Posts with tag: landlords

Students in Scotland told to reclaim their tenancy deposits

Published On: May 17, 2017 at 3:18 pm

Tags: landlords,Scottish students,students in Scotland,tenancy deposits

With the end of the academic year fast approaching, student tenants are being urged to remember to reclaim their tenancy deposit, once their agreement comes to its conclusion.

New research from SafeDeposits Scotland reveals that many students north of the border prove surprisingly forgetful!

Unclaimed Deposits

At present, there are 188 tenancy deposits remaining unclaimed by students enrolled at Scottish colleges and universities. These collectively total almost £62,000.

The research was carried out by looking at all tenants who have a university email address registered against their name on the deposit account. It reveals that St Andrews University was the largest contributor to the amount currently outstanding.

103 of the as yet unclaimed deposits came from students at the oldest university in Scotland- with tenants out of pocket by an average of £406 each.

Students in Scotland told to reclaim their tenancy deposit

Fair Deal

Victoria Nixon, operations manager at SafeDeposits Scotland, observed: ‘It’s interesting to see the disparity in rates of deposits left unclaimed by students across the country and the reasons behind it may be complex and varied.’[1]

‘Some people may simply forget, some might think they won’t get it back, and others might think it’s an inconvenience. But in reality; the process is straightforward and should disputes over deductions arise, an independent adjudicator will work to find an amicable resolution for all parties,’ Nixon continued.[1]

Concluding, she said: ‘Tenancy deposit schemes like SafeDeposits Scotland were introduced to help tenants and landlords get a fair deal at the end of a lease agreement and claiming your deposit is straightforward.’[1]

[1] https://www.landlordtoday.co.uk/breaking-news/2017/5/student-renters-urged-to-reclaim-tenancy-deposits

Landlords reminded to comply with Rent Smart Wales

Published On: May 17, 2017 at 9:52 am

Author: Em Morley

Categories: Landlord News

Tags: Buy-to-Let,landlords,Rent Smart Wales,Wales

Landlords and letting agents across Britain with rental properties in Wales have once again been reminded on their legal responsibilities regarding Rent Smart Wales.

Many investors have been warned that they could be unwillingly breaking the law due to non-compliance with these rules.

Rent Smart Wales

Powers of enforcement are now active for Rent Smart Wales. This legislation came into force last year as part of the Housing Act (Wales) 2014 and requires all landlords with properties in the country to register both themselves and their accommodation.

What’s more, self-managing landlords and agents must obtain a licence after the completion of a training course and after having passed a fit and proper person assessment.

As the powers are now active, all landlords that are not compliant face a number of sanctions, including fixed-penalty notices, rent repayment orders and even prosecution. Landlords could also not be able to obtain possession of their property using a Section 21, should they be found to be operating outside of the law.

A register is now available on the Rent Smart Wales website, which allows tenants and the public to check if landlords and agents are breaking the law.

Once landlord is registered, this licence lasts for 5 years.

Landlords reminded to comply with Rent Smart Wales

Better Place

Bethan Jones, Operational Manager of Rent Smart Wales, stated: ‘I would urge any landlords or agents with properties in Wales and who have not yet registered or become licensed, to contact us immediately to avoid legal action. We are still keen to assist those who willingly want to comply.’[1]

‘We’ve worked closely with industry experts to develop the Rent Smart Wales scheme, which we firmly believe will help make the private rental sector in Wales a better place for tenants, landlords and agents,’ she added.[1]

[1] http://www.propertyreporter.co.uk/landlords/landlords-could-you-be-breaking-the-law-after-recent-changes.html

Government facing legal action over Right-to-Rent

Published On: May 17, 2017 at 8:54 am

Author: Em Morley

Categories: Landlord News

Tags: Buy-to-Let,immigration checks,landlords,rental market,Right to Rent

The Government is now facing a legal challenge over the controversial Right-to-Rent scheme, which permits buy-to-let landlords to check the immigration status of would-be tenants.

