Landlord says protecting tenants during portfolio sale will cost him £500,000

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Nottingham benefits landlord Mick Roberts (main picture) has made another bid to sell 40 of his properties by offering to cut the sale price by a tenth if a landlord buyer keeps his existing tenants on.

The regular LandlordZONE contributor has previously suggested paying his tenants’ deposit if they buy their home from him.

During an interview with The Telegraph newspaper, he says the average property in his portfolio is worth £130,000 so by paying their 5% deposit for each of the 40 houses it would cost him a total of £260,000 – but he’s had no takers for his offer so far.

Now he plans to take a 10% hit on the sale price if a buyer will buy the properties with the tenants in situ, a discount which could cost him more than half a million pounds.

Mick, who operates one of the largest private property portfolios in the city, blames government policies, licensing schemes and a tortuous Universal Credit system – with the latest EPC regulations being the final straw – for his decision after 25 years as a landlord housing mainly benefit claimants. 

He had hoped to slowly dismantle the portfolio by selling the properties as and when his tenants moved on, but as the supply crunch deepens, Mick’s low-income tenants are increasingly unable to move anywhere else.

Crappy landlords

He tells LandlordZONE: “I don’t want to sell my houses to some crappy landlord – I’ve got a duty of care to these tenants, some of whom have been with me for 24 years.

“Someone has offered to buy the whole lot in the past, but I wasn’t comfortable with the deal and my tenants would have been petrified to have had some armchair investor in charge, who might not do their repairs like I do and would probably put the rent up.”

However, he isn’t particularly hopeful that many landlords will take him up on the offer. Mick adds: “I’ll give it three years and if the plan doesn’t work, I’ll just have to go ahead regardless.”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Landlord says protecting tenants during portfolio sale will cost him £500,000 | LandlordZONE.

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How many BTL properties is enough?

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Why is it that so many landlords judge themselves and their peers by how many Buy-To-Let properties they own?

Given a choice between owning 1,000 flats in Northern England or Scotland, which are let to benefits tenants, or the alternative of owning the Burj Khalifa in Dubai

View Full Article: How many BTL properties is enough?

LATEST: Guidance issued for landlords with tenants hoping to take in Ukrainian refugees

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Landlords have been warned to check a property’s potential status if their tenant wants to offer Ukrainian refugees a spare room.

Updated guidance on the rules around the Homes for Ukraine scheme outlines that where a private tenant is paying rent for their accommodation, the property might be covered by additional/mandatory HMO licensing schemes in the area.

It advises: “The landlord can consider whether they are happy to approve of the arrangement, including whether this may bring them within scope of HMO licensing in their local area.

“Where accommodation could be covered by selective licensing, councils should take a pragmatic approach in recognition of the unique nature of the scheme.”

Landlord consent

Tenants offering a spare room are already advised to seek their landlord’s consent before doing so, according to the Department for Levelling Up, Housing & Communities, which adds: “Where no rent is being paid by the sponsor of the accommodation, and since no rent is payable by the guest under the scheme, we do not expect councils to require such accommodation to obtain an HMO licence, whether mandatory or additional.”

LandlordZONE has already reported that landlords have been warned about the legal pitfalls of opening up a home to Ukrainians fleeing the war, as offering anything other than a room in your own main home, such as an annex or separate property, can inadvertently create a tenancy.

There are also questions around responsibility for property maintenance, insurance and payment for utilities and council tax that need to be considered.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – LATEST: Guidance issued for landlords with tenants hoping to take in Ukrainian refugees | LandlordZONE.

View Full Article: LATEST: Guidance issued for landlords with tenants hoping to take in Ukrainian refugees

TONIGHT: How to buy in a Booming Market

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This is just a quick reminder about the live training tonight at 8pm, all about how you can compete in today’s booming market and still purchase using very little of your own money.

Generally, sellers expect to get paid top price for their property and are often getting it.

View Full Article: TONIGHT: How to buy in a Booming Market

BREAKING: Wales delays introduction of controversial Renting Homes Act

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The Welsh government has announced a five-and-a-half-month delay to the introduction of its controversial Renting Homes Act which had been due to go live on 15^th July this year.

Now postponed until 1^st December, housing minister Julie James says the delay has been announced after representations from both private and social landlords.

The act will bring in huge changes to the way landlords can evict tenants, issue tenancy contracts, and manage their properties.

