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.

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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

Banning Section 21 evictions will hurt tenants too, warns Shamplina

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Banning Section 21 ‘no fault’ evictions will not reform how landlords take possession of properties but instead force them to use another mechanism to tenants’ detriment, TV star and Landlord Action founder Paul Shamplina has warned.

In a joint statement with rental payments platform PayProp, Shamplina says most tenancies end because the tenant chooses to leave, not because the landlord is evicting.

“Landlords want tenants to stay in their property long term, and only serve notice as a last resort,” he says.

 “We know from our experience at Landlord Action that most Section 21 notices are issued because a tenant is in rent arrears, or because a landlord wishes to sell or move back into their property.

“In many cases, landlords could have used Section 8 for rent arrears or anti-social behaviour, but their lack of faith in the associated court process, which is undoubtedly more protracted, is why many revert to Section 21.

Change not reform

“Therefore, abolishing Section 21 will not significantly change the number of evictions, it will simply change the process, which may have knock-on consequences for the number of open court cases and the associated costs for which the tenant will be liable.”^.

He argues that the Section 8 notice and associated grounds will become the norm.

 “There are various aspects of Section 8 that need considerable revision before Section 21 can be fully abolished.

“I believe it will need to be a phased ending to allow the courts time to clear the backlog from the last two years and for all grounds to be considered and revised appropriately.

Read: The ultimate guide to the evictions process.

“For example, the route for dealing with abandonment cases must be clarified, to prevent unnecessary court cases where the tenant has clearly already left the property.

Neil Cobbold (pictured), MD of rental platform PayProp UK: “The scrapping of Section 21 is likely still some way off, with a White Paper and the legislation itself needing to make their way through both Houses to reach Royal Assent.

“It’s important to note that reforming evictions is going to cause some upheaval and there will be a significant bedding-in period.”

Read: Tom Entwistle's take on banning Section 21 evictions.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Banning Section 21 evictions will hurt tenants too, warns Shamplina | LandlordZONE.

View Full Article: Banning Section 21 evictions will hurt tenants too, warns Shamplina

Can I include management and ground rent costs in a new AST?

admin    Uncategorized     agents

My tenant’s 12-month fixed term AST ends on the 1st of November 2022. However, instead of letting it roll onto a periodic tenancy can I start a completely new AST to increase the currently low rent to include:

1/ management service charge.

View Full Article: Can I include management and ground rent costs in a new AST?

Section 21 misconceptions

admin    Uncategorized     agents

In the recent Queen’s Speech, the government reiterated its commitment to scrapping Section 21 ‘no fault’ eviction notices during the next Parliamentary session.

Paul Shamplina, star of Channel 5’s Evicted! Nightmare Tenants, founder of Landlord Action and Chief Commercial Officer at Hamilton Fraser

View Full Article: Section 21 misconceptions