My Next Vote Goes To The Libertarian Party

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When I emmigrated to Malta I said I would never vote for a UK political party ever again, even though I am still entitled to do so. Well I have changed my mind, and if you watch this video you might understand why.

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Can I stop an Airbnb guest entering the property?

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I’m yet another landlord to discover one of their single let tenants is Airbnb-ing their flat.

I actually found out from the tenant himself when I requested access for a fire inspection and he responded that he was no longer there and had moved city and was now airbnb-ing the flat to cover the rent.

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Buying an HMO that is unlicensed and converting to single use?

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My husband and I are in the early stages of buying a property which currently has 8 tenants. It’s a Victorian house with a small basement, 4 let rooms in the first floor, 4 let rooms on second floor and a separate but unoccupied flat on top floor.

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CTG inflation proofing for companies gone…

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Company Capital Gains Tax:

One of the measures introduced by the November Budget earlier this week will affect those landlords who buy properties through companies.

Since the removal of mortgage interest relief (a tapering reduction over 4 years) there has been a move by a considerable number of landlords to buy, or at least consider buying, their future properties within a limited company.

Although mortgages are more difficult to secure, and a bit more expensive, for a limited company, more providers have started to offer these, and many landlords have taken the plunge. But for obvious reasons this is a trend the government would like to discourage, and one way of doing this, without drastic changes to company tax rules, is this removal of index linking for capital gains.

The scrapping of this benefit (private individuals have long ago lost it) buy-to-let landlords who operate through a company will face higher bills when they come to sell their property assets.

A brief comment in his budget speech signalled the scrapping of corporation tax relief on capital gains due to inflation – not such a big issue if inflation remains low, but even when it does, taken over a long period of say 10 or 20 years, a typical holding period for property, the move is not insignificant.

Companies currently enjoy corporation tax relief on profits made from any capital gain brought about through inflation which means, unlike private individuals, they are only taxed on real gains.

The move will be a significant one for companies and will affect sales of property, machinery and shares. Tax experts say it will discourage the use of companies as investment vehicles, particularly for big buy-to-let landlords.

This move is expected to levy a 1.8bn cost total to UK business over a five year period, and one that cannot easily be avoided.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – CTG inflation proofing for companies gone… | LandlordZONE.

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Mark Alexander slams Letting Agents Today article as “absolute tosh”

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Mark Alexander, founder of Property118, has reported that Letting Agent Today is scaremongering and the figures are “absolute tosh” in their article ‘Hidden tax hike in Budget small print will hit buy to let sector‘.

They wrongly conflate the figures in the BBC’s Simon Jack article ‘

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Landlord Action response to Budget Universal Credit changes

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The Government appears to have bowed to the volume of criticism leveled at its flagship Universal Credit scheme and a realisation there is a range of fundamental issues which need to be urgently addressed. Mounting evidence pointed to the fact significant hardship was being experienced by claimants due to

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Consultation on longer tenancies, Budget reaction

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Longer-term Tenancies:

James Davis of Upad comments on the Chancellor’s Budget speech in which he announced that a consultation would be launched to look at barriers to longer tenancies in the private rented sector. James Davis is founder of online letting agent Upad.co.uk and is himself a portfolio landlord. Mr Davis says:

“Whilst longer tenancies aren’t exactly new, the fact that a consultation will now take place should be welcomed.

“From the landlord’s perspective, it’s better to have the security of knowing your property is let, albeit without a regular % increase in the rent, than it is to enjoy 5% income rises but with the risk of costly void periods. It’s all about looking at the bigger picture and in this instance, that’s your profit and loss account.

“I’ve personally agreed many three or even five-year tenancies and have found that they offer me far greater security and peace of mind, compared to regular six monthly turnovers of tenants.

“Then, of course, there’s the simple ‘hassle factor’ of regular changes in occupants: cleaning, repairs, making time for viewings and the administration that goes with all of that. Personally, I’d rather get on with living life!

“That said, a certain level of flexibility will need to be employed so that any investor with a loan or loans against his portfolio isn’t penalised by tenancy agreements of longer than three years as this could limit his financing options.

“From the tenant’s perspective, longer agreements can also signal greater security knowing that there’s a roof over their head for a certain amount of time.

“Again though, there is a need for flexibility as many tenants that we engage with, enjoy the flexibility that six month agreements afford them.

“I shall eagerly await the findings of this consultation and would be happy to contribute to it.”

www.Upad.co.uk

Upad began in 2007 and has grown into the UK’s largest online lettings agency by offering a simpler, more cost-effective way to find tenants and let a property. This has proved equally popular among landlords who previously used a high street letting agent to find tenants as well as those who used classified channels says James Davis. Last year, Upad helped rent over 10,000 properties.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Consultation on longer tenancies, Budget reaction | LandlordZONE.

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Inheritance tax relief maximisation?

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My wife and I own several properties which are rented to tenants. Some of the properties were bought over a number years by increasing the mortgage on our principal residence, each advance being identifiable as an advance with which to purchase a buy to let property

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Tenant from Hell leaves property in sickening state

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Nightmare Tenants:

Yet another tenant from hell story demonstrates that landlording is far from the instant millionaire scenario that the popular myth perpetuates, a media peddled myth that would have all hard working landlords exploiting their innocent unsuspecting tenants.

In fact, a small proportion of tenants cause landlords no end of problems, failing to clean when they leave, failing to look after the garden and internal basic maintenance work, but far worse, sometimes trashing the property and leaving owing rent.

Experienced landlords know how to deal with these issues, but it’s no means easy, and every now and then even the best landlords get lumbered with a nightmare tenants.

Landlord, David Girtchen from Hull is a case in point. He was horrified and sickened, literally, when he saw the state of his property after his tenants had lived there – he found graffiti all over the walls and excrement (poo) smeared all over the floor.

The bathroom tiles had been torn off the walls and piles of children’s toys were strewn across a child’s room. The garage roof had holes in it, there were mountains of junk inside, as well as a stained mattresses from the house.

Mr Girtchen said his tenants had left owing him £5,000 in rent, and disappeared without trace weeks ago, but they had left their dog locked inside the house. He said they had been with him for 5 years without trouble for most of that time: “For the first few years they were fine – they paid their rent on time and nothing was a problem.

The tenants, who had three children, started to miss rent payments: “…about two or three years ago they missed a payment at Christmas and from then it has been £100 here and £200 there.”

They had not paid any rent since July and Mr Girtchen, who managed to trace them, is taking them to court over the state they left the property in. The laminate flooring needs replacing due to stains from dog faeces, which looks as though it was plastered on the floor, he said.

Having only paid a small amount of rent since last Christmas the court hearing will investigate the rent owed to the landlord as well as the state of the property and cost of repairs. Also, the RSPCA, is investigating, after taking the family’s dog into their care.

Mr Girtchen said: “I can’t understand what they thought they were doing. They have three kids in there.” I will be pursuing them for all the losses.

However, landlords need to be aware that taking tenants with no assets to court can be a waste of time and money – throwing good money after bad is a mugs game and sometimes landlords have to write off losses and move on.

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