Nathan Buckley has spoken out about his ‘scandalous’ behaviour The Collingwood legend was a no-nonsense leader throughout his career He now admits that he approached the game the wrong way By Ollie Lewis Published: 03:38 EDT, September 18, 2024 | Updated: 03:38 EDT, September 18, 2024 Nathan Buckley has expressed regret over the “disgraceful” treatment […]

Orlando Pirates kick off their Betway Premiership campaign with a clash against Chippa United at the Orlando Stadium on Wednesday.

AfriForum says the Tshwane metro will be plunged back into chaos and dysfunction should ActionSA form a coalition with ANC and EFF.

Feeling deceptive? Now's your chance to make use of it.

The post Mancs who are good at lying are wanted for the next series of The Traitors appeared first on The Manc.

FOR millions of us, a walk down our local high street paints a grim picture – empty bank branches standing as silent reminders of a bygone era.

The decline in high street banking has left many communities without convenient access to essential services.

But last month, I visited Acton to try out a new service aiming to reverse this depressing trend.

The vibrant suburb of West London is one of many areas across the UK where local bank branches have become relics of the past.

Major banks like Barclays, HSBC, NatWest, Santander, and TSB have all closed their doors here, forcing residents to travel to neighbouring districts of London to do their basic banking.

The once-bustling bank sites now stand vacant, their windows plastered with forlorn posters advertising services that are no longer available.

Since January 2015, banks and building societies have shuttered 6,128 branches, according to consumer group Which?.

The ATM network LINK reports that an additional 215 branches will close between now and August 2025.

But in the midst of this banking exodus, a new service is stepping up in an attempt to fill the void.

“Banking hubs” promise to bring essential banking services back to communities like Acton.

These innovative brick-and-mortar services, run by the Post Office on behalf of various banks, ensure that people still have access to in-person banking.

The hubs have representatives from a number of different banks in one place.

Just this morning, ATM network LINK announced that an additional 15 locations have been added to a list of 71 banking hubs set to open in the future.

But are these hubs a viable alternative? That’s what I was in Acton to investigate.

FIRST IMPRESSIONS

At first glance, the site in The Oaks Shopping Centre appears just like any other bank branch.

It features an ATM for free cash withdrawals, seats and side tables stocked with paying-in forms, and a dedicated meeting room to the left for consultations between staff and customers.

But what truly sets this place apart for me is the atmosphere inside.

The hub has a cosy, welcoming feel – totally different from the cold, impersonal vibe I’m used to in traditional bank branches.

Plus, on entry I’m greeted by the cashier at the desk at the far end – something I’ve never experienced when visiting one of my own bank’s branches.

There’s a notable lack of advertising in the banking hub, too.

In fact, the only bit of advertising I see is for the Post Office, which runs these branches.

However, what truly sets these branches apart is the ability to make cash and cheque deposits at a counter, regardless of which bank you use.

On the wall to my right, I’m greeted by 12 different cheque deposit slips, from 12 different banks.

Opposite this is a private meeting room where customers can consult with staff representing their banks about more complex matters.

On this day, HSBC has a member of its branch team on site to help local customers.

These community bankers can help with tasks ranging from changing your card PIN to setting up new payments or transfers.

At first glance, it seems as though I have everything I could possibly need in one place.

I must admit, I’m not one for cash and I don’t use it every day.

However, I fully appreciate its importance for many people and the need for local deposit services.

This is especially important for local businesses and tradespeople who need to do a nightly bank drop.

And, it means those in the locality no longer need to venture far from home to do this.

It takes me less than two minutes to hand over two £20 notes to the branch worker, insert my debit card into the chip and PIN reader, and bam – the money lands in my account.

But this is just one of a handful of services on offer here.

I speak with one visitor who is a customer of HSBC, Barclays, and Santander, all of which have closed their branches in the local area.

She tells me the local Banking Hub is a “lifeline” for the entire community, adding: “This should be a requirement in every town centre without a bank branch.

“I’ve come in today because one of my bank apps wouldn’t process a cheque I’d uploaded.

“Thankfully, I can still pop down the road and get it deposited here.

“I’d have had to travel three miles away to do this without the Hub,” she adds.

Another visitor praises the help she received after being shown how to set up her banking app.

Unlike traditional bank branches, which more often than not have been reducing their opening hours, Banking Hubs offer a great deal of flexibility.

All sites are open Monday to Friday between 9am and 5pm.

However, selected branches, includin Acton’s Hub also open up to customers on a Saturday between 9am and 1pm.

