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  2. Exactly....... House prices fall for first time in 8 years so say Nationwide. No point buying at the top of the market if we are likely to see some downward movement. I can't see prices rising short term even though there is a massive shortage of everything property except empty shops on our high streets.
  3. Meanwhile the property Vultures are circling............😀 "Timing is everything. If it's meant to happen, it will, at the right time for the right reasons".
  4. Thanks on that note I think I will wait and see what happens the uk seems to be in a complete mess at the moment
  5. I can't offer any specific insight into letting property in Newcastle........although I have been there and I love the place. But I can provide a very lengthy list of reasons to be cautious about buying and letting property generally at the moment . Many items on the list have been there for a long time and individually wouldn't normally create a reason to be overly carefull. But we have what I would call an almost perfect storm...... Covid 19 with no end in sight, unemployment, economy in trouble, Gov not doing very well, Brexit at end of year with all the uncertainty it brings, potential civil unrest, general lack of optimism, freeze on evictions/court action, increased legislation, tenants not having to pay rent, etc etc etc......I could go on all morning. I would recommend caution.......put your money (or at least some of it) into electric scooters......you might do a little better. Good luck.
  6. Depends on your present location and how you plan to administer looking after your new purchase. Troubling times ahead for the property market if we are to believe the economic and employment news flooding the TV and radio news right now.
  7. Is that a bad idea can you elaborate
  8. Howay man......are you serious ?
  9. Hi just wondered if anyone here has a buy to let in Newcastle upon Tyne, I'm interested in buying a property there and am wondering which would be the best type of property to buy and which area, also interested in a good letting agent to manage the property.
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  11. Note: There are alternatives to a full salt reservoir water softener system. If your current system/equipment is broken/ beyond economic repair and your tenancy agreement/ inventory/ tenant insists on you providing a water softner in the property why not do what I do ? Some of my places have a plug in system that works on electro magnatism. They need to be fitted on the incoming cold water mains pipe. I've had one of these on my own property for 20 years that does the job and I fitted a few in my rentals.......they sell them for under £50. If your incoming cold main is in the bathroom so that there is no electrical supply to power it there is yet another alternative for even less expense. These just attach by magnets to the incoming cold mains pipe, no electrical connection required. Obviously they are not as effective or efficient as a full blown water softener system but they would meet the landlords legal requirement to supply a water softner.......and they're quick and easy to fit with no on going maintenance. Check out Amazon, Screwfix, Toolstation et C for details
  12. From a agent perspective the tenant could argue having a water softener was part of their decision making in choosing that property in the first place. (unlikely but possible) so therefore they are entitled to it being replaced. You could just tell the tenant it will not be replaced or ask them their thoughts on it not being replaced. I would think making the big jump from soft water to hard water would be quite noticeable (extra limescale on showers, taps etc) and would be surprised if they dont make a little issue of it. Would you question it if all of a sudden you had all this extra limescale cleaning to do. This has got me thinking now, should I have a extra clause in the tenancy to cover this? It could be a slight amendment to a current clause in the agreement I am using at present.
  13. How interesting.... I've addressed it from a legal perspective. Melboy has answered it from a plumbing perspectiive. Reading the original post again, its not clear whether you want a legal or plumbing answer. Perhaps you can clarify.
  14. Soft Water system servicing and salt replacement by the tenant is a reasonable condition to have in place however replacement of a defective water softener is down to the landlord. You can by-pass the water softener or have it removed completely. Your decision to do this. Avoid specialist water softener companies for a replacement unit as your invoice will be roughly double the price a good qualified plumber will charge you. Spoken from experience!
  15. To answer that question, we would need to know if the tenant would be disadvantaged by turning off and disabling the water softner. Water softeners generally, are installed to increase the life of components in the property such as immersion heater elements or electric showers.....but it depends if you are in a hard water area. They can also extend the life of washing machines & dishwashers so, if you supply these then there is no affect on the tenant. You could serve notice on the tenant and ensure any new tenant doesn't have the benefit of a water softener system in the property
  16. The lease terms that the TA is responsible for Soft Water system servicing and salt replacement. TA notified landlord that he had a plumber out who states the unit is old and needs replacement as it is not functioning properly with the water leveler in the brine tank not functioning properly and requires manual regeneration. Plumber recommends replacement as the unit is old. Is the landlord required to replace the unit or can it simply be turned off and disconnected?
  17. I'll guess there are plenty wanting to move out of towns but they have to sell first then get loans arranged. I'm finding these 2 items are sticking points.
  18. My Daughter has also said that demand in her office(s) is quite unprecedented at the moment but also a lot of properties are coming onto the market which is well above the season normal. Interest rates for mortgages of course have dropped substantially which does help buyers. Some landlords are selling up but as reported a lot of landlords are sticking due to the fact a pile of cash in the bank is not making any money for them. I would buy again if something tasty was to come my way. I also think October is going to be the testing time as unemployment figures will no doubt rocket once this furlough business comes to an end.
  19. I did look into that but I'm not prepared to pay the extra cost and apparently you cant remortgage for 6 months after purchase anyway so those extra fees/interest will be quite substantial. There certainly appears on the face of it a agenda to make it harder to be a Landlord. But we have all known this for a few years and the writing has been on the wall.
