Countdown to 1st April Minimum Energy Efficiency Standards (MEES) rules

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Have you done enough to avoid a £4,000 fine?

Some 6% of landlords risk financial penalties and being banned from renting if their properties fall beneath imminent energy efficiency rules.

From 1 April 2018, the new regulations have the potential to leave landlords unable to rent their properties and tenants with inflated energy bills.

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Setting-up a “bullet-proof” tenancy in 2018

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Assured Shorthold Tenancy:

Under new rules introduced over the last couple of years, setting up a “bullet-proof” AST in 2018 is a bigger challenge that in the past, but it need not be all that difficult if you know exactly what’s required.

Get it wrong though, and you could be permanently lumbered with a bad tenant if you have problems and in the unfortunate event that you need to evict; with something like 20,000 possession claims every year in the UK, the risk is not insignificant.

This article applies primarily to English law. Although tenancy laws are similar in other jurisdictions, there may be significant differences. Always seek professional advice before making or not making important decisions.

The key to avoiding this sort of trouble and being in a position to use Section 21 to enforce an efficient eviction, you need two things:

1. You have completed and served all the correct paperwork
2. You have proof that you did that.

Many landlords forget the crucial second point, because if a tenant denies having received something, your court application will be dismissed and you can say goodbye to your £325 court fee – back to square one with rent arrears racking up.

In order to retain the considerable benefits of using the “no-fault” Section 21 eviction process, Parliament has introduced several conditions that landlords / agents must comply with. These hurdles are designed to weed out rogue landlords and generally improve the quality of lettings for tenants.

A bullet proof tenancy is also of course reliant on following a rigorous tenancy selection process: www.tenantverify.co.uk 

These new rules apply to tenancies commencing on or after the 1^st October 2015, and will apply to all existing tenancies after 1^st October 2018.

Critical Documentation

These are the documents you must give your tenant if your new tenancy is to be bulletproof:

Documents can be served via email providing the tenant has agreed to accept them in that way (clause in the agreement), but the full document must be supplied, not just a link to a website.

It is preferable and recommended that items 1 to 5 be physically incorporated (attached to) the tenancy agreement so there can be no argument as to what has been supplied and received. A full copy of the whole should also be supplied to any guarantor involved.

Download a selection of useful free and paid-for documents, agreements, forms, letter templates and checklists here: https://www.landlordzone.co.uk/documents and here https://www.tenantverify.co.uk/useful-documents.html

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Setting-up a “bullet-proof” tenancy in 2018 | LandlordZONE.

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Do we landlords have to register with the Information Commissioner’s Office

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Do we landlords have to register with the Information Commissioner’s Office (ICO)?

I have read that all landlords need to by May 25th.

Is this true because it sure is not getting much attention?

Many thanks

Tobias

Editors Note

There is a self assessment test on the ICO site to ascertain if you need to register with them for Data Protection

Registration self-assessment >>

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3% SDLT Appeal for missed deadline?

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I have missed the 3 month deadline to reclaim the 3% extra SDLT paid.

My solicitor told me I had 3 years to sell my main home but never mention a deadline. He dealt with both cases.

Bought 2nd property on 6th September 2016.

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Will a new bathroom increase rental value?

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Increase Value:

If you want to increase the rental value of your property then there are several areas which are well worth focusing on. There are external changes to the building as well as internal changes you can make to help asking for higher rent easier, but one area of the property that let a lot of landlords down is the bathroom.

It’s a well-known fact that renovations, when done correctly, can help increase the value of a property. The same things that help increase a home’s value will also help improve rental value in a similar way.

Below, we’ve listed 5 things that you can do to your bathroom to have a positive impact on rental value.

1 – A complete new bathroom

Fitting a whole new bathroom is by far the most costly option of the 5, but it will increase your rental value by the most. If you’re renting for the long run then this will work out better for you over time.

With the rise in online retailers, the cost of a bathroom suite is at the lowest in a very long time so although it’s the most expensive option; it still doesn’t mean you need to spend a fortune.

2 – Add a shower bath

Everybody deserves a long hot soak in a bathtub from time to time and although lots of people love to bathe themselves, there’s lots of people who enjoy the practicality of a shower. It makes sense to have something for everybody and unlike a bath, which only really accommodates bathers, a shower bath has an large end to make showering much easier and enjoyable.

Shower baths are a lower cost renovation, but if you can’t spend too much then simply fitting an electric shower can certainly help renting your property more desirable.

3 – Add some tiles

Prospective tenants will not only appreciate a bathroom with new tiles, but they’ll also like the idea of having an easy to clean bathroom. Tiles are a middle-of-the-road cost but they’re easily maintained and can really transform the look of a bathroom.

Wall tiles are typically the most common renovation with tiles although floor tiles, especially patterned tiles and geometric patterns, can be a real wow factor. Tiling both walls and floors is ideal for getting the best results although landlord on a budget will still reap the rewards of just tiling one of the surfaces.

