Landlords – what would YOU like to see in a training course?

admin    Uncategorized     agents

One of the main concerns landlords have is keeping up with the myriad new laws and regulations that keep coming out. Not to mention getting a grip on the laws we already have!

I am in the process of developing a major new training course to help landlords with this. 

The post Landlords – what would YOU like to see in a training course? appeared first on Property118.

View Full Article: Landlords – what would YOU like to see in a training course?

Subsidence and the impact on your landlord insurance policy

admin    Uncategorized     agents

Landlords’ Insurance:

Subsidence is often somewhat over looked as a property issue,
but its impact should not be underestimated. Increases in temperature during
the summer months pose a significant problem for some properties, resulting in
costly damage as a result of subsidence. Claims related to subsidence are
increasing, so now more than ever it is important that, as a landlord, you
understand and are adequately prepared for problems related to subsidence in
your property.

What is subsidence?

Subsidence is a form of ground movement that impacts and
undermines the structural integrity of your property. It is caused when earth
beneath a building moves downwards, which in turn reduces the strength of the
property’s foundations. As a result the property becomes unstable and can begin
to crack and sink.

What are the causes
of subsidence?

A number of different factors can all contribute to
subsidence. The main causes of subsidence include:

• Hot and dry weather causing soil shrinkage
• Vegetation growing too close to the property –
  roots can disrupt the foundations and also draw water out from the soil
• Defective drainage can soften the ground under
  your property and cause soil to be washed away
• Natural decomposition of the soil reducing its
  volume

How to identify
subsidence in your property

Most people worry about cracks being a sign of subsidence,
and whilst they are, cracks on their own can also be as a result of settlement,
whereby a building moves under its own weight in its first few years and are often
no real cause for concern. However, there a few key tell-tale signs you should
look for that point towards subsidence and should be addressed quickly.

Warning signs
include:

• Diagonal cracks that increase in width the
  further away they are from the ground
• Cracking that is visible on the outside as well
  as inside of the property, that are at least 3mm wide and can be as thick as a
  10p coin
• Cracks in brick and plasterwork surrounding
  windows, doorframes and adjoining parts of the property, such as extensions
• Wrinkled wall paper at wall and ceiling joins
• Windows and doors that no longer open and close
  properly due to misshapen frames

It is really important that landlords contact their landlord insurance provider in the event that subsidence is discovered, or suspected, at the property. A comprehensive insurance policy will help to provide adequate support and guidance on how to manage this issue. Subsidence is a costly issue to fix and so early identification and treatment is important to mitigate issues for the landlord. In the first instance insurers will dispatch a surveyor to your property to identify the extent of the issue and to identify the cause of subsidence.

Subsidence requires careful monitoring over long periods of
time and often relies on specialist support to resolve.  Landlords should
note that, as a result of this, insurance claims related to subsidence can take
longer to resolve depending on the severity of damage and so early
identification and prevention are key for getting the issue resolved as quickly
as possible with minimal disruption for the landlord and their tenants.

Is subsidence really
becoming more common?

Recent research conducted by Hamilton Fraser Total Landlord Insurance, has analysed around 5,000 claims over a 10-year period to assess recurring patterns and statistics surrounding property claims, including subsidence. This useful information can help to advise landlords on how to best protect their property.

For example, Hamilton Fraser found that subsidence claims
have been increasing since 2014, resulting in a 24 per cent increase year on
year. In addition, unsurprisingly seasonality plays a significant role in the
number of subsidence claims, with steady claims throughout the year that begin
to dovetail in December. Heading into this year subsidence is on an upward
trajectory, after dipping around 2015-17.

Read the full 10 years of property claims report for more detailed analysis.

Can you prevent
subsidence?

Depending on the property’s circumstances, it may not always
be possible to completely prevent subsidence occurring. However, there are a
number of factors you can control which can help to reduce the risks of
subsidence.

