HMO Liverpool advice please

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Dear All

16 months ago I bought a 6 bedroom HMO in Liverpool for 145k (105k interest only mortgage with Paragon, 5 year fix); I live in Somerset so it’s managed for me. I’m 54 and planning to retire in a couple of years.

Unfortunately, the expected tenants didn’t materialize, (or at least not enough of them) so I looked at another management company. The 2nd company tell me its location is good, as are the room sizes, but it’s in need of “doing up” i.e. new floors, new bathrooms, (only 2 at present ), new furniture new kitchen and decorated throughout – around 20k. I recently visited the property and noticed a couple of properties nearby which were boarded up, that wasn’t the case when I bought it.

I seem to have 4 choices:

A) Sell and loose maybe 40k- perhaps more.
Its my only property in my company so could sell it and the company together. At least it is a clean break with a city I probably shouldn’t have invested in, (I lack local knowledge). I’d stop worrying about it and focus on the successful properties in my small portfolio.

B) Rent to rent.
This would cover my mortgage but nothing else, worried that the person I lease it to may not look after the property, do the necessary smoke alarm checks etc, at worst case end up leasing to someone who ignores legal requirements and perhaps I end up in court!

C) Spend 20k-30k doing as the 2nd management company suggested, rooms would let out at £300 per month (maybe).
Might work but perhaps I could be putting good money after bad and end up selling at a bigger lose in a couple of years.

D) Invest 110k
A project manager has recommended I spend 110k upgrading the 6 bedrooms so that they are all on suite. I think it would probably rent out at £430 a room, however I don’t want to over extend myself and the profit is a little tight –total monthly costs £1,600, total projected income £2,580. In these figures I’ve assumed each room rents out 100% of the time! After re-mortgaging the total amount of my money in the project is £100k.

Any advice would be brilliant – I’m now having the odd sleepless night worrying about this property!

David

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Government approach to housing is short sighted

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In my opinion Government should focus on only two things to solve the Housing crisis:-

1. That supply meets demand
2. Available housing is lived in

Instead, Government seems to be obsessing about ownership.

No, no, no, no, no!

The focus should be to incentiving the building of new housing and empty housing to be sold or rented to people in need of it.

Government seem to view housing providers as a cash cow to fund HM Treasury but that is stifling supply, which is a very short sighted approach.

So what could Government to to reverse current trends.

First, they could discourage investment strategies which leave housing empty and treat it as an investment as opposed to its primary purpose of providing shelter for human beings.

Second, Government could make more grants available to bring empty housing into use.

Third, is that Government should incentivise new development of all tenures. It doesn’t matter whether housing is built for owner occupation or the rental market because once supply matches demand the pressure on prices will stabalise.

To achieve the above the whole system of planning and taxation needs a complete re-think.

Anything you would like to add?

Please comment below.

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When is a landlord liable for injuries to a tenant?

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Personal injury:

There are some instances when a landlord could be held liable for injuries suffered by a tenant (or a guest) while on the property. We explain everything you need to know below…

Landlords have a general duty of care to make sure the properties they rent are kept in a safe condition for their tenants. Not all tenant injuries are the fault of the landlord though, so it is important to know the difference and your responsibilities to avoid any expensive and damaging personal injury claims.

Negligence and a landlord’s duty to tenants

For a landlord to be deemed liable for an injury to a tenant, it must be shown that they were negligent in some way. Negligence is a legal concept that holds individuals accountable for any harm they may cause to other parties. To prove that a landlord has been negligent, a tenant is required to prove that the landlord failed to uphold their duty of care towards the tenant – which then resulted in an injury.

Duty of care, or ‘standard of care’, in this respect refers to the responsibilities of the landlord in terms of maintaining a safe property. Landlords are expected to make sure their property is safe to a reasonable standard.

If a landlord fails to meet the reasonable standard of care then they could be found to be liable for any injuries caused to tenants as a result.

The big question here for landlords is, what is meant by ‘reasonable care’? To determine if a landlord has acted reasonably, the courts will ask two questions:

1 – What would the average, reasonable landlord do in similar circumstances?

