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  2. True Morticia..........I have noticed that modern 1 bed flats in my location are very difficult to shift right now and some have been on the market for well over a year. 2 /3 bed terrace and semi's are selling but nowhere as quickly as they were 3 years ago.
  3. I can tell BTL is on the way down by the amount of 1 bed Barratt type homes on the market in my conurbation. These were the 'buy1 and let it' type of landlord who now find it too troublesome or had interest only mortgages. Most will make a CG but the prices are down by £40K. I've paid a load of mortgage off by selling some gold jewellery I decided I didn't like. - quite a relief to get rid actually. Using an accountant is well worth it I find and tax deductible. One of the staff there was telling me how even when you get through to HMRC the person you speak to has little knowledge and often they just hang up!
  4. I think the Daily Mail have it banged to rights about Gideon Osbourne and his killing off Buy to Let. I have a CGT liability for tax year 2019-20 and going through the HMRC paperwork guidelines ( as it was a 3 way partnership property sale) is not easy, in fact, I may have to pass this to a specialist accountant to sort out. Has anyone ever tried to phone HMRC recently? Good luck because I couldn't get hold of anyone last week to speak to.
  5. This weekend there was a good article in the Mail on Sunday about the tax changes introduced by former chancellor George Osbourne. It suggests the extra taxes over the last 4 yesrs may be killing off buy to let..... * The 3% stamp duty surcharge. * The end of the 10% discount for furnished lets. * From April 6th this year landlords cannot deduct mortgage interest as an expense. * Cancellation of additional allowances from April 6th for ' accidental landlords'. * Changes that require landlords to pay CGT within 30 days of a property sale......from April 6th. The Conservatives have pledged not to raise 3 key taxes.....income tax, VAT and National Insurance ......but they haven't said they won't make changes to CGT. There is speculation that this may rise in order for them to meet their spending pledges !
  6. Earlier
  7. Rent4sure do both insurance and refs.
  8. If they feel that uncomfortable about you seeing their bank statements then they would have to provide you with some form of financial statement of earnings and outgoings. You could offer to go through the statements in their presence and of course guarantee to them that you do not keep or retain any personal information once it has been viewed.......... or of course you could reject everything I have said and dismiss the applicant as an unwilling and to be a credit checked applicant and move onto the next suitable applicant. I have never had any problems with asking my tenants for 2 months bank statements..... and then returning them back to them.
  9. I’ve currently got rent guarantee cover with Directline but they don’t process credit references unfortunately. I’ve rejected one couple on affordability and have another couple interested but saying they find letting me see bank statements intrusive! Don’t want to shell out for checks and find they’re not suitable
  10. On dear Mortitia......get out of bed the wrong side today ? The OP asked for advice on two points..... Q1. Rent affordability calcs ? Q2. What companies do you recommend for credit checks ? I answered Q2 You answered Q1,
  11. Richlist always manages to evade the issue! Income per month from joint tenants, single or family must be 2.5 times the monthly rent - that is the calculation I use. You can include family allowance and other benefit payments in that figure if appropriate. Others may have a different system of working it out.
  12. I'd recommend a rent guarantee insurer that carries out the referencing of tenant applicants for you.
  13. I don't think anyone has mentioned...... 'get a home owning guarantor'......so I'll mention it. Or perhaps i'm I stating the bleeding obvious ?
  14. Thanks Grampa We never dried anything indoors,we bought a vented tumble dryer and installed it in the outer building right from the word go and the windows were always on security simply to minimize the constant smell of wet earth
  15. I agree with Melboy. Contact the environmental officer at your local council. The contact details can normally be found on the council website. They will likely come out with their damp meters etc and then contact your landlord with a list of jobs to do to rectify the problem. The downside for the landlord is once these wheels are in motion they cant kick out the tenant and could be liable for large fines if not complied with. Just make sure when the council come out your windows are cracked open a little, the heating is on and absolutely no clothes drying in the property.
  16. I understand for certain insurances you need to do this and if so try Rent4Sure who can do the ref checks and also offer a rental insurance policy if the tenants passes the criteria. However, as a agent I have never taken used these affordability calculations. We base our decision on good old references, bank statements, wage slips, previous landlord refs and a very detailed application form. Bank statements tell you a lot about a tenant and how they manage their finances. For a start if the tenants have rented previously what was the rent amount and was it paid on time which can be cross referenced against bank statements and payment dates. Are they living within their means or regularly going overdrawn? That alone will give you a good starting point to judge a tenant. Remember if something doesn't sound right during referencing it likely isn't right and if a tenant tries to push you at a pace you are not happy with there is normally a good reason for that and that isn't normally good for the landlord.
