The Financial Services Authority (FSA) has proposed an interim regulatory system for SARB followed by a final system at a later date to be confirmed. The interim system is due to commence on the 1 July 2009. Firms operating SARB will be required to hold interim permission. The regulation will also apply to situations where a vendor retains a share in the property.
Some of the main proposals for the interim system are bullet pointed below and we have also added our thoughts as to how they may affect Landlords. We have contacted the FSA with some questions to try and strike a fair balance for Landlords. Read the rest…
Serviced Accommodation is rapidly growing in the current economic downturn and the worse things get in the employment and property markets the better this sector will do.
The concept of serviced accommodation is largely mis-understood by many landlords to the extent that most don’t realise that they can achieve a 300% increase in rent and realistically achieve rental yields in excess of 20% with minimal outlay!
The process to do this is not that complex and is something most Buy to Let landlords can implement. Read the rest…
Often on my travels to letting agencies and landlord meetings, I experience the second-hand surprise (sometimes shock) that a tenant has gone bad in some way, shape or form.
Various exclamations are offered:
“I can’t believe a tenant would do that?!”
“They seemed so nice when we referenced them…!”
“He ‘suddenly’ stopped paying his rent.”
“She’s been on the phone again, ranting on about (fill in the blank…)”
Has this ever happened to you? Surprised at the unreasonable actions of a tenant? Shocked at a repair that has taken months to get this bad? Staggered that your tenant ‘suddenly’ stops paying the rent?
If you answered ‘Yes’ to any of the above with a big sigh and an exclamation mark (!), it’s likely you could have avoided the issue altogether, or at least avoided the surprise.
The OFT study is both comprehensive and accurate, I have found it extremely enlightening and it reinforced my views on best practise for the sector. Read the rest…
This is a question that comes up time and time again and one that, frankly, is becoming a little tiresome. I have a couple of polite options for answers, so if that question is burning on your mind, here are your answers: Read the rest…
So you’ve bought a property No Money Down, it’s in Doncaster and you live in Bristol. Your initial idea of finding a quality tenant, showing them the property, negotiating the rent, interviewing and referencing them, then providing them with suitable documentation has gone a little sour since you discovered you can’t find the 3 and a half hours to drive the 185 miles to Doncaster over a couple of evenings.
And where would you find the tenant? You could research the local papers in the Doncaster area and take a punt on which would be the best to advertise in. But then you may discover a primal reluctance to advertise your mobile phone number. Dark thoughts cross your mind…”What if the washing machine breaks down at 3am and they call me to get it repaired?” or “What if some loony takes my number down and plagues me with phone calls?”. Read the rest…
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