London Transport Improvements

New rail & tube lines are vital to opening up new parts of London for housing - Savills report http://t.co/S4iFlt2zjS pic.twitter.com/zyTHFBOQBN
— Savills (@Savills) March 30, 2015

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Would subletting changes be fair to landlords?

One of the little known items for discussion about the private rental sector coming out of the Budget was hidden away on page 51 under para 1.193 relating proposals for the "Sharing Economy".  Sounds wonderful in the abstract:

1.193. The government wants to ensure that Britain is the global centre for the sharing
economy, enabling individuals and businesses to make the most of their assets, resources,
time and skills through a range of online platforms. This Budget therefore announces a
comprehensive package of measures that will break down barriers, create opportunities
for sharing, and unlock the potential of this dynamic and growing area. Building on the
recommendations of the independent review of the sharing economy, the government will:

However, the specific proposal for the buy-to-let sector and landords is far more sinister.  The Government proposal wants to:

make it easier for individuals to sub-let a room through its intention to legislate
to prevent the use of clauses in private fixed-term residential tenancy agreements
that expressly rule out sub-letting or otherwise sharing space on a short-term
basis, and consider extending this prohibition to statutory periodic tenancies

This proposal undermines the primacy of the landlord as owner of their property and the one who controls occupation of their buy-to-let.  The reality is that as a landlord you do not want to let your property to X and then get tenant Y.  It disregards the whole basis of a tenancy agreement where a landlord goes through a careful process of vetting and selecting a tenant to ensure that the tenancy will work for both tenant and landlord. 

The reality is that this bit of hair brain thinking from civil servants makes interesting reading in the context of a budget document but would never stand up to the riggers of examination by legislators as it stands in complete opposition to the basic rule of law on property ownership.

Not even the Labour Party could come up with a more unworkable piece of legislation.

The worrying thing for landlords is if having let the 'genie out of the lamp' Ed & Ed adopt it as their own.

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Miliband's home would be hit by his mansion tax

Oh the irony: Miliband's London home would be hit by Labour's mansion tax | via @Telegraph http://t.co/3MikBUagmc
— Zoopla (@Zoopla) March 27, 2015

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HMO - cashbuilder

I've was chatting to an old friend this week. His main business is in website development but he has a useful sideline with a Housing In Multiple Occupation (HMO).

I thought I'd share his business model as he seems to be onto something. His property is in a traditional terraced area very near to Nottingham City Centre. Not high value or posh by any means but also not a ghetto. I would guess his 6 bedroom property with 2 bathrooms and lounge & kitchen diner would be valued at about £120,000, so not expensive.

Letting to the immigrant middle classes

His business model seems to be letting to the professional immigrant middle classes that increasingly populate our towns and cities.  Rumanians, Poles, Indians... They are mixture of IT, warehouse workers.  Note to UKIP supporters.  These are not the lazey benefit seeking immigrants.  They are skilled paid professionals who have come here to work.

He charges £65 per week for a double room including all bills.  As you would expect this type of tenant would demand cable TV and wifi internet access.  His footloose tenants like the fact that all bills are included and they just pay a one off weekly rent and that he lets using a licence giving them both a 2 week notice period.  I suspect that if challenged he may find that a Court would find that both parties have created an Assured Shorthold Tenancy but in the 11 years that he has been doing it this issue has not arisen.

HMO licence

The downside of renting out his HMO property is that under the Housing Act 2004 because he is letting his rental property to more than 5 occupants he requires a licence from Nottingham City Council as the relevant local authority.

Gross rental yield for this HMO

Clearly the churn of his tenants is much higher than a single let property but fully let the property generates just over £20,000 a year.  On the purchase price of £120,000 that's over 16% gross rental yield.  Even taking off all the expenses including mortgages costs this property investment is generating a grand profit each month.  There is money in HMO properties if you are prepared to put in more work.


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115,000 homes listed to London Rental Standard

More than 115,000 rented homes across the city are now badged under the Mayor’s London Rental Standard.

307 letting agent firms are signed up for the Boris's scheme, including Spicerhaart (Haart and Felicity J Lord); Andrews; CBRE; Chestertons; Douglas and Gordon; Savills; Knight Frank; Leaders; Foxtons; and Stirling Ackroyd.

Boris Johnson commented on the schemes progress following its launch back in 2014 :

“This enthusiastic take-up from agents across the capital is testament to the great success of our new and growing London Rental Standard scheme. With more and more of London’s workforce and young families now living in rented homes, this sector has a vital part to play in helping to meeting the capital’s housing needs. The Rental Standard is improving the experience of everyone involved with a clear code of good practice, and I encourage every agent, landlord and tenant to seek it out and sign up.”

Read more comment from supporters of the London Rental Standard

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Next interest rate move will be up

Next interest rate move will be up, insists Bank of England governor Mark Carney http://t.co/8dBlLQSgbK
— This is Money (@thisismoney) March 27, 2015

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HMRC recover £20m from Let Property

The Let Property Campaign has recovered a record amount of unpaid tax as a result of a crackdown on private landlords with undisclosed rental income.

Figures released this week by HM Revenue and Customs show just over £20 million has been recovered as of 31 January 2015. In October 2014, that figure stood at just £7.9 million.

