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    SURGE IN REPOSSESSIONS

    SURGE IN REPOSSESSIONS

    In the last 12 months, we have issued more Section 21’s than we have probably in the previous 5 years!

     

    The Ministry of Justice recently released data saying in the first three months of 2024, there were nearly 25,000 cases currently going through the courts, which was up by 6% on the first three months of 2023.

     

    Of course, we must remember, this data is only on those that are going through the court system, therefore the figure will be considerably higher as many tenants will vacate at the given time, meaning the landlord has no need to go through the courts.

     

    I am also mindful, that the current 25,000 cases, was a decision made by the landlord most probably in the summer of 2023, as the courts process the backlog.  As I said in my opening paragraph, we have issued more Section 21’s than ever before, and the main reasons for these have been due to the landlord either selling the property or moving back in. Only a very, very small percentage of these are due to the tenant being in rent arrears or other reason.

     

    The main reason for tenants not moving out at the end of their notice period, is due to the increase in rental prices over the last 12-18 months (which has been fuelled mainly by the increase in mortgage rates) and the tenant not being able to find suitable accommodation in the open market.

     

    By the time this column comes out we will be on the verge of finding out the outcome of the General Election and this no doubt, will change the landscape of property rental sector.

     

    Sharon

    We take away the stress and strains of renting, to give you more time and peace of mind!

    If you would like a friendly informal chat on how we could help you, please email sharon@moveon.biz or ring me 01202711169.

     

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    LANDLORDS BEWARE OF GAS SAFETY CERTIFICATES

    LANDLORDS BEWARE

    OF GAS SAFETY CERTIFICATES

    Just when you think you got it all sown up and you know every single part of making sure all paperwork is compliant, something throws a curve ball!

     

    We all know it is vital to have a Gas safety Certificate on a rental property. We know the absolute importance of not allowing that certificate to expire, we all know NOT having a Gas Certificate on a property is a fine of £6,000 per item and/or six months in prison. BUT….. who knew this!

     

    A landlord recently had a Section 21 rejected through Shoreditch County Court because the Landlord Gas Safety Certificate did not bear the landlords name and address. The property address was on there, the gas engineer name and number were there and the date was there and all correct, but because it didn’t have the landlord name and the landlord (or agent) address, in the box it was thrown out.

     

    Then low and behold this week, a landlord’s own contractor provided us with a gas safety certificate without the landlord details on it. We asked him to complete it and return it.

     

    At Move On, we have never had a Section 21 rejected in the 18 years we have been in business and I am extremely proud of this. We check everything for the court paperwork, but we also attend yearly legal updates to make sure we are always up to date with the legislations. Most agents and landlords will say this scenario is a first, but now we are all pre-warned. Make sure your certificates have your name and your address or your agents address in the box.

     

    Sharon

    We take away the stress and strains of renting, to give you more time and peace of mind!

    If you would like a friendly informal chat on how we could help you, please email sharon@moveon.biz or ring me 01202711169.

     

     

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    HELPING LANDLORDS

    HELPING LANDLORDS

    This week a lovely couple came into the office with a hand full of properties (from other agents) they had been to look at and wanted to know which of them in our opinion would achieve the best rental prices and would attract good quality people.

     

    One of the first things I noticed was the sales agents had written estimated monthly rental prices, these in my opinion were very top heavy. We sat down with a cup of coffee and looked at ‘realistic rents pcm’ that will ensure their outgoings were covered, meaning anything above was a bonus. Owning Move On for over 17 years and working within the industry for 35 years, I know my ‘stuff’!

     

    1. We are able to provide real data on rental prices.
    2. Advise on good areas and not so good areas
    3. How long the average tenant rents for
    4. What type of tenants for certain properties and areas.
    5. Adding in void periods
    6. Legal costs such as Gas Safety certificates, Electrical, Legionella, smoke alarms, co Alarms etc
    7. Buildings and contents insurance.
    8. Block management fees if a flat or leasehold property.

     

    With all the facts and likely expenses, the investors could realise the true return on their money, which automatically cut out two of the properties they had. With the remaining four properties, we simply looked at the areas that would not only attract good quality tenants now, but would also attract a buyer if they need to or wanted to sell in the future.

     

    Thinking of buying, give me a call 01202 711169 or email sharon@moveon.biz

     

    Sharon

    If you are looking to, rent, buy, sell or invest, then choose Move On because it what we like to do best!

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    NO SH.. SHERLOCK!!

    NO SH.. SHERLOCK!!

    Sometimes I just despair and those that know me, will say the headline today is NOT my normal headline. But what has led me to this?

     

    The government, councils and MP’s are apparently shocked at the lack of rental stock, the increasing rents and landlords selling up. Really? Here are some facts.

