Scottish rental reforms put future Edinburgh Festivals at risk

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The Scottish Government’s private rental reforms are shaking up the sector according to new data, which reveals rental property sales have outstripped purchases five-fold in the last three months.

Findings from the National Landlords Association (NLA) show that almost a quarter (24 per cent) of landlords with property in Scotland have sold over the last three months

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Tampered energy meters risk millions of lives

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Almost three million UK households could be at risk of potentially fatal fires, electric shocks and even street-wide gas explosions caused by an undetected energy meter tamper.

The figures come from new research, which revealed that 14% of UK residents have encountered the signs of a tampered energy meter in person;

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Boris Duty?

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In his weekly Monday Column for the Daily Telegraph, Boris Johnson, has told Theresa May slash the absurdly high Stamp Duty (SDLT) tax rates and abandon affordable housing targets.

Boris indicated he thought the housing market is the single biggest and most urgent crisis we face and would lead to an impending crisis of capitalism.

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Will Landlords have to test smoke alarms?

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Does a new court ruling in reference to smoke alarms mean that smoke alarms inside a property will have to be tested by Landlords?

“Landlord Terry Millis, 63, admitted that he put the lives of five residents at risk and pleaded guilty to two counts of failing to comply with requirements to prevent the risk of fire.

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Just incorporated – Now can’t sell for 6 months?

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So, you have just incorporated your properties. Now you want to sell one of them. A buyer has been found, then, at the last minute, the buyer has been refused a mortgage.

A seemly arbitrary and little known rule common to all mortgage lenders is if a property that is to be mortgaged has not been owned by a property company in excess of 6 months

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The IRRV Severnside and South West Association enforcement forum

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On 10th and 11th September we are sponsoring the IRRV Severnside and South West Association enforcement forums alongside Excel Civil Enforcement.

10th September – The Aztec Hotel in Bristol

11th September – The Mercure Southgate Hotel

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Protecting property and land

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With the summer months meaning an increase in travellers moving from place to place we thought we’d look at how you can protect both property and land from unwelcome visitors.

Secure doors and windows

It will be worth considering installing steel security doors and looking at how you can also best secure all entrances such as windows.

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House of Fraser has settled a crucial legal challenge over CVA terms

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Insolvency:

Up-market national retailing chain House of Fraser (HF) has settled a contentious legal dispute with a group of its landlords that challenged the company over the terms of its restructuring vehicle, known within the industry as a Company Voluntary Arrangements (CVA).

A CVA is an insolvency procedure, similar to the personal IVA (individual voluntary arrangement). It allows a company with debt problems to reach a voluntary agreement with its business creditors. However, for some time now landlords have seen this legal procure as being abused by some occupiers, using it as a means of conveniently getting themselves out of lease contracts.

In a statement issued last week and reported by CoStar Marketing Group, House of Fraser had said:

“House of Fraser is focused on concluding discussions with interested investors as per the original timelines set out by the business and recognising the risks in and around this litigation has entered into this settlement now to remove any risk to those discussions presented by this legal process.�

The group of landlords which owns stores occupied by House of Fraser throughout the UK claimed that they were “unfairly prejudiced� and that there had been alleged “material irregularities in the implementation of House of Fraser’s CVA�.

The restructuring plan proposed the closure of 31 of its 59 department stores, including its flagship Oxford Street store in London, as well as major stores in Edinburgh, Birmingham, Cardiff, with the loss of around 6,000 jobs.

The group of landlords bringing the legal challenge to the process had said that, “Although we will not have our day in court, we are pleased with the outcome and hope that our landmark legal challenge sends a clear message to any other companies considering a CVA.

The landlords claimed that they were willing to enter into negotiations with HF but that the HF CVA process “misused and prejudiced” the landlords. They said that CVAs were designed to rescue a business, “not simply a tool to shed undesirable leases for the benefit of equity shareholders.â€�

“…We believe that thanks to our actions, landlords in future CVAs will be in a far stronger position to challenge what we regard as unfair treatment and demand greater transparency from companies and their nominees from the outset,� said a spokesperson for the landlord group.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – House of Fraser has settled a crucial legal challenge over CVA terms | LandlordZONE.

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Hilarious Landlord Maintenance Comedy Sketch

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If you have a spare 5 minutes to watch a short video I think the one below will make you chuckle.

Feel free to share on Social Media to attract new readers to Property118.

James Veicht’s elaborate wrong number prank!

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Which? report claims deposit system is broken

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Tenancy Deposits:

Eddie Hooker, CEO of mydeposits, comments on the report that claims the deposit system is “broken�

A major Which? report released today suggests the current deposit system is broken and calls for review of the current cash-based deposit system. Eddie Hooker, Tenancy Deposit Protection scheme mydeposits CEO for the last 12 years, comments in response:

“Since their introduction more than 12 years ago, Tenancy Deposit Protection schemes have consistently delivered a good service for the majority of tenants.

Whilst I recognise that the systems and processes of deposit protection may need updating to deal with today’s rental market, having carried out extensive research I do not believe that overhauling the current system in favour of, for example, no deposit insurance alternatives, offers any greater protection for tenants. 

Yes, there is an affordability issue for tenants, particularly those in London having to find on average £2500, and this is an issue that must be addressed.  However, purchasing an insurance policy which reimburses a landlord if the tenant cannot or will not pay any losses, simply buys the tenant out of having to pay a deposit and could place tenants is a worse situation some years down the line.

Ultimately, tenants are still liable for recompense to an insurance company which many tenants simply do not realise. The fees/premiums charged over a 10-year renting period, could end up costing the tenant £6,000-£7,000 for nothing. What many don’t understand is that deposits are refundable if the tenant abides by the terms of the tenancy agreement. Insurance premiums are not. 

 Any change to the current TDP system should recognise and embrace the existing benefits, such as Alternative Dispute Resolution, but be enhanced.  Options such as deposit loans, custodial only schemes or deposit passporting could address affordability issues and offer tenants greater control, while continuing to give landlords the confidence to remain in the buy-to-let market.�

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Which? report claims deposit system is broken | LandlordZONE.

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