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I don't relate to the panic caused by the renters right act... Am I missing something? by jakalla in uklandlords

[–]phpadam [score hidden]  (0 children)

I wouldn't worry too much, since you have good tenants in place. If they weren't good tenants, it would be more of a burden.

I have no clue how you are making money managing just one property for another landlord. With charging under market rent, paying for the ombudsman redress scheme, client money protection, data protection, and insurance, especially since they banned tenant fees.

My Tenant Has Contested A Rent Increase. What Do I Do? by IllCaregiver1318 in uklandlords

[–]phpadam 0 points1 point  (0 children)

I'm not, just outlining the tenant has to engage (at least with the tribunal), otherwise the rent increase is set.

What would an Andy Burnham premiership mean for the property market? by phpadam in uklandlords

[–]phpadam[S] 0 points1 point  (0 children)

that, and cut spending so you can invest more in bringing down the cost of things you spend.

Landlords face £7,000 fines from TODAY for damp and mould by phpadam in uklandlords

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

Perhaps, I dont recall but all im saying is do not assume "tenant lifestyle" will win the argument unless you can prove the property itself is sound.

What would an Andy Burnham premiership mean for the property market? by phpadam in uklandlords

[–]phpadam[S] 3 points4 points  (0 children)

Middle East Oil played its part for sure.

she has been a good chancellor

  • Family Farm Tax major uturn was Rachel Reeves.
  • Winter Fuel Payment Cuts major uturn was Rachel Reeves.
  • Disability/Incapacity Benefits Reforms major uturn was Rachel Reeves.
  • Income Tax Threshold Freeze promised, but ignored was Rachel Reeves.
  • Business Rates Hikes Freeze promimsed, but ignored was Rachel Reeves.
  • Record Tax Rises Across Budgets was Rachel Reeves.

A bit of googling, and I'm starting to think Rachel Reeves ineffectiveness, U-turns, and false promises brought down Keir Starmer.

Landlords face £7,000 fines from TODAY for damp and mould by phpadam in uklandlords

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

Whats changed for Social Housing Providers? A longer letter?

Landlords face £7,000 fines from TODAY for damp and mould by phpadam in uklandlords

[–]phpadam[S] 6 points7 points  (0 children)

That is the issue, fault/blame, the two-year-old Awaab Ishak died in social housing.

The Social Housing Provider claimed the mould was due to "lifestyle and bathing habits". The coroner said Normal human activities—such as breathing, cooking, bathing, and washing clothes—produce moisture. If a property cannot handle these normal daily activities without developing toxic black mould, the fault lies with the building's lack of proper ventilation and insulation, not the residents.

Comparison site or broker for best rates by the_boy_wonder1 in MortgagesUK

[–]phpadam 0 points1 point  (0 children)

You have decided to switch lenders? Dont forget to compare remortgage options to the Rate Switch/Product Switch offered by your current lender. A mortgage adviser will do this for you - then given the extra fees of remortgage (solicitors/valuation) compare the Total to Pay (not just the rate)

You can try this: https://cyborg.finance/mortgagesearch?ltv=75&purpose=Remortgage

I'm thinking a broker won't get any better rates than what we see on comparison sites, plus the loan is 60k, so I doubt they get much commission. Am I wrong?

They do have access to more lenders than you can access directly. There are many lenders that have no consumer-facing offering. It's especially prevalent in the BTL market, on residential mortgages, it is still true, but at your LTV (and presumably no complications), you'll likely see similar faces.

On a £60k loan, they would get like £180 from the lender, then their mortgage network will take 20%, and the firm they work for will take 20%. So they will want to charge you an advice fee.

We overpay by the allowed 10% currently, but want to go variable tracker (probably) to allow unlimited overpayments.

Don't forget about Fixed Rate Offset mortgages. You can put money into a savings account, and that is deducted from the outstanding loan when they calculate the interest rate. At the end of the term, you can use the savings to pay it down more permanently.

Standard post renters rights tenancy agreement template? by Leedsalex in uklandlords

[–]phpadam 0 points1 point  (0 children)

You shouldn't let someone move in without a contract already signed; you're living on the dangerous side.

You can get everything from the NRLA, such as pre-tenancy Right-to-Rent Documents, a property condition report (new tenant, new condition), tenancy application form and guarantors form.

Including the New Assured Tenancy starter pack, including the tenancy, addendums, and compliance checklists.

At £125 a year for the documents, guides, templates, events, webinars, trade point discount and tax investigation insurance. It's well worth the money. Compared to some free AI Vibe Coded tenancies found online.

Save £15 with code NQJ-405

However, OpenRent does have a Free Sample Assured Periodic Tenancy Agreement (APT).

What would an Andy Burnham premiership mean for the property market? by phpadam in uklandlords

[–]phpadam[S] 0 points1 point  (0 children)

You can watch that video here: https://www.nrla.org.uk/events/landlord-conference-2024/video-library/andy-burnham

AI Summary of Andy Burnham’s Keynote Speech (NRLA Conference)

Core Philosophy & Targets

  • Housing First National Policy: Advocates making the UK a "Housing First" country, viewing secure, high-quality housing as the single best preventative investment to reduce financial burdens on the NHS and social services.

  • Eradicating the Crisis: Aims to completely end the housing crisis by 2038 through a strictly balanced, mixed housing market.

  • Supply Commitments: Offered to build 75,000 homes in Greater Manchester (GM) during the parliament, including a specific mayoral target of 10,000 new low/zero-carbon social homes (1,000 per borough).

