Welcome to the February edition of the **Property Market Update**! We've collated information from experts from across the UK to provide you with a comprehensive view of the current market.

Across the various indices, average house prices rose in January - the largest increase in a year according to both **Halifax** and **Nationwide**. A promising start to 2024 and a sign of burgeoning market activity. 

Average new seller asking prices are up by **+1.3%** to **£359,748**, reports **Rightmove**, the biggest December to January increase since 2020. Prices are still **0.7%** lower than this time last year.

Following a record number of home sales launched on Boxing Day, the number of new properties arriving on market is **15%** higher than at the start of last year. This rides on the back of the **Royal Institute of Chartered Surveyors’ (RICS)** report that the decline in new buyer inquiries has halted and more people are searching for a new home.

The **Bank of England (BOE)** base rate remains unchanged at **5.25%**, despite a surprise increase in inflation from **3.9%** to **4%** (November to December). While a majority decision, one member of the Monetary Policy Committee (MPC) was in disagreement, arguing for a further reduction. 

## House prices rise in January, the largest increase in a year

Both Nationwide and Halifax have reported that average house prices have risen significantly across the UK, marking a positive start to the year.

The building society reported that the average property was now worth £257,656, rising by 0.7% after seasonal effects. As a result, the annual rate of house price growth lifted from -1.8% to -0.2%, the strongest outrun since January last year.

Halifax, the UK’s largest mortgage provider, said a typical home was now priced at £291,029 on average, a 2.5% lift from January 2023.

While Rightmove’s asking prices typically rise in the period of December to January, the price hike this January (+1.3% to £359,748) is its largest since 2020, and more than double the 20-year average of +0.6%.

Underpinning these performance signs is a strong labour market, and the advent of falling inflation and improving mortgage rates have no doubt contributed to this healthy January.

## New buyer inquiries improve, indicating growth in market activity

On the 18th January, RICS released a report that claimed negative buyer enquiry activity had reduced for the fourth consecutive month, following a massive leap from -13% in November to -3% in December. For the first time since April 2022, we are moving into neutral territory in this area.

Perhaps motivated by the positive signs from the mortgage market and fewer inflationary pressures, potential homebuyers are making arrangements to take their next step on the property ladder. Indeed, since the 27th of December, Rightmove has seen 9 of its ten busiest days ever for buyers applying for an [agreement in principle](https://www.getagent.co.uk/blog/buying/mortgage-agreement-in-principle). 

January is on course to be the busiest month ever for Rightmove’s AIP service since its launch in 2022.

The appetite for new homeownership is being met with equal gusto from would-be sellers. The number of new homes coming to market is 15% higher than at the start of last year, following a record number of sellers launching their listings on Boxing Day.

## Base rate holds while mortgage rates fall

The Bank of England made a majority decision to hold its base rate at 5.25% after its Monetary Policy Committee’s meeting on February 8th. This followed the surprise announcement that inflation has increased from 3.9% in November to 4% in December 2023.

However, one member of the MPC called for an immediate reduction in borrowing costs, suggesting that the central bank was moving closer to reducing the base rate in future meetings. Many anticipate a rate cut from as early as June, but the BOE has remained steadfast in that it would need to see further reductions to inflation before acting.

The Bank of England’s base rate is the primary indicator by which many banks and building societies adjust their mortgage deals. The higher the base rate, the higher mortgage interest rates. The current BOE base rate is the highest since the immediate aftermath of the 2008 Financial Crisis.

But while the base rate remains intimidating, positive signs from the BOE, such as choosing to hold the base rate rather than increase it (as it had for 11 months in a row last year), and having managed to reduce inflation, have led to price falls in the mortgage market.

As of the 1st of February, current mortgage rates, according to Moneyfacts, are as follows:

* 5.56% for 2-year fixed rate
* 5.18% for 5-year fixed rate

The best mortgage deals remain those which are designed borrowers who can afford large deposits. These include five-year mortgages with interest rates below 3.99%, but with Loan-to-Values of 60%.

Richard Donnell, the Executive Director of Research at Zoopla, argues that while home sales will be encouraged by falling mortgage rates, their impact on house prices will be indifferent. 

_“Last year, mortgage rates fell to 4.2% in the first 3 months of the year, which supported sales volumes and led to only modest price falls. We expect current mortgage rates to have the same effect this year, supporting sales volumes rather than hugely impacting house prices.”_

## Summary: Full steam ahead?

So with January an apparent success, is it full steam ahead for the market? It’s hard to say but it feels like we’re on the right track. 

If you’re thinking about selling your home this year, there’s one thing for certain: you need to get a swift start on your financing. [Get a basic idea](https://www.getagent.co.uk/online-valuation) of your home’s value, or better yet, [hear what the experts are saying](https://www.getagent.co.uk/vendor). If you already have a keen estimate, always request an agreement in principle from a mortgage provider you’re considering.

Property Market Update February 2024

Welcome to the February edition of the Property Market Update! We've collated information from experts from across the UK to provide you with a comprehensive view of the current market.

Property Market Update: February 2024

If you're transferring property from one owner to another, this is referred to as transfer of equity.

But what is transfer of equity and what does it involve? Let’s take a look.

## What is equity?

Equity is a common legal term used in property law, specifically when talking about property ownership. Equity refers to the percentage of a property that you own outright: your property's value minus your outstanding mortgage.

For example, if your home has a value of £500,000 and your outstanding mortgage is £250,000, your equity would be £250,000.

When you co own a property, the equity is split between the two (or more) owners. So, if one owner wants to give up their ownership, they are legally entitled to their percentage of the equity.

## What is a transfer of equity?

So, what is a transfer of equity? Transfer of equity when you transfer ownership of the property, either by adding or removing someone from the title deeds of a jointly owned property. The property isn't sold; at least one of the original owners has to stay the same.

Equity transfers can be fairly straightforward if all the parties involved agree with the property transfer. Unlike a property sale, there are no house searches required.

However, it is important to be thorough when transferring equity, especially if there are mortgages or disagreements between parties.

