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The PRS is one of three consumer redress schemes authorised by the government whose role it is to provide fair and reasonable resolutions to complaints between members of the public and property agents and professionals.
In England and Wales, letting agents are able to charge prospective and existing tenants for services and administration in addition to any rent or deposit paid. Such practices are illegal in Scotland where tenant fees have been outlawed since 1984.
In a report issued by the PRS last month, it was revealed that of the complaints about agent members raised with the scheme, the most common grievance involved unfair or excessive fees being charged to the consumer. This has been reinforced by figures recently issued by Citizens’ Advice, who have hit out at agent’s ‘inexplicable fees’.
Posted in Important Legal Real Estate by .
CrowdLords is a new crowdfunding site, offering people the chance to invest in property, whether as a landlord or simply as a hands-off investor.
Let’s take a closer look at how it works.
How it works for landlords
CrowdLords offers landlords the chance to raise funds for a property investment without having to go to a bank and take out a buy-to-let mortgage. Instead you rely on crowdfunding to get you the cash you need.
You identify the property that you want to invest in. This may be a standard purchase, but CrowdLords will also look at things like developments and refurbishments.
Posted in Buy-To-Let Finances Investing by .
The move echoes the recent successful legal action by a landlord against a similar idea in Enfield, north London.
The Rotherham scheme, in line with many others around the country, requires landlords to apply for a five year permit costing £625 for each property they let.
Now the Rotherham Action Group, a landlords’ body, has notified the local authority of a potential legal challenge to the proposal, which comes into effect in May and applies to four specific parts of the local authority’s patch.
Posted in Buy-To-Let Landlord Law by .
Buy-to-let was the sector to stand out in January marking a rise against the general housing market decline, the latest Connells data shows.
While overall property valuations fell by 4 per cent on the month and by 23 per cent on the year, buy-to-let activity was up by 37 per cent on a monthly basis and recorded just a moderate decrease of 4 per cent on the previous year.
“The buy-to-let sector has bounced back after a disappointing performance in December when it had seen one of the biggest monthly falls. It now looks to have regained that lost ground as landlords – now spoilt for choice with a record number of mortgage products to choose from – begin to invest more. Low mortgage rates have also continued, posing even more attractive deals for potential landlords or those expanding portfolios,” John Bagshaw, corporate services director of Connells Survey & Valuation, commented.
Posted in Buy-To-Let Investing Renting by .
Post financial crisis regulation is hampering the market and brokers are reporting difficulties in meeting customer needs, according to the latest research from the Intermediary Mortgage Lenders Association.
While optimism is returning some 84% of brokers were unable to help at least one customer in the last six months, up from 78% in July 2014, the report points out.
Posted in Finances First Time Buyer Mortgage by .
The amount of homes sold off under the controversial right to buy scheme in London is set to far outstrip the number of new council homes built in the city, a new report has revealed.
According to London Assembly Labour housing spokesperson Tom Copley’s study, the capital’s councils predict they will lose 1.5 council homes for every 1 they build under the government’s ‘reinvigorated’ RTB over the coming decade.
Copley said that his ‘Out of Stock’ report found a “devastating scale of reduction in council housing stock” and called for local authorities to be given new powers to properly invest in new social housing.
Posted in Interesting Real Estate by .
Could you even afford a deposit?
The Shelter charity report was based upon a 20% deposit for a property which is standard across the UK at this moment in time. The report also took in an array of different situations regarding single individuals, couples and couples with children to give a broad outlook. So, what does this report show?
Posted in Finances First Time Buyer Your Home by .
A slump in oil prices caused British inflation to drop far more than expected to a 14-year low of 0.5 percent in December, far below the BoE’s 2 percent target and a level that brings outright falls in prices into prospect.
Minutes of the Jan. 7-8 Monetary Policy Committee meeting published on Wednesday showed unanimity for the first time since July, after Martin Weale and Ian McCafferty said raising rates now might cause below-target inflation to become entrenched.
