BREAKING: Landlords ‘to be given three more years’ to reach EPC minimum

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Ministers are considering a punitive scheme to fine landlords up to £30,000 if they fail to upgrade their properties to a minimum band C by an extended deadline of 2028 instead of the current 2025.

The Department for Energy Security and Net Zero had previously proposed a deadline of 2025 for newly-let rentals to achieve an energy performance rating of at least C, and a deadline of 2028 for all other rented properties.

But now all rental properties will have to reach the minimum standard by 2028, it is claimed.

This adds fuel to an already flammable debate over how landlords are expected to pay for upgrading properties, particularly in areas where the circa £10,000 to £15,000 costs of meeting the EPC minimum represents a considerable chunk of the bricks and mortar’s value and/or annual rental income – particularly outside London and the SE.

The Daily Telegraph’s report is linked to the Government’s yet-to-be published results from its consultation on the issue, which was launched in earl 2021.

If true, the proposals would see some two million landlords forced to upgrade their properties even though the maximum spend cap will be set at £10,000.

This cap, which was originally £3,500, is the upper limit of expenditure that landlords will be expected to fork out to upgrade properties without being banned form renting them out – or £6,500 more upfront than before.

Read more: 2025 EPC deadline causing confusion.

It is reported that discussions had been held with stakeholders on the proposals, but ‘no decision has yet been made’.

Rik Smith (pictured), Head of Tenancy services at rent guarantee platform Goodlord, says: “I’m sure the sector will welcome the proposed extended deadline to get properties up to standard, but there’s an enormous amount to do before then.”

View Full Article: BREAKING: Landlords ‘to be given three more years’ to reach EPC minimum

Child poverty activist revealed as new leader of Generation Rent

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Generation Rent has appointed charity boss Ben Twomey as its new director, replacing Baroness Alicia Kennedy.

Twomey joins the campaigning group from his current role as director of policy and communications at the National Youth Advocacy Service and has promised to lead Generation Rent’s efforts to secure better rights and protections for the UK’s private renters.

The group believes its long-running campaigns around abolishing Section 21 evictions and introducing a national registration scheme for landlords in England encouraged the government to announce the Renters Reform Bill, which Twomey says is a huge opportunity to transform renting at such a critical time.

“There’s still a lot of work to be done to make sure it delivers real improvements in the lives of those of us whose only option is to rent,” he adds.

Deepens

“As the cost-of-living crisis deepens, I will be making the case that everyone deserves to live in a safe, secure, and affordable home.

“I look forward to working with the team at Generation Rent to build on their achievements and keep making renters’ voices heard in the corridors of power.”

Generation Rent’s outgoing director, Baroness Alicia Kennedy (pictured), says: “I am immensely proud of what the team has achieved in the past three years.

“The organisation is in a very strong place to continue leading the public debate on renting and I know Ben will do a fantastic job in the months and years ahead.”

View Full Article: Child poverty activist revealed as new leader of Generation Rent

How to Evaluate a Potential Real Estate Investment Opportunity

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Evaluating a potential real estate investment opportunity can be stressful. There are many factors to consider, including market conditions and property prices. However, it’s also important to consider whether your plan for improvements will be successful in increasing the value of the property over time. In this blog post, we will explore strategies for evaluating real estate opportunities so that you can make an informed decision about whether or not investing in a particular property is right for you.

The property must be located in a favourable market.

Property must be located in an area with a favourable market like the upcoming Pine Tree Hill located at Pine Grove. This means it must be located in an area with a growing population, economy, and several businesses.

A growing population means more potential buyers who can purchase your real estate investment property. Likewise, a growing economy means more jobs (and thus more people with money to spend). For example, suppose you are looking to buy an apartment building or commercial office space. In that case, the number of businesses near your property will also determine how much rent you can charge for it because these companies may need more space as they grow and expand their operations over time.

The rent must be well above the current market average.

You should also ensure that the rent is high enough to cover all your expenses, including real estate taxes and insurance. If you plan to finance your investment property with a mortgage loan, be sure that the rental income will cover both principal and interest payments.

Finally, if other similar properties in the area rent at below-average rates (and if they’re not vacant), there may be something wrong with this particular property and its location.

