According to the Bank of England, the number of mortgage approvals fell to 48,000 last month, (June) compared to 51,000 in May. Although a 15% seasonal rise in the value of mortgage lending increased to £13.1bn, up from £11.4bn in May offers a slight marked improvement from the £12.2bn of June last year, the current […]
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Last month saw Legal 4 Landlords total a record 2648 tenant references. Since January this year the landlord legal service provider has completed 13,359 tenant references for landlords and letting agents. June also saw 113 evictions completed on behalf of the lettings industry. The legal company, which has been trading for only 2 years […]
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Although many industry sectors are feeling the pinch during the recession, it seems entrepreneurs are faring much better through franchises than their ‘start from scratch cousins’. Data captured through the ‘Small Business Service’, recorded that only one third of new business start up in the UK will make it past the 3-year stage. The […]
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ In February this year it was reported that one of the UK’s largest private landlords, with an empire worth a quarter of a billion pounds had begun to run into difficulties and were looking to offload their vast portfolio of properties. To avoid repossession or receivership, they entered into management arrangements with their lenders. […]
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Grant Shapps, new Housing Minister, may have rode into town declaring his role as new sheriff by making some changes to the outdated policies of the former government, but it appears that his predecessor, Jonathan Healey’s HMO classification reform is to remain in the power of the local authorities themselves. To come into effect […]
Last month’s report of the Essex landlord, left with a £47,000 repair bill on his property, after damage caused by a tenant, is becoming an all to common story. Along with the damage caused, the landlord also found himself out of pocket to the tune of £12,200 in rent arrears not to mention the cost […]
It’s been a quiet recently on buy-to let lending. A lack of faith in the industry due to the emergency budget and public sector cuts are being contributed to a slow period of growth. However, this year house prices in general have seen a 3 per cent increase. Rents have increased nationally on an average […]
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ Because of the high volume of sales enquiries, we are looking for motivated sales personnel for our Warrington Head Office. We provide legal services to the private rented sector. As a young company we can offer the right candidates long term opportunities along with an attractive package. You will be working alongside a friendly […]
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ At some point, every landlord falls for a tenant’s story of hard luck and woe. Thankfully most tenants are straight-forward, pay rent on time and treat the property with respect as the home it was intended to be. Unfortunately, there are always exceptions to the rule and now and then a landlord comes across […]
With capital gains tax now levied at 28%, it has been revealed that H.M Revenue & Customs are ardently investigating people who they think may be evading the tax by placing taxable profits in offshore accounts. Buy – to -Let Landlords who sell property and don’t declare the be warned! Ordinarily income, which is taxed […]
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ A landlord’s life is not an easy one. Apart from the paperwork, red-tape, bureaucracy, rent and mortgage issues to consider, there’s still the upkeep and maintenance of a property to consider as well as responsibility to tenants, not to mention employees and contractors. Last year one property company in Bristol was fined £18,000 and […]
With less houses available and less public money to build new social housing, the private rented sector provides much needed housing for those who are unable to buy. Although the sector was first initially warned of a capital gains tax that was likely to be in a 40%-50% bracket to bring it in line with […]
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ The government’s decision to clamp down on the £21bn housing benefit bill has sent shockwaves throughout the private rented sector. From next April, housing benefit will be capped at £400 per week for a 4+ bedroomed property, £340 for a 3-bedroomed, £290 for a 2-bedroomed and £250 for a 1-bedroomed. The cut is aimed […]
There’s been much debate and banter in the news in the run up to 22nd June about the Chancellor’s economic strategy regarding the emergency budget. Yesterday, laying facts to all the conjecture, George Osborne delivered his emergency budget. · The controversial CGT hike, which was first proposed last month at an intended increase to 40-50 […]
Just as Samantha Cameron is busy remodelling in Downing Street, it appears her husband’s party and his coalition partners are also busying themselves with a clear-out of their predecessors out worn policies. Since the election in May and the appointment of Grant Shapps as Housing Minister and his ‘age of aspiration’, the PRS has seen […]
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ There’s some good news this week for the PRS in England and Wales, as Housing Minister, Grant Shapps announced the scrapping of any intention for a national landlord register. In response to Labour’s landlord register scheme, Shapp’s decision to ditch the register was due to his view that such a scheme would not encourage […]
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾ If only evictions were as easy and straightforward like the ones on Channel 4s Big Brother. Although most evictions are due to rent arrears and none payment of rent, there is still a number of landlords who serve notices due to nuisance tenants. Last year one landlord issued an eviction notice on 2 tenants […]
There’s enough despondency in the industry about the up and coming budget day, so here’s something to cheer you up. Here are a few excerpts of funny letters to landlords. The toilet is blocked and we cannot bathe the children until it is cleared. I want some repairs done to my stove as it has […]
There is always the odd, undesirable hard to let property that becomes the bane of a landlord. The one that was bought when an area seemed reasonable, but has since gone to the dogs. Selling the property becomes out of the question as any sane buyer wouldn’t touch it with a proverbial bargepole. The temptation […]
As we await expectantly for the dreaded ‘B’ day on the 22nd this month, those of us in the private residential sector can only speculate on the controversial hike in capital gains tax. George Osborne is aware he could face rebellion from Conservative MPs, should he raise CGT more than 25 per cent. The LibDems […]
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