The Let Property Campaign provides buy-to-let and other private landlords an opportunity to make a full and voluntary disclosure on favourable terms.

It is understood over 9,500 landlords have so far taken this opportunity to bring their tax affairs up to date.

Ian Leigh, tax partner at accountancy firm Jeffreys Henry LLP, said: "These figures should come as a warning to anyone with undisclosed rental income. With increased data gathering actives, it is less likely a case of if and more likely when HMRC catches up with you."

HMRC now gather information from a much wider sources beyond Local Authorities, the Land Registry and the Electoral Roll. In late 2014, hundreds of estate agents were sent statutory notices to provide details of rents collected on behalf of all landlords.

"Landlords with undisclosed rental income should take this opportunity to come forward and regularise their tax affairs as soon as possible. Penalties as low as 20 percent and affordable payment plans can often be negotiated for those who make a voluntary declaration as part of the Let Property Campaign."

Landlords who ignore this opportunity face penalties of up to 100% and in certain cases criminal prosecutions.

Earlier this year, two men from London and Essex were arrested as part of an investigation into an alleged Capital Gains Tax (CGT) and Income Tax fraud. HMRC believe the pair had failed to declare CGT on a number of properties that they had bought and sold.

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This weeks popular BTL mortgages

Max LTV	Initial Rate	Term	Completion fee	Booking fee	Incentives	Lender
85%	4.99% Fixed	2 Years	2%	£130.00	No	Kent Reliance Semi Exclusive
85%	5.19% Fixed	5 Years	2%	£130.00	No	Kent Reliance Semi Exclusive
85%	5.09% Discount	2 Years	2%	£130.00	No	Kent Reliance Multi Let & Ltd Co. Semi Exclusive
80%	5.39% Variable	0 Years	2%	£0.00	No	Saffron Light Refurbishment
80%	3% Fixed	2017-05-31	2.5%	£150.00	Free valuation	Mortgage Trust Exclusive
80%	3.25% Fixed	2017-05-31	£2495	£150.00	Free valuation	Mortgage Trust Exclusive
80%	3.5% Discount	2 Years	0%	£0.00	No	Hanley Economic Exclusive
75%	2.75% Discount	2 Years	0%	£0.00	No	Hanley Economic Exclusive
75%	4.69% Fixed	2 Years	1.5%	£130.00	No	Kent Reliance Multi Let & Ltd Co. Semi Exclusive
75%	5.39% Variable	0 Years	2.5%	£0.00	No	Saffron Light Refurbishment
75%	2.25% Fixed	2017-04-30	2.5%	£150.00	Free valuation	Mortgage Trust Exclusive
75%	3.5% Fixed	2017-04-30	0%	£150.00	Free valuation	Mortgage Trust Exclusive
75%	4.39% Fixed	2 Years	1.5%	£130.00	No	Kent Reliance Semi Exclusive

IMPORTANT! Due to current market conditions, lenders are withdrawing and replacing products with little or no notice.  
Please check our website regularly to see the most up-to-date products available.   

 

Search the whole BTL mortgage market free
 
Email:info@propertyhawkbtlmortgages.co.uk

Tel: 029 2069 5446

Your home may be repossessed if you do not keep up repayments on your mortgages.  

The Financial Services Authority does not regulate some forms of mortgage.

---

DIY landlord crosses the line

We like to encourage landlords to 'do it yourself', but there are some lines that should never be crossed.

One is fiddling around with gas without the proper training and certification - it's stupid, irresponsible, dangerous and illegal.

One over zealous 'DIYer' has been found guilty of crossing that particular 'stupid line'.

Torquay landlord, Raymond Williams admitted carrying out  his own annual gas safety checks at his rental properties.

The landlord was not a registered gas engineer.

He was found guilty by Torquay Magistrates Court of fraudulently filling out landlord’s gas safety certificates with fake Gas Safe Register numbers for two of his rental properties.

Williams, of Armada Crescent, Torquay was fined a total of £12,000 and ordered to pay £418 in costs after pleading guilty to four breaches of gas safety legislation.

Health and Safety Executive (HSE) Inspector Simon Jones commented: 

“Landlords must ensure checks are carried out by registered Gas Safe engineers who are independent and competent to do the work. Such checks are vital to protect tenants from death or injury caused by potentially dangerous gas appliances.”


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ONS house price data for January

The ONS data for January shows a slowing UK property market - whether that's seasonal, pre-election or a taste of things to come is anyones guess.

Key points from ONS January HPI

• UK house prices increased by 8.4% in the year to January 2015, down from 9.8% in the year to December 2014.
• Annual growth  in England now 8.5%,  4.9% in Wales, 7.8% in Scotland and 7.3% in Northern Ireland. 
• UK annual house price growth is down from 9.8% in the year to December 2014.
• London of 13.0% and to a lesser extent increases in the East (9.9%) and the South East (7.6%).
• Excluding London and the South East, UK house prices increased by 6.5% in the 12 months to January 2015.
• On a seasonally adjusted basis, average house prices fell by 0.2% between December 2014 and January 2015.
• In January 2015, prices paid by first-time buyers were 9.7% higher on average than in January 2014. For owner-occupiers (existing owners), prices increased by 7.8% for the same period.

