Bank Base Rate increased to 0.25%

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It has started: The Bank of England Monetary Policy Committee (MPC) voted by a majority of 8-1 to increase Bank Rate by 0.15% to 0.25%. They did however vote to maintain Quantitative Easing (QE) at the current levels and not take any liquidity out of the market.

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Selling up? We’ve got buyers who’ll pay best price for your portfolio

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The recent regulatory and tax changes for landlords across the UK are hitting the sector hard and it’s why so many LandlordZONE readers are reaching out to Landlord Sales Agency to sell.
We are a specialist company who have mastered the most efficient ways to solve the problems landlords encounter when selling rental property, with the least cost and disruption.
No matter whether it’s a rental property in need of refurbishment, a private let, an HMO or whether it’s a whole portfolio, Landlord Sales Agency are the industry leaders at helping you get the highest price with the least stress. We are:

• FASTER than anyone else at selling buy-to-lets (7 to 28 days)
• THE BEST at getting the highest price possible for your rentals and portfolios.
• FAMED for our database of over 30,000 private buyers ready to buy no matter what the condition.
• CAREFUL to offer the most efficient covid guidelines to ensure that restrictions don’t hold up your sale.
• OWNED by portfolio exit specialist and co-founder of the NAPB, David Coughlin, who ensures he’s personally involved in every case to make sure they deliver for you.

Why now?

The market is high. Sky high. But the window of opportunity is closing, and we’re unlikely to get prices like this again for another seven years.
Over the last decade a huge proportion of landlords have been enjoying rental yields from portfolios and HMOs they’ve built up over the years.
But if the eviction bans, increased taxes, and constantly changing regulations have taught us anything, it’s that we’re finally at the crossroads where many landlords want to take a big cash sum and retire without the hassle of managing a large portfolio, letting agency or complex accounting.
If you’ve been waiting for the right opportunity then that time has come, and with just weeks to go until the end of the year, the time to take action is now.

If you’re looking to sell and cash in while the market is high, and before house prices drop again, there’s no better company to do it for you.

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©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Selling up? We’ve got buyers who’ll pay best price for your portfolio | LandlordZONE.

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Plans for basement with separate dwelling stalled?

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I own two mortgage leasehold titles in a house that is split into two flats – A and B. I also own the freehold title which doesn’t have a mortgage, which I am looking to transfer into a company structure.

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The PERFECT Property Investment Strategy For 2022

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I’m going door to door to let you know the PERFECT property investment strategy for 2022.

At Christmas, you tell the truth, and the truth is the market is changing in the new year.

What would you say if I rocked up on your doorstep?

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REVEALED: ‘Lifetime deposit’ options being considered by Ministers

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A property industry trade organisation has outlined how lifetime deposits might work, ahead of the publication of the Renters’ Reform Bill next year.

Propertymark believes that these should be known as a tenancy deposit passport rather than a lifetime tenancy deposit – otherwise it implies that the tenant will spend their whole life renting.

It has come up with suggestions in The Future of Renting position paper which also includes proposals on energy efficiency targets and digitalising possession claims.

It says tenant deposit passporting should include a range of options such as a tenant guarantee bridging loan or insurance policy via a tenancy deposit scheme, deposit builder ISA, and encouraging employers to offer a deposit loan scheme.

With a tenant guarantee arrangement, once a tenant has paid a full deposit and they move on and rent another property, the deposit protection scheme retains the money, any deductions are made, and the remaining money is held by the scheme for the next tenancy.

The tenant buys an insurance policy or gets a bridging loan from the scheme which is used to claim against any deductions.

Alternatively, a government-protected savings pot could be made available to renters using a deposit builder ISA.

Applicants would be able to demonstrate that the funds were in the account at the start of the tenancy and the account could be associated with a tenancy deposit scheme to resolve disputes. Tenants would also be able to save in this account, eventually using the funds for a deposit to buy their own home.

Work loans

According to Propertymark, the government should be doing more to encourage employers to offer staff an interest-free loan to pay for their deposit.

It says that with a deposit loan scheme, companies and organisations would be provided with guidance on how to package financial wellbeing benefits and information to employees in a more helpful way. Repayments could be made in instalments via deductions from a tenant’s monthly salary.

It also believes there could be wider use of deposit bond schemes – a written agreement between a local authority, the landlord or letting agent and the incoming tenant.

Hotly awaited

“The update from the government in respect of ‘lifetime deposits’ is hotly awaited by landlords, tenants and agents alike,” says CEO Eddie Hooker (pictured) of Hamilton Fraser. 

“In reality, the solution may well be an amalgamation of all the ideas discussed in the Propertymark report.  But probably more important is the requirement to improve the current deposit regime, making deposit protection more transparent, easier to administer and quicker to release deposits.”

Read the report in full.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – REVEALED: ‘Lifetime deposit’ options being considered by Ministers | LandlordZONE.

