Monthly Archives: August 2023

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Monthly Archives: August 2023

United Capital Property Investments (Cyprus) Facilitates Over One Billion Ringgit Property Acquisition for Middle Eastern Clients in Malaysia

Post By: August 31, 2023 0 Comment(s)

PRESS RELEASE

Published August 31, 2023

Global real estate consultancy plays a crucial role in high-value transactions, strengthening its position in the Malaysian market.

United Capital Property Investments (Cyprus) Limited, a prominent global real estate consultancy headquartered in Cyprus, has achieved a remarkable milestone by successfully acquiring properties valued at over a billion Ringgit by a consortium of Middle Eastern clients. The transaction, facilitated in Kuala Lumpur, Malaysia, highlights the company’s prowess in international property dealings and further solidifies its status as a market leader in the world of global real estate.

With a specialization in luxury properties and prime real estate, United Capital Property Investments (Cyprus) Limited offers an extensive array of property services, encompassing property acquisition, sales, management, and advisory services for high-value properties across the globe. Ranging from luxury homes and villas to spacious apartments and upscale hotels, the company’s team tailors solutions to meet each client’s unique requirements.

Marking its 24th anniversary in the International Property Consultancy Business, United Capital Property Investments (Cyprus) Limited continues to expand its footprint into emerging markets while upholding its reputation for delivering top-notch professional services. The firm swiftly rose to prominence from its start, providing premium real estate advisory services to discerning ultra-high-net-worth buyers, investors, and property owners. This trend has continued until today.

The firm’s expertise spans diverse sectors, including residential and commercial consultancy, confidential hotel acquisitions and sales, property investment and development advisory, and various other professional services integral to the real estate industry. United Capital Property Investments (Cyprus) Limited’s profound industry knowledge empowers it to offer strategic property investment guidance, steering clients through intricate transactions and ensuring optimal returns on investment.

Catering to clients seeking exclusive properties, luxury residences, villas, and hotels, the adept property consultancy team at United Capital Property Investments (Cyprus) Limited is equipped to provide a competitive edge. The company’s track record attests to its commitment to delivering effective solutions to a diverse clientele.

United Capital Property Investments (Cyprus) Limited’s enduring client relationships underscore the value clients place on its trustworthy advice. As the premier consultancy for astute guidance on overseas property acquisitions, the company remains dedicated to empowering clients, aiding them in making informed decisions, and realizing their property investment aspirations.

Expect the firm to continue to facilitate real estate deals across Malaysia, a nation where it has deep connections and a proven track record of success, with its most recent deal serving as an impressive highlight of these relationships/

For inquiries and expert assistance in navigating the global property market, interested parties are encouraged to contact United Capital Property Investments (Cyprus) Limited. As the company continues to excel in orchestrating high-value property transactions, its reputation as a pioneering force in the industry flourishes.

For more information, visit www.UnitedCapitalGroup.eu.

About United Capital Property Investments (Cyprus) Limited:

United Capital Property Investments (Cyprus) Limited is a prominent global real estate consultancy headquartered in Cyprus. Specializing in luxury properties and prime real estate, the company offers a comprehensive suite of property services catering to the needs of clients, investors, and property owners worldwide.

Media Contact
Company Name: United Capital Property Investments (Cyprus) Limited
Contact Person: Adrian Connolly, Manager
Email: Send Email
City: Nicosia
Country: Cyprus
Website: www.UnitedCapitalGroup.eu

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Is this the end of the road for property portal dominance? What comes next?

Post By: August 31, 2023 0 Comment(s)

Online property portals, dominated by a handful of websites, are by far the most popular home search method, which largely explains why estate agents spend so much money on maintaining an online presence that goes beyond simply listing properties on their own website, but that could be about to change.

New research by communications agency Oracle, in partnership with YouGov, finds that just 28% of 18-24 year-olds cite property portals, such as  Zoopla, Rightmove and OnTheMarket, as the information source they most trust when looking for a home to rent or buy, in sharp contrast to 45% of 25-34 year-olds and 43% of 35-44 year-olds.

