NRLA hits back at Conservative MP calling for a rent freeze

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The National Residential Landlords’ Association (NRLA) has hit back at Conservative MP Natalie Elphicke who has been calling for a rent freeze on private rental homes.

Writing on the Conservative Home website, Ms Elphicke said that the rising cost of living has seen many households struggling and they are making hard financial choices.

View Full Article: NRLA hits back at Conservative MP calling for a rent freeze

Free lease extension – Is there a tax liability for this?

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Hi all, I need some advice, please. I own a flat in a house that was originally split into two individual flats back in the 1980’s. I own one flat and the Freeholder owns the other.

I am in the process of selling the flat and the Freeholder has agreed to allow me to extend the Lease with their being NO premium charged.

View Full Article: Free lease extension – Is there a tax liability for this?

Housing minister Eddie Hughes resigns just three days after Truss victory

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Housing minister Eddie Williams has thrown in the towel and says he is looking forward to having more time to work for his constituents in Walsall North and ‘championing their causes in parliament’.

The Midlands MP, who has been at the housing department since June 2018 – a long run for any housing minister or secretary of state these days – has handed back his ministerial ‘red box’ (pictured) and will return to the back benches.

With a merry-go-round in recent years of secretaries of state and housing ministers including scandal-struck Chris Pincher and bosses Michael Gove, Robert Jernick, Greg Clark and now Simon Clarke, Hughes was often the most experienced and knowledgeable person at the parliamentary coal face.

No hint has been made in his Tweet today as to the reason for his departure, but two likely reasons come to mind – either Truss has plans to install her friends as junior ministers at DHLUC and needs him out the way, or Hughes has no desire to work within the new government.

Renting reforms

His departure could be good news for landlords – without the lead organiser for the reforms, they are likely to now be delayed even further as Hughes’ replacement gets up to speed, which would be a considerable task given the huge range and complexity of the proposals.

Hughes was also a key player in the Government’s policy drive on building safety following the Grenfell disaster and also leasehold reform.

His departure has prompted some kind words on social media, which is unusual in today’s digital world, including Gavin Smart of the Chartered Institute of Housing, who said: “Sorry to see you go Eddie. It’s been good to work with you.

“You’ve brought understanding and energy to housing and homelessness and always engaged constructively in looking for solutions to some big challenges. Good luck for the future.”

Hughes also had responsibility for the ‘rough sleeping’ brief and several organisations also bade him farewell including Homeless Link, campaigner Kate Nichols, OBE and Greg Hurst of Homeless Impact.

Reaction

Timothy Douglas, Head of Policy and Campaigns for Propertymark, says: “A change of Minister will add to the uncertainty the proposals within the renters’ reform white paper have created among the landlords our member agents represent, specifically the lack of protections against anti-social behaviour with the removal of Section 21 notices and the move away from fixed-term tenancies.

“We’re ready to work closely with whoever replaces Eddie Hughes to ensure that if the private rented sector is to be reformed, it is fair, balanced and workable, and goes ahead without any further delays.”

View Full Article: Housing minister Eddie Hughes resigns just three days after Truss victory

Council extends its home purchase scheme to landlords

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A Scottish council says it will, for the first time, consider buying homes from private landlords and allow the tenant to remain in the property as a council tenant.

This will, the council says, help prevent homelessness and increase the council’s housing stock.

View Full Article: Council extends its home purchase scheme to landlords

Another council unveils HMO crackdown

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Residents in one council area are being asked to have their say on a proposed crackdown on new HMOs.

Blackburn with Darwen Council is looking to impose a ban on properties being changed into HMOs without applying for planning permission.

View Full Article: Another council unveils HMO crackdown

NEW: Landlords quitting the PRS cite Tory’s renting reform plans and rising costs

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One-fifth of landlords who are selling up blame rental reforms while a quarter are planning to sell due to rising costs, according to new research.

Simply Business’ UK Landlord report reveals that almost half of the 611 landlords polled

have sold a property in the last year or are planning to sell. However, 29% might change their mind if more tax relief was introduced and 22% would reconsider selling if they had more clarity on legislation and regulation from government.

The research shows many of landlords’ biggest concerns and challenges relate to regulation such as rental reforms, rising taxes, and higher energy efficiency standards, leading to 58% saying that confusing and rapidly changing government legislation is their biggest challenge. Half of the landlords are worried about further regulation and the complication this will add.

An increase in licensing and the prospect of rent controls is seen as the biggest threat to the rental sector by 19% of landlords, while 45% believe rising costs are the most significant factor.

The rental reform white paper combined with the rising cost of maintenance and letting a property, is pushing many landlords out of the buy-to-let market, says UK CEO Alan Thomas (pictured).

