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Em Morley

Rogue letting agent has appealed quashed

Published On: September 19, 2016 at 10:14 am

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Categories: Property News

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A rogue letting agent who stole more than £400,000 from clients has unsurprisingly had her sentence appeal dismissed in court.

Amy Williams, part-owner of Williams & Young Ltd in the West Midlands, had her jail term upheld at London’s Appeal Court.

Stealing

Williams stole money from the letting agency alongside her partner Glenn Austin, who was handed a sentence of two-and-a-half years for his role in the criminal activity.

The stolen funds amounted to £408,800 and were used to perpetuate Mr Austin’s gambling addiction.

Their deceit was first uncovered in 2015, when tenants and landlords both started to issue complaints to Birmingham’s Trading Standards and Action Fraud departments. Williams was found to have taken deposits and advanced rents from would-be tenants, but never passed this money on to landlords themselves.

Additionally, she took money from different people, for the same properties.

Rogue letting agent has appealed quashed

Rogue letting agent has appealed quashed

Thrown out

After being sentenced in April , Williams appealed her sentence, with this being thrown out at London’s Appeal Court on September 16th.

Williams claimed that her sentence was unfair considering that of her partner’s, who claimed she was involved in 80% of the losses caused.

Mr Justice Edis, who presided over the case, said that Austin was fortunate to avoid a longer sentence for his role in the scam.

Chris Neville, head of Trading Standards for Birmingham City Council, said, ‘this fraud was not only heartless, leaving landlords and tenants out of pocket, but it was foolish-using company funds to finance a string of bets to raise more money.’[1]

‘Tenants paid deposits and advance rents to Williams & Young Ltd in good faith and in some cases, landlords were unaware this was the case as the money had not been passed on,’ he added.[1]

As a result of her actions, William’s membership of the National Association of Estate Agents and the Association of Residential Letting Agents was terminated.

[1] https://www.lettingagenttoday.co.uk/breaking-news/2016/9/agent-who-stole-thousands-from-clients-has-sentence-appeal-dismissed

Landlords should cover letting agent fees, says Citizens Advice

Published On: September 19, 2016 at 9:12 am

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Citizens Advice has called for all letting agency fees to be paid by landlords as opposed to tenants, as is the case in Scotland.

The charity believes that landlords have an advantage of being able to shop around for the most suitable deals. On the other hand, tenants however have no choice over the agent they deal with, nor the fees they are charged, following finding a suitable property.

Complaints

More numbers of renters are contacting the charity with complaints about letting agents. Citizens Advice said it received 6,500 calls about the sector in the year to June. This was a rise from 6,200 in the same month last year and 5,700 the year previously.

In the past, many tenants have lodged complaints about delays and getting repairs fixed. However, it now appears that complaints are more prominently about letting agents’ fees.

Presently, tenant fees are charged for a number of services, including preparing a tenancy agreement, referencing and making credit checks. Citizens Advice believes these features should be paid for by landlords.

Chief Executive of Citizen’s Advice, Gillian Guy, said, ‘private renters shop around for properties, not for letting agents. Landlords are better able to choose agencies based on performance and cost and it should therefore be landlords paying letting agent fees, not tenants picking up these rising costs.’[1]

Landlords should cover letting agent fees, says Citizens Advice

Landlords should cover letting agent fees, says Citizens Advice

Fairness

Responding to the claim, David Cox, managing director of the Association of Residential Letting Agents (ARLA), said he believes that letting agents have a ‘fair pricing structure,’ and do not make a, ‘noticeable profit.

Cox feels that landlords are left with little choice but no charge for essential items such as credit checks, rent to rent assessments and inventories.

‘Rather than simply transferring the total cost onto the side on the landlord, what is crucial is to provide consumer protection through better regulation of the private rented sector,’ Cox noted.[2]

[1] https://www.landlordtoday.co.uk/breaking-news/2016/9/all-letting-fees-should-be-covered-by-landlords-says-charity

 

Society of Licensed Conveyancers Announces Speakers for This Year’s Conference

Published On: September 19, 2016 at 9:07 am

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The Society of Licensed Conveyancers (SLC) and Bold Legal Group (BLG) have announced a list of speakers for this year’s conference.