Oracle worked with YouGov to ask a representative sample of people what one source of information they trust most when looking for a home to buy or rent. The surprising drop-off in the 18-24 group favouring portals reflects a wider trend amongst Generation Z who tend to be wary of traditional advertising and product campaigns, instead preferring influencers, social proof and personal recommendations.

Oracle’s research bears this out as around one in six (16%) 18-24 year-olds surveyed were more likely to place their faith in other people’s reviews and recommendations via sources such as Trustpilot significantly more than those in the older age groups (10% 45-54s and 8% 55+). Additionally, just under a quarter – 23% – Generation Z potential home-movers would most  trust a personal interaction with an estate agent or letting agent.

Just as the growing presence of web-savvy Millennials aided the rapid rise of property portals in the post-recession property market, Oracle and YouGov’s data indicates disruption may be on the way as Generation Z come of age as home-movers with far different patterns of buyer behaviour.

Caroline Coskry, chair of The Oracle Group, commented: “Websites such as Rightmove and Zoopla have been central to British house-hunting habits for around two decades now, but that dominance could soon be disrupted. Our research shows Generation Z place far less faith in portals than the generations that came before them, opening the door for new forms of property marketing to win their trust with tactics based around authenticity and social proof.”

The FMCG and fashion worlds have seen changes in recent years thanks to the emergence of platforms such as TikTok Marketplace and Depop which elevate Generation Z-friendly creator content, recommendations and influencer driven selling. Trends which may well signal the future direction of the property market as developers and agents look to capture the attention of younger buyers and renters.

Coskry added: “Understanding what sources of information people put their trust in is a vital part of how we support our property clients, and that’s exactly what we set out to discover in this research. We hope that by shining a light on this forward-looking trend, the industry can prepare itself for how to reach the next generation of buyers and renters. In recent years Oracle has achieved great results for clients with influencer-driven campaigns and we fully expect this trend to continue.”

All figures are from YouGov Plc. Total sample size was 2,054 adults.

 

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Vallejo, California Tops The List Of Selling Homes Over List Price

Post By: August 31, 2023 0 Comment(s)

New study reveals homes in Vallejo, California are being sold over list price more often than any other metro area in the US

  • Vallejo, California, is the number one metro area for selling homes over the list price
  • San Francisco, CA, and Rochester, NY, rank second and third
  • Key West, Florida, is the metro area selling the least homes over list price in the US

The Metro Areas Selling The Most Homes Above Listing Price In The U.S.

A new study has revealed that Vallejo, California is the metro area selling the most homes above listing price in the US.

The study conducted by relocation experts at Moving Feedback analysed historical Zillow data for homes that sold at higher and lower prices than their original listing. The sales-to-list ratios of the properties were averaged for each metro area, revealing which properties were selling at the highest and lowest amounts compared to their original listing.

Vallejo

Vallejo, California, is the metro area with the highest percentage of homes sold over the asking price. Homes in Vallejo sell at 1.07% over the asking price on average. Homes in this area are listed for $521,177 on average but can be sold for nearly $40,000 over this.

San Francisco

San Francisco, California, places second in the rankings, with the figures revealing that homes in the area are sold at around $973,772. Homes in this Metro area are sold on average at 1.03% more than original list price, averaging $31,158 over the original listing price.

Rochester

The third metro area selling homes the most above the original list price is Rochester, New York, where homes are sold on average at $181,242 and 1.11% over the original list price, around $20,449 above the asking price.

San Jose

San Jose, California, places fourth with homes selling at an average of 1.01% over the original list price and $13,781 over the asking price. Compared to homes in Ithaca, New York, selling at 1.05% over the asking price and $13,175 above the original list price, placing it in fifth.

Key West

Key West, Florida, is the metro area where homes sell the most under the asking price, in addition, homes sell for 0.95% less than the original asking price on average. Property in this area is listed for $925,997 but is sold for almost $44,000 less.

Naples

Naples, Florida, is the second area selling the most under the original list price, with homes in this area selling on average at 0.96% under the asking price. Homes in this metro area are listed at an average of around $619,782 but are sold at approximately $26,000 less.

