Bank Base Rate held at 0.1%

admin    Uncategorized     agents

The Bank of England’s Monetary Policy Committee (MPC) held its previously scheduled meeting for March and voted unanimously to hold the rate at the 0.1% emergency level.

MPC summary and policy on tackling Covid-19:

“The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target

The post Bank Base Rate held at 0.1% appeared first on Property118.

View Full Article: Bank Base Rate held at 0.1%

Housing activists launch campaign to prevent rent clawback via ‘payment plans’ once Coronavirus crisis is over

admin    Uncategorized     agents

Acorn says it has 38,200 signatures to support its campaign to prevent rent rises once the pandemic has subsided.

Community and
tenants’ union Acorn wants the Government to stop
landlords charging higher rents after the Coronavirus crisis in order to recoup
lost income.

It says thousands of renters will be out of
pocket for weeks or even months as they try to pay back arrears through payment
plans once the crisis has abated.

Instead, the three-month payment holiday for
buy-to-let mortgage holders should go together with a rent suspension with no
expectation for that rent to be repaid.

It adds that many renters will simply have to
keep working to avoid spiralling rent arrears debt, exposing themselves and
others to unnecessary risk, while landlords will have the asset of a house when
they pay off their mortgage. 

Acorn’s campaign on change.org to protect
renters has already got more than 38,200 signatures of its 50,000 target.

Aidan Cassidy, Bristol organiser for Acorn,
says a crisis could occur once the temporary eviction ban lifts, when landlords
seek to collect unpaid rent for the pandemic period – but many renters will
have lost their incomes in part or entirely.

“There needs to be no expectation of rent to
be paid at the end. What we need is a rent freeze” says Cassidy. “Otherwise we’ll find ourselves in a debt
crisis.”

John Stewart, policy manager for the
Residential Landlords Association, says it agrees with the Shadow Chancellor
John McDonnell, who told the House of Commons that the Government  should
‘ensure that rents are paid, not merely that payments are suspended for this
period.’

“Tenants affected should look at the
comprehensive package of measures the Chancellor has announced to support the
incomes of those in employment and those claiming benefits,” he tells
LandlordZONE.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Housing activists launch campaign to prevent rent clawback via ‘payment plans’ once Coronavirus crisis is over | LandlordZONE.

View Full Article: Housing activists launch campaign to prevent rent clawback via ‘payment plans’ once Coronavirus crisis is over

BREAKING: ‘Coronavirus could wipe out the UK’s smaller Guaranteed Rent operators’

admin    Uncategorized     agents

Industry experts are warning that hundreds of the smaller, under insured and less robust operators in this sector will soon face serious financial problems as tenants struggle to pay their rent.

The UK’s small ‘guaranteed rent’ companies operating within the private rental market face being forced out of the market over the coming weeks and months as the Coronavirus crisis intensifies, industry experts are warning.

Guaranteed rent schemes are popular among landlords who want peace of mind from a reliable rental income, and a sizeable industry has sprung up to offer this kind of service.

But industry experts are warning that small operators who don’t hold professional indemnity insurance or possess other financial buffers now face being wiped out if tenants stop paying rent in large numbers.

“No one ever predicted or dreamed that we would be where we are today,” says consultant Eric Waller. “It was inconceivable even six months ago that millions of tenants would face losing their jobs and be unable to pay their rent – and the smaller guaranteed rent operators just aren’t set up to cope with that.”

Rent default rates

The large corporate estate agents and property companies who are also active in this field plan for up to three to four percent of their tenants not paying their rent, in normally times.

But with some rental markets dominated by low-income and other vulnerable tenants, anything between 20% and even 50% of them could struggle to pay their rent as the economic shut-down bites, LandlordZONE has been told.

“The guaranteed rent sector is under threat because the commercial agreement between the landlord and the company involved is now all up in the air as tenants struggle to pay their rent,” says Paul Shamplina of Landlord Action.

“I can see the smaller operators who don’t have the financial buffers in place simply giving the keys back to the landlords.”

Walker says the difference between the large corporates, who Guaranteed Rent business models are robust, and the small-fry operators is that the large players have professional indemnity and other insurance policies in place to cover them, and therefore are protected from a huge downturn in rent payments. But the smaller ones often don’t and therefore are exposed

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – BREAKING: ‘Coronavirus could wipe out the UK’s smaller Guaranteed Rent operators’ | LandlordZONE.

