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Fraud Warning Over London Short Let Flats

Fraud Warning Over London Short Let Flats

Landlord Discovers Bogus Company

London Short Let Flats
Trading From His Home Address

A warning has gone out to tenant and landlord consumers to beware of a fraudulent company trading as London Short Let Flats which is displaying a number of industry logos, including TPO and the National Approved Letting Scheme (NALS).

The National Approved Letting Scheme (NALS) has posted a warning to consumers on its own website telling them to exercise extreme caution when dealing with the following websites:

NALS Chief Executive, Isobel Thomson told Property Industry Eye: “We reported the original site to Action Fraud and also to Trading Standards and have advised anyone contacting us about the site to also report their concerns to Action Fraud. We also wrote to the registered office address of Londonshortflats and sent it recorded delivery but the letter was refused.”

A spokesperson for the Tenancy Deposit Service also confirmed that the fraudulent website is using the TDS logo without consent or even being registered.

The fraudulent company only came to light after landlord, Martin McGrath, posted on the popular landlord forum, Property Tribes, to say that he had received a letter from TDS at his home address, informing him that London Short Let Flats was using the logo when not entitled.

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More Struggling UK Home Owners Are Becoming Live In Landlords

Increase In Live-In Landlord Numbers

More home owners are becoming live-in landlords by putting their spare rooms to use and bringing in additional rental income.
The number of UK home-owners that are choosing to rent out a spare room in their own homes has increased by 19% during the last six months according to 2 of the UK’s leading house sharing websites.

The house sharing website Easyroommate claim that in February this year, the number of live-in landlords, (home-owners trying to let out spare rooms), has increased to 34% of the total number of users currently searching for housemates.

The website also reports a 5% increase of live-in landlords between January and February this year

A similar picture is also painted by Spareroom.com who reported a peak in lodger registration numbers in early January, resulting in almost 6,000 UK residential property owners renting out spare rooms by the end of the month.

Average flat share rental asking prices across the UK have also remained consistently at £368 for the last three months, following a marked increase in rents towards the end of 2011

January was a record month for new lodger numbers, up 15% on the previous record month last August. New lodger numbers in January were also up 83% on December 2011 and 22% higher than January 2010.

EasyRoomMate Director Jonathan Moore said: “With the vast number of home owners looking to boost their incomes during the recession, a growing number are waking up to the income trapped in their spare rooms. This is also compounded by the vast majority of people reluctant to downsize due to the loss of equity in their homes.”

With many home owners with grown up families and large properties struggling to keep on top of their mortgage payments, utility bills and accumulating personal debts, renting out a spare room on a short or long term basis has proved an easy way to earn extra income and keep mortgage payments covered.

However live in landlords are urged not to cut corners when accepting new tenants living in their homes. Legal 4 Landlords advise all landlords to at least thoroughly tenant reference all prospective applicants, so that they know more about the person moving into their homes.

SpareRoom puts the average UK room rent at £398 per month, with London bucking the trend with rents ranging between £542 and £677 (GBP) per month.

Spareroom Director Matt Hutchinson, said: “It’s not surprising that the lodger population is expanding so rapidly as home owners look for ways to boost their incomes. With the Government’s Rent a Room scheme allowing people to earn the first £4,250 (GBP) per year without declaring any tax on the income, it is still one of the easiest ways for struggling home owners to earn some extra cash. For some people, the monthly income from a lodger will be the difference between losing their home and keeping it. In parts of the country such as London, where demand for rented accommodation is soaring, live-in landlords are helping to ease the pressure on the rental market by providing an additional supply of rooms to meet increasing tenant demand.”

Landlord & Lettings Awards 2011 - MyPropertyPowerTeam.co.uk - Finalist - Best Website

MyPropertyPowerTeam.co.uk are nominated finalists for best website at this years Landlord & Lettings Awards

MyPropertyPowerTeam.co.uk are nominated finalists for best website at this years Landlord & Lettings Awards

Manchester based property investment and landlord resource website, MyPropertyPowerTeam.co.uk have again been shortlisted as a finalist for 2011/12 in the Website category of the prestigious Landlord & Letting Awards.

Oliver Romain, editor of Landlord & Buy-to-Let magazine and lead judge for the Awards, commented: “The Landlord & Letting Awards are the premier nationwide private rented sector awards in the UK, and it’s great to be able to recognise and reward the best in the industry. This year’s response was phenomenal, with over 1,000 entries received across the various categories, so Mike and Rachel Clarke have done brilliantly to be shortlisted with MyPropertyPowerTeam.co.uk again.”  

The winners for each category will be announced at a gala dinner – hosted by property investor and TV presenter Melissa Porter – being held at the Concourse Suite, Birmingham NEC, Wednesday 16th November, 2011.

Mike Clarke from MyPropertyPowerTeam.co.uk said: “We were beaten finalists last year and are again really thrilled to reach the shortlisted stage in the judging process: It really is nice to be regarded highly by your peers for providing a valuable service combined with quality content. Being finalists for 2 years in succession is a great testament to all the hard work and commitment we have put in over the last 2 years. We are keeping our fingers crossed that we are lucky enough to walk away with the winner’s trophy this year!”

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