New findings reinforce the benefits of renting to families, by revealing that homes rented to them take up the least amount of property management time when compared to other types of tenants.
The findings come from more than 1,000 responses to the latest quarterly landlord research panel from the National Landlords Association (NLA)
View Full Article: Renting to families takes up the least time
Research carried out by Direct Line for Business indicates that the UK may be heading towards a more ‘German’ style of property market with a greater percentage of homes being rented.
From these research figures approximately 70% of the estimated 17 million people renting in the UK do not plan to purchase a property
View Full Article: 70% of renters not planning to buy
There has been a win for companies building student accommodation, landlords and universities reducing VAT costs on student flats rented out during holidays.
HMRC appealed against a ruling that student accommodation could be treated as â€˜dwellingsâ€™ for VAT purposes.
The post Tribunal declines HMRC appeal on student property VAT appeared first on Property118.
View Full Article: Tribunal declines HMRC appeal on student property VAT
The Government have written to a Conservative and Labour MP to clarify the rules and data regarding Holding deposits and Tenancy deposits post the Tenants Fees Bill.
Junior Housing Minister, Rishi Sunak, has confirmed the new position on taking these deposits in an open letter following questions raised at the first session of the Public Bill Committee.
The post New Holding and Tenancy deposit rules and data clarified appeared first on Property118.
View Full Article: New Holding and Tenancy deposit rules and data clarified
Client Money Protection:
The government has confirmed that all property agents in England will need to be part of an approved Client Money Protection (CMP) scheme by April 1 next year.
Client Money Protection (CMP) is a compensation scheme which recompenses landlords and tenants should an agent misappropriate their rent, deposit or other client funds. It is a requirement forÂ trade body members to have CMP.
The regulations give Local Authorities the powers to:
- Impose fines of up to Â£30,000 on agents who do not belong to a scheme beyond this date
- Impose fines of up to Â£5,000 on agents who fail to display correct scheme membership details on the business premises and on websites
CMP insurance cover is available through several providers. Agents should review their options to ensure they have this cover in place before CMP becomes a legal requirement next year.
Under current legislation, the Consumer Rights Act 2015 made it a legal requirement for every letting agent in England to display whether or not they are a member of a CMP scheme, their lettings fees and which redress scheme they belong to.
Letting Agents in Wales are now required to be a member of a Client Money Protection scheme (and display this to consumers) as part of their Rent Smart Wales registration.
Trading Standards Officers have the enforcement powers to impose fines of up to Â£5,000 for any firm that fails to comply.
Agents already belonging to an industry trade body may already be covered by the insurance. The following trade bodies offer comprehensive CMP cover to their member firms: ARLA, RICS, UKALA and NALS.
Agents not belonging to a trade body should seek advice from insurance brokers and providers.
ALRA Propertymarkâ€™s CEO, David Cox has said:
â€œAfter a long fight, ARLA Propertymarkâ€™s campaign for mandatory Client Money Protection (CMP) is finally won.
“With the help of Baroness Hayter of Kentish Town, and cross-party consensus in the House of Lords, this is a vital step forward in improving consumer protection in the rental sector; probably more so than the myriad of other laws passed over the last two decades.
“We look forward to working with the Government to guarantee that the level playing field weâ€™ve fought so hard to create becomes a reality on the 1st April next year.â€�
“My Lords, I thank the noble Baroness and the noble Lord, Lord Palmer of Childs Hill, for their time and commitment to the client money protection review. I am pleased to announce that the Government intend to make Client Money Protection mandatory in line with the recommendation of the review chaired by the noble Baroness and the noble Lord, Lord Palmer of Childs Hill. This will ensure that every agent is offering the same level of protection, giving tenants and landlords the financial protection that they deserve. The Government will consult on how mandatory Client Money Protection should be implemented and enforced.”
Lord Bourne of Aberystwyth, 28 March 2017
The Parliamentary Under-Secretary of State, DCLG and Wales Office
Full Hansard Transcript
View Full Article: Mandatory Client Money Protection coming soon
The local Norfolk newspaper Eastern Daily Press (EDP) has reported on a story that landlords using the Swaffham letting agent eHomes have been left with rents unpaid to them and tenants deposit unprotected.
The Property Ombudsman has already ordered eHomes to pay one landlord Â£10,000 including Â£6,600 in unpaid rent.
The post Norfolk eHomes reportedly not paying rents or protecting deposits appeared first on Property118.
View Full Article: Norfolk eHomes reportedly not paying rents or protecting deposits
I am seeking advice on how best to approach my mortgage provider. Under their current rules they permit two rooms being let.
However, it is currently a three bedroom property and intend on making the loft into a en-suite bedroom another room on a lower ground floor extension.
