Learning from other peoples experiences is often far more cost effective than making mistakes of your own! Advice on forums is no substitute for professional advice because comments and opinions are not insured.
HOWEVER, discussion can lead to ideas which you may not have previously considered and can often point you in the right direction, even if only to point you to the right person, piece of legislation or to find out how others have dealt with similar issues. The easiest way to communicate with other landlords and letting agents, without even having to move away from this screen is ….. read on
Start running your numbers click here
Time is money, knowledge is power and protecting yourself can be crucial. Why is it then so many landlords choose to self-manage when they don’t own enough of properties to justify the time required to be fully clued up with everything they need to know?
Perhaps they think they are saving themselves money? Well that depends on what they are basing figures on of course. The most cost effective way we know of to manage rental property is.. read on
This can be a win/win for sellers and buyers. From a buy-to-let investor point of view we find landlords welcome the fact that they are getting rent from day one and have no need to set about paying rental agency fees to locate tenants.
From the sellers perspective, keeping tenants in situ also has the added benefit that properties tend to view better when lived in, provided of course the tenant is reasonably tidy. Where do 10’s of thousands of investors go to buy tenanted properties though? read on
Read why here and use our Landlords Calculator to crunch some numbers to work out a cost effective way to minimise the risks of leaving your loved ones in a financial mess as well as an emotional mess. read on
This Property Podcast explains some very basic principles to help you resolve any problem.
Listen to Podcast click here
If you have anything to do with HMOs or are just interested please read on
Member Profiles remain FREE to set up and as all comments left in discussion threads link back to member profiles we see no reason not to allow businesses to add their company logo, telephone number, email address and a link to their website to their member profiles should they wish to do so. This should also encourage more businesses to engage in discussions and to help other readers as it will give them more exposure to their member profile. Everybody is a winner! see members
Whilst I have never been a fan of the Rent2Rent strategy I have to accept that a lot of investors are using Rent2Rent including Housing Associations, Councils and FTSE 250 companies as well as privateers. As it is the mission of Property118 to share best practice, helping these private investors to get their paperwork right fits within our remit, regardless of any other misgivings I might have personally have about the scheme.
The way the scheme generally works is that a contract is entered into whereby a property owner rents or signs up to a management contract for his/her property with an investor/manager which includes permission to sublet in return for promises of guaranteed rent, maintenance, management etc. A profit element is built into the deal by investor/manager in the form of a below market rent.
An example of how things can go horribly wrong is explained in this thread. A property owner was asked to sign an assured shorthold tenancy agreement. To cut a long story short there was a dispute over deposit protection which went to court and the property owner won, even though she had not protected the deposit. She could have claimed substantial damages against the Rent2Rent company but in this instance chose not to. Big lesson learned for the property owner and also the Rent2Renter too!
I have consulted with Tessa Shepperson at Landlord Law regarding which type of tenancy agreement should be used. The conclusion was that neither AST’s nor corporate letting agreement are appropriate agreements for the owner and the Rent2Rent company to be using. What is required is a commercial lease drawn up by a corporate property lawyer. Tessa doesn’t get involved with corporate property law so I called in the help of Justin Selig, a qualified and practising corporate property solicitor with The Law department and Landlord Action.
Justin has agreed that subject to demand he will create a legal document template which Rent2Rent companies can download from Property118 for £97 including VAT. The document will be copyright protected so it can only be used by the person who pays for it and any company in which that person owns more than 26% of the shares. It can, however, be used as many times as that person needs to do so. Therefore there is not a requirement to pay £97 each time the document template is used.
If enough people order the agreements they will be available for download by 31st July 2013. If by 22nd July 2013 there are not enough orders it will be deemed that there is insufficient demand, the project will be scrapped and everybody who has paid will receive a FULL refund.
Sufficient orders have been confirmed and paid for and Justin Selig will have the contracts prepared and ready for us to deliver by the end of this month (July 2013)
“Rent to Rent” Lease contract templates are now available for immediate download using the embedded order form below.
These will typically be standard AST’s, but there are many kinds. Licences may also be applicable if the tenant has another home. A great article to read about tenancy agreements is this one written by Tessa Shepperson.
Some Rent2Rent investors have set their arrangements up under management contracts and fallen foul of VAT. I have spoken to my accountants and had it confirmed that a commercial lease will get around this problem as the owner of a residential property can not elect to tax for VAT purposes. Therefore, the head lessee (the Rent2Rent investor) doesn’t need to charge VAT to tenants either on this basis.
Many people ask how I manage to respond to all the messages on Property118 and where I find the time.
I often wonder myself!
However, my life is about to become a LOT easier.
This is NOT an advert, I have not been paid or offered any incentives whatsoever to share this with you.
It is literally a glimpse into the future.
I’m sharing this with you as one of my goals is to share best practice.
Check out these “smart watches”, this is Star Trek style technology!
I’ve already ordered mine 🙂
UPDATE – just got an email from them. Apparently if 5 people buy on my recommendation they will send me another watch for free. It won’t cost you any more if you do buy one you will be doing somebody a big favour as I will give the freebie to a local children’s home – that’s a promise, hand on heart hope to die, never, never tell a lie. They have sent me THIS LINK so if you are interested please CLICK HERE. I purchased two for 250 US Dollars by the way.
ALL landlords and letting agents need to know that the “no win no fee” vultures are out to get you.
What do you think of this?
The GOOD Landlords Campaign exists to facilitate the sharing of best practice amongst UK landlords and letting agents.
