Fitness for Human Habitation Act

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A fifth of the UK population now lives in rental accommodation. The Fitness for Human Habitation Act came into force just last week. This new Act is designed to ensure all rental accommodation meets certain criteria.

The rental property must be free of defects and this includes all private rentals

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Cost of 5-year fixed rate BTL mortgage falls

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Buy-to-Let Mortgages:

Latest research out today (Wednesday, April 3rd) from online
mortgage broker, Property Master, the digital start up that uses algorithms to
match the requirements of individual private landlords against the entire
buy-to-let mortgage market,  reveals that
the cost of many popular five-year fixed rate buy-to-let mortgages has fallen
back again after a sharp month on month spike February to March.  Many of these mortgages are now cheaper than
they were a year ago in April 2018. 
Product fees for five-year fixed rate mortgages have though leapt
year-on-year – sometimes by as much as £335.

Property Master’s April 2019 Mortgage Tracker shows the cost
of five-year fixed rate offers for 50% of the value of a property fell by £8 a
month between March and April.  Year on
year this type of mortgage was down in cost by £28 a month.  The cost of a five-year fixed rate for 65% of
the value of a property fell by £4 a month but by £18 per month when compared
to the cost a year ago in April 2018. 
Five-year fixed rates for 75% of the value of a property remained the
same at £408 March to April but year on year fell by £18 a month.

Almost all the categories of fixed-rate buy-to-let mortgages
being tracked showed a sharp year-on-year increase though in average product
fees.  Fees for a two-year fixed rate for
50% of the value of a property leapt from £714 in April 2018 to £1,599 today –
an increase of £885.  The other largest
increase in average product fee was for five-year fixed rates for 50% of the
value of a property which increased from £1,164 in April 2018 to £1,499 today –
an increase of £335.

The Property Master Mortgage Tracker follows a range of
buy-to-let mortgages for an interest only loan of £150,000.  Deals from 18 of some of the biggest lenders
in the buy-to-let market including Barclays, BM Solutions, RBS, The Mortgage
Works, Godiva and Precise (full list below) were tracked.   Figures for this month’s Mortgage Tracker
were calculated on deals available on April 1, 2019.

Angus Stewart, Property Master’s Chief Executive, said: “It
is good news that the type of deals many landlords favour have fallen back a
little in cost after last month’s increase. 
Better still the headline rate for many of these offers are actually
less than they were a year ago.  However,
there is something of a catch in the increase in many product fees.  Applying for a buy-to-let mortgage can be a
complex process and it is important landlords compare the total cost of the
mortgage they are offered.�

Property Master was launched almost two years ago and aims
to shake up the buy-to-let mortgage market currently served by around 12,000
mortgage brokers.  It has already
attracted financial backing from a broad range of private investors including a
minority stake being taken by LSL Property Services, whose estate and letting
agency brands include Your Move and Reeds Rains.

Property Master has automated what was a manual, complex
process to provide landlords with a free easy to use mortgage search tool which
provides a mortgage quote that is pre-screened against each lender’s specific
and changing criteria.

www.property-master.com

Property Master
launched almost two years ago and is the UK’s first and only digital mortgage
brokerage service for UK buy-to-let landlords. Its innovative approach enables
private landlords to take control of their financing online for the first time
by matching their requirements on Property Master’s unique and complete
database of mortgage information and lending criteria. Founded by a group of
highly experienced financial services professionals, the company is directly
authorised and regulated by the Financial Conduct Authority (FCA).

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Cost of 5-year fixed rate BTL mortgage falls | LandlordZONE.

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Tenants on a 6month AST have no rights to stay longer

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A tenant on a six month Assured Shorthold Tenancy has No Rights other than the right to stay in the house for the Fixed Period. That is made Crystal Clear in the tenancy.

Generally, the Period is Six Months

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NLA Fraud warning to would-be tenants

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The National Landlords Association (NLA) is reminding would-be tenants to be vigilant when looking for somewhere new to live and to avoid getting scammed.

The NLA has been contacted by several people who have been the target of fraudulent activity.

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Section 21 – really as easy as it sounds?

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I have a tenant causing a merry host of issues, but I’m now firmly on the legal (if not expensive) route to get it sorted.

The last part of the process will be to get her to tidy up the tip she lives in.

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Slough landlord receives suspended prison term

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Criminal Record:

A Slough landlord, fifty seven years old Talwinder Singh,
tried to hide whole families in his rented accommodation with no windows, when
his efforts to gain proper planning approval failed.

For this breach of the planning and safety laws Singh received
a 15-month prison term at Reading Crown Court, which was suspended for 18
months.

Singh was ordered to undertake 200 hours of unpaid work over
12 months, and in addition, he was fined £25,000 and ordered to pay £266,177.
The fine represented the rent money and unpaid council tax that he had obtained
by his illegal activities.

Singh had originally applied for planning permission to create
a block of six flats, but was turned down. But he disregarded the ruling and continued
to develop the flats in the building on Waterbeach Road in Slough.  Even though Singh was subsequently served a
planning enforcement notice by the council in September 2010, he carried on
regardless and rented out six flats to tenants.

In his attempt to deceive the authorities, Singh claimed
that he had converted the property to a single dwelling as the enforcement
notice required, and he informed the council accordingly.

Further, Singh had constructed kitchens in the flats which
could be easily removed when council officials visited for inspections, and he
removed windows on his top floor attic flats, which meant that the tenants
living there with children were without natural light.

Despite claiming that this was a single dwelling and paying
council tax accordingly, Singh was charging his tenants individually an
additional council tax fee.

The flats have since been returned to their permitted use as
a single or dual dwelling, according to the original planning permission.

Slough Council’s Director of Regeneration Joe Cart told the Slough & South Bucks Observer:

“People and families in Slough deserve good accommodation
and landlords who are not overcharging them for services they are not
providing.

 â€œSuch a successful
outcome shows how the council will not tolerate such flagrant disregard of its
planning regulations.�

Neil Wilcox, Director of Finance and Resources, added:

“This successful prosecution is a result of a thorough and
painstaking investigation by the Council’s Fraud Team and has led to the
recovery of a significant amount of lost council tax.

“Singh told the tenants he was paying their council tax when
it actually went directly into his pocket.

“He was prepared to inconvenience tenants, some of whom had young children, by removing evidence from the flats and making them go without kitchen facilities, in an attempt to defraud the council.�

[Image show typical loft conversion]

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Slough landlord receives suspended prison term | LandlordZONE.

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