Download the ONS House Price Index for January 2015

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Inflation falls to zero

BN: UK inflation unexpectedly falls to zero for first time on record pic.twitter.com/hjEb7bhjdb
— TimesBusiness (@TimesBusiness) March 24, 2015

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Unusual properties up for auction

Unusual properties up for #auction – see a selection going under the hammer with Savills Nottingham on 26/03: http://t.co/gOCb3ag92x

— Savills Auctions (@SavillsAuctions) March 23, 2015

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Croydon go forward with mandatory licensing

Croydon Councillors are intent on pushing forward with the Croydon-wide landlord licensing scheme, despite Housing Minister, Brandon Lewis's proposed new regulations restricting the power of councils to bring in blanket licensing schemes.

Although Brandon Lewis's proposed restrictions are set to come into play on April 1st, Croydon Council's, Labour leader, Tony Newman insisted defiantly -

‘We won’t be intimidated by a Conservative minister in the last weeks before they leave office. We will implement this scheme. We were elected with a clear mandate to do this and we have had many months of consultation.’

The proposed Croydon mandatory licensing scheme would be applicable borough-wide to an estimated 30,000 private rental properties.

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Rightmove's House Price Index for March

• Price of property coming to market up 1.0% (+£2,748).
• Average new seller asking price just £30 below June 2014's record. 
• BTL investors cashing in pension pots may drive low end of the market prices up.
• Number of newly-listed properties up by 3.2% compared to last month.

Rightmove's market analyst, Miles Shipside, comments: 

“The distraction and uncertainty of an election typically force sellers to price more keenly, though this is often short-lived. The MMR introduced in April 2014 laid out a much needed longer-term framework for responsible lending, but within a year its dampening effects have been muted by high demand outstripping supply in many locations, and by buyers putting down larger deposits. The price of property coming to market is now just £30 off the record set nine months ago. The MMR has been a positive restraint on what buyers can afford to pay and has assisted in lessening the price rise pace. However, with new-build levels remaining low and only a small increase in properties coming to market compared to last month, the supply side is still a critical but missing part of the jigsaw if pent-up demand is to be satisfied.”

The rise of the granlord

Shipside goes on to reflect on the increasing activity from pensioners looking to invest in BTL - 

 “Agents report a high level of interest from new landlords, or ‘granlords’, who are typically first time, retirement age, buy-to-let investors. With the highest returns for the lowest investment being at the lower end of the market, the first-time buyer property sector will be the greatest recipient of any increase in demand from investors with substantial pension pots. Unfortunately flats and terraced houses with two bedrooms or fewer are coming to the market in smaller numbers than the middle and upper tier sectors, so are the least prepared for an up-surge in demand.”

Download the Rightmove March 2015 House Price Index



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Homelet rent data

London’s Rent Price Growth Slowing in 2015 #HomeLetRentalIndex http://t.co/QK1w1YsaCC pic.twitter.com/eQoVrj7lFB

— HomeLet (@HomeLet) March 23, 2015

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Danny 'doom' Dorling - house price armageddon

Danny Dorling is an academic. His book about "the great housing disaster" reflects on the fact that housing policy is the great unspoken disaster of our times. As the Coalition tries to keep the mini boom in house prices going are we fanning the flames of a bigger housing collapse? He argues we are renting our way to poverty.

If people, particularly in London are buying now because they can just afford the mortgage when interest rates are practically zero. What happens when rates rise 1 or even 2 percent...let alone back to the long-term average of 5-6% that was previously considered normal.

Are we just stalling on the inevitable wider housing crash when we finally admit the reality that prices are too high and housing has become unaffordable?

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BoE chief suggests interest rate cut

Interest rates may be cut, suggests Bank of England chief economist http://t.co/EP2irHwZDW
— The Guardian (@guardian) March 19, 2015

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£3 million fund for PRS fire and CO alarms

Fire Minister, Penny Mordaunt  has announced a £3 million government fund to help  support the rollout of  smoke and carbon monoxide alarms to private rented sector properties across England. 

The minister hopes the money will provide 445,000 free smoke alarms and 40,000 free carbon monoxide alarms.

The scheme will be managed and implemented via the 46 fire and rescue authorities in England.

Fire Minister Penny Mordaunt said:

"Landlords have a duty of care to their tenants – and with people at least four times more likely to die in a fire in a home where there is no working smoke alarm, this is an important measure to ensure this is met.

From October, anyone renting out their home will need to ensure there is a smoke alarm on every floor of the home at the start of a tenancy.

Today’s £3 million boost will ensure England’s 46 fire and rescue authorities can distribute smoke and carbon monoxide alarms to landlords in their communities, making it easier for them to do the right thing and abide by this new rule."

The new regulations requiring landlords to install smoke and carbon monoxide alarms in rental properties have been laid in Parliament and are expected to come into force, subject to Parliamentary approval, on 10 October 2015.


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Are tenants to be given free rein to sub-let?

The Residential Landlords Association claims the Government have tried to hide new plans in the Budget that ban private sector landlords from including any clauses and terms of a tenancy agreement that would prevent a tenant from sub-letting their rental property.

The RLA point to a particular statement  in the Budget document -

“The government intends to legislate on preventing the use of clauses in private fixed-term residential tenancy agreements that expressly rule out sub-letting or otherwise sharing space on a short-term basis, and will consider extending this to statutory periodic tenancies." 

