Free Lockdown Learning – 5 ways the pandemic has changed possession procedures at court

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We had a very successful webinar last month on the new ‘Breathing Space’ regulations.  You can now view the recording here.

This week’s webinar is with specialist housing barrister and Deputy District judge Robert Brown.

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POLL: Extend the stamp duty holiday deadline, say two thirds of landlords

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Nearly two-thirds of landlords want Chancellor Rishi Sunak to extend or modify the current stamp duty holiday, a new poll by LandlordZONE has revealed.

We asked our landlord Twitter fans to vote on the issue last week and nearly 800 answered, of which 63% said they want the stamp duty holiday extended.

Landlords are the latest to make their feelings clear as every sector of the housing market urges Sunak to prevent a ‘cliff face’ on March 31^st when the relief is due to end.

Since early July all home buyers have been exempt from paying stamp duty on the value of a home purchase up to £500,000, significantly reducing the level of stamp duty paid for thousands of landlords and other buyers.

Second homes

The holiday does not include the 3% ‘second home’ tax still levied on anyone buying a property that is not their main residence, which is still payable.

Hopes that HM Treasury will be persuaded to amend the holiday in one way or another were raised briefly last week when a parliamentary committee met to debate the issue.

But MP and Treasury spokesperson Jesse Norman said landlords would have to wait until March 3^rd when Sunak is scheduled to reveal his ‘Covid recovery’ budget to find out.

Also, the NRLA has called on the Chancellor to scrap the 3% ‘second homes’ stamp duty where landlords invest in properties that add to the net supply of housing.

This would include new homes, converting large properties into affordable units, changing the use of a property from commercial to residential or bringing empty homes back into use.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – POLL: Extend the stamp duty holiday deadline, say two thirds of landlords | LandlordZONE.

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Are old expense receipts still valid?

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Hi, I have found some old maintenance/repair (not improvement) receipts for my BTL property which date back to 2012.

My first question is: can I use them on my next self assessment tax return or have I lost out because I can you only claim for payments made in the same financial year?

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A letter to address UC flaws to private landlords

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Hi to private housing providers, I would like to share a recent letter (via email) I sent to the UC regional partnership manager (sandra.stewart@dwp.gov.uk & elaine.livingston@dwp.gov.uk) to address some of my concerns over the flaws & issues I am encountering with the UC office &

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Rents drop in central London by 13% as Covid, Airbnb glut and student exodus bite

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Renters are capitalising on the lowest rents in the capital in more than a decade to move from Croydon to Chelsea and Kensington as rents sink by 13% in central London.

While headlines have been dominated by the ‘rural exodus’ in the sales market during the pandemic, there’s also been an opposite shift in the lettings market, reports Knight Frank, as growing numbers of canny tenants swap the outer suburbs for zone 1 living.

Its latest data reveals that 35% of new prospective tenants registering in prime central London came from outside the area between June and December 2020, up from 26% in the same period in 2019.

The average distance from the boundary of prime central London more than doubled from 1.5 miles to 3.1 miles as renters moved from areas including Wandsworth and as far away as Croydon, into Chelsea and South Kensington (pictured).

Fundamental reset

This “fundamental reset” of rental values means there’s almost never been a more affordable time to rent in central London, reports David Mumby, head of prime central London lettings, who says tenants are thinking beyond lockdown.

“People working from home like the idea of being close to central London amenities and parks,” adds Mumby (pictured). “They are taking advantage while this window of opportunity stays open; once international travel resumes it will start to close.”

Average rents fell by 13% in prime central London in the year to January – due to a glut of short-let properties alongside falling demand from overseas students and corporate tenants – which took them back to levels last seen at the end of 2009 during the global financial crisis.

Knight Frank adds that asking prices for large central London flats have fallen by more than any other property type, which may tempt investors able to see through the short-term fog of Covid-19.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Rents drop in central London by 13% as Covid, Airbnb glut and student exodus bite | LandlordZONE.

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Build-to-rent tower stands empty as borough bungles sign-off process

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Tenants expecting to move into a prestigious build-to-rent residential block that was finished last summer are still waiting for Croydon council to sign-off on building regulations.

Ten Degrees, a 44-storey tower at 101 George Street – acclaimed as the world’s tallest modular building – is still empty, despite initial assurances from developer Greystar that it would open by September or October 2020.

Future residents of the 546 sky-high apartments were sent emails explaining: “Unfortunately we have been notified that the necessary sign-off from the council has still not happened due to the council’s backlog from covid-19 and this may cause a delay in the handover. We are entirely at the mercy of the authorities.”

In January, Croydon council’s planning department confirmed it hadn’t issued a completion certificate in respect of the works.

It added: “Until such time as the works are considered complete and satisfactory in respect to Building Regulations, the development cannot be occupied without agreement…Unfortunately, I am unable to advise when this situation is likely to be resolved.”

Improvement panel

Earlier this week, Local Government Secretary Robert Jenrick set up an improvement and assurance panel to address serious failures at the council.

It follows a report that highlighted Croydon’s poor track record in managing budgets, poorly managed commercial ventures and low levels of reserves.

Meanwhile, Greystar has been paying out some compensation for the disruption and costs incurred by prospective tenants, such as storage charges, reports Inside Croydon.