Coeur d’Alene

The third metro area with the highest percentage of homes sold under the asking price is Coeur d’Alene, Idaho, where homes are listed on average at around $616,121. Homes in this area are usually sold for around $22,000 cheaper than the original list price, averaging at 0.97% less than the asking price.

Glenwood Springs

Glenwood Springs, Colorado, is the fourth metro area in the rankings, with homes averaging listing prices of $570,791 but are selling at around $18,900, meaning homes in Glenwood Springs are sold at 0.97% less then asking price.

Ocean City

Ocean City, New Jersey, is the fifth metro area selling homes the most under asking price. The homes in this area are sold at 0.97% less than the list price, with a home’s average list price in this area being $522,348, meaning homes are sold at almost $16,300 less than originally planned.

California is home to three different metro areas that rank highly in the study, proving its popularity in real estate and its ease at selling a substantial amount of homes above asking price.

Florida, however, has four metro areas ranking as the areas in which homes are sold the most under the original asking price.

Expert Harrison Gough from Moving Feedback commented on the study:

“Selling your home can be one of the most exciting times in your life, whether you’re selling up to settle down, getting into flipping property and creating gorgeous homes, or whether you just want to relocate, nothing feels better than when you sell over asking price.

It is inciteful to see which areas have the most desirable property for which buyers are willing to go a substantial amount over the original listing price and which areas are sticking to their original list prices or being sold for less.

The real estate industry is forever changing and becoming increasingly desirable for people to get involved in; this study offers a great insight into where buyers are making a good amount from selling and where might not be the best area to invest in buying and selling homes currently.”

The metro areas selling the most homes above the original list price in the US

Metro Area  Percentage above the original sale price  Amount of $ over asking price  Average price of home in area 
Vallejo, CA  1.07% $38,961 $521,177
San Francisco, CA  1.03% $31,158 $973,772
Rochester, NY  1.11% $20,449 $181,242
San Jose, CA  1.01% $13,781 $1,318,663
Ithaca, NY  1.05% $13,175 $276,533

The metro areas selling the most homes below the original list price in the US

Metro Area Percentage below the original sale price Amount of $ below asking price Average price of a home in area
Key West, FL 0.95% $43,464 $925,997
Naples, FL 0.96% $24,671 $619,782
Coeur d’Alene, ID 0.97% $21,371 $616,121
Glenwood Springs, CO 0.97% $18,957 $570,791
Ocean City, NJ 0.97% $16,209 $538,558

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A Comprehensive Guide to Buying a Mobile Home

Post By: August 31, 2023 0 Comment(s)

Welcome to the ultimate guide to buying a mobile home – an increasingly popular housing option that offers affordability, flexibility, and a unique lifestyle. Maybe you’re a first-time buyer searching for an affordable entry into homeownership, or perhaps you’re looking to downsize and embrace a more minimalist way of living. Understanding the ins and outs of buying a mobile home is crucial. 

This Redfin article will walk you through the key considerations, benefits, and potential challenges associated with mobile homeownership. So whether you’re looking for mobile homes in Tallahassee, FL, mobile homes in Austin, TX, or just want to know more about this home type, read on to get started.

Mobile home exterior

What is a mobile home? 

A mobile home, also known as a manufactured home, is a type of prefabricated housing constructed in a factory and then transported to its intended location. Built to specific standards, these homes are typically placed on a foundation, either temporary or permanent, but once set, they’re not designed for frequent relocation. Their factory-built nature often makes them more affordable than traditionally constructed homes, and they can vary in size, with options ranging from single to multiple sections.

Types of mobile homes

Mobile homes come in various sizes and configurations to cater to different preferences and needs. Single-wide mobile homes are typically the most compact, with a narrower structure. They often have a single long hallway and are ideal for individuals or couples looking for an affordable, space-efficient option. 

