Custodial and alternative rental deposit schemes pushing transparency

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The latest research by rental deposit replacement scheme Ome, has looked at how the growing preference for custodial deposit protection schemes is creating a more professional, safer and transparent rental sector, with the emergence of deposit alternatives also helping to drive this change.

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Mark Smith (Barrister-At-Law) Landlord tax planning strategies – Kent

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Our Hon. Legal Counsel, Mark Smith, Head of Chambers at Cotswold Barristers will be presenting an overview of several landlords tax strategies at the pin Kent Meeting property networking event Thursday 6th February 2020.

The event will be held at Village Hotel Club

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Fuel poverty- RLA Wales addresses Senedd

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A more holistic approach is needed in order to tackle the issue of fuel poverty in Wales’ private rented sector, says the RLA. The association’s policy officer in Wales Tim Thomas addressed the National Assembly for Wales’ Climate Change, Environment and Rural Affairs Committee inquiry into fuel poverty on Wednesday, calling on a more holistic approach, […]

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Rent controls, short term lets, licensing and fire safety

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In today’s politics update we look at a new report condemning rent controls, short-term lets, local licensing and the latest Grenfell Tower fire inquiry. European Think Tanks attacks rent controls  The European Policy Information Center (EPiCenter), an initiative of nine think tanks from across the European Union and free market think tank and publishing company […]

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Join the petition to regulate the ‘property education’ market

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On Monday night, I watched BBC Inside Out London which, following the tragic death of Danny Butcher who took his own life, has been investigating London based company, Property Investors.

The company tells its customers they can make
a fortune if they sign up to their training course. It’s a two-day free course
where attendees are supposedly shown how to find cheap houses for sale on
property websites and then how to work out rental income. The trainers then say
to be really successful at ‘Deal Sourcing’, attendees can pay for further
training course – which cost in excess of £10,000.

Danny, who already had some outstanding debt,
was persuaded to sign up and paid £13,000 to join Property Investors Academy.  However, after finding himself unable to make
the training work, and having been refused a full refund, Danny felt there was no
other way out.

Companies like Property Investors, run by Samuel
Leads, make guaranteed financial freedom sound easy, claiming individuals can
make between £30-£50k per month, as the undercover reporter, Abi Jaiyeola
discovered.  Whilst it can be argued that
people make their own choice to attend such courses, there is no doubt in my
mind that they exploit already vulnerable people.

In another example highlighted on the show,
Andrew Whyte explained how he had told the company he could not afford to sign
up to the Academy.  However, after been
persuaded to open his banking App, was convinced to invest his army pension to
undertake the course.  He felt pressurised into paying for the training
after being told the price would go up if he didn’t sign up that day.  He
has not had any deals or the one-to-one mentoring he was promised and is now
facing severe hardship.  He is having to pursue
the company through the small claims court for a refund.

Dianne Granville, who managed to get a refund
for her training, is currently assisting 78 other people to get refunds in
a joint class action.

A petition has been launched by Danny
Butcher’s family calling for regulation of the property training sector. You
can view and sign up HERE
. 

I must make clear, there are some very credible property educators out there
but there needs to be a way for people to clearly identify the good guys from
the rogues, as with any industry. As we know, affecting change can be a lengthy
process and requires an enormous amount of support.  So, I am currently working with Cyril Thomas
of Property Investors Bureau on what we can do NOW to start cleaning up the industry.

Here is what Cyril has to say: –

“Many of you will know that the Property Investors Bureau
will soon be launching the Property Educators Accreditation Scheme aimed at
addressing significant and devastating issues within the property
education sector. The main aim of the scheme will be to give credible
property educators a way to clearly differentiate themselves from other
property educators.

It is
important to say the Property Educators Accreditation Scheme (PEAS) has not yet
accepted any applications from property educators as the PIB team are working
hard behind the scenes with a number of respected individuals and organisations
in our industry. The PIB’s advisory board consists of leading industry figures
such as Richard Bowser of Property Investor News and Paul Shamplina of Landlord
Action. You can view all of the members of our advisory board
at https://pibuk.org/advisory-board.”

From working with the likes of the Property Investors
Bureau, and other names in the industry such as Vanessa Warwick and Kate
Faulkner, it’s clear this sector of the market needs to be addressed. The first
part of this is with the Property Education Accreditation Scheme. Members that
apply to be part of this trade body will have to be part of a redress scheme
which I’m pleased to confirm the Property Redress Scheme are already looking to
assist with.

