24) The risks that don’t show up on a spreadsheet

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Property118

24) The risks that don’t show up on a spreadsheet

Most landlords understand the numbers in their portfolio very well. They track values, borrowing, LTV, rental income and costs. Over time, those figures become familiar and reassuring. The portfolio can be measured, reviewed and compared year after year. From a financial perspective, very little is hidden, but not all risks are visible in those numbers.

What spreadsheets are good at showing

A well-maintained property schedule gives a clear picture of performance. It shows how the portfolio is growing, how it is financed and how it is performing on a day-to-day basis. It allows landlords to make informed decisions and to monitor progress over time. That visibility is one of the strengths of property as an investment, because it creates a sense of control.

What spreadsheets don’t tend to show

There are other aspects of a portfolio that are harder to quantify.

• How decisions are made.
• How responsibilities are shared.
• How easily the business could adapt if circumstances changed.

These are not reflected in property values or rental figures, yet they can influence how the portfolio performs over time.

The role of familiarity

Long-established portfolios often feel straightforward to manage. The properties are known, the processes are familiar, the way decisions are made has developed naturally over many years. That familiarity can be helpful, but it can also mean that certain aspects of the portfolio are rarely questioned, not because they are problematic, but because they have always been that way.

When the unseen becomes relevant

Most of the time, these less visible factors sit quietly in the background. The portfolio performs as expected and there is no reason to examine them closely. They tend to become more relevant when something changes: a refinancing decision, a change in personal circumstances, or a need to adjust income or involvement. At that point, what was previously unseen can become more noticeable.

The difference between strength and resilience

A portfolio can appear strong in financial terms while still being relatively untested in other ways.

Strength is often measured through assets and income.

Resilience is reflected in how the portfolio responds to change.

The two are related, but not identical.

A question worth considering

This is not about identifying problems; it’s about understanding the portfolio more fully: If something needed to change, how easily could your portfolio adapt?

For many landlords, this is not a question that has ever needed to be answered directly, it simply has not arisen.

An invitation for established landlords

If you have built a substantial portfolio and have only ever viewed it through the lens of financial performance, it may be worth taking a broader perspective.

You are welcome to email a copy of your latest property portfolio spreadsheet to Yvonne@Property118.com.

From there we can arrange a free introductory discussion to explore how your portfolio functions beyond the numbers and what that might mean for the years ahead.

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Government publishes information on new tenancy agreements

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Property118

Government publishes information on new tenancy agreements

The government has confirmed what information must be included in new tenancy agreements for the Renters’ Rights Act.

Landlords will need to give this information when creating a new tenancy on or after 1 May 2026.

It’s important for landlords to know that you will not need to provide this information to an existing tenant if the tenancy was signed before 1 May 2026.

Instead, landlords will need to give tenants a copy of the Renters’ Rights Act information sheet, or they could face a £7,000 fine.

Permission from letting agent to include contact details

If landlords are using a new tenancy agreement after 1 May 2026, they must include certain information such as:

• Your name (or the name of the landlord, if you are a letting agent or property manager acting on a landlord’s behalf) and the name of any joint landlords you let the property with.
• A postal address in England or Wales where the tenant can send legal notices to you, for example a notice to end the tenancy. This does not need to be your home address, but it must be an address where you can receive post. This could include a business address.

The government explain that landlords do not have to provide an email address or phone number, but they can choose to do so if they would like the tenant to be able to contact them.

The government say this could be helpful if you would like tenants to report repairs by phone or email.

Landlords can also choose to include the contact details of a property manager or letting agent, if they have one, but they are not required to do so.

However, the government point out that landlords must ensure they have permission from the letting agent to include their contact details.

Name and address

Other information that must be included in tenancy agreements include:

• Tenant(s) name – Landlords must include the names of all tenants, including joint tenants.
• Property address – Landlords must include the address of the property where the tenant will live.
• Tenancy start date – Landlords must include the date the tenant is first entitled to possession of the property. This means the first day when they are allowed to move into the property.
• Rent amount and when it is due – must include the amount of rent and when payment is due.
• Rent increases – Landlords must include a statement that if you make a new proposal to increase the rent, you will serve a notice on your tenant in accordance with Section 13 of the Housing Act 1988.

