Glasgow: A warning to all landlords in the UK?

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Landlords around the UK have been warning for years that with growing numbers leaving the private rental sector, tenants will increasingly struggle to find somewhere to live and, it seems, that this has now come to pass.

Two stories from Glasgow this week highlight what can happen when rented accommodation becomes scarce –

View Full Article: Glasgow: A warning to all landlords in the UK?

Landlord banned from letting properties in England for five years

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A rogue portfolio landlord has been banned from letting properties for five years after she admitted multiple offences relating to fire safety issues.

Naomi Knapp, a landlord with 34 properties in Bristol, was convicted of eight banning order offences and will now be added to the government’s rogue landlord database.

Following a case brought by Bristol Council’s private housing team, a First Tier Property Tribunal made the decision to ban Knapp after it heard about missing or inadequately installed fire doors and damaged and poorly maintained walls and ceilings. Fixtures and fittings in the communal areas of the properties were also damaged and badly maintained.

The landlord has a long history of non-compliance, according to the council, which has previously worked informally with Knapp before it decided to take action in April 2021 at Bristol Magistrates Court over three poorly managed HMOs.

Severe sentence

The tribunal was satisfied that a £22,000 fine for her offences was a suitably severe sentence, and highlighted Knapp’s lack of understanding of the legal requirements. It added that her failure to follow up on her proposals to make improvements demonstrated her unwillingness to change conditions for the better.

Councillor Tom Renhard (pictured), cabinet member for housing delivery and homes, says: “Any tenant who rents from Ms Knapp does not need to do anything at this point – the banning order does not change a renter’s legal rights and does not necessarily mean they will need to leave their properties. However, if they are concerned about their rights they should contact the council or Citizen’s Advice Bureau for support.”

Bristol has now successfully applied to ban three landlords.

View Full Article: Landlord banned from letting properties in England for five years

Call for landlords to be protected in new debt plan scheme

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Landlords and letting agents should be protected under the new Statutory Debt Repayment Plans (SDRP) from tenants who may exploit a loophole if they have racked-up rent arrears.

Propertymark says that the proposals for SDRP would see rent arrears being considered as ‘discretionary’

View Full Article: Call for landlords to be protected in new debt plan scheme

Mechanics of putting a clause in a long lease – Lender wants a soft charge?

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Morning All, I have a remortgage renewal and the lender wants to take a ‘soft charge’ on the freehold of the building which houses 6 flats.

They say because I am the director of the management company and the long lease holder this becomes necessary.

View Full Article: Mechanics of putting a clause in a long lease – Lender wants a soft charge?

How landlords can beat the looming economic crisis of soaring inflation

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Tired of renting, fed up with regulations, constant tenant hassle, costly repairs and, to cap it all, hammered by Section 24 Tax? You aren’t alone. Landlords nationwide have had enough and are looking to get out of renting by selling all or part of their portfolios.

But, if you want to sell quickly without waiting months for your tenants to leave, you face a problem: Tenants refusing to co-operate on a sale, refusing to allow viewings from buyers, or refusing to leave at the end of an AST, has massively delayed or wrecked a property sale for landlord’s time and again.

​And now, the Government is to give tenants even more protection by banning Section 21 ‘no fault’ evictions and possibly increasing your tenants’ notice period to 6 months.

​That’s a nightmare scenario for landlords, especially if you want, or need, to sell quickly to release equity.

​And, if you don’t sell quickly, with the looming economic crisis of soaring inflation, higher taxes and rising interest rates you could see the value of your property falling fast, while your tenants happily stay in your property and delay a sale.

​That’s where we can help here at Landlord Sales Agency. With a mailing list of over 30,000 investors – from the UK and overseas – we can get you offers from buyers who will take on your property and your tenants. Why? Because it gives them immediate rental income and ROI without the hassle of finding a tenant themselves or paying a letting agent. And, with rental demand and rents soaring, property still offers far higher returns for cash rich investors than the paltry interest rates on offer.

That’s the perfect result for you. It means you sell without tenant hassle, without losing rental income, and without waiting weeks or months for a sale to complete.

​However, this window of opportunity could soon close. That’s why as a landlord myself I have personally already cashed in some of my portfolio before prices fall. Savvy landlords nationwide are doing exactly the same. 

But, don’t miss the last days of the boom. This could be the last opportunity you get for years to sell quickly while prices are still at record levels and before even more tenant protection hits landlords hard. Contact us NOW for immediate cash offers from our mailing list of 30,000 investors. FREE to advertise and no sale no fee.