Double-wide mobile homes are twice the width of single-wide homes, offering more space and a more open floor plan. Triple-wide mobile homes are even larger and offer more room than single and double wide. With three separate sections, they provide generous living areas and multiple bedrooms and often include features like walk-in closets and spacious kitchens.

Mobile home community

How much do mobile homes cost

The cost of a mobile home can vary widely based on factors such as size, location, features, and the overall quality of construction. You might find used or smaller mobile homes for around $20,000 to $40,000 on the lower end of the spectrum. These could be basic models with few amenities. Mid-range options with more square footage, modern features, and better finishes could range from $50,000 to $100,000. Larger, high-end mobile homes with premium features and customization might exceed $100,000. However, these are just general estimates, and prices can differ significantly based on regional housing markets and the specific offerings of manufacturers. Additionally, it’s essential to consider other costs such as land purchase or rental, foundation installation, utilities, and potential maintenance expenses.

How to finance a mobile home

Financing a mobile home is somewhat different from a traditional home loan. Interested buyers should explore personal loans, mobile home loans, or chattel loans, which are specifically designed for properties that don’t have a permanent foundation. Some banks, credit unions, and specialized lenders offer these loans. 

Additionally, the U.S. Federal Housing Administration (FHA) provides insured loans for manufactured homes and lots. It’s essential to check the eligibility criteria, interest rates, and down payment requirements of each option. Securing financing may also depend on factors such as the age of the mobile home, whether it’s placed on owned or leased land, and if it’s categorized as real property or personal property in that region.

mobile home park on the coast

Additional expenses when you buy a mobile home

When buying a mobile home, several additional expenses exceed the initial purchase price. These can vary based on factors such as the type of mobile home, location, and your individual choices. A few of these factors include:

  • Additional repairs and renovations. These costs should be factored in if you want to customize your mobile home with upgrades such as better appliances, flooring, or fixtures.
  • Transportation. The cost could be significant if you’ve purchased a mobile home and need to move it. A single-wide mobile home can cost anywhere from $3,000-$9,000, depending on the miles moved, whereas a larger home can cost $15,000 or more.
  • Site preparation. This includes preparing the land for the mobile home, including leveling, grading, and clearing.
  • Land lease fees. If you place your mobile home in a park or community, there might be a monthly or annual fee.
  • Taxes and insurance. Depending on local regulations, you must pay for property tax and insurance. 

Pros of buying a mobile home

1. Affordability

One of the primary advantages of purchasing a mobile home is its affordability compared to traditional houses. Mobile homes tend to have lower upfront costs, making homeownership more accessible for people with limited budgets. Additionally, mobile homes often have lower property taxes and utility bills, contributing to long-term cost savings. This affordability can be particularly attractive for first-time homebuyers or those looking to downsize.

2. Faster ownership

Given their prefabricated nature, mobile homes can be produced, delivered, and set up much faster than a home built on-site.

3. Reduced maintenance 

Typically, mobile homes have a smaller footprint than traditional homes, which can mean less maintenance and upkeep.

4. Flexibility 

Some mobile homeowners appreciate the potential to relocate their home. While not a simple task, moving a mobile home is possible.

5. Community and amenities

Many mobile homes are located within dedicated communities or parks explicitly designed for mobile home residents. These communities often offer recreational facilities, swimming pools, community centers, and social events.

The kitchen in a mobile home

Cons of buying a mobile home

1. Depreciation

Unlike traditional houses, which tend to appreciate over time, mobile homes often depreciate. As the home gets older, its resale value may decline, making it more challenging to build equity. Depreciation can impact your long-term financial outlook and the potential return on your investment.

2. Financing challenges

Securing a loan for a mobile home can be more difficult than for a traditional home. Interest rates for mobile home loans might be higher, and the loan terms might not be as favorable.

3. Land ownership issues

If you don’t own the land where the mobile home is placed, you might have to pay monthly lot rent. There’s also the risk that the land’s owner could sell the property, forcing you to relocate your home.

4. Resale challenges

When it comes time to sell a mobile home, there can be challenges in finding buyers. The narrower pool of potential buyers and concerns about depreciation and perceived quality differences between mobile and traditional homes can lead to longer listing times and potentially lower resale prices.