The document goes on to say that the Government will aim to -

“ensure that landlords always have to consider tenants’ requests reasonably."

 RLA Chairman, Alan Ward commented:

“The measures on sub-letting are a nightmare in the making and smack of ‘back of the fag packet’ policy making.

“Key questions remained unanswered such as who will be responsible for a property if the tenant sub-letting leaves the house but the tenant they are sub-letting to stays?

“Similarly, given the Government wants landlords to check the immigration status of their tenants, who would be responsible for checking the status where sub-letting occurs?


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Rotherham landlord fined £13.5k

Rotherham landlord, Mohammed Tariq has been fined over £13,000 after failing to properly maintain a block of flats he rents out on Victoria Street, Kilnhurst.

Borough Council officers were called to the rental property, a house converted into flats, after one tenant complained the landlord had disconnected her boiler.

On gaining entry to the rental property a list of issues were identified by the council officers - no working fire detectors, a lack of firefighting equipment, poorly maintained gas and electrical systems, and severe damp and black mould.

The council concluded the tenants health was in imminent risk of harm  and re-housed all of them.

Tariq, of Gerard Road, Rotherham, pleaded guilty to a number of offences relating to housing standards and was ordered to pay fines totalling £13,500, costs of £950 and a victim surcharge of £120.


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Ireland tops property price recovery

BN: Ireland has strongest house price growth in 2014 - up 16.3%, according to @knightfrank http://t.co/rXmgGJNBmo pic.twitter.com/4h8tat0AOg

— TimesBusiness (@TimesBusiness) March 16, 2015

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Landlords and the 2015 budget

The highlights for landlords in the 2015 budget are -

• Stopping landlords from preventing tenants from sub-letting
• Implement 7 waiting days for Universal Credit in July 2015
• Restricting access to Universal Credit for EEA migrants who are out of work.
• First time buyers helped by new 'Help to buy ISA'
• Low interest rates to be "locked in".
• £13 billion sale of UKAR mortgages - Northern Rock and Bradford and Bingley (Mortgage Express) sale to reduce national debt which followed after bailing out the banks.
• Review of avoidance of inheritance tax through deeds of variation.
• New tax evasion penalties for professionals who assist.
• Measures to build northern economic powerhouse focused on Manchester.
• 20 new housing zones.
• Personal tax free allowance raised to £10,600, then raised to £11,000 in 2017.
• Higher rate tax threshold  rising to £43,300 by 2018.
• New personal savings allowance - £1000 of savings will be tax free. 

Further comment -

The #Budget2015 ignored rental supply and failed to help landlords or tenants - "it's a landlords' nightmare" according to RLA.
— Telegraph Property (@TeleProperty) March 18, 2015

What impact will #Budget15 have on UK housing? RICS' Chief Economist, Simon Rubinsohn, explains: http://t.co/GfpGBEYZoL #RICSresi
— RICS (@RICSnews) March 18, 2015

#HelptoBuy ISA a diversion from real issue of supply says property industry #Budget2015 http://t.co/MgWY5xqbJ0 pic.twitter.com/xLo0cdJUrU
— Telegraph Property (@TeleProperty) March 18, 2015

'Manchester could gain £1.3bn from #businessrates' reports @AlexHorneEG @estatesgazette #Budget15 http://t.co/Gqyez7BuSA
— Deloitte Real Estate (@DeloitteUK_RE) March 18, 2015

First-time buyers to get up to £3,000 Government savings boost in Budget http://t.co/S6y7k6sPv6
— Telegraph Property (@TeleProperty) March 18, 2015

The @estatesgazette at a glance #Budget2015 guide http://t.co/NNvVIxPvNb pic.twitter.com/R4IkUKoQdr
— Jack Sidders (@JackSidders) March 18, 2015

Save up to £200 a month towards your 1st home & government will boost your savings by 25% - https://t.co/KbGns52eu8 pic.twitter.com/LWnUpB1cLN
— HM Treasury (@hmtreasury) March 18, 2015

Putting the Help to Buy ISA into perspective http://t.co/iQjMclYiNh pic.twitter.com/ncFsQiBnNI
— Lucian Cook (@LucianCook) March 18, 2015

Recap on #budget2015 today and read our response to today's announcements: http://t.co/IiMJDc9DJW
— Joseph Rowntree Fdn. (@jrf_uk) March 18, 2015

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Liverpool's city wide licensing to 'go ahead'

It appears as if Liverpool City Councils plans for a city wide landlord licensing scheme will squeeze through the door just before it closes.

Despite the Government's intention to regulate Councils powers to introduce landlord licensing schemes, Liverpool’s controversial city-wide scheme will be still allowed to go ahead.

The Liverpool Echo reports council cabinet member, Cllr Ann O’Byrne, has confirmed the government has given the 'go ahead' for the scheme -

“We have had confirmation from the government that Liverpool’s landlord licensing scheme is not affected by the recently announced changes because we have already made a decision to introduce it.”


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Rents average 33% of earnings

Despite all the 'noise' about booming rents, rent controls and a decade where house prices have surged and then busted following the financial crisis;  private sector rents as a proportion of average earnings have remained remarkably stable.