Contact Landlord Sales Agency:

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View Full Article: How landlords can beat the looming economic crisis of soaring inflation

Affordability and summer heat being felt in the lettings market

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Affordability is becoming increasingly important in the lettings market as it continues to heat up over the summer, one lettings agency reveals.

They point out that its rental value growth forecasts for 2022 are being upgraded as stock remains low and demand shows little sign of easing.

View Full Article: Affordability and summer heat being felt in the lettings market

How landlords can beat the looming economic crisis of soaring inflation

admin    Uncategorized     agents

Tired of renting, fed up with regulations, constant tenant hassle, costly repairs and, to cap it all, hammered by Section 24 Tax? You are not alone. Landlords nationwide have had enough and are looking to get out of renting by selling all or part of their portfolios.

View Full Article: How landlords can beat the looming economic crisis of soaring inflation

‘Spray foam must be regulated to stop properties becoming un-mortgageable’

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Urgent regulation of the spray foam industry is needed to prevent making thousands of homes un-mortgagable, warn leading property groups.

Sprayed polyurethane expanding foams are often used in lofts, either to stabilise a failing roof covering or to provide extra insulation. But a tightening of lending criteria has left thousands of homeowners unable to sell their properties because buyers are refused loans if spray foam is present.

The Residential Property Surveyors Association (RPSA) says it is becoming a significant problem as many installations are done badly while there are also regular reports of mis-selling, and cold-calling of vulnerable homeowners.

Chairman Alan Milstein (pictured) explains: “There is no regulation of installers and almost any cowboy salesman can get hold of the chemicals and the equipment to spray foam into the homes of unsuspecting ‘at risk’ owners.

“This has to stop and proper regulation of the industry is urgently needed. We believe that this is the only way to resolve the current lending impasse.”

Milstein says a regulatory framework needs to include mandatory training and qualification of installers, effective audit and review procedures, and a strict non-supply policy by manufacturers to any installer who is not properly accredited.

He says the group will work with the lending community to design inspection protocols to give lenders the confidence to provide an advance for a home with a properly managed spray foam installation. “We cannot continue to see homeowners placed in such financial distress.”

Steve Hodgson, CEO of the Property Care Association (PCA), adds: “The improper use of spray foam insulation can have devastating consequences or end up costing thousands for little benefit. So it’s vital that the spray foam industry is properly regulated and managed.”

View Full Article: ‘Spray foam must be regulated to stop properties becoming un-mortgageable’

LATEST: Jersey leaders call for landlords not to increase rents as inflation rises

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The Jersey Landlords’ Association (JLA) has urged landlords not to put up rents if they can possibly help it during the cost-of-living crisis.

It says many of its members, many of whom use their rented property as a pension, are already exercising restraint by not increasing rents this year or increasing rents by less than inflation, as are social housing providers.

A spokesman adds: “We would urge JLA members and all other private landlords to continue to exercise restraint when reviewing rents, if they are able – taking all tenant and landlord circumstances into account – during this hopefully temporary time of high inflation.”

Earlier this month, Jersey’s government unveiled a plan to tax islanders less and give some people more money in benefits to help deal with rising living costs. The association says it welcomes the mini-budget along with the government’s efforts to build more much-needed housing to take the heat out of the market.

Spiral

The JLA spokesman adds: “Our members are also aware of the risks to the wider economy of creating a spiral of inflation driving rent increases which, in turn, leads to more inflation, but also that landlords are not immune to the effects of inflation either.

“In particular, the costs of property maintenance, repair and renovation have spiralled over recent years and mortgage interest payments are steadily increasing for landlords and homeowners alike.”

In January, Jersey’s Reform Party announced a shake-up the rental market to give private renters recourse against unfair or unjustified rent increases. Its Fair Rents Plan includes moves to reinstate the Rent Control Tribunal, giving private renters the opportunity to appeal to an independent body if they believe their rent is excessive.

View Full Article: LATEST: Jersey leaders call for landlords not to increase rents as inflation rises

DOUBLE WHAMMY FOR LANDLORDS – Interest Rate Rises AND Section 24

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Until the recent interest rate rises started to bite into cashflow, many larger portfolio landlords had taken the decision to pay the extra tax resulting from the Section 24 restrictions on finance cost relief as opposed to restructuring their business.

View Full Article: DOUBLE WHAMMY FOR LANDLORDS – Interest Rate Rises AND Section 24