Society of Licensed Conveyancers Announces Speakers for This Year's Conference

Society of Licensed Conveyancers Announces Speakers for This Year’s Conference

The organisations will hold their annual conference and dinner on Wednesday 23rd November at the Riverside Centre in Derby.

The following speakers have already confirmed that they will be present at the event:

  • Neil Buckley – CEO of the Legal Services Board
  • Graham Farrant – CEO at the Land Registry
  • Dame Janet Paraskeva and Sheila Kumar – Chair and CEO of the Council for Licensed Conveyancers (CLC)
  • June Deasy – Head of Policy at the Council of Mortgage Lenders
  • Emma Vigus – Director of PI Insurance at Howden Group
  • Hannah Mackinlay – of Propertylaw.guru

The conference dinner has grown so much in popularity that the SLC and BLG have moved to a new venue for the evening events following the conference. This year’s dinner will be held at the iPro Stadium (home of Derby County FC).

The events are open to all legal professionals and offer an opportunity for all to ensure that Continuing Professional Development (CPD) training for the year is being met.

The Chairman of the SLC, Simon Law, says: “We are looking for a lot of interaction between the speakers and delegates this year, as the world of conveyancing gets ever more complex. As the SLC has continued to grow in numbers and influence, we are delighted once again to be working with the BLG, whose outreach in the profession also continues to grow.”

The founder of the BLG, Rob Hailstone, adds: “The conference provides a great opportunity not just for the excellent and varied agenda on offer, but also to network with members and fellow professionals. I am really pleased that the BLG will team up with the SLC once again this year, in the only event in the conference calendar organised by conveyancers for conveyancers.”

The SLC is the professional body that represents the licensed conveyancer profession. It works with the CLC, as well as other stakeholders, such as Government departments, industry representative bodies, consumer organisations and the media.

Asking Prices Up, Particularly for First Time Buyers

Published On: September 19, 2016 at 8:28 am

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Average asking prices are on the up following the Brexit vote, particularly for first time buyers, according to the latest house price index from Rightmove.

Asking Prices Up, Particularly for First Time Buyers

Asking Prices Up, Particularly for First Time Buyers

The property portal’s September data shows that the average asking price of new properties on the market rose by 0.7% over the month (or £2,277) to reach £306,499, following a 3% decline in the previous two months.

Asking prices are up by 4% annually, down on August’s 4.1% growth.

First time buyer properties, those with two bedrooms or less, showed particularly strong growth, rising by 3.3% on a monthly basis (or £6,240) to hit an average of £194,477. Year-on-year, asking prices increased by 10.5%.

Second stepper properties recorded growth of 0.5% on the month and 5.2% annually, reaching an average of £258,836.

However, properties at the top of the ladder continue to struggle, with asking prices up by just 1.2% on August and 2.7% on last year. The average asking price is now £545,387.

Rightmove also found that properties are staying on the market for an average of 62 days – down on last year’s average of 66 days.

Although eight regions saw falls in asking prices in August, just two recorded declines in September – the North West and Yorkshire and the Humber, where prices dropped by 0.1% and 0.7% respectively.

The Director and Housing Market Analyst at Rightmove, Miles Shipside, comments on the data: “Some of those trying to get onto the property ladder may have wistfully listened to speculation of lower prices in a post-Brexit Britain.

“While the referendum result has created additional downwards price pressure in some upper segments of the market that were already slowing, those who do not own a home and arguably have the greatest housing need are now finding it harder to achieve their goal in the post-Brexit vote aftermath.

“In their favoured target sector with two bedrooms or fewer, average asking prices have jumped by over £6,000 in the last month as we enter the typically active autumn market.”

Brace of providers launch new mortgage deals

Published On: September 16, 2016 at 11:47 am

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Categories: Finance News

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A brace of mortgage providers have today moved to launch new fixed rate deals.

