WEEKLY PROPERTY ADVICE FROM SIMON MEEK

Q We have a small buy-to-let property in East Cowes, which we have held since the last big market crash in 2008. It has just about regained its value and might sell with a tiny surplus now but it would need some investment. Is it better to hold on a little longer or with Brexit around the corner is the market is as good as it gets?

A One has to look at the motivation behind the sale so that the appropriate decision can be made. As always, in my replies, I have to make certain assumptions and, in this case, I am assuming you are not exactly desperate for the money in real terms but more focused on choosing the right time to sell to maximize value.

If you are correct and you could sell the property now with a ‘tiny surplus’ over and above what you paid for it then certainly there is merit in selling now. You recoup your investment and benefit from a little capital appreciation albeit reduced by the investment/improvements needed to sell the house at the right price.

Or do you gamble? Brexit is around the corner and I don’t think there are that many people who fully understand what the impact of Brexit will be on house prices or the economy in general — possibly very little.

However, it sounds like you are very tempted with the current value and therefore this makes it the right choice in my mind. House prices, in my humble opinion, have hit their peak and making the decision to sell based on tangible facts makes sense. Gambling on what Brexit will or won’t do is risky to say the least and open to speculation and conjecture.

Q My sister and I have inherited a relative’s property and have every intention of selling it as soon as practicable. The property is a charming little cottage which is ‘in need of investment’ (I believe is the appropriate estate agency terminology). Our cousin was clearly reluctant to let go of possessions and the cottage is quite busy internally. So much so we are worried about what to do with it all and when we need to deal with this as we are planning to sell. Can you give some guidance please?

A This is a very common situation, albeit for unfortunate reasons. It sounds to me clearing the property must be your first priority.

The quality of the furniture and items inside will dictate where or how you dispose of them. If there are items which appear to hold some value then once you have removed the personal belongings the first people to call will be the local auction house. They will send around a valuer who will trawl though all the items noting which ones they feel are valuable and worthy of auctioning. These will be collected and held in readiness for the next available auction.

In theory, the remaining items do not hold any real value in monetary terms or personal. I am sure some would be welcomed by local charity stores and a few phone calls will see these promptly collected.

Cleaning the cottage to a reasonable standard will be the next step to ensure would-be buyers’ attention is focused firmly on the actual property and not the general appearance.

This all sounds like a lot to undertake but I assure you following this advice will go some way to ensuring you achieve the best price the market will allow and a suitable buyer being found in a timely fashion. If you would like any names and numbers please drop me an e-mail.

Q I have been maintaining a strip of land adjacent to my house for several years. I know the land is does not belong to my house but I have transformed it from a scrub of land to a well-tended garden area. Can I stake claim to this land?

I believe you may have grounds to pursue such ownership after several years have passed. I have come across other cases where possession of adjoining parcels or strips of land have been incorporated into ownership after a specified number of years have surpassed.

Not being a solicitor, I would not wish to guide you any further on this issue. Suffice it to say, it would be worth speaking to your local or family solicitor to discuss this further.

In the meantime, it may be worth compiling any proof of ongoing maintenance of the parcel of land, for example, receipts for new fence, photos (before and after) and so on. 

In short, it is worth pursuing if only to protect your property from being next to an un-loved piece of land, which could spoil the aesthetics of your home.