Written By Em

Em Morley

Fill your Property with the Nation’s Favourite Household Smells to get it Sold/Let!

Published On: August 9, 2017 at 9:24 am

Tags: letting a property,property viewings,selling a property,smells

While we all know that keeping living spaces clean and uncluttered is vital to a quick property sale/let, the smell of a home can also determine how popular it is with viewers – these are the nation’s favourite household smells…

Fill your Property with the Nation’s Favourite Household Smells to get it Sold/Let!

The summer is traditionally a slow time for the property market, as people head off on holiday and put their house hunt to one side. But with the warmer months coming to a close, now’s the time to start thinking about marketing your property again.

Whether you’re a landlord trying to get your rental let to new tenants, or a property owner putting your home up for sale, how you present your property is essential in how quickly it gets snapped up (and for what price!).

In the estate agency business, newly brewed coffee and fresh bread are the typical smells that are associated with selling/letting a home quickly and effectively.

But times may have changed – what do prospective homebuyers and tenants want to fill their nostrils when they view a property in 2017?

Leading cleaning experts Dr. Beckmann has revealed the nation’s most popular household smells in its Cleaning and Laundry Bible, and they may just help you achieve a successful sale/let!

Here are Britain’s favourite household smells:

Laundered clothes
Freshly baked goods
Freshly mown grass
Scented candles
Flowers
Freshly brewed coffee
A clean bathroom
Toiletries (e.g. bath bombs)

So the old favourites did make the list! It appears that you can’t go wrong with a cup of steaming coffee or a fresh loaf of bread in the oven, but there are other options that could appeal to the modern home hunter.

If you’re a landlord, you can’t ensure that your current tenants will have recently laundered their clothes when you have a viewing, but you could ask them to light a few candles around the property before you bring new tenants round, and insist that they keep their home clean.

If you’re living in the property you’re trying to sell or your rental is empty, you can go to town on enticing the senses when guests view your property – simply putting a vase of fresh flowers in the hallway or mowing the lawn before a viewing could make all the difference.

What are your favourite household smells?

Foundation Home Loans Launches New HMO Product

Published On: August 9, 2017 at 8:57 am

Author: Em Morley

Categories: Finance News

Tags: HMO's,limited companies,mortgages

Foundation Home Loans has enhanced its buy-to-let range further with a new HMO product (House in Multiple Occupation).

Foundation Home Loans Launches New HMO Product

The mortgage is available to both individual landlords and limited company investors that have previous experience in letting private rental properties.

The new HMO product offers both two and five-year fixed rates, starting at 3.19% and 3.49% respectively, with no pricing difference for limited company borrowers.

The rental stress calculations are the same as the lender’s other buy-to-let products, for example, 125% x pay rate on a five-year fixed rate deal for limited companies.

The maximum loan size on the new HMO product is £500,000, with a maximum term of 30 years and maximum age of 75-years-old at the end of the term – though there is no maximum age for limited company applicants.

An HMO is a dwelling rented by more than three unrelated tenants using the same amenities.

The Foundation Home Loans product is for a minimum property value of £75,000. The offer covers HMOs with up to eight bedrooms, while intermediaries can also access the product for multi-unit blocks of up to ten flats.

The Marketing Director of Foundation Home Loans, Jeff Knight, comments on the new HMO product: “We know that landlords with HMOs continue to achieve the highest rental yields – 1.1% above the average, according to recent research by BDRC – and seem to be growing in popularity.

“Speaking to some of our intermediary partners, they are very delighted to be able to offer more choice to their clients with our new product range to help with their demand.”

Foundation Home Loans’ products are only available through intermediaries, and are designed for clients with more complex needs. It has also now launched a residential product range, in addition to its established buy-to-let offering.

Increasing numbers of landlords are choosing to invest through a limited company structure to avoid the Government’s recent and ongoing reduction in mortgage interest tax relief. However, we recommend that all landlords seek professional financial advice before making this decision.

Are more landlords needed to cater to demand?