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Who’s liable if my tax isn’t right?

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Many landlords submit their self-assessment tax returns either via software or their accountant but one of the questions that we’re frequently asked is ”who’s to blame if my tax is wrong?”.

We’re not saying that people are deliberately misinforming HMRC of their tax position (unfortunately some people do) but mistakes can happen.

And a tax enquiry by HMRC, however unlikely, can be a costly exercise if your tax return is incorrect.

But who is liable if there is a mistake or mis-calculation?

Not to sound too sarcastic, the short answer is in the name – you are required to ‘self-assess’ your tax liability.

If you have submitted your return through an accountant, or with software, it’s likely that you have had to sign something, or tick a box to confirm that the information in your tax return is true and honest to the best of your ability and knowledge.

This might seem like just a hoop to jump through to submit your return, but really it’s confirming that you take full responsibility for the information you are about to share with HMRC.

But what if my accountant makes a mistake?

This is a tricky one – and we are in no way lawyers or legal experts. Accountants are usually thorough and careful with any of your financial data, providing that they have been given all of the appropriate and correct information.
Most practices will offer some sort of Tax Investigation insurance to cover the cost for their time – whether this will cover the cost of any miscalculated tax will depend on the policy taken out.

This also highlights the need to check and review the calculation sent to you by your accountant – never just assume that it’s correct.

What about software?

The thing about software is that it’s just a very clever calculator, with several convenient features to make your life easier (have you seen our new snap and store feature?) so the accuracy of that calculation again relies on the correct input from you, the taxpayer.

The good thing about APARI software is that we do everything possible to ensure that you do input the correct information – from our helpful In-Software reminders, to our FAQs and community blog, we aim to offer as much information as possible to our users so that they can get the most accurate tax calculation as possible.

But (and I know, we’re repeating ourselves) it is still your responsibility to check that the information you are submitting is correct (remember standard and premium APARI users do have access to support from an APARI tax nerd if they feel that they do need some help).

And we have now released a product designed to make calculating and submitting your tax return even easier. Check out our new Simple Self-Assessment here.

What if I make an error on my tax return?

People make mistakes for a number of reasons, so don’t panic. If you realise that you have made an error on your tax return, then inform HMRC as soon as possible by resubmitting your tax return.
If the new calculation incurs a higher tax liability than the original submission, then you should also pay the balance outstanding – you many be issued an interest charge on the outstanding amount

So the moral of the story? CHECK YOUR TAX RETURN FIGURES.

Because no matter your choice of submission route, or level of liability, you are the person responsible for your tax submission being correct.

Did you watch the APARI & LandlordZone Webinar? Don’t worry if you missed it – you can watch the webinar in full, and read all of our answers to your questions here!

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Who’s liable if my tax isn’t right? | LandlordZONE.

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ANOTHER council expands HMO licensing despite opposition from landlords

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Sandwell Council in the West Midlands is the latest to introduce an Additional Licensing scheme for HMO properties, one of several to be announced in recent weeks across England.

Its cabinet is due to rubber-stamp the proposals following a 12-week consultation, which will see all HMOs within West Bromwich town centre and beyond to be licenced, rather than just large ones housing five or more people.

Under the proposals, which will see the scheme go live in April, landlords of all HMOs regardless of how many people are living there will need to apply for a licence at a cost of £850 for a five-year period. This will not be the most expensive scheme – Lambeth in London recently introduced a similar scheme with fees of up to £2,024 per property.

It is expected that councillors will today vote through the licensing plans which – following feedback from landlords, tenants, residents, businesses and local and national campaign groups – was supported by three-quarters of those canvassed.

However among the approximately 600 people canvassed, 61% of landlords disagreed with the scheme, half thought it would have a negative impact and 80% said the proposed fees are unreasonable.

The council claims that, although there are ‘numerous high-quality landlords within the borough… some do not provide adequate accommodation or management of their properties’.

Poorly managed

Councillor Zahoor Ahmed, Sandwell’s cabinet member for housing, says: “We want to improve housing conditions and make sure that landlords are providing good quality and safe HMOs, so that tenants are protected.

“While we know that many already do this, there are still too many properties that are poorly managed and are in unsafe and unsatisfactory conditions.

“A new approach is needed and we believe that the Additional Licensing Scheme will improve the condition of properties, support good landlords and remove rogue landlords from operating.”

But not all agree with this approach – as Rightmove’s legal director recently said at an industry conference that there was little evidence that licensing improved housing stock or landlord behaviour.

“All they have done is divert resources in local authorities who are already cash strapped and overburdened with regulatory administration,” he said.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – ANOTHER council expands HMO licensing despite opposition from landlords | LandlordZONE.

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HM Land Registry October house Price Index

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The HM Land Registry House Price Index released today for October is indicating the average price of a property in the UK is now £268,349 up 10.2% from last year. Month-on-month October saw prices actual fall 1.1%. However, the monthly index figure compared to baseline January 2015 of 100 for the UK was 140.7.