     

    • Not all landlords are bad and rich! Most landlords are good landlords and all they wanted to do was take control of their own income and retirement.
    • Landlords are generally good people who want their tenants to be happy and secure in their home. In return, they just ask for tenants to pay their rent on time and to look after the property.
    • The government trying to ban Section 21 notice is frightening many landlords and they are selling up! Yet 99% of landlords use this method for serious rent arrears or they want to sell or move back in. NOT because they feel like it.
    • When the government decided to tax landlords on the total rent and not allow them to deduct the mortgage interest, many landlords swapped their property to Airbnb so that they could deduct the mortgage interest.
    • Social Housing is more likely to have properties in disrepair than the private sector!
    • Tenants do not want periodic tenancies from day one, they want the security of a home by having a fixed term tenancy.
    • Rents are rising due to the government’s intervention in the above and causing the lack of stock.
    • ‘SHELTER’ do not provide shelter.

     

    Rant over!

     

    If you would like to discuss how we could help you manage your rental property, please email sharon@moveon.biz or ring me 01202 711169.

     

    JOIN OUR INVESTORS PROGRAMME AND BE NOTIFIED FIRST

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    RIGHT TO RENT UPDATE!

    RIGHT TO RENT RULES – NEW RULES!

     

    On the 22nd January 2024 the new amended Right to Rent rules came into force.

    The Right to Rent rules were first introduced in 2018 (under the Immigration Act 2014), to stop landlords renting to tenants without legal immigration status.

    This also includes lodgers paying or non-paying!

    In my column last August, I explained this would be coming and how the new changes mean massive fines for those breaking the rules.

    Since 2018, the Home Office has issued 320 civil penalties worth £215,500.

    Landlords who self-manage their properties could find themselves at risk if their current tenants immigration visas run out and are not renewed.

    The new fines are up to £5,000 per lodge and £10,000 per occupier for a first breach and then up to £10,000 per lodge and £20,00 per occupier for subsequent breaches.

    Of course, if you are with Move On, we automatically check and have systems in place and when they are due to renew.

    Another reason why our landlords can sleep at night knowing we have their legal obligations covered!

     

    At Move On we confidently say ‘we take away the stress and strains from landlords to give them more time and peace of mind!’ This could not be truer with today’s ever changing government rules!

     

    If you would like a friendly informal chat on how we could help you, please email sharon@moveon.biz or ring me 01202 711169.

     

    JOIN OUR INVESTORS PROGRAMME AND BE NOTIFIED FIRST

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    ARE YOU SELF MANAGING?

    Up until recently, one of my personal properties was being let as an Airbnb, but having been part of that venture for 4 or so years, I decided to go back to offering it as a long term rental. My main reason was because the rental side has seen such a dramatic increase in prices that it almost matches the same as the Airbnb income, without the hassle of cleaners not being clean enough (or not turning up,) gardening and other issues that can happen. Now, with my long-term tenant, I have all the bills covered and they are responsible for the gardening!

    In the last few months, we have noticed an increase with self- managing landlords coming to us to take over the management of normal rentals. These landlords have successfully looked after their property/ies for years, but they simply wanted to take a step back from the legislations and continuous red tape, where just innocently not being aware of one thing could land them in thousands of pounds worth of fines!

    One of those landlord’s told me he could drive without insurance and be fined £300, he could shoplift and be fined £200, but be late with any legislative paperwork could be between £6000 and £30,000. Let’s not forget any non-EU resident that has their permit not renewed could land you with £10,000 per tenant!

    At Move On we confidently say ‘we take away the stress and strains from landlords to give them more time and peace of mind!’ This could not be truer with today’s ever changing government rules!

    If you would like a friendly informal chat on how we could help you, please email sharon@moveon.biz or ring me 01202711169.

    JOIN OUR INVESTORS PROGRAMME AND BE NOTIFIED FIRST

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    LANDLORDS -is it time to SELL?

     

    I have been asked this question multiple times over the last few months. Although the answer is not a simple yes or no, it is a great question! The question deserves a very thought-out answer, and I can help you with this.

     

    Not only have I owned property for 40 years, but I have also owned Move On for 17 years. My portfolio includes HMO’s, normal rentals and Airbnb, so when I say I walk the walk with my clients, I truly do and this helps in the amazing conversations I have had.

     

    I have an understanding of capital gains, stamp duty, transferring properties to a Company. How to ride the high variable rate some of our experiencing and when you simply are tired of the increasing legislations and how to get out with minimal disruption to your rental income.

     

    If you have thought of these questions and just want to have a conversation with a fellow landlord, then I am more than happy to have a coffee with you and a friendly chat.

     

    At Move On, we are helping landlords sell their tenanted properties to investors. If you would like an informal chat on your options, please Email sharon@moveon.biz or ring me 01202711169.

     

    JOIN OUR INVESTORS PROGRAMME AND BE NOTIFIED FIRST

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    BAN ON SECTION 21 – DELAYED

     

    The long awaited second reading of The White Paper Reform was heard on Monday 23rd October, which was an unexpected surprise as it was rumoured to be unlikely before the King’s Speech.

