Forum Spotlight: Tenant in joint contract wants to leave early

admin    Uncategorized     agents

When renting to students or a group of friends living in a HMO, it is common for the landlord to issue a joint tenancy agreement. This week’s Forum Spotlight looks at a question by a landlord, over what to do about a student that wanted to leave a contract, and was being challenging. The situation […]

The post Forum Spotlight: Tenant in joint contract wants to leave early appeared first on RLA Campaigns and News Centre.

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Planning permissions for extended HMO Licensing?

admin    Uncategorized     agents

In October mandatory licensing is being extended to include all 3 storey HMO’s and all HMO’s with 5 or more occupants living there as 2 or more households. This affects small HMO’s eg student houses. Unfortunately I will now have to get a couple of properties licensed. 

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Call of the Week- ending a tenancy early letter

admin    Uncategorized     agents

Questions about ending tenancies are pretty common for our Landlord Advice Team. This week, a landlord used our live chat service, which launched last year, to ask a question about a tenant who wished to end the tenancy early. Both the landlord and the tenant were in agreement that they wanted to end the tenancy […]

The post Call of the Week- ending a tenancy early letter appeared first on RLA Campaigns and News Centre.

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Specialist first and second charge loan solutions

admin    Uncategorized     agents

Property Finance:

Specialist first and second charge loan solutions on buy to let properties for none mainstream applicants.

Lending Expert offer a range of specialist funding solutions for buy to let applicants who don’t fit the normal mainstream lenders application requirements.

If you wish to finance a buy to let property on either a first or second charge loan basis then this product offers flexibility and opens up further funding options. If you have previously been declined funding by your mainstream mortgage lender, or if you’re a broker finding it difficult to place a client then this product may provide a suitable solution.

Applicant Types Accepted:

• Unemployed buy to let mortgage applicants without proof of income
• Applicants who are in receipt of benefits or out of work
• Applicants who are retired or pensioners over the age of 65
• Applicants who have adverse credit such as CCJ’s, IVA’s, defaults, missed payments and a low credit score. Discharged bankrupts also considered.
• Applicants who are first time buyers or who have little credit or mortgage history
• Applicants who are self-employed without proof of income or who only have limited accounts available
• Applicants and business owners who are newly self-employed and have less than 2 years of accounts
• Applicants who cannot show proof of rental income, and where a copy of the tenancy agreement is acceptable only.
• Portfolio landlords and those who own multiple BTL properties
• Applicants who are a director and need a limited company buy to let mortgage
• Applicants who have a family member willing to provide a 25% gifted deposit
• Ex pat landlords
• Landlords up to 80 years of age on application

https://www.lendingexpert.co.uk/mortgages/buy-to-let/no-proof-of-income

Property Types Accepted

• Residential buy to let property including ex-council houses, flats, maisonettes including High Rise property, HMO & Non Standard Construction properties
• Semi Commercial property including loans for flats above shops

Key Criteria

• Rental Income from 125% – rental income must cover the new Buy to let mortgage by 125% for basic rate tax payers. Additional provable income can supplement a shortfall in rental coverage if that is required.
• Loans from £10,000 – £1,000,000
• Ex-pats landlords accepted
• Equitable charges available
• First and Second charge loans available
• 75% loan to value
• No minimum valuation
• No minimum 6 months ownership rule.
• No minimum income criteria – can have self-employed less than 12 months

Trading, retired or employed clients on low incomes.

• Adverse Credit – over 12 months old ignored from a pricing point of view
• Adverse Credit – under 12 months old considered
• No mortgage history required so First Time Buyers are considered
• Limited Company enquiries considered
• 25% Family Gifted Deposits paid also considered
• No credit check is required
• Up to 80 years of age at application

INSTANT FINANCING

This product allows for instant financing of any type of buy to let property regardless of how long the applicant has owned the property. There is no 6 month ownership rule and is an ideal solution for applicants who wish to raise a loan against inherited properties, and those who need immediate buy –to-let refinancing from a short term bridging loan.

You if you would like to learn more or request a quote you can contact Lending Expert on our secured loan pages here: https://www.lendingexpert.co.uk/loans/secured/buy-to-let/ alternatively you can speak with a CeMap qualified advisor on 0161 820 8099.

LENDING EXPERT

Lendingexpert.co.uk is a credit broker regulated by the financial conduct authority. Their expert brokers and advisors can offer finance solutions from £3,000 to £5,000,000 for a wide range of reasons and solutions including business use, buy to let, debt consolidation and home improvements. Loans available up to 100% LTV with additional security provided.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Specialist first and second charge loan solutions | LandlordZONE.

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405 Right to Rent fines issued by Home Office

admin    Uncategorized     agents

Figures from the Home Office indicate 405 fines have been handed out to landlords in total during the government’s ‘hostile environment’ crack down on illegal immigration (see diagram to the right).

The total cost of these penalties to landlords came to over £265,000.

The post 405 Right to Rent fines issued by Home Office appeared first on Property118.

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Deposit problem after agent stopped trading?

admin    Uncategorized     agents

A tenant has recently vacated my property which was rented through a letting agent. The letting agent stopped trading during the duration of the tenancy and its now come to light that they didn’t lodge the deposit with the DPS as was stated on the tenancy agreement.

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400 Right to Rent fines issued since the scheme started in 2016

admin    Uncategorized     agents

Right to Rent:

The Right to Rent Scheme was introduced in England in February 2016 after a short pilot scheme was run in the west midlands. Since then the Home Office has issued around 400 fines to landlords and agents.

The Right to Rent scheme puts the onus of checking prospective tenants for their immigration status – their right to reside in England – and to make and keep copies of ID documentation, on to landlords.

Failure to follow the regulatory guidelines opens up landlords, and those agents who have been delegated the responsivity for this, to fines of up to £3,000 per tenant. But, according to the Home Office statistics, the average fine levied, across the board, is averaging just below £654.

The Press Association’s analysis of the Home Office figues reveals that the peak period for fines issued for Right to Rent defaults was April to June 2017 (76), followed by July to September 2017 (75), since when the level of fines has declined, Jan-March 2018 to (39).

Commenting on the fines Chris Norris, the National Landlord Association’s director of policy and practice, told the Press Association, the figures show that landlords are increasingly aware of their responsibilities, but that the scheme has placed an additional cost on an already pressurised sector:

“It is important to remember that landlords are neither immigration experts nor border agents,”

“The Right to Rent scheme has placed an additional cost on an already pressurised sector, while the excessive checks and lack of monitoring may have had harmful consequences for would-be and vulnerable tenants.�

A Home Office spokeswoman has said:

“It’s right that we have a compliant environment to deter illegal immigration and protect public services and it is a policy that has been operated under successive governments.

“The Right to Rent checks were developed with the input of the Landlords Consultative Panel and there is online guidance as well as a helpline to ensure the scheme is fully understood.�

Check your tenant’s right to rent

Landlords: immigration right to rent checks

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – 400 Right to Rent fines issued since the scheme started in 2016 | LandlordZONE.

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