RogueTenantRegister.co.uk – feasibility?

admin    Uncategorized     agents

Why has no one started a rogue tenant register? I am ready to….

I have done extensive research on the idea as a multi landlord myself, and the only possible problem I come across is adding a tenant to such a register without a conviction may be legally questionable.

View Full Article: RogueTenantRegister.co.uk – feasibility?

EPC upgrades are landlords’ biggest challenge not rental reforms, trade body chief tells podcast

admin    Uncategorized     agents

Landlords should be worrying more about the upcoming energy efficiency targets than proposed rental reforms, the National Residential Landlords Association chief executive has warned.

Speaking on a Hamilton Fraser property podcast, Ben Beadle said the impact of paying for retrofit work as well as having to temporarily re-house tenants, or not being able to do the necessary work, could be hugely significant for both individuals and the sector.

The government has proposed that private rented properties will need to meet EPC band C for new tenancies by 2025 and for existing tenancies by 2028, with a cap of £10,000.

However, Beadle said that as most landlords’ annual net income was £4,500, it would mean giving up two years’ worth of revenue. “Landlords are willing to play their part, but the £10,000 cap is too high. There also has to be recognition that for a 1900 Victorian terraced house, sticking in a heat pump may not be the most elegant solution.”

Significant factor

He added that while landlords would adapt to changes in the Renters Reform Bill, the new energy rules could prove to be a very significant factor in their decision whether to remain in the market, and the government – inadvertently or deliberately – reducing supply of the PRS.

“If you need to do retrofit around a tenant, landlords will be availing of Section 21 before it’s phased out with one eye on that, as retrofitting with people in situ is a monumental pain in the bum,” said Beadle, who added that it wasn’t certain what would happen if a landlord couldn’t make the necessary changes.

“Are you prevented from letting the property out? If you evict the tenant, no investor landlord will want to buy it if they know they can’t rent it out.”

Beadle said any replacement for the Green Homes Grant needed to be locally focused. “A national list of registers doesn’t work well; a new grant scheme could operate on a local basis, perhaps through the local authority where a landlord could get their own estimates.”

Listen to the podcast during which Beadle is joined by Hamilton Fraser CEO Eddie Hooker and Landlord Action’s Paul Shamplina.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – EPC upgrades are landlords’ biggest challenge not rental reforms, trade body chief tells podcast | LandlordZONE.

View Full Article: EPC upgrades are landlords’ biggest challenge not rental reforms, trade body chief tells podcast

Troubling case highlights why landlords should be wary of sub-letting tenants

admin    Uncategorized     agents

A sub-letting tenant who housed vulnerable immigrants in an unsafe, unlicensed HMO has been hit with two Rent Repayment Orders totalling nearly £15,000.

Sonia Nascimento, a cleaner from Portugal who claimed to speak no English, paid her landlord £2,050 per month then went to Brazil, leaving her son to find tenants and pay the rent on the property in St Paul’s Avenue, Willesden.

Mayara Cacciatore, who is Brazilian, moved in during November 2018, lived with her husband and new baby and was given £40 off the £203 a week rent to clean.

Germano Poli, an Italian, and his wife moved in during August 2020, paying £183 per week. Four couples lived in each of the HMO’s rooms, sharing a kitchen, bathroom and single toilet.

A First Tier Property Tribunal heard from Mr Poli that the lock on the front door was broken and how he had bought his own oven, which he kept in the kitchen.

Read more: How landlords can protect themselves from sub-letting scams.

Ms Cacciatore described how tenants had to fix problems themselves; when the shower head broke, she mended it with a plastic bag and when the boiler broke down she met ‘Ephraim’, the landlord, who was surprised that Nascimento was letting out the rooms.

During an inspection, Brent Council found the tenants were not given tenancy agreements, their deposits weren’t paid into a rent deposit scheme, they had not been given the How to Rent checklist, Energy Performance Certificate, or gas safety certificate.