MORE HUBS ON THE WAY

There are currently 76 operational banking hubs, with another 87 in the pipeline.

However, Britain’s banks agreed last week to establish 350 more hubs over the next five years.

Under the deal reached between the Treasury and banks, approximately 230 hubs will be opened by the end of 2025, with the remaining 120 to be rolled out by the end of the parliamentary term – around 2029.

The location of banking hubs is determined by LINK and Cash Access UK, which review communities based on various criteria, including the number of shops in the area, transport links to the area, and local levels of deprivation.

Cash Access UK is a not-for-profit organisation owned and funded by major banks.

From the day a hub is recommended for an area, it typically takes around 12 months for it to open to the public.

THE PITFALLS

If you primarily rely on basic banking services such as cash and cheque deposits, withdrawals, and payment transfers, Banking Hubs are excellent.

However, they don’t cover everything, and you’ll still need to visit one of your bank’s branches for more complex needs.

The community banking services appear useful on paper, but they have significant limitations.

For example, while a customer can enquire about products like credit cards or mortgages, that’s all they can do – enquire. 

To sign up for a new card or take out a loan, you’d still need to visit one of your bank’s branches.

Of course, a lot of these products can be taken out online, but understandably not everyone has the capacity to do this.

Of course, many of these products can be obtained online, but understandably, not everyone has the capacity to do this.

Plus, you may find that your bank might not provide a community banker at your local Hub, after all their not forced to do so.

While Banking Hubs are starting to bridge the gap with traditional high street bank services, they still have some way to go before they can fully replicate all services.

ALTERNATIVES TO BANKING HUBS

There are still a number of ways people can access basic banking services without having to venture to another town with a branch.

You can use one of the Post Office’s 11,684 branches to perform basic banking tasks — but not to open new bank accounts or take personal loans and mortgages.

You can find your nearest Post Office branch by visiting postoffice.co.uk/branch-finder.

Meanwhile, many banks offer a mobile banking service – where they bring a bus to your area offering services you can usually get at a physical branch.

Other banks use buildings such as village halls or libraries to offer mobile banking services.

It’s worth contacting your bank to see what mobile services they have available, and when they might next be in your area.

In June, it was announced that new “super ATMs” would be launched in 17 UK locations where branch closures have left residents without access to essential banking services.

The ATMs will allow customers to withdraw funds, access their balance, change PIN numbers and deposit cash.

Bank of Scotland, Barclays, Halifax, Lloyds, NatWest, Royal Bank of Scotland and Ulster Bank are already signed up to allow deposits at the super ATMs, with more banks set to sign up soon.

THOUSANDS of homes are at risk of becoming difficult to sell, with homeowners typically needing to fork out £6,600 before they can move, property experts have warned.

The length of a lease remaining on a leasehold property is a crucial element to look out for when it comes to buying a home.

This is because most lenders require a certain number of years left on the lease before they will lend on a property.

If you do buy a home with a short lease, you could find you struggle to sell it later and may have to fork out thousands to extend the lease first.

In the past, a short lease has been considered to be anything under 80 years.

But The Sun has spoken with a number of property experts and estate agents who say this length has been gradually creeping upwards.

Now, properties with leases of less than 120 years are looking unattractive to buyers, they say, meaning thousands of homeowners may unexpectedly find their home difficult to sell in the near future.

There are around 370,000 homes with leases of under 80 years, according to HomeOwners Alliance, meaning hundreds of thousands of properties could be affected.

What is a “leasehold” house and a “lease length”?

A “leasehold” tenure means you buy the right to live in a home for a set period of time, but you don’t own the land it’s on.

This tenure tends to be more common with flats, although some new-build housing developments are leasehold too.

Leasehold homes have a number of years left on their “lease”. For new flats, this typically starts at 999 years.

In theory, if the lease on a leasehold property expires, the property is automatically transferred back to the “freeholder” who owns the land.

This rarely happens in reality, but this is because leasehold owners end up paying to extend the lease term on their home, which can be very costly.

The fear of being stuck with a property with a lease that could expire or cost a fortune to extend is putting off buyers, and in turn this is making lenders wary of those homes as they are perceived to lose value over time.

Typically, the cost of extending a lease can range between £3,600 and £6,598, according to SAM conveyancing.

If the remaining lease is short, it will make it harder to find a lender happy to lend without it being extended.

