Call of the Week- ending a tenancy early letter

admin    Uncategorized     agents

Questions about ending tenancies are pretty common for our Landlord Advice Team. This week, a landlord used our live chat service, which launched last year, to ask a question about a tenant who wished to end the tenancy early. Both the landlord and the tenant were in agreement that they wanted to end the tenancy […]

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Specialist first and second charge loan solutions

admin    Uncategorized     agents

Property Finance:

Specialist first and second charge loan solutions on buy to let properties for none mainstream applicants.

Lending Expert offer a range of specialist funding solutions for buy to let applicants who don’t fit the normal mainstream lenders application requirements.

If you wish to finance a buy to let property on either a first or second charge loan basis then this product offers flexibility and opens up further funding options. If you have previously been declined funding by your mainstream mortgage lender, or if you’re a broker finding it difficult to place a client then this product may provide a suitable solution.

Applicant Types Accepted:

• Unemployed buy to let mortgage applicants without proof of income
• Applicants who are in receipt of benefits or out of work
• Applicants who are retired or pensioners over the age of 65
• Applicants who have adverse credit such as CCJ’s, IVA’s, defaults, missed payments and a low credit score. Discharged bankrupts also considered.
• Applicants who are first time buyers or who have little credit or mortgage history
• Applicants who are self-employed without proof of income or who only have limited accounts available
• Applicants and business owners who are newly self-employed and have less than 2 years of accounts
• Applicants who cannot show proof of rental income, and where a copy of the tenancy agreement is acceptable only.
• Portfolio landlords and those who own multiple BTL properties
• Applicants who are a director and need a limited company buy to let mortgage
• Applicants who have a family member willing to provide a 25% gifted deposit
• Ex pat landlords
• Landlords up to 80 years of age on application

https://www.lendingexpert.co.uk/mortgages/buy-to-let/no-proof-of-income

Property Types Accepted

• Residential buy to let property including ex-council houses, flats, maisonettes including High Rise property, HMO & Non Standard Construction properties
• Semi Commercial property including loans for flats above shops

Key Criteria

• Rental Income from 125% – rental income must cover the new Buy to let mortgage by 125% for basic rate tax payers. Additional provable income can supplement a shortfall in rental coverage if that is required.
• Loans from £10,000 – £1,000,000
• Ex-pats landlords accepted
• Equitable charges available
• First and Second charge loans available
• 75% loan to value
• No minimum valuation
• No minimum 6 months ownership rule.
• No minimum income criteria – can have self-employed less than 12 months

Trading, retired or employed clients on low incomes.

• Adverse Credit – over 12 months old ignored from a pricing point of view
• Adverse Credit – under 12 months old considered
• No mortgage history required so First Time Buyers are considered
• Limited Company enquiries considered
• 25% Family Gifted Deposits paid also considered
• No credit check is required
• Up to 80 years of age at application

INSTANT FINANCING

This product allows for instant financing of any type of buy to let property regardless of how long the applicant has owned the property. There is no 6 month ownership rule and is an ideal solution for applicants who wish to raise a loan against inherited properties, and those who need immediate buy –to-let refinancing from a short term bridging loan.

You if you would like to learn more or request a quote you can contact Lending Expert on our secured loan pages here: https://www.lendingexpert.co.uk/loans/secured/buy-to-let/ alternatively you can speak with a CeMap qualified advisor on 0161 820 8099.

LENDING EXPERT

Lendingexpert.co.uk is a credit broker regulated by the financial conduct authority. Their expert brokers and advisors can offer finance solutions from £3,000 to £5,000,000 for a wide range of reasons and solutions including business use, buy to let, debt consolidation and home improvements. Loans available up to 100% LTV with additional security provided.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Specialist first and second charge loan solutions | LandlordZONE.

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405 Right to Rent fines issued by Home Office

admin    Uncategorized     agents

Figures from the Home Office indicate 405 fines have been handed out to landlords in total during the government’s ‘hostile environment’ crack down on illegal immigration (see diagram to the right).

The total cost of these penalties to landlords came to over £265,000.

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Deposit problem after agent stopped trading?

admin    Uncategorized     agents

A tenant has recently vacated my property which was rented through a letting agent. The letting agent stopped trading during the duration of the tenancy and its now come to light that they didn’t lodge the deposit with the DPS as was stated on the tenancy agreement.

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400 Right to Rent fines issued since the scheme started in 2016

admin    Uncategorized     agents

Right to Rent:

The Right to Rent Scheme was introduced in England in February 2016 after a short pilot scheme was run in the west midlands. Since then the Home Office has issued around 400 fines to landlords and agents.

The Right to Rent scheme puts the onus of checking prospective tenants for their immigration status – their right to reside in England – and to make and keep copies of ID documentation, on to landlords.

Failure to follow the regulatory guidelines opens up landlords, and those agents who have been delegated the responsivity for this, to fines of up to £3,000 per tenant. But, according to the Home Office statistics, the average fine levied, across the board, is averaging just below £654.

