Holiday lets to face national registration scheme soon, Bill amendment shows

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Short-term holiday properties will soon face a compulsory national registration scheme after and amendment has been to the Levelling Up and Regeneration Bill going through parliament.

Such a move has been in the offing for several months and follows an initial consultation on establishing a tourism accommodation register by the Department of Digital, Culture, Media and Sport (DCMS), the outcome of which in June indicated Ministers were keen on ‘considering’ such a scheme.

The UK Short Term Accommodation Association (STAA), the trade association representing the thousands of owners and businesses operating in this sharing economy sector, says it met with DCMS minister Stuart Andrew MP (pictured) a few days ago ahead of the policy announcement to discuss the finer points of the likely legislation after “months of work between the STAA and the Government”.

The trade body has been advocating for a national registration scheme to collect data on holiday rentals to support accurate reporting and policy decisions, and the Government is also considering linking holiday lets to the planning system, as they are in London.

It says that in order to be successful  the scheme should be simple for owners to register with, straightforward for authorities to administer and low cost to run.

Tiny proportion

Andy Fenner, CEO of the STAA, says: “Holiday lets represent a tiny proportion of the total housing market yet provide vital flexible jobs and investment in our communities.

“The STAA wants the highest standards across our industry and clear, easy-to-use registration helps us achieve that.
“We have worked closely with the Government’s tourism officials to help develop this registration scheme and are very pleased that it has been announced.”

STAA Chair, Merilee Karr (pictured) says: “Any new regulatory solution should recognise our industry as an important part of the wider UK tourism proposition, which means we need a solution that gets the balance right.”

Read more stories about holiday lets.

View Full Article: Holiday lets to face national registration scheme soon, Bill amendment shows

Borough to extend HMO licensing despite just 25% take-up of existing scheme

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The London borough of Greenwich has launched a consultation into renewing its additional licensing scheme.

The previous scheme ran from October 2017 and ended in September, and the council now wants landlords and tenants to help it decide whether to start it up again from April 2023.

This means that landlords won’t need to licence smaller HMOs until then.

Greenwich says those with an existing additional HMO licence can continue to use this until the five-year expiry date – provided a further scheme is approved. Any landlords who recently submitted a licence application which has not been issued can apply for a refund.

Fly tipping

A review of the previous scheme found it had been successful in improving conditions within HMOs and local communities, with a reduction in anti-social behaviour and fly tipping.

However, not all landlords licensed their properties; in 2021 it estimated that there were 5,000 HMOs in the borough but only about 1,240 had a licence (669 of these were additional licences) and the council hopes by extending the scheme it can secure wider compliance. Its report proposes that current licence fees of £408 will remain in place until April 2024.

In October, the borough introduced its selective licensing scheme in Woolwich Riverside, Woolwich Common, Shooters Hill, Plumstead Common and Plumstead Glyndon wards.

The online consultation ends on 18^th January.

View Full Article: Borough to extend HMO licensing despite just 25% take-up of existing scheme

Council’s slow admin means landlord licences to take 150 years to process!

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Liverpool Council would take almost 150 years to process all its selective licensing applications at the current rate, according to shocking new data, raising questions about its potential to address poor quality housing.

Housing bosses told the Liverpool Landlord Forum that since the scheme went live on 1st April, it has only granted 104 licences despite receiving about 31,000 applications, meaning that it would take the local authority 148 years to process them all at the current run rate, says the NRLA.

According to Freedom of Information data, between 2018/19 and 2020/21, out of 103 civil penalties issued to Liverpool’s private landlords, 89 of them were for offences related to the previous selective licensing scheme.

No penalties were issued for failing to comply with a property improvement notice, a banning order or a notice that a property was overcrowded. Only two penalties were issued for breaches of management regulations in shared housing.

This suggests that the council’s civil penalty strategy has served only to tackle administrative issues such as the failure to hold a licence rather than improving property conditions themselves, says NRLA chief executive Ben Beadle (pictured).

He adds: “If Liverpool Council really believes licensing is so key to ensuring properties are safe, it begs the question why it takes so long to process applications for them.

Licensing scheme

“At a time when the condition of housing is under such scrutiny, the council is spending too much time administering a licensing scheme and not enough time taking enforcement action to tackle poor quality housing.

“Rather than penalising good landlords with a blanket policy, the council should use the range of data already available to them to find and root out the minority of landlords who fail to provide safe housing.”

Read more about the Liverpool scheme.

View Full Article: Council’s slow admin means landlord licences to take 150 years to process!

Specialist network for HMO property managers reaches first major milestone

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The HMO Network has achieved another milestone in its growth by signing up its twentieth member since launching in January.

The group aims to help landlords find agents with specialist knowledge and gives members the benefit of being part of a larger group by providing supplier offers and training.

Its members now manage some 3,250 HMO tenancies across the UK and is the only network of its type, with a vision of continuing to drive up standards across the HMO management sector. Its first Welsh agent is based in Cardiff and there are more agents now waiting to join.

Quality

Founder Neil Baldock (main picture), who owns Chelmsford-based agency Charles David Casson, says the quality of members is exceptional.

