Erection agency report increased letting activity

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National board erection specialists Agency Express are reporting a pick up in pace for the UK lettings market in May.

Month on month figures in the Agency Express lettings report show an increase of new listing ‘to let’

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How to sell your buy-to-let property

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Buy-to-Let:

Selling a buy-to-let property can be tricky. Your typical high street agent isn’t an investment property expert, and the average online property platform is more concerned with selling residential property between owner-occupiers. Neither of these is ideal for the landlord who sees property as a business and wants to sell to a like-minded investor.

So what is the solution? yieldit has the answer!

With access to more than 80,000 pre-qualified investors, yieldit is the smartest way to sell your buy-to-let property. Where a traditional agent will wait for a buyer to fall into their lap, yieldit works directly with investors from more than 100 countries who are ready and waiting to view your property, and are serious about expanding their portfolios.

Not only this, but the yieldit team will take your property to exhibitions, seminars and shows around the world, from London to Johannesburg to Shanghai to Hong Kong. By proactively marketing your property in this manner we increase the number of potential buyers and aim to speed up the sale significantly.

By specialising in tenanted properties we appeal directly to the business sense of buyers. Properties which are already generating and income and have low void periods are always popular with investors, no matter where in the world they are from.

And of course, whilst we specialise in selling from investor to investor, we will also advertise your property on Rightmove and Zoopla like any other agent, so you still have the option to sell your buy-to-let to any interested party.

However, finding a buyer is only the first step; the actual process of selling is often a real faff with traditional agents. At yieldit, we take a different approach. To try and avoid fall-throughs, we do not consider your property “under offer� or “SSTC� until the buyer has paid a reservation deposit to try and ensure their commitment from the start.

Once the deposit has been paid, the expert yieldit sales progression team take over to chase through contracts and deal with solicitors. By doing this, yieldit puts in the hard yards and ensures that the process of selling your buy-to-let property is as painless as possible.

And the best part? The yieldit process is no sale, no fee. You won’t pay a penny until the sale completes and there are no hidden fees whatsoever.

For more information and to get your free property valuation, please click here and enquire today!

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – How to sell your buy-to-let property | LandlordZONE.

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What information is it reasonable for a freeholder to demand?

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For the first time ever (I have been renting out flats since 1984) I have a situation where a freeholder is choosing to enforce the clause in the lease which demands knowledge of the underletting.

Whilst there is no doubt whatsoever that they have a legal (if not

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Today’s Bank of England Base Rate HOLD Decision

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Bank Rate:

The Bank of England today decides to leave interest rates on hold, but the bank’s chief economist votes for a rise. The Monetary policy committee’s vote is split!

The Bank’s chief economist Andy Haldane voted to raise borrowing costs to 0.75%, along with fellow committee members Ian McCafferty and Michael Saunders. But they were outvoted by the remaining six members of the MPC who all voted to leave rates on hold for now.

Angus Stewart, Chief Executive of Property Master, the digital start up that uses algorithms to match the requirements of individual landlords against the entire buy-to-let mortgage market, said of today’s Bank of England Monetary Policy Committee decision not to raise the base rate:

“Today’s decision by the Monetary Policy Committee to hold rates will not come as a surprise to many.  Given a raft of weak economic data over the past few weeks plus the continued uncertainty over Brexit, most commentators were expecting a rate rise to wait until later in the year.

Mr Stewart continued:

“Our recent June Mortgage Tracker which follows rates and fees from 18 of the largest lenders in the buy-to-let market showed that the cost of popular buy-to-let fixed rates deals has continued to fall since the start of the year.

“Five-year fixed rate mortgages have been particularly competitively priced with the monthly cost of borrowing a typical amount of £150,000 falling between £10 and £22 compared to the cost if the loan had been taken out in January.

“Today’s news, however, does not necessarily mean such competitive rates are here to stay.  A base rate rise is certainly on the cards at some point so landlords who are looking to borrow or refinance may need to move very fast indeed.�

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Today’s Bank of England Base Rate HOLD Decision | LandlordZONE.

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Bank of England vote only 6-3 keeping base rate at 0.5%

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The Bank of England’s Monetary Policy Committee (MPC) at its monthly only voted by a majority of 6-3 to maintain Bank Rate at 0.5%.