This includes a  six-month notice requirement for a landlord to end a contract where the tenant is not at fault, a minimum ‘security of tenure’ of one year from the date of moving in and tighter rules on so-called retaliatory evictions and easier management of joint tenancies.

The act also ushers in a whole new terminology for landlords to grapple with including contract holder (not tenants or licencees) and occupation contracts or standard contracts (replacing ASTs).

Landlord properties must also pass the minimum fit for human habitation (FFHH) test including ensuring that electrical safety testing and ensuring working smoke alarms and carbon monoxide detectors are fitted.

Also, abandoned properties can be repossessed without needing a court order.

More time

But landlords have told James that they need more time to prepare for these changes after the long slog of Covid and the ongoing job of helping house Ukrainian refugees.

“Wholesale reform of the type that the Renting Homes (Wales) Act is bringing about happens only very rarely – perhaps once in a generation,” says James.

“I want to do all I can to ensure landlords have adequate time to make the necessary preparations to comply with the requirements of the Act.”

Frustration

The minister adds that she appreciates that this delay will be a source of ‘frustration’ to some of the government’s partners, “especially those who are anxious to see the enhanced protections for tenants the Act will deliver”, she says.

“I share those frustrations, but I recognise that preparing new occupation contracts and ensuring that properties meet the fitness standards set out in the legislation are major undertakings, particularly for those landlords responsible for a large number of properties and tenants. 

“I also accept that landlords from both private and public sectors, as well as letting agents and other stakeholders, would benefit from additional time to familiarise themselves with the various pieces of subordinate legislation – the final tranche of which are due to be made in July – before commencement.”

The Welsh government has launched a dedicated website for landlords about the new rules.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – BREAKING: Wales delays introduction of controversial Renting Homes Act | LandlordZONE.

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End tax advantages for holiday-let landlords, says lobbying group

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Generation Rent has called on the government to ditch tax relief for holiday let landlords and also give councils the power to license holiday lets and impose council tax premiums.

The pressure group is urging Ministers to incentivise landlords to let to tenants rather than tourists in its report, Understanding the Impact of Holiday Homes on the Private Rented Sector, where it explains how the sector has been fuelled by a lack of regulation, tax advantages over residential lettings and a generally favourable tax system for the property sector.

It points to the nearly 300,000 holiday homes in Great Britain – about 6% of the private rented sector – two-thirds of which are classed for tax purposes as second homes and the remainder as commercial holiday lets.

Generation Rent wants the government to withdraw mortgage interest relief from furnished holiday lets, require all holiday lets to be registered for council tax and create powers for councils to levy council tax premiums on second homes and commercial holiday lets – something the Welsh government has already done for second homes.

More power

It hopes a registration scheme, similar to the one announced earlier this year in Scotland, could be set up by giving more power to local councils.

The report adds: “One way of reducing the number of properties becoming second homes is by making it harder to buy them, so increasing the stamp duty surcharge could make an impact in England.

One way of bringing second homes back into the residential market is to make it more costly to own one. A council tax premium is one of the few ways of raising these costs, and it would more efficiently target homes that are not being lived in than the stamp duty surcharge.”

Read more: The attractions of holiday lets for landlords.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – End tax advantages for holiday-let landlords, says lobbying group | LandlordZONE.

View Full Article: End tax advantages for holiday-let landlords, says lobbying group

Help! Conservatory on Grade 2 listed building without consent – what are my options?

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What are your options if work was done on a grade 2 listed building without planning permission?

Is deemed consent assumed after 10 years?

Permitted development rights do not apply to Grade 2 Listed buildings. So what are your options if work was done without planning permission?

View Full Article: Help! Conservatory on Grade 2 listed building without consent – what are my options?

Irrelevant deposit question – Completing N5B form?

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Hi, I am trying to complete an N5B form and struggling to answer a question. At the beginning of the tenancy, I never took a deposit from the tenant so there is nothing to return and no scheme requirement.

View Full Article: Irrelevant deposit question – Completing N5B form?

There’s nothing that will stop Landlord Sales Agency from getting your property portfolios sold in just 19 days

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Last year, because interest rates were so low and many landlords were incorporating, landlords weren’t thinking of selling. This year however tells a completely different story. Mortgages have shot up following high interest rates, leaving an innumerable amount of landlords with impossibly large bills. The bottom line is: landlords need to sell. As a landlord myself, I’ve also been living and breathing this, having had to personally downsize by selling 75 properties and keeping 20 for now, but even I am considering downsizing further as I sit and watch the very likely possibility that house prices might drop by the end of the year. There’s no question: I want to sell fast and release equity fast so I can weather the storm.