However, my advice to anyone looking to work with a property education provider
is to do your research! First of all, look the company and the people behind
the company up on Google. Look at their financial history regarding filing
accounts and any detrimental credit reports. Then check out review sites, as
well as going on important landlord forums such as those on LandlordZone,
and also PropertyTribes
as a starter.  Also, speak to people who
have been on the courses before and get their views.

Its imperative they have a
clear refund policy, a complaints procedure and are fully transparent in terms
of costs and fees.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Join the petition to regulate the ‘property education’ market | LandlordZONE.

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Biased AIIC inventory clerks?

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So much for being impartial, unbiased and acting as a third party. The AIIC clerk who did the check out report with the tenant present noted as he carried out the inspection that items from the original inventory were missing (eg washer/dryer and bedroom furniture).

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MPs should back settled status EU citizens

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MPs should back proposals to prevent EU citizens with settled status facing severe difficulties accessing healthcare, housing, and employment a coalition of groups representing EU citizens, immigrants and landlords argue.

The House of Commons will today vote on an amendment passed in the House of Lords to the EU Withdrawal Bill that would require EU citizens to be given a physical status document to prove their right to rent property and work in the UK.

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Private landlords under pressure as new decade gets underway…

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Private Rented Sector:

As we enter a new
decade under a new Government, nothing is more certain than the
landscape in the PRS is going to change, and change dramatically.

Private landlords have been under pressure for some years now as Government policy has changed and with one legislative change after another. This does not just affect the amount of tax buy-to-let landlords have to pay, but it has introduced a whole extra administrative burden, lots of extra tasks being demanded of landlords and their agents in the process of letting.

But two factors remain hugely positive for buy-to-let: (1) there’s a massive housing shortage which means that the demand for retails remains high and is likely to do so in many locations for a long time, and (2), despite the tax rule changes buy-to-let investments still return considerably more than a bank or building society savings account. Also, many other forms of long-term investments compare less favourably that an investment in bricks and mortar.

Challenges ahead

There are now two big challenges on the horizon for private landlords, (1) the banning of section 21 and (2) the rise and rise of build-to-rent.

The Government has committed to removing the no-fault eviction process known as section 21. It was included in the Conservative Party’s manifesto and in the Queen’s Speech, but that doesn’t mean there won’t be changes when the eventual legislation comes out.

Landlords would be
concerned about letting to tenants without some certainty in a system
which allows indefinite tenancies. Would they get their property back
without too much hassle if things go wrong. The Government would be
making a terrible mistake if it created a scenario where private
landlords would rather sell-up than rent to tenants, exacerbating an
already desperate housing shortage.

The second challenge
is the rise and rise of built-to-rent. Literally, in large cities
high rise blocks of flats are going up everywhere. It’s been
government policy for some years now to encourage investment in
American style professionally managed rented blocks, many with a
hotel-style concierge services, managements on-site, and shared
amenity spaces such lounges and gyms.

This sort of development will undoubtedly eat into the traditional small-scale buy-to-let market in the major towns and cities. The Government may well be factoring in this increase in supply taking over as the traditional landlords’ portfolios are depleted. According to Savills the number of build-to-rent homes under construction and in planning has reached 150,000. However, these multi-family homes are not every tenant’s cup of tea, and they attract premium rents, so they have a limited appeal.

The small-scale
private landlord will need to meet these challenges if he or she is
to survive.

On top of these major challenges are the ongoing regulatory changes. MEES, the minimum energy efficiency standards that all lettings must achieve and the new electrical installation inspection and testing regime are of immediate concern.

As from the 1st July
this year, and 1st April next year for existing lettings, landlords
and agents will have to arrange for a suitably qualified electrician
to inspect and test electrical installations of each individual
property, every five years.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Private landlords under pressure as new decade gets underway… | LandlordZONE.

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MPs urged to prevent discrimination against EU citizens

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MPs should back proposals to prevent EU citizens with settled status facing severe difficulties accessing healthcare, housing, and employment a coalition of groups representing EU citizens, immigrants and landlords argue. The House of Commons will today vote on an amendment passed in the House of Lords to the EU Withdrawal Bill that would require EU […]

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