## Why transfer equity?

#### Transfer of equity occurs for a number of reasons, including:

* If you marital status changes and you want to add your new partner to the title deeds.
* If you want to add someone like a family member to the title deeds.
* To remove someone from the title deeds like an ex-partner as part of divorce proceedings or the end of a civil partnership.
* For tax efficiency when gifting equity to children or other family members as a gift.
* To buy out the co owner's share of the property.
* To change the percentage shares owned by each party.

## The transfer of equity process

When it comes to transfer of equity, you can't use the same solicitor as the person you co own the property with. Instead, you'll each need to seek legal advice independently from an experienced conveyancing solicitor. The legal process stipulates that each joint owner will need to have separate legal representation to ensure everyone gets independent, impartial advice.

### Here are the stages of the transfer of equity process.

#### Stage one: review the title deeds.

Instruct your own solicitor to review the title deeds to prepare for the property transfer. They'll be able to check the if the equity transfer is being made by the current owner, as well as if there are any outstanding debts or mortgages attached to the property.

Stage two: prepare the transfer deed documents.

Once the title deeds have been reviewed, you'll need to prepare the transfer deed documents.

#### Stage three: meet with the parties involved.

Once the transfer deed is ready, you'll need to meet with each solicitor to sign them in the presence of a witness.

#### Stage four: notify your mortgage lender.

When it comes to transferring equity, you must get the written consent of any mortgage lenders, banks or building societies involved.

Similarly to your own initial mortgage application, your lender will want to run credit checks to ensure the new owner you're bringing onto the lease will also be able to afford the mortgage repayments.

On the other hand, if you're removing someone from the lease, your lender will want to know that the remaining owners will be able to make the monthly payments on their own.

#### Stage five: obtain a valuation.

You'll need to obtain a property valuation in order to work out the monetary value of the ownership share being transferred as part of the transfer of equity. This needs to be done so the right amount of money is given to the leaving party, for example as part of a financial settlement in a divorce.

You may be able to get a valuation with an estate agent, but sometimes a valuation from a chartered surveyor will be needed.

For a quick, instant property valuation, use our Online Valuation Tool here.

#### Stage six: register the transfer deed.

You'll then need to register the deed transfer at the [Land Registry.](https://www.getagent.co.uk/blog/conveyancing/how-long-does-land-registry-take) You'll have to pay the Land Registry a fee anywhere between £50 to £920 depending on how much the property is worth. The Land Registry will update its records.

## How long does transferring equity take?

Equity works pretty quickly if there's no mortgage involved. But if you do have to wait for consent from a mortgage lender, it could take several weeks to transfer equity (depending on your own situation and your mortgage lender).

Transfer of equity may also take longer if it's part of a wider financial arrangement like a divorce settlement.

[Read here for more information about how long equity takes.](https://www.getagent.co.uk/blog/conveyancing/how-long-does-a-transfer-of-equity-take)

## How much does transferring equity cost?

Transferring equity costs vary depending on how much the property is worth. For example, the land registry fees depend on the value of the property.

As well as the land registry fee, you'll have to think about solicitor fees.

## Transferring equity with an existing mortgage

If you want to transfer equity with an existing mortgage, it can be a bit of a trickier process.

You can't leave the property deeds without paying back the debt you used to purchase the property in the first place. After all, your mortgage payments are part of a credit agreement you're obliged to uphold until you pay off the debt.

The person leaving the title deeds will also need to be released from the mortgage terms and conditions. That means no longer being liable for mortgage repayments.

As such, you'll need permission from your [mortgage](https://www.getagent.co.uk/blog/mortgages/what-is-a-mortgage) provider before the transfer of equity can take place.

There are a few ways you can do this, including:

#### Pay off your mortgage payments

This means paying off the mortgage with other resources.

#### Consent as part of a buyout

You may be able to get your mortgage lender's consent to transfer of equity as part of a property buyout. For example, the co owner might buy your share of the property.

#### Remortgage

You could also remortgage your property (this means getting a new mortgage with a with a new lender) in order to secure enough funds to pay off the existing mortgage repayments, as well as securing extra to buy out your joint owner. This may be preferable if you're going through a divorce or separation and you want a completely clean slate.

#### Transfer of equity as a gift

This is a less common process, but it may be used for tax efficiency purposes. The transfer of equity happens without any money changing hands, which makes it more tax efficient (for example, if parents transfer documents as part of gifting houses to their children).

## Capital gains tax implications

There may be capital gains tax implications if you transfer equity for certain reasons. For example, if you're transferring ownership because of a Financial Remedy Order on divorce, and the property is the main home of both parties involved, you'll probably be exempt from capital gains tax.

But if the transfer of equity is to an adult (for example as a gift to a child) it might be treated as an exempt transfer of equity because of inheritance tax.

## Equity and stamp duty land tax

You may also have to pay stamp duty (SDLT) in certain cases when it comes to transfer equity. For example, if you're buying out a co owner's share of the property, you'll have to pay SDLT.

If you're not sure about whether or not you have to pay SDLT, you should always seek professional advice to ensure you're making the right decision based on your individual circumstances.

If you want to go through transfer of equity into joint names (for example, if you're just married) you may also have to pay SDLT. Even though no money changes hands, you'll have to pay stamp duty because the new joint owner is taking on half of the mortgage debt (if you the monetary value of the property is above the threshold subject to stamp duty land tax).

#### Stamp duty land tax example

A property owner has a £300,000 mortgage on a property valued at £400,000. They get married and want to undergo an equity transfer with their new partner.

This means the new partner takes on half the mortgage, which is known as chargeable consideration. They'll be responsible for £150,000.

They must therefore pay stamp duty on that amount.

## If the mortgage lender doesn't give consent

You must get written consent from your mortgage provider before you can transfer equity. However, they may want to change the mortgage conditions before consenting, and they might not offer any consent at all.

If that's the case, the only way to continue with the transfer of equity process would be to repay ther mortgage in full. And remember you may be charged a redemption fee for this.