5. Limited design opportunities

When you buy a mobile home, you might have fewer chances to design it your way because the layouts and structure are already set.

Buying a mobile home: the bottom line

Buyers should carefully weigh the advantages and considerations of purchasing a mobile home based on their preferences and circumstances. With the potential for affordability, flexibility, and a sense of community, mobile homes provide an opportunity for homeownership that aligns with diverse needs. However, approaching the decision with thorough research, budgeting, and a clear understanding of drawbacks, including depreciation and resale challenges, is essential.

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Data Privacy Concerns Deter Enterprises From Commercial LLMs

Post By: August 31, 2023 0 Comment(s)

A new survey reveals insights on challenges, open-source alternatives, and the future of commercial LLMs.

Businesses of all shapes, sizes, and sectors are trying to figure out how to integrate large language models (LLMs) into their workflows, but so far, very few are willing to integrate commercial LLMs in production, primarily due to data privacy concerns. 

That’s according to a new survey published by low-code platform Predibase, which asked over 150 people in the artificial intelligence and machine learning industry about their company’s investments in LLMs, challenges, open-source interest, and customization efforts. 

SEE ALSO: Maximizing Software Quality with Artificial Intelligence

In the report, more than 85 percent of respondents said they had no plans to use commercial LLMs in the production stage, with 44 percent of that group using LLMs for experimentation, 27 percent expecting to start using LLMs in the next 12 months, and 15 percent having no immediate plans. 

Only 14 percent of respondents had LLMs in production, with one percent having more than two. 

“It is now open season for LLMs. Thanks to the widespread recognition of OpenAI’s ChatGPT, businesses are in an arms race to gain a competitive edge using the latest AI capabilities. Still, they require more customized LLMs to meet domain-specific use cases,” said Piero Molino, co-founder and CEO of Predibase, in a statement.

The most prominent reason for delaying or avoiding LLMs in production is giving up access to proprietary data. Some of the most popular LLMs are not open-source and by injecting proprietary data they may have to sacrifice ownership of that data to the LLM owner, which is then used to further train the model. According to Predibase, organizations can get over this roadblock by using open-source LLMs in a virtual private cloud, providing them with ways to maintain full ownership of their data. 

Another hurdle 30 percent of organizations face is customization and fine-tuning, as this often requires a high velocity of proprietary data and expertise in how to train LLMs. Outside of leading-edge businesses, most do not have the resources of talent to pull this off, which forces them to work with third-party providers or consultancy firms. There are open-source platforms coming available aimed at reducing the complexity of model training, which should enable more businesses to succeed. 

To train state-of-the-art LLMs organizations need to be willing to spend millions on cloud servers, AI, and other software costs. In the survey, 17 percent said this was an roadblock to adding LLMs in production. 

Other roadblocks included LLM hallucinations, which happen to all types of generative AI services. Even ChatGPT, which is seen by some as the golden standard for generative AI sophistication, is susceptible to hallucinations and can make up statistics and information, although OpenAI and others are embedding new techniques to reduce this from happening. Latency was the last concern mentioned by Predibase, as LLMs need a lot of compute resources to perform at sub-second timeframes. 

Even with these roadblocks, there is a keen awareness in the technology industry of the benefits which integrating LLMs into workflows can bring. The growth of open-source alternatives should make the market more accessible to organizations of all sizes, and it seems like the gap between proprietary solutions and open-source is closing every year. 

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Property118 | New sponsorship for Property Investors Awards announced

Post By: August 31, 2023 0 Comment(s)
Privacy Policy

BACKGROUND:

Property118 Ltd understands that your privacy is important to you and that you care about how your personal data is used and shared online. We respect and value the privacy of everyone who visits this website, www.property118.com (“Our Site”) and will only collect and use personal data in ways that are described here, and in a manner that is consistent with Our obligations and your rights under the law.

Please read this Privacy Policy carefully and ensure that you understand it. Your acceptance of Our Privacy Policy is deemed to occur upon your first use of Our Site. If you do not accept and agree with this Privacy Policy, you must stop using Our Site immediately.

