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About Richlist

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    Super Senior Member
  • Birthday November 27

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    Women, wine, music.....in that order

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  1. 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.
  2. 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.
  3. Howay man......are you serious ?
  4. 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
  5. 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.
  6. 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
  7. 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.
  8. 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.
  9. My suggestion is to contact Landlord Action.....a specialist legal firm who deal with these types of issues. You can find them and their scale of fees very easily on the web. good luck.
  10. 'Shelter' seem to have a very caustic view of landlords generally. I have absolutely no experience of benefits tenants......other than refusing to let to them (see below) and no personal experience of Shelter as an organisation. What I have is many years of reading horror stories of how Shelter support tenants at the expense of landlords who are often just trying to do the best for them. In the past I have refused to let to benefit tenants because: * My mortgage lender doesn't allow it. * My rent guarantee insurers don't allow it. * My letting agents don't deal with benefits tenants. * They cant provide a home owning guarantor. * They can't pass the affordability criteria. * They have cats & dogs which my leases don't allow. * There are better applicants. * I don't want to let to them. It's a very specialist part of residential letting that often requires the landlord to commit far more time and a more hands on approach than might be necessary with a non benefits tenant.I Having said all that, it's great that there are people who are prepared to take them on.......it's just not for all of us.
  11. Have any of the regulars on here experienced tenants withholding rent payments during the lockdown ? Fortunately I'm still receiving 100% payments although I've had two complain that they are unable to use the benefit I offer as part of their package. Longer term tenants get free use of my holiday home (in Spain). Obviously they can't get out there at the moment and booking something for later in the year when the situation is totally unknown is not a good idea either. It wouldn't surprise me if they try to ask for a rent reduction due to loss of benefit.
  12. Fun for me during lockdown generally = income up, expenditure down, new business to explore, lots more free time and sunbathing. I'm loving it !
  13. Well you know what the experts tell us about investments.......i.e. don't put all your eggs in one basket, better to diversify, spread your risk etc. Property is merely one asset class, there are others and that's what I've spent some of my time on the last couple of months during lockdown. When I look at the value of my portfolio I reckon I have sufficient capital tied up in property, at the moment. Would adding another one be such bad news ? No of course not. But, I'm having fun doing other stuff and certainly have no thoughts of taking on any benefits tenants, your the expert on that.
  14. Given the current economic situation and what we are about to receive it means we will all have to add a few questions/checks to the already lengthy list when assessing prospective tenants. e.g. Some occupations are now so decidedly insecure we wouldn't want to let a property to someone about to loose their job.......that also applies to the guarantor. You can draft your own list of dodgy occupations.
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