## Summary: A change of ownership arrangement

You should now have a better idea of what transfer of equity is, why it's used and what it involves.

One of the key elements with an equity transfer is knowing the value of your home. For an instant valuation use our [Online Valuation Tool here.](https://www.getagent.co.uk/online-valuation)


equity-getagent

What is transfer of equity and what does it involve? Let’s take a look.

What is a transfer of equity? | GetAgent

What is a transfer of equity?

If you're a [first time buyer](https://www.getagent.co.uk/blog/research/covid-adds-2-years-to-first-time-buyers) hoping to get on the property ladder, you may have questions about how to get a mortgage application approved.

What's the best mortgage offer for you? How do affordability assessments work? What exactly is the [affordability criteria?](https://www.getagent.co.uk/blog/mortgages/uk-mortgage-affordability-rules-explained)

And above all, **how much do you need to earn to get a mortgage?**

In this article we'll take you through everything you need to know about mortgage affordability and what you can do to improve your chances of getting a mortgage approved.

## What is a mortgage?

Lenders will offer **[mortgages](https://www.getagent.co.uk/blog/mortgages/what-is-a-mortgage)** for those who require funds to purchase a property.

A mortgage is a loan used to purchase a property or land. As the borrower, you'll repay the lender over time through regular payments, with interest. The property is used as collateral to secure the loan.

There are a lot of different [mortgage types](https://www.getagent.co.uk/blog/mortgages/types-of-mortgage) and rates available, including fixed rate and adjustable rate. Which mortgage you'll be approved for will depend on your own affordability.

The mortgage amount will depend on the type of loan, the mortgage term, and the interest rate charged by the lender.

## What will a mortgage lender look for?

When assessing mortgage applications, lenders will focus on three main factors.

#### Your household income

Lenders will look at recent bank statements to assess your **household income.** This includes your annual earnings, as well as any other sources of additional income such as financial support, pension payments and assets.

#### Your outgoings

Your outgoings will include any loan or credit card payments that may affect how much you can borrow for a mortgage. They'll have a **credit report** as part of the investigation.

They'll also look at other factors like bills, travel and food.

#### Monthly repayments

Your fixed rate is usually only offered for a limited mortgage term, so lenders often check if moving to a higher interest rate would affect your ability to make your mortgage repayments. So make sure you're looking to the future as well as the now.

Mortgage lenders will also look at the size of the deposit, any extra sources of income, savings, credit history, living costs and the type of property you want to purchase.

![people-getagent](//images.ctfassets.net/us6n8ous4bz0/6UpKfDVPVBZdwpi51UtIfB/a9acebaa4cd6933f5c3d9467fa1f45e6/people-getagent.png)

## How much do I need to earn to get a mortgage?

There isn't a minimum annual income you need to earn to get a mortgage application approved. It really depends on the lender.

Most lenders will assess the situation on a case by case basis, though some may have certain limits and conditions before they approve your application.

If you're unsure, it's always better to **seek advice from a mortgage broker** so you're aware of all your options. Mortgage brokers will know which mortgage deal is best suited to you.

You can also check your mortgage eligibility by applying for an [agreement in principle.](https://www.getagent.co.uk/blog/buying/mortgage-agreement-in-principle)

## Mortgage calculators

You can use a **mortgage calculator** to quickly calculate how much you can borrow based on your income. There are plenty of different mortgage calculators online from various lenders.

## Getting a mortgage on a low income

You might be thinking that you won't be able to borrow for a mortgage if you're on a low income. But this isn't always the case. In fact, **a lot of mortgage providers offer mortgages to those on a low income.**

However, how much income you earn will have an impact on how much mortgage lenders decide to loan you. They need assurance you'll be able to make the monthly payments.

A lot of mortgage lenders will take other factors into account. For example, you may have a lower than average income but a big deposit from inheritance. In this instance, you may be eligible for a higher mortgage amount.

### Here some other ways you may get mortgage approval on a lower income:

**Raise your credit score:** As part of the affordability assessment, your mortgage lender will check your credit rating. If you have a low credit score, this could impact your affordability as it shows you're not super trustworthy as a borrower.

Having a higher credit score will assure lenders you're a safe applicant and so they'll be more likely to accept your application.

**Save up for a bigger deposit:** As we mentioned earlier, if you have a bigger deposit lenders are more open to providing mortgage funds. With a bigger deposit comes a lower amount to borrow, which in turn means lower monthly repayments.

**Lower your outgoings:** This comes hand in hand with saving. Lenders are looking at your monthly outgoings, so the less you spend, the more money you'll have to make your monthly repayments.

**Reduce your debts:** Reducing your debts will also lower your monthly outgoings and open up more funding to make the monthly payment.

## Joint mortgages

A **joint mortgage** is another way those with a lower income can get a mortgage application approved. Applying together means the lender will offer a mortgage based on your combined income, which means you'll be able to borrow more.

Of course, it's important you trust the other person to be financially secure in making the monthly repayments as you'd both be responsible for them.

## Government schemes

There are also a lot of different **government schemes** aimed to help first time buyers.

**Shared ownership:** Through a shared ownership scheme, you can buy a share of a home through a mortgage. You'll then rent the rest at a lower rate from the government, or a housing association.

[You can learn more about shared ownership schemes here.](https://www.getagent.co.uk/blog/first-time-sellers/selling-a-shared-ownership-property)

**Help to Buy Equity Loans:** The type of home loan is for first time buyers looking to buy a new build home. They can borrow 20% of the home value as a loan from the government, and this loan is interest-free for the first five years.

[Read more about help to buy loans here.](https://www.getagent.co.uk/blog/selling-tips/sell-help-to-buy-home)

![form-getagent](//images.ctfassets.net/us6n8ous4bz0/78Wz7go5uGxxKTZRLUp9s6/70537e1c45dfa615cbd8e3ac9dc0ce1d/form-getagent.png)

## How do lenders work out how much you can borrow?

The mortgage income multiple metric is often used as a guidance by lenders to assess how much you can borrow for a mortgage - but remember income isn't the only factor they'll consider.

