How do we select the best tenants for us?

admin    Uncategorized     agents

We are first time landlords so looking for some advise on selection of tenants. We put up our property in Cardiff for lettings, and went through 6-7 viewings on 1 day. Out of these, there have been 2 parties interested

The post How do we select the best tenants for us? appeared first on Property118.

View Full Article: How do we select the best tenants for us?

The Guild claim Section 21 ban won’t be retrospective

admin    Uncategorized     agents

In an article written by The Guild of Property Professionals on the 16th August (click here to view the article) concerning the proposed Section 21 ban, The Guild claim to have had confirmation from government that it will not be retrospective.

The post The Guild claim Section 21 ban won’t be retrospective appeared first on Property118.

View Full Article: The Guild claim Section 21 ban won’t be retrospective

Tenant Fee refunds on tenancy renewals.

admin    Uncategorized     agents

Tenant Fee Refunds:

Thousands of landlords may need to refund partial deposits to their tenants when tenancies are renewed – when a new contract is signed.

According to the Deposit Protection Service (DPS) around two-fifths of existing deposits (42%) breach the five-week deposit cap set by the Tenant Fees Act, which in England came into force on 1 June 2019. The Welsh government is currently working on plans to introduce a similar scheme for Welsh residential tenancies.

The only payments that can now be charged a tenant in
England are for rent, a refundable holding deposit, a refundable tenancy (security)
deposit, payments for changes to the tenancy and charges for early termination
of a tenancy (when requested by the tenant), payments for most utilities and other
services and default fees for late payment of rent, such as the replacement of
lost keys.

A breach of this legislation could be considered a civil
offence, with a financial penalty of up to £5,000. Any further breaches within
five years could result in a criminal conviction, a banning landlord order and
an unlimited fine. If a local authority chooses not to prosecute they can
impose a financial penalty of up to £30,000 as an alternative.

Exceeding the cap won’t affect deposits taken out on tenancies let before the new law came into force, but it’s a different story if the tenancy is renewed, i.e., a new contract is signed. At this point the landlord is obliged to refund any excess over and above the five weeks rent equivalent deposit.

According to the housing charity Shelter, this will average around £192 per tenancy, or equivalent to a one-week’s rent refund for the average tenant.

At the end of the contract the landlord has 10 days to return the deposit cash when it’s held in a deposit protection scheme, unless the despot is the subject of a dispute, which means that the disputed amount will be held within the scheme until the dispute is settled.

There is no time limit set for the return when deposits are taken in respect of lodgings (licences), for university student halls or for assured tenancies which are not assured shorthold tenancies (ASTs).

Tenant Fees Act 2019: Guidance for landlords and agents

Warning: Tenant Fees Ban commences 1st June

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Tenant Fee refunds on tenancy renewals. | LandlordZONE.

View Full Article: Tenant Fee refunds on tenancy renewals.

Stamp on 50% inheritance buy out?

admin    Uncategorized     agents

I have been left 50% of a property in a Will with the other half to my brother. We both own our own homes.

I want to buy him out and he is happy to gift my wife his half for now to get out of paying any stamp duty (this gets the property into joint names).

The post Stamp on 50% inheritance buy out? appeared first on Property118.

View Full Article: Stamp on 50% inheritance buy out?

Disrepair Claims Farmers should concern us all

admin    Uncategorized     agents

This is something I’ve been mulling over for a while, and have sounded off about in conversations, but the ongoing proliferation of housing disrepair claims farmers (and associated solicitors) has pushed me to go public with something of a rant.

The post Disrepair Claims Farmers should concern us all appeared first on Property118.

View Full Article: Disrepair Claims Farmers should concern us all

Rate watch: Five-year fix drops four basis points

admin    Uncategorized     agents

The average five-year fixed rate has fallen by four basis points, dropping from 2.83% to 2.79%, according to data collected by Moneyfacts.

Looking at the average two-year fixed rate, it has fallen for the first time since the start of July

The post Rate watch: Five-year fix drops four basis points appeared first on Property118.

View Full Article: Rate watch: Five-year fix drops four basis points

Sajid Javid and Boris listened!

admin    Uncategorized     agents

Sajid Javid and Boris have been reading Property 118 and has just announced £600 million input into 50,000 new homes in Essex and Bedfordshire. The Country has been building 150,000 annually and this additional 50,000 represents a third more based on one year!

The post Sajid Javid and Boris listened! appeared first on Property118.

View Full Article: Sajid Javid and Boris listened!

£600 million of new investment for housing

admin    Uncategorized     agents

Up to 50,000 new homes in high demand areas will be delivered through over £600 million of new investment for housing in England, the Chancellor, Sajid Javid, announced Saturday 17 August. The funding will be made available through the Housing Infrastructure Fund (HIF)

The post £600 million of new investment for housing appeared first on Property118.

View Full Article: £600 million of new investment for housing

Sajid Javid backtracks on Stamp Duty proposal

admin    Uncategorized     agents

The current Chancellor of the Exchequer Sajid Javid has backtracked on proposals mad by PM Boris Johnson in his Tory leadership campaign to make Stamp Duty payable by the seller rather than the purchaser of a property.

In an interview given to the Times newspaper Javid said: “I’m looking at various options.

The post Sajid Javid backtracks on Stamp Duty proposal appeared first on Property118.

View Full Article: Sajid Javid backtracks on Stamp Duty proposal

£200 outstanding bill on prepayment/key meters?

admin    Uncategorized     agents

I eventually managed to evict a non-paying tenant using a section 8. However, it now turns out that they left an electric and gas bill of nearly £200 outstanding before they left.

How it is possible to run up a bill like that when both meters are prepayment/key meters?

The post £200 outstanding bill on prepayment/key meters? appeared first on Property118.

View Full Article: £200 outstanding bill on prepayment/key meters?