2 – Has the landlord demonstrated at least that average level of reasonable care?

In some cases, a court may find that the standard of care expected of a landlord should be greater than the average or ‘reasonable’ level. For instance if young children are involved, as they are less able to assess risks and avoid danger. Similarly, if you are renting to people who do not speak English as a first language it could be argued that, as the landlord, it is your responsibility to ensure warning signs are provided in the tenants’ language.

Similarly, a landlord could be held responsible for failing to install smoke and carbon monoxide alarms in the property. New regulations regarding smoke alarms are now in force in the UK, requiring landlords to fit working smoke alarms on every storey of a rental property and Carbon Monoxide alarms in any room containing solid fuel appliances that is used as living accommodation. For more information read our guide: Are you properly alarmed?

Physical injuries to tenants

A landlord could be held liable for a physical injury to a tenant that was caused by the landlord’s failure to maintain the property to a reasonably safe level, or to make repairs in a timely fashion. For example, if a staircase has a faulty handrail and the tenant is injured as a result of falling down the stairs then the landlord could be found negligent.

However, this would only apply if the landlord was notified of the hazard and had a reasonable time to fix it.

The Defective Premises Act 1972 states the legal obligation for landlords to prevent their tenants from suffering injury from property defects. Some of the more common defects to be aware of include:

• Damaged floorboards
• Worn/loose carpets
• No handrails/damaged handrails on staircases
• Loose plaster – particularly on ceilings

Landlords are also responsible for any defects in communal areas of rental properties as well as those in outdoor areas e.g. potholes on a driveway.

What damages can tenants claim for?

If a landlord is found to have acted negligently and therefore liable for an injury suffered by a tenant, then the tenant can pursue a personal injury claim for compensation.

Depending on the nature of the injury and the individual circumstance, a compensation claim could include General Damages and Special Damages…

General damages

These relate directly to the pain, suffering and ‘loss of amenity’ caused as a direct result of the injury. This could include physical and/or emotional pain and suffering, loss of physical or mental ability, loss of quality of life and so on.

Special damages

These deal directly with the financial impact the injury has had on the tenant, for example: loss of earnings, loss of earning potential treatment costs, rehabilitation costs etc…

The information in this article was supplied by Liverpool personal injury solicitor CL Legal.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – When is a landlord liable for injuries to a tenant? | LandlordZONE.

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How to stop evictions going wrong

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This is the 15th post in my 2017 Legal Update series.

Evicting tenants is not a nice thing to have to do. Sadly, however it is sometimes necessary.

If it is necessary then it is best all round if you just get on with it. In many cases eviction proceedings are brought solely to force Local Authorities to re-house tenants, in which case it is in the tenant’s interests to get things resolved as soon as possible too.

There is also the fact that, even if you get them right, court proceedings take a long time, much longer than most people realise. It’s rare for eviction proceedings to take less than three months at the very least – normally it is closer to six months or even more.

Most people find court proceedings stressful – another reason to get them over and done with ASAP. Sadly, however things often take much longer than they should due to landlords’ ignorance of the rules.

Here are some of the things they get wrong:

• Issuing proceedings based on section 21 when they have not protected the deposit.
• Getting their section 21 notice wrong for some other reason
• Issuing proceedings before their eviction notice period has expired
• Letting agents signing the court paperwork (only the litigants themselves or their solicitors can sign claim forms)
• Using a ‘discretionary’ ground for possession (I’ll explain this further down)

The main problem though is landlords issuing eviction proceedings in a ‘gung ho’ manner, without doing proper preparation and research, thinking that they know it all when they don’t.

If you make a mistake, or if you use a ‘discretionary ground’, then this allows the tenant to put in a defence. The Judge will then set the case down for a longer hearing which will be at least three months away (often longer), and you are in for a long, expensive case which could take many months to resolve.