Affordability criteria will vary from lender to lender, but most mortgage lenders will let you borrow up to **4.5 times your annual salary.** The mortgage industry only allows lenders to offer a higher multiple than 4.5 to 15% applications per quarter.

If you want a mortgage rate calculated at 5, 5.5 or sometimes even 6 times your income, there's some criteria you'll have to meet.

You'll need to tick one of these boxes:

* If you're a lower earner, you may be able to access higher income multiples if you're in a **certain profession such as a doctor, lawyer or police officer.**
* You have a **deposit of 25% or more.**
* You're a **high-net-worth buyer earning over £50,000.**

## How a broker can help you secure a mortgage loan

Mortgage brokers can help you find the right mortgage, especially if your main goal is to borrow the largest loan possible for your income.

They can find lenders that will take your additional sources of income into account, with the most flexibility on loan term lengths.

They also find lenders with the best interest rate for your situation. If the interest rate rises, this will increase your monthly payments, so it's important to get a loan that will suit your circumstances comfortably.

Not only that, they'll be able to give you expert advice on how to improve your credit record if you're struggling with your credit history, as well as organise your finances to increase your expendable income.

They'll know everything about possible government schemes you may be eligible for and give you advice on how to maximise your borrowing.

## Applying for a mortgage when you're self employed

If you're self-employed, there isn't a specific type of mortgage you need to apply for; it'll be the same kind as everyone else. However, you might be wondering how you can prove your household income if you're self-employed.

In this instance, you'll have to provide more evidence that you have a reliable income in order to show you can make the mortgage repayments.

A self-certification mortgage loan used to exist for those who were self employed. They let you declare your household income without proof. However, they have since been banned because of concerns that applicants were being approved for mortgages they couldn't afford. Without property affordability assessments, it was near impossible for lenders to guarantee a risk-free mortgage.

However, though it can be more challenging to get a mortgage as a self employed person, it isn't impossible. Here are some of the ways you can get approved.

## Mortgage rates for self employed applications

You shouldn't have to pay higher mortgage rates or interest rates just because you're self-employed.

So long as you can provide proof of household income to show you can afford the repayments, lenders will have no qualms about providing the funds with similar income multiples and a similar mortgage term to those who are salaried.

As with regular mortgages, your interest rates will depend on how large your deposit is, as well as your credit score.

#### Documents needed for a self employed mortgage

Before lenders approve the mortgage loan, you'll need to provide proof of identity with a passport or driving licence as well as recent utility bills for proof of address.

You'll also need to provide recent bank statements (for the previous three to six months) so lenders can get a clearer picture of your spending habits.

You'll also need to provide evidence of the deposit money if this isn't verified by your bank statements.

These are all requirements of a normal mortgage. However, if you're self employed you'll need to provide extra documentation to pass the affordability assessment.

You'll need to give evidence of two or more years of certified accounts (usually prepared by a qualified accountant). You may also need a SA302 form or a tax year overview from HMRC for the last two to three years.

You might need to provide evidence of upcoming contracts or income from your business accounts if you're a contractor to prove you have income coming in.

## Speak to an expert mortgage broker

If you have any questions, it's really important to discuss with a mortgage broker who will be able to advise you on the best mortgage to apply for and increase your chances of approval.

## Level of security

Most lenders decide how much they are willing to offer and the interest rate of that offer based on the risk they make in lending to you. **So, the more security you're able to give them, the lower the risk of your borrowing, which means the lender will be more willing to offer a higher mortgage.**

**Higher deposits:** If you can offer a higher deposit, you'll have a lower loan to value ratio. A loan to value ratio is the percentage of borrowing you take out against your home. For example, if you have a £160,000 mortgage on a £200,000 house, the loan to value ratio is 80%.

This means they'll have access to a higher income multiple and the best interest rates. you can get a mortgage on as little as a 5% deposit, but that means your interest rate will be a lot higher, and you won't be able to borrow as much money even if you have a higher household income.

**Extra assets and income:** If you already own other homes or have assets of a similar value, some lenders might consider this as a way to add to your deposit, or even to act as your deposit if it has enough value.

![people2-getagent](//images.ctfassets.net/us6n8ous4bz0/7vy9LB9tUNO03eQR3Vvnd/e451fb0ada9ca4aa34e8abf9c8fa1ea1/people2-getagent.png)

## Summary: It's all in the income!

Ultimately, how much you can borrow depends on how big a risk your lender is making. Those on higher incomes get higher income multiples; those with higher deposits or assets of significant value may also make you eligible for a lower mortgage rate.

You can use a mortgage calculator to determine the amount you'll get from most lenders.

Mortgage lenders will always need to know the value of a property to determine your loan amount - they need to know if the property is worth the value of the mortgage. For an instant property valuation, check out our [Online Valuation Tool](https://www.getagent.co.uk/online-valuation) today!


cover-getagent

In this article we'll take you through everything you need to know about mortgage affordability and what you can do to improve your chances of getting a mortgage approved.

How much do I need to earn to get a mortgage? | GetAgent

How much do I need to earn to get a mortgage?

A **[Declaration of Trust](https://www.getagent.co.uk/blog/conveyancing/declaration-of-trust)** is an important document in the world of property ownership - by outlining the responsibilities and shares of each owner, it serves to protect their interests. But what if you want to challenge a declaration? 

In this article we explain the process, step by step.

## Declaration of Trust: Explained

A Declaration of Trust is a legally binding document that sets out the financial arrangements regarding property ownership. It's a super useful document for three reasons:

* It sets out the financial obligations of each person with a share in the property (who owes what for mortgage repayments. 
* It says exactly who has a beneficial interest in the property, protecting their rights (useful for when you eventually sell the property).
* It serves as a contingency plan, outlining a course of action in case of unforeseen circumstances, like changes in ownership and disputes among the parties involved.

