Who Wants to Be a Landlord?
How long have you been a Landlord? Years? Recently?
What made you become a landlord? A deliberate investment strategy? Accidental landlord?
Is it everything you thought it would be ………..?
Insurance Declined Fire Claim Due to Number of Bedrooms
In my last column, I told you about a couple who had their insurance refused as criminal activity not being included in their insurance, due to their tenant turning the property into a cannabis factory and then discovering that even if they had included this in the insurance, they still would not have been covered because they had not had any property inspections during the 2 years.
Read more “Insurance Declined Fire Claim Due to Number of Bedrooms”
Loophole in Landlord Insurance
A couple who had lived in their home for 30 odd years decided to go abroad to do voluntary work for a charity. They rented out their treasured home to a couple. All was well for the first 2 years and then one of tenants lost their job. Despite claiming housing benefit, the rent was not paid and the arrears got out of hand. The couple decided to come back and try and sort things out.
What Does Being a Guarantor Mean?
From time to time, a tenant is required to have a guarantor in order to secure a tenancy.
There are many reasons as to why, some of those are;
- They are on full or part housing benefit.
- Their credit score is low due to missed payments on a bill such as a mobile bill.
- They hav a CCJ (county court judgement) awarded against them.
- They are in a zero hours contract employment.
- They have only been employed in their current job for less than six months. Read more “What Does Being a Guarantor Mean?”
Is Your Property Still on the Market?
Whether you are looking to rent or sell your property, you hope the agent you decide to go with has given you a realistic valuation. Based on their ‘expert’ advice you expect your property to be let or sold within a certain time period.
Support for Mortgage Interest Switching to Loans from April…
From the 5th April 2018, those claiming SMI (Support for Mortgage Interest), will no longer be able to claim it as a free benefit.
There are approximately 124,000 UK homeowners currently receiving SMI to help pay the mortgage interest on their homes, if they are also in receipt of certain income-related benefits such as Jobseekers Allowance and Pensions Credit.
Of the 124,000 SMI claimants. Around 57,000 are of Pension Credit qualifying age, while 67,000 are working age. The most vulnerable are the older borrowers as many took out interest-only mortgages before the financial crisis in 2008.
Read more “Support for Mortgage Interest Switching to Loans from April 2018”
Double Whammy on EPC’s for 2018
From April 2018, the government will be bringing in new rules for new, renewing and statutory periodic tenancies, must be a minimum of E rating. Those rated F and G will not be allowed to be rented out.
NEW HMO RULES BY APRIL 2018
NEW HMO RULES BY APRIL 2018!
Tougher laws are expected to be coming in this April 2018 around HMO’s. Currently you only require a licence if you have 5 or more unrelated occupants over 3 stories or more.
A Government consultation exercise has been ongoing on proposals for England to remove the 3-story rule and include single and two storey buildings. It is also proposing a room must be a minimum of 6.52 square metres for one person, and 10.23 square metres for two people. The measurement of these rooms cannot include areas where the ceiling is below 1.5 metres in height.
What is your BTL Exit Strategy
WHAT IS YOUR EXIT STRATEGY?
Many investors, have some sort of exit strategy in their head. Many landlords who own multiple properties started their journey with the exit in mind.
Diary of a letting agent…Pre Budget release!
As I write this journal, I am very much aware the budget is this week and by the time you read this, the budget has happened! So, I thought I would write about some changes that will affect many landlords in their tax return as we also approach the end of our tax year on the 5th April 2015.
Investment Properties