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We are still doing viewings of the Lillie Square development, but the Open House event has passed. Please contact Mohamed Zaghloul for more information. You can still book a viewing using the form below.
We have a limited number of apartments available, and we can offer you incredible preferred pricing on these properties beyond the rates you see online. Walk through the exquisite luxury collection, which offers unrivalled views across west and central London.
Lillie Square offers modern garden square living in West London. We have 2–3 bedroom apartments for sale, and the incredible penthouse is available as well.
Q1 has indeed been a much busier than expected market for sales. The key drivers being the opportunity for domestic buyers to come into the market with a fewer number of overseas buyers. The lack of travel and restrictions of quarantines has meant that people from overseas have held back on visiting for investment. This however is leading to a pent-up demand of overseas buyers waiting to pounce once these restrictions lift, we will have further updates on this on 17th May.
The Stamp Duty deadlines are approaching, and buyers, agents and lawyers have probably not been busier in terms of people wanting to beat the deadline. Come the end of June the first deadline will be here, with the phasing then continuing over the next three months.
Hong Kong buyers are continuing to be prevalent in the UK market, and we expect this to continue and grow as the travel restrictions lift.
This quarter alone we have sold a high number of properties including a bulk sale for £15m, the Iconic Lost House by Sir David Adjaye, £6.5m, a house in Hampstead for £16m, and Eaton Place £4.25m. The current level of properties under offer is at its highest yet, and these sales are primarily a result of lifestyle changes, investment and “life after lockdown.” The key requirements that people continue to request are space (indoor and outdoor), light and views. Lockdown restrictions are lifting, and we can now meet clients for outdoor lunches, visit pubs and begin high street shopping again. In the business world, JP Morgan have announced that employees should be back in their offices by July, which only emphasizes the importance of the continuation of City living!
We are looking for a self-motivated, ambitious, and digitally savvy individual to join our Head of N/NW London in luxury property sales. The ideal candidate will have at least 2 years’ experience property sales and be looking to make the jump to luxury property sales. They would also have a strong moral compass, able to liaise with people at all levels and have a professional understanding of cultural and political sensitivities. A knowledge of St. John’s Wood, Maida Vale, Primrose Hill, Belsize Park, Hampstead, High Gate and beyond is a must. The ideal candidate will want to build their own business and book of clients as there is an uncapped potential for earning with a rewarding commission structure. An instruction winner and exemplary customer service levels are fundamental to our business ethos. There may be opportunities to travel across England and overseas as required.
The Junior Associate for N/NW London will report to and work closely with the Head of N/NW London. Though the office is based in Belgravia, and the role is quite mobile, therefore the Junior associate must be able to drive and have their own car; there is a petrol allowance and congestion fees are covered. The Junior Associate will benefit from access to a global marketing platform, international desks and an unrivalled referral network of over 1000 offices and 25,000 brokers worldwide.
Being tech savvy and willing to learn a new way of brokering properties is a must. We use innovative platforms that require self-learning to perform at the global level. A high level of comfort in the digital and social media realm is necessary to network across borders and through our current pandemic situation.
Contact us with your CV and Covering Letter.
Salary and commission commensurate to experience and on application.
Recruitment agents need not apply.
Please send CV and Covering letter to Lee Koffman, Head of North and North West London Prime House and Flat Sales
A recent government announcement was presented by the media as the most significant milestone in property ownership in decades. The answer to the question in the title should therefore be an emphatic “Yes” but is that a little premature?
The rights of leaseholders to extend a lease or to acquire the freehold are well established. The process is currently governed by the provisions of the Leasehold Reform Housing and Urban Development Act 1993 (as amended).
Further to the government announcement in January 2021 (following Law Commission recommendations), the statutory landscape in England will change.
The timing and to what extent however remains to be fully determined.
The primary changes proposed
Abolition of “marriage value”, being a sum that is linked to the increase in value of the property after a lease extension and payable to the landlord where the unexpired term of the lease is 80 years or less.
The right to extend the term of the lease of both flats and houses to 990 years at a zero ground rent.
The valuation of the premium payable will be simplified and an online calculator introduced.
Leaseholders would be able to agree a voluntary restriction on their development of the property (adding a storey for example) in order to avoid payment of development value.
A right for leaseholders to buy out the ground rent without having to extend the lease.
The future ground rent in new residential leases to be zero
Should I act now or wait for the reforms?
The government announcement has undoubtedly placed landlords, leaseholders and buyers in a difficult position.
There is no timetable in place for the enactment of the proposals. There is no guarantee that the legislation will reflect the proposals. The proposals will inevitably be subject to scrutiny and challenge by freeholders on human rights grounds.
For example, there are freehold owning charities who rely on the income from ground rents and premiums (including marriage value) to fund charitable initiatives – how will this income be replaced?
A leaseholder with a lease that is approaching the 80 year mark ought to take urgent advice on their options as a decision to wait for the reforms could have significant financial implications.
Leaseholders of shorter leases ought to undertake a very careful analysis of the possible scenarios and the likely financial outcome of each.
For instance, the premium to extend a short lease in Prime Central London could be several hundred thousands of pounds (or more).