## What makes a Declaration of Trust legally binding?

A Declaration of Trust becomes a legally binding document when the following are satisfied:

* All parties described in the document have consented to creating the legally binding agreement.
* The terms of the declaration are clearly communicated and agreed by all parties. These terms must also be capable of being performed, with vague clauses undermining the document's legality.
* All parties have the legal capacity to enter into the declaration, being sound of mind and not under duress.
* The agreement involves something of value exchanged between the legal owners, like financial contributions, responsibilities and benefits related to property ownership.
* Signatures, witnesses and registration with relevant authorities are required to enhance the document's legal standing.
* Lastly, the document needs to comply with all the laws and regulations that apply to property ownership and contracts.

## Can a Declaration of Trust be challenged?

Yes! While a Declaration of Trust is a legally-binding agreement, you can in fact challenge one. If the challenge is successful, you can alter its contents with additional clauses or create a new agreement entirely. 

Sometimes it's worth making a new declaration, but for small changes, you can use a **Deed of Variation**.

## Five reasons to challenge a Declaration of Trust

While there are valid reasons for challenging a Declaration of Trust, it's important to emphasise that anyone contemplating this course of action will require legal advice. You can't approach this sort of thing without the help of a legal professional, especially if the parties involved are at odds with one another.

#### 1. Lack of capacity

You could challenge a trust deed on the basis that one or more parties lacked the mental capacity to understand the legal implications of the document at the time of its creation. For example, an elderly person suffering from dementia may have signed the document without fully comprehending the consequences.

The party pursuing this challenge could argue that since the person was not in their right state of mind, the agreement stands on shaky grounds, and as a result, must be amended.

#### 2. Duress or undue influence

A Declaration of Trust can also be challenged if a party believes that they were subjected to coercion, duress, or undue influence. Any such treatment would render their consent to the terms involuntary. 

One scenario may see **Person A**, facing financial hardship, coerced by a wealthy family member, **Person B**, into signing a declaration that significantly favours the interests of Person B. Person B might threaten to withdraw essential financial support unless Person A agrees to the terms outlined in the document.

Person A may decide to challenge the declaration based on the fact that their agreement to the document was obtained through the coercive tactics of Person B.

#### 3. Fraud or misrepresentation

If fraud or misrepresentation were used to obtain a party's signature in the Declaration of Trust, there is strong basis for a legal challenge. 

For example, if a party engaged in phishing activities to impersonate a legitimate party involved in the declaration's creation, and the party signed the document under the false belief that they were interacting with the authentic party, this could be considered fraud.

#### 4. Mistake

While a legal document should always be checked thoroughly, mistakes happen - and a declaration could be challenged on the grounds of mistake. This could be a mutual mistake by all parties (which makes the process of challenging and correcting the mistake much more straightforward) or a unilateral mistake that the other parties took advantage of.

#### 5. Illegality or violation of public policy

If the trust agreement involves actions prohibited by law or goes against societal norms, a challenge can be made. For example, the declaration may seek to facilitate illegal activities or violate recognised ethical standards, providing the courts with the means to alter the terms of the property's legal ownership.

## What's a Deed of Variation?

If you succeed with your challenge and the current Declaration of Trust doesn't quite fit the bill for everyone involved in the property, there's an option to go for a Deed of Variation. This document lets the parties tweak the original terms without having to start from scratch. Once everyone's on board with the changes, they sign off on the deed of variation, locking in the adjustments.

## How to challenge a Declaration of Trust

While it's possible to avoid legal proceedings while challenging a declaration (especially if the parties involved are in agreement), they're unfortunately a typical part of the process. That's why it's really important to get the first step sorted - enlisting the help of a reliable solicitor. 

#### 1. Consult with a solicitor

If you want to challenge a Declaration of Trust, a solicitor is your first point-of-call, ideally one who specialises in trusts and estates. They can help you determine the grounds for challenging the trust and guide you through the legal process.

Generally speaking, the more you pay for a solicitor, the better they are - but you can expect legal fees to be in the region of **£1500 - £5000**. However, they can be much higher depending on the complexity of the case and the value of the property.

#### 2. Identify the grounds for challenging

Your next step is to clearly identify and establish the grounds on which you are challenging the declaration of trust. This could include any of the reasons mentioned above, including lack of capacity, undue influence, fraud, duress, or mistake.

#### 3. Gather evidence

The next step is to gather any evidence that supports your challenge. This may include documents, witness statements, or any other relevant information that can help support the grounds on which you are contesting the legitimacy of the agreement. Your solicitor will help direct the focus of your evidence gathering, advising you on what will best support your case.

#### 4. Begin legal proceedings

Your solicitor will help you begin the legal process of challenging the declaration by taking out all of the necessary documents with the courts. Be on hand to help your solicitor where needed as they may regularly need your input at this stage of the process.

#### 5. Notify parties in the declaration of your intention

At this point it's time to notify all the parties involved in the declaration about the legal challenge. They will have an opportunity to respond and present their case. 

#### 6. Possible mediation or settlement

There may be a chance to resolve the situation before going to court, but the joint tenants or owners (whoever is mentioned in the official Land Registry documents) must be in unanimous agreement for this to happen.

#### 7. Court proceedings

The case will proceed to court, where both parties present their arguments and evidence. The court will evaluate the legal merits of the challenge and make a decision based on the available evidence.

#### 8. Court decision

The court will make a decision based on the evidence and arguments presented. The outcome may involve declaring the declaration invalid, modifying its terms with a Deed of Variation, or upholding its validity.

## Summary: Legal work for the professionals

Challenging a Declaration of Trust is a nuanced process best handled by the professionals. If you believe you have valid grounds for a challenge, it's in your best interest to engage in due process. Seek the expertise of a reputable solicitor, gather the necessary evidence, and explore alternative mediation options, if available.

What is a Declaration of Trust?

A Declaration of Trust is an important document in the world of property ownership - by outlining the responsibilities of each owner, it serves to protect their interests. But what if you want to challenge one?

Can a declaration of trust be challenged? | GetAgent

Can a declaration of trust be challenged?

A lot of property owners in the United Kingdom suffer from damp issues, and unfortunately it's never a pleasant experience.