For example:

• Avoid planting vegetation close to your property or any surrounding buildings
• Seek the advice of a surveyor or tree specialist about the impact any mature trees close to your property have, or potentially will have, on your property. Having these large trees lopped can help to minimise the risk of subsidence, however you will need to seek permission from your neighbours, or the council, to undertake this work if the tree is not on your personal property
• Make sure that you prune trees and shrubs to stop large scale water absorption Always check and maintain drains and pipework; this includes checking for blocked or leaking pipework and guttering which may have become clogged with dirt and leaves over time
• Make sure you always carry out property inspections to quickly identify any issues in the property, including subsidence. Prevention is always better than cure so spotting any issues associated with subsidence early can really make all the difference.
• Hamilton Fraser understands that issues with your property can leave you financially out of pocket as well as causing turmoil for you and your tenants. With this in mind Hamilton Fraser’s Total Landlord Insurance Premier Policy includes subsidence cover as standard, meaning should the worst happen your property is protected.

Find out more about Hamilton Fraser Total Landlord Insurance and subsidence.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Subsidence and the impact on your landlord insurance policy | LandlordZONE.

View Full Article: Subsidence and the impact on your landlord insurance policy

Stock-on-Trent escapes for now

admin    Uncategorized     agents

All councils that wish to introduce Selective Licensing schemes that cover more than 20% of the area or 20% of the privately rented homes must first seek permission from the Ministry of Housing, Communities & Local Government (MHCLG). Stoke-on-Trent have recently had their application refused by MHCLG for a scheme that would cover 3000 properties in 154 street in 14 zones costing £500 for a five year licence per property.

The post Stock-on-Trent escapes for now appeared first on Property118.

View Full Article: Stock-on-Trent escapes for now

Form 6A now corrected

admin    Uncategorized     agents

MHCLG have finally as of yesterday updated and corrected the wording of the Section 21 official document 6A seeking possession. This is after articles written by Giles Peaker  in Nearly legal along with behind the scenes communication. Click here to view his article.

The post Form 6A now corrected appeared first on Property118.

View Full Article: Form 6A now corrected

Provision of housing

admin    Uncategorized     agents

According to Richard Bilton in the Panorama Programme there are ten million tenants of Private Sector Landlords. I take that figure with a Pinch of Salt! However, for the purposes of this article I will leave it like that.

Shelter’s Chief Executive

The post Provision of housing appeared first on Property118.

View Full Article: Provision of housing

Developers are exempt Money Laundering Regulations, estate agents are not

admin    Uncategorized     agents

Aniti-money
Laundering:

Developers selling homes through their own on-site sales
offices are exempt Money Laundering Regulations (AML), whereas if an agent is
selling, then they would not be.

Property Industry Eye
reports that this situation would seem anomalous, but HMRC has confirmed to the
Eye that this is indeed the case.

It seems that developers, as far as HMRC is concerned, are classed
as private sellers of peer to peer sellers, and like them, they are not
expected to be compliant, they are not caught by the AML regulations.   

A query about this emerged after a buying agent, purchasing
a property from a developer on behalf of a client, was told that AML applied to
him, whereas not to the developer.

HMRC told the Eye:

“If an individual or company sells property they own to an
individual that they find themselves, this is a private sale and does not
involve an estate agency.

“If it is a different company that introduces the parties
for sale/purchase, then this business is classed as an estate agency and must
be registered for AML supervision.�

The full response from HMRC was this:

The Money Laundering
Regulations are about supervising certain specific businesses conducting
relevant activity. This includes estate agencies.

The definitions of
estate agency businesses and what is relevant activity are defined in the
Estate Agents Act 1979. This legislation is owned by NTSELAT (the National
Trading Standards Estate and Letting Agency Team). Owners of property and peer
to peer sales of said property are not covered in this definition.

If an individual or
company sells property they own to an individual they find themselves, this is
a private sale and does not involve an estate agency. If it is a different
company that introduces the parties for sale/purchase, then this business is
classed as an estate agency and must be registered for AML supervision.

A new EU directive from June 2017, cited by the Eye, states that agents entering into a
business relationship with both sellers and buyers requires agents to scrutinise
buyers’ finances. This would include auctioneers who are required to check out
all potential purchasers before giving them a paddle so that they can bid for a
property – but developers, it seems, are exempt when they use their own sales
teams.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Developers are exempt Money Laundering Regulations, estate agents are not | LandlordZONE.

View Full Article: Developers are exempt Money Laundering Regulations, estate agents are not