Rumble with the Agents raises £18k for Noah’s Ark Children’s Hospice

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On Thursday 25th May 2017 ‘Rumble with the Agents’, an annual white collar charity boxing event in association with Landlord Action and sponsored by Hamilton Fraser, raised £18,000 for Noah’s Ark Children’s Hospice. The sell-out event, which took place at The Holiday Inn Finchley Central, brought together a room filled with property professionals, including estate/letting… Read more

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Editorial, May 2017

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As Election Day fast approaches and media reports indicate that the vote divide is narrowing, many people are getting a bit twitchy about the possible outcome.

Will it be the right result for the country at a time when we are entering critical Brexit negotiations with Europe? How will any new regime be constituted, be it Conservative, Labour or a Coalition hammered out after a hung Parliament? Will the in-out squabbles continue after the negotiations begin, will Europe and Brussels extract its “pound of flesh” helped by a divided nation?

Most importantly, how will any new regime approach the property industry: will it be the rent controls and long-term tenancy security promised by Labour, or perhaps more of the same tax penalty anti-business rhetoric from the Conservatives?

Otherwise, we are in bit of a state of limbo until after the election with all the ongoing PRS regulatory issues, and such things as the banning of tenant’s agency fees.

Our Election Poll in this issue gives you a change to air your preference, to give us some sort of steer as to the way things will go. Our last such poll, at the time of the referendum, gave us a surprisingly accurate forecast from the property fraternity that the majority would vote to leave.

Tom Entwistle, Editor.

… LandlordZONE.

View Full Article: Editorial, May 2017

The great outdoors

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The experts at Belvoir reveal seven simple steps to making the most of your outdoor space if you’re remarketing your rental property this summer

Providing appealing outdoor living solutions for tenants can help add a premium to your rental property. However, following the long winter months, most outside spaces will need a little extra help so give your garden an annual MOT maintenance makeover now…

1. Pest control

Weeds can infiltrate flowerbeds, pots, gravel, lawns and even patios at speed so it’s important to keep on top of the problem before it grows.

“An abundance of unsightly weeds can make even the nicest of outside spaces look uncared for and unkempt,” says owner of Belvoir Bury St Edmunds and Belvoir Norfolk Patsy Day.

“They instantly affect a property’s kerb appeal and if yours appears tatty on the outside, potential tenants will undoubtedly question what it looks like on the inside.

“There are a variety of ways you can help stop weeds in their tracks,” she continues. “Remove them by hand (including the roots), try a topical weedkiller, or help prevent their ability to grow and spread by laying a weed-suppressing membrane or tightly packing borders and beds with ground-covering plants and shrubs.”

Pay particular attention to signs of Ivy and Japanese Knotweed too. These invasive and destructive pests can quickly suffocate surrounding plants, plus cause damage to nearby infrastructure, guttering and drains.

2. Cutting back

Fast-growing shrubs, trees and bushes can quickly get out of control so take preventative action now.

“To make the most of your outdoor space cut back overgrown shrubs, bushes and trees,” says owner of Belvoir Nuneaton and Hinckley and co-owner of Belvoir Tamworth Clayton Foston.

“Not only will this make your garden look larger and neater it will also free-up space for other plants to shine, plus prevent a potential safety hazard to your tenant and property.

“If any of your trees or bushes are already out of control it’s advisable to seek professional guidance.”

3. Clean sweep

After the long cold snap it’s time to win the war on winter debris.

“During the winter months dead leaves will fall and debris will gather in most gardens,” says Patsy. “In addition to making your garden look untidy, if left it can also pose a slipping risk, plus provide snails and slugs with a place to hide.

“Give your garden a good spring clean to keep it looking at its best. Rake up, sweep up or invest in a leaf blower, disposing of the debris appropriately, perhaps on a compost heap.”

Remember to check guttering and drains too. Blockages from winter debris are a commonplace occurrence and, if ignored, can cause damage to the fabric of your property.