The proportion of earnings accounted for by private sector rents has fallen in the band between 31% and 37% since the 4th quarter of 2004 and has averaged 33%.

This means that landlords stand to gain from an improving economy where average earnings rise above the rate of inflation.

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Pension pots to fund BTL deposits

Retirees seek to use pension cash as buy-to-let deposit http://t.co/Z1k5IY41XX

— FTAdviser (@FTAdviser) March 16, 2015

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LSL February price data for Eng and Wales

LSL property group house price data for England and Wales puts the average price at £273,528.

Commenting on the market, Adrian Gill, director of Reeds Rains and Your Move estate agents, says : 

“Seven years on, and the average house price across England and Wales is £34,192 higher than at the pinnacle of the housing boom in February 2008. We’re performing well by yesterday’s standards, but we’ve got to keep an eye on the trajectory of our current recovery. Average house prices are currently 6.8% (£17,340) higher than they were last year – but this is the smallest annual increase witnessed for fourteen months, as the market mellows from the extraordinary noise of the past year. So far in 2015, completed home sales are 9% lower than over the same period twelve months ago, but demand hasn’t faded out of view. February still marks a 4% improvement on January activity levels, and in recent weeks, we’ve seen agreed sales climb above 2014 levels, as activity comes into focus. 

“After storming ahead of the rest of the country in the whirlwind of last year, the conditions have calmed in London and the South East. Their combined lead on the rest of the UK hit a summer-peak in July 2014 – when this corner of the country hoisted the wider England and Wales annual change to 5.4% higher than it would have been otherwise – but in February this growth gap has fallen to less than half its former glory, to only 2.2%. Annual house price growth in England and Wales stood at just 4.6% in February excluding these weighty regions.

“The capital has already had the first taste of added pressure placed on prime property in the form of revised Stamp Duty, and the £1.5m to £5m slice of the market has also been hit by cold feet in the run up to the General Election, with the threat of a potential mansion tax. This let-up of high-end activity has brought down the average London house price, but beneath the surface, the lower rungs of the ladder are thriving. For instance, the borough of Newham – where the typical property value currently stands at £273,727 – saw an enviable 2.1% monthly price rise, more than double the overall 1.0% average London price jump. In terms of annual growth, more affordable areas like Barking and Dagenham (+16.5%), Bexley (+15.6%) and Waltham Forest (+16.8%) are punching well above their weight, coming in ahead of the year-on-year improvements seen in high-end areas like Kensington and Chelsea, where prices have fallen 7.4% in the past twelve months.

“In the south of the country overall we’re seeing a very orderly market, with buyers and sellers on more of an even keel. Rates of annual growth have slowed across the board in England and Wales, but it is regions with the lowest average property prices which are dragging their feet. The North saw the smallest annual uplift in January, with home values just 1.9% higher year-on-year, while in Yorkshire and The Humber prices stagnated over the month.

“On a monthly basis, house prices are trundling along overall, climbing 0.5% since January to reach a new record. The housing shortage may be propping up property price growth, but more needs to be done to stave off this winter lull and invigorate the property market recovery. It’s pivotal that the Chancellor recognises the importance of expanding the UK’s property stock in the upcoming Budget. Measures like the Help to Buy scheme and reforming Stamp Duty have airlifted support to the bottom end of the market, but unless more new homes are built, he’s practically playing a zero-sum game: reshuffling a deck doesn’t leave you with more cards.”

Full view - LSL February 2015 Property Price Data

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Birmingham city centre premium rents

Central #Birmingham rental prices are at a premium due to competition to live in town & a lack of stock availability. pic.twitter.com/nw4SssOGoc
— Knight Frank (@knightfrank) March 16, 2015

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DWP report half a million more HB claimants

Half a million more people claiming housing benefit according to new DWP figures: http://t.co/eI4A0W6VHu pic.twitter.com/y1jXGsp2Za
— Joseph Rowntree Fdn. (@jrf_uk) March 16, 2015

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Welsh Landlord Law Conference

A Welsh Landlord Law conference will be taking place on Friday 15th May 2015 over in Cardiff.

The one day conference will focus of the conference will be the clarification of new regulation for landlords and letting agents relating to the new Housing (Wales) Act 2014.

Find out more about pricing and content of the Welsh Landlord Law conference 2015.

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Mortgage lending to FTBs falls again

...which leaves more tenants renting for longer.

Business Now: Lending to first-time buyers falls to its lowest level in 21 months in January pic.twitter.com/mo4VqxJjiX
— TimesBusiness (@TimesBusiness) March 17, 2015

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New 80% LTV fixed rate BTLs

Property Hawk Mortgages launches new 80% LTV buy-to-let exclusives with a free valuation

Property Hawk Mortgages has launched two new buy-to-let fixed rate mortgages with Mortgage Trust. There is a 3.00% fixed rate until 31/05/2017 with a 2.50% completion fee and a 3.25% fixed rate until 31/05/2017 with a £2495 completion. Both products are available up to 80% LTV and come with a free valuation for purchases and remortgages.

Andy Young, Chief Executive at Property Hawk Mortgages, said:

“These new buy-to-let exclusives with Mortgage Trust are very competitive in the 80% loan-to-value bracket. Fixed rate products continue to be popular with landlords and the free valuation will be attractive to clients looking to reduce their upfront costs. The 3.25% rate with the flat completion fee will be particularly useful for landlords who require a larger loan size.

