House prices - is it just a wobble?

A wobble, or the beginning of a fall? House price growth slows https://t.co/pzuT5KmgX5 pic.twitter.com/2cwDUj133S

— FTAdviser (@FTAdviser) September 13, 2016

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Legal eagle berates 'rent to rent'

Rent to Rent like printing money?

We have spoke before about the idiocy of the practice known as 'rent to rent' . Proponents of 'rent to rent' somehow believe it offers endless possibilities for the entrepreneurial to exploit inefficiencies in the rental market, whilst conveniently ignoring the legalities of the whole process!

Property Hawk is not alone in dismissing the whole exercise as a illegal sham. 

One legal expert in this recent article refers to supporters as a confederancy of dunces. 

HERE HERE! This is a well versed argument in a lot more depth and legal detail than I could ever muster into why the whole process doesn't and shouldn't work.

For genuine investors who want to get into renting property,  you need to save up for a deposit and buy a property and then rent it out legally. 

That's how you make money, not using get rich quick schemes invented and promoted by Property Gurus and Svengalis.

Landlord insurance -  where do professional investors go?

Rents rise to all-time high

Home rents rose to an all-time high in July https://t.co/magTeEu3B9 #ukhousing

— Guardian Housing (@GuardianHousing) September 9, 2016

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Licensing consultation - Ham&Fulham

Landlord licensing consultation underway in Hammersmith & Fulham. Have your say https://t.co/6XQSD3gaRB pic.twitter.com/990qW0Ffg5

— LondonPropLicensing (@lplicensing) September 8, 2016

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Are tenancy renewal fees fair?

One thing that irks me more than anything as a landlord and also as a consumer is being charged something for nothing.

Do landlords need a new tenancy agreement every 6 months?

This analogy is most appropriate for landlords that let through a letting agent who having signed up the tenant on a 6 month tenancy then proceeds to get the tenant to sign a new tenancy agreement every 6 months and charges both the tenant and landlord for this pleasure.  WHY!  Well there are obviously times that a new contract makes sense.  If for instance the landlord wants to increase the rent every 6 months or there are changes in the occupation (for instance the tenancy becomes a joint tenancy) but for most parts a long standing tenancy just continues as a statutory periodic tenancy with rent being due from month to month.  Any minor changes such as an decrease or increase in rent can be accommodated as long as both the tenant and landlord agree by just altering the existing tenancy (get your tenant to sign the amended copy).

Are tenancy renewal fees fair or legal?

Well the answer to the 2nd part of the question is that they are legal if the agency agreement stipulates it.  So if you don't want to pay every 6 months make sure before signing up with the letting agent that they are aware of this and are happy to proceed on this basis.  Otherwise go elsewhere. 

Should a letting agent have a duty of care?

 Are tenancy renewal fees fair?  At the heart of this question is whether you believe a letting agent should be acting in the best interest of the client aka the landlord or whether they work on the basis of maximising their own profits exploiting their landlords as they would with any other customer.  Many naive first time landlords assume wrongly that they clearly act in the first way having a duty of care toward them.  Clearly renewal fees are warranted if a legitimate service is being provided with a well informed and educated letting agent acting in the best interest of their landlords.  In far too many situations this is not the case.

For more information on tenancy renewal fees

Landlord insurance - expert brokers - professional rates

New BTL trackers offer flexibility

Some new 2 year tracker rates with a free valuation and no ERCs provide a flexible solution for landlords.There are free legals also for remortgages.

Accord has launched two new 2 year tracker rates for buy-to-let clinets with no Early Repayment Charges ( ERCs)  and a free valuation. The rental calculation is 125% at 5.50%.

At the end of the deal period, customers will revert to the lenders Standard Variable Rate less a discount of 1.75% ( currently 4.04%) until the 5th anniversary.

As no ERCs apply during this period, customers can at their leisure, sell their property, remortgage to another lender, switch to another Accord product or remain on the discounted rate. In the current uncertain market conditions, these products offer a high degree of flexibility for landlords.

Accord tracker product details

• 2.69% 2 year tracker up to 65% LTV
• 2.90% 2 year tracker up to 75% LTV
• Reverts to SVR less a discount of 1.75%( currently 4.04%) until 5th anniversary
• Rental calculation of 125%
• Free standard valuation for purchases and remortgages
• Free legal fees for remortgages only
• No Early Repayment Charges
• £130 booking fee
• £300 completion fee
• An application fee will normally apply

To discuss you mortgage requirements please contact the Support Team on:

Email:info@propertyhawkbtlmortgages.co.uk

Tel: 029 2069 5446

Search the whole BTL mortgage market free 

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.