The post Obtaining permission from mortgage provider to rent rooms? appeared first on Property118.
View Full Article: Obtaining permission from mortgage provider to rent rooms?
Any landlord-tenant dispute has the potential to get nasty. Apart from violence to the person, and given that the landlordâ€™s property is in open view, itâ€™s not unheard of that a tenant will take out revenge on the rental property itself. For example, attacking perhaps the most vulnerable parts of the property, windows, with heavy objects.
Itâ€™s always a good idea to try to settle any differences before the tenant leaves, but sometimes thatâ€™s not possible and either one or other party cannot be reasonable. Sometimes, from the landlordâ€™s side, a small loss is better than a large expense through vandalism.
This case is a bit different because the tenant was in fact a lodger living with the landlord and the property attacked was the landlordâ€™s car, not the rental property.
Hieu Le, a Masterâ€™s Degree student at Nottingham Trent University used a stone to damage the landlordâ€™s BMW car.
The prosecutor, Robert Carr, as reported by The Nottingham Post, claimed that Le was a lodger who has paid his rent on time and had paid a Â£250 damage deposit to his landlord. (Lodgerâ€™s deposits do not need to be protected because the lodger is on a licence, not an AST). But as he left the lodging, the landlord had checked his room to find there was some damage and had refused to return any of Leâ€™s deposit money.
Le had become so incensed at the landlordâ€™s actions, which he claimed included retaining some of his belongings, he had picked up a stone and was seen to be “making a swirling motion” over the bonnet of the landlordâ€™s BMW
Le had turned up at the house to confront his landlord, but the landlord declined to come out of the house, he closed the door on Lee and watched him from a bedroom window.
Carr said of the landlord:
“He saw Le making a swirling motion around the bonnet of the car. He could see marks appearing on the bonnet and said Mr Le had a stone in his hand, scratching the paintwork.â€�
Later the police had questioned Le, now living at Welbeck Walk, Nottingham, but Le declined to answer, it was claimed by Carr.
In mitigation, Leâ€™s council, Devon Edwards, told the judge:
“Mr Le fully accepts this offence was the result of frustration which made him make a decision he will for ever regret. He is very disappointed with himself.”
Le, who is taking a Masterâ€™s Degree in international relations and plans to take a PhD next year, pleaded guilty to causing the damage and was given a two-year conditional discharge. As well as paying for repairs, he was ordered to find Â£85 prosecution costs and Â£20 government tax. He must now pay Â£1,351 repairs for scratching his landlord’s car in the squabble about a deposit.
Mr Edwards told the court that Le does not receive a student loan, but is funded by her mother who lives in Vietnam.
Deputy District Judge Steven Jonas at Nottingham Magistrates’ Court told 23-year-old Hieu Le:
“You are not allowed to take the law into your own hands. You can’t behave like this. For somebody like you, studying hard to make a better life, this is outrageous behaviour. I am sure you are deeply ashamed.â€�
View Full Article: Landlord-tenant dispute turns nasty
Responding to the National Audit Officeâ€™s report today on the roll out of Universal Credit, David Smith, Policy Director for the Residential Landlords Association, commented:Â â€œWhilst it is clear that Universal Credit is here to stay, todayâ€™s report recognises the difficulties faced by tenants and landlords as a result of rent arrears. “The RLAâ€™s most recent […]
The post Universal Credit: landlords agree reform is needed appeared first on RLA Campaigns and News Centre.
View Full Article: Universal Credit: landlords agree reform is needed
Experience for yourself and first-hand what Birmingham has to offer for the property investor by attending an exclusive â€˜Meet the Developerâ€™ event hosted by Property Investor Partnership on Saturday 7 July.
This event will commence at 11am and will include a tour of Digbeth and the Jewellery Quarter
View Full Article: Meet the Developer event 7th July
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- Renting to families takes up the least time
- 70% of renters not planning to buy
- Tribunal declines HMRC appeal on student property VAT
- New Holding and Tenancy deposit rules and data clarified
- Mandatory Client Money Protection coming soon
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- Agent's Tenancy Renewal Fees? November 30, 2011Landlords, like everyone else, hate to pay fees! What should you be paying in renewal fees and how can you negotiate a fair agreement with your letting agent? Even though the competition among Letting Agents is fierce, everyone deserves to be treated fairly and respectfully. Knowing how and when to negotiate is the key.
- Bad Landlords November 22, 2011No matter where you go there are going to be those annoying Landlords that just won't leave you alone. Instead of allowing you to live your life freely, they're acting as if they just became your new parents. Or then there's the Landlord who can never be found when you have a problem and who […]