Gary Nock

Registered with Property118.com
Sunday 9th June 2013


Latest Comments

Total Number of Property118 Comments: 915

Gary Nock

17:06 PM, 20th January 2020
About 11 hours ago

Rent guarantor service - Should I proceed?

These companies usually only offer guarantors on payment of a lump sum - usually based on amount of rent. And they are tenancy limited.

Before the Tenant Fees Act 2019 some tenants used to use these. They would pay the £500 or so and then after the 6 or 12 months they would renew. Or not as the case may be. You could control the situation before they moved in by not allowing the tenancy to commence until the guarantor was in place. Once they are in then if they didn't renew then the guarantor agreement ran out but tenancy continued -you have no guarantor. So you are vulnerable. And any rent guarantee on the tenant with guarantor provision is void.

In addition following the Tenant Fee Act 2019 you are not allowed to charge for guarantors as per page 24 of the guidance:

https://www.gov.uk/government/publications/tenant-fees-act-2019-guidance

"Q. Can I charge a tenant for a rent guarantor?
No. You can ask a tenant to provide a suitable rent guarantor as a condition of granting the tenancy; however, you cannot ask the tenant or their guarantor to pay any fees associated with meeting this condition (e.g. referencing or administration
costs)"

Now if you ask the tenant to pay a fee for one of these companies then it is quite possible you could be in breach of the Act. First offence up to £5,000. Second offence up to £30,000.

If she can't find someone to act as a guarantor other than one of these companies then I would recommend finding another tenant.... Read More

Gary Nock

15:00 PM, 13th January 2020
About A week ago

Rental sector looks set for a resilient 2020

Many thanks to Shelter and Generation ( More) Rent for their Section 24 and Tenant Fee Ban campaigns. You are really helping tenants. As a landlord I even feel like donating myself.......not......... Read More

Gary Nock

11:42 AM, 13th January 2020
About A week ago

Letting agents pass key without deposit, advanced rent and signed contract

There are some agents who advertise really low management fees to get your business and they haven't got the skills, experience, compliance and software infrastructure to manage the tenancy. There are over 150 statutes on the law books and they all need complying with. All the above cost money. Don't know if its like that in this case. I agree with Tessa- this is inexcusable and incompetent behaviour from an agent and they would no doubt be ordered to pay compensation to you as a landlord by whichever property redress scheme they are in. Please check that they have membership of both a property redress scheme and a Client Money Protection Scheme. Both are compulsory and they should not be trading without them. If they do not have them then you can report to the Trading Standards in the area where the property is situated.... Read More

Gary Nock

11:23 AM, 6th January 2020
About 2 weeks ago

First time landlord tax return confusion?

Reply to the comment left by Dixie at 06/01/2020 - 08:47
Hi Dixie

Due to GDPR and data protection I cannot advise the details of the tax agent as it may identify the client. However if the facility allowed on Property 118 I do have a redacted scanned copy of the invoice which states:

"To our charges for work in the period to 5 November 2019 including:

Preparation of Rental Accounts for the Year Ended 5 April 2019 including:

Assisiting with the completion of your Annual Tax Return for the year ended 3 April 2019 and filing online with HM Revenue and Customs;

Checking Tax Calculations, Statements of Account, obtaining amendement as necessary and advising you of any payments required"

Hope this helps.

Regards

Gary... Read More