The Press Association’s analysis of the Home Office figues reveals that the peak period for fines issued for Right to Rent defaults was April to June 2017 (76), followed by July to September 2017 (75), since when the level of fines has declined, Jan-March 2018 to (39).

Commenting on the fines Chris Norris, the National Landlord Association’s director of policy and practice, told the Press Association, the figures show that landlords are increasingly aware of their responsibilities, but that the scheme has placed an additional cost on an already pressurised sector:

“It is important to remember that landlords are neither immigration experts nor border agents,”

“The Right to Rent scheme has placed an additional cost on an already pressurised sector, while the excessive checks and lack of monitoring may have had harmful consequences for would-be and vulnerable tenants.�

A Home Office spokeswoman has said:

“It’s right that we have a compliant environment to deter illegal immigration and protect public services and it is a policy that has been operated under successive governments.

“The Right to Rent checks were developed with the input of the Landlords Consultative Panel and there is online guidance as well as a helpline to ensure the scheme is fully understood.�

Check your tenant’s right to rent

Landlords: immigration right to rent checks

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – 400 Right to Rent fines issued since the scheme started in 2016 | LandlordZONE.

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MIR and stamp duty e-petition: Government responds

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The Government has responded to an e-petition calling for the re-introduction of full mortgage interest relief and the abolition the 3% stamp duty surcharge. Currently the e-petition: Reintroduce full mortgage interest relief and drop the 3% stamp duty surcharge has attracted 14,034 signatures. The RLA is supporting the petition – which runs until November this […]

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Sky dish without permission – Can I remove it?

admin    Uncategorized     agents

My tenant has put up a sky dish which is not permitted by the management company. We have a letting agent (who deals with the tenant on our behalf) and they have asked him to remove it numerous times over the past 6 months and he has not taken it down.

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MPs approve Tenant Fees Bill on second reading

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Tenant Fees Ban:

Last week MPs approved the Tenant Fees Bill on its second reading, indicating there is cross party support for the Bill as it stands.

New Housing Secretary, James Brokenshire MP, opening the debate, said that the Bill brings in “essential measures to promote fairness in the private lettings market. It is a Bill that we should all welcome�.

“The Bill will make the market more transparent, yes, but it also has the potential to save tenants—especially young people and families—hundreds of pounds,� Mr Brokenshaw said.

The Bill proposes a cap on damage deposits of six week’s rent, despite some of the homelessness charities vociferously arguing for 4 weeks, but Mr Brokenshaw said this was an “upper limit and not a recommendation.� He thought landlords should reach an appropriate level of deposit depending on the situation at the time, taking into account all the relevant circumstances of the letting.

Mr Brokenshaw pointed out that landlords sometimes needed the financial security of a higher deposit to encourage investment in the sector and the taking on of higher risk tenants.

“The Bill is not an attack on good agents and landlords. We value the important services that they provide, but it will ensure a fair playing field for reputable agents by making it harder for rogues to operate. Letting agents and landlords who represent good value for money will continue to thrive, while those who rely on charging unfair and unjustifiable fees will have to reconsider their business models,� said the Secretary of State.

The Bill also proposes capping holding deposits at one week’s rent.

Whilst there have been objections from the homelessness charities on the issue of so called “default fees�, that is fees that landlords are allowed to charge in the even the tenant defaults on his or her contractual obligations in the tenancy, it was said that they are to be “to be capped at the level of the landlord’s loss.�

The Shadow Minister for the Private Rented Sector (PRS), Melanie Onn MP said:

“A landlord should not be required to pay for a banking or other fine due to a tenant making a payment late or the replacement of a lost key or entry fob.�

Acknowledging that the fee ban could result in higher rents that tenants would have to pay, Chair of the HCLG Select Committee, Clive Betts MP, said that this would be legitimate if “done properly from the beginning, but again there was evidence that if tenants were asked to pay a bit more each month, rather than a lump sum fee, that would help them in most cases. Organisations representing tenants generally accepted that point,� Mr Betts said.

Others expressed the view that double charging, where an agent working for the landlord and the tenant charged them both a fee, was not right.

“The principle has to be that the letting agent acts on behalf of the landlord and that the landlord therefore pays the costs of the agent. Tenants should not be charged for the purposes of identifying a tenancy,� argued Bob Blackman MP, Conservative, Harrow East and a member of the HCLG Committee.

The Bill will now progress to the Committee stage where opportunities for amendments will be given.

Tenant Fees Bill 2017-19

More documents related to the Tenant Fees Bill

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – MPs approve Tenant Fees Bill on second reading | LandlordZONE.

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What costs for damage and repairs can I claim?

admin    Uncategorized     agents

Another usual deposit nightmare story we all hear far too frequently. My tenant moves out early on a 12 month contract, leaving various items removed from the house, some damage and repairs are required. Also she failed to return the rooms she had re decorated back to the original state as per clause in our Tenancy Agreement.

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The Management Company Director who wields absolute power!

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How do you tackle a Management Company Director who wields absolute power?

About 2 years ago my husband and I bought a BTL flat in a development of 30. Each flat owner has a share in the management company that is the Freeholder.

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