Explain which bills are covered

If the rent amount includes bills, then landlords must explain which bills are covered.

The government explains landlords do not need to say how much of the rent covers the cost of bills, but landlords can choose to include this if they wish.

Landlords may decide to ask tenants to make separate payments to them or someone else connected to them for the purpose of paying bills. If they do this, landlords must explain:

• What bills any separate payment will cover
• How much is due for each bill — or an explanation of how and when the tenant will be told this information
• When each bill payment is due — or an explanation of how and when the tenant will be told this information

Landlords only need to give tenants this information for certain bills. These are:

• Council tax
• Utilities, including electricity, gas or other fuel, water, and sewage
• A TV licence
• Communications services, including telephone, internet, cable TV and satellite TV
• Energy efficiency improvements under a green deal plan

Landlords only need to give this information for bills that are covered by the rent or which tenants must pay to them separately. Landlords do not need to explain which bills the tenant is responsible for arranging or paying directly to the supplier.

Important exception

Landlords must include the amount of the tenancy deposit, if they have taken one or plan to take one from their tenant.

The government explain: “Rules on tenancy deposits mean landlords must give specific information to tenants within 30 days of receiving the money. For example, this includes which government-approved scheme the deposit is or will be protected in.

“This information does not have to be provided at the same time as the other tenancy information listed, but it can be if landlords wish to do so.”

Landlords must also include the minimum amount of notice a tenant must give when serving notice to end the tenancy, as well as information about landlords ending a tenancy, such as through an order for possession.

However, the government have clarified an important exception: “The only circumstance where a landlord would not need to obtain an order for possession is where the Secretary of State has given written notice that the occupier is disqualified from occupying premises under a residential tenancy agreement because of their immigration status.

“In this circumstance, the landlord should instead serve the occupier with a notice to end the tenancy under the relevant immigration legislation.”

Right to request a pet

Under the Renters’ Rights Act, tenants will be able to request a pet, which landlords cannot unreasonably refuse. The government say a statement confirming this must be included in new tenancy agreements.

Other required information includes a statement that the landlord must ensure the property is fit for human habitation and details of the landlord’s obligations under Section 11 of the Landlord and Tenant Act 1985

The government also says that if there is only a verbal tenancy agreement (even if it began before 1 May 2026), landlords will still need to provide this information.

A full list of everything that needs to be included can be viewed by clicking here.

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Why Property118 is NOT currently recommending s162 incorporation to landlords with mortgages

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Property118

Why Property118 is NOT currently recommending s162 incorporation to landlords with mortgages

In February 2026, Property118 took HMRC to the First Tier Tribunal (Tax).

The hearing went on for 10 days.

We took this action because, since late 2023, HMRC has argued that the use of an indemnity for existing mortgage liabilities to be taken over by a company is a discloseable tax avoidance scheme. This is despite their own published guidance and concessions stating that this is what normally happens.

The above is NOT new; the HMRC guidance has retained this form for over 50-years!

HMRC has also recently taken the currently unpublished view (discovered via an FOI request) that if a company takes on new mortgage liabilities and uses those funds to redeem existing mortgage liabilities, such funds could be treated as taxable consideration under CGT rules.

The above is more plausible, in our opinion, and also according to established and highly redarded industry textbook guidance published by Lexis Nexis, which says as follows …

Established practice?

There could be a very strong established practice argument against this too. This is on the basis that HMRC has been unable to produce any evidence of having previously declined relief based their own consession (ESC/D32), even where the company took on new borrowing to repay liabilities which existed prior to incorporation.

Nevertheless, landlords who are considering any form of s162 incorporation, especially if they have mortgages or any other form of liabilities secured against their rental properties, should, in our opinion, defer their decisions to incorporate using s162 relief until absolute clarity is obtained in law. The mentally stressful and emotionally draining aspects of appealing an HMRC ruling cannot be underestimated, never mind the costs, which can easily run into six figures to pay for the necessary legal support.

