Thursday, April 29, 2010
Private rented sector consultation
Go here to download the RICS consulation response- Increasing investment in the private rented sector
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Letting agent leaves TDS
LSL, parent company of Your Move and Reeds Rains, has 584 lettings branches. The move to Mydeposits follows that of Countrywide Residential Lettings. Both firms made the decision to quit following large price hikes by the Tenancy Deposit Scheme.
Read more in Estate Agent Today
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Property price twitter and tweeting
House price will continue to rise in 2010 and then crash - ThisisMoney
House prices versus average earnings. What next? - ThisisMoney
Annual house price growth hits 10.5 percent - Telegraph
House price growth hits 3 year high - Times
House price rises 10.5 percent - ThisisMoney
Election fears squeeze house prices - Independent
House prices up 2.6 percent in April - Independent
Stamp duty changes no boost to buyers - Metro
The revival of off-plan buying - Times
Internet searches show we are back on the property hunt - Telegraph
Is the value of your house about to drop? - Lovemoney via Yahoo
See all the property price tweets
Landlord stabbed by tenant
A tenant, Michal Kalinowski, 22, is accused of murdering his landlord Peter Berkley, 43, because he "resented" being pursued for rent he owed, Preston Crown Court heard.
He stabbed Mr Berkley with such force that one knife wound penetrated his skull, jurors were told.
Mr Kalinowski, of Abbeyshead, Skelmersdale, denies murder.
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Student landlord slashes rents
However, landlords in University towns need to be afraid ....very afraid
Latest reports are that the big boys are prepared to reduce their rents to attract business away from private landlords and keep their properties full occupied.
No money down finance - pt 2
To see part 1 go here.
Wednesday, April 28, 2010
Property guru exposed tonight!
Love him or hate him so called property guru Ajay Ahuja is never out of the news.
Recently it was revelations on the BBC's Inside Out. Tonight it's the turn of Sky News to have a pop at the controversial property mentor for sourcing property.
We have warned landlords to find their own property but many inexperienced property investors fall under the spell of so called property sourcing companies and live to regret it.
Expert legal advice
BTL property investment returns
This fairly decent appraisal in a Citiwire article looks through some of the figures and comes to the conclusion that landlords will have to rely on capital gains to provide a return above a five year bond or gilt.
Advising wannabe property investors that they will need to be prepared to take a 10 year view to see decent returns from BTL property investing.
"Get rich quick" it ain't, and if anyone tells you otherwise slap them, especially if they have a perma-tan, a slick suit, a broad smile and keep wanting to shake your hand.
Read full Citiwire article
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BTL Bovey portfolio sale
According to a spokesman for Knight Frank the 694 properties are being offered to selected investors from a 'very short' list, but added that discussions were in the early stages.
An interesting way to go about selling property, 'selecting' buyers.
Has the whiff of bullsh*t and hype about it. So no change there then.
Free BTL mortgage search tool here
New 3yr fix at 4.58%
No......not the football team. I'm talking about Leek United Building Society who make a welcome return to the buy-to-let mortgage market this week.
They have launched two fixed rate products, effectively a 2 and 3 year fixed at 4.58%.
Most appealing to landlords is the fact that both products are available up to 75% LTV and unusually they are available to first time landlords, making them particularly attractive to aspirant landlords looking for finance.
The fee is also pretty reasonable at £995.
This mortgage scores 4 stars rating from Moneyfacts and is also listed as a best buy.
United look to have scored with this buy-to-let mortgage! Sorry couldn't resist it.........
NEW FIXED RATE MORTGAGES: 4.58% to 31.7.12, max 75%, fee £995; 5.59% to 31.7.13, max 75%, fee £995, both with refund valuation & £250 rebate.
Mortgage Search
Professional landlords to expand
Just under half of landlords think now is a good time to invest in property, mainly due to rising tenant demand.
Problems with obtaining mortgage finance
But nearly two-thirds of investors thought it was now harder to get a mortgage than it had been three years ago, with 28 per cent saying it was much more difficult.
Only 11 per cent of smaller landlords had successfully obtained a mortgage during the past year, rising to 23 per cent among larger investors.
Figures from the Council of Mortgage Lenders show that only 93,500 buy-to-let mortgages were advanced during 2009, a quarter of the number seen in 2007.
Mortgage Search
Tuesday, April 27, 2010
Landlords Bible - offline
The Stig is currently upgrading our software. As we speak he has busily tinkery away and regular service will commence shortly.
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Agents not guaranteeing rent
Non payment of rent is probably the biggest risk factor faced by landlords.
Michael Portman, managing director of Let Insurance Services commented:
“There may not be a legal duty of care to advise clients of the existence of insurance, but there is a professional obligation. It is best practice among regulated agents to warn landlords of the various risks and how they can mitigate them.