“There is more intense competition in the buy-to-let mortgage market at the moment and it is great to see Mortgage Trust offering such keenly priced rates at higher levels of lending.”

John Heron, Managing Director of Mortgages, said:

“The Mortgage Trust buy-to-let proposition has a strong presence in the marketplace and it is important that we continue to adapt to the needs of UK landlords. Our special range of exclusive fixed rate products have been well received and we expect these new 80% LTV products to generate a high level of interest from landlord clients.”

IMPORTANT! Due to current market conditions, lenders are withdrawing and replacing products with little or no notice.  Please check our website regularly to see the most up-to-date products available.   

  

Search the whole BTL mortgage market free
 
Email:info@propertyhawkbtlmortgages.co.uk

Tel: 029 2069 5446

Your home may be repossessed if you do not keep up repayments on your mortgages.  

The Financial Services Authority does not regulate some forms of mortgage.

The weeks popular BTL mortgages

 Most popular buy-to-let mortgages

Max LTV	Initial Rate	Term	Completion fee	Booking fee	Incentives	Lender
85%	4.99% Fixed	2 Years	2%	£130.00	No	Kent Reliance Semi Exclusive
85%	5.19% Fixed	5 Years	2%	£130.00	No	Kent Reliance Semi Exclusive
85%	5.09% Discount	2 Years	2%	£130.00	No	Kent Reliance Multi Let & Ltd Co. Semi Exclusive
80%	5.39% Variable	0 Years	2%	£0.00	No	Saffron Light Refurbishment
80%	3% Fixed	2017-05-31	2.5%	£150.00	Free valuation	Mortgage Trust Exclusive
80%	3.25% Fixed	2017-05-31	£2495	£150.00	Free valuation	Mortgage Trust Exclusive
80%	3.5% Discount	2 Years	0%	£0.00	No	Hanley Economic Exclusive
75%	2.75% Discount	2 Years	0%	£0.00	No	Hanley Economic Exclusive
75%	4.69% Fixed	2 Years	1.5%	£130.00	No	Kent Reliance Multi Let & Ltd Co. Semi Exclusive
75%	5.39% Variable	0 Years	2.5%	£0.00	No	Saffron Light Refurbishment
75%	2.25% Fixed	2017-04-30	2.5%	£150.00	Free valuation	Mortgage Trust Exclusive
75%	3.5% Fixed	2017-04-30	0%	£150.00	Free valuation	Mortgage Trust Exclusive
75%	4.39% Fixed	2 Years	1.5%	£130.00	No	Kent Reliance Semi Exclusive

IMPORTANT! Due to current market conditions, lenders are withdrawing and replacing products with little or no notice.  Please check our website regularly to see the most up-to-date products available.   

 

Search the whole BTL mortgage market free
 
Email:info@propertyhawkbtlmortgages.co.uk

Tel: 029 2069 5446

Your home may be repossessed if you do not keep up repayments on your mortgages.  

The Financial Services Authority does not regulate some forms of mortgage.

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We is back!

We have temporarily been off air as we have changed our Domain Name Server.

Having sorted this we are back and I can only apologise for any inconvenience caused to our users.

If you still can't see us try refreshing your browser that should do the trick.

Chris Horne
Property Hawk

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A gazumping map of the UK

Agents’ heatmap of ‘sealed bids’ and ‘gazumping’ in 2014 #housing http://t.co/HarTyyIWsR pic.twitter.com/y1aiSX96bW

— Bank of England (@bankofengland) March 12, 2015

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House prices - what to expect ...

House prices: What to expect - news and predictions http://t.co/JHtiZuqNQ6

— This is Money (@thisismoney) March 12, 2015

Slow January, better February reports agent

Your Move / Reeds Rains latest property price data shows a rise of O.5% in the average property in England and Wales during January.

The average property is now at £273,528, with the annual growth rate now at 6.8%.

The agents reported a slowing market, with sales down 9% over the month compared to January 2014.

Adrian Gill, director of Reeds Rains and Your Move estate agents pointed to an improvement in activity levels during February.


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Smoke and CO alarms new requirement

The Housing Minister, Brandon Lewis announced yesterday that landlords will be required to have both smoke alarms and carbon monoxide alarms installed in all rental properties.

The changes are scheduled to come into effect soon after their Parliamentary approval, on 10 October 2015.

Fire and rescue authorities will be directed to support with the implementation - providing local private landlords with free alarms.

Brandon Lewis commented:

"In 1988 just 8% of homes had a smoke alarm installed – now it’s over 90%.

The vast majority of landlords offer a good service and have installed smoke alarms in their homes, but I’m changing the law to ensure every tenant can be given this important protection.

But with working smoke alarms providing the vital seconds needed to escape a fire, I urge all tenants to make sure they regularly test their alarms to ensure they work when it counts. Testing regularly remains the tenant’s responsibility."

The move will help prevent up to 36 deaths and 1,375 injuries a year. 

Expectations of a landlord  -

• Smoke alarms installed on every floor of the rental property, and test them at the start of every tenancy.
• Carbon monoxide alarms in all high risk rooms – such as those where a solid fuel heating system is installed.

