Fellow landlords – Get ready for Section 21 Day!

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I cannot stay silent any longer because the continued attack on landlords will end in tears for us, tenants and the government.

I was taken aback when the Scottish government announced that it was introducing legislation for a rent freeze without any negotiation or discussion with the private rental sector in the country.

View Full Article: Fellow landlords – Get ready for Section 21 Day!

Meet Mark Smith (Barrister-At-Law) Landlord tax planning strategies – pin Birmingham Central

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Our Hon. Legal Counsel, Mark Smith, Head of Chambers at Cotswold Barristers, will be presenting in person an overview of several landlord tax strategies at the pin Birmingham Central meeting Thursday 6th October.

The Birmingham Central pin Meeting will be held at The Birmingham Conference &

View Full Article: Meet Mark Smith (Barrister-At-Law) Landlord tax planning strategies – pin Birmingham Central

CRISIS: Mortgage brokers call for calm as lenders withdraw 30% of BTL loans

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Landlords have been advised not to panic after lenders pulled hundreds of buy-to-let mortgage products this week in response to the Chancellor’s mini-budget.

Moneyfacts BTL product availability data shows 507 deals were withdrawn, reducing the number to 1,221 on Tuesday, a Moneyfacts record and the highest overnight product fall it has ever recorded.

HSBC UK, Virgin Money and Skipton Building Society all ditched buy-to-let mortgages for new customers, while The Mortgage Works withdrew its fixed rate BTL mortgages.

Daniel Lee (pictured), principal at Total Landlord Mortgages, says lenders are expected to re-price products this week and that we could see a 1 to 1.5% jump; the new rates are all above 5% on a fixed rate.

He tells LandlordZONE: “Landlords will be wondering whether to lock into a five-year rate or ride the wave, but while those low rates are gone for now, the key thing is not to panic – they could come back down again in six months to a year”.

Claire Flynn, mortgage expert at money.co.uk, says that the withdrawal of buy-to-let deals over the last week is arguably reminiscent of the credit crunch in 2008.

“The restriction of finance costs relief over the past few years means the increased interest rates will be felt directly by landlords up and down the country,” she tells LandlordZONE.

“Continuously rising rates could force them to either sell up or increase rents, in order to stand a chance of turning over a profit.” 

Jeni Browne (pictured), director of BTL broker Mortgages for Business, is more positive. She adds: “Projections for house prices and yields remain strong due to the ongoing demand for properties from both renters and buyers. The pound will stabilize, energy prices will drop, and landlords are unlikely to see the value of their property crash.”

View Full Article: CRISIS: Mortgage brokers call for calm as lenders withdraw 30% of BTL loans

Landlords call for a cost-of-living plan to help the PRS

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Chancellor Kwasi Kwarteng is being urged by one landlords’ organisation to adopt a cost-of-living plan for the private rented sector as tenants and landlords face ever-growing costs.

The National Residential Landlords’ Association (NRLA) has written to the Chancellor warning that while private rents are increasing by less than inflation

View Full Article: Landlords call for a cost-of-living plan to help the PRS

Welsh Government launches consultation on extending PRS notice period

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The Welsh Government has launched a consultation on plans to extend the notice period that landlords are required to give for converted contracts after the Renting Homes Wales Act comes into force on 1st December.

That’s when all tenancy agreements in Wales will be known as occupation contracts and tenants will be ‘contract-holders’.

View Full Article: Welsh Government launches consultation on extending PRS notice period

Labour MP suggests landlords are now ‘cherry picking’ least risky tenants

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Labour appears to be implying that landlords and agents are seeking less risky tenants, after pledging to introduce a new renters’ charter.

Following shadow housing secretary Lisa Nandy’s pledge to end automatic repossessions for rent arrears and increase notice periods in her conference speech, Rachael Maskell MP (pictured) asked the Housing Secretary if he would be making an “assessment of the equity of requirements for prospective tenants to demonstrate a level income to landlords and letting agents that is significantly in excess of the monthly rent required”.

New Housing Minister Andrew Stephenson replied that the government continued to encourage private landlords and letting agents to assess the suitability of potential and existing tenants on an individual basis. 

