Written By Em

Em

Em Morley

Landlord Offers DIY Tenant Free Home

Published On: November 12, 2012 at 11:55 am

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Categories: Landlord News

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A landlord in the North East of England is offering a tenant to live rent-free in a three-bedroom property, on the provision that they carry out all repairs and maintenance work themselves.

Landlord Offers DIY Tenant Free Home

Landlord Offers DIY Tenant Free Home

Private landlords Jax and David Ayton made the extraordinary offer after their previous tenant had left the end terrace property in Darlington uninhabitable. The couple are looking for a tenant who is prepared to live in the property while renovating, and will not charge rent until the process is complete. When the work is complete, the tenant will then have to become a regular rent-payer.

Damaged

Mr and Mrs Ayton said that the house was once extremely presentable and perfect for a small family. However, their previous tenant caused considerable damage by knocking holes into the wall, burning down the garage, and allowing pets to defecate on the floors.

After the tenant was subsequently evicted, the property was then targeted by metal thieves, who smashed windows and stole pipes and electrical wiring.

Mrs Ayton said that the property was once “all done up to a good standard and it was a nice place to live.” She explained that the tenant had “completely trashed the place and so obviously we asked her to leave.” Having struggled to afford to repair the damage, Mrs Ayton said that “slowly but surely, people noticed that it was empty and it became a target.”[1]

She continued by saying that the thieves had “taken everything except the floorboards; the circuit board, the boiler and all the piping has gone.” Mrs Ayton then conceded that the property is in “a desperate state of repair.”[1]

The couple have stated that they will bring the house back up to an adequately safe place to live. This will include replacing the windows and electrical supply. Once this has been completed, they are looking for someone to carry out all of the subsequent refurnishing in order to make the property a home. Mr and Mrs Ayton have also pledged to provide any necessary building materials.

Tenants interested in the property should contact Bellwood and Harris Letting Agents.

[1] http://www.thenorthernecho.co.uk/news/local/darlington/10039373.Rent_free_living_available_for_DIY_enthusiast/

 

 

 

 

 

Watch Logos ARLA Warns Tenants

Published On: November 9, 2012 at 12:40 pm

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The Association of Residential Letting Agents (ARLA) has issued warnings to prospective tenants to be wary of rogue letting agents.

ARLA have also told tenants to be aware of fake or meaningless logos that are used to support an agent’s professional practise.

Watch Logos ARLA Warns Tenants

Watch Logos ARLA Warns Tenants

Managing Director of ARLA, Ian Potter, says: “Unfortunately, there are many horror stories of rogue letting agents, as the rental sector is unregulated. This means anyone can set up shop as an agent, or become a landlord.”1

Potter said to look out for landlords who offer property for considerably less than local market rents, or adverts for properties that do not require a deposit. Some letting agents ask for deposits to be paid before the tenant has even viewed the property.

ARLA also warns: “The interest and online forums can be a hotspot for unscrupulous agents as there is very little regulation about who can post adverts online. And the global nature of the interest means individuals living in or outside of the UK can easily advertise for properties to rent in the UK. Some will be legitimate, but not all.”

ARLA is warning would-be tenants to be conscious of agents that do not grant full viewing or inspection of the property: “At best, there may be problems behind the closed doors, at worst they may be showing you around a property that is already being rented to another individual, who may be staying on in that room.”

They also advised tenants to look out for “non-accredited third party logos or accreditation being used by agents to look as if they are monitored and adhere to a set code of conduct.”1

ARLA recommend all tenants to check if their agent belongs to a professional organisation, use tenant money protection, and redress schemes, and to be way of using transfer agents to pay money.

1 http://old.lettingagenttoday.co.uk/news_features/Watch-that-logo-ARLA-warns-would-be-tenants

 

 

More Young People on Benefits in Private Rental Sector

Published On: November 9, 2012 at 12:14 pm

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A new report has indicated that more young people are in receipt of housing benefit in the private sector in comparison to the social.