View Full Article: BREAKING: ‘Coronavirus could wipe out the UK’s smaller Guaranteed Rent operators’

TONIGHT: Emergency COVID-19 Property Investors Summit (online)

admin    Uncategorized     agents

This months Baker Street Property Meet is taking place online as an Emergency COVID-19 Property Investors Summit. Its a free to join event with over 1000 people already registered.

In this Property Investors Emergency Summit, our experts will give their views on the impact of Covid-19 on different property investment sectors:

Ranjan Bhattacharya –

The post TONIGHT: Emergency COVID-19 Property Investors Summit (online) appeared first on Property118.

View Full Article: TONIGHT: Emergency COVID-19 Property Investors Summit (online)

Coronavirus latest: Government says all rental and sales home moves should stop

admin    Uncategorized     agents

Government has strongly advised that home movers in both sectors should stay put unless for contractual reasons a property rental or sale must proceed and neither side can agree to delay.

The government has confirmed that all house moves other than those which contractually cannot be paused are to stop in both the sales and private rental markets but has allowed tradespeople to continue repairing and maintaining properties as the Coronavirus lock-down intensifies.

In a statement issued late yesterday, a spokesperson from the Ministry of Housing, Communities and Local Government (MHCLG) said: “Home buyers and renters should, as far as possible, delay moving to a new house while emergency measures are in place to fight coronavirus.

“If moving is
unavoidable for contractual reasons and the parties are unable to reach an
agreement to delay, people must follow advice on social distancing to minimise
the spread of the virus.

“Anyone with symptoms, self-isolating or shielding from the virus, should follow medical advice and not move house for the time being.”

But landlords and letting agents worried that the lockdown might include looking after rented properties were given some relief from the lockdown.

MHCLG has revealed that work carried out on people’s homes, including maintenance and repair work on rented properties, can continue.

The ministry has urged landlords to ensure that any tradespeople visiting their properties follow Public Health England (PHE) guidelines “including maintaining a two metre distance from any household occupants, are followed to ensure everyone’s safety,” a spokesperson said.

“No work should be carried out in any household which is isolating or where an individual is being shielded, unless it is to remedy a direct risk to the safety of the household, such as emergency plumbing or repairs, and where the tradesperson is willing to do so.

“In such cases, PHE can provide advice to tradespeople and households.” Its regional helpline numbers are available online.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Coronavirus latest: Government says all rental and sales home moves should stop | LandlordZONE.

View Full Article: Coronavirus latest: Government says all rental and sales home moves should stop

Newly released for 6A confirming 3 months notice

admin    Uncategorized     agents

The MHCLG .Gov website (click here) has just released new Assured Tenancy forms including 6A which confirm the new government policy of 3 months notice. This is also under review and as threatened in Scotland could be increased at a later date to 6 months.

The post Newly released for 6A confirming 3 months notice appeared first on Property118.

View Full Article: Newly released for 6A confirming 3 months notice

New MEES rules set to come into force for existing tenancies

admin    Uncategorized     agents

Since April 2018, landlords have been unable to let their property to new tenants unless it has a minimum energy efficiency rating of an E (unless exempted) on its Energy Performance Certificate (EPC). On 1st April 2020, this will be extended to cover all existing tenancies. This means that anyone whose rentals have F or G EPC […]

The post New MEES rules set to come into force for existing tenancies appeared first on RLA Campaigns and News Centre.

View Full Article: New MEES rules set to come into force for existing tenancies

What does the lettings industry look like for an agent in 2020?

admin    Uncategorized     agents

Hamilton Fraser recently held their first Legal Update and
Compliance course of 2020 in Borehamwood, where letting agents where welcomed
to undergo a training session in legal matters and legislation compliance in
lettings.

The session was hosted by Susie Crolla, Managing Director of
The Guild of Lettings and Management (GLM), and Paul Shamplina, founder of Landlord Action
and Brand Ambassador at Hamilton Fraser.

After the training course, we sat down with one of the
agents, Chris Christodoulou of Ashmore Residential, to ask how he felt about
some of the recent changes that have impacted the lettings industry.