Fair deal

He added: “A fair deal for renters remains a priority, and I am currently reviewing next steps following the publication of the A Fairer Private Rented Sector white paper and will update Parliament in due course.”

The NRLA’s Ben Beadle has criticised Labour’s announcement for demonising all landlords, while some legal experts have voiced concerns that the Fairer Renting white paper – which includes the scrapping of Section 21 eviction powers, reform to possession grounds, open-ended tenancies, a landlord register and a property portal – tars investors with the same brush, by assuming that they abuse their position.

An NRLA spokesman tells LandlordZONE: “Every tenant should be treated on a case-by-case basis and assessed on their ability to sustain a tenancy.

“With tenants and landlords facing a cost-of-living squeeze, the government needs to do much more to help vulnerable tenants to pay their rent in full and on time.

“This should include unfreezing housing benefit rates and developing pro-growth tax plans to boost the supply of rental properties which remains the biggest factor determining rents.”

View Full Article: Labour MP suggests landlords are now ‘cherry picking’ least risky tenants

Scots short-lets landlords must get new property licences by 1st April

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Scotland’s new short-term lets law goes live on 1^st October when any new landlords will need to apply for a licence.

Those already letting their property have until 1st April to apply and will need to prove that they used the property for short-term lets before 1st October. 

The country’s Short-Term Lets Licensing Order requires all Scottish councils to have a licensing system with the aim of protecting communities in areas with high visitor numbers. Each council will set the licence cost, which is likely to vary depending on the property size and type of let. 

Propertymark now wants the Scottish government to further clarify the definition of a short-term let to ensure the system operates as intended.

It has proposed two amendments to the order that would make clear that a holiday let falls within the scope of the definition of a short-term let and ensure that HMO landlords are not subject to duplicate licensing requirements.

Health and safety

Brian Moran, Propertymark’s regional executive for Scotland (pictured), says: “Such an amendment to the HMO definition would have the additional benefit of affording contract and transient workers the same health and safety rights as those that reside in a shared rented property full-time.”

However, he says it’s positive to see the Scottish government taking proactive steps to ensure renters’ safety. “With Edinburgh in particular faced with an overhaul of short-term lets, licensing will now enable the local authority to control the number available within the capital and encourage longer term rentals which are desperately needed in order to compete with growing demand,” adds Moran.

View Full Article: Scots short-lets landlords must get new property licences by 1st April

FREE webinar: Join the deposit protection experts as they discuss the importance of resolution

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Dealing with problems is part and parcel of being a landlord and letting agent, but a slow and drawn-out resolution doesn’t need to be.

Join tenancy deposit experts, Suzy Hershman (main pic), Head of Dispute Resolution and Emma Louka (main pic, inset), Adjudication Lead at mydeposits, for their ‘Working together on resolution’ webinar on 6 October at 10am, as they explain how fast and effective resolution can save everyone a property related headache.

Suzy and Emma explain:

• Why it is important to negotiate, and how to do it successfully
• How to prepare robust evidence in the event of a dispute
• Why you should always have a comprehensive property inventory 
• The difference between landlord and tenant responsibilities
• What is classed as a potentially unfair clause
• Common complaints and how to handle them
• The benefit of early resolution

The webinar is free to attend, with useful case studies and practical advice that can help you avoid potentially costly disputes and maintain lasting relationships with your tenants.

Register for the free mydeposits webinar here.

View Full Article: FREE webinar: Join the deposit protection experts as they discuss the importance of resolution

Lenders want EPC A & B for best rates!!!

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Hi, Just checking mortgage borrowing rates this morning and came across two products with NatWest and The Royal Bank of Scotland, both asking for EPC’s of A and B to apply for their best fixed rate mortgage products on a five year fixed rate deal!

View Full Article: Lenders want EPC A & B for best rates!!!

Sell, incorporate, get a job or all three?

admin    Uncategorized     agents

My wife and I have nearly £2,000,000 on fixed-rate mortgages that are due to expire in January 2023 – YIKES!

The LTV across our portfolio is somewhere between 40% and 50% and in recent years our rental income has been apportioned at around 33% finance costs

View Full Article: Sell, incorporate, get a job or all three?