Landlord failing to meet the new regulations could face a maximum £5,000 civil penalty.

Read the Government's release outlining their new tenant safety measures

Read more on current Fire safety in rental properties

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Landlords must soon check immigration status

Landlords must soon check the immigration status of their tenants - harmless change or a recipe for red tape and d... http://t.co/89tGEe0R0f
— This is Money (@thisismoney) March 12, 2015

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Gov. to stop blanket landlord licensing schemes

The Government has thankfully stepped in to stop councils from implementing blanket selective licensing schemes.

The Housing Minister, Brandon Lewis MP, has written to all the English local authorities sharing his proposed reforms of Selective Licensing schemes for the private rented sector.

The plans mean that from the 1st April, local authorities will need to seek approval from Secretary of State for any proposed selective licensing scheme that covers an area greater than 20% of their authority, or any scheme involving more than 20% of privately rented properties.

Although this might depend on whether Mr Lewis stays in his job after getting stung by the latest MP 'consulting' sting.

I do wonder where this will leave Liverpool's plans to implement a city wide selective licensing scheme. Any thoughts?

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Croydon selective licensing meeting

Do you rent in Croydon? Did you know your rents could go up? #TenantTax #PRS #lettings pic.twitter.com/PgX0SNNvWU
— NLA (@nationalandlord) March 11, 2015

Inflation likely to fall below 0

Martin Weale: inflation is likely to fall below 0 but will then move gradually back to MPC’s 2% target

— Bank of England (@bankofengland) March 11, 2015

Renting out your drive

Would you rent out your drive or your car for some extra cash?... http://t.co/ZAfBKkGWPW

— This is Money (@thisismoney) March 10, 2015

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This weeks popular BTL mortgages

Max LTV	Initial Rate	Term	Completion fee	Booking fee	Incentives	Lender
85%	4.99% Fixed	2 Years	2%	£130.00	No	Kent Reliance Semi Exclusive
85%	5.19% Fixed	5 Years	2%	£130.00	No	Kent Reliance Semi Exclusive
85%	5.09% Discount	2 Years	2%	£130.00	No	Kent Reliance Multi Let & Ltd Co. Semi Exclusive
80%	5.39% Variable	0 Years	2%	£0.00	No	Saffron Light Refurbishment
80%	3.79% Fixed	2017-04-30	£2495	£150.00	Free valuation	Mortgage Trust Exclusive
80%	4.25% Fixed	2017-04-30	0%	£150.00	Free valuation	Mortgage Trust Exclusive
80%	3.5% Discount	2 Years	0%	£0.00	No	Hanley Economic Exclusive
75%	2.75% Discount	2 Years	0%	£0.00	No	Hanley Economic Exclusive
75%	4.69% Fixed	2 Years	1.5%	£130.00	No	Kent Reliance Multi Let & Ltd Co. Semi Exclusive
75%	5.39% Variable	0 Years	2.5%	£0.00	No	Saffron Light Refurbishment
75%	2.25% Fixed	2017-04-30	2.5%	£150.00	Free valuation	Mortgage Trust Exclusive
75%	3.5% Fixed	2017-04-30	0%	£150.00	Free valuation	Mortgage Trust Exclusive
75%	4.39% Fixed	2 Years	1.5%	£130.00	No	Kent Reliance Semi Exclusive

IMPORTANT! Due to current market conditions, lenders are withdrawing and replacing products with little or no notice.  Please check our website regularly to see the most up-to-date products available.   

 Search the whole BTL mortgage market free
 
Email:info@propertyhawkbtlmortgages.co.uk

Tel: 029 2069 5446

Your home may be repossessed if you do not keep up repayments on your mortgages.  

The Financial Services Authority does not regulate some forms of mortgage.

---

How to avoid bad tenants

Ending up with a bad tenant can be a costly and stressful process, often taking months to get rid of the tenant and incurring rent arrears and legal costs in evicting the tenant.  

Taking the time at the start of the tenancy to vet your tenant can prevent problems later.  

Here are some tips to help in getting the right tenant:-

• Meet the tenant before signing up - a face to face meeting is always a good idea, you can see if you like them, if you can't meet them speak to them on the phone
• Check the documentation - ask for ID, proof of income, references from previous landlords and follow-up the references, don't just accept them on face value.
• Check the tenant's credit history - this will tell you if they have any CCJs and if they pay their bills on time
• Check their rental history - do they move around a lot, if so is there a reasonable explanation for this?
• If they need to move in quickly ask why, if this is because they are being evicted from their previous property find out why they are being evicted.   Even if there is a possession order, a tenant will be given time to move out.
• Trust your instincts - you are agreeing for the person to move into your property, you want them to pay rent and look after the property, everything might seem ok, but if your gut feeling is telling you that they are not the right tenants maybe there is a reason for this.

If you have a bad tenant it can take months to evict them and can cost you a fortune in lost rent and legal feels.  Taking time  to ensure you get the right tenant is a good investment.

