Nottingham Letting Agent Property Blog

Some lenders have begun to increase their mortgage rates even though the base rate is still at an all-time low. The Halifax has already announced it will increase its standard variable rate from 3.5% to 3.99% on 1 May, affecting around 850,000 customers. The RBS has also increased its mortgage rate by 0.25% on two mortgage products, affecting around 200,000 customers, and bringing the rate in line with their standard variable rate. Santander is also increasing the interest rate on four of its mortgage products, but the change will only affect new customers. Lenders generally increase their standard variable rates in...

The government originally set up an emergency bank to oversee mortgages from Bradford & Bingley and Northern Rock, but it's being alleged that this bank is treating landlords unfairly. UK Asset Resolution is apparently being somewhat heavy-handed, and this is leading to tenant evictions and the sale of properties at below market value. The bank’s purpose is to wind down £77 billion worth of mortgages which it took on when Northern Rock and Bradford & Bingley failed, with the aim of reclaiming as much of the money used in bailouts as possible. This might seem laudable but there are claims the...

Last week Grant Shapps announced more details about the revitalised right to buy programme. Social tenants will be able to receive discounts of up to £50,000, with more people will being able to access the scheme. For example, a tenant who had lived in social housing for five years would be able to purchase a £160,000 property for a discount of £50,000, whereas before they would have been eligible for a maximum discount of £26,000. It’s hoped this generous discount will breathe life into the housing market.Shapps has also promised that these new proposals will protect the housing stock as every...

The Bank of England is forecasting that many people may not be able to buy their first home until they reach middle age, and it expects home-ownership numbers to drop significantly, with the percentage being forced to rent predicted to carry on rising. This bleak prediction comes as a new report shows repossession levels rising, with fears that they could double over the next two years. Standard & Poor’s report shows around 35,000 families being repossessed each year, but predicts this figure could increase to nearly 70,000 which would be close to the all-time high of 75,500 recorded in 1991. According...

Property prices have been predicted to grow by up to 3% next year, but of course there will be regional variations with the North-South divide expected to widen even further. Major concerns remain over the economy, with worries about unemployment being top of the list. The supply of new property is also expected to remain low, and could force rents to rise by several percent, especially as the mortgage market is likely to face continued constraints in the wake of the Eurozone crisis.Experts are predicting property prices will remain fairly flat, with the exception being London and commuter hotspots in the...

Replacing a property’s flooring is common during remodelling work. Often property owners will look at various ways to increase the value of their property before letting it and flooring is normally one of their top decor considerations. If you are new to wood flooring and you are looking to maximise your investment, this guide is meant to simplify your decision-making. Wood flooring are divided into two construction groups. The first is the traditional group that is made of solid wood and a second group that is made of wood together with syntactic materials. Manufacturers offer two construction types because each is...

During the final quarter of 2011, members of the Association of Residential Letting Agents saw a 47% increase in the number of rental properties coming onto the market because owner occupiers were unable to sell. A year earlier this percentage was just 18%, and illustrates the sluggishness of the property market. These owners are being forced to turn to the private rental sector to solve the problem.Most of these landlords are likely to be looking for short-term lets. Short-term lets can range from as little as one week to three months, but according to ARLA there are a few pitfalls new...

It looks as if buy to let will remain popular for a good many years to come, as more Britons are choosing or being forced to rent, but how do you choose the best investment property? As with any type of investment, doing your research is vitally important, and you need to decide if a buy to let property is what you really want. Investing money in rental properties is very much a long-term project, and it's worth remembering that your money is likely to be tied up for quite some time, and the value of the property could even fall.The...

Landlords and letting agents are being warned over the use of digital photos. According to the Association of Independent Inventory Clerks (AIIC) some are using photos instead of taking the time to give written descriptions in inventories, leaving them at risk of disputes over wear and tear at the end of a rental term. It points out that although photos are useful, they cannot replace a written description which gives detail about the property and its contents, and the location of any existing damage at the start of the tenancy. The written description can be backed up by the use of...

An article by the Association of Residential Letting Agents has highlighted the changes recently made to HSE Legislation regarding the private rental sector. The recent changes mean that all owners of private residential rental property, and who are responsible for the water systems in the premises must now have a Legionnaires' risk assessment carried out. Many landlords are already aware of this responsibility, but others may not know about these changes.Legionella is a bacterium which is commonly found in rivers and lakes and artificial water systems. Whenever you hear about an outbreak of Legionnaires ’ disease it's usually in larger facilities...

