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RLA find errors in wording of proposed deregulation act

RLA find errors in wording of proposed deregulation act

RLA Find Serious Drafting Error In Rented Housing Regulations Of Proposed Deregulation Bill

The Residential Landlords Association (RLA) have called on the Government to delay the implementation of the proposed Deregulation Act after they found errors in the wording of the document that would expose private rental sector landlords to a legal minefield.

The RLA published the following on their newshub

A major drafting error in Government regulations affecting the private rented sector risks undermining confidence in new legislation being applied to the sector.

The Deregulation Act, passed prior to the General Election, provides Ministers with the power to introduce a new standard form for landlords to complete and provide to a tenant when seeking to regain possession of a property on a no fault basis, known as a Section 21 notice.

With the form due to become legally binding from the 1st October, the Residential Landlords Association (RLA) has written to the Housing Minister, Brandon Lewis MP, to seek a delay following the revelation of a serious drafting error.

The standard form, as currently drafted, notes that where a fixed term tenancy ends and then turns into a rolling or periodic tenancy the Section 21 notice would only be valid for four months from the date that it is served on the tenant*.

This contradicts the Deregulation Act, which makes clear that the required period to regain possession of a property where a tenancy is a rolling or periodic tenancy, should instead be four months from the date the Section 21 notice expires**.

Despite having engaged thoroughly with the Government on its proposals, the final version of the standard form, published last week, had not been shown to the RLA.

The RLA is warning that the drafting exposes landlords to a legal minefield, and is calling for the implementation of the plans to be delayed to give more time to get them right.

RLA policy director, David Smith, said “The RLA continues to share the Government’s ambitions to ensure that all landlords understand and properly implement their legal responsibilities and obligations. In light of the major changes being introduced for the sector it is vital that all documents published by the Government are clearly understood. This drafting error will serve only to dent the confidence of landlords in the legislation. Whilst Ministers are understandably eager not to let these new measures drift, it would make more sense not to rush their implementation than face the potential legal difficulties that will now arise for landlords.”

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Property Optimism Falls To Lowest Level For 18 Months

Property Optimism Falls To Lowest Level For 18 Months

Property Optimism Falls To Lowest Level For 18 Months

UK property price optimism among private rental sector landlords and residential property owners has dropped to the lowest recorded level for 18 months after buy to let mortgage lending in January was reported to be decidedly sluggish.

Traditionally, the UK property market generally experiences a slow start that incrementally builds to a summer buying frenzy before reaching another plateau and then a further period of increase followed by a gradual easing at the end of the year.

The latest Halifax House Price Index (HPI) found that UK property prices increased by just 2% in January 2015, reaching a new UK average property price of £193,130 (GBP).

Combined with figures released by the Department of Communities and Local Government, showing a slowdown in the number of new homes being built, and it is clear why landlord and residential property owners optimism has fallen.

60% of landlords and property owners, surveyed for the lender’s latest housing market confidence tracker report, expected the average property price to be significantly higher in 12 month’s time.

This means that house price optimism has fallen by 10 points from 62 to +52, the lowest level of consumer confidence since June 2013, when 52% of private rental sector landlords and residential property owners expected a large rise in property prices.

So what’s different?

  • In June 2013 UK inflation was at 2.9% compared to the current 0.3%
  • Employment was just over 30 Million compared to today’s figure of 30.9 Million
  • Mortgage lending levels were at £15 Billion (GBP) compared to the current £17 Billion (GBP).

Despite the fact that the UK’s Gross Domestic Product (GDP) for 2014 increased by 2.6% and all members of the Bank of England’s (BoE) Monetary Policy Committee (MPC) voted to hold interest rates at 0.5%, the dip in confidence levels over UK property prices reflects public concern over the UK economy in general.

Craig McKinlay, mortgages director at the Halifax said that “More than half of consumers still believe UK property prices will be higher than they are now in a year’s time; however optimism has continued to weaken. Despite this we’re now seeing a return to the seasonal trend for house price activity”.

But he pointed out that of more concern are the figures from the Department of Communities and Local Government showing a slowdown in the number of new homes being built. ‘It’s widely acknowledged that the UK needs an increase in the amount of new housing being built,’ said McKinlay.

‘The Lloyds Banking Group Commission on Housing targeted 2 to 2.5 million new homes built by 2025 new homes to be built before 2025. If we are to address demand the increase in new homes coming onto the market needs to be sustainable,’ he explained.

