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Everything posted by Richlist

  1. It sounds good. Its difficult to disagree with any of those points and if the changes benefit both tenants and landlords that will be very welcome. However, the devil is going to be in the detail........and thats a long, long way off. I won't be a landlord by the time this is likely to come into force as I will have moved on to other things.
  2. Richlist

    Panorama - Fergus Wilson

    What an awful one sided program presented by the BBC. They couldnt have been more anti landlord if they had tried. Totally uncalled for. I'm expecting a big backlash of criticism.
  3. Richlist

    Need Suggestions on Home Security Systems

    Hamilton, Scotland has a population of just over 59000 ......hardly anyone has heard of it, fewer have visited it and I don't understand what difference the numbers make to the original question. 😕
  4. Richlist

    Need Suggestions on Home Security Systems

    Don't you know anything.......😊 There's Lewis Hamilton (F1), David Hamilton (DJ) Emma, Lady Hamilton.....mistress of Admiral Nelson to name just a few. Then there is a Hamilton in South Lanarkshire between East Kilbride and Motherwell. There's probably a Hamilton in Australia and a dozen other places around the world.......let's wait and see what the OP has to say. Security and Scotland in the same sentence is surely an oxymoron ?
  5. Well there will have to be some flexibility on both sides. Many tenants don't want 3 year + tenancies any more than landlords. I lived in Germany for a few years in the 1990's and my employer rented a property for me on an initial 3 year contract. Because the tenancies are longer the tenant is expected to decorate throughout and fit a new kitchen at their expense........can't see that happening in the uk. Also in Germany at the time there were very generous tax incentives to persuade landlords to participate. There will also need to be lots of legislation changes surrounding AST's, Freeholders, Insurers, Mortgage lenders etc. This will take years to materialise, if at all........don't loose any sleep over it, I can't see it ever getting off the ground for so many reasons.
  6. Richlist

    De-instruct Letting Agent

    Somebody with more knowledge & experience of this situation will hopefully be along shortly. In the meantime here are my thoughts....... * You presumably have a written contract between you and the agents ? If so you should check what it says, if there is no contract you might be able to refuse to pay. * Do you pay the agents for collecting the rent, or is that service included in the initial fee ? * Who draws up the AST, references, legal requirements, handles deposit protection and the almost 20 or so other requirements when letting ? * There is no requirement for you or the tenants to have a new AST after 12 months......its perfectly ok for it to go periodic and you should not let the agent bully you into accepting their requirements.
  7. Richlist

    Ban on landlords who reject tenants on HB

    There are so many other reasons for not taking HB tenants.... * Mortgage lenders forbid it. * Lettings agents don't deal with HB. * Insurers don't allow it. If the Gov want property let to HB they should have kept more council properties.
  8. Richlist

    Ban on landlords who reject tenants on HB

    I have never failed to find a legitimate reason for rejecting any applicant. People's lives are complex and everyone is different. It's the same with job interviews......you just pick the best person suited to the position. With HB tenants i find a large proportion have pets......I don't want pets. Many of them smoke......I don't want smokers. Etc, etc ,etc. It always amazes me when I watch tv programmes about HB or single mums or poor people who can barely scrape enough money together to feed themselves.......many of them have dogs & smoke.
  9. Richlist

    Increasing income

    What makes you think that the higher the value of the rental property, the more tenants will be attracted ? There is no automatic connection between the two.
  10. Richlist

    New let/periodic tenancy dilemma

    As the issues are with the agents, the tenants and the insurance my previous post advising changing any of them still applies.
  11. Richlist

    New let/periodic tenancy dilemma

    The are no such things as problems, only opportunities. Options: * Get a new Lettings Agency. Or * Get new tenants. Or * Ditch the rent guarantee insurance.....replace with a home owning gaurantor for each tenant.
  12. So, come 1st June this year new tenacies will see a large general increase. Not so good news for tenants.
  13. The obvious question is .....will the market accept the rent increase ?
  14. Richlist

    Renting to students: Is it a bad idea?