Published On: August 9, 2017 at 8:39 am

Author: Em Morley

Categories: Landlord News

Tags: Buy-to-Let,Homes,landlords,property

The most recent forecast from the Office for National Statistics suggests that there will be a rise of 8.4 million in the population of Britain during the next 22 years.

This could well spell more bad news for people trying to get onto the property ladder and will lead to the need for yet more properties available to let.

Supply/Demand Imbalance

A large supply/demand imbalance in the property market is set to continue, driving property prices up further in the medium to long-term.

As such, there are growing calls for the Government to reverse many of the anti-landlord measures imposed in recent years, such as the scrapping of wear and tear allowance and increases to stamp duty.

Jonathan Stephens, Managing Director of Surrenden Invest, noted: ‘Whilst it’s wonderful that we can all enjoy a longer life and a larger population can positivity impact the size and capability of those of working age, it does also increase pressures on basic requirements such as housing – namely, where will we all live?!.’

Are more landlords needed to cater to demand?

‘Successive governments’ record of building enough homes to meet demand we know has and remains woeful with the creation of new homes, especially within the private rented sector which is growing rapidly, being funded more and more by individuals and private institutions. With population forecasts such as these, it would seem wise for landlord investors to be encouraged, not penalised through stamp duty reforms and tax hikes as we have seen over the past 18 months.’[1]

[1] https://www.landlordtoday.co.uk/breaking-news/2017/8/more-btl-landlords-needed-to-meet-demand-from-a-growing-population

Substantial Fire Risks Uncovered at Blocks of Flats Across the UK

Published On: August 9, 2017 at 8:07 am

Author: Em Morley

Categories: Property News

Tags: fire safety,Grenfell Tower,Health and safety,tenants

Substantial fire risks that pose a threat to tenants’ lives have been uncovered at blocks of flats across the UK, as fire safety provisions face growing public scrutiny in the wake of the Grenfell Tower fire.

Substantial Fire Risks Uncovered at Blocks of Flats Across the UK

Failings were identified at the tower blocks between 2012 and 2017, including no fire doors and faulty smoke alarms.

Hundreds of other high-rise blocks were also found to have major safety flaws, according to analysis of fire risk assessments by Inside Housing magazine.

It comes after so-called flammable cladding fitted to Grenfell Tower raised serious concerns surrounding fire safety provisions in the wake of the tragedy.

It was widely speculated that materials installed during a 2016 refurbishment aided the rapid and “unprecedented” spread of the blaze that killed at least 80 people.

The disaster has renewed public focus on the state of Britain’s housing supply, particularly social homes, and whether building regulations are stringent enough to guarantee the safety of tenants in high-rise blocks of flats.

Some of the tower blocks found to pose substantial fire risks were located in Southampton, Camden, Guildford, Wigan, Stockport and Hatfield.

It comes as the Government announced an independent review of building regulations and fire safety, which experts said was “long overdue”.

In addition, more than 100 buildings have failed combustibility testing ordered by a Government fire safety panel in the wake of the disaster.

Positively, however, it appears that landlords are doing more to ensure the health and safety of their tenants following the dreadful fire. More than half of landlords have said they are taking action on fire safety in their rental properties.

We have put together a comprehensive guide that explains all of your fire safety responsibilities to protect your tenants and property: /guide-fire-safety-rental-property/

While you must prevent substantial fire risks in your properties, it is also important that you protect the buildings and contents of your investments. Choose Landlord Insurance from Just Landlords to ensure that you receive the widest cover available as standard: https://www.justlandlords.co.uk/landlord-insurance

Landlord Given Suspended Sentence for Risking Tenants’ Lives

Published On: August 8, 2017 at 9:20 am

Author: Em Morley

Categories: Landlord News

Tags: gas safety,rogue landlords,tenants

Landlord Given Suspended Sentence for Risking Tenants’ Lives

A buy-to-let landlord in Ilfracombe, a seaside resort on the North Devon coast, has been given a suspended prison sentence for risking the lives of his tenants by conducting dangerous gas work.

