Posts with tag: lettings

RLA issues warning to Gumtree over letting scams

Published On: February 19, 2016 at 2:27 pm

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The Residential Landlords’ Association (RLA) has called on a leading classified online listings service to issue clear guidance over possible scams involving bogus letting scams.

A warning was issued to Gumtree by the RLA after fraudsters posed online as landlords to post ads on the site asking for money in exchange for property viewings.

Scams

In certain cases, the advertisements posted online show affordable and attractive dwellings. However, when potential tenants attempt to arrange a viewing, they are told that the landlords lives a long way away and that they must provide a deposit in order to secure a viewing. Sometimes, these fees cost £1,500!

The criminals behind these scams have cloned websites’ logos, including that of the RLA’s Deposit Guard Scheme. As such, the schemes look genuine to would-be tenants.

Once tenants pay cash for their fake viewing, they never hear from the fraudsters again and their money is lost.

RLA issues warning to Gumtree over letting scams

RLA issues warning to Gumtree over letting scams

Demands

To stop more innocent renters becoming victims, the RLA has now contacted Gumtree demanding visible warnings on its website.

‘Often, the victims in this type of fraud are young foreign students, who have limited knowledge of how the rental market works in the UK,’ said a spokesperson for the RLA. ‘The fact that our DepositGuard logo is being used in this manner is something we are taking extremely seriously and we have approached Gumtree asking for clear warnings about scams of this type to be included on its website,’ they added.[1]

Any victims of this kind of fraud are being advised to call Action Fraud on 0300 123 2040.

[1] https://www.lettingagenttoday.co.uk/breaking-news/2016/2/industry-group-asks-gumtree-to-issue-public-warning-about-letting-scams

SDLT changes causing ‘confusion and uncertainty’

Published On: February 18, 2016 at 2:14 pm

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The stamp duty surcharge of 3% is just a matter of weeks from coming into force. However, a leading lettings expert has stated that the forthcoming changes are causing, ‘confusion and uncertainty,’ in the private rental sector.

Ben Evans, MD of Fleet Milne Property, a lettings consultancy based in central Birmingham, believes building barriers to investment will deter thousands of potential tenants searching for rental accommodation in his area.

Lack of stock

Mr Evans said, ‘for years now, central Birmingham has been characterised by a lack of rental stock and the city desperately needs new apartments to meet demand. At present, it is no exaggeration to say we could potentially let every property to four or five different parties.’[1]

‘If investors are deterred from purchasing new properties because of onerous SDLT payments making their investment unviable, new rental stock simply will not become available to the extent that it needs to in order to meet ongoing demand and rents will continue to rise as a result,’ he continued.[1]

SDLT changes causing 'confusion and uncertainty'

SDLT changes causing ‘confusion and uncertainty’

Confusion

Evans went on to say that, ‘even though we are just weeks away from the changes to SDLT being implemented, there is still confusion and uncertainty within the sector and the imminent increase continues to create more questions than answers.’[1]

There has been a flurry of investors looking to beat the April 1st deadline across the country. However, a report from rplan.co.uk suggests that nearly a quarter of would-be buy-to-let landlords have been put off by the changes.

‘Overnight, the SDLT on a £250,000 property purchased for buy-to-let will increase from £2,500 to a massive £10,000,’ Evans suggests.

In Birmingham though, activity remains high, with prices of apartments in central Birmingham still relatively low-cost.

[1] https://www.lettingagenttoday.co.uk/breaking-news/2016/2/stamp-duty-change-causing-confusion-and-uncertainty-in-rental-sector

 

NLA’s Latest Campaign Will Help Landlords

Published On: December 15, 2015 at 12:14 pm

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NLA's Latest Campaign Will Help Landlords

NLA’s Latest Campaign Will Help Landlords

The National Landlords Association (NLA) has launched a new campaign that hopes to help landlords in making their lettings businesses more profitable.

Reinventing Renting is designed to identify opportunities for buy-to-let investors.

The campaign includes many useful resources, including guides and presentations, on various topics. They will help landlords:

  • Choose the right investment.
  • Improve financial planning
  • Expand their portfolios and maximise gains.
  • Reduce their exposure to a range of risks associated with renting out property, including: imminent interest rate rises, rent arrears and rogue tenants.

Reinventing Renting focuses on the landlords that are struggling to make a profit, by exploring different business approaches and tenant markets, while offering assistance to landlords hoping to make their business more profitable.

The campaign arrives after announcements in the summer Budget and Autumn Statement, which could seriously hit profitability within the sector.

The NLA has also identified some of the good and bad characteristics of being a landlord in its Vogue or Rogue section.

Chairman of the NLA, Carolyn Uphill, says: “As the leading landlord association, we’re here to provide landlords with all the tools and information needed to make a success of letting.

“Over the next few months, Reinventing Renting will look at some of the key issues for landlords and provide support and tips to improve the way they run their business.

“The campaign has something for both new and experienced landlords and will be particularly useful for those who are struggling to make things work or worried about how the changes to mortgage interest taxation will affect them in the future.”1

For more landlord advice, look here: http://www.landlords.org.uk/reinventingrenting

1 http://www.landlords.org.uk/news-campaigns/news/nla-launches-new-campaign