4 – Underfloor heating

Having a warm bathroom is important for relaxing and comfort. The beauty of underfloor heating is that it’s out of sight and has an equal distribution of heat. The bit that everybody loves about underfloor heating his the fact that the floor is toasty warm. It means you can step out of the shower or bath on a cold morning and the floor won’t have you dancing around whilst trying to dry off.

Underfloor heating can also reduce your heating bills which may also help increase rent values. An energy efficient property is much more desirable and this can make the difference.

5 – Bathroom accessories

A bathroom without accessories can be a messy place in the wrong hands. Having somewhere to store your essentials such as a tumbler for toothpaste and soap dish for soap can really make a difference to a potential tenant. They’ll be looking at the room and imagining where their things will go and if they don’t see anything the room will feel like it’s lacking. Why would you pay extra for less?

Bathroom accessories can be a really cheap way of adding value and if this is the only thing you can do then I’d definitely advise for it.

There’s a wide range of improvements that you can make to a bathroom to help increase a properties rental value. Some of the above options can be combined for maximum effect so don’t be afraid to go all the way when planning a new bathroom.

One last thing to keep in mind is colour. The colours used in your bathroom should be neutral as to appeal to as wide an audience as possible. Using neutral colours will also keep the bathroom looking great for longer. Some colours come into fashion only for a few years so following some fashions may leave you with a quickly outdated bathroom which isn’t advisable long term.

Written by Alan Gregory, Victorian Plumbing

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Will a new bathroom increase rental value? | LandlordZONE.

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FOI request on sale of Mortgage Express BTL loans

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Re: Freedom of Information request

Under the Freedom of Information act I would be most grateful if you could send information regarding the sale of Mortgage Express Buy to Let loans via UKAR to Rosinca Mortgage and Jasper mortgages.

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How To Corporatise Your Property Business – 3 places left

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How To Corporatise Your Property Business. Last 3 places left on the One Day Workshop this Saturday 17th March.

Last chance opportunity to attend this tax planning workshop and start to put in place your plans before the end of the current tax year.

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Remove VAT on Home Safety Products – Petition

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Please could this petition be included on Property118.

Axe Safety Tax, remove VAT on safety products & services for residential homes

Residential safety products & services are taxed at 20%, such items include: smoke alarms; annual gas safety checks;

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Incentivising landlords in the private rental sector

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Housing Proposals:

A new report published by the University of Cambridge Centre for Housing & Planning, in partnership with the Joseph Rowntree Foundation (JRF), recognises the reluctance of many landlords to let their properties to low income tenants.

Given the apparent lack of support from government for small-scale private rented sector (PRS) landlords in this area, this report has produced three proposals which it claims could incentivise private landlords to let to social sector tenants, those claiming benefits.

Many benefit claiming tenants – singles and families – are having great difficulty securing rental accommodation in the private rented sector, and also in the social sector, given the decline of social sector housing.

The report claims that these proposals if implemented would improve accessibility, affordability, quality and security of housing for people in poverty in the PRS.

The proposals follow an international policy review of housing reform, and the contributing parties have identified key measures for further development in England:

(Proposal 1)

“The introduction of a Rental Incentive Allowance, enabling landlords to offset a proportion of their rental income against tax if they let their property to households in receipt of Local Housing Allowance. According to the report, this option would enable more people in poverty and with low incomes to access a larger range of more affordable private sector rented accommodation.”

(Proposal 2)

“Boosting incentives to improve the quality of property by allowing specified improvements to properties to be tax deductible against income tax, rather than Capital Gains Tax. This proposal could also incentivize landlords to take further action in improving the quality of accommodation on offer to low-income households, while also making improvements on measures such as energy efficiency, reducing fuel bills and other costs that would improve affordability.”

(Proposal 3)

“Improving access to housing by enabling local authorities to issue vouchers to priority households, guaranteeing the payment of rent. This measure could incentivise landlords to accept tenants viewed as a higher risk, making it easier for them to access accommodation.”

Cost Effective Measures?

The three proposals have been costed at: Proposal 1, £354 million a year; Proposal 2, £36 million in its first year, rising gradually to £86 million per year after nine years, and Proposal 3, £170 million per year.

By focusing on the use of taxation as a means of changing incentives for landlords in the PRS, the report claims the costs associated with the three proposals could be offset by HM Treasury’s recent tax increases implemented on private landlords.

The Government has anticipated an £808 million annual increase in tax revenues from landlords by 2021–22 through restricting mortgage finance interest relief to the basic rate of income tax.

The current Government is already in principle considering ways to incentivise landlords to offer longer tenancies.

Read the report here

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Incentivising landlords in the private rental sector | LandlordZONE.

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Landlords Union Reveals How Its Members Net Profits Can Sky-Rocket By Switching Ownership Structure

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Far too many landlords have been guilty of focusing on problems than solutions when it comes to optimising their rental profits.

In many cases, changing the ownership structure can prove to be far more effective than refinancing or increasing rent.

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