Can anyone provide me with a link to a downloadable Section 21 form?

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This may be the first time we’ve had to do this …. so I need a Section 21 form to issue to my tenant, but doing a Google Search seems to offer only agencies requiring me to complete details – who will then no doubt (despite stating they are FREE) expect me to pay a… Read more

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The landlord law changes you need to be aware of in 2017

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If you are involved in the property business, you’ll be aware of the new buy-to-let measures that have plagued the market over the past year. But are you acquainted with the imminent landlord law changes that will affect buy to let investors this year?  

Tax Relief reductions:

In 2016 the Government announced that it was reducing the tax relief landlords can claim. In fact from 6^th of April 2017, the amount of tax relief that landlords can claim on their finance costs (such as mortgage interest) will be gradually replaced with a basic 20 per cent tax credit.

These reductions may result into profit losses for a number of landlords, prompting many to suggest that they will look to recuperate their losses by charging higher rents.

Not every landlord will necessarily be affected: some landlords are setting up limited companies, which are exempt from the changes.

While many landlords will benefit from this change, some may ingenuously believe that it is the right option for them, without considering that there are fewer mortgages available to this type of investor with much higher rates of interest, and various tax implications to ponder when moving to a limited company structure.

New penalties for property mismanagement:

In April 2017 the Government also introduced penalties of up to £30,000 for a variety of housing regulation infringements committed by landlords, such as a failure to provide authorities with an HMO licence and for overcrowding a property.

Local authorities can also make rent reimbursement orders against landlords who have mistreated tenants or let properties in a poor condition.

The benefit of the new legislation for local authorities is that it allows them to fine landlords without having to go through complicated, time-consuming and expensive legal proceedings.

Letting agent fee ban

While no specific date has been set for the introduction of the Government’s letting agent fee ban for tenants, the Housing Minister did confirm that ministers would begin discussing details for the plan in April 2017.

It is believed that letting agent costs will be passed onto landlords, which could greatly increase the charges they incur.

All landlords that use letting agents to manage their properties should be aware of all the options available to them in order to cut costs where possible. For example, they may choose to go for a cheaper option on offer from the same agent, which could balance out the increased costs, or they might decide to start self-managing their portfolio.

Blacklist of rogue landlords:

The Government’s blacklist of rogue landlords and letting agents has been in operation since October 2017. This database will be available to local and central government, which will ensure that those landlords and agents that have been served banning orders or have breached the law are included on the blacklist.

If a landlord is placed on the list, they will be banned from letting property for a minimum of 12 months, meaning it could greatly affect their businesses.

Effective management practices are vital especially in times where landlords’ conduct is being carefully scrutinised by the public, and Arthur will enable you to achieve this. Arthur’s property management software enables you to have complete control over all aspects of your portfolio and it’s accessible from your computer, tablet or mobile phone. Arthur brings your landlords, tenants, contractors, agents and owners all under the same interface, making problem solving a breeze. With our system, you can manage your portfolio from anywhere in the world, which is guaranteed to give you a peace of mind as the buy-to-let market undergoes so many radical changes. Arthur provides you with complete flexibility and is excellent for multi-unit properties (no matter what size) such as: student accommodation, blocks of flats and HMOs.

Come and try our 30-day free trial today!

Article Courtesy of: Arthur Online

… LandlordZONE.

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Property plans!

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The experts at Belvoir reveal five essential plans you need to be a successful landlord and how to prepare them…

WHAT: Plan 1. Marketing

WHY: A clear and concise marketing plan allows you to position your property correctly in order to amplify your exposure to the market, maximise the achievable rental return and minimise periods of void.

HOW: “First of all think about the content of your marketing material,” says owner of Belvoir Bournemouth Luke Marchbanks.

“A well-written description with a catchy summary is advisable to really ‘sell’ the lifestyle of your property. Good quality, professional photographs are a must too – in fact, many potential tenants make the decision whether to view a property based on its visual impact.

“Always be honest with your words and pictures and deliver a true reflection of the property and what it offers in order to avoid disappointment during viewings.

“Next, research the major property portals so you can create a good online presence,” he continues. “And look at other advertising solutions, such as local newspapers or community message boards.

“Planning ahead is also essential so it’s vital to know when you are likely to need to remarket. Be proactive and talk to your tenant to find out their future thoughts and how long they are likely to stay at the property.

“Importantly, too, it’s advisable to regularly review your marketing material and plans in order to keep your exposure appealing and fresh.”

WHAT: Plan 2. Inspections

WHY: Without regular inspections it’s impossible for landlords to know what’s going on behind the closed doors of what is probably one of their biggest assets… so start planning ahead now!

HOW: “If you or an agent don’t visit your property on a regular basis it can deteriorate without your knowledge, plus there’s no way of knowing if the tenant is living within the terms of their Tenancy Agreement,” says owner of Belvoir Hendon Josh Sacofsky. “Quarterly visits are advisable and having a clear plan for the year to come will help reinforce the commitment to inspect.