For more advice on rent guarantee insurance.
Landlord insurance
Rock expands BTL range
NEW FIXED RATE MORTGAGES with fee of 2.5% of advance: 5.59% to 1.6.13, max 60%; 6.19% to 1.6.13, max 70%; 5.89% to 1.6.15, max 60%; 6.49% to 1.6.15, max 70%.
NEW FIXED RATE MORTGAGES with fee of 1.5% of advance: 6.09% to 1.6.13, max 60%; 6.69% to 1.6.13, max 70%; 6.39% to 1.6.15, max 60%; 6.99% to 1.6.15, max 70%.
NEW FIXED RATE MORTGAGES with no fee: 6.89% to 1.6.13, max 60%; 7.49% to 1.6.13, max 70%; 7.19% to 1.6.15, max 60%; 7.79% to 1.6.15, max 70%. W.e.f. 20.4.10.
Mortgage Search - whole of market
Grill the Minister!
I would like to see him 'well done'!
Personally I'm going to want to ask him why change the planning regs relating to HMO properties to cure 'studentification' when it's clear that student numbers have peaked and also how he think the legislation which is not retrospective will help those areas that have already changed into so called student ghettos.
Monday, April 26, 2010
Property funds outlined
Take your pick of high end London property, student property or housebuilders.
Property investment funds are the ideal option for investors who don't want to get their hands dirty.
Other property fund news is the proposal that the property funds F&C Commercial Property Trust (FCPT), managed by F&C REIT, be merged with the UK Commercial Property Trust (UKCPT) under plans by Ignis, the asset manager of UKCPT that is owned by the Phoenix Group.
Phoenix said that the merger would create one of the biggest UK-listed property companies.
Read more on this in the FT
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Uncertain forecasts for BTL
Who'd be a weather, political, or ecoomic forecaster?
We need to get Derren Brown on the case.
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HMO landlords get Gov. rating
According to the site studenthousing.co.uk, local councils are rating HMO landlords and sharing the information on a secret database, according to information disclosed on a government web site.
The database classes a landlord as good, bad or average and is one of the factors considered when making a decision whether a landlord or a manager is a fit and proper person for running an HMO.
The database is managed by a London council but councils from all over England are accessing the information and adding their own landlord intelligence.
Landlords looking to enlarge
28% of landlords polled by LSL Property Services plc looking to expand their property portfolio in the next year. Landlords with five or more properties, are more likely to say they are looking to increase their property investments – with four in ten saying they expected their portfolios to grow, compared to 26% of smaller scale landlords (with less than 5 properties).
I wonder how much of this is macho property investing bravardo?
Enlargement often is something that men aspire to, but the pain and work involved can often be off putting when it comes to the crunch, but I suppose no pain, no gain!
"My portfolios bigger than yours."
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Common landlord questions
Read article here
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Landlords lose interest option
Commenting on the prospect Frank Conway of the Mortgage Corporation:
"We could be in for a bloodbath in the small-time landlord sector where many properties were financed through interest-only loan facilities on the expectation that this market was all about capital appreciation and relatively quick exit," said Mr Conway.
Property Hawk is not aware that at this stage that any UK banks are planning the same for the UK buy-to-let market.
Lenders such as the nationalised Bradford and Bingley have made attempts to encourage landlords to make over payment to their buy-to-let mortgage account by waiving charges on over payments.
Landlord insurance - access professional rates
Saffron BS 75% LTV 5 YR FIX
The 5 year mortgage has it rate fixed at 5.98% should be of particular interest to landlords because it is the only one according to Property Hawks mortgage search which currently offers 75% LTV on a 5 year fix.
It also has a very low flat rate application fee of £499.
One downside for this buy-to-let mortgage product is that it's not available for first time buyers.
The mortgage has a 4 star rating from emoneyfacts and is also Moneyfacts 'BEST BUY'.
More details:
NEW VARIABLE TRACKER RATE MORTGAGE available to second time buyers & remortgage: 4.59% for 2 years, max 75%, fee 2.5% of advance, BBR + 4.09% for 2 years. NEW FIXED RATE MORTGAGE available to second time buyers & remortgage: 5.98% to 30.6.15, max 75%, fee £499. W.e.f 20.4.10.
Mortgage Search
Saturday, April 24, 2010
How to sex up property
Phil Spencer, the good cop in the Spencer Allsopp double act is the latest TV property expert to batter down your internet connection looking to be let into your cyberspace with his new website.
Maybe he's been boyed by the success of fellow property TV guru Sarah Beeny's exploits.
Cynics would say that after the failure of his joint venture with Kirsty, the homefinding business Garrington & with his TV partnership unlikely to last much longer; that he is now desperately looking at striking out on his own.
