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LettingFocus

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The Assured Shorthold Tenancy Threshold Increases to £100K

The Assured Shorthold Tenancy (AST) threshold will rise to £100,000 on 1 October 2010 and it looks like the rise will apply retrospectively – in other words, to existing tenancies too.

It will mean that any tenancy with an annual rent between £25,000 and £100,000 and which was in existence on 1 October 2010 looks set to become an AST automatically on this date.

Landlords with rents over £25K (the majority of which are in London) will have to protect deposits for the first time and if they don’t do this, they could be falling foul of the law.

It could be that the plan to apply this change retrospectively to existing tenancies may be reviewed.

Landlords with higher rent tenancies should watch this space to see what happens.


HMOs


After 6 April 2010 if you want to let what has been a family house or flat to three or more unrelated people or if you have an existing shared house or flat which you let to a single person or a family you will lose the right - once they have moved out - to let it again to sharers without obtaining planning permission.

This plan is supposed to solve the problems sometimes associated with so called “studentification” where parts of some cities have become dominated by large shared houses, leading to some social and environmental problems.

However, the well received Rugg Review said problems, where they did occur, existed in only a very few areas.

They found that in most areas, large shared houses met a real housing need, contributed to the local economy and were not linked to problems of any kind.

And of course the councils have existing powers to deal with the issues anyway.

But that does not seem to have held much sway with the Government which is pressing on with the idea regardless.

This proposal is complete madness.

Sure, there are problems in a few wards but let’s let councils use the powers that they already have instead of bringing this into the orbit of the planning system.


MORE ABOUT LETTINGFOCUS AND WHAT WE DO

LettingFocus.com is the home of landlord information.

I’m David Lawrenson, a landlord and property investor myself for over 25 years and author of “Successful Property Letting” – the UK’s top selling commercially published property book for the last 3 years.

Services to Businesses and the Public Sector


Primarily I am a consultant to banks, local authorities, social housing providers and other organisations – helping them with their landlord facing or buy to let product strategies and services.

For example, I help banks improve their buy to let mortgage lending practices and I help housing association / local authorities find private landlords (private rented access schemes, local letting agency models etc.)

I also write for property websites and am regularly quoted by the broadcast media.

Services for Private Landlords


For private landlords and other investors in the private rented sector, we do just two
London seminars each year.

We also find some spare time to help landlords and property investors by coaching them in how to make money in the private rented sector using ways that work, which are ethical, fair to tenants and which involve minimal risk to the investor.

We pride ourselves on giving independent unbiased buy to let advice on either a one-to-one mentoring / coaching basis or through our occasional group seminars.

With no links to property firms, developers or bridging loan providers we can advise on where and what type of property to buy for investment and when to buy it.

We also show you how to manage tenants properly.

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