We’re seeing more buyers hesitant to take on a property where a lease extension may be required soon after purchase, especially with the costs and complexities involved

Andrew BoastSAM Conveyancing

Changing attitudes towards lease lengths

In the past, a “short lease” was considered less than 80 years. But experts say greater awareness of leasehold issues is causing attitudes to change, with buyers looking for even longer leases.

Andrew Boast, property expert at SAM Conveyancing, explained: “The recent shift in attitudes towards leasehold lengths, with leases below 120 years now seen as less attractive, is likely due to a combination of factors.

“This includes longer-term mortgages, buyer caution around the cost, risk and complexity of extending a lease, and growing pressure for leasehold reform.”

He added: “Overall, we’re seeing more buyers hesitant to take on a property where a lease extension may be required soon after purchase, especially with the costs and complexities involved.

“The fear is not just about the immediate expense associated with an extension but also about marketability down the line – especially in light of how much the property market has fluctuated in recent years.

“If the lease is seen as a liability, selling it later could be more challenging, leading to a situation where a minimum 120-year leasehold is becoming the new norm.”

Sarah Gillbe, senior consultant legal executive at Setfords, added that a lease has become a depreciating asset like a car, with homes with shorter leases losing value more quickly.

“For every year off the term of the lease, the extension will be more expensive as the landlord’s interest is greater and the leaseholder’s has diminished,” she explained.

“Because of the speed of reduction in value on a shorter lease, lenders are usually only confident on lending on leases with plenty of time left so that the asset remains valuable to them.”

Mortgage lenders and leaseholds

Most mortgage lenders still currently require 85 years remaining as a minimum on a lease before considering a mortgage offer.

But Peter Gettins, a product manager at L&C Mortgages, said it’s credible to that lenders will begin to increase this.

“The remaining lease is certainly a factor for lenders and policy can vary widely, but many will require a remaining lease of around 80-85 years when taking the mortgage out, and to have 45-50 years remaining at the end of the mortgage term,” he said.

Nationwide, Virgin Money and Leeds Building Society both require an unexpired lease of at least 85 years.

Barclays, TSB, Halifax and Lloyds all insist on a leasehold term of 70 years remaining before they will considering lending.

However, there are still some lenders willing to offer a mortgage on homes with very short leases. NatWest and Santander require just 30 years, for example.

People who own freehold properties don’t come up against these problems.

This is because buying home with a “freehold” tenure means you own the building and the land it occupies, making them more attractive to mortgage lenders.

How do I check if a property is leasehold or freehold?

When you buy a property, you should be advised about its tenure – whether it is leasehold or freehold.

Make sure that you ask the estate agent when you view the home as they should know or be able to find out.

However, if you’ve already bought a property and aren’t sure if it’s leasehold, it should say in the legal documents you got when you bought it.

If you can’t find these, you can look your property up on the Land Registry, where all homes are recorded

You can look yours up on the government website.

How to extend a lease on a home

You can ask the landlord, also known as the freeholder, who owns the land your home is on to extend your lease at any time.

This is typically by 90 years for a flat or 50 years for a house, according to the government website.

This will cost you money, so make sure you can afford it before requesting an extension.

The Leasehold Advisory Service has a calculator you can use to estimate how much it will cost you here: https://www.lease-advice.org/calculator/.

Are new rules coming in to protect leasehold homeowners?

The Leasehold and Freehold Reform Act received royal assent in May and should come into force in the next couple of years.

Royal assent is when the King formally agrees to make a bill into a law.

The law intended to make it easier and cheaper for leaseholders to extend their lease or buy their freehold.

Mr Gettins from L&C Mortgages said: “Once it’s fully implemented, and assuming it works as planned, leaseholders should face fewer challenges.

“But until then the remaining term and/or cost of extending a lease will remain important considerations for potential buyers.”

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

‘It was really devasting - the uncertainty of what could be.’

Thirteen celebrities hit the dancefloor as they danced to their personal anthems and kicked off another season of "Dancing with the Stars."

A former Minister of Aviation, Femi Fani-Kayode, has again decried the ongoing Israeli genocidal war in Gaza and human rights violations against Palestinians. Fani-Kayode spoke virtually at the 2024 Aqsa Day organised by the Muslim Awareness International (MAI). The former minister condemned Israeli aggression in Gaza, which authorities say had claimed the lives of over 40,000 […]

53-year-old Michelle Danner Durrance, who is listed as a homeless person from Morganton, was arrested last Friday (September 13) by Morganton Public Safety Officers. She’s charged with felony counts of…

More on Morganton Woman Charged With Drug Offenses available on WHKY.