  1. Definitions and Interpretation

In this Policy the following terms shall have the following meanings:








“Account” means an account required to access and/or use certain areas and features of Our Site;
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“personal data” means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and
“We/Us/Our” Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.

  1. Information About Us

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    • Our Data Protection Officer is Neil Patterson, and can be contacted by email at npatterson@property118.com, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.

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  • In certain circumstances, We may be legally required to share certain data held by Us, which may include your personal data, for example, where We are involved in legal proceedings, where We are complying with legal requirements, a court order, or a governmental authority.

  1. What Happens If Our Business Changes Hands?

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  1. How Can You Control Your Data?

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You have the right to ask for a copy of any of your personal data held by Us (where such data is held). Under the GDPR, no fee is payable and We will provide any and all information in response to your request free of charge. Please contact Us for more details at info@property118.com, or using the contact details below in section 14.

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  1. Contacting Us

If you have any questions about Our Site or this Privacy Policy, please contact Us by email at info@property118.com, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB. Please ensure that your query is clear, particularly if it is a request for information about the data We hold about you (as under section 12, above).

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Self-employed estate agents to be trained in Jiu-Jitsu

Post By: August 31, 2023 0 Comment(s)

Estate agents from across the eXp global network are being offered Jiu-Jitsu training sessions.

The announcement came this week from eXp HQ in relation to their forthcoming EXPCON, the annual gathering of thousands of eXp agents each October and is a free, voluntary course on self-defence. This year the conference is again in Las Vegas.

The announcement circulated to all eXp agents this week reads: “We’re thrilled to be partnering with the renowned Gracie University, the world’s leading center for self-defense instruction. Gracie offers self-defense programs rooted in the principles and techniques of Brazilian Jiu-Jitsu, and they’ve curated an exclusive training for EXPCON 2023 registrants!

“Situational Awareness & Defense Training is an EXPCON exclusive developed to provide agents with the tools and knowledge to enhance their personal safety with a self-defense training class curated specifically for real estate professionals.”

Adam Day, UK expansion leader at eXp UK, commented: “If you’ve always thought of yourself as a Ninja of estate agency then look no further than eXp. We will literally train you to be a lethal weapon of listing and deal negotiation.

“On a serious note, this initiative really does sum up the eXp proposition which is to go above and beyond to support our agents. That means thinking about the world that we live in now and the perils that agents could face when out and about, albeit thankfully very rarely.”

 

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More business for agents as landlords avoid blizzard ...

Post By: August 31, 2023 0 Comment(s) , ,
More business for agents as landlords avoid blizzard of red tape - claim

Up to 160 regulations and responsibilities are overwhelming landlords and pushing them towards using agents, a prominent buying agent and property manager says.


Jo Eccles, in a report from her Eccord property consultancy, says other landlords who previously used agents are now upping their game and seeking higher quality management even mid-tenancy.


“The two main reasons cited by our newest landlord clients for switching … are a run of poor quality tenants, and inconsistent or inexperienced property managers. 



“Portfolio landlords are also seeking to consolidate and streamline the running of their portfolio, by replacing a multitude of different letting agents and property managers with a single firm.”


Eccles says high quality management is also required if they are to justify rent rises of up to 15 per cent.


“With tenants at home more, they are increasingly demanding and good property manager relationships are essential” she says, adding that lettings agents and property managers should work closely together to make the process easier for tenants and landlords alike.


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Agents unruffled as sales slide again...

Post By: August 31, 2023 0 Comment(s) , , , , ,
Agents unruffled as sales slide again

Agents insist the market is still moving – albeit among cash buyers – after HMRC data shows another dip in sales activity.


HMRC’s latest property transactions statistics estimates that there were 86,190 UK residential sales during July 2023 on a non-seasonally adjusted basis.


The figure is 22% lower annually and down 9% on June 2023.



On a seasonally adjusted estimate, HMRC said the number of UK residential transactions in July 2023 was 86,510, 16% lower than July 2022 and 1% higher than June 2023.