According to the Building Societies Association, more people would like to build their own home. At the moment self-build accounts for just one in 10 new homes in the UK, but generates around £3 billion every year. Now the BSA has published a new toolkit aimed at encouraging lenders to offer more self-build mortgages. Self-build homes can either be constructed out of kits, or can be built by developers as a one-off, or can even be an independent community collaboration where a group buys a larger plot of land. Even though this sector is becoming more popular, the UK is well...

According to minister, Grant Shapps, the government is considering drawing up a charter with the aim of simplifying the private rental sector. The charter of requirements would be intended for both tenants and landlords, and could include rules covering antisocial behaviour, and rules covering legal fire safety standards.The question arose in the House of Commons after Liberal Democrat MP Adrian Sanders asked Grant Shapps if the government had thought about simplifying the private rental sector in the same way the planning system has recently been simplified. The intention would be to reduce the regulatory burden on landlords while helping to improve...

Apparently we're all feeling a bit more confident about the property market, as four out of five of us believe property prices won't fall in the next 12 months, and eight out of ten of us think house prices will either be the same or even slightly higher this time next year. Just over a third think property prices will be higher in 12 months’ time, and this is the most optimistic forecast for a year and a half. However one fifth think prices will have dropped in a years’ time, but this is the lowest percentage since the end of...

During the last year borrowing by landlords has increased by 32%, and nearly half of this money has gone towards buying up new properties. During the first three months of this year buy to let lending reached £3.7 billion according to figures from the Council of Mortgage Lenders, and 32,300 mortgages were taken out. These figures are an increase of 32% on the same period last year. In spite of this increase the £3.7 billion spent on property was actually 5% less than during the last three months of 2011, and this could be due to the fact that buy to...

The number of professionals looking to cut costs by flat sharing has increased by 33% since the beginning of the year, and those choosing to flat share now number in excess of 50,000, according to data from Easyroommate. They found those looking to flat share had increased by 2,000 over the last three months, following a slight decline in numbers towards the end of last year. Since many people are continuing to rent rather than buy, this trend is likely to continue. Those registered on the website that tend to be professionals with an average age of 27, and this tendency...

A nationwide survey has found 54% of landlords think deposit schemes favour tenants, and 35% think neither party benefits from the scheme. Letting agents agree with this assessment with just 20% thinking schemes favour landlords, while 52% think they favour tenants. Some 22% thought the deposit schemes didn't favour either the party. New rulings mean landlords have to register a tenancy deposit with a recognised scheme within 30 days; otherwise they'll face fines of up to 3 times the amount of the deposit. Anyone incurring such a penalty will be unable to evict tenants using a section 21 notice until the...

The UK Land Registry is looking to raise people's awareness of property fraud and is advising owners to make sure their property is properly registered to prevent it being remortgaged or even sold without their knowledge. Once the property is registered owners should ensure contact details are up-to-date, and anyone who feels their property may be at risk can have a restriction entered on the property which is designed to help prevent this type of fraud. This restriction requires a solicitor or conveyancer to certify they are satisfied the person mortgaging or selling the property is the rightful owner.Types of property...

The RICS is predicting property prices could fall by up to 3% this year but some feel these predictions are simply a reaction to homeowners suing more surveyors for negligence. In November of last year solicitors Irwin Mitchell claimed there had been a 20% increase in buyers suing surveyors over negligent valuations, where property was bought for more than its true value. Most of those seeking retribution were buy to let landlords.The rise of the buy to let landlord was well documented last year leading many first-time investors to believe the market was infallible. However the reality has proved somewhat different...

Alternative dispute resolution is used to help settle disputes between landlords and tenants using techniques and processes which are outside the judicial process. While sometimes not a popular solution, it can be mandatory, especially as caseloads are increasing in traditional courts. It is supposed to incur fewer costs than litigation, and aims to give both parties greater control over the outcome through negotiation, mediation or arbitration.Negotiation is voluntary, and isn’t mediated by a third party. During mediation there is a third party who acts as a neutral observer and it's the mediator's job to try to negotiate an acceptable resolution for...

