Author: Coast to Country Lettings
Two landlords, Steve Bolton and Chris Cooper, are mounting a legal against the government’s new policy on tax relief for BTL landlords. The new policy, brought into law in 2015, bans BTL landlords from offsetting the costs incurred in mortgage interest against their profit when they fill in their tax returns. Unsurprisingly many landlords are unhappy with the changes, as these new rules take the radical step of redefining the nature of profit and loss in a way that exclusively affects smaller private landlords. When these rules come into force as of April 2017, some landlords will be forced to…
A poll of buy-to-let owners carried out by the Deposit Protection Service (DPS) suggests that rental prices will increase as a result of the higher taxes landlords are facing in future. In the summer, the government announced that the amount of tax relief available for interest on buy-to-let mortgages would be reduced. This was followed by the chancellor’s autumn statement announcement which unveiled plans to add a three per cent surcharge on stamp duty for all buy-to-let property investments from the start of April. 68% of people that responded to the DPS poll (focused on how landlords felt the change…
Low-interest rates and the increasingly favourable buy-to-let mortgage products in the market today mean the appetite for property investment is higher than ever. Official industry data has shown strong house sales figures in the past few months and the numbers are expected to continue rising. The latest statistics released by the HMRC showed that the number of residential transactions and non-residential transactions in the property market amounted to a combined total of 115,650 for October alone. When compared to the total recorded for the month of September, this is a 0.2% drop. However, it highlighted the continued strength of the…
PRS in the UK is now more active than ever. Figures provided by Eurostat shows that the number of people that own their homes is one of the lowest across the continent. A few decades ago, the number of people in Britain that own their home was lower than the number of people that rented their homes. The early 70s saw a change as the numbers for property owners and renters became even for the first time ever. The number of people that owned their homes grew for a while until a peak where 3 in 4 people owned their…
For landlords and letting agents the importance of keeping tenants happy cannot be overemphasised. Happy tenants make life easier and ensure the profits keep rolling in. Such tenants will decide to stay beyond the expiration of their original tenancy, ensuring you don’t have to deal with months of lost rent as you wait for new tenants. You will also avoid dealing with the uncertainty and potential problems that new tenants may bring. If you have tenants that pay as at when due, keep up with their own side of the maintenance bargain and are generally problem free, you should do…
Are you a landlord or tenant confused by some of the lettings jargon? This piece explains some of the most commonly used terms that you will come across. Break Clause This clause is often inserted in a fixed-term tenancy, especially if the initial fixed term is for a year or more. With the clause, tenant or landlord can terminate the tenancy early by giving two months’ written notice. Cesspits In properties that are not connected to public sewers, sewerage is captured in a cesspit. The pits are emptied from time to time. Assured Shorthold Tenancy (AST) This is the agreement…
If you are thinking of selling or buying a home in Eastbourne or investing in buy to let homes, now is potentially a good time, as house prices are on the rise. The location is attracting more attention than ever. Sellers are enjoying great returns as properties are selling around or above their valuation. Buyers on the other hand are banking on continued rises in asking prices. Data released in March 2015 showed that the average asking price for homes in the area has risen by up to 14 per cent in comparison to prices in 2013. Prices went from…
The arrival of the railway in 1840 transformed Eastbourne from a lowly hamlet to one of the biggest seaside locations in the UK. Today, there are nearly 200,000 people living in Eastbourne and the numbers keep swelling. What are the attractions? Why should you live in Eastbourne? Warm and Sunny Eastbourne became popular because of the exquisite seafront and magnificent coast line. These are what earned it the title of the sunniest place in the UK. It is no surprise that tourism is its major income source. The seafront and coastline means that individuals in Eastbourne are always sure of…
If you’re a letting agent, you already know that you have a myriad of responsibilities to your tenants, from handling rental payments, tenancy agreements and any needed maintenance and repairs. In this blog post, we’re going to discuss the importance of an often-overlooked but essential aspect of property management: property inspection. Prevent costly repairs Regular property inspections, carried out as frequently as every few months to simply once or twice a year, allow letting agents to catch problems before they turn into expensive repairs. Unlike letting agents, tenants aren’t necessarily experts in property, and won’t always notice potential problems…
UK based tenants in the PRS have today reported back with positive feedback on their current landlords. According to the most recent surveys and tenant analysis spearheaded by BDRC Continental for Paragon Mortgages, 80% of people who took the survey reported back that they were happy with their landlord and/or letting agent, which makes for excellent reading, particularly in Eastbourne. Furthermore, over 70% of respondents feel as though the rates they are paying are either ‘good; or ‘very good’, in a rapid turn around from 2014. This is showing a positive change in attitude rental markets in Eastbourne. As if news…