  17. I always do a few of my own calculations first before going to the credit check companies. First and foremost is affordability. Can the prospective tenant(s) afford to rent your property and that boils down to their annual salary. What employment are they in? How long? Next comes monthly outgoings. Debts? Car on finance? Maxed out credit cards? Any CCJ's outstanding? Paying out for partners & children from the past? The list goes on. Once you have done this preliminary check factor in Council tax and Utility Bills etc.. It's not just the rent that has to be affordable. I always give my prospective tenants a calculation sheet asking for the details and backed up with bank statements etc. for a start. Am I doing this correctly? I must be doing something right as I have not had any problems with tenants unaffordability of what they are renting in well over 20 years now. You get a "nose" for it in the long run. 😀
  18. With more than a tad of assistance from this forum I’ve rented two properties successfully and thank you for assistance thus far. I have only one rental now and have it on the market right now. Can I ask for advice on rent affordability calculations. For example if dad is the only earner with two kids and similar family with say one how do you factor this in? I’m using Openrent to advertise and have never undertaken credit checks on someone myself. What companies do you recommend and what information do I need? I’ve taken advice from forum and have rent and malicious damage insurances but they will only be valid if I do this correctly
  19. With more than a tad of assistance from this forum I’ve rented two properties successfully and thank you for assistance thus far. I have only one rental now and have it on the market right now. Can I ask for advice on rent affordability calculations. For example if dad is the only earner with two kids and similar family with say one how do you factor this in? I’m using Openrent to advertise and have never undertaken credit checks on someone myself. What companies do you recommend and what information do I need? I’ve taken advice from forum and have rent and malicious damage insurances but they will only be valid if I do this correctly
  20. Thanks Melboy,your a top man Really appreciate your time on this and i reacon you've given me the starting point i need. Thanks again
  21. No. The local council environmental /housing officer would deal with the whole matter on your behalf as the landlord ( your Brother) has failed in his duty of care to his tenant(s). Housing officer would issue a compliance work order and a time frame for the damp remedial work to be completed after an inspection of the property. The housing officer will also question you on how you live.... ie do you dry your washing in the radiators or do you keep a window open after showering / bathing etc. and the reason for asking this question is your damp problem a case on severe condensation. If the damp issue is really serious to a degree it is causing severe medical problems to tenants then there would be a closure order on the property until certified work & inspection has been been carried out.
  22. Martin it might have been good to start a new post as this one started back in 2009! Perhaps mods can do this now? Does the agent belong to ARLA, NAEA - if so contact them and report him. When did tenancy start and was agent supposed to inspect at regular intervals? How many inspections did he miss? This forms the basis of your case for the small claims court cos that is where you need to go not your insurer. Agent has not carried out his contract with you - sue for breach of contract or better try and get him to cough up funds to avoid you prosecuting him and the bad publicity that will kill his business stone dead.
  23. Thanks for that Melboy,but would that not ultimately lead to litigation,because that's a battle I can't fund
  24. There was a recent case here where I live where the house was very badly damaged by an electrical fire due to a cannabis farm operation. I know for a fact that the insurance company did not pay out for this damage probably due to small (or large print ) clauses in the landlord's insurance contract. You could have a claim against your agent for negligence which is always hard to prove but that would require legal advice and employing a solicitor to advance any court action required.
  25. Yes, very much so and they would and should take up your damp complaint if you decided to go down that road.
  26. Thanks Mortitia But do local authorities pay a vested interest in private rents?
  27. We let our property through an agent; the first we knew about it was when the agent called to say that we wouldn't be getting any rent because the tenant had left. Our agent hadn't noticed the big holes in the chimney breasts where they had installed extra ventilation, nor had he noticed the big marks and damage to the walls and ceilings where they had gaffa-taped blackout/insulation over the windows. Our agent hadn't noticed the extra lighting insta;;ed in one of the rooms, nor the damage to the alarm panel where another DIY light installation had caused damage. Our agent hadn't noticed the extra (leaking) pipework in the kitchen. He was really surprised when I emailed him details and the crime number. Our agent tells me it will be six weeks or so before we can get the deposit back because of new regulations which mean we've got to assume the tenant might be in a coma in hospital and not able to communicate, this despite the damage being reported to the police and a crime number issued. Our agent then had the nerve to call me and say he'd noticed the excess on our insurance was £500, he thought he could get it 'done' for less than that. I asked him what he thought he could get 'done' for £500 because I've had a quote from a builder for £65000... Now, about the insurance company, AXA. They are proving to be an absolute nightmare - the policy covers 'malicious damage' (it is under investigation as 'criminal damage') but theres a limit of £5000 and an excess of £500; it is supposed to cover lost rent, but that too is limited (surprise, surprise) to a maximum of £1800. They are dragging their heels over even accepting the claim and I'm guessing they're looking for ways out. We won't be renewing with them, thats for sure. Between them and the agent, I'm wondering what I'm paying for.......
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