The root causes of damp can also be quite difficult (or sometimes near impossible) to spot with the naked eye. That's why it's **always better to get a damp survey** done before you [purchase a home](https://www.getagent.co.uk/blog/buying/how-to-buy-a-house) - that way you know exactly what you're signing up for.

But **how much does a damp survey cost?** Let's take a look.

## What is damp?

Damp is a pesky problem homeowners in the UK may experience. It forms from excess moisture in the building and is caused by a number of factors including condensation through rainwater, and rising damp.

As we all know, the UK can be a wet country for large parts of the year, leaving buildings very susceptible to damp, especially in the winter months.

You don't want to leave damp untreated as it can cause a lot of problems, not just to your property, but to the occupants too. Damp can trigger asthma, cause throat and eye irritation, coughing and wheezing, and runny nose. Not what you want from your home!

![damp-getagent](//images.ctfassets.net/us6n8ous4bz0/7LdQ3sHm5snxsSTg1Kcy8r/79bfc515bfdea85c37aeef43c18ba08a/damp-getagent.png)

### Different types of damp

#### Structural damp

This is the presence of unwanted moisture within the building's walls or structure. It can be from infiltration from the outside or condensation from within the structure.

#### Rising damp

**Rising damp** is quite a rare form of damp. It affects the walls of a building and happens when moisture from the ground level travels through the walls by capillary action.

It'll cause damage to the internal walls; plaster, wallpaper and paint can deteriorate and you'll often see a visible stain that looks like a tide mark. The mortar might crumble and the damp may leave white salt stains on the walls.

Most properties will have a barrier installed at the lower level of the wall to prevent rising damp. This is referred to as a **damp proof course (DPC).** A damp proof course is made of water-resistant materials like slate and plastic. However, in older houses, these barriers may not be present.

#### Penetrating damp

**Penetrating damp** is caused by water leaking through the walls, and will often happen if your property has structural problems like wall cracks, faulty roofing, burst gutters and pipes or air gaps.

You'll first notice penetrating damp through a watermark that appears on your decoration. As the water keeps leaking through the walls, the damp patches will grow and grow.

It's always better to **get professional advice** to identify the root cause of penetrating damp, otherwise you might find it comes back in future.

#### Condensation damp

The most common type of damp is condensation damp. It forms really easily and quickly, but this also means it can be removed a lot more easily too.

The colder months will generally see more condensation as people turn up the heating to keep warm. Combined with the cooler outside temperatures, this creates a perfect environment for condensation to form.

The best way to get rid of condensation damp is through **ventilation.**

## What causes damp?

**Damp is caused by the moisture levels of the environment, like condensation and rain penetration.** You can also get damp in your home from daily living like showers and baths, cooking and drying clothes.

The more moisture that's released into the air, the more likely condensation will occur, which gives damp a chance to grow.

#### Elevated humidity

**Elevated humidity** refers to the capillary penetration of water from the bottom to top through the concrete or masonry of the building.

#### Thermal bridging

A **thermal bridge** refers to a point that shows a change in thermal resistance. This means mould spores are more likely to appear in the corners of walls or at the floor-wall meeting point.

#### Higher moisture levels

No matter what causes the damp, **the more excess moisture there is in the property, the stronger the damp will become.**

That's why moisture control and humidity control is so important for a building to function properly. It protects residents from health problems caused by damp, as well as structural issues or other physical damage to the building.

Not only that, it also protects the contents inside the building from any damp related damage as well.

![damp-wall-getagent](//images.ctfassets.net/us6n8ous4bz0/111mo2jQXre2TEB88JIxT8/65d6d6a93557d033f32e77cdc2d30842/damp-wall-getagent.png)

## Damp related issues and problems

If damp isn't too bad it may only cause minor damage like a few penetrating damp patches of water stains or mould. But if it gets out of hand, it can cause some serious damage to your property like structural decay and crumbling plaster.

## What is a damp survey?

While a general [property survey](https://www.getagent.co.uk/blog/buying/house-survey-types) looks at the overall condition of the property, a **damp survey assesses (you guessed it!) damp areas on your property.**

If you see any signs of damp in your home, or a home you want to buy, you should always get a damp survey done.

Damp surveyors will conduct a survey to investigate any damp areas in the property using specialist equipment to assess how severe the issue is. They'll use a damp meter to inspect the house as well as looking for visual clues.

They'll look out for areas of rotting wood, rising damp issues, excessive condensation around windows, wet plaster, and other areas of potential damp problems.

Make sure you seek advice from a qualified damp specialist: **either a CRDS (Certificated Remedial Damp-proofing Surveyor), or a CSTDB (Certificated Surveyor of Timber & Damp in Buildings).** Only approved damp surveyors will be able to properly assess your property and give you a thorough report.

Damp specialists will be able to give you an accurate damp report, assess the damage and quote you an accurate cost of how much it'll be to repair any issues.

## What does a damp survey involve?

A qualified professional damp surveyor will map the moisture patterns in the walls and structure of a building.

The survey will then reveal how the moisture moves through the damp floors, walls, window frames, and other areas of the building. This will show which areas need treating and which areas may need damp proofing for the future.

You'll get all the findings in a damp report that will include recommendations for treatment.

## How long does a damp survey take?

A damp survey will usually take between **two and three hours to complete.**

How long it takes will depend on a number of different factors, from the type of damp in the building, how big your home is, as well as how severe the damp is. This could include broken roof tiles, wet skirting boards, faulty guttering, damaged plaster and wallpaper peeling, or any other signs of water damage.

## How much does a damp survey cost?

How much your damp survey costs will depend on several factors. For example, the bigger your home is and the more rooms you have, the longer the damp survey will take and therefore the more it'll cost. And the more severe the damp is, the higher the survey cost will be.

For example, a two bedroom house may incur a damp survey cost of £200, while a four bedroom house could cost closer to £400.

You'll also have to take in any cost considerations like travel to your home and other fixed costs the survey company may include in your fee. Location will also have an impact, with areas in London and the South East of England being significantly more expensive.

You'll also have to factor in the survey report they'll create once the survey has been completed.