Paragon Mortgages and Yorkshire Building Society have announced fresh three and five year deals-the former targeting buy-to-let landlords specifically.

New rates

This morning, Paragon announced their new five-year fixed-rate buy-to-let mortgage for both individual and limited company landlords. Interest rates start from 3.75%.

These fixed rates are available at LTV ratios of up to 75%, with the range including funding for self-contained units, alongside more complex HMO properties.

The new longer-term fixed-rate products include a more revised interest coverage calculation, which is based on an interest rate assumption of 4%. The interest coverage ration is set at a minimum of 125% for single, self-contained units and 130% for more complex HMO properties.

John Heron, Managing Director of Paragon Mortgages, observed: ‘with the outlook for interest rates now much lower for longer, we have been able to deliver these longer term fixed rates aimed at professional landlords including those borrowing through limited companies and those purchasing HMOs. These are the first products we have launched which feature an interest coverage calculation that reflects lower interest rate expectations and the reduced risk that customers on longer-term fixed rates benefit from.’[1]

Brace of providers launch new mortgage deals

Brace of providers launch new mortgage deals

Cuts

Meanwhile, Yorkshire Building Society has announced that it has cut selected three and five-year fixed rate mortgages by 0.14%.

These cuts are applicable to three and five-year fixes 65%, 75% and 85% LTVs for both purchase or remortgage.

New three-year fixed rate deals include a 75% LTV at 1.88% and an 85% LTV at 2.03%. Five-year fixes are available from 1.98% at 65% LTV and 2.08% at 75% LTV. Each of these mortgages comes with a fee of £845.

Brendan Gilligan, Mortgage Product Manager for Yorkshire Building Society, noted: ‘we always try to offer our customers a range of mortgage options and good long-term value for money. Our rate reductions will offer borrowers with a range of deposits competitive rates and the security of knowing how much their mortgage repayments will be for the next couple of years, especially during this time of economic uncertainty.’[1]

[1] http://www.propertyreporter.co.uk/finance/paragon-announces-new-five-year-btl-fixes.html

Landlords, Improve Your Property Using this Boiler Comparison Tool

Published On: September 16, 2016 at 10:55 am

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Categories: Landlord News

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Eco-friendly ways to reduce running costs and add value to a property

It’s well known that old boilers can become temperamental and unreliable. If you’re looking to make improvements to your rental property, use this boiler comparison tool to make the decision easier…

Landlords, Improve Your Property Using this Boiler Comparison Tool

Landlords, Improve Your Property Using this Boiler Comparison Tool

Boiler Guide has created a resource for landlords and homeowners alike, which will help you find and compare boiler models from top manufacturers in the UK.

The boiler comparison tool includes prices, energy efficiency ratings and size options, amongst other specifications, to help you find the right boiler for your property.

Worcester Bosch, Ideal and Vaillant are just some of the manufacturers included in the Boiler Guide tool, and users can compare up to four models at a time.

The boiler models have been reviewed by both consumers and engineers, giving an all-round view and comprehensive insight into each product.

To compare up to four boilers, either gas or oil, from 13 manufacturers, use the boiler comparison tool here: https://www.boilerguide.co.uk/boiler-comparison

Landlords, you must be particularly vigilant when it comes to choosing your next boiler, ahead of new energy efficiency regulations.

From April 2018, it will become illegal for landlords to let properties with an Energy Performance Certificate (EPC) rating of F or G – the lowest ratings.

Any landlords that rent out properties with these two ratings must make improvements to bring the home up to a rating of at least E.

The Government insists that most landlords will not have to spend more than £1,800 to improve their properties’ energy efficiency. However, one established investor believes that landlords should receive support to help them fund the improvements.

In addition, the Residential Landlords Association worries that the new rules will become a “tax on tenants”, as landlords may be forced to put their rents up as a result of the extra costs.

It also warns that since a third of rental properties in the UK were built before 1919, they are some of the hardest homes to treat for energy efficiency improvements.

Remember to shop around using Boiler Guide’s comparison tool before you buy a new boiler to ensure it is as energy efficient as possible!