Protect Your Wealth In Property In 2021

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In turbulent times it’s more important than ever for property investors to protect their property wealth through effective tax planning.

For this, an understanding of smart property company structures is essential to mitigate inheritance tax and provision for the next generation.

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Landlords holding back on rent increases during Covid, poll reveals

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Landlords are continuing to support hard-pushed tenants during the pandemic by not raising rents, but won’t be able to maintain their efforts without more Government help, letting agents have warned.

ARLA Propertymark’s latest survey finds the number of renters experiencing rent increases fell by almost a fifth year-on-year in September; 40% of agents witnessed landlords increasing rent compared with 48% in August – 18% lower than in September 2019, when the figure stood at 58%. 

President Angela Davey (left) says that as we head towards winter and further uncertainty due to increasing lock down measures, it’s vital that tenancies are maintained.

“To this end, with the furlough scheme finishing in October, Westminster must follow the Scottish and Welsh authorities in providing a package of support to tenants to keep the rent flowing,” says Davey.

“This is absolutely vital in keeping people with Covid-related arrears in their homes and ensuring that landlords continue to have funds to make mortgage payments.” 

Fewer tenants

ARLA’s Private Rented Sector report also found that the number of new prospective tenants fell in September, the first time since the housing market reopened in May.

The average letting agent branch registered 82 new tenants – a drop from 101 in August and the lowest figure recorded since February. The number of rental properties available per branch fell from 208 in August to 193 in September – the same number seen in September 2019.

The number of landlords selling their buy-to-let properties rose from four per branch in August, to five in September. Year-on-year this is the highest figure since 2015 for September.

Read more about rent increases.
ADVICE: How to legally increase the rent.

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Leicester first council to offer direct financial Covid assistance to landlords

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Landlords and tenants are to be helped during Covid by a ground-breaking scheme launched today by Leicester City Council, an initiative that other councils around the UK will be watching with interest.

The council wants to help prevent evictions and, in the absence of a direct financial support scheme in England for either tenants or landlords during Covid from government, will offer to help landlords financially.

The council’s new service is designed to support landlords where their tenants are not fulfilling their legal obligations, or where financial difficulties have developed.

Examples include mediation and negotiation between tenants and landlords, facilitating payments to sustain tenancies in certain cases, or arranging for discretionary payments to solve affordability problems. The team also has strong links with universal credit and housing benefit services.

“It will focus on preventing homelessness by helping tenants who are renting privately to sustain their tenancies, making sure that landlords can rest assured on matters of income,” the council says.

The Leicester scheme is unusual because it is being offered to all PRS tenants and landlords across the city and not just those with direct links to the council.

“The council may be the biggest landlord in the city, but many of our most vulnerable residents rent from private landlords,” says Assistant city mayor for housing Elly Cutkelvin.

“We recognise that this sector has a very big part to play in meeting the needs of some of those who are most in need of a housing solution.”

“We rely on the support of responsible private landlords to help us provide homes, so it’s vital that we grow and maintain good relationships with landlords, as part of an overall housing strategy that also includes building more council homes.”

Local landlords interested in getting help should email landlordadvice@leicester.gov.uk in the first instance.

Read more stories about the Leicester private rental market.
ADVICE: How to manage property maintenance during Covid.

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You take the risk and I will take the tenant!

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I am constantly being approached by various Local Authorities to house single homeless people, something I am only too willing to do with certain conditions.

In summary, my reply demands a guarantor, for both rent and damage without limit

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I am a Landlord myself – Break clause?

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I served a notice on 16th October to terminate my tenancy, according to a 2-months break clause in my contract, expecting to pay only 2 month’s rent till I vacate the property on 15th December.

However, the letting agent has got back to me saying the break clause falls within the statuary law which means the notice must be served in line with the rent due date (1st of each month).

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5.8% annual house price growth at 5 year high

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The Nationwide House Price index just released for October is showing annual house price growth rising to 5.8%, the highest rate since January 2015.

House prices on a month-on-month basis, after taking account of seasonal factors are up 0.8%.

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WHAT A DIFFERENCE A YEAR MAKES! Lovelle benefits from franchisor investment and creates three new franchised sales offices

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Less than a year after Newton Fallowell acquired the Lovelle brand, MD David Spackman has announced that the predominantly sales-oriented brand, which is based in Lincolnshire and East Yorkshire, has benefitted from considerable investment and resources, with three corporate sales offices being bought and franchised by former staff members.

“This is a very positive news story for Lovelle and I am so proud of what everyone has achieved,” says David. “When Newton Fallowell agreed the acquisition of 18 Lovelle branches last December, six of those offices were corporately owned. As we are part of the wider Belvoir Group, we have been able to introduce considerable investment into Lovelle this year, including a stunning new rebrand, investment in a new website and working with offices to streamline systems and procedures to help improve the client experience.

“We knew at the time of the acquisition that some Lovelle staff members had expressed an interest in taking on the six corporate owned offices, and I am delighted to confirm that we have honoured these aspirations. The Lovelle Skegness, Hessle and Grimsby sales offices have now been franchised to existing staff, which is always hugely beneficial as they understand the business and the clients and are totally committed to growing and developing their investment. Interestingly, the Lovelle Hessle office was taken on by Sophie Witter, who had enjoyed working for Lovelle in the past until her family moved to Essex. On her return to the area I offered her a job, and eight weeks later she became a franchisee!

“In addition, the Horncastle office has been taken on and rebranded by the owners of our Newton Fallowell Boston and Spilsby offices, whilst retaining all team members. Discussions are currently underway to franchise the remaining two corporate offices to staff members and we will make a further announcement about this when those transitions have completed.

“There is no doubt that the Covid pandemic has resulted in a challenging year for so many businesses, but I am delighted that Lovelle has come through lockdown stronger than ever and I would like to pay tribute to all the people who work there. Everyone has been amazing, and incredibly supportive of all of the new investments and initiatives that have been introduced.

“This success story has all been made possible because we are part of the wider Belvoir Group and we are able to access the fantastic marketing, accounting, auditing and acquisition teams who work so hard to ensure the success of the business. The enthusiasm and willingness of new franchisees to commit to taking on former corporate offices is testimony to their appreciation of what Belvoir offers, and I am confident that the future of Lovelle as a franchise business is very bright.”

Belvoir CEO Dorian Gonsalves says: “I am very pleased that we have been able to make this happen, as it is always very worthwhile when former staff members decide to buy into a business that they are already working in. I wish all of the new Lovelle franchisees every success as they continue to operate these businesses, whilst developing a stake in their own future. Belvoir is actively looking for further opportunities to acquire reputable regional estate agencies where there may be managers who are considering owning and operating their own business.”

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©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – WHAT A DIFFERENCE A YEAR MAKES! Lovelle benefits from franchisor investment and creates three new franchised sales offices | LandlordZONE.

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