Measure to temporarily suspend evictions to apply to Welsh tenants

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The Welsh Government has agreed that measures being developed by the UK Government to temporarily suspend evictions from social or private rented accommodation will apply to Welsh tenants. Last week, the RLA called for clarity from the Welsh Government after the UK Government outlined a number of temporary changes relating to a landlords ability to […]

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LATEST: Buy-to-let mortgage holiday guidance for lenders revealed by regulator

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Advice from financial regulator the FCA will reassure landlords that their cases will be treated generously and sympathetically should they not be able to pay their buy-to-let mortgages if their tenants stop paying the rent.

The Financial Conduct Authority (FCA) has issued guidance that reveals how landlords and other borrowers should be treated when applying for a mortgage holiday.

It has also revealed that the current three-month period could be extended and that landlords already in mortgage payment shortfall can access the scheme. Also, no additional fees other than mortgage interest can be charged.

Landlords need only indicate that they may potentially experience payment difficulties during the crisis to be granted a three-month payment holiday.

The FCA has also told lenders not to investigate the circumstances surrounding a request for a payment holiday, and only need to be provided with information suggesting difficulties for a lender to qualify.

This appears to be a significant relaxation of the current rules, where landlords and other mortgage borrowers are only offered mortgage holidays unless lenders have ‘good reason, good communication and documentary evidence’ of their difficulties.

Also, the strict affordability criteria often applied to buy-to-let mortgages will not apply when lenders offer landlords a payment holiday.

“We remind firms that the requirement to assess affordability does not apply where a firm varies the terms of a regulated mortgage contract or home purchase plan solely for the purposes of forbearance or to avoid a payment shortfall,” the FCA says.

These arrangements mean landlords’ mortgages will accrue interest on the outstanding sum during the payment holiday, and therefore the FCA says borrowers should be able to choose one or two-month payment holidays as well as three.

The FCA also says that both repossession orders obtained or planned against landlords who have fallen into arrears should not be pursued until the crisis is over, “given the unprecedented uncertainty and upheaval they face, and Government advice on social distancing and self-isolation,” it says.

Read the FCA’s guidance on Coronavirus.

Read more about the mortgage holiday.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – LATEST: Buy-to-let mortgage holiday guidance for lenders revealed by regulator | LandlordZONE.

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Network Rail announces rent amnesty for its retail tenants

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Breaking: Retail Rents:

Network Rail has
announced measures to support its retail tenants housed in Britain’s
busiest and biggest railway stations, and right across its commercial
estate. These businesses are a feeling a severe impact on trade as a
result of reduced travel and therefore footfall as a result of the
coronavirus (COVID-19) outbreak and clampdown.

With immediate
effect the government owned rail network is cancelling all first
quarter (25 March – 23 June 2020) rent payments due from its
tenants, which is says will provide significant relief for the small
businesses who are extremely worried about the impact of the virus on
their sales.

Network Rail is also
cancelling all base rent payments for retailers in its managed
stations for the first quarter of the new financial year (April-June
2020). Retail tenants in stations would typically pay a minimum
guaranteed base rent, with an additional turnover element based on
their sales.

Network Rail says it
has something like 100 of the major retailers located in its stations
around Britain, the biggest and busiest in stations being in
locations such as London’s Waterloo, King’s Cross, Euston and
cities like Leeds and Manchester etc. There are something like 1,000
Small and Medium Sized Enterprise (SMEs) business tenants throughout
the rail network.

David Biggs,
managing director for Network Rail Property, has said:

“We work in
partnership with retailers and tenants to provide positive
experiences for passengers and communities. In challenging times, it
is important we step up to the plate and show our partners they are
valued, and we are ready and willing to help. That is why we have
taken this decisive action today.

“We also
understand more support may be required as this situation develops.
We will continue to liaise with central government and will keep
speaking with our retailers and tenants about how we can assist
further.”

Network Rail is
writing to all its retail / small business tenants to make them aware
of the new measures to support their businesses.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Network Rail announces rent amnesty for its retail tenants | LandlordZONE.

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London Renters Union Covid-19 template letter

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The London Renters Union have released a template letter for tenants (see below) requesting a suspension of payments until the Coronavirus situation improves. They appear to be insinuating that landlords are being given help by lenders suspending mortgage payments and that tenants haven’t been offered any corresponding assistance.

The post London Renters Union Covid-19 template letter appeared first on Property118.

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To Let or to keep empty for present time?

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I have just purchased a house to let and I don’t have a mortgage on it.

I have an agency looking for a tenant for me. I’m thinking about the current situation and is it best to keep it empty and pay the council tax until this Coronavirus is sorted or rush having someone move in

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Mortgage free rental property and Coronavirus?

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If the rental property is not mortgaged then there is no payment holiday, (for up to three months) for a landlord which 3 month’s monies could then be offered on the understanding this payment holiday benefit is to be passed on to the tenant.

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Coronavirus – Covid 19 – Open Letter To All Landlords And Tenants

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Dear All

Every single human being on this planet is both concerned and affected by the Covid-19 Corona virus in different ways. During these difficult times, it is important that we all remain level-headed, which is why I am sharing my private thoughts to those of you who rent your home and those of you who own those properties.

The post Coronavirus – Covid 19 – Open Letter To All Landlords And Tenants appeared first on Property118.

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Four Property Investment Structures – Video Interview

admin    Uncategorized     agents

In this video, Mark Alexander (founder of Property118) discusses ownership structures for buy to let landlords with Ranjan Bhattacharya.

As the video is 26 minutes long you might want to grab yourself a cuppa before you start watching.

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Chancellor’s income support plans welcomed

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Landlords are welcoming the Chancellor’s package of measures to support workers’ incomes during the coronavirus outbreak. The RLA and the NLA said the decision to ensure the Local Housing Allowance is guaranteed to cover at least 30 per cent of market rents in a claimant’s area is a vital measure to support tenants and landlords. […]

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Will landlords who ignore Right to Rent checks during the Coronavirus crisis be fined?

admin    Uncategorized     agents

Leading industry organisation asks government for guidance as fear of infection means many landlords and agents are reluctant to meet prospective tenants face to face.

Landlords and letting agents should be
allowed to suspend compliant with the government’s unpopular Right to Rent
checks, a leading trade organisation has said.

The Right to Rent checks require landlords or
their agents to ‘eyeball’ documentation to ensure it is legitimate and threatens
them with fines of up to £10,000 if they do not.

But as the government strongly urges the
public to socially isolate until the crisis is over, ARLA Propertymark says
Right to Rent checks should therefore be suspended.

The
organisation also says the Government must clarify how agents and landlords
should deal with emergencies in rental properties, such as when a boiler breaks
down in a tenant’s home where someone is self-isolating or has the virus.

Under these
circumstances, agents and landlords can’t carry out their normal legal
obligations due to the risk of catching and spreading coronavirus.

It wants landlords and agents to contact it with experiences and suggestions so it can use these to better inform the Government about how Coronavirus is affecting the industry, which it hopes will help to push for more answers. It is also pressing the Government to ensure rent continues to flow by suspending the five weeks landlords and tenants must wait to receive Universal Credit payments and asks that these are paid in full directly to the letting agent or landlord as soon as a claim is made. Propertymark has created a 27-point list in line with the ‘Delay’ stage of the Government’s response to the pandemic to support agents, including information relating to valuations and viewings, obligations around inspections, maintenance, and cleaning, and business continuity plans in the event of disruption to staff and suppliers.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Will landlords who ignore Right to Rent checks during the Coronavirus crisis be fined? | LandlordZONE.

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