Introduced in February 2016 across England, while Prime Minister Theresa May was Home Secretary, the scheme has seen landlords forced to check legal documents of possible renters before allowing them to rent their property. This is to ensure their tenants are legally allowed to rent in the UK.

Struggles

However, these checks have less foreign nationals (and Britons) without a passport struggling to rent, according to a new survey.

This report by the Joint Council for the Welfare of Immigrants (JCWI) claims that many would-be renters from ethnic minorities are being discriminated against in the rental market. This, the investigation claims, is a direct result of the Right-to-Rent scheme, designed to clamp down on regular immigration.

Government facing legal action over Right-to-Rent

51% of landlords questioned said that the scheme would make them less likely to think about letting to foreign nationals. 42% of landlords stated they were less likely to rent to someone without a UK passport.

Mystery Shopping

A real cause for concern was highlighted through an enquiry from a British Black Minority Ethnic tenant without a passport. This tenant was turned down by 58% of landlords during a mystery shopping exercise, following the introduction of the Right-to-Rent scheme.

Existing legislation states that landlords who fail to check a potential tenant’s immigration status will face fines of up to £3,000 per tenant, with a maximum five years behind bars.

Yesterday, the JCWI wrote to the Home Office in order to call for a stop to the rollout of the scheme and for a reassessment of its effects.

Saira Grant, chief executive of the JCWI, stated: ‘In the face of clear evidence of discrimination under Right to Rent, the government must show it is not acting illegally before it presses ahead with a rollout to the rest of the UK.’[1]

‘This is a scheme that not only discriminates against BME Britons, foreign nationals and British nationals without passports- it imposes costs on landlords, agents and tenants too. In the absence of any clear plan to monitor its effects the Government must carry out a thorough review-until then, any extension to other parts of the UK would be premature, dangerous and potentially illegal,’ he added.[1]

[1] https://www.landlordtoday.co.uk/breaking-news/2017/5/government-threatened-with-legal-challenge-over-landlord-immigration-checks

Many tenants living in slum-like conditions: Shelter

Published On: May 16, 2017 at 11:19 am

Author: Em Morley

Categories: Landlord News

Tags: Buy-to-Let,landlords,Shelter,tenants

An extremely concerning new report conducted from housing charity Shelter has revealed that hundreds of tenants are living in slum-like conditions.

The charity suggests that many renters are being plagued by damp, mould, infestations and electrical faults within their rental accommodation.

Concerns

In order to compile the report, Shelter, alongside You Gov, took statements from 300 tenants across large urban regions.

31% of these tenants expressed their concerns over damp and mould. 16% said that they had faulty electricity within their rental property.

One particular respondent claimed that the damp in his accommodation caused damage to his clothing.

He said: ‘I have been living in awful conditions in this flat. There’s a lot of mould on the walls and all over the furniture. I’ve had to throw away my clothes and go to the doctors because I’ve been ill with chest infections from breathing in the mould.’[1]

Many tenants living in slum-like conditions: Shelter

Damp Issues

It is imperative for landlords and tenants like to be aware of the risks that damp brings. There are a number of residential damp elimination and preventative measures that can be taken in order to eliminate these risks.

Stuart Cavanagh, Head of HR at Novus Property Solutions, believes tenants should become more informed on the dangers of damp and how to protect their rental properties.

Mr Cavanagh, addressing tenants, said: ‘The majority of renters are fortunate enough to have helpful, professional landlords who will see to complaints immediately. These are principles, however, that not all landlords work by. In such cases, it sadly falls onto the tenant to make better preparations and understand how to protect the property. In the long-run, being better informed will not only help you appeal to your landlord, it will also prepare you for future renting and dealings with landlords in general.’[1]

‘The health risks are very real, with children and those suffering respiratory ailments most susceptible – an informed approach is the best preventative measure. Know what to look for, and take action accordingly.’[1]

[1] http://www.propertyreporter.co.uk/landlords/shelter-a-third-of-uk-tenants-living-in-slum-like-conditions.html

Buy-to-let landlords contribute £15.9bn per year to British economy

Published On: May 15, 2017 at 3:55 pm

Author: Em Morley

Categories: Landlord News

Tags: Buy-to-Let,landlords,rents,UK economy

A revealing new report has shown that buy-to-let landlords presently contribute £15.9bn per year to the UK economy through pre-tax spending on running their portfolios.