If you need any advice or assistance please do not hesitate to email me at propertyhawk@fidler.co.uk or call on 01623 448331

Rebecca Brough

Partner, Fidler & Pepper

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England's homes shortfall since 2011

Eng now has shortfall of over 500,000 homes since just 2011! In London, that shortfall is 150,000! #WhatBritainWants pic.twitter.com/NK3BuK2BkB

— Joe Sarling (@joesarling) March 9, 2015

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Rightmoves 'draw a search tool'

Check out one of our many property search help tools - 'draw a search' - and how to use it, in our new blog: http://t.co/GlBB2wvJTH
— Rightmove (@rightmove) March 10, 2015

Fulham landlord misses prison

A Fulham landlord has been given a suspended prison sentence by the City of London Magistrates’ Court after been found guilty of illegally evicted her tenants.

Landlord, Kathryn Dow, 56, of Novello Street, Fulham evicted two tenants who were renting the top floor of her home after they complained about a foul smell and a fire hazard in their flat.

When Ms Dow refused to investigate the cause of the smell or move furniture that the tenants believed to be blocking fire exits routes they decided to contact the council. Following a visit by Officers from Hammersmith & Fulham Council,  Ms Dow was  sent a letter giving her seven days to take action, which she ignored, as well as cancelling two further meetings with the council officers.

Then, a month after the initial complaint, the tenants returned to their rental flat to find all their belongings removed, new locks and Ms Dow claiming a carbon monoxide leak would mean they would have to move out.

The tenants reported the landlords actions to the council and following further investigation it was found that the  carbon monoxide leak was a fabricated story and that new tenants had been moved into the flat by Ms Dow just two days later.

A case of wrongful eviction lead by housing officers from Hammersmith and Fulham Council lead to Ms Dow been given a six-month prison sentence, suspended for two years, and an order to pay £10,794 in costs and compensation.

In a separate civil claim against Ms Dow, West London County Court granted one of the tenant a further £13,970 in damages.

Cllr Lisa Homan, the Council’s Cabinet Member for Housing commented 

“Rogue landlords cannot mistreat residents in this manner and this prosecution shows the council’s determination to ensure that private tenants in the borough are treated fairly,” 

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Housing affordability ratios chart

Watching #WhatBritainWants and fancy some charts on the #housingcrisis? Of course you do! pic.twitter.com/y26TBKmSHw

— Joe Sarling (@joesarling) March 9, 2015

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House bought for £1 now worth £60k

Britain's cheapest house bought for £1 is now worth £60k http://t.co/U6XfEWIMOg
— Telegraph Property (@TeleProperty) March 9, 2015

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Government to regulate council licensing schemes

The Government appears to be showing concern for the potential exploitation of landlords by councils looking to introduce 'selective licensing schemes'.

The drafting of an amendment to the Housing Act 2004 is clearly aimed at restricting the areas where these mandatory selective licensing schemes can be introduced, before anymore councils follow  Liverpool's lead, and introduce city-wide licensing schemes. 

The new proposed conditions are outlined in the  Selective Licensing of Houses (Additional Conditions) (England) Order 2015

Read this updated pdf of the Selective Licensing of the Privately Rented Housing (England and Wales)

More for the two houses to chew over whilst having a long lunch on the terrace.

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Landlord commissions mural

Brighton and Hove City Council’s planning enforcement team sent out letters to the property owners of Viaduct Road. The letters asked for more attention to be taken as to how their properties were presented.

The request is part of a drive to tidy up the road by the council's Local Action Team (LAT). 

One landlord took the council's request very seriously, commissioning a local graffiti artist.

Graffiti artist, Aroe MSK has covered the facade of the rental property with a giant 'London to Brighton' themed mural, topped off by a tattooed Queen Victoria.

The council is no doubt - 'not amused'.




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Get tenants to countersign inventories

Inventories were discussed at today’s dispute workshops. We always recommend the tenant countersigns to agree the condition report.
— The DPS (@The_DPS) March 4, 2015

Read more advice on preparing a property inventory

Landlords fight Hastings licensing scheme

Landlords continue their fight against Hasting's Borough Council's proposal to introduce a Selective Licensing Scheme (SLS).

Local landlords and letting agents, alongside the Southern Landlords Association (SLA) and the National Landlords Association (NLA) are preparing to take legal action if the scheme is approved.

The proposed licensing scheme for ten wards of the town will cost landlords £400 for each rented  property.

Tony Richard from the National Landlords Association (NLA), commented

“Hastings Borough Council has not fully explored alternatives to a Selective Licensing Scheme.  An existing scheme tackling anti-social behaviour (ASB) involving HBC, local social housing associations and police, which currently does not include the private rented sector, was notably excluded from the council report. It is highly relevant to the local issue of licensing and is likely to be a far more cost effective alternative to licensing, which draws on the experience of all sectors involved in the provision of and management of the town’s housing.”

Barrister, Andrew Lane, reflected on the council’s report and consultation process - 

“It’s concerning that HBC is unwilling to accept this when there’s little evidence to support their justification for the scheme, which hinges on claims that the incidence of ASB is higher in areas of the town that include a concentration of private rented housing." 

“It’s well known that the highest incidence of ASB actually occurs in the social housing sector and this does not fall under the proposed new legislation.

Any legal challenge made by landlords against Hasting Borough Council would take the form of a judicial review at the High Court, as with the Enfield Council case lead by the landlord, Constantinos Regas back in December. 

Hastings Borough Council will be taking a decision on the scheme on March 30.


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