Hello all, I am a new member of the Inventory Clerks and Energy Assessors Linkedin Group so I thought I should write an article to introduce myself. Thank you Laura for allowing me to become a member by the way. I have been a landlord since 1989, therefore I am a potential customer to many of you. I am also a non-exec Director of two letting agencies. When I retired from corporate life in 2009 at the ripe of age of 41 I very quickly got bored and started blogging to share best practice amongst my fellow landlords and letting agents. My website (Property118) became an official Google Publisher and has gone from strength to strength ever since. Nearly 200,000 UK landlords and letting agents, just like me, now subscribe to my Newsletters and Google News feed.
I will be delighted to answer any questions you have here and I also have a networking opportunity to share with you. Don’t worry, it’s a freebie with my compliments so put your cheque books and credit cards away! My website is my hobby 🙂
Very few Inventory Clerks and Energy Assessors engage with landlords and letting agents on my forum which I find quite shocking. I’d like to change that by inviting members of your group to become a member of Property118 with my compliments. It’s entirely up to you whether you choose to network with Property118 members and how salesy you want to make your member profile. All I ask is that on discussion threads you stick to information only please. Your comments will link back to your profile so if readers want to know your website address, your phone number or your special deal of the month it will be because they can see that you know your stuff and will visit your member profile to find out how to contact you to talk business.
See you on the other side, and of course back here if you would like to ask me any questions 🙂
Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agents.
Members can choose to receive free a daily Newsletter or a weekly roundup every Saturday.
You have probably noticed that our Forum Page is full of Readers Questions articles. You may have also noticed how many helpful people there out there prepared to share their knowledge based on their experience free of charge 🙂
We are delighted with this as the mission of the Property118 forum is to facilitate the sharing of best practice amongst both landlords and letting agents. Tenants occasionally post their questions here too.
Before you ask a readers question of your own it’s always best to try a few searches using the search bar at the top right of the website. If that doesn’t give you the answers you are looking for please feel free to submit a “Readers Questions” article of your own.
As soon as it is published it will appear in our latest articles section as well as in Google News, on Twitter and also our Facebook page. As soon as somebody responds it will also appear in our forum section. The posts with the latest comments always appear at the top of the screen. Within a day or so of your article being published your Readers Questions article will be included in our Newsletter which goes out to literally 1,000’s of our readers. This all helps to attract positive responses.
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In a recent press release the National Association of Landlords NLA have announced plans committing that all its landlord members will be accredited by 2020.
In a speech on ‘Delivering excellence in the private-rented sector’, Carolyn Uphill, Deputy Chairman of the NLA, outlined the Association’s ‘Vision for Accreditation’.
The NLA believes that landlord accreditation is a key tool to improving standards in the private-rented sector and it actively encourages all landlords – members and non-members – to become NLA accredited landlords.
The ‘Vision for Accreditation’ aims to give all members a means of objectively demonstrating their knowledge and competence as landlords. And in making NLA accreditation a more central aspect of its membership, the NLA hopes to show how NLA member landlords are different from other, non-accredited, landlords.
The NLA accreditation requires landlords to complete the NLA foundation course (either in attendance, at one of the seminars hosted across the UK, or online) and maintain their knowledge via continued professional development (CPD). Attending landlord meetings and conferences, additional landlord development courses and reading NLA literature all contribute to CPD.
The emphasis on management skills and professional development ensures landlords understand their obligations, enabling them to uphold the many standards and regulations governing the private-rented sector. It is a scheme that comes highly regarded by landlords, policy makers and local authorities alike.
Carolyn Uphill, the NLA’s Deputy Chairman, says:
“We believe that NLA membership should be synonymous with landlord professionalism and accreditation is a significant factor in helping us achieve this. To have all our members accredited is an ambitious target but realistic in the lead time provided.
“By demonstrating a level of competence represented by NLA accreditation, members will be able to set themselves apart through evidence of their commitment to quality and standards.
“We all need to work together as an industry to improve the reputation of our sector and NLA members can play an important role through leading by example.”
Property118, in conjunction with The Good Landlords Campaign to promote best practice in the Private Rental Sector supports the efforts of the NLA to improve the level of professionalism in our industry. There is no ongoing fees associated with being a member of The GOOD Landlords Campaign and membership is a demonstration of commitment to share best practice via the Property118 forum. Funds raised through donations are used to promote the primary aim of The GOOD Landlords Campaign which is to share best practice amongst letting agents and landlords. Funds raised by The GOOD Landlords Campaign were recently used to underwrite the Class action against Bank of Ireland to fight their decision to increase tracker rate margins for 13,500 residential and buy to let mortgage borrowers.
We appointed Justin Selig to advise thousands of landlords and residential mortgage borrowers across the UK on the day that news broke of the Bank of Ireland intentions to increase the differential on tracker rate mortgages to 4.49%. For some borrowers this means an increase in monthly payments of over 200% starting from today.
Over 16,000 people have read our forum page at the time of writing this article and press including the BBC have used the forum to make contact with affected borrowers.
Property118 used funds raised through The GOOD Landlords Campaign to underwrite the costs associated with Justin Selig obtaining legal opinion on the Bank of Ireland plans from a high profile banking barrister. Thanks to the number of borrowers who have signed up to obtain professional advice as a group from Justin Selig, our commitment to underwrite the costs of the legal advice has now been released. The GOOD Landlords Campaign funds can now be deployed elsewhere for the purpose of sharing best practice amongst landlords and letting agents. Continue reading Justin Selig – Legal advice to affected BOI tracker borrowers