New model AST for longer fixed terms – MHCLG

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The Ministry of Housing Communities and Local Government have released a new model tenancy agreement and guidance specifically to be used for longer term tenancies of 2 or more years.

Although this does not take into account that most lenders criteria will only allow a 6 or 12 month tenancy maximum

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Property educators accreditation scheme code of practice public consultation

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The Property Educators Accreditation Scheme (PEAS) Code of Practice is now open to public consultation.

The three main objectives of PEAS are as follows:

– To help credible property investment educators differentiate themselves from less credible operators.

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LATEST: Government’s aid package for commercial landlords ‘doesn’t go far enough’

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Leading association says industry needs help from government to persuade lenders to be more flexible on debt arrangements, otherwise repossessions and job losses will follow.

The Government’s SME package
doesn’t go far enough to help safeguard the capital’s commercial landlords,
says a leading property group.

The London Property Alliance, which represents 420 of Central
London’s commercial property owners, investors and developers, has welcomed Chancellor
Rishi Sunak’s announcement that companies with a turnover of between £45m and
£500m will now be able to access a loan of up to £25m through the Coronavirus
Large Business Interruption Scheme.

But it says that while property owners provide tenants with
as much flexibility as possible to try and prevent closures and protect jobs,
they’re still severely constrained by their own debt covenants and loan
obligations. 

The group recently wrote to the
Chancellor warning that their financial stability will be at risk if banks and
lenders don’t start to show flexibility towards landlords who’ve stopped
receiving rent.

It believes lenders could seize properties if unpaid rents and falling values lead landlords to breach debt covenants. It adds that many landlords are among the 30% of SMEs which have debt that is not accredited by the British Business Bank, so will not benefit from the scheme.

Business closures

Executive director Charles Begley tells LandlordZONE that flexibility
from lenders is vital so that landlords can support tenants with rent deferrals
and holidays, helping safeguard against permanent business closures.

“Unless the Government can exert pressure on lenders – and
work with other governments and financial regulators around the world to do
likewise – the ability of the property sector to support their tenants will be
seriously restrained.” 

He adds: “We are not calling for specific legislation to tackle this issue, just unequivocal political support and a concerted effortto ensure the finance industry, which encompasses the full range of funders and lenders beyond the big banks, is explicitly advised to grant property owners the flexibility they require.”

Visit the London Property Alliance.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – LATEST: Government’s aid package for commercial landlords ‘doesn’t go far enough’ | LandlordZONE.

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Thangam Debbonaire MP named as Shadow Housing Secretary

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Thangam Debbonaire MP has been appointed as the new Shadow Housing Secretary, as part of the Labour Party cabinet reshuffle, after Sir Kier Starmer was named the new leader of the party at the weekend. Bristol West MP MP for Bristol West, Ms Debbonaire is the member of parliament for Bristol West, a seat she […]

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Development funds stuck in queue – Is CBILS funding available?

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I am in the midst of a development of a pair of semi-detached houses in South London. I am more-than half-way though the build. Labour and materials continue to find their way to site, so, the show continues. My builder and his contractors seem happy to be working.

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Landlord and lettings agency join forces in unusual #NHSHomes enteprise

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Take a recently-completed 20-unit studio apartment development, a letting agency and its landlord and the result is… free accommodation for NHS staff in London. LandlordZONE found out more about the scheme.

A landlord and a lettings agency
have got together to house frontline NHS staff rent-free in the capital for
three months.

Hemmingfords in North
London and the landlord, who wants to remain anonymous, are offering 20 newly
converted studio, one and two-bed fully furnished flats in Finsbury Park to
workers at nearby hospitals needing to isolate from their families.

Director Rose Parsons says when
it knew a lock-down was imminent a few weeks ago, the company decided it would
be difficult to rent out certain properties using only video viewings so
approached a few landlords with the charitable suggestion.

“This landlord was keen to
do it,” she tells LandlordZONE. “The flats were serviced apartments which had
only recently been refitted as long-term lets. Although it’s hard to swallow a
loss like that when you’re left with vacant properties, he wanted to do
something to help the crisis.”

The landlord is taking a big hit as the studio
flats would normally rent for £1,150 a month. He has
also promised that once the tenants move in, he will contact utility companies
and ask them to waive their bills – and if they don’t, he’ll pay them himself.

Hemmingfords, which is not
charging a fee for co-ordinating the offer, or for getting references, has had
a good response so far, with seven NHS workers either already moved in or
signed up, and another five in the pipeline.

Says Parsons: “They’re signing a three-month contract with the potential to extend if needed. We’ll look at it on a case-by-case basis for each person, as when the Government relaxes rules we’ll probably get more interest from paying tenants.”

Why do these studios matter?

One of the key reasons why free accommodation is needed for frontline NHS staff is that many desperately need to self-isolate away from their families during the crisis while they are working.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Landlord and lettings agency join forces in unusual #NHSHomes enteprise | LandlordZONE.

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Can’t rent out your property? We’ll pay you if you help the homeless, says council

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A large local authority in Cumbria is calling on landlords who own empty properties they can’t rent out during the Coronavirus crisis to open them up to the council’s guaranteed rent scheme, and help homeless people.

Private landlords in Cumbria
with empty properties are being urged to help out during the national
emergency.

