Author: Coast to Country Lettings

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…

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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…

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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…

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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…

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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…

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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…

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There are currently a number of opposing precedent cases (cases that make law by their outcome) being referred to by advocates in court. This appears to be following advice that has been issued to tenants reps and housing solicitors by the legal action group. The cases are based on the legal requirements in regard to registering deposits. There are 2 elements to the current legislation i) when it is registered ii) the prescribed information Prescribed information simply means that the minimum information and the format of the information forms part of the legislation itself and must be complied with. There…

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Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit. The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago. Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters. However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability. Banks…

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The DPS makes tenancy deposit protection even easier The Deposit Protection Service (The DPS) has made protecting and returning tenants’ deposits even easier with a new look website and enhanced SMS service. The DPS’s new SMS functionality is the fastest way for tenants to request repayment ID reminders and get their deposits returned. Kevin Firth, director of The DPS said: “Whilst repaying deposits only takes two days once we have agreement from both parties, the biggest barrier is misplaced repayment IDs by both tenants and landlords each month – without these, they cannot start or complete the deposit repayment process.”…

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The National Landlords Association (NLA) has issued guidelines on how to protect properties from the effects of cold weather, after last winter saw a large spike in claims due to frozen pipes bursting. NLA Property Insurance saw a 48% increase in claims during December 2010 and January 2011, for damage caused by weather-related flooding in rented properties. Landlords can take simple steps to reduce the risk of flooding including: •    Ensure all pipes are adequately insulated •    Check overflow pipes are correctly connected and not blocked •    Leave the heating on a low setting if the property is vacated for…

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