It comes after Zoopla this week warned that sales are set to be at their lowest for more than a decade this year.


Agents remain positive though

Nick Leeming, chairman of Jackson-Stops, said: “A further step up in completed transactions for July feels like a hot summer streak when you consider that 2023 began with uncertainty and hesitation. 


“Activity may be down year-on-year, but it’s still within touching distance of the numbers seen throughout the mid-2010s, despite the low interest rate environment being firmly in the rear view mirror.


“Mortgage rates are slowly heading back in the right direction and, while rate cuts have been incremental, borrowers will be relieved and have a chance to catch their breath following a turbulent 12 months.”


He added that the market is not wholly determined by mortgage rates and cash buyers and said “right sizers” have both benefited from strong house price growth in recent years and are now able to make their moves relatively unaffected by a lending environment.


Leeming said: “Heading into Autumn we expect housing is likely to be a defining topic of conversation at the political party conferences and expect it to be central to the major parties’ long-term strategies. Reforms to planning, greater devolution to local councils and green energy infrastructure are all important topics of conversation for Sunak and Starmer to address to give homebuyers confidence that a brighter future lies ahead.”


Nigel Bishop of buying agency Recoco Property Search, added: “Although July’s market activity doesn’t quite compare to that of July 2022, we are still seeing buyers who are determined to find a property as soon as possible. The current market is particularly driven by cash buyers who are not faced by higher interest rates but we have seen some house hunters adjusting their budget or search criteria in order to find a suitable property. 


“Sellers who are eager to part from their property are more open to price negotiations than this time last year but buyers need to take into account that the pool of countryside properties is generally smaller, which limits the size of achievable price reductions outside the city.”


https://www.gov.uk/government/statistics/monthly-property-transactions-completed-in-the-uk-with-value-40000-or-above/uk-monthly-property-transactions-commentary



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The effect of tenant administration on commercial leases – guidance for landlords

Post By: August 31, 2023 0 Comment(s)

Sharpe Edge Icons DealJames Nelson looks at landlords’ options when faced with a tenant going into administration.


Against the backdrop of interest rate rises and economic difficulties, the renowned British high street retail chain Wilko (formerly Wilkinson, as some may remember it) has announced that it has entered administration. Whilst the news is most certainly of concern for the thousands of Wilko employees, Wilko’s commercial landlords will no doubt share a degree of concern about Wilko’s future.

 

The legal and commercial implications for landlords when a tenant enters administration can be substantial – especially if such tenants are anchor tenants in a shopping centre, retail outlet or high street. When faced with a tenant in administration, landlords must undertake a difficult analysis of hedging the tenant’s chances of financial recovery and prospective future financial performance against their own property portfolio strategy and income from the lease.

What is administration?

 

The ultimate objective of administration, as governed by the Insolvency Acy 1986, is to rescue an insolvent company (or part of the insolvent company) as a going concern. Failing that, it must try to achieve a better result for the creditors of the company and, failing that, it must realise the property of the company in order to distribute proceeds to pay off debts to secured/preferential creditors. Administrators appointed by a company have a great deal of autonomy in their role, acting as agent for the company and have the ability to enter into contracts on behalf of it.

 

However, unlike other insolvency measures (such as CVAs or Part 26A restructuring plans) there is no practical ‘window’ for a commercial landlord to mitigate their losses between (i) the decision of the company going into administration and (ii) the appointment of the administrator/administration order coming into effect. As such, landlords often have to play the hand dealt and mitigate as best as possible.

 

The administration process also initiates a moratorium period during which landlords are prohibited from taking legal action against the tenant in administration, including termination of the lease. The moratorium is designed to ‘calm the storm’ and aims to provide the company with the opportunity to stabilise its financial situation, potentially restructure, and (hopefully) continue operations.

How does this affect me, a commercial landlord?

 

The rights of commercial landlords with a tenant in administration are extremely limited.

