Comments for LettingFocus

Comment on Capital Gains Tax and Buy to Let We Predict no Rush to the Exits by Landlords by Internet Services

Internet Services — Wed, 23 Mar 2011 09:58:35 +0000

In passing, I’d just like to say it doesn’t matter what George Osborne likes to pretend will be the result of today’s budget, the real winners will yet again be the banks, from whom as a culture we have to borrow, at usurious interest, if we want to eat sleep and breathe. Changing anything other than that is purely cosmetic. Food for thought, y’all!

Comment on Buying Repossessed Property and Why Buying Repossessions from an Estate Agent May be Better than Buying at Auction by Kevin

Kevin — Wed, 16 Mar 2011 11:22:03 +0000

Thanks David for an informative blog. I am thinking of getting into BTL and will have a good read of your site before jumping in blind.
Regards Kevin

Comment on Repeat and Renewal Letting Fees and Why Landlords Should Not Wait to Claim Unfair Charges Following OFT Ruling against Foxtons by admin

admin — Fri, 21 Jan 2011 17:28:38 +0000

Hi Karen
Yes you are right and I think I did say in the peice that as long as the clause re repeat fees was made clear (and landlords signed and accepted them) then that will usually be just tough on the landlord.
What do I suggest?
Well, do what I do and have done in the past…………….:
Read the letting agent’s contract and go through it with a pen crossing out all the things you don’t like.
If they don’t accept this, then go elswhere.
Of course, if you find that no agent in your locale will play ball with you on this, perhaps you are not paying the agent enough for their work – i.e. not paying a fair fee to them.
In this case, I would suggest you pay a larger up front fee one off fee for finding the tenant and as a quid pro quo the letting agent agrees to strike out the stuff about repeat fees where they have no part to play in the renewal. (I’m assuming here, that the letting agent will have no further part to play in renewing or extending tenancy agreements.)
Most will play ball with this.
Or, if the property is close to you why don’t you just advertise and find the tenant yourself using the sites listed on the Resources page at my main site, which will cost you about £70. (Suggest you read the bits of my book about How To Reference a Tenant if you are thinking of doing this.)

Comment on Repeat and Renewal Letting Fees and Why Landlords Should Not Wait to Claim Unfair Charges Following OFT Ruling against Foxtons by Karen Miskin

Karen Miskin — Thu, 20 Jan 2011 13:52:28 +0000

Despite the Foxton ruling on renewal fees, letting agents for private landlords include the requirement to pay them even if the same tenant remains. So unless it is not clearly stated in the contract the landlord will have to pay. All letting agents seem to include this clause in their contracts so the private landlord has no choice: either he agrees at the outset or the agent will not take on his business. Go elsewhere? But they ALL do it. What do you suggest? The judgment ruled that the requirement is unfair but only because it was not sufficiently clearly stated by the agent. But it did not rule that in itself the requirement is unfair, so agent can carry on, I understand, ripping its customers off because they have no choice. Am I correct? Would you answer to the email address indicated above? Many thanks K. Miskin (private landlord)

Comment on The Future for Buy to Let Loans and Mortgages by admin

admin — Thu, 13 Jan 2011 14:19:53 +0000

Thanks for that James
I think one of the Bank Of China’s odd quirks that you may be referring too is that they use an imputed interest rate of 8% to work the rent to interest calculation on (bad as it is pretty high compared to current intrest rates), though they only require rent to be 100%. i.e. equal to the actual interest costs (which is good as it compares favourably to 125% which most other lenders require.)
Kind regards
David Lawrenson

Comment on The Future for Buy to Let Loans and Mortgages by James Ball

James Ball — Tue, 11 Jan 2011 10:01:18 +0000

Hi
Thanks for the report, a few things you need to take note of when looking at Bank of China is that they do not like professional landlords or property developers, there is also a minimum income requirement which must be proved and you must take the loan on a capital and interest basis. They do have some quirks which differ to more well known lenders. If you would like to know more please get in touch jball@lannercapital.co.uk .

thanks
James

Comment on Private Sector Leasing and Housing Association Lease Schemes for Landlords A Story of Guaranteed Rent and No Voids by admin

admin — Mon, 22 Nov 2010 11:06:27 +0000

I fully agree Sharon and can certainly appreciate the potential problems that these arrangements already bring.
As I said in the piece, in my view, the use of these schemes will only grow and the problem will get worse.
As regards the endless quoting of Data Protection, this, like the “Elf and Safety” is also going too far at the councils – often people don’t understand the DPA and what they can and cannot say.
If a private landlord goes into a PSL arrangement they should, under the terms of the lease, be required to tell the freeholder / managing agent so the managing agent can manage the block and do their job.
However, often leases are so badly written that there is no facility for this (unfortunately old lease docs especially where property has been converted into flats are often very badly written indeed.)

Comment on Private Sector Leasing and Housing Association Lease Schemes for Landlords A Story of Guaranteed Rent and No Voids by Miss Sharon Crossland AIRPM

Miss Sharon Crossland AIRPM — Fri, 19 Nov 2010 12:53:18 +0000

This is all very well but it is not good news for the beleagured leasehold sector.

In my personal experience it’s always been a problem getting tenancy information from our individual landlords and getting them to advise when they have entered into a separate contract with the council has been nigh on impossible.

When our RTM Directors wanted to know which flats came under the jurisdiction of the council (we were at the time guessing which ones, using rapid tenancy turnover as a guide!) I approached the council on their behalf. I was left in no doubt that the RTM company was not part of the equation because they told me they didn’t need to know anything about it. So I asked if they would divulge the information to our managing agent who at the time was acting as the freeholder landlord (the original landlord was deceased). They didn’t need to know about them eitherand they also quoted Data Protection as a means by which to not divulge anything.

To make matters more confusing I also found out that the Temporary Accommodation Team, the Social Services Mental Health Team and the Learning Disabilities Team were also entitled to use properties that signed up for the PSL.

Additionally when one council runs out of accommodation, they may well place tenants from their boroughs in other boroughs under a reciprocal arrangement. This is an important distinction, especially when it comes to dealing with anti-social tenants, of which I have had first hand experience.

Currently a private block of flats may have a landlord, managing agent, a resident management company or a right to manage company, individual landlords, their letting agents, a local authority, (sometimes more) and their letting agents.

If my experience of the lack of communication from landlords and the council is mirrored right across the board, then the already complicated area of leasehold management is set to become even more so.

Sharon

Comment on Private Sector Leasing and Housing Association Lease Schemes for Landlords A Story of Guaranteed Rent and No Voids by Student Lettings in York

Student Lettings in York — Fri, 19 Nov 2010 12:38:46 +0000

As a landlord of student properties myself, I found this to be a useful and informative post particularly the Private Sector Leasing aspect. Will subscribe.

Comment on Landlords Networking Plus Why Valuers and Their Lenders Got a Kicking in The Courts by admin

admin — Tue, 16 Nov 2010 11:24:46 +0000

Another test bt this timne from the sepcific URL