The Property Redress Scheme (PRS) releases Annual Report for 2017

admin    Uncategorized     agents

Property Redress Scheme:

The Report show there has been a 61% rise in formal complaint notifications compared to a 40% increase in 2016.  Membership of the scheme has continued to grow at a rapid rate with a 38% increase on members in 2016.

The report details an increase in types of complaints such as fees and charges, general communication, poor service and complaint handling, as well as rent collection as part of the wider increase in disputes received.

Property Redress Scheme, Head of Redress, Sean Hooker said:

“We have worked hard to get our 2017 Annual Report out early and I believe it contains some very interesting information. Our membership continues to grow at an astonishing rate but it is the increase in complaint numbers which shows the value we are providing to the property industry”.

A ‘Spotlight on client money protection’ is included within the Report as we see the process of client money protection becoming mandatory this month. Complaints about client money rose 41% from 2016, according to this year’s report.

Alongside the statistics, the report contains summaries from Lord Monroe Palmer and Sean Hooker, with the Head of Redress also providing a summary of consultations and his view from Westminster. Both well-versed in the workings of the private rented sector, Lord Palmer and the Head of Redress offer valuable insight into legislative changes and the future of the sector.

Readers can gain greater insight into the complaints process, case studies and find a full list of this year’s expelled members. Information on the Scheme’s finances and the charitable efforts of the PRS are also included within the 32-page document.

The main purpose of the PRS is to settle or resolve complaints made by consumers where the Members’ internal complaints procedure has been exhausted – and with change aplenty in the industry, the PRS offers the stability desired by many within the sector.

It also offers an easy to access online Members’ area to help Agents manage complaints, as the Scheme prides itself on being there for consumer and complainants as it seeks to continue to raise professionalism and standards within the industry.

For more content and details, please see our Twitter account: @propertyredress

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – The Property Redress Scheme (PRS) releases Annual Report for 2017 | LandlordZONE.

View Full Article: The Property Redress Scheme (PRS) releases Annual Report for 2017

CGT 30 day payment on account – HMRC consultation

admin    Uncategorized     agents

A new HMRC consultation proposes that any Capital Gains Tax (CGT) liability that arises out of the sale or disposal of residential property will need to be paid on account within 30 days from April 2020.

These changes will mainly affect Landlords with rental property.

The post CGT 30 day payment on account – HMRC consultation appeared first on Property118.

View Full Article: CGT 30 day payment on account – HMRC consultation

Friday 13th – Accidental damage…unlucky for some

admin    Uncategorized     agents

Landlords’ Insurance:

It’s Friday 13th, and whether you are superstitious or not, we all know that accidents can and do happen! In 2017, Total Landlord Insurance (TLI) paid on average £759 for accidental damage claims, reminding landlords of the importance of having insurance cover and ensuring it is up to date.

According to TLI, the most common causes of accidental damage claims in 2017 were:

1. Flooding due to tenants leaving bath taps on
2. Tenants dropping the shower head and cracking shower trays
3. Spillage up walls and on carpets e.g. tenant walking across the hallway, falling and spilling red wine up the walls
4. Damage caused by children e.g. children kicking a football and accidentally smashing the policyholder’s window

The highest ever accidental damage claim received by Total Landlord Insurance was worth £19,000. The tenant left the taps on and went to work only to return at the end of the day to find the property flooded.

The brand-new kitchen work surfaces, doors, hob/cooker and vinyl flooring were all warped. The building was soaked throughout, and the ceiling and walls had bulged, along with the light fittings and smoke alarms which were destroyed. The tenant was unable to use the property whilst the property was repaired so loss of rent was also paid out.

Eddie Hooker, CEO of Total Landlord Insurance, comments “Buildings and contents insurance needs to be based on rebuild or replacement values. Landlords should base their contents insurance on the cost of replacing all household contents, including all furniture and appliances provided to tenants such as fridge/freezer, television and sofa.

Landlords should be mindful they need to be as accurate as possible to ensure they have sufficient cover, and if you have a new kitchen fitted, for example, keep hold of the invoices so you can prove its value in the event something gets damaged.”

Based in Borehamwood, Hamilton Fraser, (parent company to Total Landlord Insurance, mydeposits, Property Redress Scheme, CMP and Landlord Action) provides specialist insurance and ancillary services for the private rented sector.

https://hf.totallandlordinsurance.co.uk

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Friday 13th – Accidental damage…unlucky for some | LandlordZONE.

View Full Article: Friday 13th – Accidental damage…unlucky for some

The Problems with Rental Affordability

admin    Uncategorized     agents

Private Renting & Social Housing:

Joanna Fletcher lives in a one-bedroom apartment with her 10-year-old son. The building she lives in has mould and vermin and her landlord is threatening her with eviction.

While she would like to leave, she’s doing her best to stay the eviction as long as possible because she can’t find anywhere locally that she can afford, and she doesn’t want to leave the area because of her son’s schooling.

Sound a familiar scene? Well it’s not London, or even Manchester, its Vancouver Canada.

Joanna Fletcher is not alone in feeling the impact of the housing affordability crisis affecting cities across the world.

It’s a universal problem and far from being confined to the British Isles, as many UK residents might imagine. They would be excused for thinking so, given the regular media hype and general anti-landlord sentiment, but the problem runs deep.

It’s a problem that no western government can easily solve. It’s the same problem from Warrington to Wellington New Zealand, from Swansea to San Francisco.

The Canada Mortgage and Housing Corporation says that average rents in Canada have increased by 2.7% in 2017, while the availability of rental accommodation has become increasingly limited.

The overall vacancy rate for cities across Canada was just three per cent in 2017, down from 3.7 per cent in 2016 – demand for rentals is outpacing the growth in supply, a result in the decline in government spending on social housing.

Across the world, low cost housing is in short supply, for the simple reason that private developers go for middle and up-market developments, which are the most profitable. At the same time cash strapped local authorities and central governments just don’t have the necessary resources to alleviate the situation.

Craig Jones, a University of British Columbia PhD candidate, says that the situation in Canada is largely the result of the government’s move away from building rental housing in the early 1990s.

Statistics Canada say that nearly a quarter of Canadians spent more than 30 per cent of their income last year on housing costs, which is recognised as the marker for affordability. Jones says that these statistics show that many people are living in precarious circumstances.

“It’s taken us a long time to get here, it’s taken decades of ignoring the system,” Jones says., and adding that it will take at least 10 years of government commitments to resolve the problem. “That is something that is difficult to do because it’s expensive and it doesn’t show immediate results.”

Meanwhile, according to a recent report by the The Homelessness Monitor, in England over 100,000 households in England are likely to be living in temporary housing within two years on existing trends, an increase of over a quarter on the current total.

This explosion in the placement of homeless families in temporary homes, many of them many miles from where they work and go to school, it is said is driven by a dwindling supply of social and private rented housing.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – The Problems with Rental Affordability | LandlordZONE.

View Full Article: The Problems with Rental Affordability