What’s the catch? Platform offers to pay tenants’ annual rent in advance to landlords

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Upfront rental platform Wectory is looking to link up with more letting agents as a way to address the shortage in rental properties.

With growing numbers of landlords quitting the sector, it believes offering up to a year’s rent in advance is one way to encourage them to stay put.

Head of sales Jamie Osborne (main image) tells LandlordZONE: “We already work with thousands of single and multiple property portfolio landlords and are now looking for more letting agent partners who have already done their due diligence such as anti-money laundering checks on tenants.”

Increased rent, record inflation and the basic cost of living crisis are all set to cause a potentially damaging loss of earnings for letting agents and landlords, driving suitable accommodation further out of the reach of many, says Osborne.

Landlords

“Our aim is to provide agents with something new, easy and free to use to protect their stock. We can help our partners attract new landlords, increase stock and provide a new timely service to existing clients.”

Its partners often see landlords renewing their tenancy agreements ahead of schedule to secure a larger advance, he explains. “This in turn means more security for the tenant, more fluidity for the landlord and their ability to increase their portfolio and more properties for the agent to manage and let on their behalf.”

Wectory also offers reward schemes for partner agents using its services as well as the option of providing management fees upfront to improve cash flow.

View Full Article: What’s the catch? Platform offers to pay tenants’ annual rent in advance to landlords

Structure Your Property Business To Protect Your Families From Inheritance Tax Using Smart Companies

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Structuring to protect your family’s Inheritance is crucial in your property business.

Make sure you don’t lose 40p to HMRC for every pound you leave behind!

In this video, I’m joined once again by Alex Norian

View Full Article: Structure Your Property Business To Protect Your Families From Inheritance Tax Using Smart Companies

Well-known landlord jailed after defrauding HMRC out of £500,000

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A landlord who defrauded HMRC out of almost £500,000 by keeping deductions from his employees’ wages has been jailed for three years.

Michael Stainer, 74, (inset, main picture) was found guilty of two counts of cheating the public revenue and one of fraud by false representation while running The Grand on Folkestone seafront – primarily made up of leasehold apartments as well as hotel rooms, bars and restaurants.

During the trial at Southwark Crown Court, the jury heard how money totalling £473,097 taken from staff pay-packets and meant for HMRC were instead pocketed by Stainer from 2006 to 2010.

After a visit by revenue officials, he tried to make submissions to HMRC but the company’s PAYE account had been cancelled because of inactivity.

His wife, 60-year-old Doris Stainer, appeared charged with the same crimes but was found not guilty.

Chartered accountant

Judge Gregory Perins told Stainer: “Many, if not all, of your employees were on low or minimum wage and you were ultimately responsible for paying these wages and deducting PAYE and National Insurance.

“However, you took the calculated decision not to do that and, although you deducted the amount of PAYE and National Insurance, you did not pass that money on and instead kept it.”

Stainer, a chartered accountant, owned The Grand for more than 40 years but the couple were forced to step away after being declared bankrupt.

Last year, residents of the building bought the former hotel at auction for just £448,000 after its previous owner, Hallam Estates, was put into administration.

Richard Wilkinson, assistant director of the HMRC fraud investigation service, says: “We welcome today’s conviction of Michael Stainer, an employer who was stealing from his own staff. Instead of lining his pockets with their stolen tax contributions, this money should have been funding our vital public services, such as hospitals and schools.”

Watch Michael Stainer talking about The Grand.

Read more about landlords caught avoiding tax.

View Full Article: Well-known landlord jailed after defrauding HMRC out of £500,000

REFORMS: ‘Govt doesn’t understand student market’, says leading landlord

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“There’s a lack of understanding about the student market,” asserts Andy Simpson (main picture), chair of the York Residential Landlords Association, whose group wants to educate Whitehall ministers pushing for periodic tenancies as part of the proposed renting reforms.

As two-thirds of its members are student landlords, York landlords believe they’ll be put at an unfair advantage if the policy gets the go-ahead.