“As regulation of the rental sector continues against a backdrop of rising costs, it’s vital landlords get the necessary government support, education, and clarity to rent out high quality homes that are compliant with the law,” he adds.

Simply Business reports that although some landlords have hit pause on adding to their portfolio, many remain optimistic about the long-term returns and stability offered by buy-to-let. Almost half still think letting property is a worthwhile investment and 37% expect to see their yield increase by up to 10% this year.

Read the report in full.

View Full Article: NEW: Landlords quitting the PRS cite Tory’s renting reform plans and rising costs

There’s a solution for Scottish Landlords who are facing new dilemmas amid this week’s rent freeze

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It’s breaking news: Scotland’s First Minister Nicola Sturgeon has announced a rent freeze for private and public rented properties with a moratorium on evictions during winter. It comes at a time where landlords were already thinking of getting out of the buy-to-let sector. A week ago the Financial Times reported that “many buy-to-let investors plan to sell all or part of their portfolios.” There’s no doubt that this is the final straw.

The plan, which is meant to protect tenants has left landlords shocked, and with many on the fence as to whether or not they should sell their portfolios, it appears that the new measures have confirmed their decision: it’s time to sell. By the time these measures are lifted, if they’re lifted, in March next year, the price you’ll get for your buy-to-let properties will have dropped.

Landlords need an expert solution and a company who really understands what Scottish landlords need right now: a quick exit for the highest possible price. There’s going to be a rush to sell, and what we want to avoid is taking the hit on selling our portfolios for 70% of the market value because we think that a quick sale company is the solution. What you need is a specialist who can get you as close to full market value as possible but in the same fast timescales. There’s only 3 months until Christmas. Scottish landlords need to act now.

Landlord Sales Agency are experts in selling buy-to-let properties and know exactly what to do to help you. We’ve assisted hundreds of Scottish landlords exit the market, fast, for the prices they need to make it worth it:

• We have a database of 30,000 buyers and B2B funds ready to buy split or whole portfolios no matter what condition or tenant situation
• We are proactive throughout the sale and completion. Any legal, tenant, structural problems we’ll sort out meaning sellers can sit back and relax
• An impressive 95% of agreed sales complete because we secure buyers with deposits and solve problems
• We provide realistic valuations and expectations our sellers can trust. We do exactly what we’ll say we do: “no sale = no fee.”
• Rather than the 70% market value that many landlords are being forced to settle on to get out before things get worse, we’ve created a company especially for helping landlords exit and cash in, meaning our focus is 100% on getting landlords what they need. We sell in less than 28 days (and often in less than a week) for 85% – 95% market value.

We’re trusted experts, and we know exactly what Scottish landlords need right now. It’s why so many LandlordZONE landlords have already sold through us in the last month, and why so many more are reaching out, especially after this week’s news.

So if you’re a Scottish landlord who is looking to exit the market while you can still get the highest price for your properties, contact us today.

There’s a solution for Scottish Landlords who are facing new dilemmas amid this week’s rent freeze

It’s breaking news: Scotland’s First Minister Nicola Sturgeon has announced a rent freeze for private and public rented properties with a moratorium on evictions during winter. It comes at a time where landlords were already thinking of getting out of the buy-to-let sector. A week ago the Financial Times reported that “many buy-to-let investors plan to sell all or part of their portfolios.” There’s no doubt that this is the final straw.

The plan, which is meant to protect tenants has left landlords shocked, and with many on the fence as to whether or not they should sell their portfolios, it appears that the new measures have confirmed their decision: it’s time to sell. By the time these measures are lifted, if they’re lifted, in March next year, the price you’ll get for your buy-to-let properties will have dropped.

Landlords need an expert solution and a company who really understands what Scottish landlords need right now: a quick exit for the highest possible price. There’s going to be a rush to sell, and what we want to avoid is taking the hit on selling our portfolios for 70% of the market value because we think that a quick sale company is the solution. What you need is a specialist who can get you as close to full market value as possible but in the same fast timescales. There’s only 3 months until Christmas. Scottish landlords need to act now.

Landlord Sales Agency are experts in selling buy-to-let properties and know exactly what to do to help you. We’ve assisted hundreds of Scottish landlords exit the market, fast, for the prices they need to make it worth it:

• We have a database of 30,000 buyers and B2B funds ready to buy split or whole portfolios no matter what condition or tenant situation
• We are proactive throughout the sale and completion. Any legal, tenant, structural problems we’ll sort out meaning sellers can sit back and relax
• An impressive 95% of agreed sales complete because we secure buyers with deposits and solve problems
• We provide realistic valuations and expectations our sellers can trust. We do exactly what we’ll say we do: “no sale = no fee.”
• Rather than the 70% market value that many landlords are being forced to settle on to get out before things get worse, we’ve created a company especially for helping landlords exit and cash in, meaning our focus is 100% on getting landlords what they need. We sell in less than 28 days (and often in less than a week) for 85% – 95% market value.

