Written By Em

Em

Em Morley

How to Decorate with More Confidence

Published On: March 4, 2015 at 10:39 am

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Categories: Property News

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If you love to, or would love to, decorate your home, but you are too timid to take risks, follow these tips on decorating more confidently.

How to Decorate with More Confidence

How to Decorate with More Confidence

Making mistakes

It is important to get rid of any fear holding you back on design ideas. Any reservations can stop you having the beautiful home that you want. Accept that mistakes may happen, equally as something amazing may happen. Realise that you can deal with any slip-ups, and take the pressure off yourself. You will gain confidence in allowing mistakes to happen.

Your style

Most people will have an idea of the styles, patterns and colours that they like, that suit them and their personality. If you want to decorate more confidently, forget the idea you have of what you like. Don’t stick to rules that you have made for yourself, and move forwards to anything that you like at the time. These things may form part of the style you like in the long-term.

Don’t apologise

Don’t feel that you have to explain to people the style of your home, or anything in it. You definitely don’t have to apologise to anyone who comes to your house.

Don’t get addicted to inspiration

Often, looking at inspiration can make us feel that we must conform to ideals. You may wonder if you are doing it right. If you want to make your own choices, don’t look at what others are doing, and try something new.

Should you Rent or Buy?

Published On: March 4, 2015 at 10:16 am

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Categories: Finance News

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Buying a property is possibly the toughest financial decision you will have to make. To help work out if it is better for you to rent or buy, the Money Advice Service has compiled an action plan.

Pros and cons

The Money Advice Service believes: “Writing everything down in one place will help focus the mind when deciding whether to buy or rent, and will be a useful reference point when looking at your finances, especially if money is tight.”1

Should you Rent or Buy?

Should you Rent or Buy?

You can read their list of pros and cons of home ownership here, and also read their guide to legal and financial responsibilities when renting. After reading these, it is a good idea to start your own list.

Long-term costs

It is advised that you compare the possible long-term cost of buying or renting a property. You should work out how much rent you can afford, by determining your outgoings and any upfront costs. The Money Advice Service has put together a guide on how much you can put towards rent.

Affording to buy

Sometimes people underestimate the costs of buying their own home, and focus solely on mortgage repayments. If you cannot afford extra costs, then you should put off buying. Read this guide to see how much you can afford to borrow. Additionally, there is a guide on estimating your overall buying and moving costs.

If you do need to save more money, you can follow the Money Advice Service’s tips on setting a savings goal.

Affordable housing schemes

Some schemes can make buying more affordable. You may be able to part-buy and part-rent to begin with. With others, you may be able to receive interest-free loans that help with deposits. See this guide for affordable housing scheme advice.

You can also follow the Money Advice Service’s action plan to help you get a mortgage with a small deposit.

1 https://www.moneyadviceservice.org.uk/en/action_plans/decide-whether-to-rent-or-buy?utm_source=d-tabo&utm_medium=disp&utm_term=ntwk&utm_content=d-mortgage_top-performing_desktop&utm_campaign=d-taboola

Guide to Flexible Lifetime Mortgages

Published On: March 3, 2015 at 4:54 pm

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Categories: Finance News

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The Flexible Lifetime Mortgage, the Government-regulated equity release plan, has seen sales increase by 36% since 2013.

Designed for the over-55s, it is suitable if you own your property, are asset-rich, and want to access your wealth in a flexible, safe way without selling your home.

The facts

  1. You can take as little as £10,000 tax-free and leave more funds as backup for when you need them. Your property remains your own; you have simply borrowed against it.
  1. If you choose to pay some of the money back into your property, you can use optional repayments of up to 10% per year, of the borrowed amount.
  1. Guide to Flexible Lifetime Mortgages

    Guide to Flexible Lifetime Mortgages

    If you do not want to pay any back, you do not have to. An interest rate is charged, and if you choose not to pay any interest, it is added to the total, and paid when you or your heirs sell the property.

  1. State benefits could be affected, as having money in the bank could affect your claim. You should check this before proceeding. Additionally, by taking money out of the property, there will be less left later when you want to leave some in your will. Find a balance between what you want now, and what you would like to leave.
  1. Interest rates start at 5.21% at a fixed rate for life, so you know what you are being charged.
  1. Regardless of how much you take with this plan, you will never owe more than the value of the property.
  1. You cannot pass any debt onto your children with this plan.
  1. If you choose to move, and do not want to repay the money, you can transfer the plan to another suitable property.
  1. If you want to repay the full amount, you can, but you may face an additional charge. Paying back 10% each year does not involve charges.
  1. You own your property, like any other mortgage.
  1. Your choice of solicitor will talk you through the terms and conditions in detail before you commit or pay any costs.
  1. Anyone who recommends that you take this plan must be regulated by the Government organisation, the financial Conduct Authority, and have passed specialist qualifications and exams.

 

What is Disrepair in Rental Homes?

Published On: March 3, 2015 at 4:33 pm

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Disrepair and poor housing conditions can cause health and safety problems for tenants. Housing charity Shelter has put together some definitions to determine what counts as disrepair.

Shelter’s key tips for tenants

  • Agree a thorough inventory with photographs before moving in.
  • Put repair requests in writing to your landlord.

Homes in disrepair

The most common disrepair issues in rental properties are highlighted by Shelter as:

  • Damp and mould
  • Blocked drains
  • Leaking pipes and blocked toilets
  • Roof leaks
  • Electrical hazards
What is Disrepair in Rental Homes?

What is Disrepair in Rental Homes?

The legal definition of disrepair is if there is damage that needs to be put right. For example, a broken window will need repairing.

However, there may be something in the property that is not broken, but doesn’t work as well as it could. For example, a window that’s draughty. This does not count as disrepair and a landlord would not have to fix it.

