Tag Archives: Deposit

Landlords still face cleaning as top check-out dispute

Being handed back dirty properties at the tenant’s check-out stage is still the number one cause of disputes between landlords and tenants, according to a new report. Imfuna Let says that cleaning accounts for 58% of disputes and that the number has risen by 5% on last year. The next big cause for complaint is property damage. This affected 52% of landlords and 32% said redecoration was the next worse for dispute. Issues with gardening occurred for 17% of respondents, and rent arrears were the cause of a dispute for 10% of landlords. Rent arrears takes first place   When it came to costing the dispute, rent arrears take first place with an average value of £1,160. Landlords then face property damage worth £475 and redecoration costs of £449. They also had to pay cleaning costs of £220 and foot a gardening bill of £195. The founder of Imfuna Let, Jax Kneppers, said that tenants claim in their defence that their responsibility for the property’s cleanliness when their tenancy began was not made clear to them. She added: “Tenants claim that their tenancy agreement does not state what is expected of them”. “Landlords and letting agents who want to make […]

Reforms will see landlords facing a tax bombshell

More than 60% of landlords with private rental properties face being pushed into higher rates of income tax because of Government reforms, according to research. The Residential Landlords’ Association (RLA) says this is no time for landlords to feel complacent after the Chancellor George Osborne announced in his budget that mortgage interest relief for landlords is to be restricted to the basic income tax rate. However, the RLA says that landlords who pay the basic rate and believe they are unaffected by the changes will find themselves being pushed into paying a higher rate of income tax despite their income not increasing. That’s because the tax change for landlords will be applied to turnover and not profit. From their research, the RLA says that of 1,200 landlords they questioned who are currently paying the basic rate of income tax, more than 60% said the rule change would see them paying a higher or additional rate of tax. Impact of mortgage interest relief reforms affect landlords   Now the RLA has met with Treasury officials to raise its concerns about the impact of mortgage interest relief reforms and how this will affect landlords investing in new housing for rent. David Smith, […]

‘Savvy landlords’ enjoy low to let rates

A surge in buy to let remortgaging activity in June has been put down to ‘savvy landlords’ capitalising on record low interest rates. The Council of Mortgage Lenders (CML) has revealed that remortgaging activity rocketed by a third which was fuelled by fears that the Bank of England was due to raise the base interest rate. A director of TMA Mortgage Club, David Copland, said: “It’s a sure sign of savvy buy to let investors who are capitalising on record low interest rates.” Another reason for the rise in activity is the growing number of financial experts who are warning borrowers to consider their loan options before the interest rate rises. According to the CML, buy to let investors received 11,500 loans which is 30% more than were handed out in May. That’s also 53% more loans than were granted in June last year. Value of buy to let remortgages rockets   The value of the loans has grown too by 29% in the month to £1.8 billion. The figure for the year on year increase is a huge 63.6%. Buy to let lending is continuing to grow this year, the second quarter was particularly busy for mortgage activity, particularly […]

Landlords have more deposit protection choice

Landlords have more choice over how to safeguard tenant deposits after changes in the market at the start of April 2013.

Skint renters take 23 years to save a deposit for a home

Just how much renters need financial help from the government’s Help to Buy mortgage guarantee plans is revealed by new figures that show most would take 23 years to save enough money for a deposit.

Letting agent gambles away £12,000 tenant deposits

A Plymouth estate agent has admitted that he gambled away £12,000 that tenants had given as deposits on properties.

Letting agent jailed for £210,000 fraud

Letting agent Keith Ranson stole more than £210,000 from landlords and tenants to fuel a lavish lifestyle.

Landlord fined for ‘minor’ deposit error

Judges are getting tough with landlords who make minor errors over the new data protection laws.