With the market for property gurus a crowded market. He may have to start 'doing' property again. What he may find is that to do is a bit more difficult than tell a bunch of amateurs where they are going wrong.
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Friday, April 23, 2010
NEW carpet - YOU decide
Belvoir letting agents investigated
Belvoir issued this statement: “Following a routine audit of two of the offices within its 140-plus UK network of franchised letting agents, Belvoir wishes to announce that on March 16, 2010, the franchise agreements with Andrew Graham and ‘Hamlyn Investments Ltd’ which operated the Belvoir Letting offices in York and Hull, were terminated with immediate effect.
“This action was deemed necessary after Belvoir identified several irregularities in the way that these offices were conducting their client accounts and other general office procedures."
Read the full article in Estate Agent Today
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Tips for selling property
Have a look at the Ten top tips for selling property in this Times article.
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When will interest rates rise?
However there are many factors that are explored in ThisisMoney article that might cause things to move differently.
Speculate away!
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Thursday, April 22, 2010
Landlords stay positive
But there is concern that predicted rises in interest rates and new tax breaks for first-time buyers could spell danger for professional landlords.
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Public sector tenants get risky
Cast iron job security, regular pay cheques.
However, landlords might reconsider the security that tenants form the public sector offer as the cuts in public sector workers have already started according to the Times 225,000 public sector jobs are already set to go.
FREE BTL mortgage search tool
Social tenants - direct payments
Direct payments of housing benefit should be extended to social tenants, an influential think tank has argued.
A report from Demos on welfare reform suggests housing association and council tenants should receive the same individual choice and control over their rent payments as those renting privately.
London property fund launch
The fund will refurbish the properties and then let them to professional tenants.
The London Residential Property fund will target net returns of 12 per cent for investors.
Landlord insurance
Wednesday, April 21, 2010
Gas safety certificate - come on!
Now if that's you get it sorted out.
Firstly you are putting lives at risk, and secondly you're putting yourself at risk of potentially been imprisoned if anything was to happen.
To get organised you can attach an annual reminder for your landlord gas safety check to a tenancy in our free property management software so you won't forget.
Go do it now!
Theres a discussion here on the typical costs of obtaining a gas safety certificate.
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Cash really is king
I'm up and hunting to add to my property portfolio.
Not because I think house prices are going to surge upwards. Actually I expect them to drift for the next 5 years or so whilst who ever in power has to respond to UKs huge public debt.
No. More because there are bargains out there & whats more you are not having to fight off hoards of idiot amateur investors trying to out bid each other & because with five year fixed rate mortgages at less than 6% I'm happy to lock into this & wait for interest rates and inflation to rise.
I've just put down an offer on one two bed maisonette. It needs a little cosmetic work costing about £5k or so but it's in a reasonable spot for renting out - good pubs, good bus route, etc. Plus it has a garage.
My offer was in cash. As usual with a property transaction there is a human aspect to it all. The vendor has a matrimonial situation so can't move out straight away until they have sold their other property. I'm in no rush. So I went into the agents with my proof of funds. A recent statement from my stockbroker showing my depleted portfolio that just about crept into 6 figures.
Landlord treated like royalty
Well.......talk about being treated like royalty. Straight away a rather subservient assistant passed me on to the branch manager. He sat me down & explained that the property had a number of offers and the domestic back story which I already knew. He than flicked about on his computer in my full view so I could see the offers they had received already on the property but none were in cash. However, rather than dismissing me as a pathetic under bidder he listened intently to my reasoning that I wasn't going to over pay and that I wasn't desperate to do a deal and was happy to wait. He than took down my requirements and started to run through a whole plethora of properties.
The moral of this story is that market has staged a recovery....to a degree. But if you are a landlord looking for a really good deal - try and plump up your bank balance because.
Cash really is king!
Landlord insurance
Rental arrears fall
Tenant arrears fell to a new low of £227 million in March, or 10.1% of all rent.
The proportion was down from 11.2% at the turn of the year and at its lowest level since LSL began compiling the figures in 2008.
The firm's spokesman, David Brown, says: "We're not just seeing an improving picture for landlords - but tenants too."
He adds: "The performance of arrears was a surprise story of the recession, and they have exceeded expectations again in the first quarter of 2010."
Landlord insurance
Tuesday, April 20, 2010
Letting agent horror stories
It's always worth landlords keeping a beedy eye on their letting agents, it is worth taking the default optinion that your letting agent is going to try to rip you off.
Keep up your guard at all times and sporadically check up on the things they are telling you, basically try your best to catch them out.
This required distrust is underlined by this recent post in the Daily Mail recounting the story of a dodgy letting agent who avoided securing the tenancy deposit and then rented out the property whilst telling the landlord it was still empty.
Don't trust them, letting agents are your enemy, so keep them close to you and watch out for the dagger in the back.
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