Published 7th May 2019
It’s increasingly important that clients trust the professional advice that they receive in regards to property purchasing, valuations and associated searches. 2008 saw the impacts of the financial crisis following over-lending on properties, as a knock-on effect of inaccurate property valuations coupled with a short fall of capital in the market; resulting in the removal of mortgage products from the market and overall higher interest rates.
Property licensing regulations are diverse, complex, and ever changing. There is no one rule by borough, council or region. On average during the next 12 months, a new scheme is due to start every nine and a half day’s and keeping abreast of this dynamic detail is complex.
Having real time, instant and precise data at your fingertips can make dramatic improvements to the property search, valuation and purchasing process.
Here are four ways the Kamma (formerly GetRentr) platform helps to value residential property intelligently:
Property licensing and planning data impacts property searches and valuations and ultimately gives confidence to mortgage lenders and property title insurers. Obtaining accurate and timely detail on property licensing and searches is complex and time consuming. In worst cases it can significantly delay the search process and complex issues identified can result in mortgage lenders and insurers reconsidering their lending to clients.
Incorporate licensing and planning data into a valuation reduces risk for all parties.
Property Licensing has been largely ignored in residential property valuation, even in the Buy-to-let market. Licensing not only carries a significant cost, sometimes over £1k for an application, but can also restrict the execution of a proposed business plan. A plan to rent a house as an HMO, taking advantage of higher yields, can be thwarted by Local Authority restrictions on the number of households legally able to rent the property. Furthermore, councils can order improvements to be made to a property, potentially incurring significant outlays for a landlord alongside extended void periods during which no income is earned.
Planning restrictions can also hinder intended uses of residential property, such as Article 4 designations restricting single dwelling homes being converted into HMOs. While this can maintain standards in certain areas from councils’ points of view, it can lower the earning capability of a property for a landlord.
With Kamma, you gain an instant understanding of the ever changing Property Licensing and Article 4 stipulations, accurate down to individual address level.
Access to data is one thing, but having it presented in a useable way that can be interpreted easily is what really saves you and your customer’s time. Kamma software is built to be clean, intuitive, and easy to use, layered over our complex data collection mechanisms, ensuring that users get straight forward answers. Licensing and planning data can be exported at the click of a button, allowing you to add it straight into your valuation report, driving value for your clients while saving you time.
Kamma provides clear, immediate results in a usable format to suit your existing processes.
If an existing tenancy agreement is being transferred at the same time as a property purchase, it is also important that the permitted occupancy configuration is understood. This will impact yield and consequently the mortgage agreed in principle. Not only could this influence the ability to purchase the property, it will also impact the landlord’s ability to let the property.
Since 2015 our cutting edge PropTech platform has transformed the complex into the straight forward. Driven by a unique army of bots, searching for new licensing information and data in real time, our platform scours official portals, press releases and industry news sources, ensuring we never miss a thing. We collect data in myriad messy formats, which we clean and reconcile into an aggregated single source of truth. Layering a user-friendly interface over this machinery saves you time, provides unique intelligence, and drives accuracy and value for you clients.
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