Unlike purpose-built accommodation, the private sector wouldn’t have the same certainty and could get more void periods if students were able to give notice outside of the traditional academic renting period.

As part of the NRLA’s advisory board, the association feeds these concerns into the national body’s policy decision-making.

“We’ve got specialist knowledge of the area when it comes to collaborating with the local authority as well,” he tells LandlordZONE.

It’s currently working with NRLA lawyer David Smith to build up a case challenging the proposed plans for additional licensing in the city.

Local licensing

“We believe that the property portal being proposed in the Fairer Renting White Paper would duplicate much of what the council is trying to achieve with local licensing schemes,” says Simpson.

York Residential Landlords Association was founded in 1994 and as part of their membership, landlords get monthly presentations from experts on a range of subjects such as new regulations and inheritance tax, alternating between in-person and virtual meetings.

Although online presentations don’t have the networking element, they have enabled landlords outside York to get involved, says Simpson.

Connected

A student landlord for the last 15 years, he is one of York RLA’s recognised service providers as owner of Landlord Broadband, a company which sets up broadband for landlords and property groups in HMOs where it can be hard to get a consistent signal. Like the other affiliated service providers, he can help offer solutions to members’ problems.

Read more: Ultimate guide to student properties.

Although membership has remained static over the last decade, Simpson hopes to boost numbers from the 400-mark in the coming months.

“All the new regulations are having an impact and some landlords have started selling up but we’re proactively marketing more digitally these days and regularly post updates on Twitter and Instagram as well as through our Facebook page, York Property Group,” he adds.

Survey: What do you think of the Fairer Renting White Paper?

View Full Article: REFORMS: ‘Govt doesn’t understand student market’, says leading landlord

REFORMS: ‘Govt doesn’t understand student market’, says leading landlord figure

admin    Uncategorized     agents

“There’s a lack of understanding about the student market,” asserts Andy Simpson (main picture), chair of the York Residential Landlords Association, whose group wants to educate Whitehall ministers pushing for periodic tenancies as part of the proposed renting reforms.

As two-thirds of its members are student landlords, York landlords believe they’ll be put at an unfair advantage if the policy gets the go-ahead.

Unlike purpose-built accommodation, the private sector wouldn’t have the same certainty and could get more void periods if students were able to give notice outside of the traditional academic renting period.

As part of the NRLA’s advisory board, the association feeds these concerns into the national body’s policy decision-making.

“We’ve got specialist knowledge of the area when it comes to collaborating with the local authority as well,” he tells LandlordZONE.

It’s currently working with NRLA lawyer David Smith to build up a case challenging the proposed plans for additional licensing in the city.

Local licensing

“We believe that the property portal being proposed in the Fairer Renting White Paper would duplicate much of what the council is trying to achieve with local licensing schemes,” says Simpson.

York Residential Landlords Association was founded in 1994 and as part of their membership, landlords get monthly presentations from experts on a range of subjects such as new regulations and inheritance tax, alternating between in-person and virtual meetings.

Although online presentations don’t have the networking element, they have enabled landlords outside York to get involved, says Simpson.

Connected

A student landlord for the last 15 years, he is one of York RLA’s recognised service providers as owner of Landlord Broadband, a company which sets up broadband for landlords and property groups in HMOs where it can be hard to get a consistent signal. Like the other affiliated service providers, he can help offer solutions to members’ problems.

Read more: Ultimate guide to student properties.

Although membership has remained static over the last decade, Simpson hopes to boost numbers from the 400-mark in the coming months.

“All the new regulations are having an impact and some landlords have started selling up but we’re proactively marketing more digitally these days and regularly post updates on Twitter and Instagram as well as through our Facebook page, York Property Group,” he adds.

Survey: What do you think of the Fairer Renting White Paper?

View Full Article: REFORMS: ‘Govt doesn’t understand student market’, says leading landlord figure

Common parts fire risk?

admin    Uncategorized     agents

Hi, I have several flats in conversions in two-storey buildings. Yes converted pre 1991 Building Act. On viewing properties to buy I notice several now have a wired fire alarm and emergency lighting to the common parts.