Apart from the fact that if your tenants are not paying rent, the rent arrears are going to be horrendous – if your tenants are able to successfully defeat your claim (and the fact that the Judge has not rejected their defence out of hand means it is not entirely off the cards) – you will probably be ordered to pay their legal costs!

This often seems massively unfair to landlords who may actually have a valid claim, but who lose their case because they made some sort of technical error.

However, Judges take the view that making someone homeless is a very serious thing which could be life changing for tenants (which it often is). They are not prepared to do this (particularly if there are children living at the property) unless landlords have followed the proper procedure and got their paperwork right.

Often landlords assume that because their tenants have behaved so badly, the Judge will take their part even if they have not followed all the rules properly. But this is a very dangerous assumption. They won’t. Or rather they may be sympathetic but they won’t find in your favour.

So, you need to get things right.

Discretionary and mandatory grounds

When you bring a claim for possession you need to hang your case on a legal ‘ground’. There are two types of ground – mandatory and discretionary.

• Mandatory grounds are those where, if you get things right, the Judge is not allowed to refuse to make an order for possession.
• Discretionary grounds are where, even if you do make out your case, the Judge has a discretion whether or not to make an order for possession. Even if he does make it, he can stay or suspend it ‘on terms’ meaning it may be a very long time before you actually get possession – if indeed you ever do.

When landlords read the discretionary ‘grounds’ for possession they often get quite excited as their tenants may have breached many of them – for example if they have breached terms of the tenancy agreement.

However, using a discretionary ground is NOT a good idea – save in exceptional cases. And there are fewer exceptional cases than you might imagine. So, don’t go there. Wait until you can use one of the mandatory grounds. Or at least get proper legal advice before starting a claim.

Further information:

If you can’t afford to use solicitors, my Landlord Law service has a lot of help for landlords wishing to evict tenants.  You can find out more about Landlord Law here

Probably the most popular talks at our 2017 Conference were the two taken by barrister Peter Marcus on defended possession proceedings and court procedure.

You can see a short clip from the defended possession proceedings talk here. Both talks are available as part of the 2017 Conference Course.

As a practising housing barrister Peter has extensive experience in using the courts, which is reflected in his training. His talk on Court Procedure will be invaluable training for whatever type of court claim you are involved in – and most landlords are involved in some sort of court claim at some time or other in their landlord career.

You will find more information about the Conference Course here.  There is a discount voucher for Property118 readers which is pp118cc30 – apply this on the checkout page and it will reduce the payment by 30%.  Note however that the coupon will expire after 16 September.

In my next and final post in this series I will be discussing training generally and giving you some tips.

Tessa Shepperson is a specialist landlord & tenant lawyer and runs the popular Landlord Law online information service.

To see all the articles in my series please Click Here

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Homelessness – A thing of the past?

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North Somerset Council are now working in collaboration with local landlords on a brand new solution “The Ark Passport Scheme” to help more benefit assisted and low income tenants secure private rented accommodation.

A shortage of affordable housing and the introduction of Universal credit*, which restricts the payments of rents direct to landlords, has led to significant difficulties for benefit claimants to access affordable homes.

The Ark Passport Scheme aims to address this and allows tenants to separate and prioritise rent and other important payments. It provides a banking facility which creates a secure payment “wallet” on a tenant’s benefit, making sure that the landlord receives their rent – which is extremely useful to those tenants who have been transferred onto the Universal Credit model.

Not only does The Ark Passport Scheme give landlords greater security against such issues as non-payment of rent, it also offers the added advantage of having a rent guarantee and legal expenses insurance policy in place for the duration of the tenancy.

The Ark Passport Scheme aims to equip families and individuals with the opportunity of securing decent accommodation, overcome the need to find prohibitive deposits and rent in advance as well as enabling tenants to build their credit rating and reference history.

The Ark Passport Scheme is a tool to encourage both private landlords and housing providers to house those in receipt of benefit with an aim to reducing homelessness.

Stuart Adams, Senior Lettings Officer from the Housing Resource Team at North Somerset Council, said: ‘We have been looking for a long term and sustainable solution to increase the supply of residential properties from within the private rented sector in North Somerset, to continue to effectively tackle the issue of homelessness prevention.