There were also no smoke alarms in any of the bedrooms, no fire blanket and inadequate handrails/bannisters. Nascimento admitted five housing offences and was fined £800 for each one at an earlier court hearing.

The tribunal ordered her to pay Mr Poli, £4,392 and Ms Cacciatore, £10,556 at the hearing, which employed three translators. The judge said: “This application has highlighted the difficulties in bringing applications for RROs, faced by vulnerable tenants who do not have English as their first language.”

Read the Tribunal report in full.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Troubling case highlights why landlords should be wary of sub-letting tenants | LandlordZONE.

View Full Article: Troubling case highlights why landlords should be wary of sub-letting tenants

Thousands of landlords affected by sale of struggling digital lettings agency

admin    Uncategorized     agents

Thousands of landlords whose properties are managed by a leading online letting platform are to see their property management firm change hands after Howsy revealed it is to be acquired by a major high street lettings agency.

Launched in 2016 originally as No Agent but later changing to Howsy, the platform proved popular with landlords seeking a fixed-price property management fee.

It raised millions from investors of all sizes including, most recently, £800,000 raised last year and £1.4 million in government funding the year before.

But the company’s push to break even and make a profit was based, many commentators have claimed, on economies of scale that were hard to achieve and consequently, it recently turned to investor loans to keep on track. Nevertheless, most recently it announced it had achieved over 7,000 properties under management.

Howsy will continue as a going concern under its new owner with all employees retained. The purchase will be approved within two weeks.

30p a share

Shareholders, from small crowdfunders to large institutional investors, will be the main losers in the deal which will see them receive ‘at most’ 30p per share.

In a letter to shareholders sent yesterday, founder and CEO Calum Brennan has thanked them for their ‘support and belief in our mission’.

“But I am writing to you today to inform you that Howsy, its directors and its majority shareholders have agreed for the group to be acquired by a leading estate agency chain,” he says.

“This has not been an easy process or decision, but the Board believes that this acquisition is in the best interest of the business as a whole.

“This acquisition became the number one route for the board to pursue due to the speed at which the buyer could move.”

Letting agency figure Asaf Navot, founder of HomeMade, says: “Howsy tried to make a difference in an industry requiring a modern approach for customers.

“Our thoughts are with the customers and staff affected by it and we’re here to support anyone impacted by the latest news.”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Thousands of landlords affected by sale of struggling digital lettings agency | LandlordZONE.

View Full Article: Thousands of landlords affected by sale of struggling digital lettings agency

NRLA slams Ministers for ‘lazy’ belief that ‘tycoon’ landlords can afford cladding costs

admin    Uncategorized     agents

The National Residential Landlords Association (NRLA) has slammed the government for making “lazy and false assumptions” about individual landlords being property tycoons when addressing the cladding scandal.

It follows comments made by Housing Secretary Michael Gove who told the Levelling Up, Housing and Communities Select Committee that he did not want to support those who already had “significant means” to pay for remedial action themselves.

He reiterated that private landlords who rent out more than one leasehold property will not be covered by the government’s commitment that no leaseholder should have to pay to replace dangerous cladding. However, Gove admitted the government’s plans are not perfect.

His comments mean that while multi-millionaires owning and living in a single luxury penthouse would be covered by the government’s plans, landlords renting out more than one property for a pension would not be, according to the NRLA.

It says that, according to the government’s own data, 94% of private landlords rent property as an individual, with 44% becoming a landlord to contribute to their pension.

NRLA chief executive Ben Beadle believes Michael Gove’s previous comments about ending the scandal of leaseholders paying to remove dangerous cladding now ring hollow. “This is not about who does and does not have the means to pay,” says Beadle.

Fairness

“It is about fairness. No leaseholder, irrespective of how many properties they own, should be expected to foot the bill for dangerous and illegal cladding installed by someone else.”

He adds: “The government needs to wake up to an injustice of its own making and make amends now.”

Conservative Peer Lord Naseby has tabled an amendment to the Building Safety Bill to ensure that all leaseholders are treated equally, irrespective of how many properties they own.

