Scots short-lets landlords must get new property licences by 1st April

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Scotland’s new short-term lets law goes live on 1^st October when any new landlords will need to apply for a licence.

Those already letting their property have until 1st April to apply and will need to prove that they used the property for short-term lets before 1st October. 

The country’s Short-Term Lets Licensing Order requires all Scottish councils to have a licensing system with the aim of protecting communities in areas with high visitor numbers. Each council will set the licence cost, which is likely to vary depending on the property size and type of let. 

Propertymark now wants the Scottish government to further clarify the definition of a short-term let to ensure the system operates as intended.

It has proposed two amendments to the order that would make clear that a holiday let falls within the scope of the definition of a short-term let and ensure that HMO landlords are not subject to duplicate licensing requirements.

Health and safety

Brian Moran, Propertymark’s regional executive for Scotland (pictured), says: “Such an amendment to the HMO definition would have the additional benefit of affording contract and transient workers the same health and safety rights as those that reside in a shared rented property full-time.”

However, he says it’s positive to see the Scottish government taking proactive steps to ensure renters’ safety. “With Edinburgh in particular faced with an overhaul of short-term lets, licensing will now enable the local authority to control the number available within the capital and encourage longer term rentals which are desperately needed in order to compete with growing demand,” adds Moran.

View Full Article: Scots short-lets landlords must get new property licences by 1st April

FREE webinar: Join the deposit protection experts as they discuss the importance of resolution

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Dealing with problems is part and parcel of being a landlord and letting agent, but a slow and drawn-out resolution doesn’t need to be.

Join tenancy deposit experts, Suzy Hershman (main pic), Head of Dispute Resolution and Emma Louka (main pic, inset), Adjudication Lead at mydeposits, for their ‘Working together on resolution’ webinar on 6 October at 10am, as they explain how fast and effective resolution can save everyone a property related headache.

Suzy and Emma explain:

• Why it is important to negotiate, and how to do it successfully
• How to prepare robust evidence in the event of a dispute
• Why you should always have a comprehensive property inventory 
• The difference between landlord and tenant responsibilities
• What is classed as a potentially unfair clause
• Common complaints and how to handle them
• The benefit of early resolution

The webinar is free to attend, with useful case studies and practical advice that can help you avoid potentially costly disputes and maintain lasting relationships with your tenants.

Register for the free mydeposits webinar here.

View Full Article: FREE webinar: Join the deposit protection experts as they discuss the importance of resolution

Lenders want EPC A & B for best rates!!!

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Hi, Just checking mortgage borrowing rates this morning and came across two products with NatWest and The Royal Bank of Scotland, both asking for EPC’s of A and B to apply for their best fixed rate mortgage products on a five year fixed rate deal!

View Full Article: Lenders want EPC A & B for best rates!!!

Sell, incorporate, get a job or all three?

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My wife and I have nearly £2,000,000 on fixed-rate mortgages that are due to expire in January 2023 – YIKES!

The LTV across our portfolio is somewhere between 40% and 50% and in recent years our rental income has been apportioned at around 33% finance costs

View Full Article: Sell, incorporate, get a job or all three?

Changing estate agents, how easy is it?

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Hi, I’m renting out one property through a local estate agent, paying 11% of the rental value to them.

I have really good long term renters in and happy to keep the renters (renewed in March for another 12 months).

View Full Article: Changing estate agents, how easy is it?

Rental market is ‘still underpinned by high demand’

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Demand from tenants for a home to rent is creating a market that is like a ‘pressure cooker getting hotter’.

That’s the verdict from Nathan Emerson, the chief executive of Propertymark, who says that the number of new tenants being registered per member branch reached a new peak at 141 in August.

View Full Article: Rental market is ‘still underpinned by high demand’

LATEST: Welsh Government consults on even tighter eviction rules for landlords

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The Welsh government has launched a consultation into plans to extend the notice period landlords must give for converted contracts after 1st December.

Section 173 notices replace Section 21 notices when the Renting Homes Wales Act comes into force and, from December, landlords will need to give new tenants at least six months’ notice.

They won’t be able to serve the notice in the first six months of the agreement and can only serve it if the agreement is outside the fixed term.

However, for those tenancies that began before 1st December and then convert into occupation contracts, landlords can serve two months’ notice.

Once the initial converted contract ends and it is replaced by a new fixed term agreement or a periodic agreement, the notice period becomes six months. It means that landlords would have access to the shorter notice period for as long as the tenants remain in place.

Time limited

The new consultation – which closes on 24^th October – proposes that landlords would only have access to the two-month notice until 31st May 2023.

The NRLA is encouraging members to respond and is also calling for full regulations relating to the Act to be published in full so that landlords get as much time as possible to prepare.

It heralds a large-scale change to the entire property rental market in Wales, including extended no-fault notice periods, extended succession rights, joint contracts, and changes to landlords’ rights around abandoned properties.

Read more about the six-month rules.

View Full Article: LATEST: Welsh Government consults on even tighter eviction rules for landlords

Economic Crisis – What’s Next For Property?

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With interest rates spiralling, the pound sterling plunging and recession looming, what does this all mean for property investors & property prices?

Stay tuned to find out in this Mini Budget Property Update.

Please click on the video below:

View Full Article: Economic Crisis – What’s Next For Property?

Bank of England steps in to calm markets

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The Bank of England has revealed that it is launching a bond-buying programme in a bid to prevent ‘material risk’ to the UK’s financial stability.

The bank says it is going to restore ‘orderly market conditions’ and buy as many long-dated government bonds as needed from today until 14 October.

View Full Article: Bank of England steps in to calm markets

At last! New housing minister is former landlord who backs private rented sector

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Former landlord Andrew Stephenson should hopefully have a good grasp of the sector’s pressing issues in his new role as minister tasked with overseeing the PRS.

The Under Secretary of State at the Department for Levelling Up, Housing and Communities was renting out a property in Wilmslow between 2010 until 2016, reporting a rental income of at least £10,000 a year, while his voting record suggests he is pro-landlord.

Stephenson has consistently voted for phasing out secure tenancies for life, for charging a market rent to high earners renting a council home and against restrictions on fees charged to tenants by letting agents, as well as reducing Capital Gains Tax.

Rogue landlords

It also appears that he’s keen to banish rotten apples and provide new homes; in 2017, he quizzed the then Communities Secretary Sajid Javid, asking: “What steps is your department taking to promote responsible letting and deal with rogue landlords?”

Earlier this year, he supported Boris Johnson’s plan to use publicly owned brownfield land for new homes, offering them to first-time buyers and key workers. He explained: “It is putting more people in the position to buy and ensuring people are incentivised to save for a deposit no matter their financial situation – including housing association tenants, which I’ve long been pushing for.”

Stephenson has held a number of roles in the government, including stints as a minister for transport and in the Foreign and Commonwealth Office.

He tweeted that he was looking forward to working with new boss Simon Clarke, who in turn tweeted that he couldn’t be more delighted that Stephenson was joining the ministerial team. “One of the most reliable, effective people in Parliament with a great track record of delivery.”

View Full Article: At last! New housing minister is former landlord who backs private rented sector