Also consider that it took us nearly two years to get HMRC in front of the First-tier Tribunal. That is despite Property118 having always recommended what we regarded as the safer option, which was to follow HMRC’s own published guidance and to heed the risk warnings in Simon’s Taxes.

The above is intended to serve as a warning not only to landlords, but also to accountants, solicitors, barristers, mortgage brokers, lenders and financial advisers.

Tribunal outcome

We expect the First-tier tribunal to make a ruling later this year, but the losing side could then appeal to the Upper Tribunal and beyond, resulting in the wait for much need clarity potentially being pushed back even further. Meanwhile, these matters continue to frustrate landlords who would like to incorporate their businesses for the reasons explained in HMRC’s GAAR Guidance Part D paragraph 2.2, as follows …

A conversation worth having?

If you are weighing up your own strategy, whether that’s to sell, expand, or restructure to improve profitibility, it is worth having a discussion with a Property118 consultant to take a closer look at how your portfolio is structured as a whole now, and to forecast the outcomes based on multiple scenario’s.

These conversations are typically most useful for landlords with established portfolios and relatively modest borrowing who are beginning to reflect on how their assets could work more effectively in the years ahead.

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Tenants urged to check homes are licensed

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Property118

Tenants urged to check homes are licensed

More than half of the estimated 9,000 PRS homes in Blackpool’s latest selective licensing area have now been registered, with landlords who haven’t done so facing the prospect of fines or prosecution.

The scheme, covering eight wards, has been in place for almost a year.

It requires a £772 licence and, so far, 30% of licensed properties meet the higher Blackpool Standard for property management which comes with a discount.

Now, the council is urging tenants to ask whether their home is licensed, and whether it meets the higher management standard.

The Blackpool Standard

The council’s cabinet member for community safety, Cllr Paula Burdess, said: “People deserve better housing. There are clear links between poor quality private rented accommodation and deprivation.

“While we know that a great many landlords in our town provide a decent standard of housing for residents, as evidenced in the hundreds of homes which meet our high Blackpool Standard.

“But there are still many people living in poor housing.”

She added: “Tenants can ask their landlords if their home has been licensed, and if it meets the higher Blackpool Standard.

“By working together, we can improve homes, neighbourhoods and outcomes for all.”

EPC rating discount

Elsewhere, half of landlords secured a fee reduction by having an EPC rating of C or above.

In the licensing areas, landlords must meet conditions covering property standards, tenancy management, fire safety and action on anti-social behaviour.

Discounted fees are also available for homes meeting the Blackpool Standard or achieving an EPC rating of C or higher.

The Blackpool Standard requires landlords to provide documentation such as repair procedures and anti-social behaviour policies.

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23) When every decision in your portfolio still depends on you

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Property118

23) When every decision in your portfolio still depends on you

There is a stage many landlords reach where the portfolio feels settled. The properties are familiar, the tenants are in place, the income arrives with reasonable consistency. From the outside, it looks like a business that largely runs itself. Look a little closer, and a different picture often emerges; every meaningful decision still depends on you.

How this happens

Most portfolios are built personally. You chose the properties, ou arranged the finance, you handled the early challenges and made the key decisions that shaped the direction of the business. That involvement does not disappear as the portfolio matures. It simply becomes less visible. The result is a business that appears stable, but is still highly reliant on one person to keep it that way.

The hidden workload

It is not usually the obvious tasks that create this reliance. Day-to-day management can often be delegated, letting agents, accountants and advisers all play their part. The dependency sits elsewhere: refinancing decisions, property sales or acquisitions, handling unexpected issues, and balancing income against longer-term plans. These are the moments where the responsibility returns to you.

The question few landlords test

Because everything is working, there is rarely a reason to challenge this arrangement. The portfolio performs, decisions are made when needed, the business continues to function, which makes it easy to leave one question unexplored: What would happen if you stepped back from those decisions?

Control can feel like strength

Being closely involved in every important decision often feels like a strength, after all, no one understands the portfolio better than you do. The results achieved so far are a direct reflection of that involvement and there is a degree of reassurance in knowing that nothing significant happens without your input. However, at the same time, that level of control can quietly shape how the portfolio operates.

