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4 Essentials for Creating the Perfect Outdoor Entertainment Area at Home

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Summertime is the perfect opportunity to enjoy the outdoors and relax with family and friends. If you’re looking for ways to make your outdoor living space more enjoyable, read on! This blog post will discuss four essentials for creating the perfect outdoor entertainment area at home. With these tips, you’ll be able to host barbecues, parties, and other events that all will enjoy!

white plates on garden table

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1) A Comfortable Seating Area

The first essential for any outdoor entertainment area is a comfortable seating area. This could include chairs, sofas, chaises, or anything else to allow your guests to relax and enjoy the outdoors. It’s essential to have enough seating from a reputable company like this Rattan Furniture Supplier for everyone to leave no one standing. You may also consider adding some throw pillows or blankets for added comfort. If you have the space, you may also want to add an outdoor dining table and chairs. This way, your guests can enjoy a meal while spending time with you outdoors.

 

2) Shade

Another essential for an enjoyable outdoor experience is shade. The sun can be incredibly harsh, especially during the summer months. You’ll want to make sure that your guests have a place to escape the heat and enjoy some relief from the sun. This could be in the form of an umbrella, a gazebo, or even some large trees that provide natural shade. Shade is also essential if you plan on using any electronics outdoors. The sun can damage electronic screens and make them difficult to see. You can help protect your electronics and extend their lifespan by providing shade.

 

3) Add some outdoor lighting

Outdoor lighting is vital for two reasons. First, it can help to create a more inviting and warm atmosphere in your outdoor living space. Secondly, it can also be used for safety purposes. When the sun goes down, it can be challenging to see outside. By adding some lights, you’ll be able to ensure that everyone can see where they’re going and avoid any accidents. There are various types of outdoor lights available, so you’ll be sure to find something that fits your needs and style. Lanterns, string lights, or even solar-powered lights are all great options.

 

4) Consider investing in a pit fire

If you’re looking for a way to take your outdoor entertainment area to the next level, consider investing in a pit fire. Pit fires are great for making s’mores, telling stories, or simply relaxing. They can be purchased or built relatively quickly and can add some personality to your outdoor living space. Just be sure to follow all safety precautions when using a pit fire! Pit fires, not your thing? No problem! There are many other ways to add some warmth to your outdoor living space. Heaters are a great option and come in a variety of different styles. You could also consider adding a fireplace if you have the area.

 

These are just a few of the essentials for creating the perfect outdoor entertainment area at home. With these tips, you’ll be well on your way to hosting memorable and enjoyable events all summer long! Thanks for reading, and we hope you have a great summer!

 

Will Enfranchising Your Leasehold Property Make It More Sellable?

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Selling your property can be a stressful time as it is, so the added worry about whether your lease makes your property harder to sell can be daunting. Read on to find out how enfranchising can help…

A leasehold is temporary ownership of the land in which a property you lease sits. So, with a leasehold property, you only own it for a set period of time based on the length of this temporary land ownership set out in the lease.

Leasehold enfranchisement is the process you go through to either extend your lease or purchase a share of the freehold. Leasehold enfranchisement is a complicated area of law. Leasehold enfranchisement solicitors are your best bet if you are looking to extend your lease or purchase the freehold of your leasehold property.

You can ask the landlord to sell you the leasehold at any time, as long as you have lived in the property for at least two years. In this article, we discuss the pros and cons of enfranchising your leasehold property. Take a look…

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Pros of Lease Enfranchisement

Buyers will be exempt from ground rent and service charges

Generally, buyers are more attracted to flats that come with a share of the freehold even if the property has a long lease. One of the benefits of this is that the buyer will be exempt from ground rent and service charges, which is something they need to consider for affordability when purchasing a leasehold property.

You can collectively buy the freehold

Due to the Leasehold Reform under the Housing and Urban Development Act 1993, leaseholders who meet a certain set of criteria can buy the freehold together. This can make the process and responsibility seem less daunting.

In some cases, not everyone will want to be involved in a collective enfranchisement (see more about the cons below). Luckily, you only need 50 percent of leaseholders on board to form this.

One of the big perks with a collective enfranchisement is that, when it comes to renewing the lease, it should be free.

block of flats

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You don’t have to complete the process before you sell.  You and your buyer can make a leasehold enfranchisement as part of your negotiation when going through the process. This means that, if you start the enfranchisement process before the sale is completed, you can pass this on to the buyer who can continue the legal action rather than waiting the two years to become eligible to extend the lease. This will help to keep renewing the lease cheaper so might be more desirable for a buyer.

It’s easier for buyers to get a mortgage

The Home Owners Alliance states that most mortgage lenders will not lend on a property with a lease that is under 70 years. Some mortgage lenders, for example Nationwide, have stricter policies on who they will lend money to in regard to leasehold properties.

This means that you might be cutting out a huge market for your property by not enfranchising your leasehold property. For those cash buyers who will still be eligible to buy a leasehold property with a short lease, they will expect to pay less for the property as they will know you are in a sticky situation.

