Terry Lucking

Tweeting to over 2000 contacts and a newsletter to all landlord/investors this weekend... Read More

Thank you for starting this campaign Mark. Thank you for the draft letter. Mine will hit the post tomorrow.
I am completely behind class action and would willingly support and contribute. More than happy to offer to receive/account for monies and hold in our client account and administer as instructed for no charge.... Read More

In my opinion there is already sufficient statutory legislation in place. What is needed is more EHO’s on the street and a visit to every dwelling once every 5 years. Maybe a mandatory licence for all rental properties for say £100 annually. In Peterborough alone it would generate over £1m annually - surely enough to add 10 EHO's with admin back up and systems.

Perhaps a scheme whereby trained qualified agents can licence landlords properties and private self managed landlords pay their local council for licensing on a 5 yearly basis and make it clear to all renters that they should demand to see the licence and check it against a national government controlled register.

We should consider having automatic fines in place for specific breaches (gas tests)in the same way as we have for parking and speeding offences. Keep a national log of anyone with property offences and prevent the transfer of property until the penalty has passed/spent.

Perhaps my ideas will not result in tax revenue that they maybe planning thru the back door.... Read More

My business manages over 1000 properties in Pboro and Cambs which gives me some degree of experience about the PRS market place.

There is an over supply of poorly presented and badly managed rooms with shared facilities in Peterborough and I expect the same applies in many other locations. Too many ‘investors’ have purchased properties for quick income multi letting in troubled unattractive areas without really understanding the market place. These attract the wrong type of tenancy and have dragged down the overall average rent. Renters are more demanding and they now have choice. Rooms with en-suite showers in well managed and well presented properties let easily.

The most recent purchase to complete for a client of our in Pboro is a 3 storey 4 bedroom house in Hampton Hargate. The buyer is considering applying for planning change of use to make into 7 en-suite bedrooms with a large kitchen common room. The purchase price was £161k. The estimate for all works including furniture as a 7 bed unit which requires an extension is circa £50k. If planning for change of use is declined the capital for all works and furniture to make 6 en-suite rooms (2 pre existing) will be circa £30k .

Based on a 7 bed BTL HMO 70% LTV interest only loan at 4.49% the return on capital will be 15% (estimated £15k annual taxable income)

Based on a 6 bed BTL HMO 70% LTV interest only loan at 4.49% the return on capital will be 14.5% (estimated £11.7k annual taxable income)

I would be pleased to look at individual potential investments, forecast income and yields with any serious investor who is planning to instruct us to market and manage.

Detail of a sale property later this evening.... Read More

Morning Mark -

“We need a much faster mechanism to end an AST during the fixed term if longer term ASTs are to become a real option for the PRS”

….. what would you suggest?

Courts to hear the application within 30 days of application under ground 8. Change the procedure to allow a bailiff warrant to be issued at the time of the possession order using the 14 day minimum time only. This would enable a tenancy to be brought to vacant possession for rent arrears exceeding 2 months in 90 days (32 rent arrears+14 section 8+30app to court+14effective date for bailiff warrant)
If courts are too busy or too few maybe gov could enable RPT’s to have powers to end tenancies.

The number of times landlords (novice or experienced) ask us to end tenancies for reasons other than rent arrears or serious social issues is extremely rare. If/when a situation arises that was not brought to ours or the applicants attention before a tenancy started and we felt the tenant had been unfairly treated we offer a free application for a new tenancy if they rent with us again. Maybe we should consider disclosing the ownership profile of a property to applicants to help them assess the potential longevity; i.e. residential mortgage; BTL mortgage; professional investor; short term landlord?... Read More

We rarely get asked for a tenancy with a longer initial term than 12 months and the vast majority are for 6 month initial terms (letting 650 ish annually). Our average tenancy (measured on all ending) is 560 days.

For those very rare occasions where a private tenant requests more than 12 months they almost all request a break clause in case their circumstances change. We would insist a break clause is included for both parties at 12 month intervals (or less).

In 14 years in this industry I have not come across one private tenant who wants to commit to such a long term including that of benefit claimers. We have a number of tenancies that have run for 10 years or more with happy landlords and tenants including some to tenants in receipt of LHA.

We need a much faster mechanism to end an AST during the fixed term if longer term ASTs are to become a real option for the PRS.

Mark - I like the principle of the DOA and will keep it in mind for the rare situation we are asked set up an AST for 2 years or more; thank you.... Read More

It does not deal with the landlords and agents who cause the issues - the landlords who register are those who act lawfully already.

In my opinion there is already sufficient statutory legislation in place. What is needed is more EHO’s (property Police) on the street and an audit of every dwelling with powers for forced entry if prevented. This way they will find the people who operate unlawfully. They will make enough money to cover costs when they prosecute the unlawful landlords. Landlord Licensing just grabs a headline but will fail to deal with any or few of the current and future issues/exploitation.... Read More