LSC - it's not worth it!

I have just had my gas safety certificates done for another year on 6 of the properties that I rent out. At £40 per property for checking the oven and the boiler it's not cheap but it's affordable given that I'd be fined up to £5000 for each offence if caught without one.

There is also the moral aspect. Could you really live with yourself if one of your tenants suffered as a result of carbon monoxide poisoning or worse died. I have the slightly macabre accolade of visiting the abandoned buy-to-let in Nottingham where two young brother died from CO poisoning which prompted this legislation back in the late 80s. I can't imagine what kind of life this landlord must have had following these deaths.

Department of Health statistics reveal that over a 12 month period 50 people have died from carbon monoxide and 4000 have attended A & E over a 12 month period. A further report showed that 34% of people are living in rental properties with out of date safety check records.

A plumber I met recently told me that one of his regular landlord customers has decided not to get the gas safety check done on his 40 property buy-to-let portfolio this year, deciding instead to have it done the following year. Come on landlords that really isn't good enough. What price peace of mind!

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Private rented sector prediction

The Building and Social Housing Foundation predicts that the Private Rented Sector ( PRS) will be larger than the social rented sector by 2013.


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Young want more tax on landlords

The Intergration Foundation that campaigns for a readjustment in the economy to help bridge the financial gap between generations has proposed a reduction in tax incentives on buy-to-let properties, including making landlords pay National Insurance on their unearned income, and the ending of landlords been able to offset mortgage payments against tax.

Im sorry this kind of talk is putting me right off the youngsters, can't we just increase their pocket money?

Read the full list of suggestions on Channel 4 news.

2012 property forecast

The 2012 property forecast in the Financial Times predicts an increase in buy-to-let mortgage finance with the continued trend of more banks and building societies looking to increase lending to the sector in direct relation to increasing rental demand.

Savills predicts the trend towards renting will lead to 20 per cent of households in England will be renting by 2015/16 – up from 15.6 per cent of households in 2009/10.

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New years Resolution/ Revolution!

Christmas is over. Pies sunk and drink quaffed.

A landlords thoughts turn to the inevitable New Year resolutions.

Mine are too numerous to mention fully:

• I must get control over my keys. Over the years they have bred and now occupy a plastic bowl lurking un-identified in a twisted metal morass
• I must sort out one of my gardens/ development site which is rapidly turning into something that you are likely to find a yeti in.
  
• I must ascertain what is one of my tenants doing with one of my garages. There has been a car in there as a restoration project for the last 7 years! Surely that cant be right.
  
• I must do my TAX, TAX, TAX Return!

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Merry Christmas Landlords