‘Working in collaboration with The Ark Passport scheme, we hope to alleviate the financial concerns faced by landlords when accepting tenants who are in receipt of Housing Benefit and Universal Credit.

‘After completing the basic elements of The Ark Passport Scheme, tenants will be in a position where they are fully referenced and financially ready to commence a tenancy. They will also have the backing and support of the Housing Resource Team which has dedicated officers to assist both landlords and tenants throughout the tenancy.

‘The scheme is in its infancy, however it is innovative and I expect that as the model is successfully rolled out it will be adopted by other councils too.’

An Ark Passport Representative said: ‘The answer to alleviating long-term homelessness must be something which encompasses security, longevity, education and understanding and not just throwing taxpayers money at a problem that has no solution.

‘The main benefits to landlords who participate in The Ark project are that the rent is guaranteed via the secure wallet in the tenant’s bank account and that the legal expenses insurance will cover all of the landlord’s legal repossession costs.

‘Furthermore, Ark users can gain access to a free advertising portal for their vacant properties as well as a Council appointed support team specialising in Universal Credit.

‘Working in collaboration with North Somerset Council, together we hold the key to enable good landlords to offer better homes to tenants’ right across the district. We hope that by working closely together on this project that the concept will bring shelter, durability and harmony to neighbourhoods for people who want a secure and comfortable way of life.’

The Ark will also be a welcome edition when the Homelessness Reduction Act comes into force from April 2018, with £61million government funding behind the bill. The bill – which became an official act of parliament in April – places a legal duty on councils to give people meaningful support to try to resolve their homelessness, as well as introducing measures to prevent people becoming homeless in the first place. This follows a warning from a homeless charity, that the number of people forced into homelessness is expected to more than double to half a million by 2041 unless the government take immediate action.

So it’s good news that 22 additional housing sites have been identified by North Somerset Council recently, in order to meet the area’s housing needs over the next nine years. These will provide a total of 821 homes which are all expected to be delivered over the next five years.

Therefore, North Somerset Council would like to take this opportunity to invite both private landlords and letting agents from across the district to attend a free seminar on The Ark Passport Scheme which will be taking place on Wednesday 27th September (6pm-8pm) at the newly refurbished Museum in Weston-super-Mare. There’s no need to pre-register for this event, all are welcome so please come along.

* Footnote: What is Universal Credit? UC affects tenants who claim Jobseekers Allowance, Income Support, Employment and Support Allowance, Working and Child Tax Credits or Housing Benefit. With all these changeovers proving complex and impacting on many parts of benefit claimants’ lives, those claiming the aforementioned benefits will eventually see their benefit replaced by one single benefit – Universal Credit. Furthermore, the latest Universal Credit Survey shows that 40% of UC claimants in arrears were not in arrears prior to going onto the new welfare scheme.

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Unreliable Evidence on R4 discusses landlord and tenant issues

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Radio 4’s Unreliable Evidence program on this evening (13/9/17) @ 20:00 is discussing housing law and looks to be covering a number of topics of particular interest to landlords.

more details can be found here:

http://www.bbc.co.uk/programmes/b0939hpt

“Housing Law

Unreliable Evidence

A judge led inquiry has been set up to establish the facts of the devastating Grenfell Tower fire. The tragedy has shone a spotlight on issues of housing safety. Clive Anderson and guests discuss topical housing law issues. Does the law sufficiently protect the tenure, safety and other legal rights of tenants in both the private and public sectors?

There is consensus in the legal community that housing law is under-resourced, unnecessarily complex and, in many ways, outdated. But what rights should tenants have?

Barrister Liz Davies says a lack of legal aid is preventing tenants from bringing unsafe and unsatisfactory housing to court. Current legislation means a legal claim only arises where the rented property is in “disrepair”. A tenant has legal recourse if their boiler is broken, but none if the heating is functioning but inadequate.

The programme discusses concerns that current protections are unevenly applied. Private landlords can be inspected and works required by environmental health officer. But these officers cannot compel their own local authorities to act.