By extending the lease, or purchasing a share of the freehold, you are protecting the value of your investment for longer.

woman reading documents

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Cons of Leasehold Enfranchisement

Selling a leasehold property is simpler than it looks

The process of selling a leasehold property has been said to be less complicated than it has a reputation for. All it takes is a little planning and few additional documents.

There is guidance out there that will help you understand your lease, how it affects the sale of your home, and how to get your property on the market for the best price possible.

Buying a freehold isn’t the cure-all solution

Acquiring the freehold is just the start, because managing a building is a complex task. It means learning laws and regulations, taking on day-to-day responsibilities of managing the running of a business, or hiring the right people to do these jobs. It takes a lot of time and effort.

Disputes can arise

Disputes between co-freeholders are a common issue that arise. And the most awkward thing about this is that a lot of your co-freeholders are likely to be your neighbours. From chasing late payments, to disagreeing on a vote, it can lead to tension which might be more than you asked for.

signing documents

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So, will enfranchising my leasehold property make it more sellable?

Enfranchising your property definitely has its pros, and might make your property more sellable. That said, it won’t be everyone’s cup of tea.

Make sure to liaise with a leasehold enfranchisement solicitor and an estate agent before making your final decision. They will have know into the market and what you can expect.

If you have any top tips on making the decision to enfranchise your leasehold property, let us know in the comments below.

Please be advised that this article is for general informational purposes only, and should not be used as a substitute for advice from a trained property professional. Be sure to consult a property professional if you’re seeking advice about your leasehold property. We are not liable for risks or issues associated with using or acting upon the information on this site.

 

What is an Equity Release on Your Home and Can it Help You?

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Ever heard of equity release but don’t have a clue what it is? There are many terms thrown around without an explanation, but we’re here to change that. In this article, we’re going to explain what equity release on your home is and how it can help you. 

When someone reaches the age of 55, they can take out an equity release. But what is this? Well, an equity release is accessing the money that is tied up into your home. If you choose to do this, you can receive the money as a lump sum or in a smaller amount, if preferred. Keep reading to find out more about equity release and how it can help you.

What are the available types of equity release?

When it comes to equity release, there are two different options available. These are:

Lifetime mortgage

Lifetime mortgage is the most common choice when it comes to equity release. When a property is your main place of residence, you can take a mortgage out on your property and still have ownership of it.

You can make repayments or allow the repayment to be made when the property is sold, and this happens when the remaining borrower dies or moves into a care home. Interest will be added on top of the loan.

Home reversion

Another alternative equity release is by home reversion. This is where you sell all or part of your home, and can continue to live in it until the remaining borrower dies or moves into a care home. The property will then be sold and split if partly sold originally.

How can equity release help you?

It Can Provide You with Quick Money

Where you have money invested into a property, and you aren’t willing to sell your home for a smaller property or to change to renting, equity release is there as an alternative option. It allows you to have money but remain in your home.

Perhaps you’ve reached the retirement age, and your only funds are your pension and property. Sometimes pensions don’t cut it, and they can’t always provide a worry-free financial life.

After a lifetime of saving for your pension, the average pension in the UK stands at £61,897. This only provides an average retirement income of £3,000 a year from the age of 67 on top of the state pension they will receive.

The average family spends £587.90 per week, which is a whopping £30,570.80 a year. Obviously, an individual or elderly couple are likely to spend less than this. That said, from this, we can determine that a retired person will need to be living a very basic and non-extravagant lifestyle on this income.

Equity release can be the backup that’s needed, with an additional bit of money to do other stuff, such as travelling. Where you have all this free time, what’s better to do than spend your hard-earned cash on enjoying what life has to offer you.

It Can Pay for Long-Term Care Costs

Say you believe one day you will need to enter into long-term care, for whatever reason, but you want to keep hold of your savings to pass onto your family in your Will after you pass away.

The average weekly cost of living in a long-term care home is £888, money which can quickly wipe out your savings. So, using the equity that’s caught up in your home can be an alternative option to cover those care costs, which are usually a lot of money.

Property Price Increase

If you purchased your house a long time ago at a considerably low price, you might be surprised at the return of investment you will receive when either selling it or doing equity release.

Where you don’t wish to pass your home onto loved ones once you pass, you can use the equity release to enjoy your retirement. Perhaps you could purchase gifts for your loved ones while you are alive, or simply to splash the cash on yourself, such as going on holiday, purchasing nice cars, and more.

You Can Continue to Live in Your Home

What we believe is the best benefit of equity release is that you do not need to move out of your home until you pass away or move into long-term care.

Make sure you’re certain before deciding on equity release

What we can conclude is that the benefits of equity release sound great and sway you in. However, it’s a huge decision to make, and there are other considerations too, such as the interest that will be added on top of the money owed.

Don’t jump into something before spending the time researching it and finding out if it’s the right option for you. Take the time to speak to a solicitor too, who will be able to provide an in-depth insight into equity release and the benefits and drawbacks of it.

Are you interested in equity release? Let us know your thoughts below in the comment box.

Please be advised that this article is for general informational purposes only, and should not be used as a substitute for advice from a trained legal professional. Be sure to consult a legal professional if you’re seeking advice about equity releases. We are not liable for risks or issues associated with using or acting upon the information on this site.