Even though it may seem expensive, it's always better to act early. If damp is left untreated, it'll build up and build up, which can cause even greater damage to your property. like structural problems and dark mould.

And repairing serious damp issues like this can cost you thousands of pounds in the long run.

[Check out our blog to learn more about how to sell a house with damp.](https://www.getagent.co.uk/blog/selling-tips/how-to-sell-a-house-with-damp)

#### Damp and timber survey

Some mortgage lenders might ask for you to complete a damp and timber survey as part of your property survey. This damp and timber survey cost will be between £200 and £300.

![damp-survey-getagent](//images.ctfassets.net/us6n8ous4bz0/5bm6LeltDmj3WX3yFZfc7H/2859d2e5589eeac730c10d81685bd2db/damp-survey-getagent.png)

## Can you do a damp survey yourself?

You might want to avoid damp survey costs and carry out a complete damp survey yourself, but this isn't really recommended.

Getting expert advice from a specialist surveyor with the relevant accreditation will ensure you cover all the issues and will give you the best possible chance of avoiding future problems. They'll have the specialised knowledge and equipment to fully assess the issue and come up with the best solutions.

**Here is an estimated damp survey cost for different properties in London (a more expensive part of the country).**

| Property type             | Cost               |
| ------------------------- | ------------------ |
| 5-bed detached house      | £400 for 2-3 hours |
| 4-bed semi-detached house | £300 for 1-2 hours |
| 3-bed terraced house      | £250 for 1-2 hours |
| 2-bed flat                | £200 for 1 hour    |

## Summary: Damp surveys are a worthwhile investment!

Ultimately, even though a damp survey cost can set you back a few hundred pounds, it's well worth the investment in the long run. After all, you don't want to be suffering from huge issues further down the line like structural damage and physical illness!

Your [estate agent](https://www.getagent.co.uk/blog/estate-agents/what-do-estate-agents-do) may be able to give you recommendations about local damp surveyors if you're considering a house sale or property purchase.

Check out our [Estate Agent Comparison Tool](https://www.getagent.co.uk/vendor) for a shortlist of top-performing agents in your area.


What is a damp survey and how much does it cost?

How much does a damp survey cost? | GetAgent

How much does a damp survey cost?

**Asbestos** can be a dangerous problem for homeowners as exposure can lead to some pretty serious health issues later on in life.

Unfortunately, it can be tricky to identify asbestos because the fibres can't be seen by the naked eye. The products need to be home tested if you want to be sure.

We'll take you through the common building materials that contain asbestos, as well as signs to look out for if you're worried about potential exposure.

Ultimately, if you're worried or not completely certain, always seek help from a professional. They'll be able to get the products tested thoroughly and remove asbestos if it poses too great a risk in your home.

So, let's take a deeper look into asbestos materials, the risks they pose and safe asbestos testing and removal.

## What is asbestos?

**Asbestos is a group of fibres used to fireproof and strengthen building materials.** It was very popular in residential properties built or refurbished pre 2000, so can be found in plenty of common building products in and around the home.

**Asbestos has since been banned by the Environmental Protection Agency in more than 50 countries around the world because of the health risks it poses.** If inhaled, asbestos fibres get trapped in the body, which can cause some very nasty diseases including:

* Lung cancer.
* Asbestosis.
* Malignant mesothelioma.
* Stoke.
* Cardiovascular diseases.
* Pleural plaques.
* Pulmonary fibrosis.

But don't panic straight away. You don't need to always be concerned about asbestos in the home if it's left undisturbed or undamaged. If it's left alone, it poses no problem as it won't get into the air.

**You do need to be vigilant if you decide to carry out DIY, refurbishment or building works that might damage the asbestos in the building material.**

## Asbestos exposure risks

When a building or area containing asbestos is disturbed, the fibres will release into the air and get trapped in your lungs.

This can cause scarring, inflammation, damage to your breathing and some really serious health issues and diseases.

## Where can you find asbestos in the home?

There are plenty of places around the home where asbestos could be lurking, both inside and outside your property.

#### Common building materials that may contain asbestos include:

* Pipe lagging.
* Loose fill insulation.
* Toilet seat and cistern.
* Asbestos cement water tank.
* Vinyl floor tiles.
* Textured decorative coating like artex.

You'll also find it in a number of different AIB building products such as:

* AIB partition wall.
* AIB behind the fireplace.
* AIB ceiling tiles.
* AIB interior window panel.
* AIB around the boiler.
* AIB bath panel.
* AIB behind fuse box.
* AIB airing cupboard and/or sprayed insulation coating boiler.
* Soffits – AIB or asbestos cement.
* AIB exterior window panel.

#### Common external asbestos containing materials include:

* Roofing felt.
* Duct work.
* Insulation (including vermiculite insulation).
* Asbestos cement roof.
* Asbestos cement panels.
* Eaves.
* Carpet underlay.
* Caulking and sealers.
* Flues.
* Cowls.
* Fireproof materials.
* Gutters and asbestos cement downpipes.
* Window putty.
* Pipes.

![asbestos-getagent](//images.ctfassets.net/us6n8ous4bz0/7amQju8adrZ4gu4pI7a7Vr/3ab7c93a63435d57727ee45fddc5aaed/asbestos-getagent.png)

## What to do if you identify asbestos in your home

Because asbestos is only dangerous when the fibres are disturbed and released into the air, you don't necessarily need to do anything to remove it. So long as it's in good condition and is located somewhere it can't be easily damaged, you shouldn't need to worry.

**Just to be safe, you should regularly check the condition of the materials to ensure they haven't been damaged or started to deteriorate.**

Asbestos isn't always easily identified, so if you're unsure but think you might have it in your home, **it's always better to consult a professional testing company.**

## Before testing asbestos fibres...

It's really important to wear protective equipment if you're checking for any potential asbestos material to keep you safe from any damage. After all, even the slightest asbestos exposure can lead to health issues later in life.

## How to identify asbestos

Identifying potential asbestos materials in your home is really important if you're suspicious, especially for older homes that are more at risk.