This is more than double the forecasted £7.1bn in 2007 and is a direct result of the significant growth of the private rental sector and the cost of acquiring property.

Tax

Further analysis of the report from Kent Reliance shows that 36% of landlords questioned are looking to cut-back on their yearly spending. It is feared that this could reduce overall spending by over £500m- a real blow to tradesman and professionals that support the industry.

17% of landlords said that they would cut down on property upkeep in order to cut costs, followed by 10% who said they would cut letting agent fees and mortgage costs.

These landlords feel they will cut spending on letting agent fees by 28%, servicing by 21% and mortgage costs by 15%.

Fees

The cost of property upkeep, maintenance and servicing was found to be the largest outlay for landlords at a combined total of £5.5bn.

Landlords commutatively spend £2bn on service charges and ground rent, £963 on insurance, £904 on utilities and £1.1bn on associated costs.

Letting agents’ fees came to £4.7bn each year, with £644m spent on legal and accountancy fees.

Buy-to-let landlords contribute £15.9bn per year to British economy

Vital

John Eastgate, sales and marketing director of OneSavings Bank, noted: ‘Landlords may seem like an easy target for political point scoring, but they play a vital role in the economy. Not only do they house a huge proportion of the country’s workforce, bridging the housing demand and supply gap, their spending supports thousands of jobs – whether builders, cleaners, lawyers and accountants or letting agents.’[1]

‘Trying to tackle the housing crisis by targeting landlords with punitive taxes is very simple and politically highly palatable, but has unintended consequences. Either it means less work for all those who support the property industry, or it means tenants will have to foot the bill for the government’s tax raid, or both,’ he continued.[1]

Concluding, Mr Eastgate said: ‘One side effect of the recent changes, and rising running costs, will be the professionalisation of the sector as amateur and accidental landlords leave the market. There is nothing wrong with having fewer, bigger landlords, but that alone will not help more young people get homes.’[1]

[1] https://www.landlordtoday.co.uk/breaking-news/2017/5/buy-to-let-landlords-contribute-15-9bn-a-year-to-uk-economy-study-finds

UK House Price Growth Remains Stagnant

Published On: May 15, 2017 at 2:57 pm

Author: Em Morley

Categories: Property News

Tags: election,house price growth,landlords,price growth,property

New research has revealed that property prices in England and Wales rose by just 0.1% during April.

In addition, data from the report by YourMove shows that prices have increased by only 0.5% in the last three months. Annually however, price growth remained fairly steady- rising to 3.5%.

Transaction levels of 63,500, down 7% on March, remain constant with those levels reached in 2015.

Growth

The West Midlands underlined its position as the fastest growing region in the UK, with price rises of 0.5% month-on-month and 6.2% year-on-year.

In London, growth remains subdued, with a month-on-month decrease in prices of 0.1%. Annually, the capital was the slowest region for price growth outside the North East, with a rise of just 1.4%.

UK House Price Growth Remains Stagnant

Oliver Blake, Managing Director of Your Move and Reeds Rains estate agents observed: ‘Real transformation is needed to address the housing supply shortage. Recent reports from House of Commons committees have made a strong case for the government to do more.’[1]

‘As manifestos are published ahead of the upcoming election, we hope there is commitment to bridging the gap between supply and demand which will stimulate more market activity, stability and enable more people to secure their dream home,’ he added.[1]

[1] http://www.propertyreporter.co.uk/property/house-prices-remain-muted-for-second-consecutive-month.html