Your Tenancy Checklist for 2017

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Is your property adequately equipped and rental-ready for 2017? The experts at Belvoir reveal what your tenants are looking for. While rental accommodation provides often only a temporary living solution for most, any tenant renting your property will still want to feel at home during their stay. Long gone are the days of tenants putting […]

… LandlordZONE.

View Full Article: Your Tenancy Checklist for 2017

The real reason why landlords are now going to be forced to evict tenants

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In an article for the Northamptonshire Telegraph Councillor James Burton was reported as below: “The problem is one that has affected councils across the country, and Cllr James Burton (Con, All Saints) says it is not one members are taking lightly. He said: “Homelessness is happening throughout the country, not just in Kettering. It is a… Read more

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Avoid the Voids!

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Historically, there were two key things that could cripple a landlord financially; rent arrears (where the tenant does not pay rent on time) and void periods (when a property is empty). Now however, there is also a third caveat that landlords need to take into consideration – cuts in mortgage interest tax relief. Mortgage tax… Read more

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QROPS for property investors living abroad

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Does anyone have info on QROPS for property investors in UK who live abroad? I understand that a UK pension can be transfer to a QROPS (SSAS for non residents) and then you can get up to 65% to invest as you please and the other 35% is pre-determined on what you can invest. Can… Read more

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2017 Finance Broker Of The Year Nominations

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As you may be aware, I received an award last year for Outstanding Achievement of the year. This was off the back of our Court Of Appeal win against The West Bromwich Mortgage Company which resulted in recovering £27,500,000 over illegally overcharged tracker mortgage interest. Naturally I accepted the award on behalf of all involved… Read more

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Tax Tribunal Kicks Out HMRC Claims That 7 Days In Residence Is Too Short To Claim PPR Relief

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A £190,000 claim for CGT on capital gains has been dismissed by a tax tribunal despite the property having only been a principal private residence for 7 days. Mr & Mrs Munford bought a property to refurbish in Halsey Street, London SW3 for million in 2004 for £1,050,000. From 19th to 26th  December , 2005 they… Read more

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RPI: The black stuff…(Mould)

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Fighting the common enemy of both tenants and landlords – mould At this time of year, damp and mould can be common problems in rental properties. Depressing and potentially unhealthy for tenants, mould is categorised by the World Health Organisation as being a risk to health. Damp and mould are often perceived by landlords as […]

The post RPI: The black stuff…(Mould) appeared first on RLA Campaigns and News Centre.

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4 top tips to Carbon Monoxide

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Often referred to as the ‘silent killer’, carbon monoxide is a poisonous, colourless, odourless and tasteless gas. Common sources of this potentially fatal gas within the home include fuel burning appliances such as boilers, gas stoves and ovens, water heaters, clothes dryers and open fireplaces. As landlords we have a responsibility for providing safe and […]

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Editorial, January 2017

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Here we are approaching the end of January 2017 already, and the start of Brexit, the triggering of article 50 and the long road out of the EU; ploughing our own furrow for better or for worse.

For those of you who have been sweating over your annual self-assessment tax return, payment is due within the next few days – you have until next Tuesday, the 31^st of January; I will be paying today – the pain!

After this year landlords will no longer be able to claim the 10% wear and tear allowance; from next year only like-for-like replacements will be allowed. Also from the 2017/2018 tax year starting in April the mortgage interest relief allowance will start to be withdrawn at 25% per year, over a four year period.

With government plans now in train to introduce quarterly reporting “Making Tax Digital”, in future there is likely to be radical change in the way landlords’ tax accounting is handled. Under this ambitious but controversial scheme it is said that your digital tax accounts will be accessible to you, and presumably HMRC, at any time from a computer, smartphone or tablet, similar to an online bank account.

However, a Treasury Committee investigation and report has concluded that the planned 2018 start to this project is too ambitious: “there needs to be a delay of the start until at least 2019/20, possibly later,” says the report. Find out more about MTD here

It’s been a long time coming but the government’s White Paper on Housing, which is tipped to contain major reforms affecting the lettings and construction sectors in particular, now looks likely to be published early in February.

Changes in the Private Rented Sector (PRS) have been coming think and fast and the pace of change shows no signs of abating.

Extending Mandatory Licensing of Houses in Multiple Occupation (HMOs) is one example, where a consultation which ended in December means that some sort of legislation is imminent. Current mandatory licensing requires that properties with three or more floors and five or more unrelated tenants be licensed.

HMO Licensing ensures a property meets certain fire safety standards, minimum amenity standards i.e. number of bathrooms, cooking facilities etc., and property management requirements.

Consultation discussions have revolved around a proposal that mandatory licensing should apply to all relevant HMOs regardless of the number of floors or the number of occupiers? Also, minimum room sizes are being considered and 6.5 sq m, already the minimum size for an adult required under the Housing Act, has been suggested.

Yet another game changer came with the Chancellor’s announcement during the Autumn Statement that he would move to ban letting agent fees for tenants. It came as a shock to agents and landlords alike, especially as this follows so many other seemingly negative changes for landlords and letting agents over the last year. This is as yet another proposed change on which Government will need to consult to assess its impact, and all indications are that this consultation will start in March or April.