However

View Full Article: Common parts fire risk?

Window opening onto a neighbour’s shared courtyard?

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We rent a recently refurbished a terraced cottage with upstairs windows at the back of the property opening outwards onto a neighbour’s shared courtyard. The neighbour who shares the courtyard with others has requested we either replace our windows with sash-opening windows or request our tenant keep the windows closed to prevent the windows from opening into her space given it is her boundary.

View Full Article: Window opening onto a neighbour’s shared courtyard?

10 Top Tips To Succeed In Property In A Changing Property Market

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The Property Market is changing, hence I’ve put together 10 top tips to succeed In property over the coming years.

Each tip comes with its own associated video from our back catalogue for you to enjoy.

All links can be found below.

View Full Article: 10 Top Tips To Succeed In Property In A Changing Property Market

Angry landlord slams police force after it fails to tackle nightmare tenant

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A landlord has slammed her local police force for failing to deal with a nightmare tenant who she feared would hurt her or destroy the house.

Despite complaints from neighbours that they were living in constant fear of the man’s actions – who smashed and burnt items day and night – police told Kathy Miller that it didn’t have enough evidence for a criminal conviction.

One neighbour said the tenant had put glass and a used toilet brush through her letterbox and drawn a swastika on her front door, while the Wiltshire-based landlord was also intimidated by the tenant who brandished a hammer when she visited the property in Eastbourne Road, Trowbridge (pictured).

Miller told The Salisbury Journal that during her 30 years in the sector, the tenant was the worst she’d ever dealt with, but the incident was only classified as a civil complaint. She felt helpless and felt the police totally failed her, adding: “The system that should be there for protection is non-existent.”

The landlord didn’t receive rent from the tenant for months, but fears that the tenant might completely destroy the house affected her mental health.

He didn’t pay rent for months and was finally evicted after she served a Section 21 notice. Miller has since had to pay for £30,000 of repairs to clean up the devastation he left behind. “It’s very stressful dealing with a tenant like this,” she adds.

Property damage

Damage to the property included a completely trashed kitchen, ripped-out electrics, smashed windows, graffiti on many walls and a burned garden.

When she filed a complaint to the police and crime commissioner expressing her frustration with Wiltshire Police, the service decided to take no further action.

Wiltshire Police said it had carried out extensive enquiries, including taking a statement from the reporting person and interviewing the suspect. A spokesman adds: “If anyone is unhappy with the service they have received then they are able to pursue a complaint via the Office of the Police and Crime Commissioner.”

View Full Article: Angry landlord slams police force after it fails to tackle nightmare tenant

‘War on landlords’ latest – 46,000 rental properties to disappear this year

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An estate agency has claimed that the government’s ‘war on landlords’ will cost the private rented market some 46,000 this year, or some 3,800 every month.

Hamptons, which has branches all over the UK, says its research confirms that, as LandlordZONE has reported on numerous occasions, at the moment there are more landlords selling properties than there are those buying new ones.

Its figures, shared with us by the company’s head of research Aneisha Beveridge, are based on projections taken from the 1.25 million property transactions due to take place this year.

She says the ‘net loss’ of rental properties could be lower as Hamptons data doesn’t include all the newly-built properties bought by landlords in the UK each year.

But the report includes some other interesting figures on how landlords as a whole are behaving at the moment.

Falling

This includes that the number of landlords selling up had been falling until this year, when the government’s rhetoric on ‘rogue landlords’ ramped up, and that the number of landlords using limited companies to own their properties, a route which reduces their tax burden, is expected to hit at least 27,000 this year, up from 3,710 in 2012.

Also, the number of properties being bought by landlords has been rising during the pandemic, from 123,145 in 2019 to 171,000 last year, but so has the number being sold.

In response to Hamptons’ research, a spokesperson from Department of Levelling Up, Housing and Communities, says: “Good landlords have nothing to fear from our rental reforms, which will give tenants greater security to challenge unreasonable rent rises and poor practice.”

View Full Article: ‘War on landlords’ latest – 46,000 rental properties to disappear this year