“Planning ahead will also allow you to arrange suitable dates and times which are convenient for both you and the tenant (with at least 24 hours written notice). If possible, the tenant should be at present when you visit as this will allow you to ask questions, plus receive feedback, about the property.

“Before inspecting create a checklist of areas you need to look at, or issues you need to look out for. Particularly pertinent are signs of general wear and tear, structural damage, damp or condensation, plus brown staining to the ceiling or walls which could indicate a leak. It can be useful to take along the original inventory as a point of reference.”

WHAT: Plan 3. Maintenance

WHY: Planning ahead for your property’s maintenance needs will help protect your investment and reduce the likelihood of future major repairs, plus allow you to budget for expenses. Additionally, a proactively-maintained property will also help attract good quality tenants who are likely to stay in the property longer and look after the property for you.

HOW: “Firstly, it’s important to create a good communication channel with your tenant so you are made aware of any deterioration or necessary repairs between inspections,” advises Luke.

“As part of your maintenance plan it is also useful to create a list of reliable, trustworthy contractors for all major areas, such as a plumber, electrician, general handyman etc, so the information is accessible at speed when needed.

“Your legal responsibilities, such as gas safety inspection dates, should be laid out carefully in your plan too so you can schedule ahead.

“Creating a timeline and diarizing your property’s potential maintenance needs in advance will allow you to categorise what will need to be done when and ensure the execution of routine maintenance is carried out efficiently.”

WHAT: Plan 4. Portfolio growth

WHY: Being an investment landlord with multiple rental properties is just like running any other business… and all businesses need a long-term business plan.

HOW: “Set yourself realistic and achievable targets so you can grow your property portfolio effectively,” advises Josh. “Think about timeframes too. When are you going to make your next investment? How long will the process take?

“Budgets and expenditure should also feature strongly in your planning. Make sure you’ve got your finances in place and, if you need funding from a bank, try and get that tied up – as a purchaser, having pre-agreed finances can make you desirable and can often act as a bargaining tool.”

Think ahead, too, to when you’ve purchased the property.

“Once you are in possession of the property you want to get it to market as quickly as you can in order to secure a speedy rental return,” says Josh.

“Compile a list of contractors who are going to make the property rental ready, plus short-list the potential agents who are going to manage the property for you.”

WHAT: Plan 5. Exit

WHY: Having a long-term plan in place regarding how you’re going to leave the market is vitally important so you can exit your investment in the most timely and cost effective way.

HOW: “Many investors focus a huge amount of work and due diligence into the start of their investment journey but don’t necessarily consider the end,” says Luke. “However, it’s essential that you plan ahead so you can structure your exit to maximise your property’s potential and profit.

“Knowing why you’re investing and what you want the property to achieve is vital here. The way your exit plan is structured will be dependent on, and dictated by, these long-term aims.

“Whatever your motivation for investing, financial planning is key,” he continues. “Before committing to a property purchase it is recommended to meet with someone from the financial sector to ensure that the investment will fulfil any long-term aspirations.

“It’s also important to remember that the market does change and prices and demand do fluctuate so your plan should be flexible, allowing you to regularly revisit and revise it as necessary.”

Article Courtesy of: Belvoir</a>

… LandlordZONE.

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The Great British Housing Disaster

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https://www.youtube.com/watch?v=Ch5VorymiL4    

… LandlordZONE.

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‘No deposit’ insurance product debate

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With tenancy deposits coming under fire recently, Eddie Hooker, CEO of Hamilton Fraser, parent company to mydeposits, looks at whether alternative insurance products, offering a deposit free solution, protect both landlords and tenants, and if they improve the Private Rented Sector (PRS). To address these questions and many more potential issues, mydeposits has today released… Read more

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Accused of HMO by Newham – Help

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I have a buy to let in Newham and I have a Selective Licence. I rented out my property to a family of 2 and their family friend so that’s 3 tenants in total in May 2017. I included all the names of the tenants in the Tenancy Agreement. Newham Council Enforcement Team have told… Read more

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SDLT Exemption For Partnerships At Incorporation

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Why does the exemption only apply to partnerships?  Property118 Limited has raised this very important issue with HMRC in an open latter dated 28th June 2017, the content of which reads as follows:  This request for clarification is a follow up to our letter dated 20th June which requested clarification of the circumstances by which… Read more

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Reminder about Smoke Alarms

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Fire Alarms: Here we outline the requirements of the Smoke and Carbon Monoxide Alarm (England) Regulations 2015 and remind landlords and agents of the importance of meeting these requirements on every let property, alarms properly installed and documented. On 1 October 2015, the law changed regarding smoke and carbon monoxide (CO) detectors. From that date, landlords […]

… LandlordZONE.

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