In 2012, the Welsh Assembly announced it would bring into legislation Law Commission recommendations that will dramatically simplify the rental market. Solicitor David Smith, who was involved in drafting the legislation, says the hugely complicated process will take another couple of years. Should England follow suit?

Part-time judge Caroline Hunter is supportive of a greater role for specialist tribunals to increase efficiency and access to justice. Barrister Matt Hutchings QC argues for additional social housing saying that, without more homes, additional laws will only add further complexity.”

Tony

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BTL mortgage products available hit high point since financial crises

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Money Facts has reported the number of Buy to Let mortgage products available to landlords has hit a record number since they dropped to below 200 after the financial crisis 10 years ago.

There are now 1,725 different Buy to Let products available across lender compared to the pre-crisis high point of 1,942. The last month has seen an increase of 7%, which is the largest month on month growth this year.

Charlotte Nelson,Moneyfacts spokesperson, said: “Despite reduced BTL activity in the first quarter, competition among lenders remains high as providers fight to retain their standing in a diminished market. Rates have also fallen with the average two year BTL fixed rate down from 2.91% in August to 2.86% in September, another record low”

“The extra pressure on the buy to let market could be a turning point, with the competition that is currently alive and well amongst providers perhaps starting to ebb as they shift their focus to ensuring the new regulation is followed”

At the end of this month we will see the change in regulation come in to force defining landlords with four or more properties as ‘Portfolio Landlords’ and the performance across the whole portfolio having to be taken into account when assessing affordability.

Therefore, we could see even more products as the lenders split them over the two different types of criteria requirements.

If you require assistance with a Buy to Let mortgage or any other type of property finance please do not hesitate to ask us by completing the contact form below and we will be happy to help.

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Student Pods recent set backs?

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Does anybody here know anything about Pinnacle’s Canterbury Student Village developed by Manchester-based Pinnacle Alliance during 2013-5?

The development, which consists of 336 student pods, was developed by Pinnacle Alliance off-plan aimed to attract both UK and overseas buyers. The ownership is leasehold.

Completed in 2015, the development has been successfully tenanted until now. Despite the fact that more and more student pods are coming online in Canterbury, the demands for the pods outstrip the supply by far. This renders the Canterbury pods in demand.

As original off-plan buyers, we were offered a 5-year guaranteed rental yield roughly 8% per annum. Until March 2017, this has been honoured without issues.

However, recent setbacks at other Pinnacle developments (e.g. Angelgate) raise concerns about the developer’s integrity. This has been demonstrated by their delay to the original guaranteed payment schedule by Harper Brooks (Camborne) for one month to the existing Pinnacle student pod owners, without consultations and I believe is in breach of the original agreement.

Furthermore, it was known that Canterbury Student Village’s freehold was sold to an offshore company in late 2015. Pinnacle’s original Special Purpose Vehicle (SPV), NWS Development Ltd, was relegated into Head Leasee. The SPV was subsequently dissolved on 14 Feb 2017. Many Pod owners are now at a loss as to what action they can take or who to take their case to – the developer Pinnacle Alliance, or the appointed managers Harper Brooks & Camborne. Confusing everybody even more, is the fact that, when called, Pinnacle Alliance and Harper Brooks & Camborne blame each other for the non-payment of rents, yet both companies have the same people on their Boards of Directors!

Many thanks

Martin

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National Landlord Investment Show is heading to Sussex – 13 September at Brighton Racecourse

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New exhibitors announced! After an unbeatable few months, the UK’s leading property investment event is heading to Sussex to bring together local landlords & leading property investment services.

National Landlord Investment Show is returning to Sussex for its 50th , show to date on Wednesday 13 September at Brighton Racecourse, Sussex.

It’s been an unbeatable few months for the show, with its June event at Olympia sparking off lobbying to Parliament by our guest speaker Iain Duncan Smith MP. The show gained national and industry press coverage at its speaker panel around prohibitive landlord law – and with expert speakers and property professionals at the East London show, visitors can expect this to be one of the topics addressed and debated in September.