At the end of last month the House of Lords debated an amendment to the Welfare Reform Bill as to whether tenants should be able to choose who receives their housing benefit, with the amendment being supported by an alliance of 18 organisations representing both tenants, landlords and lenders, all of whom believe tenants should have the right to choose. Apparently a survey by research consultancy Policis found an overwhelming 93% of social tenants would prefer their housing benefit to be paid directly to the landlord, showing most prefer to know the roof over their head is secure. Having this expenditure...

Holiday homeowners who rent out their homes could be entitled to a tax rebate, but apparently many people are unaware that this even exists. An accountancy firm recently estimated that there were around 450,000 holiday homes owned by UK taxpayers, and that 100,000 homes could qualify for a tax refund due to money spent on fittings and furnishings.Owners who bought their holiday property before April 2010 may be eligible to claim capital allowance tax relief, but this is only applicable until the end of January next year. After this date those homeowners in the European Economic area will have to offset...

Nottingham letting agents are urging Nottingham landlords to remember that if they intend to make energy-saving improvements to their buy to let properties they could reduce the amount of tax paid through the Landlords Energy Savings Allowance (LESA). Now is definitely a great time to make properties more eco-friendly, as energy costs look set to increase even more.LESA isn't a payment, but has to be claimed as a tax allowance, and can be claimed by landlords renting out residential property in the UK and abroad. Unfortunately anyone letting out holiday homes or a room through the Rent a Room Scheme doesn't...

Minimising your property taxes obviously boosts your profits, and it's easy to overlook the little things that can really add up. Keep accurate records of all your expenditure as it is easy to lose track of things you have paid out for, and it really doesn't matter how small an expense is as it's still worth claiming. If you incur any expenses in maintaining the property then where possible claim it as revenue expenses which will minimise your income tax.If you have any repairs that you know will need doing in the near future then consider doing them sooner rather than...

There has been a last minute rush to complete on properties over £1m before the stamp due rises to 5% on the 6th of April.Approximately £200 million of sales were completed last week.A lot of parties had specifically agreed that they must complete before the change....

A house in East Sussex has just gone on the market for £2 million. Crotchford Farm has quite a remarkable history, according to a recent story in the Daily Telegraph. It used to be the home of AA Milne, creator of one of the most famous bears in the world, Winnie the Pooh. He brought his son up at the farm, telling him stories about Winnie the Pooh, Piglet, Tigger and Eeyore. There is a statue of Christopher Robin as well as the sundial which is engraved with characters from the book and a poem dedicated to Pooh.There's also a swimming...

According to a survey by FindaProperty.com, for that 10 people looking to purchase a house would be prepared to pay an average of £15,000 more for a property if they knew the next-door neighbours were courteous, quiet and trustworthy. This is a premium of around 7%, but some people would be prepared to pay as much as 20%, or £44,000 to secure good neighbours.This might seem a little strange to be prepared to pay so much, especially as the survey also found 26% of people don't know their next neighbours  full name, and 22% have no idea how they make a...

This bank holiday many of us will be doing DIY, and some of us will be doing it in preparation for selling a property, but what really counts? Traditionally homeowners have always cleaned the windows, put on fresh coffee and decorated a house with fresh flowers before sticking it on the market, but according to research by HSBC these aren’t the important factors to concentrate on.Valuation experts think property owners should be concentrating on de-cluttering the home, tidying up the garden, and repairing chips and dents to paint and wallpaper.  Although the experts and homeowners both agreed on de-cluttering before selling,...

Joel Allen, a Canadian living in Whistler, British Columbia, Canada, recently revealed his egg shaped home to the worlds press. The home took several years to build, and is constructed out of reclaimed timber and other bits and bobs. It is suspended in a hemlock tree and isn’t easily accessible. The problem is that the quaintly named HemLoft is illegally built on Crown land, and is in an area where homes can cost millions of dollars. As you can imagine it is somewhat controversial and there is now a danger it may be torn down, even though very few people actually...

With the price of gold at more than £1,000 per ounce, it would seem like the perfect time to invest in a gold mine. An estate agency in Arizona is selling one, complete with 117 acres of land. It's thought the gold mine could contain as much as £107 million worth of gold, but of course it could be a lot less.The mine originally opened back in 1874, but wasn't fully mined due to an economic downturn in the 1890s. Over the years a number of businessmen have been interested in purchasing the land, but it's never been mined commercially. The...