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The Commercial property net-zero deadline may be closer than you think

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There’s likely to be a regional offices ‘re-fit race’ if some local authority civic leaders get their way.

According to Jeff Pearey, head of regional office agency at JLL, over 300 local authorities have declared a climate emergency. Of these he says, many are now setting targets which are far more ambitious than the Government’s own, to make their cities net-zero ahead of the Government’s target of 2050.

Birmingham, Bristol and Cardiff by 2030, and Manchester and Leeds by 2038, these city authorites have variously intimated that they are aiming to achieve the Government’s target of net zero in the next decade.

The UK itself, strengthened by its COP26 resolve, is among the first advanced economies in the G7 to commit to the ambitious target of becoming net-zero by 2050. But these city civic leaders are aiming to get there much sooner, which has serious implications for property owners in these locations.

It’s a daunting task ahead

The task ahead, if these targets are to be met, is daunting:

“It’s not an exaggeration to say that significant action is needed now to ensure these targets have any hope of being achieved.

“Buildings account for 40% of total carbon emissions on average, but this figure is much greater within our major regional urban centres,” says Mr Pearey.

A key battleground in the war against emissions will be the built environment with Manchester at 69%, Birmingham 68% and Glasgow 66%. It’s only Bristol, at 45%, that’s closer to the benchmark Mr Pearey says, writing for The Daily Telegraph.

Offices a key target

Office buildings are a key target to get emissions down, the JLL analysis shows. There’s patently a “huge task” ahead for councils, investors, and developers.

JLL looked at the energy performance of commercial buildings in eight key regional markets (Thames Valley, Bristol, Cardiff, Birmingham, Manchester, Leeds, Glasgow and Edinburgh), which included included the Energy Performance Certificate (EPC) rating of these buildings.

Currently there is a proposal and consultation by Government that EPC ratings for commercial office buildings should reach a minimum standard of ‘B’ by 2030. But currently according to the JLL study, 90% of office buildings fall well short of this rating which means there are millions of square feet of space needing major refurbishment to reach a satisfactory level of energy usage and sustainability.

There is currently much work in train already, refurbishing and in many cases repurposing buildings, but to meet the targets it will mean that around 5% of the available space will need to be upgraded every single year from now to those deadline dates. It will mean a doubling of the amount of redevelopment and refurbishment work achieved over the last decade and a considerable hike in development costs for owners.

Private / public partnerships needed

Mr Pearey suggested that local authorities need to work in partnership with owners, establishing formal partnerships to tackle older stock and develop action plans with investors to identify opportunities to reduce energy intensity.

Councils he suggests can “act as a locus for knowledge sharing and best practice across local investor communities.” especially when properties might be owned by smaller commercial landlords without the resources behind them that would be expected of larger REITs or multi-city players.

Will require substantial investment

As Jeff Pearey says, and this goes for all commercial landlords, and private buy-to-let landlords with residential stock as well:

“Ultimately, property investors will have to stick their hands in their pockets to upgrade stock. Occupier demand and regulatory pressure will act as a stick, but the scale of the task our research identifies suggests that the cooperation of local councils will be needed too – and they can provide the carrot.”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – The Commercial property net-zero deadline may be closer than you think | LandlordZONE.

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City’s HMO plans will ‘price students out of market’ warns leading landlord

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Tough new plans for Leicester’s PRS risk ghettoising neighbourhoods and pricing poorer students out of the market, says a leading student lets firm.

Leicester Council recently announced proposals for an Article 4 direction to cover more parts of the city to prevent more HMOs being created and is also consulting on licensing scheme options – and both look likely to take effect next year.

CEO of local student landlord and letting agency Sulets, Irving Hill (main pic, inset), believes that if they get the go-ahead the city will end up like Nottingham where it’s hugely difficult to find student lets.

“Students like living in traditional HMO accommodation and a recent Unipol study showed that purpose-built accommodation is 40% more expensive,” he tells LandlordZONE.

“If the council stops more houses being converted into HMOs by using the Article 4 directive it will have a direct impact on students, restricting choice and driving up the price so that poorer ones are priced out and won’t have anywhere to live.”

Fees hike

The council is considering charging £1,000 for a five-year licence for smaller HMO landlords in certain areas of Leicester – much higher than the average fee of £708, according to Kamma data.

Hill says that being forced to pay the licence fee will force even more landlords out and shrink the pool of available properties, particularly the smaller ones.

Says Hill: “Restricting new entrants is also a bad idea as it’s already really difficult to get approval to convert properties into HMOs.”

He adds: “Councils know they need students but they don’t want them in residential areas because some people complain about them, so they’d prefer them to go into purpose-built accommodation – that’s why these blocks are going up so quickly. However, this just ghettoises areas.”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – City’s HMO plans will ‘price students out of market’ warns leading landlord | LandlordZONE.

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