Figures

Statistics show that there are 182,120 recipients of housing benefit under 25 in the private rented sector. In comparison, there are 94, 280 in the social sector.[1] Worryingly, the Prime Minister has claimed that this benefit will be cut for tenants under the age of 25, in order to save the Government almost £2 billion per year.

In excess of 1.6m tenants claiming housing benefit live in the private rented sector. Interestingly, more than 3.3m people receiving the same benefit reside in the social sector.[1]

[1] http://caridonproperty.co.uk/2012/11/09/more-younger-people-on-housing-benefit-in-private-sector/

 

 

 

Church Leaders Call for Ethical Letting Agents

Published On: November 8, 2012 at 3:11 pm

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There have been recent calls from church leaders for more ethical letting agents to be present in the private rental market in London. Leaders would like to see landlords that only offer their tenants cheaper rents and more long-term tenancy agreements.

A meeting of 80 representatives from a number of religious backgrounds covered topics such London’s affordable housing crisis and the possible impact of new welfare reforms.

Meeting organiser Alistair Murray, who is also the director of homelessness charity Housing Justice, welcomed the recommendations taken from the meeting. He even suggested that some ideas could be rolled out for national reaction.

Recommendations for the next meeting are already been proposed.

New Mortgage Range for Smaller-Scale Landlords

Published On: November 7, 2012 at 4:59 pm

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Specialist mortgage provider Paragon has introduced a selection of new buy-to-let mortgages for established and small-scale landlords.

New Mortgage Range for Smaller-Scale Landlords

New Mortgage Range for Smaller-Scale Landlords

Within the Paragon brand, 18 new products by re-pricing six fixed rate deals and launching 12 trackers, aimed at professional landlords.

Its partner company, Mortgage Trust will offer landlords with smaller portfolios four fixed rate deals and two new trackers.

John Heron, Managing Director at Paragon says: “We expect that the new products will be well received by the intermediary market as we know they are seeing increasing demand from buy-to-let customers.1

“The new products offer a much wider range of product options to landlords.

“The new Mortgage Trust products complement the existing range and are augmented by a state-of-the-art online service.

“The new Paragon Mortgages products are more suited to professional landlords who tend to need a more tailored approach for more complex rental properties.”2

In the three months to October, the average rental yield for landlords increased to 6.7%, from 6.2% in the previous quarter.

Paragon revealed that investors in the East of England generate the highest average returns, at 7.5%. Wales follows with 7.3%, the North East sees 7.2%, and yields are 7.1% in central London.

1 http://www.landlordexpert.co.uk/2012/11/06/new-mortgage-range-launched-for-smaller-scale-landlords/

2 http://www.yourmortgage.co.uk/buy-to-let/paragon-launches-new-buytolet-range/

Homeowners Wealthier than Renters

Published On: October 30, 2012 at 5:00 pm

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Young homeowners are an average of seven times wealthier than those who are renting, according to insurance company Aviva.

Homeowners Wealthier than Renters

Homeowners Wealthier than Renters

Aviva’s data, of 25-35 year olds, revealed that those who own their house held assets worth an average of £98,686. In contrast, renters own assets of just £14,258.

In the future, it may be possible for renters to catch up with homeowners, but only by a little. By 65 years old, renters own an average of £62,258 in assets; however, homeowners are still miles ahead with assets of £306,147; around five times higher.

The rising number of young people in Britain struggling to get into the housing market is widening the gap between homeowners and renters. High deposits are forcing people off the property ladder.

Housing evaluation firm The Model Works’ Brian Hall says that this will “group people into a property owning elite and those unfortunates who are forced to rent from them. It will hit young people at the most fundamental level in terms of their ability to put a roof over their heads, pay for the essentials, start a family and plan for the future.”1

However, it may be possible for renters to invest in the market, in other ways.

A number of financial businesses currently provide the opportunity to invest in the housing sector, without having to own a house.

Castle Trust offer their Housa product, and Hearthstone Investments can also deliver the chance to invest a minimum of £1,000 into the property market, allowing renters to profit from the increase in house prices, without the need to buy a house.

1 http://www.justlandlords.co.uk/news/Homeowners-Wealthier-Than-Renters-1479.html