However, it reports that some have given up waiting and had their deposits returned. One frustrated prospective tenant tells the website: “Obviously something has gone seriously wrong on the building regulations side of things that they are not willing to go public about, which sort of defeats the entire purpose of modular construction which is meant to be efficient.”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Build-to-rent tower stands empty as borough bungles sign-off process | LandlordZONE.

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Tenant demand for rental accommodation continues to soar…

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According to new research from Paragon Bank, almost one-third of landlords (32 per cent) reported increasing levels of tenant demand during the final three months of last year. That means demand hit the highest level for almost five years – the highest since the first quarter of 2016.

Paragon says that the level of tenant demand is up from 29 per cent over the previous quarter and well above the 25 per cent recorded in the same period a year ago, but the data showed some stark regional differences in the proportion of landlords reporting higher demand.

In something of a reversal in demand patterns, central London showed just 10 per cent of landlords reporting an increase, a figure which which compares unfavourably with a whopping 58 per cent of landlords reporting growth in the South West.

Other regions that are showing good growth in demand included the West Midlands at 48 per cent, Wales at 44 per cent and the South East at 42 per cent of landlords reporting growth.

Given the hardships people are facing with the pandemic, landlords appear to be taking the view that it’s better to have a tenant in a property than achieving the highest possible rent. The healthy levels of tenant demand are not enough to persuade most landlords to risk an increase in rents at this time; most landlords plan to keep rents at the same level for at least the next six months.

Only 15 per cent of the landlords who Paragon Bank surveyed said they would increase rents, whereas around two-thirds (64 per cent) said they would keep their rents the same, and 9 per cent said they were actually planning to decrease rents.

Richard Rowntree, Paragon Bank Managing director of mortgages told MortgageStrategy.co.uk:

“We saw a clear upturn in tenant demand in the second half of 2020 after restrictions on the housing market were lifted. The strong levels of people looking for rented property continued during the final quarter, which may be related to renters wanting to secure a new property ahead of any new lockdown restrictions, which of course came from November onwards.

“The housing market is also reporting high levels of tenancy renewals, so good quality rental property is at a premium in desirable markets. I would expect that to continue into the new year and throughout 2021,” Mr Rowntree said.

“Despite the pressures on landlords due to volatile economic conditions and rising unemployment hitting tenants’ income, confidence is strong and robust. Tenant demand is playing a key role in that,” he said.

Again, despite lockdowns, landlords entered 2021 in a largely confident mood about the year ahead, and the recent success of the roll-out of the vaccination programme just compounds that.

Paragon found that landlords are feeling more confident about their business, rental yields, and capital gains in their portfolios in the UK private rented sector, than they did 12 months ago. The only indication that landlords are somewhat concerned is in their answers in the area of the economy generally, the financial markets, which could suffer economic damage because of Covid-19 and possibly Brexit.

The overall conclusion from the Paragon study was that just over one-third (35 per cent) of landlords saw the future prospects for their lettings business as good to very good when asked during the final three months of last year. This compared to just under one-third in the previous quarter and 31 per cent during the same period in 2019.

The Paragon commissioned research was carried out by BVA – BDRC and the results based on a survey of 846 landlords between December 2020 and January 2021.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Tenant demand for rental accommodation continues to soar… | LandlordZONE.

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The best way to sell properties with awkward tenants

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You may have heard of us here at National Residential, we’re the property company who pride ourselves with our “any problem we can fix” formula. In these current times, there are a few challenges landlords may face when trying to sell their properties.

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Be careful what notes you leave for tenants – they may end up going viral on social media!

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An ‘over-bearing’ landlord has sparked disbelief on social media for enforcing draconian house rules on his four professional tenants and turning up each weekend to do admin.

One of the tenants posted his rules on Reddit, which included instructions to turn lights off when not in the room and closing the front gate behind them.

Incredulous social media posters immediately criticised the landlord for breaching government guidelines that mean landlords have to give at least 24 hours’ notice of proposed visits – but then only for repairs – and that tenants have a right to ‘quiet enjoyment’ of a property.

He was also flouting lockdown rules.

The tenant, who said he and his friends were a mix of senior project managers and GPs in their mid-20s, explained that the landlord didn’t live with them, but kept a locked room in the house and visited each Saturday to work in the living room and office.

Despite paying for their own gas and electricity, his ‘Simple House Rules’ gave orders about turning off lights and not touching the thermostat, as well as where to wear shoes.

Patronising

The tenant said: “In all honesty we just find it incredibly patronising. We’re adults and we haven’t displayed any ridiculous behaviour. But once our respective six-month tenancies end, we doubt we’d each renew as he’s overbearing.

“We worry about even going to the shared living room with a bottle of beer in case he comes around and says something.”

One Reddit poster replied: “Your landlord might want to read up on the rules about quiet enjoyment. If you pay the fuel bills it’s none of his business how often you leave the lights or heating on.”

Another added: “Time for ‘Naked Saturdays’ I reckon – see how long the Saturday visits go on for then!”

see the Reddit post in full.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Be careful what notes you leave for tenants – they may end up going viral on social media! | LandlordZONE.

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FEBRUARY FREEBIE 15-minute consultation with Caridon Landlord Solutions

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Caridon Landlord Solutions is a dedicated service provider specialising in Universal Credit and Housing Benefit advice for private landlords, letting agents and housing associations.

We understand that since the expansion of Universal Credit, some landlords have noticed a spike in rent arrears

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