Page 417 – Property118

Ground rent reform – a sledgehammer to crack the wrong nut

7th December 2021

This week, the House of Lords will scrutinise the Leasehold Reform (Ground Rent) Bill 2021-22. When enacted it will impose onerous penalties and yet it signally fails to tackle what most MPs and the public think is its main purpose. Subject to some exceptions, it will become a civil offence to charge a ground rent […]

What happens to service charges if management company goes insolvent?

7th December 2021

I own a flat in a block of 20 flats, where the leaseholders jointly manage the flats under a management company. All the leaseholders are directors in the management company. One of the leaseholders is suing this management company (for disrepair and consequent loss of rent) and though we have made an offer to address […]

UKALA welcomes parity ruling for safety in all rented accommodation

7th December 2021

The UK Association of Letting Agents (UKALA) has applauded the announcement by Housing Minister Eddie Hughes MP that people living in social housing will be safer in their homes under new rules that will mean smoke alarms must be fitted in all rented accommodation. The announcement means that all housing providers are required by law […]

Smaller Liverpool Licensing scheme approved for 2022

6th December 2021

After having the renewal of the city-wide Liverpool selective licensing scheme rejected by the government in 2019, Liverpool council have been successful with a smaller scheme covering 16 wards of the city. Approximately 45,000 of the original 55,000 properties will be covered. The wards covered include: Central, Riverside, Greenbank, Kensington, Picton, Tuebrook & Stoneycroft, County, […]

Levelling the playing field for Peer-to-Peer Islamic Finance alternatives

6th December 2021

Her Majesty’s Revenue and Customs (HMRC) has made a welcome announcement as part of their ‘Building a trusted, modern tax administration system’, a principle first heralded by the government in July 2020. HMRC’s vision is to design a trusted, modern tax system that is simpler, easier to navigate, helps avoid non-compliance and is ‘fit for […]

Selective licensing in Southend put on hold?

6th December 2021

Hi, I just wondered if there are any articles going up about selective licensing in Southend? Only because I’ve had quite a bad experience and wouldn’t want other people wasting their time. I have spent two days filling out forms and then paid (although only £6) to find out the scheme has been put on […]

Domestic Reverse Charges for VAT?

6th December 2021

I am a Director of an RMC (Right to Manage company) and we recently had a Fire Risk Assessment wherein we were told all 30 Flats were required to have Fire Doors Installed. The Lease states that the individual Leaseholder is responsible for the cost of the door replacement, and I am one of those […]

Scale down a Property Portfolio and release equity the tax smart way

3rd December 2021

It’s a fact that more and more landlords over the age of 50 are choosing to sell or scale down their portfolios. either to retire or to change investment strategy to a less ‘hands on’ option, and it’s easy to understand why. The growth we’ve seen in property values over recent months has finally stalled […]

ECO3 New gas boiler – just a lot of hot air?

3rd December 2021

Another advert push for ECO3 and the installation of both gas lines (up to 23m) and new Worcester boilers. Is it REALLY worth doing given the total uncertainty and lack of direction as to where this is all going??? I have some tenants that may be within 23m of an existing gas line that currently […]

Underoccupied property?

3rd December 2021

Minister for Housing, Christopher Pincher, spoke to the Lords recently about underoccupied property. He wants the properties to be used more efficiently. What happened In 2015 the Finance act penalised landlords and some sold up. There was a large Victorian house off Bedford Hill in Balham which was an HMO. It was home to seven […]

Office of Tax Simplification CGT review put on ice by the Treasury

2nd December 2021

Chancellor, Rishi Sunak, commissioned a report from the Office of Tax Simplification (OTS) to look at ways of simplifying the collection of Capital Gains Tax and IHT. The OTS had recommended in the report that CGT be increased in line with income tax rates to 20% at the basic rate and 40% at the higher […]

Social housing delivery was on the increase pre-pandemic

2nd December 2021

Market analysis by real estate debt advisory specialists, Sirius Property Finance, has revealed that the level of social housing being built not only hit a 13 year high prior to the outbreak of COVID-19 but social housing as a percentage of all homes built also hit its highest levels since 2015/16. The analysis of the […]

1,000 a day contact Shelter

2nd December 2021

The Shelter press release below is critical of the winding down of the evictions ban and living costs inflation: Since the Covid restrictions began to lift in June 2021, more than 1,000 callers a day have contacted Shelter’s emergency helpline in England, new data reveals today. The charity’s free helpline, which is part-funded by M&S […]

3 months periodic after 3 months rent in advance?

2nd December 2021

Hi, Can anyone advise me, please? I use 6-month ASTs with monthly payments which would rollover to monthly periodic, but I’ve had some tenants offering 3 months rent in advance at the start of a 6 month shorthold tenancy. My question, I think I’ve read somewhere that if I accept, the periodic would then become […]

Annual house price growth back into double digits but outlook still uncertain

1st December 2021

The Nationwide House Price Index for November is indicating that annual growth has recovered back to 10.0% and up 0.9% month-on-month with the average house price now standing at £252,687. Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said: “Annual house price growth remained strong in November at 10.0%, marginally higher than the 9.9% […]

Time to cut and run?

1st December 2021

Like many we were attracted to the idea of property ownership, ‘another way of hedging’ was our MO, we could keep the property for 10 years and then sell make a few bob, pay some tax and all’s well that ends well. Unfortunately, we made several beginners errors, although our biggest mistake was simply the […]

NRLA welcome Welsh government plan to end homelessness

1st December 2021

The NRLA has welcomed the Welsh Government’s announcement of a new £30 million funding pot as part of a plan to end homelessness. Local authorities are expected to be able to use this funding to support a nationwide private rented sector leasing scheme. The scheme will allow local authorities to lease properties from private landlords […]

PRS pandemic impact report

30th November 2021

As 2021 draws to a close, Belvoir’s pandemic report reveals the impact of the Coronavirus pandemic on the UK rental market. “Earlier this year Belvoir commissioned property expert Kate Faulkner to review data from the Belvoir rental index as well as quarterly surveys of offices during the pandemic and beyond. This information has been used […]

Welsh government to encourage PRS to lease to local authorities to prevent homelessness

30th November 2021

The Welsh Government will announce a new £30million funding pot over five years for local authorities. Under the Private Rented Sector Leasing Scheme, private property owners will be encouraged to lease their properties to local authorities in return for a rent guarantee and additional funding to improve the condition of their property. Local authorities can then […]

Lisa Nandy reshuffled as replacement Shadow Housing Secretary

30th November 2021

Lisa Nandy MP for Wigan has replaced Lucy Powell on Labours front bench after only being in the role since May as the new Shadow Secretary of State for the Department for Levelling Up, Housing and Communities. Lisa has had a tilt at the Labour leadership position and was previously the shadow foreign secretary. This […]