We’re trusted experts, and we know exactly what Scottish landlords need right now. It’s why so many LandlordZONE landlords have already sold through us in the last month, and why so many more are reaching out, especially after this week’s news.

So if you’re a Scottish landlord who is looking to exit the market while you can still get the highest price for your properties, contact us today.

Contact Landlord Sales Agency:

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View Full Article: There’s a solution for Scottish Landlords who are facing new dilemmas amid this week’s rent freeze

Will new BEIS and DWP chiefs sort out EPCs and Universal Credit for landlords?

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Landlords are waiting to discover if the new ministers in the Department of Work and Pensions (DWP) and Department for Business, Energy and Industrial Strategy (BEIS) will use their financial acumen to sort out Universal Credit payment headaches and uncertain EPC rules.

Work and pensions secretary Chloe Smith, who once worked for accountancy firm Deloitte, has been tasked with addressing what is seen by many as a broken benefits system.

About 25% of private renters receive UC payments and landlords are already concerned that only 46% of them have their rent paid in full by the benefit.

Many landlords have clashed with DWP staff when struggling to access Alternative Payment Arrangements, while UC experts have also cast doubt on plans to clamp down on landlords renting out poor quality homes to benefit claimants without sufficient resources.

New BEIS head Jacob Rees-Mogg also worked in finance and was former Brexit opportunities and government efficiency minister.

Green sceptic

The green energy sceptic who once claimed that “climate alarmism” was responsible for high energy prices promises: “As business secretary my overriding mission is to deliver affordable and plentiful energy to the British people and to make the economy as efficient, innovative and dynamic as possible. This will be the department for growth.”

He’ll no doubt be tied up for the foreseeable future, making decisions over whether to reform planning to boost onshore wind and potentially fracking, while addressing possible energy supply shortages this winter, but landlords will want him to give them some clarity about proposed EPC targets.

The government is currently considering proposals that would mean all new tenancies started after the end of December 2025 would need a minimum EPC rating of C, while all existing tenancies would need this from December 2028. A definitive decision on the date from the business secretary would help landlords plan for possible retrofit works.

View Full Article: Will new BEIS and DWP chiefs sort out EPCs and Universal Credit for landlords?

UK’s average house price hits record high

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The UK’s average house price increased in August to reach a record high – after a slight fall in July, the latest Halifax House Price Index reveals.

Their data shows that house prices increased by +0.4% in August

View Full Article: UK’s average house price hits record high

Rise in number of landlords selling properties to their tenants, brokers report

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Mortgage brokers around the UK have reported a big rise in tenants being given first refusal to buy their rental property as more amateur landlords head for the exit.

“We are arguably witnessing the start of the great landlord sell-off as buy-to-let becomes a less attractive investment due to tax changes in interest relief, stamp duty land tax and new EPC rules due to hit in 2025,” says Lewis Shaw (pictured), founder of Shaw Financial Services.

He adds: “Over the past six to eight weeks, we’ve seen an enormous uptick in enquires from tenants who have been given first refusal to buy the property they’re renting from their landlord, often with an element of gifted equity.”

Landlords can offload properties more easily and save some cash on the transaction, says Shaw.

“Buy-to-let landlords can sell directly to the tenants to avoid any expensive agents’ fees, not to mention the hassle of getting involved in chains. Moreover, any reduction in price that tenants can use towards their deposit essentially reduces the capital gains tax payable by the landlord on sale.”

Pole position

It’s an increasingly attractive option, agrees Ian Hewett, founder of The Bearded Mortgage Broker, who reports that some tenants are now in a position to borrow thanks to options such as family support mortgages, putting them in pole position if their landlords approach them about a sale.

“However, the knock-on effect of this landlord exodus is going to cause some serious issues going forward given the lack of rental stock available and inflated prices, putting tenants under immense financial pressure at a time when every other bill is soaring,” says Hewett.

Edward Checkley, MD of Advias, generally only sees limited company purchases now for buy-to-let property, with holiday lets being the exception to the rule.

He adds: “With increasing interest rates, lower rental yielding areas will create post-tax losses for many investors, making a sale a highly appealing exit.”

Read more about landlord mortgages.

View Full Article: Rise in number of landlords selling properties to their tenants, brokers report