It’s for precisely this reason that I set up Landlord Sales Agency – because I knew exactly what to do to relieve landlords of their problems having done it for myself, and I was confident that I had the best strategy, with a phenomenal team of experts who deliver. The results speak for themselves; Landlord Sales Agency has steadily emerged as the best company to help landlords sell, not only getting the highest possible prices for portfolios, but also in the fastest time scales. And because my own personal mantra is that there’s no problem I can’t solve, that’s trickled down to a formula 1 style team of experts who all follow the ethos of getting your properties sold for you, fast, for the highest price no matter what.

Recently we sold a buy-to-let portfolio for a client who had 68 properties in Liverpool to one single buyer who bought the whole lot. However like with many landlords who come to us, the portfolio had its challenges. We did exactly what we promised, and rapidly solved every single issue including organizing 68 surveys on all those properties. In addition the landlord didn’t have gas certificates, nor did he have EPCs. Our builders on the ground delivered, getting these for him on every property at barely any cost. It’s these kind of issues that solicitors need resolving for landlords to complete on sales, and we take all of them off your hands.

Another landlord recently gave us 14 properties all over the East Midlands and Southern England. For this client we sold all of these individually to different buyers from our private database of over 30,000 investors, who are buying single units throughout the UK, to get him the best price for the portfolio. All of these were tenanted, with issues, and we overcome every single issue to ensure we got him the best price, as fast as possible. When I say fast, I mean exactly that:

Our average time to sell a whole property portfolio in the last 12 months is just 19 days.

It doesn’t matter what the issue, we’ve dealt with it all. Even coal mines, planning issues, and anything that might raise flags, we’re experts at overcoming all red herrings that could cause deals to fall out of bed.

Whatever you can think of, we know how to overcome. If like many landlords you haven’t put the rent up for 10 years and you’re worried that won’t help you sell – we deal with this too. We’ll help write letters and communicate with your tenants, letting them know that the rents might increase, or that you’re selling. If you’re concerned your tenants might worry, we also deal with that – even helping tenants relocate so that all tenants are looked after. We go that extra mile that no other company will go. With most tenanted properties with tenants in situ, we try to sell to investors who’ll keep the tenant on, and if they can’t, we’re more than happy to pay a fee to help them move where possible out of our own fees. We even offer the tenants a contribution to the rent for up to 6 months so that the new landlord can increase the rent slowly over a year allowing the tenant to gradually get used to the new rent prices. Nothing will stop us from selling your portfolio. We’ll get the job done.

Landlords with mixed portfolios also have no need to panic. Be it HMOs, leasehold flats, normal properties, or properties scattered across the country: we have buyers for all types of properties. As the CEO of Landlord Sales Agency, I have direct access to buyers with huge funds that I know personally, and to the biggest property buying companies out there.

What about rentbacks? If you have properties in your portfolio where you’ve bought a property for half price and you’re renting it back, this is not a problem either. There’s no need to worry about what to do with the tenants. In those circumstances again we send letters out and massage those relationships to stagger a rent increase slowly with the tenant so that they can manage the rent for the new owners. We also agree to assist with any repair issues.

We’re a company that does exactly what it says on the tin, and with myself at the helm, you’ll get the full force of my passion and drive to deliver in your corner.

I’m so confident I’ll be able to solve all your problems and get your property portfolios sold fast for the highest price, I’m also offering everyone who gets in touch a personal zoom call to discuss how we can best sell your portfolios and solve all your problems. It’s as easy as that. All you have to do is get in touch.

Contact Landlord Sales Agency:

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©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – There’s nothing that will stop Landlord Sales Agency from getting your property portfolios sold in just 19 days | LandlordZONE.

View Full Article: There’s nothing that will stop Landlord Sales Agency from getting your property portfolios sold in just 19 days

Using financial profiling to understand the impact of inflation on your property portfolio

admin    Uncategorized     agents

Barely a day goes by without some new statistic about inflation being plastered across the mainstream media.

The current rate of inflation – at the time of writing – is 9% – a 40 year high, but this is set to increase further due to the Russian/Ukraine war and other issues closer to home like supply chain disruptions and the aftermath of the Covid19 pandemic.

View Full Article: Using financial profiling to understand the impact of inflation on your property portfolio