Launch of RLA Quarterly Survey on Finance and Tax Issues

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The last two years have seen a number of changes announced that could adversely impact your letting business. This includes changes to mortgage interest relief, stamp duty land tax, proposed letting agent fee ban, capping of tenancy deposits, licensing schemes and more.

Last year we launched our first quarterly survey on the finance and tax changes affecting the sector, and this is our first follow-up survey on this issue. This will provide the opportunity to see how the sector has changed over the past year, and further investigate the impact of the tax changes on landlords and tenants.

Can you spare just 10 minutes to help us and complete our online survey?

We can only effectively represent the interests of landlords, campaign for change and provide advice to the latest problems if we understand the issues that are influencing your business across the country.

Please join the 27,000 landlords who’ve had their voice heard in our surveys in the past 18 months, and complete our latest survey here: https://www.surveymonkey.co.uk/r/3pqsq32017

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Do I still need to go to court TODAY?

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I have served a section 8 notice on a tenant for several months of unpaid rent and the court hearing is later today. However, he has now given us back the keys so I have possession, BUT can I still use the court hearing to try and claim some of the unpaid rent back or force the CCJ or do I need to start another process to try and recover some money?

I have tried many many times to contact the court, but they never answer the phone.

Thanks

Sarah

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Retaining an RMC after management transferred to a RTM?

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At the moment we have a Resident’s management company (RMC) limited by Shares and management may be transferred to a Right to management (RTM).

This would potentially mean that the records of two companies have to be maintained.

Other than the fact that all the leases list the RMC as the management company is there any reason why the RMC should be retained or can it be dissolved ?

If so, to make life easy can we transfer all the shares into the name of the RTM?

Many thanks

David

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Bank of Mum and Dad now paying the rent…

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Alternative Finance:

Research from Legal & General and the Centre for Economics and Business Research (Cebr) has found that the “Bank of Mum and Dad” will this year support youngsters to the tune of around £6.5 billion, lending to first-time-buyer offspring to get on the property ladder.

What was not so well understood before is that around 9% of renters also rely on their mums and dads to help fund their rent payments. Legal & General recon that the “Bank of Mum and Dad” will fund around £2.3 billion of rental payments in 2017 involving nearly 460,000 landlords’ properties.

These figures mean that around £9billion pounds this year will be passed down the generations, helping youngsters either pay their rent or get onto the housing ladder.

The L&G research also found that around 10% of renters had also had help from their parents towards finding the rental deposit, 6% had helped with moving expenses and 5% helped with letting fees.

Dan Batterton, fund manager for Build to Rent at LGIM Real Assets had said:

“It is a real challenge for young people who are reliant on parental handouts just to make the rent. The intergenerational inequality that creates the demand for the Bank of Mum and Dad funding continues to widen and now it’s affecting renters too.

“The lack of affordable housing, low wage growth relative to inflation and burdens of student debt mean that many kids can’t even rent somewhere without significant contributions from their family. Parents want to help their kids get on in life, and the Bank of Mum and Dad is a testament to their generosity, but it is also a symptom of our broken housing market.

“The UK is experiencing a supply-side crisis in the rental sector. We need more professional, affordable tenures and more choice for renters. We need to build more homes for the young, old and families alike, more quickly and cost effectively. Renters are currently facing not only expensive rental payments but moving costs, agent fees and deposits which are reducing flexibility, something that should be a benefit of renting,” Mr Batterton added.

With this help from mum and dad most concentrated in the more expensive parts of the country, particularly London and the south east, it indicates, with house prices as high as they are, landlords will increasingly need to look beyond young tenants to their parents to support them in the rental market.

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