In addition, a parliamentary motion tabled by Conservative MP Sir Peter Bottomley, which calls for buy-to-let landlords and owner-occupier leaseholders to be treated the same, has secured cross-party support including from Labour, Liberal Democrat and Green MPs.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – NRLA slams Ministers for ‘lazy’ belief that ‘tycoon’ landlords can afford cladding costs | LandlordZONE.

View Full Article: NRLA slams Ministers for ‘lazy’ belief that ‘tycoon’ landlords can afford cladding costs

Only 54% of non-portfolio landlords aware of EPC requirements for 2025

admin    Uncategorized     agents

Buy to let portfolio landlords are more likely to be aware of the government’s proposed EPC requirements than non-portfolio landlords, according to new research by Landbay.

From 2025, all rental properties with new tenancies must have an EPC rating of at least C and for existing tenants

View Full Article: Only 54% of non-portfolio landlords aware of EPC requirements for 2025

Property market supply falls by 21%

admin    Uncategorized     agents

The number of properties listed with estate agents has fallen by an average of 21% in the last year.

In January 2021, estate agents across England and Wales had an average of 33 properties on their books. This included both available properties and those sold subject to contract.

View Full Article: Property market supply falls by 21%

SDLT on Private Purchase of two properties to be combined to one?

admin    Uncategorized     agents

We have a portfolio of properties rented out and are buying 2 attached cottages to make 1 private residence (the cottages are on separate deeds being purchased from the same seller). We are selling our main residence to fund the purchase.

View Full Article: SDLT on Private Purchase of two properties to be combined to one?

LandlordZONE parent firm Hamilton Fraser acquired by insurance intermediary giant

admin    Uncategorized     agents

Hamilton Fraser, the parent company of LandlordZONE, has been acquired by the UK’s largest independent insurance intermediary group Global Risk Partners (GRP).

The deal, which is for an undisclosed sum, is subject to regulatory approval by the CMA.

Borehamwood-based Hamilton Fraser, as well as being a leading supplier of insurance products and services to landlords and letting agents, operates three of the UK’s government-approved private rented sector schemes.

These are myDeposits, the Property Redress Scheme and Client Money Protect as well as leading evictions firm Landlord Action.

All of the group’s staff will move over to become GRP employees as will its senior team including CEO Eddie Hooker, who founded Hamilton Fraser in 1996 with Simon Fox and David Jacobs and remains a significant shareholder.

Digital future

“Hamilton Fraser is joining forces with a like-minded business in GRP, which like us has seen the future of insurance and realised it will become increasingly digital which is particularly true within the property sector,” says Hooker (pictured).

“I’m confident they are the best custodians for our business, our people and our loyal clients as we embark on the next exciting stage of our development.”

Stephen Ross, GRP’s head of M&A, who says he was impressed with the “sheer quality of the Hamilton Fraser business, which has an outstanding track record of success in its chosen niches and is a superb fit for GRP”.

“Hamilton Fraser is a high-class brokerage with a strong commitment to digital innovation and customer-centricity, built on a deep understanding of the specialist markets in which they operate.”

Hamilton Fraser will continue to trade under its existing brands and will sit within GRP’s high-growth digital division headed by Steve Anson, its COO.

GRP is one of the largest independent insurance intermediaries in the UK and itself was acquired via a majority shareholding by global private investment firm Searchlight Capital Partners in 2020.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – LandlordZONE parent firm Hamilton Fraser acquired by insurance intermediary giant | LandlordZONE.

View Full Article: LandlordZONE parent firm Hamilton Fraser acquired by insurance intermediary giant

The Last Chance To Get Your Deal Funded

admin    Uncategorized     agents

Have you got a property project that requires funding?

Are you looking for a business partner or an Angel Investor to make that deal happen?

Here is your last chance to apply to Property Elevator to get just that.

View Full Article: The Last Chance To Get Your Deal Funded