When reliance becomes more noticeable

This dynamic tends to become more relevant over time, not because anything has gone wrong, but because the role the portfolio plays begins to change. Decisions start to carry different weight and time becomes more valuable. The question of how the business would function without constant input becomes more meaningful. For some landlords, this is not a concern, but for others, it is simply something they have never examined closely.

A different way of looking at the same portfolio

None of this suggests that the portfolio is flawed, it reflects how it has been built and managed over many years. The interesting point is that the same set of assets can sometimes be viewed differently when the focus shifts from performance to dependency, not what the portfolio produces, but how it functions.

An invitation for established landlords

If you have built a substantial portfolio and recognise that many of the key decisions still depend on you, it may be worth taking a step back and looking at the bigger picture.

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Government publishes Renters’ Rights Act information sheet with £7,000 fine warning

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Property118

Government publishes Renters’ Rights Act information sheet with £7,000 fine warning

The government has published an information sheet on the Renters’ Rights Act, warning landlords that they could face a £7,000 fine if they fail to provide it to tenants by 31 May 2026.

The document outlines key changes introduced by the Renters’ Rights Act, including the abolition of fixed-term tenancies and rules on rent increases.

The government explain a copy of the information sheet must be given to every tenant named on the tenancy agreement.

£7,000 fine for failing to provide information sheet

According to the government, if a landlord uses a letting agent to manage the property, the agent is responsible for providing the information sheet to the tenant, even if the landlord has already done so.

Landlords are required to issue the information sheet where the tenancy:

• is an assured or assured shorthold tenancy
• was created before 1 May 2026
• has a wholly or partly written record of terms (including a written tenancy agreement)

Landlords must provide the information sheet either by printing a hard copy (posted or given to tenants by hand) or by sending the PDF electronically as an attachment, for example via email or text message. The government warns that emailing or texting a link to the PDF is not valid.

The government has also confirmed that landlords are not required to change or reissue any existing written tenancy agreement.

If landlords do not provide the information sheet to tenants before 31 May 2026, they could face fines of up to £7,000.

The information sheet can be viewed and downloaded by clicking here.

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Landlords exit as demand soars and supply tightens

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Property118

Landlords exit as demand soars and supply tightens

Demand continues to outstrip supply as landlords leave the market due to the Renters’ Rights Act, claims a new report.

Propertymark’s Housing Insight report reveals the number of registrations per member branch has jumped to 87, with the average number of applicants per member branch sitting at seven people per property.

The news comes as the Renters’ Rights Act will become law on 1 May 2026.

PRS landlords have no confidence in the government

A Propertymark member agent from the South West told the report: “The Renters’ Rights Act is making more single property landlords leave the market. Social housing is non-existent, and the local authority is insisting that tenants do not move until they receive the bailiff letter. All compounding the reasons why private rented sector landlords have no confidence in the government.”

An agent in Yorkshire said: “Many frightened landlords and many more concerned tenants, people really struggling to secure rental property in our area.”

According to the report, 63% of member agents reported that rents remained generally static, and 17% reported an increase.

Challenge is availability

Phil Spencer, founder of MoveiQ, explains renters are struggling to find a place to live.

He said: “For renters, the challenge is still availability. With demand far outpacing supply in many areas, competition for rental homes remains intense, which can make securing a property stressful and time-consuming.

“The positive takeaway is that the market is functioning and transactions are continuing to happen. For buyers and renters alike, preparation is key, whether that means getting finances in order before house hunting or acting quickly when the right property becomes available.

“As the year progresses, many will be hoping that improvements in the wider economy start to ease the pressure on household budgets and make moving a little easier.”

Supply remains constrained

Nathan Emerson, chief executive of Propertymark, said: “Within the lettings market, demand continues to outstrip supply, with an average of seven applicants competing for each available property. Although stock levels have edged slightly upward, supply remains constrained, and this imbalance is likely to remain a key challenge for renters and agents alike throughout the year.

“Overall, the data points to a market that is stabilising rather than surging. Activity is returning after seasonal slowdowns, but the pace of recovery will remain closely linked to inflation trends, interest rate decisions, and wider economic confidence during 2026.”