PP_BeginnersSecrets

Beginners Property Secrets

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The Shortest Route To Property Investment Success

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Bridging Loan Lending Reaches Record High

Bridging Loan Lending Reaches Record High

Bridging loan use by property investors rises again 

Short-term bridging loan finance is at a new all time high, according to new data published by short-term secured finance providers, West One loans.

Annual lending of £778 Million (GBP) meant that short-term second charge lending by consumers reached a new record high over the last year.

At the start of 2013 the gross amount of bridging finance being borrowed was recorded at £549 Million (GBP) and an increase of 42% in business saw an additional £229 Million (GBP) in gross short-term secured lending being sought by property investors in the twelve month period to 2013 in order to reach the new high. 

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Now Is The Time To Kick start Your Property Investment Career

Now Is The Time To Kick start Your Property Investment Career

Want Better Results From Your Property Investments?

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The best strategy is to buy property form motivated sellers who will be more flexible about the price and/or the terms of the sale. By helping these people solve their property problems we can find an ethical win/win solution.

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If you want to learn how to do this yourself, we recommend one of the best ways is to attend the Property Investing Quick Start seminar [PIQS], run by Simon Zutshi, founder of the Property Investors Network (PIN).

On this one-day seminar Simon will teach you exactly what you need to know to start finding and helping these motivated sellers for mutual benefit.

If this is of interest to you, then read on because we have some great news for you…

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Investors Prefer Property Over Stocks And Shares

Investors Prefer Property Over Stocks And Shares

UK Property Investors are far more positive about continuing to invest in bricks and mortar over stocks and shares as the outlook for the UK property market continues to improve.

The latest Lloyds TSB Private Banking Investor Confidence Index shows that positive sentiment in the UK property market has improved massively in the last 3 months, whilst investors shy away from speculating in other markets with stocks and shares.

In April the positive sentiment for property was only 8%, and improving sentiment in regions such as Wales, West Midlands and North West has added to the strong confidence in London to lift the overall UK property sentiment level to 32%.

This means that UK property is now the fifth highest asset class, behind gold, emerging market shares, commodities and UK company shares. Over the same timescale, sentiment for gold showed a remarkable slump, dropping from 46% to just 12%.

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Want Property Investment Success But Unsure Where To Turn? - JV Angel Networking Day

Want Property Investment Success But Unsure Where To Turn? – JV Angel Networking Day

A very special time sensitive property investment invitation from Rob & Mark at Progressive Property

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Rental Property Seen As Safe Investment

Rental Property Seen As Safe Investment

Landlords Increasing Rental
Property Portfolios

There has been a rise in the number of landlords expanding their rental property portfolios over the last three months, according to fresh research by the Association of Residential Letting Agents (ARLA).

ARLA questioned its members to find out if landlords are currently increasing their investment in rental properties in the private rental sector (PRS) and they discovered that the number of landlords buying properties has risen from 30% to 39% over the last three months.

ARLA have taken the responses from their members to indicate greater confidence in the UK private rented sector and that rental property is still perceived as a safe investment amidst ongoing global and national financial instability by landlords with existing rental property portfolios.

ARLA research also revealed that fewer landlords are quitting the UK private rental sector and selling their rental properties too, with numbers incrementally down on the previous quarter, from 15% to 14%.

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UK residential property prices are

expected to continue rising during 2013

 

UK Property Market Confidence Grows As Prices Rise

UK Property Market Confidence Grows As Prices Rise

UK residential property owners are expecting house prices to rise by 4.5% within the next six months, according to new research by the property search portal – Zoopla.

The property portal based its findings on replies from 4,116 people in the last week of March 2013, of whom 3,485 were residential property owners.

This is the biggest predicted UK house price increase by home owners in more than three years, the property search site said.

The proportion of home owners who think that residential property prices will increase this year is also at the highest level for almost three years, with 74% predicting house prices in their area will increase, the most since the second quarter of 2010.

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Hi My Property Power Team readers…

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Dominate Your Ground by Mark I'Anson

Dominate Your Ground by Mark I’Anson

Mark has designed a one day workshop which will help you find motivated sellers, convert these leads into property deals and then support you to either grow your own property investment portfolio or become a property sourcer. 

In the workshop Mark will take you through his straight forward process which enables you to maximise your property investment and business resources. He does this by focusing on one area for your properties which reduces your entry costs and get better results. 

Mark will work through this process together with you, which will enable you to tailor it to your needs. You will gain confidence in speaking to vendors ….. This day will also give you a range of transferable skills as the content can be used as a “bolt-on” with many other property investment strategies.

  • Are you starting out on your property journey?
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    Continue reading »

There Will Never Be A Better Time To Invest In Property

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