 

Leave of the court or permission of the administrator is required before the commercial landlord can exercise a number of proprietorship rights, including: forfeiture, commercial rent arrears recovery (‘CRAR’), instigation of court proceedings and their right to enforce security (e.g. a charged rent deposit).

 

Leave may be granted in limited circumstances where the exercise of such rights does not impede the administration process and if the landlord can prove that denial of such rights would be inequitable (as per the decision in Innovate Logistics Limited (in administration) v Sunberry Properties Limited [2008] EWCA Civ 1261).

 

The moratorium also means a temporary halt to the ability for a landlord to repossess the property or forfeit the lease due to tenant breaches. This can be particularly difficult for commercial landlords who are considering or in the process of enforcing breaches of the lease and/or seeking recovery of arrears.

 

However, the case of Pillar Denton Ltd and others v Jervis and others [2014] EWCA Civ 180 (“Pillar Denton”) provides some potential respite for commercial landlords faced with tenants in administration – albeit in limited circumstances. Pillar Denton confirmed that if administrators hold leasehold premises for the benefit of creditors during administration (e.g. holding a lease of a shop to sell off stock), the administrator must pay the rent prescribed under such lease to the landlord for the entire period of occupation as an expense.


Key considerations for landlords

 

  1. Monitor your tenants: landlords should monitor the administration process closely. Staying informed about the progress, potential changes in the tenant’s circumstances, and any new developments is essential to making informed decisions that protect the landlord’s interests. Reviewing tenant liquidity during the term of a lease (i.e. prior to insolvency events) and checking in on company performance are steps that landlords can take to keep informed and potentially prepare for the likelihood of tenant insolvency.

  2. Communication: engaging with the appointed administrator is paramount. Landlords should consider communicating their concerns, discuss existing obligations and terms under the lease, and explore potential rental payment arrangements during the administration period. Establishing an open dialogue will help landlords comprehend the tenant’s financial situation, the administrator’s plans and the potential impact on the property. Collaborating with the administrator could also lead to mutually beneficial solutions, such as negotiated rental terms or the continuation of lease agreements.

  3. Rental Income: while the administration process imposes a moratorium on eviction and forfeiture actions, administrators must pay rent as an expense of the administration if they are keeping the property open for business.

  4. Rent Arrears: if the premises demised by the lease is not being used, any rent arrears that accrued before the administration and due under the lease are considered unsecured debts. Recovering such arrears may prove challenging given the priority awarded to secured and preferred creditors during the administration process.

  5. Termination: in certain cases, administrators may decide to end leases as part of the restructuring process. Landlords should request to be informed about any decisions that impact their property and leasehold interests.

  6. Mitigating Losses: If a tenant’s administration leads to lease termination, landlords should explore strategies to mitigate potential losses. This could involve proactive efforts to find new tenants or negotiating with administrators to facilitate a smooth transition. Being proactive increases the likelihood of minimizing financial disruptions caused by vacant properties.

Conclusions

 

The tension between the proprietary rights of landlords against the statutory rights of company tenants is well documented in case law. Administration is a recognisably difficult and unpopular area with commercial landlords as it denies them many rights that they would have ordinarily relied upon.

 

Dealing with a commercial tenant in administration is a multifaceted challenge that demands careful consideration and strategic planning on the part of landlords. By proactively engaging with administrators, seeking legal advice, and maintaining open communication, landlords can effectively navigate these situations and ensure the best possible outcome for their property interests.

 

Sharpe Pritchard’s real estate team offers advice and guidance to landlords and tenants across the full spectrum of property issues. If you would like to discuss your options in connection with a tenant in administration or any other insolvency measure, please contact James Nelson (This email address is being protected from spambots. You need JavaScript enabled to view it.) or on 0207 405 4600 for a free initial consultation.

 

For further insight and resources on local government legal issues from Sharpe Pritchard, please visit the SharpeEdge page by clicking on the banner below.

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This article is for general awareness only and does not constitute legal or professional advice. The law may have changed since this page was first published. If you would like further advice and assistance in relation to any issue raised in this article, please contact us by telephone or email This email address is being protected from spambots. You need JavaScript enabled to view it.

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