Daily Telegraph wants to speak with anyone buying a property

admin    Uncategorized     agents

The personal finance reporter for the Telegraph, Alexa Phillips, is looking to speak to landlords and non-landlords alike who are aiming to buy property at the moment about their experiences.

Alexa would like to know how you are approaching the market

View Full Article: Daily Telegraph wants to speak with anyone buying a property

City investors give Rothschild build-to-rent firm £19 million to develop site

admin    Uncategorized     agents

A build-to-rent (BTR) scheme in Rugby has been handed a huge cash boost from city investors.

Proof of the sector’s growing desirability, Investec Real Estate has given Edmond de Rothschild Real Estate Investment Management a £19.3 million development loan to support its construction of the 357-unit, which is set to fully open in January 2023.

With a mix of high-quality one- and two-bedroom apartments in a town centre location, Charolais Gardens will include a concierge, gym, residents’ lounge and wellness garden.

The loan is Investec’s first with Edmond de Rothschild, which has made the investment through its Residential Investment Fund UK that focuses on the development of affordable BTR assets in UK regional cities.

Connections

Jonathan Long, head of corporate real estate at Investec, says the transaction demonstrates its conviction in high quality, affordably priced build-to-rent schemes that benefit from great transport connections.

“The government’s Levelling Up agenda, impact of the Covid-19 pandemic and the sector’s defensive characteristics have seen accelerated investment in, and demand for, rental homes outside of London,” he explains.

“Establishing new relationships with high quality counterparties such as Edmond de Rothschild is a key part of our growth strategy, and we look forward building a long-term partnership.”

Last year saw a record £3.1 billion invested in regional BTR, with 20,000 homes currently under construction and a further 30,000 with planning approval. The sector has performed strongly against the challenging macroeconomic backdrop, with operators reporting strong lettings activity.

View Full Article: City investors give Rothschild build-to-rent firm £19 million to develop site

CGT due on assisted sale – advice?

admin    Uncategorized     agents

Hello, Assisted Sale and CGT query – and specifically what do solicitors and accountants consider the price to be – the actual sale price on market or price agreed in assisted sale document?

Accountant’s advice will be formally sought but before I get this I’d like to check out what others think of this scenario

Summary of situation put as simply as I can and leaving out cost of build

View Full Article: CGT due on assisted sale – advice?

Selective licensing?

admin    Uncategorized     agents

Hello, I had a selective license that ran for less than 5 years. I now need to apply and pay for a new selective license.

I have been told there was a Court case that set out that my original license should last for 5 years.

View Full Article: Selective licensing?

Times political editor claims Section 21 evictions ban to be ‘shelved’ by Truss

admin    Uncategorized     agents

A tweet by the political editor of The Times newspaper has claimed that Liz Truss is about to U-turn on abolishing Section 21 evictions.

Steven Swinford took to the social media platform late last night to claim that Liz Truss is shelving Michael Gove’s plans to end no-fault evictions, which were due to be introduced in this Parliamentary session

“The Times has been told that they are not considered a priority & could be killed off entirely, despite being a manifesto commitment,” he says.

Although Swinfords unattributed claims have only been mentioned in passing within his newspaper, commentary has been swift from key figures within the industry.

Paul Shamplina (pictured), founder of Landlord Action, says: “If this true, after three years of indecision about being abolished, it would be a major victory for landlords.

“I speak to landlords and agents every day and the feedback has been they generally have been worried about being able to gain possession of a property back.

“This move will also see a lot of landlords change their mind in selling up, which can only be good for tenants.  Housing stock has been dwindling and rents have been rising. I’ve said it all along it’s called non fault eviction, but there is always a fault.”

Condemnation from Labour figures and housing campaigners has also been swift. Labour’s Lisa Nandy, shadow cabinet member for the DLUHC, says: “Millions of people are only a few weeks from losing their home through no fault of their own. The Tories promised to stop this at the last election. Now this. You cannot trust a single word they say.

Matthew Pennycook (pictured), Labour’s housing spokesperson, adds: “Liz Truss has decided to betray private renters. Labour will abolish section 21 ‘no-fault’ evictions and strengthen tenants’ rights through a new renters’ charter.”

And Baroness Kennedy, director of Generation Rent says: “Totally flabbergasted. The Conservatives commitment to abolish evictions for no reason was made after a consultation, at a general election, confirmed by two prime ministers at three Queen’s speeches – if this is true it is shameful.”

View Full Article: Times political editor claims Section 21 evictions ban to be ‘shelved’ by Truss

25% of holiday let guests don’t tell the landlord about damage

admin    Uncategorized     agents

While the rise of holiday lets in the UK has met the growing boom in staycations and led to impressive yields for landlords, there is an issue over damage caused by guests.

According to one insurer, one in ten (11%) holidaymakers have accidentally caused damage to a UK holiday home

View Full Article: 25% of holiday let guests don’t tell the landlord about damage

Manchester landlords given last chance to comment on licensing expansion

admin    Uncategorized     agents

Hundreds of landlords are being asked for their views on plans to stretch selective licensing across eight new areas in five Manchester wards.