Q: What are your thoughts on the tenant fees ban?

To circumvent the losses, agents have to do more work than
ever to be sure that they are complying with legislation changes.

Although it is more work, it is also an opportunity for
agents to demonstrate their expertise by educating and supporting landlords. This
is important because agents generally don’t demonstrate their value to clients.

I added 1 per cent in additional fees to my services to
absorb the losses of the tenant fees ban, and I recommend other agents to do
the same.

Another thing that I cannot stress enough, is how beneficial
it is for agents to digitise their business processes. You can cut down on
printing costs by using digital documents as opposed to paper. You can allow
landlords and tenants to access and sign documents digitally/electronically
through DocuSign and DropBox.

This saves money on printing and distribution costs, secures the documents, allows shared access to the files and verifies when each party signs.

Q: What strategies do you recommend for other agents to
endure the tenant fees ban?

1. Increase your fees to make up for losses from
   the tenant fees ban
2. Digitise your business approach and make use of
   technology – this is both cost effective and efficient
3. Grow your market share and work on developing
   brand awareness
4. For this, you may need to employ people who can
   work on the digital promotion and marketing of your business
5. Focus on producing quality content and aim to
   gain a subscriber base
6. Be consistent and produce regular blogs and
   newsletters to provide added value
7. Provide educational content to build perception of
   your business as an industry leader. Producing reliable content will help to gain
   your customers’ trust.

Q: What are your thoughts on ROPA?

I think that it will help to professionalise the industry and raise standards. Currently the standards are too low and there isn’t enough enforcement to punish those who fail to carry out their work legitimately. With the ROPA regulations, everyone will need a license, which will benefit the sector by weeding out the rogues and allowing the legitimate business to thrive. Chris is one of many letting agents who continues to educate himself and adapt his business as the industry changes. Many training courses exist to support landlords and agents with their work in a constantly developing sector and it is important to make the most of them. To learn more about these types of courses, and gain greater industry insight, visit The Hamilton Fraser Academy.

Click here for Paul Shamplina’s Interview with Chris Christodolou

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – What does the lettings industry look like for an agent in 2020? | LandlordZONE.

View Full Article: What does the lettings industry look like for an agent in 2020?

EXCLUSIVE: we talk to landlord whose tweet of hope during crisis has been read 700,000 times around the world

admin    Uncategorized     agents

Paul Bradshaw has given his tenants a five-month rent holiday and told his friends on Twitter about it but now it’s gone viral, he tells LandlordZONE.

Landlord Paul Bradshaw – husband of Olympic
pole-vaulter Holly Bradshaw – has inspired landlords around the world by giving
his tenant a five-month rent holiday.

The Loughborough-based landlord, a national
trainer at UK Anti-Doping, told his Twitter followers and friends: “Yesterday I
knocked on my tenant’s door and told him he could stay in the property rent
free for five months.

He is self-employed with four kids. I don’t need Boris to tell me what is morally correct. Landlords, if you can do more, do something. Hashtag COVID19. Hashtag BeNice.”

128,000 retweets

Bradshaw said he’d made the decision jointly
with wife Holly and tweeted the news on Sunday. The tweet has now received more
than 700,000 likes and been retweeted more than 128,000 times. His move has
inspired hundreds of positive messages as well as some from other landlords
saying they planned to do the same.

He tells LandlordZONE: “I’ve had people from
all over the world messaging, saying they have done a variety of things. From
just making the effort to make contact with their tenants, to also offering
payment holidays.”

Bradshaw adds that landlords should do what
they can and forget about profits. “Right now, it’s about as many individuals,
businesses and families making it through this as close to break-even as
possible!”

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – EXCLUSIVE: we talk to landlord whose tweet of hope during crisis has been read 700,000 times around the world | LandlordZONE.

View Full Article: EXCLUSIVE: we talk to landlord whose tweet of hope during crisis has been read 700,000 times around the world

Protected: Coronavirus: Frequently asked questions

admin    Uncategorized     agents

There is no excerpt because this is a protected post.

The post Protected: Coronavirus: Frequently asked questions appeared first on RLA Campaigns and News Centre.

View Full Article: Protected: Coronavirus: Frequently asked questions