  20. That s interesting but not surprising. I know lenders have become increasingly nervous. The country is in a dire economic state and so their nervousness will, in my opinion, only increase. There are other (more expensive) ways to finance property purchases in the short term. After the work is completed the property can then be refinanced with a mortgage.
  21. mel boy i just read this here on this sites news landlords of privately rented accommodation, including houses in multiple occupation, must: Ensure national electrical safety standards set out in the 18th edition of the ‘Wiring Regulations’ (British Standard 7671) are met. seems like it does have to meet the 18th edition
  22. Just encountered a EPC problem with a BTL property I am purchasing. Now we are all aware you cant rent out a property with a EPC rating below a E. But having just had a offer accepted on a BTL property and a BTL mortgage agreed in principle I was surprised to just be told the lender TMW will now not lend on it because the EPC rating is a F/G. The rating is this because it hasn't got any heating, but I plan to renovate with new combi boiler and rads etc, which I know will bring it up to a E/D. The lender will release funds if the works (to bring up EPC rating) are under 5k and put a retention of 5k for 3 months on the mortgage. If over 5k NO MORTGAGE GRANTED But the lenders valuer who didn't even visit the property says it needs 21k of works to bring it up to a E rating and he comes by that figure by totaling the all the suggested works on the original EPC such as under floor heating, internal & external wall insulation and solar panels. There wasn't even a option for boiler even though the property doesn't have one. So it looks like I have to get another report from a EPC assessor to state if I instal a combi boiler, loft insulation and LED lighting and provide quotes totaling under 5k I can request the decision is overturned. So anyone trying to sell a property with a low EPC rating they will struggle to sell to the rental market unless the purchaser is a cash buyer.
  23. I like your thinking RL regarding your marketing tool suggestion . Unfortunately most the properties we sell dont generate great rental returns thats why my own personal rental purchases are a little out of my business area.
  24. I'm hoping you are right. It's inevitable that there will be a dip in the property market in Sept/Oct/Nov as usual with the lead up to Xmas. The economic situation will also have a negative effect as there is going to be massive unemployment. So I can't see how that won't affect the property market. Whats far more important is wether it will pick up in the spring of 2021 as it would normally. It's easy to dwell on the negatives but the overriding positive is interest rates. Whilst savers are getting paid diddly squat from banks it makes property more and more attractive. It never ceases to amaze me that lettings agents don't use this to their advantage as a marketing tool. For example........'Got some spare cash ?.......get 0.4% interest from Halifax/ Bank of Scotland OR buy a property & get 8% yield .....Its your call !' You can adjust the message/ figures to suit. There are still lots of people out there with spare money to invest. I was planning to put a property up for sale in March this year. Given the CV19 situation we quickly decided not to sell. Fortunately the tenants wanted to stay, so they have, continuing to pay the full rent. But come early next year, as they know, we will be putting that property on the market. What we need for 2021 is a buoyant property market, lots of would be buyers (investors) and no significant drop in sale prices so we are keeping our fingers crossed. We are not desperate to sell it, there is no real rush but we like to get on with plans.
  25. Well, we have re-opened our offices with social distancing precautions and the market is very very active both for lettings and sales so cant complain. However, the common view in the industry is the knock on effect of the lock-down, impact on businesses failing and anticipated redundancies is chasing our tails and will hit the property world in Sept/Oct which is about a month before the industry traditionally starts slowing down for Xmas. Being an optimistic person I disagree and dont think there will be a huge impact then, maybe just a little drop. Thoughts
  26. I would look to create evidence of occupancy so that council tax doesn't revert to you as owners as and when the council are led to believe they have left. A willingness by neighbours to make statements to that effect might be useful. Confirm with the utilities that their name is still associated to the property, and check again as time passes. Complaints by neighbours to the police and council environmental health, with you having record of these, might well help in court come a hearing to hoof 'em. I'm led to believe that courts are in furlough, some if not all. Interesting might be your location and what progress you make with getting court action. With that in mind it would be interesting to know what advice toward repossession you might get from environmental health regarding their removal for the benefit of the neighbours and resolution of any nuisance activities. Are the neighbours losing sleep at all? Is there any threatening behaviour? Is there evidence that rubbish could be a health risk, be cautious though as this becomes commercial waste with an expense to you for removal ( that should be documented by the certified company). Btw, feel free to carry out your own research and ignore my input. I'm sure the path to becoming a seasoned landlord can be a rewarding one, but my experience is that it's a feasibly dangerous and expensive learning curve. Good luck, we all need it.
  27. Thanks for you reply 😊 We have had some damage to the property and when we asked to come in to repair, they refused entry. We do have that on a signed document when an inspection was done so hopefully that will be enough to prove they won't let us rectify the situation. Despite it not being our doing. You're correct that council tax is not being paid. I'm going to have a conversation with the council on Monday and make them aware that the section 8 is going in next week. Already have 4 neighbours on board who have all clarified there is a lot of "footfall" through the door and the front garden is frequently covered in beer cans and peculiar individuals. The police will be attending next week regarding the attempted assault and hate crime. I guess now we wait... I paid for the sol to issue the section 8 and hopefully they leave before it goes to court but that's just wishful thinking
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