Tenant hoarder leaves landlord in a financial crisis

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Ex-social worker and professional landlord of 30 years, Leslie-Ann Franklin, is facing having to sell the rental property she lives next door to in March, Cambridgeshire, after a complex case involving an extreme hoarder has left her in financial ruin. 

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Axe The Tenant Tax

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Axe The Tenant Tax was a campaign set up by landlords Chris Cooper and Steve Bolton.

The main purpose of the campaign was to raise awareness of a new form of taxing businesses, but applied only to individual landlords.

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Call of the week: Right to Rent

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There are many ways for our members to get answers to their questions, with unlimited advice available over the phone, by emailing a question in or by using our live chat service. This week a landlord emailed our Landlord Advice Team a question about Right to Rent. Like many people, they had been following the […]

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This is what’s happening to your money

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Dear Chancellor,

Thank you for your email asking for my support in the local government elections.

Unfortunately having been a Conservative Party voter for 40 years I can no longer support it. Either locally or nationally.

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Funding More Billboards

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The billboard that Property118 member David Heard paid for out of his own pocket, out of pure frustration, has caused quite a stir here on Property118 and also on Social Media (Facebook in particular).

Several members have suggested we start a Fundraiser to pay for more of these

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Credit Scores Explained

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Credit Score:

Landlords rely on credit scores, among other things, when selecting and verifying their new tenants. This article on credit scores gives an insight into what’s involved when we check our personal credit scores, and what we all need to do to make sure we get a good score.

This article gives an insight into what landlords and agents should to be looking for when they do a credit check.

My Personal Credit Score

Have you recently paid a credit reference agency to get your credit score checked? Or maybe you’re having your credit score checked by a specific lender, such as a bank or mobile contract provider. You’re probably wondering what makes up and what can impact your credit score.

So, what do credit reference agencies look at when calculating your credit score?

When checking your score, credit agencies will take a wide range of different factors into account. These include information that has been directly provided by you, information the lender may have about you, as well as any information they lender may obtain from other organisations.

Keep in mind that different lenders are looking for different things, so you may get scored differently when you apply to a different one.

What can impact on your credit score?

A large number of things can have an impact on your credit score. First and foremost, having high levels of debt can have a significant effect on the result of a credit check. There are numerous other important factors, such as not being registered on the electoral roll at your current address and missing bill payments, which remains on file for six years.

‘Financial association’ is another big one. This means sharing assets, an account or credit (e.g. mortgages) with someone who has a poor financial record.

It might come as a surprise to you, but even factors like moving home frequently and not having a home phone number can have a negative effect on your credit score. This is due to the fact that some lenders might consider these factors as signs of an unstable living situation.

Improving your credit score

If you have a poor credit rating, there are a number of things you can do to try and improve your it. These include:

• Paying all your bills on time
• Getting registered on your electoral roll
• Meeting monthly minimum payments on credit cards
• Cancelling unused credit cards
• Alerting your credit reference agency to any mistakes on your credit report as soon as possible
• Applying to be disassociated financially with another individual
• Limiting the amount of credit applications you make
• Keeping the balance on your credit card accounts low: borrowing less than 25% of your balance shows lenders you don’t need to use credit too often
• Regularly checking for suspicious activity on your credit report.

At the end of the day, the lender still has the final say about whether or not to give you credit and how much they will charge for it. For helpful tips on understanding your credit score and how to manage it, check out the following guide to credit scores from Sainsbury’s Bank.

This handy visual guide demonstrates how financial organisations, lenders and utility companies usually use credit scores to determine if your application will be approved.

Infographic Courtesy of: Sainsbury’s Bank

See also: 20 Point Checklist when screening new tenants

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Credit Scores Explained | LandlordZONE.

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Section 24 Landlord Tax Reforms

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It has now been a year since Dr Rosalind Beck first published her paper on the Section 24 Landlord Tax Reforms, which has become known industry as “The Ros Report”.

Since then, Property118 has welcomed 1,000’s of new members who may be oblivious to this excellent piece of work.

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RLA responds to Stoke selective licensing consultation

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The RLA has responded to Stoke-on-Trent Council’s consultation on introducing Selective Licensing in 14 areas of the city. The consultation response, which can be read here, explains why the RLA is against Selective Licensing being introduced in the areas of;  Etruria, Hanley, Hanley Park, Shelton, Burslem Central, Hartshimm, Basford, Moorcroft, Joiner’s Square, Birches Head, Central Forest […]

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Suing a Freeholder – Anyone with experience?

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I would really appreciate any advice on this issue please.  A few years ago due to unemployment and a prolonged period without any rental income, I got into arrears with my service charge. Nothing too big £350.

After resuming the monthly payments and contributed towards the arrears

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Tories told: adopt some Labour rental policies or risk losing election

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Housing Crisis:

The Tories are caught on the horns of a dilemma: do they stick with their current “free market” approach to solving the housing crisis, or do they risk the ire of the predominantly Tory voting private landlords by doing as the Conservative leaning magazine The Spectator advises – adopt some Labour rental policies to avoid losing the next General Election.

There are far more tenants than landlords, and the housing crisis has affected “Generation Rent� far more that it has the relatively affluent property owning private landlord group, so will the policy makers take notice?

The Spectator says:

“Much rot is spoken about how the young have it so bad. In fact, this generation is healthier, richer and better-educated than any before.

“…But the one area where they do struggle is in buying a house. The asset boom of recent years has disfigured the economy, sending property prices soaring and conferring vast wealth on pensioners while giving the young a mountain to climb. Home ownership rates stand at a 30-year low. And the proportion of 25 to 34 year-olds in private rented accommodation has almost doubled in the last ten years.�

The pro-Brexit, Conservative-supporting magazine The Spectator has come up this rather surprising advice for the Tories, anathema to some, but does the author fully understand the implications of the Corbyn proposals for landlords. And would such a policy not make the housing situation worse not better?, one likely effect being that private landlords would desert the sector in their droves.

The article, “A home truth for the Tories: fix the housing crisis or lose power for ever� states that the housing crisis poses “an existential threat� to the Conservatives. Whereas rising house prices were once seen as an electoral asset, this has now changed dramatically. When parents start to see their children facing a lifetime in rented housing, their votes will be in question as well, thinks The Spectator:

“If you are stuck in a rented flat, frustrated at your inability to afford your own home, the housing policies advanced by Jeremy Corbyn at last year’s General Election are far more appealing – a cap on rent rises, three-year minimum tenancies and a licensing scheme that aims to drive rogue landlords out of business… Capitalism will never appeal to those without any capitalâ€�, it says.

The article goes on to argue for some (not all) of Jeremy Corbyn’s proposed changes, but included are longer tenancies of three years with controlled rents for that period. It implies that these would cost no public money to introduce, and might be a solution, seemingly without regard to the likely reaction of private landlords, and the public cost of policing the rent controls.

Read the full Spectator article here

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Tories told: adopt some Labour rental policies or risk losing election | LandlordZONE.

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