The council gave the go-ahead for the scheme to cover 1,122 properties earlier this summer and has now launched the consultation running until 14th December.

If agreed, the expanded scheme could come into effect in spring 2023, covering: Moss Side: Claremont Road/Great Western St, Levenshulme: Matthews Lane, Longsight: The Royals, Cheetham – Esmond/Avondale, Cheetham: Heywood St/Cheetham Hill Road, Rusholme: Birch Lane, Rusholme: Laindon/Dickenson and Cheetham: flats over shops: Cheetham Hill Road.

Landlords fined

It points to the success of its first scheme in Crumpsall which recently ended, where 372 properties were licensed and landlords were fined £36,000 for housing offences.

Councillor Gavin White (pictured, below), executive member for housing and development, says it’s seeing the real positive impact of selective licensing. 

“We firmly believe that everyone living in Manchester deserves a decent home to live in and as our private rented sector grows, landlord licensing gives us a way of making sure that our residents can sleep easy knowing their property is safe,” he adds.

“Of course, we know that the vast majority of landlords do manage their properties to a good standard – but for those that don’t, our message is that it’s unacceptable to take advantage of your tenants and we will do what we can to hold them to account. There is no place for rogue landlords in our city.” 

Selective licensing currently covers Moss Side, Moston, Old Moat, The Ladders – Gorton and Abbey Hey, Hyde Road – Gorton and Abbey Hey, Trinity, and Ben Street area – Clayton and Openshaw.

Read more: Do I need a licence for my property?

View Full Article: Manchester landlords given last chance to comment on licensing expansion

Claims service urges student tenants to check their property is licenced

admin    Uncategorized     agents

Student renters are being encouraged to check their homes are licensed by using a new free advice and support service.

Very Wise Student, launched by online claims management firm Veriwise, points to a recent tribunal case where S C Osney Management was ordered to repay £84,877 in rent for failing to get an HMO licence for the 242-room Student Castle in Oxford.

Following a case brought by 44 tenants, the firm had to return more than a third of the money paid by students during the time the property was unlicensed.

Very Wise Student founder Ajay Jagota (pictured) believes that although this company was found to have not deliberately failed to get a licence, it’s highly unlikely it is the only landlord to be operating without the necessary paperwork.

“For most students, the legal status of their accommodation is the last thing on their mind, but not only are things like gas and safety certificates literally a matter of life and death, but they could also be in line for compensation or rent refunds if their landlords haven’t fulfilled their legal obligations,” he says.

Read more stories about about rent repayment orders.

“The problem is that most students don’t have the legal know-how to uphold their rights, or the resources to lawyer up. That’s why we created our free service to make sure they get the help and support they need.”

Very Wise Student offers a free pre-move-in student accommodation safety check of a rental property’s gas, fire and electricity safety compliance. It can also help students with tax advice, including student loans, part-time work and council tax. Its free counselling helpline offers students support with academic pressures, personal problems and money worries.

Guide: How to rent repayment orders work?

View Full Article: Claims service urges student tenants to check their property is licenced

Government ‘names and shames’ first freeholder over fire safety failings

admin    Uncategorized     agents

The government has used new legal powers to hold a freeholder to account for failing to fix their building’s fire safety defects.

Grey GR, owners of the 15-storey Vista tower block in Stevenage (pictured), has been given 21 days to commit to remediating defects or face court action, following two years of delays for more than 100 residents living in the tower.

The freeholder is one of the first to be named and shamed by the newly created Recovery Strategy Unit, set up to identify and pursue firms which repeatedly refuse to fix buildings.

Leaseholders of Vista Tower have been handed bills of up to £200,000 each and are unable to sell, despite unsafe cladding being identified on the building more than two years ago.

While it was registered with the Building Safety Fund in 2020, the funding agreement is yet to be signed, meaning the government cannot release any money.

Put on hold

Levelling Up Secretary Simon Clarke (pictured) says the lives of residents have been put on hold while they wait for Grey GR to remediate unsafe cladding. 

“Enough is enough,” adds Clarke. “This legal action should act as a warning to the rest of industry’s outliers – big and small. Step up, follow your peers and make safe the buildings you own or legal action will be taken against you.”

There are at least 23 other buildings registered with the Building Safety Fund that have been unable to progress due to unnecessary delays.

The department is examining these cases and is also considering issuing an application for a Remediation Contribution Order against other companies associated with Grey GR including Railways Pension Trustee Company Limited (RailPen) and Railtrust Holdings Limited (Railtrust).

Find out more about building safety.

View Full Article: Government ‘names and shames’ first freeholder over fire safety failings

Do I have to take my gate down?

admin    Uncategorized     agents

Hello, The access to the front of my property is through a neighbour’s garden. It is an agreed width – 12 ft.

We own the boundary.

The properties are at the end of a cul de sac

View Full Article: Do I have to take my gate down?