4. Create some colour

Nothing shouts summer more than a colourful visual feast of flora and fauna.

“An array of colourful plants, shrubs, containers and pots all add a touch of summer impact and desirability to a garden,” says Clayton.

“They add interest, texture, colour and fragrance as well as attracting summer wildlife, such as butterflies, birds and bees.

“A colourful garden, with a well-thought through scheme, can add visual appeal for a tenant and can brighten up even the smallest of spaces.”

5. Seating plan

With outdoor living becoming more and more popular offering a stylish outside seating area can help ‘sell’ the indoors-outdoors lifestyle.

“Most tenants will want a defined space where they can dine alfresco with family and friends throughout the summer months,” says Patsy.

“Patios or paved areas are particularly popular, as is raised decking. Before committing to an outdoor dining solution, however, always consider the initial costs, plus potential longevity and possible maintenance needs.

“Decking, for example, can be slippery in winter, plus will need regular applications of wood treatment and periodical checks for signs of decay or rot.”

6. Safe and secure

Well-maintained boundaries keep a garden self-contained, adding an extra layer of security and privacy to a property.

“Are your boundaries and borders safe and secure?” asks Clayton. “After the rainy and windy season, check out boundary walls, fences and trellis for signs of deterioration or decay and repair as necessary. Likewise, look out for loose panels or posts which could pose a safety risk.”

Patsy agrees. “Always ensure your boundaries are well-maintained and, if you’re unsure which are your responsibility, find out now,” she says. “If you find an issue with a boundary which belongs to a neighboroughing property it’s advisable to make sure that the owners are aware of it.”

7. Maintenance made easy

How maintenance-friendly is your garden?

“Not all tenants will have the time, desire or skills to maintain an elaborate garden scheme so, however large or small your garden is, creating an easy-maintenance space is advisable,” says Patsy.

“Fast-growing shrubs, for example, plus delicate plants and intricate borders and beds are best avoided. Instead opt for low maintenance options, such as pots and containers, which will be better for your budget and easier for the tenant to look after.

“Before the tenancy starts make sure your tenant is aware of the garden’s needs, plus their own responsibilities.

“And, if your garden is particularly large or high maintenance, offering your tenant the services of a professional gardener may be beneficial.

“Remember, too, that if your incoming tenant is greeted with a neat, tidy and debris-free outdoor space they will be more likely to look after it throughout the tenancy for you.”

Summer checklist… gardens at-a-glance

√ Refresh and renew thinning gravel and soil
√ Mow lawns, dethatch and aerate
√ Win the war on weeds to stop them spreading
√ Look out for destructive Ivy and Japanese Knotweed
√ Trim back fast-growing shrubs, bushes and trees
√ Sweep away winter debris and fallen leaves
√ Add summer interest with the clever use of colour, texture and height
√ Create seating areas to provide outdoor living solutions
√ Check your boundary walls and fences for signs of deterioration or decay
√ Consider the services of a professional gardener if your outside space is particularly high maintenance or large
√ Always ensure the tenant is aware of their responsibilities and your expectations of them during the tenancy

… LandlordZONE.

View Full Article: The great outdoors

How will the proposed ban on letting agent fees impact on buy-to-let landlords?

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It is now more than six months since the Autumn Statement, where the Chancellor laid out plans for another controversial regulation change set to impact on the buy-to-let sector.

During the Statement, Mr Hammond announced that the Government was to ban letting agent fees paid by for by tenants.  Presently, these fees are required to cover costs of imperative administration tasks, such as credit and reference checks.

A consultation on this move was launched on April 7th, which will run until today (June 2^nd).

Reaction to the proposals from within the sector has been mixed at best, with a number of key industry peers set against the move.

Taking this into account, just why has the Government decided to put forward the legislation? How could such a change impact on the rental market? Who could be most impacted on?

