Author: Coast to Country Lettings
The number of private sector tenants in severe arrears is still increasing, albeit at a slower rate, rising by 1.6% in the 3rd quarter of 2012. There are now more than 99,000 tenants in rent arrears greater than 8 weeks plus – the highest since 2008 and 15% more than last year. Tenants in severe arrears represent 2.5% of all PRS tenancies in the UK Although severe arrears cases climbed steadily last quarter, overall tenant arrears fell slightly in August 2012, with 9% of all rent late or unpaid, the first improvement in this measure in three months. Despite the…
Waking up to streaming windows is a familiar sight for many people, especially in winter and this is usually the first sign of a condensation problem. If condensation occurs over a prolonged period of time, other signs will start to appear such as damp patches on walls, peeling wallpaper and ultimately black mould growth. These effects can lead to musty smells, damage the fabric of our homes and can even affect our health. Have you ever noticed the droplets of water that form on the outside of a canned drink when you take it out of the fridge? This is…
VPS, the vacant property specialists, has issued its reponse to Monday’s change to legislation on the prosecution of squatters. From Monday, squatting in residential buildings is a criminal offence, with perpetrators facing up to six months in jail and a maximum £5,000 fine. The legislation does not apply to commercial buildings, which now may become more vulnerable as squatters look for alternatives. Gavin Pringle, VPS spokesperson, comments: “We welcome this legislation, as it seeks to reduce the damage and disorder caused by squatting. With between 50,000 and 60,000 squatters in the UK, vacant buildings are in need of protection from…
If you are considering becoming a Buy-To-Let landlord you should calculate the costs involved and do plenty of research before taking any financial risk. This is according to Sim Sekhon, spokesman for specialist landlord services provider, Legal 4 Landlords, who explained that many new landlords rush in without calculating mortgage repayments or repairs and maintenance to rental property. He said “There are an increasing number of property investors who have been forced to adapt their strategies due to the instability of the UK property market, and they have ended up as reluctant landlords, when they are unable to flip properties.…
Buy to let mortgages look set to escape tough new laws restricting borrowing for landlords after European MPs cleared the way to write them out of the draft bill. The European directive on credit agreements relating to residential property (CARRP) will still tighten up lending rules for residential mortgages. The controversial proposal for buy to let mortgages would have forced lenders to underwrite affordability for landlord loans in the same way as any other home loan. Effectively, instead of considering rental income, banks and building societies would have to make lending decisions based on the landlord’s income. The UK government…
The number of properties purchased using Buy-To-Let mortgages increased by 84,000 during 2011, increasing the supply of suitable Private Rented Sector (PRS) housing according to the latest data released by the Council of Mortgage lenders (CML). During the last quarter of 2011 a total of 34,800 Buy To Let mortgages, including 15,600 remortgages, were granted to property investors and landlords expanding their rental property portfolios. The total value of the mortgage loans topped £4 Billion (GBP). The value of the fourth quarter mortgage loans matched the value achieved during the 3rd quarter in the same year with 34,300 loans worth…
Energy Performance Certificates or EPCs are a compulsory requirement for all homes on the property market, this includes rental properties and, by law, a landlord is required to provide his tenants with an EPC when they move into the property in question. As of the 6th of April 2012, new legislation requires property owners to have an EPC in place within 7 days of marketing their property. An Energy Performance Certificate gives detailed information on how a home can be made more energy efficient and the steps occupiers can take to help reduce wasted energy and carbon dioxide emissions. Energy Assessment…
The UK may need an extra 1.1 Million private sector rental properties within the next 4 Years as 1 in 5 Households could be in PRS properties. The number of people renting homes in the UK Private Rented Sector (PRS) has almost doubled over the last ten years, increasing from 2.5 Million tenants in PRS properties in 2002 to 4.8 million tenants today. ‘Rental Britain’ – A new report from Savills estate agency and the property portal Rightmove, predicts that one in five households could be in Private Rented Sector (PRS) property by the year 2016. That would require an…
Most people will not need a replacement aerial to continue to receive TV after the digital TV switchover. If you get a good TV picture now, your aerial should still give a good picture after the switchover. If you get a poor picture at the moment, you may need a new aerial or satellite dish. The Switchover Help Scheme offer includes a new aerial or satellite dish, if needed, supplied and fitted at the property at no additional cost. For people who own their homes, this process is easy. However, if the eligible person rents their home, the Help Scheme…
Electrical Safety – the Key Points There are around 30 deaths and 4,000 accidents annually in the UK involving electrics, so don’t think it can’t happen in your properties. If you let property in England & Wales you must ensure that electrical equipment and the electrical system are safe. There is currently no statutory requirement to have annual safety checks on electrical equipment as there is with gas, but it advisable to do so as you can still be liable if things go wrong. You should ensure that tenants are given copies of operating and safety instructions for ALL equipment…