You can read more about safety standards in rental homes here.

Who is responsible for repairs?

Landlords are responsible for ensuring that the follow are kept in good repair:

  • The structure and exterior of the property
  • Water, gas, electricity and sanitation systems
  • Heating and hot water systems
  • Safe electrical wiring
  • Appliances included as part of the tenancy agreement, for example, washing machines

Tenants are responsible for minor maintenance, such as replacing light bulbs and checking smoke alarms, and for any other appliances they bring to the property.

You can find out more about responsibilities for repair in the private rental sector and social sector homes here.

If a landlord doesn’t do repair work

Sometimes, tenants and landlords may not agree that repair work is disrepair. Some landlords may take a long time to complete work. Some may argue that no repairs are needed, or that the tenant should pay for them.

Find out here what to do if you need repairs in your rental property, or in a council or housing association home.

Repair and safety standards in rental property

Tenants have the right to their home being fit to live in. If renters live in a council or housing association property, their home should meet the Decent Homes Standard. The aim of this is to ensure that homes are:

  • Warm
  • Energy efficient
  • Safe to live in
  • Do not cause harm or illness to the occupiers

If tenants rent privately, this standard does not apply, however, there are still legal minimum requirements that apply to the property.

You can discover more about housing conditions in private rental homes here.

Tenants have the right to live in a home that is safe and in a good state of repair. All tenants have repair rights, regardless of who their landlord is. However, different actions can be taken regarding disrepair, depending on whether a tenant lives in the private rental sector or in social housing.

If a rental home is dangerous

Landlords should be contacted immediately if the tenant believes the disrepair in their home is dangerous, or if there is dangerous or faulty wiring.

If you smell gas, call the National Gas emergency number on 0800 111 999.

 

 

The Licensing Lowdown in Your Area

Published On: March 3, 2015 at 3:38 pm

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Categories: Landlord News

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The last few years have seen an increase in the amount of local councils choosing to introduce landlord licensing schemes across England and Wales.

These schemes can raise business costs for landlords, and put them under unnecessary burdens. Additionally, they do not pursue bad landlords.

General consent

Local councils have been granted general consent when launching new licensing schemes for private rental housing since 2010. This takes away the need for the central Government to approve the scheme before its introduction.

Before this time, all new schemes had to be agreed by the Government.

The Licensing Lowdown in Your Area

The Licensing Lowdown in Your Area

With the introduction of general consent in 2010, came a big risk for landlords and the community. This allows councils to launch a scheme without any checks, and means that the incentive behind a scheme could be political, instead of having evidence behind it.

The law states that new licensing schemes can only be introduced in areas with anti-social behaviour problems, which can be linked to poor property management in private rental sector housing, or low demand.

However, some councils struggle to justify the need for new schemes, and offer weak evidence to suggest a link between certain issues and the sector.

The NLA works with local councils to resist or positively impact new schemes, however, they cannot always stop them going ahead. Either way, licensing can cause concern for landlords, with a confusing and costly system for them and their tenants.

Licensing tool

Local licensing laws can present substantial business costs, and can be even pricier if landlords do not comply. This is why the NLA has created an interactive tool to keep landlords ahead of the game, and give them the lowdown on licensing in their area. The new map will provide landlords with:

  • An outline of all existing landlord licensing schemes in England and Wales.
  • Details on fees for any mandatory, additional, or selective schemes in the region.
  • Information about areas where proposals are currently in review.
  • Details of NLA local representatives in the area, who can engage with local councils.

The NLA is not only the largest landlord association in the UK, but has a regional network of representatives who act on behalf of landlords.

Risks

This tool is the latest part of the Rent, Risk, Resolve campaign by the NLA. The move looks to help landlords with some of the major risks facing them in the lettings industry.

Rent arrears and increasing interest rates have already been addressed, and now the NLA are focusing on the risks and costs associated with complying with local licensing.

The final part of the campaign, launching later this month, will look at rent controls, believed to be the most damaging risk to the private rental sector.

The NLA’s interactive map can be found at: www.landlords.org.uk/rentriskresolve/licensing-in-your-area

 

 

 

Landlords Address Pest Control Qualifications

Published On: March 3, 2015 at 11:37 am

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Categories: Landlord News

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The Landlord Referencing forum yesterday was met with the news of new professional standards in the pest control industry.

Landlords Address Pest Control Qualifications

Landlords Address Pest Control Qualifications

The moderator News @ Tenant Referencing introduced the topic by telling landlords: “No need to get ratty when you cannot get infestation under control – use a contractor who is a member of BPCA.”

They continue: “New rules have been introduced to promote professional standards within the pest control industry. Members of trade body the British Pest Control Association (BPCA) must now meet strict criteria relating to their professional credentials.”

The moderator includes a quote from the Chief Executive of the BPCA, Simon Forrester, who says: “The pest control sector is awash with people who are not true specialists in the field and that can create big problems for customers such as property managers, who need the job done properly at the first time of asking.

“But as we now insist all member companies and individuals must be trained to industry standards, we can be totally confident they’ll provide the best possible professional service.”1

News @ Tenant Referencing adds: “The new rules, introduced at the start of the year, make it obligatory for every member of the BPCA involved in the eradication and control of pests, to hold at least one of a list of industry-standard qualifications.

“Pest control in rental properties can be a thorn in your side and it is often a long job to eradicate them; left for too long they can often cause damage to the property.”1

Just one user, named micos, responded, explaining that it is really “difficult” for pest control to “guarantee that rodents will not come back quickly”, stating that they often say “tenants don’t keep properties clean.”1

1 http://www.landlordreferencing.co.uk/forum/discuss/community-forum/pest-control-contractors-must-now-hold-a-qualification-good-news-for-landlords-and-letting-agents/#p28702