So if you think your home contains suspect material, ask yourself these questions:

#### When was your home built?

Older buildings built before or during the 1980s are much more likely to contain asbestos as it was often used in the floor tiles, walls, ceilings, insulation and pipe cement.

Cement was a common material used at this time; the construction industry used it to help insulate buildings, as well as other key elements.

If you own an older property, you may have a cement water tank and pipes, which often contain asbestos. They may also have cement sheets, which may contain asbestos in the vent covers, light bases and cover traps. If they deteriorate, the asbestos fibres can be released into the pipes which can be very dangerous.

Corrugated roofing that contained asbestos was also common between the 1920s and 1970s. Not only that, cement roof shingles often contained white asbestos as well (also known as Chrysotile).

Also be sure to check when the materials were manufactured. If they were made before 1999, they're much more likely to contain asbestos.

#### What is your flooring made of?

Check if your property contains vinyl flooring tiles made with millboard or paper. If the flooring was installed between 1952 and 1986, it's much more likely to contain asbestos. 

#### Do you have physical symptoms?

Asbestos is a known human carcinogen, which means it's a substance that is known to cause cancer. As well as mesothelioma, asbestos can also cause lung cancer, and cancers of the larynx and ovary.

Physical symptoms will often crop up if you've developed an asbestos-related disease, but they could sometimes take decades to appear. Symptoms include:

* A persistent cough that worsens over time.
* Shortness of breath including hoarseness and wheezing.
* Coughing up blood from the lungs.
* Difficulty swallowing.
* Pain or tightening in the chest.
* Loss of appetite.
* Unexplained weight loss.
* Fatigue or anaemia.
* Swelling of the neck and/or face.

#### Check the joints on the building

This is recommended for outbuildings like garages and sheds. Aluminium runners and asbestos sheets were usually joined together.

Make sure to check any adhesives that were used to join materials together for asbestos too.

#### Check the material's surface pattern

Most materials with asbestos will have a swirl or dimpled pattern on its surface (while newer materials will have a smoother surface, suggesting they don't contain asbestos).

However, you shouldn't take this as the final conclusion as it can sometimes be difficult to identify asbestos. If you're struggling, always consult a professional.

#### Check finishings and appliances

Common materials aren't the only type that may contain asbestos. In fact, it can be fact in a number of different other products found in and around the home.

Make sure to check the location of the potential asbestos material as well; places more exposed to [damp](https://www.getagent.co.uk/blog/selling-tips/how-to-sell-a-house-with-damp) have a higher chance of containing asbestos.

## Asbestos surveys

Now you know the common signs of asbestos in your home, you'll hopefully have a better idea of whether or not you may be at risk.

However, the best way to tell if your home has asbestos is to get an **asbestos survey.** You should take samples to a surveyor for testing to be absolutely sure if your home does or doesn't contain asbestos.

Make sure you're wearing protective clothing including a disposable coverall, face mask and gloves to keep you safe.

To take the sample, all you have to do is cut a small square out of the suspect material. It doesn't need to be any bigger than **one and a half inches,** but make sure you cut right through the depth of it.

Then put the sample into a clear plastic self seal or ziplock bag. To be extra safe, always place this into a second bag before clearly labelling the date and room or area the sample has come from. You can also include the building materials.

The samples will then be sent to an asbestos testing laboratory to be tested. Make sure to include any details of the property as well as other important information like what the suspect material was made from and how old your home is.

Once you've taken all the samples, make sure you double bag the disposable clothing in appropriately labelled sacks. They'll usually be a red and clear coloured sack.

Once you've done that, you'll have to take them to a local asbestos waste disposal facility. If you're not sure where that is, contact your local council for more information.

#### Do you have to get an asbestos survey?

You're not legally obliged to get an asbestos survey for a residential property, but you do for public or commercial properties to meet Duty to Manage regulations.

![sample-getagent](//images.ctfassets.net/us6n8ous4bz0/3ti63I1lhlWFNJOaESg9fA/ab42a4531bc494378d7dbea51481b3e7/sample-getagent.png)

## Other ways to recognise asbestos materials

There are other kinds of asbestos tests to identify it in your home. For example, you could look for identification markers like asbestos mould.

#### Identifying asbestos mould

Asbestos can be moulded into various shapes and sizes depending on what it's used for. They can be moulded into sheets to make up walls, or even slates for roofing.

Each of these different moulds will have a different location printed with the manufacturer's information, which can help to identify if the materials contain asbestos are not.

You should look out for letter codes; **AC means contains asbestos; NT means does not contain asbestos.**

## How long does an asbestos survey take?

How long asbestos surveys will take will depend on a number of different things, from the size and age of your house to the amount of suspect areas that need testing. The maintenance of the overall building will also have a part to play, as well as the type of asbestos survey you need.

## How is asbestos removed?

How they remove asbestos will depend on a number of factors, including where there is asbestos present, the condition of the materials, and whether or not it's friable.

Friable asbestos crumbles really easily, so if it's reduced to a powder it can become airborne (and therefore start to pose health risks).

Whereas non-friable asbestos is tightly bound with other building materials, which means it'll take a lot more to make it crumble and become airborne.

If you want your home to be completely asbestos free, you'll need to get the asbestos removed properly. Otherwise you're leaving yourself exposed, and you might not see the impact for years to come, by which time it might be too late.

You should consult and invest in a professional asbestos removal company to get rid of it for you, as they'll be able to do a thorough job.

## Summary: Always seek help from a professional!

If you find asbestos in your home, don't immediately panic. It's not dangerous if left undisturbed. However, if you do have concerns about work you're getting done to your home, or you're seeing signs and symptoms of asbestos exposure, **it's always better to check with a professional.**

They'll be able to carry out thorough asbestos testing to ensure your home is safe for you and anyone else that may live in your property.

For more [DIY and property tips,](https://www.getagent.co.uk/blog/diy) check out our blog!


We'll take you through the common building materials that contain asbestos, as well as signs to look out for if you're worried about potential exposure.

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