“Our application process means that only bonafide, reputable HMO management agents are accepted into the network and they have the correct insurance policies and memberships to operate legally as a managing agent in the UK and are experienced in this specialist field,” he says.

“We are providing landlords with a network they can place their trust in when looking for an experienced and reputable managing agent.”

Baldock adds: “The level of knowledge sharing and collaboration happening is exceptional and landlords can benefit from this by choosing a member of The HMO Network when looking for an HMO managing agent.”

Agents who want to join up should contact Baldock to apply for membership and secure their exclusive territory.

View Full Article: Specialist network for HMO property managers reaches first major milestone

HMO changes with existing tenant?

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The Local Borough Council introduced changes to the government’s housing 2004 scheme at end of last year. We initially had potential issues with a 3-bed ground-floor flat however within several months they gave notice and moved.

(Current tenant well inside rules).

The post HMO changes with existing tenant? appeared first on Property118.

View Full Article: HMO changes with existing tenant?

UK house prices fall – but rents go up

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House prices in the UK have continued to fall but rents, fuelled by falling supply and increasing demand, have risen, a survey by RICS reveals.

According to the organisation’s Residential Survey for November, its members report that the flow of new homes to rent continues to dwindle –

The post UK house prices fall – but rents go up appeared first on Property118.

View Full Article: UK house prices fall – but rents go up

A fifth of rental homes are let within 2 weeks

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In Britain’s fastest-moving rental markets, up to 30% of homes are being snapped up by eager tenants within two weeks of being listed, research reveals.

Market analysis from Ocasa, the specialist rental platform, found that high demand continues to drive up rental values.

The post A fifth of rental homes are let within 2 weeks appeared first on Property118.

View Full Article: A fifth of rental homes are let within 2 weeks

Becoming a landlord in the UK

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Renting is on the rise – there are currently around 4.5 million families living in the private rented sector in England, up from 2.8 million in 2007, and with mortgage rates soaring and house prices still rising, it is estimated that the number of people renting is only going to grow.

So, with demand for rental properties at an all-time high, the market is going to need either existing landlords to expand their portfolios, or new ones to come into the market.

And while successive waves of anti-landlord legislation – including restrictions on income tax relief, stamp duty surcharge and the removal of the 10 percent depreciation allowance on expenses – have drastically reduced the amount of tax relief landlords – and particularly those high-rate taxpayers with mortgages – can receive, there are still financial benefits of becoming a landlord.

Not only can you benefit from a steady income (even with mortgage rates on the rise, rental prices hit a record high in July of £1,126 and a staggering £2,257 in London*) but owning property is also a way of protecting your assets. Mortgages depreciate over time, while house values and rental income both tend to increase with inflation, so even in the current high inflation, high-interest rate environment, the property can still be very profitable.

Of course, not all properties will be right for renting. If you buy for the sole purpose of renting then you can obviously choose a property that will be suitable, equally, if you have moved in with a partner and are considering renting out your former home, it is probably ready to rent. However, if you have, for example, inherited a property, you may need to do quite a bit of work to it before it is ready to rent out.

And it is not just about the property itself – location is key too. You will need to check, firstly, if there is demand for rental properties in your area, and secondly, if your property is likely to be popular. For example, if you have a large home in a city centre and demand is for smaller homes, you may want to consider splitting it into multiple residences or rent to students.

One of the reasons many people choose to rent rather than buy is because, as tenants, they are not responsible for the upkeep of the property – and this responsibility is a key consideration if you are thinking about becoming a landlord. You are responsible if anything goes wrong, so you will need to ensure you have specialist landlord insurance to cover any damage (as you would with a domestic policy), but also, for things like public liability cover, alternative accommodation cover, accidental damage, loss of rental income and eviction cover.

Once the property is in a rental state and you have landlord insurance in place, you will need to start the process of getting a tenant in.

First of all, you’ll need to calculate how much to charge in monthly rental payments. Obviously, you will need to be able to cover the mortgage, but remember, you will also need to think about covering the cost of any repairs, insurance, and letting agent fees – if you use one – and still make a profit each month. You then need to advertise for a suitable tenant.

Letting agents can help with this – they typically charge 10-15% of your rental price but will advertise your property, find and vet the tenants, manage your property, handle any repairs and look after the legal side of things, which can offer real peace of mind.

But whether you manage it yourself or get a letting agent, the liability lies with you so make sure you have good landlord insurance in place so you can sleep easy. Visit InsureMy for the best value insurance.

View Full Article: Becoming a landlord in the UK

Code needed to stop agents mis-selling ‘zero deposit’ schemes, says industry figure

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An alternative deposit firm has called for a code of conduct to stop estate agents mis-selling ‘zero deposit’ schemes.

The schemes vary but typically involve payment of a fee equivalent to about a week’s rent instead of a standard security deposit and is non-refundable, with tenants remaining liable for damages at the end of their tenancy.

Letting agents can earn commission of up to 30% for everyone they refer and an Observer investigation uncovered evidence of pressure-selling tactics by some firms in England, including cases where people were told they had to sign up as a condition of securing a tenancy.