The exhibition offers local landlords and property investors a chance to keep up to date on the buy-to-let market in London and surrounding areas, expand their business networks and connect with leading suppliers of property investment, tax, legal, insurance and mortgage services. It’s also a perfect opportunity for those thinking of entering the market to get expert advice on opportunities available.

Visitors to the show will be able to join 11+ seminars by property experts, with unparalleled experience in the UK buy-to-let market.

Investors will be able to source the latest property services from renowned brands such as Royal Bank of Scotland and Ikea Business, as well companies such as Nova Financial, Lodgikol, Alternative Bridging, Martin & Co, Alan Boswell, Leaders and Clive Emson Land & Property Auctioneers who offer local or niche buy-to-let services in areas from tax, to mortgages to legal.’

There is also a complimentary networking event in the morning of the show for visitors to meet new contacts and discuss local issues.

Tenancy Deposit Scheme, exhibiting for the third year running, attests to the popularity of the show, ‘National Landlord Investment Show is a really well run event and has gained the popularity it deserves within the industry.’

The event is running from 09.00 – 15.30 and tickets are complimentary.

Register free at www.landlordinvestmentshow.co.uk

About Landlord Investment Show

National Landlord Investment Show is the UK’s leading property investment exhibition, providing solutions, networking and advice for new seasoned and investors in the buy-to-let market. Established in 2013 and operating in property hotspots throughout the country, it has now run 48 shows successfully, and has provided property investment solutions for over 25,000 landlords in the last 12 months alone, a growth of 31% since 2015.

www.landlordinvestmentshow.co.uk

Landlord Investor Magazine is subscription-based and available in both print and digital formats with 11 issues each year. It offers advice, news and commentary from leading experts on the property market, including Iain Duncan Smith MP and David Smith, Economic Editor of the Sunday Times. Each issue helps property professionals keep up to date with essential industry developments.   Subscribe at www.landlordinvestormagazine.co.uk

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National Audit Office – Homelessness report

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The National Audit Office has released its homelessness report with all indices rising isn’t it time the government works with landlords rather than using them as a political expediency.

Click Here to see full report.

60% increase in households in temporary accommodation since March 2011 with 77,240 households in temporary accommodation @ March 2017

£1.15 billion – the cost of homelessness to Local Authorities in 2015-2016

88,410 households applied for homelessness assistance during 2016-2017

Threefold increase In the number of households recorded as homeless following the end of an assured shorthold tenancy since 2010-11. Surely this is one of the most telling statistics and shows the results of financial and political attacks post Section 24 mortgage interest restrictions with PRS landlords looking to exit the housing Market.

Click Here  to read Dr Rosalind Beck’s comprehensive report on Section 24 of the Finance (No. 2) Act 2015

Amyas Morse, head of the National Audit Office, attacks the government on its record saying: “Homelessness in all its forms has significantly increased in recent years, driven by several factors. Despite this, government has not evaluated the impact of its reforms on this issue, and there remain gaps in its approach. It is difficult to understand why the Department persisted with its light touch approach in the face of such a visibly growing problem. Its recent performance in reducing homelessness therefore cannot be considered value for money”.

The report summary indicated:

“The ending of private sector tenancies has overtaken all other causes to become the biggest single driver of statutory homelessness in England. The proportion of households accepted as homeless by local authorities due to the end of an assured shorthold tenancy increased from 11% during 2009-10 to 32% during 2016-17. The proportion in London increased during the same period from 10% to 39%. Across England, the ending of private sector tenancies accounts for 74% of the growth in households who qualify for temporary accommodation since 2009-10. In addition, it appears likely that the decrease in affordability of properties in the private rented sector, of which welfare reforms such as the capping of Local Housing Allowance are an element, have driven this increase in homelessness.”

“The ability of local authorities to respond to increased homelessness is constrained by the limited options they have to house homeless families. There has been a significant reduction in social housing over the past few decades.”

Surely the government needs the PRS now more than ever?

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