The Royal Institution of Chartered Surveyors (RICS) says there are two probable routes to implementation – full consultation and primary legislation, which would be unlikely to be completed within 2017 or what it describes as “curtailed consultation and secondary legislation under existing statute” such as Competition & Consumer Regulations, which might be more possible within 2017. But with all the other business the government has on its plate, are any of these deadlines realistic.

Ever optimistic as we landlords are, and in expectation that the government will listen and perhaps see sense when it comes to landlords and agents in the private rented sector, the Residential Landlords Association has issued what it calls its seven point wish list to Chancellor Phillip Hammond to consider ahead of his spring Budget, which is due on 8^th March:

1. To follow the example of Ireland by scrapping planned changes to mortgage interest relief or, at the very least, applying it only to new borrowing for new purchases in the sector;

2. Waive the three per cent stamp duty additional homes surcharge where a landlord is investing in a new property or refurbishing an empty or converted property that is adding to the housing stock;

3. Remove the anomaly that means that VAT can be reclaimed on goods and services in connection with the construction of a new dwelling when it is intended for owner occupation, but not when it is constructed to let;

4. Encourage landlords to sell properties to sitting tenants by applying the new 20 per cent rate of Capital Gains Tax in such circumstances, supporting the government’s home ownership ambitions;

5. Encourage local authorities and public bodies to identify and sell small plots of publicly-owned land suitable for up to five units of accommodation;

6. Review the financial capabilities of landlords to meet the new energy efficiency requirements coming into force from 2018, making EPC-recommended improvements tax deductible;

7. Provide what it calls “modest funding” to improve access to the private rental sector for the homeless.

On a positive note, all the indications are that demand for rental property will go on rising for the foreseeable future.

The research, carried out by property investment consultancy Knight Knox, found that less than a quarter – 23% – of renters are currently saving for a deposit, with many people living in private rented accommodation having little hope of affording a deposit unless their circumstances dramatically changed.

According to Andy Phillips, commercial director at Knight Knox, the findings from the study, which polled 2,000 people currently renting property in the UK, suggest an acceptance among many of those currently residing in the private rented sector (PRS) that owning a home will remain unattainable.

Finally, our congratulations go to David Steele, winner of our Christmas Prize Draw. David is a buy-to-let investor landlord in the midlands, and the happy recipient of a £250 Amazon voucher – see below.

Tom Entwistle, Editor

… LandlordZONE.

View Full Article: Editorial, January 2017

London's Leading Property Event for Landlords, Investors & Property Professionals

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Over 40 exhibitions to date will be on hand to help you grow and retain your portfolio.

Since 2013, the Landlord Investment Show has successfully connected 1000s of landlords and investors and is the leading buy-to-let event in the UK.

Join us at our first show of the year, at Emirates Stadium (Arsenal Football Club), North London.

With over 40 exhibitors and 10+ seminars hosted by speakers with local and national property expertise, this unmissable event will provide landlords and property professionals with the chance to:

• Build your knowledge through seminars from property experts and market leading suppliers
• Source leading property solutions covering tax, legal, insurance, mortgages, referencing, deposit schemes and investment
• Network with landlords and investors throughout the UK to share best practice and keep up to date.
• Expand your business networks via the Morning Networking Event and on the show floor

Source property and investment solutions from leading suppliers

We’ve lined up over 40 leading suppliers so you can source products and services and get advice on the leading solutions in the market.

Register today for free at landlordinvestmentshow.co.uk

Attend for Free

Show features:

• Seminars from leading property experts covering tax, mortgages, investment, legal, referencing, deposit schemes and investment.

• leading suppliers

• Morning Networking Event to facilitate new connections in a less formal environment.

Venue

Emirates Stadium
Arsenal Football Club
Hornsey Road
London N5 1BU
Nearest Tube: Arsenal, Finsbury Park and Highbury and Islington

Opening hours: 9.30am – 3.30pm. Morning Networking Event commences at 9.00am.

Register today for free at landlordinvestmentshow.co.uk

Interested in exhibiting?

Reach UK landlords & property investors throughout the UK

• Connect with 1,000+ landlords and investors throughout the UK who want to invest in key property hot spots in London and the South East

• Expand your business networks via the Morning Networking Events and on the show floor

• Increase sales opportunities by showcasing products and services to buyers and investors

• Promote your company as a thought-leader through speaker slots at one of our seminars

• Target your preferred buyers via sector specific Zones on the show floor – UK, Overseas, Financial and Brokers, Technology, Tax Planning & Wealth Management, HMO & Eco.

Testimonials

‘National Landlord Investment Show clearly attracted a great deal of interest enabling us to talk to prospective clients, including Landlords and Investors.’ – Paula Hebberd – Moore Blatch Solicitors

‘This is exactly the target audience we are trying to reach and if your goal is to get in front of the professional landlord demographic, Shawbrook would highly recommend this event. ‘- Natalie Moreno – Shawbrook Bank

… LandlordZONE.

View Full Article: London's Leading Property Event for Landlords, Investors & Property Professionals