    I think it can be very profitable........but the profit comes at increased risk over other tenant classes. My advice is :- * Never let to a student without a home owning guarantor (for each tenant). * Always take a deposit.....the largest you can get away with. * Make sure you have a detailed professional check in inventory SIGNED by each student. * Furnish the property appropriately. That means not going over the top cos generally it will get abused. * Accept the fact that decor, furnishings and fitments will be exposed to more wear and tear than property let to normal tenants and will need replacing/renewing more frequently. * Make sure you comply with rules and regulations. * Make sure you provide written rules to your students so that they(and you) comply with any restrictions contained /required by your deeds, lease, insurance, local authority et c * Don't upset the neighbours.......students are not the best people to live next door to. * Expect the worst......that way things can only be a pleasant surprise. Good luck.
  15. Brilliant idea with pets, I like it. It could be just my part of Essex that is suffering a downturn in sales & enquiries. There are still a few professional landlords looking but they tend to offer very low prices, normal buyers seem very thin on the ground. When you say there is a bit of a spike this time of year......Do you mean sales are normally more buoyant or less ?......(fewer buyers is traditionally what we get here in Jan & Feb).
  16. Thanks for that. There is a wider issue here...specifically for those landlords that accept tenants with cats and dogs who traditionally have taken a larger deposit. Now that they won't be able to do that, tenants with pets are going to find it even more difficult to find a decent rental property. I was talking to my lettings agents yesterday, seems there are so many problems at the moment.....Extra 3% stamp duty land tax, reduction in claim for mortgage interest tax relief, the economy, austerity, Brexit, additional legislation piled onto landlords, etc etc. sales business for my agents is very subdued. I was looking to buy a 2 bed terraced house in my area priced around £240k. By the time I add stamp duty, legal fees and everything else it's another almost £10,000 added to the purchase costs. Like many other landlords i came to the conclusion it just ain't worth it. There are more ways of making money than property.
  17. Richlist

    Intrusion security systems for ground floor

    * Good quality door and window locks......In addition to those fitted by the manufacturers. * A very visible intruder alarm system. * Get a dog......make sure it barks. * Lots of beware of dog signs around the property ....(even if you haven't got one). * A small dog kennel in the garden. * Lots of prickly shrubs around/under windows, doors and around the boundary. * Get time switches and have lamps turn on automatically after dusk.. * Get PIR activated outside lighting. * Join your neighbourhood watch scheme. * Make sure you have nosey neighbours who will look out for you. * Talk to your house insurers and the police for further advice...... * Etc, etc... The basic idea is that you want to install devices that will deter, delay or hamper a thief so much that they choose to avoid your property in favour of one of your neighbours.....whose property has less security or inferior security to yours. My neighbour has 2 alsation dogs. He has a sign on his front gate that says his dogs can reach the entrance in 3 seconds.....enter only if you feel today is your lucky day. I had a sign on mine that sai property is alarmed with cctv.....try your luck further down the road......they don't have any of the stuff !I Think out of the box there are lots of opertunities.
  18. Richlist

    sale value

    Yes they are being greedy...... I sold a flat in my part of Essex last year (July 2018) for £183K that was achieving £9600 pa gross income (5.25%)........investors were queuing up to buy it. What do YOU think those same investors would say to being offered a property with an 8% or better return ??? Everything is pointing to you selling privately at more than £160K.......don't give it away. At the very least ramp up the deal by having them * pay your selling fees ( legal, agents, & any other costs). * pay extra for furnishings, fixtures & fittings. * reimburse you for any payments you have made to a sinking fund from service charges during your period of owneship. * Etc, etc In fact I'm thinking of making you a better offer than £160K myself.
  19. Richlist

    Stamp Duty on Remortgage?

    Sorry for delay in replying.......I was in Spain and logging into the website there, I was asked for id/password. As I never take them with me I wasn't able to reply. I've also been on a SUPER course to learn how to answer questions using as few a words as possible. This will be the first time I'll have used what I've learned on that course. Answer = Yes.
  20. Richlist

    Tax Year and Repair Cost

    I'd claim the deposit in the tax year it was paid..... and the balance in the tax year that was paid. Trying to understand the tax rules without employing an accountant will leave you with a mighty headache or worse. My approach is to apply logic, common sense, honesty and justification. If the tax office then decide I've done it wrong......(they never have yet)....then I can argue my case with confidence. Good luck.
  21. Richlist

    sale value

    Grade 2 listing might negatively impact it's value. I'm guessing maintenance costs will be generally higher and potentially very high if you own the freehold.
  22. Richlist

    sale value

    In your shoes I'd get the building valued, perhaps get a few local agents to give you their opinion on what you might get. At £200K it sounds very, very cheap and sounds to be a fantastic investment at that price. I'd be surprised if it couldn't achieve more, there are always investors looking for a good deal and at that price someone will bite your arm off. If you have other property, surely the ones to sell are the worst performers, those that provide the worst returns and not one that delivers 8%.
  23. Richlist

    sale value

  24. Richlist

    sale value

    Surely that would mean either: 1. Your property is undervalued. Or 2. Your rental income exceeds the average.Or 3. Your property is unique in some way. In my area of Essex it's unusual to achieve above 5%
  25. Richlist

    sale value

    This is one of those hypothetical questions that probably doesn't have a right or wrong answer. Your property is worth whatever it's market value says it is worth. It's worth will usually be based on it potential income. You don't say if it's residential or commercial......I'm assuming it's residential. If someone is prepared to pay more than its market valuation.....because of some special, unique reason......take it, move on and count your blessings. It's unlikely somebody else will be offering more. Across the country residential property value as a factor of rental income is an average of 20:1/21:1 So if you are getting £16K in gross income your property is worth somewhere in the region of £320K / £330K