    In order for the bill to pass and to be able to take effect before the end of the current parliament, there had to be some changes.

    One of these changes was to delay the ban of Section 21 notice. Housing secretary Michael Gove said it was “vital” to update the courts first before implementing the full abolition, which include;

    • digitising more of the court process to make it simpler and easier for landlords to use;
    • exploring the prioritisation of certain cases, including antisocial behaviour;
    • improving bailiff recruitment and retention and reducing administrative tasks so bailiffs can prioritise possession enforcement; and
    • providing early legal advice and better signposting for tenants, including to help them find a housing solution that meets their needs.

    This delay will be good news for landlords. Many landlords are exiting the market due to the massive changes that included the Section 21 ban. In my experience and in 99% of the cases where we have issued a Section 21 on behalf of our clients, are because the landlord either wanted to sell, move back in or the tenants were in rent arrears. It cannot proceed to court until there is a minimum of 2 months rent arrears and very often by the time it gets to court, the tenant is around 4-6 plus months in arrears.

    The knock-on affect to landlords exiting the market has been a significant rise in rents, with this slight delay, we may see the market prices start to calm.

    At Move On, we are helping landlords sell their tenanted properties to investors. If you would like an informal chat on your options, please Email sharon@moveon.biz or ring me 01202 711169.

     

    JOIN OUR INVESTORS PROGRAMME AND BE NOTIFIED FIRST

     

     

     

     

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    LANDLORD UPDATE!

     

    Two major pieces of legislation that are due to affect all landlords update.

     

    EPC GRADING OF ‘C’ TO ALL RENTAL PROPERTIES

    For a change some good news!

    In August 2021, I reported in this column that the government was in consultation to bring all currently rated rental properties of E (F and G had already been banned in 2018) to be changed to a ‘C’ grading. The proposed date was 2025 for new tenancies and remaining tenancies by 2028.

    The works involved in upgrading a property to ‘C’, was going to cost thousands to most landlords. Due to the date not being fixed yet in parliament, landlords have been very concerned at looming 2025 date.

    In September 2023, Rushi Sunak, the prime minister announced that they are scrapping the proposed plans, which was received with a massive sigh of relief.

     

    LEVELLING UP PAPER – RENTERS REFORM BILL?

     

    The second reading should have taken place by now and in fact, not a lot has been written since the first reading in May 23. In fact, it is highly unlikely to be heard now until after the King’s speech in November.

    The proposed white paper published in 2019, has seen landlords very concerned of the major impact it could have on their business.

     

    With the EPC rating of ‘C’ and the Renters Reform Bill, increased mortgage rates and Airbnb offering more attractive returns, we have seen landlords exiting the market, which in turn has reduced the stock in the private sector. With not enough houses being built annually, this will only have a negative impact on renters with rising rents due to the lack of stock.

     

    At Move On, we are helping landlords sell their tenanted properties to investors. If you would like an informal chat on your options, please Email sharon@moveon.biz or ring me 01202711169.

     

    JOIN OUR INVESTORS PROGRAMME AND BE NOTIFIED FIRST

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    FINES FOR HOUSING ILLEGAL MIGRANTS

    As the channel crossing of illegal migrants keeps going up, the government are looking to crackdown on those who go ‘missing’ and illegal working.

     

    New fines proposed to come in later this year, could leave landlords and employers in a bankruptcy position!

     

    Who is at risk?

     

    • Landlords who self-manage their properties could find themselves in the same position if their current tenants immigration visas run out and are not renewed. Presently the fine is £1,000 per occupier rising to £10,000 per occupier.

     

    • Landlords who have a lodger – presently the fine is £80 per lodge, the proposed fine is £5,000 per lodger.

     

    • Employers – presently £15,000 rising to £45,000 per worker and £60,000 per worker after first breach.

     

    A landlord housing a family of 4 whose ‘Right To Rent’ has expired could see themselves with a fine of £40,000 under the new rules. This fine would increase to up to £20,000 per tenant for subsequent fines.

     

    A landlord with 2 lodgers with no legal status to stay, will see a fine of £10,000. This fine would double to £10,000 per lodger for a repeatable offence.

     

    LANDLORDS/EMPLOYERS CHECK YOUR TENANTS STATUS TODAY!

     

    Of course, if you are with Move On, we automatically check and have systems in place at the beginning of any tenancy when their ‘right to stay’ is due to renew.

     

    Another reason why our landlords can sleep at night knowing we have their legal obligations covered!

     

    At Move On, we are helping landlords sell their tenanted properties to investors. If you would like an informal chat on your options, please Email sharon@moveon.biz or ring me 01202711169.

     

    JOIN OUR INVESTORS PROGRAMME AND BE NOTIFIED FIRST