Ryan Weston, of Just Landlords Insurance Services, investigates:

Why has the proposed ban been put forwards?

“Chancellor Phillip Hammond announced the ban on letting agent fees to give both a fairer deal for millions of tenants, but also to raise competition within the private rental sector.

The Government wants to get rid of hidden charges that are currently hitting tenants in the pocket, while eliminating rogue letting agents charging extortionate fees at the same time.

Together with raising standards in the housing market, Mr Hammond feels that the ban on agent fees will help 4.3million households in England, by preventing them from paying any fees upfront. These costs average out at roughly £337 per household, according to research from Citizen’s Advice.

How will the proposal impact upon the rental market?

On first glance, many tenants will be more well-off as a result of reduced outgoings and a better sector. This said, many industry peers have moved to voice their concerns.

It is feared that these fees once paid by tenants will be instead absorbed by buy-to-let landlords- leaving many with little option but to pass them back onto tenants in the form of increased rents.

A number of landlords and industry bodies are unhappy at another legislation change impacting on the buy-to-let sector coming soon after other major alterations. These include amendments to mortgage interest tax relief, the full rollout of the Right-to-Rent scheme and the 3% rise in Stamp Duty surcharge for buy-to-let and second homes.

Chief Executive of the National Landlords Association, Richard Lambert has been one to air his concerns, saying he feels that while the Chancellor is, ‘clearly aware of the pressures facing those living in the private rental sector,’ he, ‘lacks an understanding of how the whole sector works.’

Mr Lambert went on to say ‘Agents will have no other option than to shift the fees on to landlords, which many will argue is more appropriate, since the landlord employs the agent. But adding to landlords’ costs, on top of restricting their ability to deduct their business costs from their taxable income, will only push more towards increasing rents.’

What about the public’s reaction?

Despite the perceived negativity from leading peers of the industry, the wider public have actually pledged their backing to the proposed ban.

A recent survey from Citizen’s Advice showed that 46% of UK residents feel tenants should not be made to pay admin charges -apart from their deposit and monthly rent – when obtaining a property through a letting agent.

This figure rose to 61% when renting directly from a buy-to-let investor.  The same percentage of respondents believe that tenants should not pay more than £50 to secure a rental property. Unsurprisingly, this figure rose to 74% when assessing results ascertained from private renters.

Nick Marr, co-founder of The House Shop, comments: ‘There is little public support for the current system. Many tenants are prepared to pay a small fee for legitimate expenses involved in securing a property, such as a professional reference check but vague and undefined admin charges that can total hundreds of pounds are tough to defend in the current market.’

Will the impact really be so severe?

It is understandable that a large number of landlords are undoubtedly going to be worried about the impact that the ban of letting agent fees paid for by tenants could have on their overall income.

Typically, it is estimated that letting agents charge buy-to-let landlords an average of 10-15% of their income to pay for their management services.

‘Some landlords will undoubtedly raise their rents as a result of the ban – as we have seen in Scotland – but many will be able to absorb the costs of this new system without substantial losses, meaning tenants should not face a barrage of rent rises once the ban is in place’, Marr observes.’

What does the ban mean for letting agents?

Whilst it would be inaccurate to forecast that all letting agents will not be affected by the proposals, research seems to suggest that the long-term forecast looks to be stable.

A report from the UK Association of Letting Agents (UKALA) suggests that just 9% of landlords plan to leave their letting agent if their premiums were to rise.

This prediction comes despite the fact that 79% of landlords believe that their agent will increase their costs should the ban on fees come into force.

Richard Price, the executive director of UKALA, seems to sums the situation for letting agents up perfectly by noting there is a, ‘tricky path ahead to navigate for agents as they’ll need to balance out the need to cover their costs in the wake of a ban on tenant fees without alienating their primary customers and source of income.”

… LandlordZONE.

View Full Article: How will the proposed ban on letting agent fees impact on buy-to-let landlords?