Exeter Crown Court was told that, in September 2016, Allan King replaced a boiler at his rental property on Arcade Road, despite having no training in gas work and not being listed with the Gas Safe Register.

After the boiler developed faults a few weeks later, the landlord called in a gas engineer for help.

The engineer immediately recognised that the boiler was risking the tenants’ lives, and isolated it to make it safe. The Health and Safety Executive (HSE) was informed and launched an investigation.

Allan King, of Arcade Road, Ilfracombe, pleaded guilty to breaches of the Gas Safety (Installation and Use) Regulations 1998 and the Health and Safety at Work etc. Act 1974.

The landlord was sentenced to nine months’ imprisonment, suspended for 18 months, and fined £3,000. He was also ordered to pay costs totalling £12,184.14.

An HSE inspector, Simon Jones, spoke after the hearing: “Landlords have a legal duty to ensure that any gas work at their rented properties is only undertaken by a member of Gas Safe Register.

“In this case, Mr. King ignored previous warnings and undertook his own DIY gas work, for which he had neither the competence nor credentials. His actions were dangerous and put his tenants’ lives at risk.”

Landlords, to help you understand and stick to your responsibilities surrounding gas safety, we have put together a comprehensive guide with the assistance of the Gas Safe Register: /landlords-guide-gas-safety/

Make sure to stick to your legal obligations to avoid ending up in the same situation as this landlord, and to protect your tenants’ health and safety at all times – remember the importance of gas safety!

Leeds Building Society Reveals its Buy-to-Let Portfolio Plans

Published On: August 8, 2017 at 8:56 am

Author: Em Morley

Categories: Finance News

Tags: finance,mortgages,portfolio landlords,Prudential Regulation Authority

Leeds Building Society is the latest lender to reveal its buy-to-let portfolio plans ahead of next month’s lending rule changes.

From 30^th September 2017, the building society will expect landlords with four or more buy-to-let properties (portfolio landlords) to provide details of assets and liabilities, and declare future investment property intentions.

Leeds Building Society Reveals its Buy-to-Let Portfolio Plans

Additional information, such as cashflow, will only be required in more complex cases.

Leeds will also increase its maximum portfolio size from eight to ten, as well as raise the maximum number of holiday lets permitted to a third (33%).

However, the building society will not alter its core criteria of loan-to-value (LTV), maximum loan size, interest coverage ratio or stress tests.

The Director of Product and Distribution at Leeds Building Society, Jaedon Green, says: “We’re committed to supporting landlords and the buy-to-let market, so will continue to accept mortgage applications from portfolio landlords after 30^th September.

“We’ve also increased the maximum number of holiday lets by 33%, which provides intermediaries with greater flexibility to mix and match, using the Leeds Building Society for up to four properties, whether buy-to-let, holiday let or a mixture.”

Under the Prudential Regulation Authority’s (PRA) buy-to-let portfolio plans, lenders will be required to conduct more in-depth portfolio and affordability assessments on investors.

Both Paragon and Aldermore have already revealed their stance on the buy-to-let portfolio plans.

Last week, Leeds Building Society reduced rates on its fixed rate buy-to-let deals by up to 0.25%.

New products include a 2.09% two-year fixed rate deal for purchase only, at up to 70% LTV, and a two-year fix for remortgage only, available at up to 60% LTV.

The products come with a 1% discount for three years following the end of their terms and a £999 completion fee.

Remortgage customers have the option of fees-assisted legal services or £250 cashback.

Green comments: “We’ve made reductions across our range of two and five-year fixed rate deals for buy-to-let borrowers.

“In addition to the reduced rates, we offer different fee and incentive combinations across the range, including cashback, as part of our ongoing efforts to improve our buy-to-let proposition.”

He adds: “Earlier changes we’ve made, such as simplifying criteria and removing the minimum income requirement, have been well-received by brokers. We continue to work closely with our intermediary partners to better meet their needs, and those of their clients, in this important sector.”

Will you be affected by the buy-to-let portfolio plans?