Nick Stott - The Homesure Group

This. Switch to a local agent and get them to do the 'local' legwork for you. But don't mess them about - you need to be serious about switching (not a difficult decision, by the looks of it).

We have done this before and got straight round to the property with a Section 3 Notice (change of landlord/managing agent) to ensure that the rent at least *starts* to come to you.

Then deal with the agent. First & foremost, get back control.... Read More

What does this mean for the future of Freeholders, with the Leasehold Reform Act?

Will it lead to more leasehold properties (because there will be more value to the leaseholder), or fewer because Freeholds will be deemed immoral if not in the ownership of the person who bought the individual property?

There will always be a need for a lease when there are common parts, so will commonhold have a new lease of life?

Didn't commonholds fall out of favour in the same manner as the public vs. national debate, i.e. if you privatise the management of the communal areas, it'll be better?... Read More

Hi Steve,
I own & run a Block Management company so I'm familiar with this process.
Firstly, your agent should be answering all of these questions directly.
Insurance premiums (from insurers) are up around 30%, due to the cost of materials & labour, but mainly because of the liability put on owners of properties with regards to the Building Safety Bill and the Fire Safety Bill.
In short; the insurance LIABILITY has increased, and the cost of REINSTATEMENT has increased.
Secondly, broker commissions are being reduced (potentially completely removed), so the brokers are already reduced their fees accordingly.
Thirdly, the underinsurance of buildings is a massive issue.
The first "get-out" method for insurers upon making a claim is to check the rebuild value.
Here's an easy example I always use (it happened to me personally, hence how I learnt):-
Purchase Price of property: £37,000
Original insurance rebuild value: £37,000 (cos, y'know, it's what I paid for it, right?)
Made a claim for £12,000.
They said the rebuild value was actually £120,000, so they REDUCED my pay-out by the same ratio, i.e. about 60%.
They explained that, although you can BUY a property for that price, it would cost MORE than its market value to rebuild due to:-
- demolition & removal of a mid-terrace (support the neighbouring walls etc.) - £40,000
- rebuild of an entire house, tied in with the neighbours - £80,000
= £120,000 rebuild value.
Crazy, but makes sense when you think about it.

My advice to you, if you haven't already, is to get a Desktop Rebuild Cost Assessment. They only cost £150 and there's no visit involved. You can then use this document to challenge your agent/broker.... Read More

No worries. Just get in touch if you need any more advice.... Read More

Yes, that would be self-managing if you deal with the tenant yourself.

If you have a family member doing it, they're just acting as your 'personal assistant' effectively. You are still the responsible person (as the owner) as you cannot make another person legally responsible unless you have an agreement with a regulated letting agent.

FYI - your family member cannot act as an agent on an agreement unless they are regulated in a professional capacity to do so. It puts them at risk of prosecution.

If I were you, I would leave their NAME off it, but put their number down as if it is you so the contact goes to them.... Read More

Strike doesn't do lettings so, they may have bought Purple Bricks for the sales, but the Lomond Group have started buying the managed portfolio (not all of it) on the lettings side.

If they're still operating, I'd love to know how to get hold of them.
We've got several ex-PB landlords bringing their properties over to us, but can't get information & documents from PB which means they're either at risk of not being compliant (because they can't get a copy of a certificate) OR they're having to pay again (because they don't even know if a certificate, or deposit, was ever dealt with).

@Gra Rock - I know who to contact at LCC and what to ask. You have my details already...... Read More

Liverpool Council have changed tact this time around.

When they introduced landlord licensing in 2015, they wanted landlords to be the licence holders (because they are ultimately responsible).

However, many landlords hide behind their agents while simultaneously blocking agents from doing anything.

That meant that the council would hit a brick wall when trying to get agents to get their landlords to do anything.

So... NEW PLAN! Make *agents* the licence holder so that AGENTS can be blamed instead!

At the end of the day, the licence holder should be the most appropriate person.

The most appropriate person is the one who actually has to make decisions and act (i.e to adhere to the material conditions of the licence) which - if you use an agent - IS the agent.... Read More

Hi Phil,

If you're going to self-manage your properties, you do not need to part of a redress scheme.

For self-managing landlords, this would effectively be a landlord register, which isn't yet in force in England.

If you're using an agent, it is mandatory that they are a member of a redress scheme.

As Purple Bricks have gone bust, there's no point putting them down.

We have spoken with Liverpool Landlord Licensing and - because it's not your fault that your agent has gone pop - you can move your property to a new agent and get the agent changed without a fee.

P.s. Obvs, I'm an agent, so I've looked into it 😁... Read More

Thanks for the recommendation, Graham!

😁😁... Read More

Hi Mark,

I'm sure this new legislation will interest you!

http://www.tpos.co.uk/downloads/TPOE2%20Code%20of%20Practice%20for%20Residential%20Buying%20Agents%20-%20Effective%201%20Janua....pdf

Cheers,

Nick... Read More

This would revolutionise Landlords' lives!
It seems strange that rent theft is seen as a civil, rather than criminal, issue.
Hopefully, with more accidental professional Landlords (who in my experience seem to take rent theft badly) this will be brought to the fore more.... Read More

This is so true for me. Today I agreed 3 sales, and all because the sellers realised that, even if a prospective purchaser DID come and offer their full asking price, it's highly likely that a mortgage valuer will down-value the property and the deal will fall through anyway.
Those vendors who realise that yes, they may have to accept less than they want for their own home, but they'll be able to get their next home for less. This will ultimately mean people have smaller mortgages and movement is brought back into the market.

After all, money only exists to make things happen...... Read More

Happy Birthday Mark!
I didn't realise what a diverse background you came from...!
I went over to Florida a couple of years ago on a property-researching trip - would love to hear moe about your time over there? I'm hoping to go back over there and diversify a little...

Enjoy the celebrations!... Read More

Ha! 'Must try harder'... :-p... Read More

Whoops! I didn't mean any of MY landlords are like that!

I've never had an unfair landlord as a client to be honest. And the deposit refunds are testament to that.

However, I've helped new tenants deal with some horrible previous landlords who are making spurious claims against them.
In fact, just today, a new tenant of ours is being accused of breaking into their own house and damaging the property... when they were in Australia!!

Some landlords see deposits as 'bonuses' and really try and take advantage of some tenants, so I reassure tenants of ours that, even if their landlord did turn into a rogue, that they are fully protected by their inventory.

Tenants always seem more bothered by the inventory than landlords too which I find interesting? Before deposit protection schemes a lot of tenants were poorly treated, but now the balance seems to have swung further the other way, and decent landlords are being tarred with the same brush as rogues.... Read More

Hi Frazer,

This is a constant problem for me at HOMEsure. No-one wants to pay for an inventory because, like insurance, you're only really glad you got it if you ever have to use it. It feels like dead money if you don't use it, even though that's half the point-it puts of tenants from making spurious counter-claims or thinking they have a leg to stand on.

But there are plenty of appalling landlords out there too, and whenever I do an inventory it's made crystal clear to tenants that it's in their best interests too.

It's obvious that the cost of an inventory should be split equally but it's hard to convince tenants of this.

P.s. Just started using TVIA and I'm very impressed...... Read More

Hi Mark,

Honoured to be named on your list - thank you.
Good to see a well-nurtured and maintained site coming to fruition.

Looking forward to new developments and features that I'm sure are being polished off as we speak!

Best wishes,

Nick... Read More