Rise in viewings

In the sales market, the average number of viewings per available property increased compared to the previous month, reaching 2.2 per property.

Market appraisal volumes, which indicate future supply, show that the average number of appraisals conducted per member branch stood at 21.

Mr Spencer said the data for the sales market shows a more considered pace among buyers: “What we are seeing in this data is that people haven’t stopped moving, but they are being more measured in their decisions.

“The rise in viewings suggests buyers have started to actively explore their options again, while stable buyer registrations show that demand is returning, even if people are taking longer to commit.”

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London’s rented home supply falls to 2.9% of stock

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London’s rented home supply falls to 2.9% of stock

Tenants across London are dealing with a tightening supply, with only a small share of homes available to let as the Renters’ Rights Act approaches.

Research from Benham and Reeves puts the number at 34,776 homes currently listed from an estimated private rented stock of 1,188,368.

That leaves just 2.9% of properties on the market at any one time.

Waltham Forest and Enfield both sit at 1.3%, while Barking and Dagenham follows at 1.4%.

Havering and Redbridge are at 1.5%, and Bexley, Hackney and Haringey each come in at 1.6%.

However, the firm is also warning that landlords selling up will worsen the supply for renters.

More landlords will exit

Marc von Grundherr, a director of Benham and Reeves, said: “Rental market supply will always ebb and flow and we are seeing some boost to stock, most notably via the continued expansion of the build to rent sector.

“However, the reality is that those searching for a rental home in London face an incredibly tough task, with only a minute proportion of total stock actually available to new tenants at any one time.”

He added: “It’s this imbalance that continues to drive long waiting lists, increasingly desperate tenant tactics such as paying six to 12 months’ rent upfront, and the sustained upward pressure on rental values across the capital.”

The firm is also warning that with the Renters’ Rights Act approaching, there’s a ‘real risk’ that more landlords will look to exit the PRS to restrict supply further.

Borough breakdown of supply

Across a wider spread of boroughs, availability holds at around 2% or below with Newham recording 2% and Lewisham 1.8%.

However, Bromley and Sutton are both at 1.7%. T

Central boroughs show higher figures, though that’s still a minority of the overall stock.

For example, Kensington and Chelsea reaches 8.4%, with Westminster at 7.4%.

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What if you never had to repay your interest-only mortgages?

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What if you never had to repay your interest-only mortgages?

For many landlords, repaying them was never the best outcome, just the default one.

At one point, you probably did have a plan; most likely something along the lines of sell a few properties at retirement, clear some debt, and simplify things over time. That’s perfectly sensible, and for many landlords, that was the intention. However, portfolios evolve, values rise, rents increase, income becomes more important than capital, CGT needs to be considered, and what once looked like a tidy “exit strategy” can start to feel like an unnecessary disruption.

The problem isn’t the mortgages; it’s the timing.

Interest-only borrowing did exactly what it was supposed to do; it helped you build, but now you might be in a different position. What if the mortgage on your own home is coming to the end of the term and most lenders are not interested because you’re getting too old?

You’re faced with a decision that doesn’t quite fit anymore

Do you stick to the original plan and start selling rental properties?

Do you downsize you home?

Or do you step back and ask a more relevant question: Does this debt actually need to be repaid during my lifetime?

For many landlords, that is where the thinking has shifted.

This is where later life lending comes in

Lenders like Livemore are approaching this from a completely different angle; no fixed “end point” based on age, and no assumption that capital must be repaid within a set term. Instead, they look at whether your income supports the borrowing, e.g. rental profits from your portfolio and pension income, whether current or projected. If that income comfortably services the debt, the mortgage can continue for the rest of your life, not as a workaround but as the intended structure.

That opens up a very different set of choices

You are no longer locked into: selling assets at a time that suits the lender, triggering tax simply to meet a deadline, downsizing your home or reducing income to reduce debt. Instead, you can choose to keep the portfolio intact and let it do what it already does well, generate income. The loan is then typically repaid from your estate in due course.

