Tai Pawb Open Doors project celebrates first birthday

admin    Uncategorized     agents

A project that was set up to promote equality and diversity in the Welsh PRS, that is being run in partnership with the RLA, will celebrate its first birthday this month. The Open Doors project, which is being run by charity Tai Pawb, has already made a huge difference since it was set up in […]

The post Tai Pawb Open Doors project celebrates first birthday appeared first on RLA Campaigns and News Centre.

View Full Article: Tai Pawb Open Doors project celebrates first birthday

Update with Some success

admin    Uncategorized     agents

Some may remember my problem with a tenant owing approx. £4k in rent arrears.

I served the s8 notice and then just as I, via a solicitor as unsure, submitted the court papers I got 4 days notice from her that she was leaving and for me to be there or she would shut the door and throw away the keys.

The post Update with Some success appeared first on Property118.

View Full Article: Update with Some success

BLOG: Gaskin HMO case could have far reaching implications for licensing schemes

admin    Uncategorized     agents

The High Court has given two judgements in a recent case involving a landlord and Richmond London Borough Council. Here RLA Policy Director David Smith explains the implications. In R(Gaskin) v LB Richmond Upon Thames(2018) EWHC 1996 (Admin) the High Court overturned a prosecution against Mr Gaskin and gave substantial guidance on fees and other […]

The post BLOG: Gaskin HMO case could have far reaching implications for licensing schemes appeared first on RLA Campaigns and News Centre.

View Full Article: BLOG: Gaskin HMO case could have far reaching implications for licensing schemes

Top Legal Tips For Landlords

admin    Uncategorized     agents

New Regulations:

There is an increasing amount of new legislation, new rules and regulations that are continually coming into force relating to the private rented sector.

Also, apart from these major changes, there’s a host other long-standing rules and regulations that a landlord must be aware of, and comply with, when letting out a property.

Below is a list of 12 top legal tips for landlords who might be planning to enter into the rental market for the first time:

1. Make sure you that you have at least a basic knowledge of your legal requirements, obligations and responsibilities before renting out your property. Do some reading up on the regulations covered on this website, and invest in a basic book on buy-to-let – there’s plenty of choice on Amazon for under £10.

2. Hake sure you serve your tenant with all the necessary documention when the tenancy commences, otherwise you may have difficulty evicting if things go wrong. An EPC, a gas safety certificate, the government’s “How to Rent” guide, and the deposit statutory information and scheme rules are all vital bits of information you must supply. Attach them to the tenancy agreement and get the tenant to sign for them.

3. Make sure that your property is neat and tidy and in good state of repair before letting it out. Not only will your property let faster, if it has “kerb appeal” and is in good and clean condition throughout you can sleep easier at night knowing that you are not breaking any safety rules.

4. If there are gas appliances in the property, you must have a gas safety certificate from a Gas Safe Registered Engineer.  Always check the engineer’s credentials, make sure the certificate is renewed every year when the gas appliances are checked and serviced, and make sure you give a copy of a current gas safety certificate to the tenant/s when the tenancy begins, and on renewal.

5. Have the electrical system checked every 5 years by a qualified electrician, and make sure the appliances are in a safe condition, ideally by have them all PAT tested. Make sure the furniture supplied within the property meets the fire safety requirements, each one having a label to that effect, and carry our a Legionella risk assessment.

6. Have a good up-to-date tenancy agreement, which outlines the tenant’s and your own (landlords) obligations. Don’t use an old revamped agreement as it won’t take into account any new changes in the law – these come up all the time.

7. If your property falls under an HMO designation, or is in a licensing area, you are housing students, then seek advice from your local authority. They will give you chapter and verse advice as to what criteria and requirements you need to fulfil before letting. They will also let you know if your property will need a licence. Local authority websites are usually a good source of information on that.

8. Carry out a good property inspection and safety risk assessment (or better still have an independent inventory clerk do this) and fill in an INVENTORY of all the items and their condition in the property before handing over the keys. Make sure you note down any damage that already exists and incorporate photograph if possible. This will be very important if you need to make a claim against the deposit.

9. If the property is mortgaged, then make sure you make the lender aware that you are renting the property out and get the necessary consent from them.

10. When taking out insurance for the property, let the insurance company know that it is being let out and that you need a landlord’s policy. This covers you for all the necessary risks in particular for third part risks such as death and injury in and around the property. You will find a range of specialist providers here: https://www.landlordzone.co.uk/suppliers-directory/insurance

11. If the tenant fails to pay rent or breaks other conditions of the tenancy agreement, than as a last resort, you may have to take the relevant steps towards eviction by issuing a section 21 or section 8 notice. This is a notice requiring possession of the property. You should do this as soon as you feel the tenant may cause you serious problems, as the longer you leave it the more out of pocket you may become.

