Glenn Ackroyd

Registered with Property118.com
Thursday 4th July 2013


Latest Comments

Total Number of Property118 Comments: 58

Glenn Ackroyd

10:03 AM, 6th June 2021, About 5 months ago

I have offered to pay my tenants deposits!

If you paid a tenant a deposit to buy your house, most lenders would consider this a vendor gifted deposit and wouldn't lend. The deposit has to come from the tenant's own funds.

A way around this is to say "If you buy my house, I'll refund you the last 12-18 months rent" (eg 5% deposit).

Because it's a refund of the tenant's own monies, the tenant can legitimately confirm that the deposit funds are theirs to meet the lender's mortgage requirements.... Read More

Glenn Ackroyd

9:53 AM, 6th June 2021, About 5 months ago

Fobbed off by my local authority?

Section 11(6) Landlord & Tenant Act 1985 states that you can access the property for repair upon giving 24 hours notice.

Write to the tenant, quote this Act and explain the date and time that you will turn up for the gas inspection. State that it is a legal requirement to carry out the check.

If you don't have a spare key, explain that in the event that the tenants are not able to allow access, you will gain entry via a locksmith to comply with your legal obligations and leave a new key for the tenant to collect.

Every time we have had to use this last resort approach, amazingly, you'll find that the tenant falls into line.

https://www.legislation.gov.uk/ukpga/1985/70/section/11... Read More

Glenn Ackroyd

11:33 AM, 6th March 2021, About 8 months ago

Budget 2021 - Landlord Reactions

This stimulus pumping will be followed by a big hangover. 5% deposits alongside lenders relaxing lending from 4.5 times income multiple to 6 times just increases the credit supply to a finite stock. Economics 101 gives you a 33% inflationary bubble and some.
This happened in 2004. Lenders relaxed the criteria from 3x income and went up to 4.5% - and house prices went up by 50%. Who would have predicted that?
The bankers made big bonuses for record lending up to 2008. I can't remember how it ended...... Read More

Glenn Ackroyd

10:13 AM, 6th February 2021, About 9 months ago

Change over to holiday rentals?

This is something that I've have transitioned into very successfully.

There is a very good free podcast which I used to get the majority of my learning here; thesapodcast.com... Read More

Glenn Ackroyd

10:09 AM, 6th February 2021, About 9 months ago

Application forms - got it ALL covered?

Asking for information about mental health is IMO very high risk and not something I'd do. You're likely to face challenges for disability discrimination.... Read More