This isn’t about avoiding responsibility

The debt still exists, it is still serviced, and it is still ultimately repaid. What changes is when and how that happens. For many landlords, that shift alone is enough to transform the conversation.

Plans change; yYour financing should too.

What made sense 15 or 20 years ago may not be the best option today, not because the original plan was wrong, because your position is now stronger: more assets + more income = more options. The mistake is assuming you still have to follow a plan that no longer fits.

If this is starting to resonate you are not alone. We are seeing more landlords reach this point, where the portfolio is working, but the lending structure is starting to feel out of sync. The key is to look at your options before you are forced into a decision.

A conversation worth having

If you are weighing this up, it is worth having a proper discussion about what later life lending could look like in your situation.

It may also be worth taking a closer look at how your portfolio is structured as a whole.

You are welcome to email a copy of your latest property portfolio spreadsheet to Yvonne@Property118.com. From there we can arrange a free introductory discussion to explore the strategic questions your portfolio may raise.

These conversations are typically most useful for landlords with established portfolios and relatively modest borrowing who are beginning to reflect on how their assets could work more effectively in the years ahead.

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19) Why many landlords feel “asset rich but cash poor” and what that might really mean

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Property118

19) Why many landlords feel “asset rich but cash poor” and what that might really mean

It is a phrase that comes up surprisingly often in conversations with experienced landlords; “I feel asset rich, but cash poor.”

On paper, the portfolio looks strong, properties have increased in value over many years, LTV’s have reduced, the overall equity position is reassuring, yet the income available on a day-to-day basis does not always feel as strong as the balance sheet might suggest. That contrast can feel difficult to reconcile.

How this position develops

Most property portfolios are built over a long period of time. Landlords acquire assets, refinance when appropriate, and LTV’s gradually reduce as a result of property appreciation working it’s magic as the years pass. At the same time, the income profile of the portfolio often evolves more slowly. Rental yields, operating costs and financing decisions all influence how much income is actually available, regardless of the overall value of the assets. The result is a position that many landlords recognise; significant wealth on paper, but income that does not always feel proportionate.

The natural assumption

When landlords reach this stage, it is common to assume that this is simply how mature portfolios behave. Equity accumulates, income stabilises, and the two do not always move in step. For some investors, that is entirely acceptable, but for others or others, it raises a quiet question.

Is this an inevitable outcome, or simply the result of how the portfolio has evolved?

Why the question is often left unexplored

In many cases, the portfolio is performing well, so it can feel like there is no immediate problem to solve because the properties are let, the income is consistent, and the overall financial position is strong. Without a clear trigger, it is easy to accept the situation as it is. After all, the portfolio has been built successfully over many years, so why change something that works?

The difference between outcome and structure

What often becomes interesting at this stage is the distinction between outcome and structure.

The feeling of being asset rich but cash poor may appear to be an outcome of the assets themselves. However, in reality, it is often influenced by how those assets are arranged, financed and managed as a single business. This is a subtle point, but an important one because it suggests that the relationship between equity and income is not always fixed.

When landlords begin to look at the portfolio differently

We increasingly see experienced Property118 readers reaching a point where they begin to question this relationship and the curiosity lies in whether the income profile truly reflects the potential of those assets.

Is the portfolio behaving this way because it has to, or because it has never been examined in a different way?

That is often the moment when the conversation becomes more interesting.

The stage where perspective becomes valuable

Understanding how equity, income and structure interact is not something most landlords have reason to analyse during the early years of building their portfolio; it becomes more relevant later, once the assets are already established. At that point, even a small shift in perspective can sometimes change how the portfolio is understood, not by altering the properties themselves, but by examining how they function together.

An invitation for established landlords

If you have built a substantial portfolio and recognise the feeling of being asset rich but cash poor, it may be worth taking a closer look at how your portfolio is structured as a whole.

You are welcome to email a copy of your latest property portfolio spreadsheet to Yvonne@Property118.com. From there we can arrange a free introductory discussion to explore the strategic questions your portfolio may raise.

These conversations are typically most useful for landlords with established portfolios and relatively modest borrowing who are beginning to reflect on how their assets could work more effectively in the years ahead.

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