The Hawks voting for an increase to 0.75% were Andy Haldane, Michael Saunders and the outgoing MPC member Ian McCafferty.

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Invitation to Brentwood property investor seminar 11th July

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All Property118 members are invited with a guest to attend our next property seminar run by our partners the Property Investor Partnership (PIP).

The Seminar will take place on Wednesday the 11th of July at Marygreen Manor Hotel

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Government to consult on RLA housing court plan

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Plans to establish a new housing court are moving forward, with a Government consultation into plans to be held later this year. The call for a housing court was one of the RLA’s key asks ahead of the last electionand budget, and Sajid Javid confirmed the Government planned to adopt the plans in October last […]

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Training Tips for Accidental Landlords

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With the ever-growing number of laws governing the private rented sector, becoming a landlord for the first time can be somewhat daunting. Here are a few top tips to make sure you understand your legal obligations so you can be sure that you don’t fall foul of landlord legislation.

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Government issues new HMO and licensing guidelines

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HMO Guidelines:

The Ministry of Housing, Communities and Local Government (MHCLG) yesterday published a new set of guidelines for landlords on the legislative changes for HMOs and also for selective licensing.

The guidance document includes details about the new legislation extending mandatory licensing to smaller HMOs and introducing minimum bedroom sizes, as the Government continues its drive to improve standards in the PRS and to “rebalance” the relationship between landlords and tenants.

Last month’s legislative changes are designed to protect tenants’ living conditions by specifying minimum room sizes for HMOs. Landlords letting properties to five or more people from two or more separate households must all now be licensed by their local housing authority. The three story rule no longer applies, so HMOs meeting the above criteria will be licensable for one, two, three or more stories.

The government estimates that this change will bring around 160,000 houses into the licensable houses in multiple occupation (HMOs) catchment. It will mean more work for local authorities to administer these schemes, but it will put them into a better potion to crack down on the small minority of landlords who abuse the system – renting dangerous, sub-standard and overcrowded homes.

The new legislation also covers refuse disposal schemes, so landlords are made responsible to the council for managing and reducing problems with rubbish around their rental properties.

Speaking about these new guidelines, Housing Minister Heather Wheeler MP said:

“Everyone deserves a decent and safe place to live.

“Today’s new guidance for landlords will further protect private renters against bad and overcrowded conditions and poor management practice�.

A review of the selective licensing scheme

The new guidelines published yesterday include an announcement that the government is to review how selective licensing schemes are working up and down the country, and how the scheme is being applied by councils.

In those areas where selective licensing has been implemented, landlords must apply for a licence to rent out a property. In doing this, councils can decide whether or not a landlord applicant is a ‘fit and proper person’ using various laid down criteria.

The National Landlords’ Association (NLA) says it is objecting to a blanket approach taken by some selective licensing schemes, and has suggested that a street by street, area by area, approach should be used in the first instance to target the worst areas, which also, it argues, helps with proper enforcement.

The licence fees, the NLA says, are an issue, as landlords may need to pass these costs onto their tenants. This, says the NLA, will place a greater burden on the most vulnerable people in the private rented sector (PRS), often the low paid and socially supported tenants.

NLA Local Policy Officer Gavin Dick argues:

“If selective licensing schemes are used appropriately and in a targeted fashion, they can be an effective tool for councils to improve housing standards. However, they need to be implemented properly, fully resourced and enforced.

“We believe a far more effective means of improving standards in the PRS is through better co-operation between councils and landlords, which can be bolstered through accreditation.�

The selective licensing review is to be carried out by independent commissioners gathering evidence from local authorities and bodies representing landlords, tenants and housing professionals.

The review’s findings are to be published in spring of 2019, with an update on progress this coming autumn.

[Image: Housing Minister Heather Wheeler MP]

The full guidelines MHCLG guidelines here

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Universal Credit – landlords agree reform is needed

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The RLA continues to call for the roll out of Universal Credit to be paused in the wake of a report by the National Audit Office. The report said Universal Credit was not offering value for money and the system could end up costing more to administer than the benefits system it is replacing. However, it concluded […]

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