Copeland Council, which covers a huge coastal swathe of Cumbria including the port of Whitehaven, has appealed for them to come forward with the incentive of paying their rent in advance as well as paying a rent deposit if they’re willing to support local residents facing homelessness.

Mayor Mike Starkie says it wants to ensure it
has every possible resource at its disposal.

“We know this is a time of immense pressure
for everyone and may lead to more accommodation being required to house
residents who have nowhere else to go,” he says.

“It is absolutely vital that everyone has a
safe place to call home, particularly whilst the social distancing measures are
in place, and we understand that relationships may break down during the added
stresses of the current pandemic, so we’re exploring every possible avenue to
keep residents healthy, safe and indoors at this time.”

A council spokeswoman tells LandlordZONE: “The appeal is to gather information on available properties should we require them. We’re looking for properties that are already currently available to let, so there should be no cost to the landlord.”

Barbara Baker, director at sales and lettings agency Homes Cumbria, who runs the local landlord Facebook group, says with the right structure in place to cover landlords it’s a good idea.

“It can benefit the landlord by providing regular income – often guaranteed – and no long voids with council tax to pay. However, on the flip side it sometimes causes issues for us and landlords as the tenants don’t always make the most of the opportunity they’ve been given and are anti-social or damage the house.”

She adds: “It’s never black and white but the hard bit is talking landlords around to the idea.”

Landlords with available properties should
contact the council’s housing team at housing.options@copeland.gov.uk or on 01946 598300.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Can’t rent out your property? We’ll pay you if you help the homeless, says council | LandlordZONE.

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After success at halls, student ‘rent strike’ campaign turns to private landlords

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A dozen universities have told halls residents they will not have to pay rent for the rest of this term as Coronavirus closes down campuses, and activists are now turning their attention to private landlords.

Students are winning significant rent concessions from universities including reductions and rent holidays, helped by a flurry of rent strikes targeted at both public and private landlords.

The campaign is broad and seeks to persuade student landlords to cancel tenants’ rents until they return to study and the crisis is over.

The campaign is being supported by a ‘Can’t Pay, Won’t Pay’ handbook (pictured) produced by www.rent-strike.org/universities which is a national collective of student housing campaigners and activists.

Some universities (see below) have agreed to cancel the third term’s rent assuming the pandemic continues, and the activists are now targeting private landlords.

The campaign says 150 students at a halls of residence run by private landlord in London have already gone on strike, while over 400 students have joined a Facebook page in Plymouth calling for a rent strike across the city’s four universities for those in private accommodation.

Rent reductions

Rent reductions or suspensions, assuming students go home, have already been won at halls of residence in Cambridge, East Anglia, Huddersfield, Keele, Leeds, Liverpool, Manchester, Nottingham, Reading, Warwick and York.

A rent strike is under way at University of London halls of residence, and students in Bristol are in dispute with a major student accommodation lettings agency over rent payments.

The ‘Can’t Pay, Won’t Pay’ campaign is backed by the National Union of Students and also the Labour Party, whose shadow housing minister John Healey (replaced yesterday by Thangam Debbonaire) last week wrote to the Housing secretary Gavin Williamson asking for both public and private landlords to stop charging tenants rent who have returned home.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – After success at halls, student ‘rent strike’ campaign turns to private landlords | LandlordZONE.

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#Coronavirus: ‘We need help with empty property costs’ says frustrated landlord

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Owner of eight properties in Cornwall says critics of ‘rich landlords’ underestimate the increased costs faced by many as Coronavirus impacts the sector.

Thousands of landlords need more help to get them
through the next few months as they struggle to support tenants and pay the
bills, a concerned landlord has told LandlordZONE.

Shaun Carter, who has eight properties in
Launceston, Cornwall, believes that despite being offered a mortgage holiday, it’s
council tax, utility bills and overdraft payments that are adding up to a big
headache for the sector.

“After a
month of a property being empty, landlords have to pay council tax which can be
a financial burden,” he says.

“And while empty properties might not be using gas or
electricity, landlords are still liable for daily charges. Utility companies
and councils should give them a break.”

Carter adds
that large numbers of landlords will be accumulating additional fees on their
overdrafts as they go over their limit.

“The public bailed the banks out [during the 2008 crisis] – it’s time that the banks did something for the sector and froze these extra charges,” he says.

Trouble stored up

Although only two of his properties are currently
empty, and so far none of his tenants have asked for a rent holiday, Carter reckons others in the sector could be
storing up trouble as they’re effectively altering tenancy contracts by
offering rent freezes or reductions.

He says: “A
lot of these agreements are verbal, but you really need it on paper too so
there’s no misunderstanding.”

Adds Carter: “I bought my houses in the 1990s
or at auction so don’t have big mortgages, but I know many who do, especially
those who might just have one property that they rent out for their retirement.
I believe if we share our stories and ideas, we can help each other out.”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – #Coronavirus: ‘We need help with empty property costs’ says frustrated landlord | LandlordZONE.

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Stay safe and stay fit – Mind, Muscles and Money

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Keep your mind and body fit. We’re all very conscious of that, and so many of us now go out of our way to include a (socially distancing) walk, run, bike ride, even yoga and a daily dose of Joe Wicks PE too.

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