The property must be in a desirable neighborhood.

The first thing that you need to consider is the neighborhood. If it’s not in a desirable area, you may need help selling your property later. So how do you know if a neighborhood is desirable?

The answer depends on what type of buyer you hope will purchase your investment property. If you want someone to live there and call it home, they’ll care about access to local amenities and stores/restaurants nearby (or lack thereof). They’ll also want good schools if they have kids who go there; otherwise, they might not be able to sell their home as quickly when they decide they want out of town because no one else wants their kid to go there.

If what matters most is convenience and low cost-of-living (which makes sense if all they’re doing with those properties is renting them out), then look at things like proximity between where people work versus where they live–how long it would take someone from each job site? How many jobs do those companies offer locally? What kind of commute times can we expect if we move here?

Your plan for property improvements must make sense.

• Don’t overcapitalize on improvements.
• Don’t put money into things that don’t need to be improved.
• Don’t put money into improvements that will not improve the property’s value.

Your plan for property improvements must make sense and be well thought out before you start spending money on it.

If you’re looking for a good investment, it’s essential to consider the market and neighbourhood. The best way to do this is by talking with locals who have lived in the area for years and checking out community boards and other online resources that can provide information about local trends. You should also consider hiring an appraiser or real estate agent who knows the area well enough to help determine whether or not there will be demand for what type of property you want to build (or renovate).

View Full Article: How to Evaluate a Potential Real Estate Investment Opportunity

Landlords selling up will keep rent inflation high

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The latest rental market report from Zoopla offers tenants little hope that rents will begin falling any time soon – as landlords ‘rationalise their portfolios’ or leave the market altogether.

Zoopla says that rent inflation in March has slowed to 11.1% –

View Full Article: Landlords selling up will keep rent inflation high

NEW landlord eviction powers to include removing unruly tenants in TWO WEEKS

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The detail of the Government’s anti-social crackdown have been published, including how landlords will be given more powers to eject tenants who misbehave quicker and more easily.

Called the Anti-Social Behaviour Action Plan, it includes a promise that Minister plan to “change laws and arm landlords with the tools to ensure that anti-social tenants face the consequences of their actions”.

The measures, which will be included in the expected Renters Reform Act, will make grounds for possession – the legal reasons a landlord can evict a tenant – faster and far easier to prove.

“This will mean landlords can take immediate action – rather than giving two months’ notice and waiting for the end of a fixed term, as they currently need to when relying on Section 21,” the Government says.

This will include:

• Ensuring all private tenancy agreements include clauses specifically banning anti-social behaviour – making it easier for landlords to use the breach of tenancy ground to evict anti-social tenants.
• Making the notice period two weeks for all anti-social behaviour eviction grounds as part of our reforms for renters.
• “We will also ensure that landlords are aware of existing tools – such as injunctions and Criminal Behaviour Orders – to crack down on anti-social tenants.
• Expanding the discretionary eviction ground  to make anti-social behaviour easier to prove in court  and clarify that any behaviour ‘capable’ of causing ‘nuisance or annoyance’ can lead to eviction.
• Speeding up the process of evicting an anti-social tenant by working with the courts system to explore how to prioritise anti-social behaviour cases in Possession Lists.
• Bringing forward legislation which will set out the principles that judges must consider when making their decision, such as giving weight to the impact on landlords, neighbours, and housemates and whether the tenant has failed to engage with other interventions to manage their behaviour.

Evictions expert Paul Shamplina says: “At Landlord Action we’ve been pushing the Government to give landlords an alternative to Section 21 notices once this type of eviction is abolished by the Renters’ Reform Act, most likely next year.

“It’s good news that Ministers have been listening to us and other voices within the landlord community. Landlords need to be able to quickly evict tenants who behave badly within their properties.”

Read the plan in full.

View Full Article: NEW landlord eviction powers to include removing unruly tenants in TWO WEEKS

Advice needed about a letting agent’s full management contract?

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Hello, I have full a full management service with a letting agent who conducts property inspections and sends me a copy of their report, along with any recommendations. However, a few months after their inspection, the council conducted their own inspections and identified six recommendations for repairs that were not included in the letting agent’s report.

View Full Article: Advice needed about a letting agent’s full management contract?