12. Finally, you should not enter a tenanted property without the tenant’s consent. If you believe the tenant has vacated the property, abandoned it, you must follow certain steps before you can take possession again. You may need a repossession order from the county court before taking over. Remember it is a criminal offence to unlawfully harass or evict a tenant.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Top Legal Tips For Landlords | LandlordZONE.

View Full Article: Top Legal Tips For Landlords

Where can I go when the Energy Ombudsman takes tenant’s word?

admin    Uncategorized     agents

One of my long term tenants left a property on 26th January 2018, but advised his electricity supplier that he left on 1st January and provided a fraudulent reading. The first I knew of this was in March when EON charged me £126 for the ‘unoccupied’

The post Where can I go when the Energy Ombudsman takes tenant’s word? appeared first on Property118.

View Full Article: Where can I go when the Energy Ombudsman takes tenant’s word?

Call of the Week: Gas safety certificates and section 21

admin    Uncategorized     agents

This week a landlord called wanting advice on how to gain possession of their property, from their tenants who were on a joint tenancy agreement. After the advisor gathered the relevant facts about the landlords situation, it came to light that the landlord had not complied with the serving of the gas safety certificate to […]

The post Call of the Week: Gas safety certificates and section 21 appeared first on RLA Campaigns and News Centre.

View Full Article: Call of the Week: Gas safety certificates and section 21

Bridging and Development Finance Seminar

admin    Uncategorized     agents

I would like to personally invite all Property118 readers to our Seminar in association with Shawbrook Bank to understand more about commercial finance and in particular focusing on Bridging and Development finance for property investors.

This event run by my company Brooklands Commercial Finance

The post Bridging and Development Finance Seminar appeared first on Property118.

View Full Article: Bridging and Development Finance Seminar

Tough Trading Conditions for Foxtons

admin    Uncategorized     agents

Agent’s Figures:

Along with many other estate and letting agents, Foxtons, the London based agents, are finding trading conditions tough as last week they announce pre-tax losses of £2.5m for the first half of 2018.

Sales revenue is down by £17.2m, 23% down on their previous figures. They reported pre-tax profits of £3.8m 12 months ago.

The publicly quoted company, one of the few in the residential agency sector, will not be paying a dividend to its shareholders this time. Foxtons share price, which peaked at over 350p in January 2014, now hover around 50p.

In a conference call last week Foxton’s CEO Nic Budden said it had “been a challenging half “with group performance impacted by ongoing weakness in the London property sales market and this resulted in a 9% reduction in group revenue to £53 million.

The lower revenues, “together with the cost of investment in people, brand and technology that we announced at the beginning of the year were the main reasons for the fall in profitability.�

The lettings business continues to prove resilient, said Mr Budden, with revenue falling by 1% to £31.7 million, due to slightly lower rents on broadly flat volumes. “The lettings programmes we launched earlier in the year are now starting to have an impact with Q2 revenue up several percentage points on prior year and a strong start to Q3.�

Foxtons revenues have fallen for the last two years in a row, but the company’s balance sheet is debt free, and at the end of June it had a cash balance of £11.8m. Income per sold property increased slightly to £14,450 with lettings providing a reliable cushion, representing 60% of revenue, at £31.7m, slightly down on a year ago at £32.1.

During the period Foxtons had invested £1m in a technology company which Mr Budden said had future potential, but he stated that: “The property sales market in London is undergoing a sustained period of very low activity levels with longer and less visible transaction outcomes, which clearly impacts our business.�

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Tough Trading Conditions for Foxtons | LandlordZONE.

View Full Article: Tough Trading Conditions for Foxtons

Call of the Week: Extension of Deregulation Act and Section 21

admin    Uncategorized     agents

On the 1st October 2018, the Deregulation Act is set to be extended, which will mean that ALL landlords will be required to provide their tenants with the ‘prescribed documents’ no matter when the tenancy started. At present, under the Deregulation Act, all landlord with a tenancy agreement in place which began after October 2015 […]

The post Call of the Week: Extension of Deregulation Act and Section 21 appeared first on RLA Campaigns and News Centre.

View Full Article: Call of the Week: Extension of Deregulation Act and Section 21

Why Tenancy Deposit Protection needs to stay

admin    Uncategorized     agents

Steve Harriott, Chief Executive of the Tenancy Deposit Scheme

In the last week we have seen Which? publish a report that cast doubts about tenancy deposit protection. If its recommendations were implemented there is a very real possibility that the consumer protection for tenants might end up being worsened.

The post Why Tenancy Deposit Protection needs to stay appeared first on Property118.

View Full Article: Why Tenancy Deposit Protection needs to stay