Sam Reynolds (pictured), chief executive of regulated insurance provider Zero Deposit, says enough is enough. “We have long warned of the risks of certain unregulated alternatives, and we are seeing that in practice, in terms of pressure selling, unfair pricing and punitive charges at the end of tenancy,” he adds.

Zero Deposit says a deposit replacement code of conduct would seek to cover the adoption of FCA regulation across the industry, ensuring that firms treat customers fairly, and act with integrity, skill, care and diligence, and manage conflicts of interest.

Guidance

It would also cover comprehensive and appropriate protections for the tenant and landlord – specific to deposit replacement – and provide positive support and guidance for letting agency partners.

The code would include a commitment to a vetting and checking approach, where deposit replacement providers review and assess the actions of letting agency partners, as well as minimum standards for recovery action, in line with existing FCA requirements, including the protection of vulnerable customers.

View Full Article: Code needed to stop agents mis-selling ‘zero deposit’ schemes, says industry figure

There’s 2 weeks left to sell your property portfolio before Christmas for the highest price

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With just two weeks to go until business officially winds down, many of us have been left looking at the state of the economy and wondering: how will 2023 fare for landlords? Should we wait until the start of the New Year to take action? Or is there still time to do something before the year closes?

The answer is simple: it’s time to sell, and there’s still time to act now. It might seem like an impossible feat, with many of our properties full with tenants or in need of refurbs, but that’s all in a day’s work for portfolio exit specialists, Landlord Sales Agency, who have put together the power team landlords need to cash in now for the highest price before the New Year.

Over the last two years Landlord Sales Agency climbed the ranks as the go to company for landlords looking to sell their property portfolios. Not just that, they’ve made a name for themselves by going above and beyond to ensure that landlords get the prices they need to exit the market, and fast. They’re also extremely sensitive to tenant needs,ensuring that they sell the properties without landlords having to evict tenants at all, and with minimal landlord involvement. “Unlike other companies, we have a list of buyers who will buy your properties without having to evict tenants. This dramatically cuts down the time it takes to sell, plus means that you can continue collecting rent all the way up until the actual sale,” says David Coughlin, CEO of Landlord Sale Agency.

But what about properties that need evictions? And how can they get this done before Christmas? “For those properties that require evictions, we personally help your tenants relocate, or help them financially to find a new place. We understand how to navigate those relationships, so you don’t have to worry, even with tenants that have been in situ for years. We know exactly what to do to help them. Leave it to us.”

It’s true that Landlord Sales Agency have been doing exactly what they say they’ll do. With an impressive 245 Trustpilot reviews, 207 Google reviews and video testimonials from some of the UK’s most successful landlords who have placed their trust in Landlord Sales Agency to sell their buy-to-lets, there’s no doubt they’ll get the job done. “We’ll take it all off your hands, and get you the highest price for your portfolios in less than 21 days. We sell entire property portfolios, or partial portfolios in bulk in one go.”

With an extensive list of over 30,000 private buyers and relationships with the top property buying companies. Most of their portfolios sell within a week.

What’s more, withstrong relationships with established property industry giants such as LandlordZONE and Property118, it’s clear they’ve got the approval of the landlord community.

“We’re about delivering speed, efficiency, and exceptional customer service. That’s what landlords need. We don’t have time to waste, and we need a company we can trust. I couldn’t find one out there, so I created my own, with a mission to help other landlords” says Landlord Sales Agency’s CEO, David Coughlin.

Landlord Sales Agency sell properties either in one go as a full portfolio or as single units, depending on your instruction. Unlike traditional estate agents, or other property buying companies, both methods are extremely fast. They work quickly to collect information about rent, tenant history, running costs and ensure all certificates are in place to guarantee the sale is not delayed.

If any certificates are missing, they have a team of engineers, builders and experts who will get all the certificates and paperwork done for you. The stress is completely removed out of the sale, and seller involvement is kept to a minimum so you can relax knowing it’s in swift and extremely capable hands.

Furthermore, Landlord Sales Agency take their promise to ‘solve any landlord problem’ so seriously that, as a result of the number of enquiries they receive from landlords with cash flow problems, they can also use the equity tied into property to offer an interest free loan of up to £20,000 to be repaid on completion.

“We know what it’s like right now to be a landlord who is thinking of selling, and who wants to release cash. We’re so confident in what we do, we can afford to go the extra mile to really help landlords get through, and get the highest possible price for their property portfolio.”

You’d think that for so much work, landlords would have to compromise on the sale price, but that’s not the case. “We typically achieve 85% of the market value, and for that we cover all the costs, solve all your property and tenant issues and take away all the hassle that comes with selling the portfolio. We’re completely transparent, so you know exactly what we’re making.

You won’t get a higher price for this level of service and speed, and any company promising you 100% market value is hiding a huge list of costs that are going to come after the sale. That’s not the case with us. It’s what makes us different.

We want to help, and we understand that now is the time for landlords to get out. It’s a crucial time, and we’re here to get the job done for you. We’ve found the solution for ourselves, it’s time to help you.”

If you want to exit the market before the New Year, talk to us today.

Contact Landlord Sales Agency:

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View Full Article: There’s 2 weeks left to sell your property portfolio before Christmas for the highest price