To delay an extension whilst awaiting the reforms could significantly increase the premium payable. If marriage value was to be abolished in the reforms this might negate the increase in premium.
There is however no certainty that the marriage value will be abolished entirely meaning there would be significant risk in deciding to wait for the reforms in such circumstances.
We would recommend that discussions take place at an early stage with an experienced lawyer and valuation surveyor to consider the various outcomes so that each route can be properly evaluated. There may also be opportunity for offers to be made to landlords who do not wish to wait for the outcome of the reforms.
There is a lot more to come in this story. Assuming the government does press ahead it could be 2-3 years before we know the extent of the changes to the statutory landscape.
Managing Associate in the Real Estate department at Ince and a specialist in leasehold reform matters.
Thank you to David for his insightful piece, we certainly hear a lot of questions associated around the leasehold terms on London property, and it is undoubtably true that extensions add value to your investment. Whether this be to stabilise your pricing and market value for selling, or that its a cost you need to consider in your offer price when buying.
If this is a subject you would like to learn more about please get in touch to schedule a call with David or myself.
The first quarter of this year has been extremely busy in the residential market, with our team agreeing significant sales on a weekly basis with both our locally based clients, and we have naturally also seen an increase in remote purchases from our international clientele.
As we head positively towards air corridors reopening and with a large backlog of interest from international buyers planning to fly in to London we are expecting a highly active Q2 & Q3 in sales.
If you have also been considering selling a property, now is the perfect time to begin the process with us.
Like many industries over the last 12 months, especially one that has been built on face-to-face meetings, real estate has had to adapt to survive and utilizing the latest technology has become essential for us to succeed in the new normal.
In particular and now more than ever as we find ourselves in the midst of a 3rd lockdown, virtual reality (VR) is one of the most effective tools available and here’s why:
For tours, VR can provide a 360-degree view of a property, 3D floor plans, and an interactive experience of the location.
Prospective buyers and renters can view properties directly from devices like computers, tablets, and smartphones anywhere in the world.
VR tours can help prospective applicants immediately envision themselves in the home – it allows people to explore a property in detail and to actively engage with what they see in their own time.
People don’t have to physically see the property to be convinced to make an offer.
VR allows estate agents to have a 24/7 open house, with no restrictions on viewings – ultimately maximizing your exposure!
The COVID-19 pandemic has resulted in both an aversion to human contact where possible and increased familiarity with digital tools. When buying or renting a house, people are therefore better prepared to complete the whole process online and VR makes this how process much more transparent, as buyers/renters are fully aware of the condition, size, and location of the home from the very start.
As an industry leader, we have fully embraced the use of VR and see this becoming an integral part of our industry, even after the pandemic is behind us. With restrictions across the capital likely to strengthen over the coming weeks, maybe days, it is essential that you are best prepared for what lies ahead and while estate agents can still show property for now, there is every possibility this might change. If agents aren’t able to show property and applicants can only view properties online then without a proper VR tour available, there is every possibility you could find yourself with a vacant property and no income.
Get in touch with us now to speak about this further and get a quote for your home!
Are you looking to expand your property portfolio? Find out how we can help!
What is UK Sotheby’s International Realty’s Invest Service ?
We source opportunities, and carry out the due diligence for clients wishing to invest in property. We help both people who are just starting their property journey and others who are looking to expand their existing property portfolio.
This involves supplying clients with detailed insights into how different types of properties or investment strategies work in the current market. We endeavour to help our investors to build up a pension, create an additional income steam or simply leave a legacy.
We can also help manage all types of property projects.
Why do we offer Invest Service?
Finding properties with real potential for a competitive price, is becoming increasingly difficult. As specialists in this area, we have the experience, skills, knowledge and network of connections to help.
How does Invest Service benefit landlords who are looking for new investment opportunities?
Existing landlords are often extremely busy, particularly if they are managing their own properties. By using our invest service, investors benefit from working with professional, reputable, passionate property people who know the local market and have access to great deals.
Sotheby’s UK Invest takes away the time to research your next opportunity.
Why do landlords choose to work with UK Sotheby’s International Realty to invest rather than go it alone?
The main reason they choose to work with us is because we save them time, hassle and in the long-term money.
In many cases we also let and manage our investors’ existing properties, so they have real confidence in our services.
What is the key difference between Invest Service and a Property Buyer?
The biggest and most important difference is that we use our own in-house team to let and manage the properties that have been sourced for investors. That way, we gain a deep understanding of how a property will perform over time. It means we can give a much more consistent and accurate overview of an investment rather than just focus on purchase prices and market statistics.
A property buyers experience is often limited to seeking out properties for purchase, without the long-term commitment to investors.
Let us source it. Renovate it. Find the tenant. Manage it.
You don’t have to wait to develop your portfolio in London or across the UK.
In fact, you shouldn’t wait.
With the UK Government about to levy the Foreign Buyer’s Tax, letting us source your next rental investment now would save you money.
The UK Stamp Duty Holiday has been extended, knowing that buyers are continuing to snap up properties in order to save on stamp duty. This means there’s a good amount of high quality properties on the market, and you don’t have to wade through the listings yourself.