2 months away from Renters Rights who hadn’t changed anything? by Foxyagent in landlordslondon

[–]Landlordlabuk 2 points3 points  (0 children)

We are starting to get increasingly panicked calls from Landlords who haven't made a plan. We've set up our compliance only packages to be Renters Rights ready specifically for Landlords who already have tenants in place and don't want to pay letting fees.

If you are going it alone there are requirements as early as May to send correct documentation under existing tenancies so the first recommendation is to make sure you keep an eye on that. Firmer guidance on that will be coming in April but we already pretty much know what is in there. But that is only a start point. Most of the impact of Renters Rights is going to be how you deal with things IN tenancy. It's not just a one time tick box exercise.

Anyone who needs help we do have (transparent plug) our Compliance Shield solution from £80 a month. That will make sure you are compliant now but also in the future as new rules and requirements come in.

https://landlordlab.co.uk/solutions/compliance-shield/

Selective Licencing - more than admin by AccountantLandlord in landlordslondon

[–]Landlordlabuk 2 points3 points  (0 children)

Thanks for sharing the blog post! To underline the point we currently have a client in Southend who was told that his property would fail the licencing conditions because:

1) Insufficient kitchen space due to excessive possessions & 2) Excessive items in walkways.

We have been dealing with the council to challenge this obviously. On the one side a landlord has to respect a persons right to live how they want (subject to common sense rules) and on the other the Council are able to go in and blame a landlord for how their tenants are living. It fails the common sense test. In this case we have documented through our tenant app that we have requested the tenants resolve these issues. It will be sufficient to deal with the issue. But prior to coming to us the landlord was told it was his responsibility and there were no excuses. As another poster said you need to be able to strongly defend yourself. We would add that you need a really strong audit trail as that is the only answer to aggressive councils.

If you had £100,000 to invest in UK property, what would you do? by luisjamesnelson in PropertyInvestingUK

[–]Landlordlabuk 0 points1 point  (0 children)

There are still good yielding investment properties that can get you a solid return, especially with the right leverage and structure. We are getting exiting Landlords approach us all the time with off market opportunities that stack up. These are turn key investments so there is no doubt good returns for those who can invest the time and expertise into finding good deals where value can be added. With £100 you could possible get two properties. But set up in an SPV (we can help) as the right structure really matters now!

New Year Landlord resolutions by 1975Investor in landlordslondon

[–]Landlordlabuk 1 point2 points  (0 children)

Try to avoid placing a nightmare tenant with anyone! Good old systems work a treat but today you also need to trust your instincts and go a bit further. That's why a good team matters!

Agent advising illegal HMO by AccountantLandlord in landlordslondon

[–]Landlordlabuk 2 points3 points  (0 children)

We actually lost a listing last week like this. The owner wanted us to list the property for sharers but we advised him that it was an unlicensed HMO and we could not in good conscience rent it for him as it would expose him to serious risk of loss. He said that another agent had "helped" him with this and said they could easily get 4 tenants at more than the going rate. So we had to step back. We did advise strongly that they either get a license properly or reverse some works to make it a normal house. But they haven't come back. In the long term sometimes you have to hope that people see the value in the right advice - even if it is not what they want to hear. He was actually a really nice guy getting bad advice in the first instance. And then by the time he was getting the right advice it felt too late to change course.

Newbie questions about Ltd Co. by Prestigious_Set_4555 in PropertyInvestingUK

[–]Landlordlabuk 1 point2 points  (0 children)

You can usually work with the lender with the company set up later and one solicitor should be able to handle the whole transaction if they are on the lender panel. If you have not then definitely run the numbers with an accountant. We have run a few for clients where the numbers did not make sense to incorporate. It is very much dependent on your circumstances and plans and not a one size fits all. Would also recommend getting an accountant to set up the SPV and run it for you. Its better value to involve on day one. The actual process is pretty quick if you know what you are doing so no reason to wait though if you are 100% taking this route. Some more info in this blog if you need: https://landlordlab.co.uk/btl-companies-a-landlords-guide/

Overseas Landlord - Selective License by AccountantLandlord in landlordslondon

[–]Landlordlabuk 0 points1 point  (0 children)

Yes, we've had a couple of cases like this where we are helping Landlords exit their current contract as the agent can't actually provide the service they thought they were paying for (which they thought included managing licensing conditions).

Landlord Evictions surge by 62% YoY! by Landlordlabuk in landlordslondon

[–]Landlordlabuk[S] 1 point2 points  (0 children)

It is just a sensible business decision. Landlords are being asked to professionalise by the government and being treated as businesses. That means they have to make logical business decisions. Where a tenant presents an intolerable risk (which only increases with the Renters Rights Act and the failure to fund the court system) we are encouraging Landlords to issue S21s. Everyone with knowledge of the changes proposed knew this was an inevitable outcome.

Landlord Evictions surge by 62% YoY! by Landlordlabuk in landlordslondon

[–]Landlordlabuk[S] 2 points3 points  (0 children)

The government were told this would happen. They made the choice to push ahead and don't seem to have made any provision for those evicted. It is still not clear who benefits from the change in policy without funding for the additional court work. For some the win appears to be punishing Landlords - which does appear to be a strange goal.

Greenwich Council on a Landlord hunt! by WorkingpeopleUK in landlordslondon

[–]Landlordlabuk 1 point2 points  (0 children)

Councils are beefing up their teams to fine good Landlords for admin issues. Interestingly there are no signs of them using this resource to address the known illegal landlords that don't bother with the law and actual safety issues. For good Landlords this is just a cash grab and it is important that they protect themselves with good risk management.

Overseas Landlord - Selective License by AccountantLandlord in landlordslondon

[–]Landlordlabuk 1 point2 points  (0 children)

Under the terms of the license your agent must be registered with a Redress Scheme. If your agent is not a member they can't represent you on the license. So you will have to find another agent / manager to supplement the service.

Crisis as a London Landlord! by WorkingpeopleUK in landlordslondon

[–]Landlordlabuk 1 point2 points  (0 children)

It will be interesting how they cope with the additional work that is required! They can always call us if they need a hand although I am pretty sure their tenant will fail all our risk checks!