Archive for April, 2007
Monday, April 30th, 2007
The number of claims on critical illness insurance policies declined by providers has dropped significantly, according to one group.
Insurer Standard Life has published figures reflecting critical illness claims in 2006 which suggests that declined claims have fallen in number to around 7.5 per cent.
More than three fifths (64 per cent) of claimants on critical illness terms were aged between 40 and 59, the figures revealed, with only three per cent of claimants aged over 60.
And while the average claim value for the year stood at £52,138, the largest payment reached £500,000.
Mick James, protection marketing manager for Standard Life Assurance, said: “There is often a stigma associated with critical illness plans that they don’t pay out, yet we paid over 90 per cent of our customer claims last year.
“These people did not need the added worry of financial stress at a time when their health needs to be their top priority.”
Mr James stopped short of stating that the reduction in the number of declined claims represented the start of a trend, although he stated that efforts were being made to increase the clarity of forms and level of warnings about disclosure.
Of the 7.5 per cent of claims denied by the firm last year, 3.3 per cent were declined as they did not comply with the definitions of the policy while 4.2 per cent were declined because claimants failed to disclose all relevant information.
It is hoped that consumers across the UK will be able to enjoy increased clarity regarding their critical illness policies from today as the Association of British Insurers’ new definitions of critical illness cover are implemented.
Posted in Inheritance Tax | No Comments »
Friday, April 27th, 2007
Residents of some homes in East Lothian are calling on the local community to demand the upkeep of buildings in the area as they increasingly find property near their homes falling into dangerous disarray.
Families with properties on Silver Street and Church Street are demanding that absentee owners be required to repair and renovate their properties in order to prevent further danger and deterioration.
One resident, Denise Kerr, lives in an apartment beneath assembly rooms abandoned more than ten years ago.
She told the East Lothian Courier: "We have a ‘Newcastle clause’ in the deeds that gives full ownership of the roof to the property upstairs.
"But because of its condition I can’t let kids out the back garden to play because slates fly off the roof."
Paul Zochowski, a local development planning officer, advised that an application had been submitted to turn the derelict property into a private house.
Earlier this week housing minister Yvette Cooper asserted that investors buying property but leaving it empty as a capital investment were exacerbating the housing crisis by preventing the homes being occupied by other residents.
She told the Mirror: "I am concerned about buy-to-leave rather than buy-to-let. There is a problem if investors are buying up lots of property on a speculative basis and are not renting them out."
She called on councils to take "strong action" in pressuring landlords who do not attempt to lease their properties.
Posted in Estate Agency | No Comments »
Thursday, April 26th, 2007
Homebuyers from across Scotland and the rest of the UK are putting themselves at risk of a "property nightmare" by failing to become properly informed about their purchases, an industry body has found.
New research from insurance broker AA has established that fewer than a quarter of consumers investing in property take appropriate steps to check the building’s condition and other factors before investing.
Some of the pitfalls into which buyers fall include failing to consider future costs, with only 23 per cent commissioning a comprehensive survey of a property and only 29 per cent making themselves aware of council tax costs.
Low-income buyers were found to be the group most likely to put themselves at risk, with just six per cent of those seeking properties under £100,000 commissioning conveyancing work on their home.
Additionally, only 15 per cent of homebuyers took the time to meet and evaluate their new neighbours before investing.
James Molloy, spokesperson for AA legal services, comments: "With homebuyers stretching themselves to the financial limits to afford their home, many are cutting back on the relatively low costs of basic legal and social inspections."
"New homeowners who do not carry out basic checks, face discovering too late that their dream home could actually be a financial time bomb."
Responding to its findings, the AA recommends taking as much time as possible to assess a property before purchase and seeking independent legal and assessor advice, consulting a solicitor if unsure about any aspect of the purchase.
Earlier this year, the AA reminded homeowners to address damage experienced by their property over the winter as soon as possible in order to mitigate repair costs and avoid the development of further problems.
Posted in Conveyancing | No Comments »
Wednesday, April 25th, 2007
Scotland’s major cities represent an attractive investment opportunity due to their cosmopolitan atmosphere combined with their proximity to rural space, according to one commentator.
In news likely to be welcomed by owners of Scottish property, Kate Hamilton, editor of Homes and Property, asserted that many buyers are attracted to Scotland’s green spaces.
However, as they do not want to miss out on the city lifestyle, such investors are thought to be attracted to the likes of Edinburgh and Glasgow.
"I think the average property price in Edinburgh is about £235,000 at the moment, so compare that to London [and] obviously there’s a lot to offer. But people aren’t losing out on the lifestyle at all," Ms Hamilton commented.
According to the Buy Association, an independent property advisory body of which Homes and Property is part, increasing numbers of people are being forced out of larger cities such as London in search of a more balanced lifestyle.
"[Any] smaller city which makes the countryside more accessible is definitely appealing to modern buyers," Ms Hamilton continued.
And while average prices in Greater London are likely to surpass £300,000 in the next three months, according to Halifax figures, house price values are increasing across the board with Scottish property showing some of the strongest growth.
Earlier this week figures from the Halifax suggested that the average price of property had reached £100,000 in every town in the UK for the first time.
Posted in Estate Agency | No Comments »
