiple agency fees from the agency who wins the business. This is usually a few percentage points higher than their sole agency rates since each agency faces the risk of hard work for no reward.

  • As you would wish for a certain rental to be achieved, some agencies who charge higher fees would need to market the property at an increased price. Instructing multiple agencies who advertise the property at different prices can be confusing for people searching online and can appear desperate.

  • Instructing multiple agencies on the premise that increased competition will mean a faster sell/let can also lead to an agency not being so aggressive with trying to secure you the highest price. There is the worry that if they wait for a better offer to come in they may lose their commission to someone else.

  • It could be that after employing one agency for a couple of weeks and you feel that you are not receiving the service that you should- i.e. number of viewings, regular feedback from the viewings, then it may be a good idea to switch. Sole agency terms are usually between 2-6 weeks but make sure you check your agreement so as not to get trapped into anything or incur double charges if you break the T’s and C’s.

  • Under multiple agency instructions you will have to loan out numerous sets of keys for the property. This may mean the viewing process will become more intrusive if the property is tenanted and clashing viewings can become awkward to carry out.


  • When landlords decide to use an estate agents to let or sell their property they may feel lost in a sea of agencies to choose from. On the high street you will be confronted with the larger, more established agencies or the new ones springing up left, right and centre. It is difficult to know which one will provide great service, value of money and you can trust to leave your property in their hands. Property People have a proven track record as we have established ourselves through word of mouth within the community. 90% of our business come through recommendations. See our testimonials page to read what our clients say about us.

    By Natalie Elms. Senior Lettings Negotiator at Property People. Estate agents in Wimbledon Park


    Tags: Multiple Agency vs. Sole Agency, Estate agents in Southfields, letting agents in wimbledon park, choosing a letting agent, multiple Estate agent fees, sole agency fees, landlord fees

    TAX CORNER
    Posted: November 9, 2013

    On the face of it, working out how much tax you should pay as a landlord is a simple business with little or no wriggle room. You add up your rental income, deduct allowable expenses such as agents' fees and interest on your mortgage for the property or properties, and there you have your taxable income.

    In practice, though, there are plenty of twists and turns which, depending on how you navigate them, could slice thousands off your tax bill. Before looking at some of the ways you can deflate your annual tax bill, it's worth stating two general rules that you should follow.

    The first is that although you are not obliged to keep accounts for a UK property rental business (unless you are operating as a company), you must complete a tax return, including the UK Property pages (SA105), and submit it to HM Revenue & Customs. If your property is overseas, you should complete the Foreign Property pages. If you qualify for the Rent a Room Scheme, you may not need to complete a tax return.

    The second is: Keep good records. If HMRC ever raises an enquiry into your tax affairs, they could ask for all supporting documents. If you have them, this will keep the time and the cost spent on the enquiry to a minimum.
    Note, too, that rental income must be declared in the tax year in which it is due, even if you do not receive it in that tax year.


    By Khalid Qadeer

    ACCOUNTANTS@SW19
    Accountants & Business Advisors

    383 Durnsford Road
    Wimbledon
    London
    SW19 8EF

    Telephone: 02088791114
    Mobile: 07875221013


    Tags: Landlord Accounts, Landlord tax, Property Tax, Rental tax, Rental Income, SW19 Accountants, lettings tax, tax affairs, hmrc, tax year, uk property tax, tax return, property tax return, Lettings agents in Southfields, Letting agents in Wimbledon Park, Estate agents in sw18, letting agent wimbledon, accountants wimbledon







    

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