Heres a great video from Sally Lawson of Concentric Lettings about the responsibilities of a landlord to check the immigration status of any tenant. Click here to view the video From February 2016 all landlords will need to check that their tenant have the right to be in the country and has the right to rent in the UK. They will need to check that the prospective tenant has a valid UK or EU passport. There will be an ability to check the status of the tenant online via the immigration website. But as you can imagine this website might get a bit busy when February 2016 comes around. There will be penalties of up to £3,000 for repeat offenders. More information can be found on the government website. Have a look at this informative 4 minute video to gain more information.
Despite the fact that sales growth has gained significant momentum over the month, lack of new sales instructions and limited stock are seen as substantial restraints. The September 2015 Residential Market Survey results indicate that this may dampen transaction growth in the future. Although they report that demand is strengthening.
Press Notice 19th January 2015 London The Property Redress Scheme (PRS) is seeing an increasing number of consumer complaints being made against Lettings, Property Management and Estate Agent Members now that their Consumers are being made aware of their right to redress. The PRS is one of three consumer redress schemes authorised by the government whose role it is to provide fair and reasonable resolutions to disputes between members of the public and property agents. By law, all Agents, as defined by legislation, must be a member of one of these three schemes. The number of complaints raised with the PRS is increasing month on month. Of the complaints raised so far, 44% were by Landlords and 41% were by Tenants, with the remaining 15% being raised by Buyers and Sellers of property. The complaints have varied widely in content, with the top three grievances being unfair or excessive fees...
The RICS Residential Market Survey for September 2014 reports a more balanced picture nationally, as the London market comes off the boil. The rental market remains firm due to strong demand and tight supply. The September RICS Residential Market Survey indicates fading, albeit still robust, price momentum at the headline level. This comes on the back of a more balanced demand picture, in part related to less buoyant expectations of future price rises. Crucially however, the supply trend remains more or less flat with no indication of a pick up in new vendor instructions. London Price Balance The London price balance turned slightly negative in September for the first time since the beginning of January 2011, ending the longest continuous period of price growth that the RICS survey has recorded for the capital. Expectations for price growth over the coming three months remain positive with only surveyors in the London market expecting to see...
So at last the Government has agreed that every letting agent in England and Wales must join an authorised consumer redress scheme to ensure tenants and leaseholders have a straightforward option to hold their agents to account. The law comes into effect from 1st October 2014. Any agent that fails to join one of the three approved redress schemes, The Property Ombudsmen, Ombudsmen Services or The Property Redress Scheme, will face a fine of up to £5,000 from their local authority and could ultimately be closed down if they continue to breach their legal requirement to join such a scheme. After joining, the agent must comply with the schemes Ombudsman decision as failure to do so may result in the agent being removed from that scheme. This may then result in the agent being unable to join another Government authorised consumer redress scheme. By joining one of the schemes, the property professional confirms they will...
If you are thinking of renting a home at the moment you may change your mind after this article. Over the past 12 months the UK’s rental properties have soared and many are struggling to find affordable homes to rent.
The RICS Residential Market Survey for June 2014 reports that price momentum nationally is remaining firm, with buyer enquiries rising more modestly than previously - new instructions only increased slightly after some strong increases.
Some of the UK’s largest and best-known property buying companies have collaborated with the Property Ombudsman (TPO) to create a new Code of Practice to address the issues raised in the Office of Fair Trading’s (OFT) market study into the ‘Quick House Sale’ sector.
The April 2014 RICS Residential Market Survey released today shows that supply contracted in April yet demand continued to grow, hence pushing prices higher. Net price balance for England and Wales down slightly, but still strong at approximately 55%.
The Residential Market Survey for RICS for March 2014 reports sales hitting a six-year high, following increased activity in the housing market spreading across the country. Key facts: Sales per surveyor increased to its highest level since February 2008 LTV ratios for first time buyers creep upwards Decline in new instructions for the 3rd month running - strengthening the upward shift in prices The March 2014 survey continues to show that the imbalance between the supply and demand in the housing market is the driving force behind the house price appreciation. This is helping to continue the trend that was seen to start in min-2013 of the upward trend of prices. The headline price balance has nearly reached +60 and marks the 11th consecutive month where house price increases have been registered at this level and is the longest period since the start of the financial crisis. Regional The strongest gains...
This series of articles has been written by Nikki Pope, Property Investor, Lawyer, Educator. Nikki is running one of her fantastic seminars this Saturday in London. How to Buy £1.5 Million Property for NO MONEY DOWN! Saturday, January 18, 2014 from 9:30 AM to 4:30 PM So you can hear right from the horses mouth! Click here to register. In the meantime enjoy the first of the seven massive mistakes. Weve all heard about location, location, location when it comes to buying property but what about strategy, strategy, strategy? Property is an excellent way of generating real wealth - but it is a big slow boat and expensive to turn around. Get it right & the numbers are big. The prospects for property profits are excellent. Get it wrong and the numbers are big and in a stagnating or falling housing market it can be very difficult to move on from...
investment Property purchase Rent BMV estate agents Profit HMO Capital Growth Control Buying at Auction No Money Down property investor tenants Glenn Armstrong housing market Capital Gains Tax investor job stamp duty houses of multiple occupation house property invest Lettings auction investors January Course Legal estate agent Nikki Pope Student Property Education London
Being a landlord can be a really rewarding profession but all of a sudden, when you least expect it, things can change. Nothing is worse than a bad tenant. Whether your tenant isn’t looking after your property or constantly not paying on time, the experience can really make a landlord’s life miserable. Once somebody has taken up residence in your property, it can be a costly and time-consuming process to have him or her removed.
The Royal Institute of Chartered Surveyors recently released its new "Residental Market Survey" for May 2013, and it believes its respondents and seen a "gathering momentum" in the housing market"
In the years following the financial crisis that struck the UK property market in 2007 and 2008, it has become more difficult for people looking to move up the ladder to find a buyer for their own home.
RICS have reported in their April Residental Market Survey that the headline price balance is positive for the first time since mid 2010.
In the last five years or so it has become generally accepted by savvy consumers that instructing an internet estate agent will save you money when compared to a traditional agency; but let’s not forget it’s not always all about the money! If you have already made the decision to opt for an online agent take the time to consider these five essential points to ensure you instruct the right agent for your needs before taking the plunge:
September 2012 marked the start of the first academic year where students could pay anything up to £9,000 per year on tuition fees. As we head towards the New Year, when students would typically start looking for their second year accommodation
uPad have kindly provided this article. ONLY 15% OF TENANTS WANT TO MEET AGENTS WHEN VIEWING PROPERTIES
Major independent survey reveals tenant-tension over deposit reductions As the Tenancy Deposit Schemes continue to dominate the news agenda in the residential property industry, digital inventory platform Imfuna is today launching further findings from a major survey of landlords, lettings agents and tenants, which found that 65 per cent of tenants feel that deductions from their deposit were taken unfairly. The survey reveals the factors at play when deposits are withheld; finding that on average tenants have 80 per cent of their deposits returned, with a worrying 16 per cent of the 1,000 tenants surveyed stating that no reason whatsoever was offered for deductions. Landlords on the other hand said that they most commonly make deductions as a result of outstanding rent (70 per cent), closely followed by cleaning costs (69 per cent). Damage to the structure of the house (45 per cent), to furniture (39 per cent) and to...