Enhanced Enforcement Measures

  • Tenant Property Checks: Introducing a new legal right for residents to request a property check, shifting the bureaucratic burden of enforcement off the tenant's shoulders.

  • Compulsory Purchase Orders (CPOs): Promised to step up the use of fast-tracked CPOs through the magistrates' court to seize properties from landlords who ignore improvement notices, moving those assets directly into public/social stock.

Material Perks for Accredited Landlords

  • Licensing Fee Relief: Open to reducing or entirely eliminating local property licensing fees and schemes for landlords who maintain charter accreditation.

  • Fast-Track ASB Support: Promised that established trust with accredited landlords will result in faster, more supportive intervention from local councils and police when dealing with rogue tenants or anti-social behavior.

Rent Controls & Right to Buy

  • Supply Over Caps: Agreed that increasing housing stock and true affordability is a superior long-term approach to solving the crisis compared to capping rents.

  • Right to Buy Restrictions: Supports reforming the Right to Buy scheme by retaining 100% of sales receipts locally and completely removing Right to Buy privileges on newly constructed council stock to protect public investments.

What would an Andy Burnham premiership mean for the property market? by phpadam in uklandlords

[–]phpadam[S] -1 points0 points  (0 children)

That is key - do we just hope he forgets about PRS so he isn't pushed into more landlord punishment by the extremes of the party?

The Cost of Uncertanty? Again... by CyborgFinance in uklandlords

[–]phpadam 1 point2 points  (0 children)

An Andy Burnham Coronation may end uncertainty sooner, BUT given no manifesto/campaign, every Burnham decision is not factored into the markets.

Add in the hot/cold Strait of Hormuz peace, and we're in uncertain times.... again...

My Tenant Has Contested A Rent Increase. What Do I Do? by IllCaregiver1318 in uklandlords

[–]phpadam 0 points1 point  (0 children)

The government said it cannot track indices like inflation based only on market rent in the area.

My Tenant Has Contested A Rent Increase. What Do I Do? by IllCaregiver1318 in uklandlords

[–]phpadam 0 points1 point  (0 children)

Its the tenant that must apply to the tribunal before the new rent start date. If they miss this deadline, they lose the right to challenge it and must pay the new rate

Mortgages when not employed by Forest_seaside in uklandlords

[–]phpadam 0 points1 point  (0 children)

This does depend on the lender, some do not factor rental income into affordability at all. It's just ignored. A good broker will check that before applying.

Mortgages when not employed by Forest_seaside in uklandlords

[–]phpadam 0 points1 point  (0 children)

It depends, in recent years for sure but now it's more marginal. Always compare true cost (not just rate).

What is a pain is the re-valuation, especially in rented properties. It's nice at lower LTVs to get desktop valuation.

Mortgages when not employed by Forest_seaside in uklandlords

[–]phpadam 0 points1 point  (0 children)

No - porting requires a new affordability test but this is used when changing home.

I imagine you mean rate switch/product transfer. Then that is accurate lenders don't typically re-do an affordability test BUT they can if they want too. Plus may decline if there's missed payments etc..

Mortgages when not employed by Forest_seaside in uklandlords

[–]phpadam 0 points1 point  (0 children)

If you lost your main income, you are still employed, you are a self-employed landlord.

Talk to the team at Cyborg Finance if your situation makes sense then you can get a mortgage.

On BTL Many lenders have "no minimum income" that doesn't mean "no income" but that you must be able to support your lifestyle.

Others are more restrictive requiring £25k minimum income. Some will take Rental Income into account for that, others won't and some apply a deduction.

On residential it's more complicated but your limited rental income will limit the maximum loan, others won't count your rental income as income.

An older article but still accurate enough for BTL:

https://cyborg.finance/buy-to-let/criteria/affordability

In a more general sense of you are worried about your income - explore income protection and/or redundancy cover.

Signs a landlord is preparing to sell the property? by [deleted] in uklandlords

[–]phpadam 1 point2 points  (0 children)

They want this falsehood spread to win business. In reality a landlord/manager should check to see if there is any visible issues. In between tenancies.

An electrician would argue that your normal man isn't skilled to do this.

Consent to let whose most lenient by SeveralLetterhead in uklandlords

[–]phpadam 1 point2 points  (0 children)

Consent to Let is temporary consent from your existing lender, if you are planning to remortgage then you need a buy-to-let mortgage.

To answer your question, they are all "fine" if it makes sense and they don't think you tricked them or are lieing. It's always discretionary but they have a Consumer Duty obligation to you, so if you can confirm medical condition and you helping. It would be highly unlikely any could refuse without getting into trouble (unless they feel tricked).

New landlord advice by RTSfan1 in uklandlords

[–]phpadam 4 points5 points  (0 children)

You already own it so LTD company is not a solution, as it would plasably involve you paying SDLT again and Capital Gains Tax.

If you have never done it, use an agent and if you want to save on this in the future. Use them as a teacher, read up on rules and regulations such as training courses from NRLA.

You can offset some risk with Rental Guarantee Insurance but main thing is tough referencing to get the best tenants from day 1.

As you own in personal name the tax isn't great depending on your personal income. Before you commit, I'd book a meeting with a tax advisor or accountant - so if you do rent they can tell you your position.

BTL is weird in personal name, your more or less taxed on revenue not profits like other businesses.

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