Page 502 – Property118

Covid-19 rental advice given by University – Help?

14th April 2020

This is my first ever discussion starter – we are really desperate, don’t know what to do and hope the community here might be able to help. We specialise in student rental. Fixed term for one year, 4 students on one AST. No HMO. The University of Surrey decided to close early and cancel rent […]

12 out of 13 tenants asked for “Rent-Free Holiday”?

14th April 2020

I have 13 single tenancies (family homes) in Reading. All houses are rented to Eastern European families. All tenants except 1 (in total 12 tenancies) contacted me in last 2 weeks and refused to pay me. None of tenants in question appear to know each other. The reason given by all 12 tenants is: “The […]

Advice for Accidental Landlords – by Landlords Defence

14th April 2020

Landlords… If your property is being managed by your brother’s sister’s cousin’s sister-in-law, or your best-est friends’ brother-in-law then you face a 90% probability of massive problems in the form of: Unpaid rent Repairs not done Council inspections Council enforcement action Prosecution Massive Civil Financial penalties Rent Repayment orders Fitness for Human Habitation – no […]

How Shaf Rasul from BBC Dragons Den got started in property

12th April 2020

With the lockdown, Shaf has bit more time on his hands. This is giving him the opportunity to do a few more videos. So guys please take advantage of it. If you have any questions to do with business please leave a comment below. We will pass all these onto Shaf and he will try […]

Why we don’t apply a ‘one-size-fits-all’ approach to landlord tax planning

12th April 2020

Prior to introducing the Section 24 legislation “restricting finance cost relief for private landlords to the basic rate of tax” in his Summer 2015 Budget, the Chancellor at that time (George Osborne) commissioned the OBR (Office of Budget Responsibility) to produce an impact report. That report suggested that 19% of all private sector residential landlords […]

Dangerous fog of liability to full rent during Covid-19?

12th April 2020

I believe the guidance is clear regarding rental payments in relation to downturn. The case in Central London Property Trust v High Trees House [1947] KB 130 deals with this in issue which should be of great interest to all. If the tenant is still in situ then past consideration is not good consideration. In […]

Ex-council flat corroded pipes serving 14 floors leaking?

12th April 2020

I bought the ex-council flat for rental in 2006. Recently it was reported to us by the Lettings Agent that the copper pipe leading from the main stack into our flat is leaking. The stack is for all the blocks and there are 14 floors. On further investigation the copper pipe was completely corroded to […]

Happy New Tax Year!

10th April 2020

For those property rental business owners we have helped to restructure over recent months and years, they will know exactly what we mean when we say “Happy New Tax Year!” For others, those who have buried their heads in the sand or failed to seek advice and/or take action, this article is to serve as […]

CGT payment changed to 30 days this new tax year

10th April 2020

Property owners selling are reminded from 6 April 2020, if a UK resident sells a residential property in this country they will now only have 30 days to tell HMRC and pay any money owed. It means for some it can be done without having to register for Self Assessment. There are also changes for […]

NPN adapting and going online

10th April 2020

With lockdown in its third week, and the likelihood that it is being extended further we are going to have to adapt. A new world will emerge from this crisis, but are we all ready for it? I’ve recently recorded (it’s being edited) a YouTube video on “getting back to business – in the new […]

Free short term let accommodation for London’s NHS workers

9th April 2020

The UK Short Term Accommodation Association (STAA) is promoting a scheme to offer free accommodation to London’s NHS key workers. Together with a number of partners who usually operate in the short term let market, the scheme, called ‘NHS Homes’, will provide free accommodation and additional services to NHS staff to enable them to stay […]

Coronavirus help with credit cards, loans and overdrafts – FCA

9th April 2020

Following a short consultation the Financial Conduct Authority (FCA) will be going ahead with the proposals, which will give lenders the flexibility under to provide temporary financial relief to those facing payment difficulties during the coronavirus pandemic. The measures include firms being expected to: – Offer a temporary payment freeze on loans and credit cards […]

Lettings agents and COVID-19: How to survive the crisis Webinar

9th April 2020

Paul Shamplina Founder of Landlord Action, Brand Ambassador For Hamilton Fraser and Star of Channel 5’s ‘ Nightmare Tenants, Slum Landlords’, will provide practical guidance to help your lettings business survive the coronavirus crisis. Paul will be joined by Mike Morgan from HF Assist, and together they’ll provide pragmatic ways to help you through this […]

RICS calls for Stamp Duty holiday and it’s not a “Whim”

9th April 2020

As agents close their doors due to the lockdown, the spread of the virus across the UK has led to a near standstill of the housing market. The March 2020 RICS UK Residential Market Survey results highlight that despite the first few months of the year showing a marked pick-up in market activity, this month […]

Investor figure with gold percentage symbol representing mortgage interest rates

Time to take advantage of record low Interest Rates and remortgage

9th April 2020

During the last few weeks there has been a rush of borrowers taking advantage of all-time low residential interest rates. Due to the impact of Covid-19, the Bank of England has taken the unprecedented step of making two cuts to the base rate in quick succession. First there was an initial emergency cut to 0.25% […]

Treasury and Bank of England announce extension to Ways and Means ‘Overdraft’

9th April 2020

HM Treasury and the Bank of England have agreed to extend temporarily the use of the government’s long-established Ways and Means (W&M) facility. The W&M facility functions as the government’s overdraft account with the Bank of England, i.e. the facility which enables sterling cash advances from the Bank to the government. The previous high for […]

Too early to assess long-term impact of lockdown on UK housing market

8th April 2020

The latest Halifax House Price index figures for quarter ending March will not yet reflect the affects the lockdown has had on the housing market. It was reported that house prices in March were 3.0% higher than in the same month a year earlier, but on a monthly basis, house prices were flat at 0.0%. […]

Most affordable rental areas for self-isolation

8th April 2020

Ome, has investigated the most affordable locations across the UK with the lowest population to maximise the chances of successful self-isolation. Ome looked at the estimated population of every area of the UK coupled with its size to find the number of people populating each square kilometre. Using these figures, they then explored the areas […]

New model AST for longer fixed terms – MHCLG

8th April 2020

The Ministry of Housing Communities and Local Government have released a new model tenancy agreement and guidance specifically to be used for longer term tenancies of 2 or more years. Although this does not take into account that most lenders criteria will only allow a 6 or 12 month tenancy maximum, it is however, only […]

Can nursing home fees be offset against rental income?

8th April 2020

I have just been speaking to a friend of mine who’s Mother in Law has been in a nursing home for 6 months. The fees are £950 a week. Her property has been rented out and the family make up the shortfall. The (Spanish) tenants are returning home so there will be no income plus […]

Property educators accreditation scheme code of practice public consultation

8th April 2020

The Property Educators Accreditation Scheme (PEAS) Code of Practice is now open to public consultation. The three main objectives of PEAS are as follows: – To help credible property investment educators differentiate themselves from less credible operators. – To create greater transparency in the property investment education sector. – To create greater protection for consumers […]