LINCOLN PROPERTY NEWS
In recent years, the stock market has had its ups and downs. Add to this the serious loss of public confidence in pension funds as a means of saving for the future and it is not surprising that investors have looked elsewhere.
The property market in Lincolnshire, has proved over the long-term to be a very successful investment. This has resulted in a massive expansion in the buy to let sector.
They said tenants would be able to leave earlier under the plans while landlords would get more financial security.
Labour says the plans do not go far enough and rent rises should be capped.
Do think of your investment as medium to long-term
Research the local market
Do your sums carefully
consider decorating to a high standard to attract tenants quicker
Unless you are a professional tradesman, or prepared to spend a lot of money, don't purchase anything with serious maintenance problems
Don't think that friends and relatives can look after the letting for you. You need someone who is always available - even at 1am on a Sunday morning.
The government as planned on the 1st June 2019, went ahead with banning fees charged by letting agents and landlords to their tenants. In which Under the Tenant Fee Act 2019, landlords and letting agents can no longer charge exorbitant, arbitrary fees.
DOES THE FEE BAN APPLY TO AGENTS AND LANDLORDS?
Yes, it will apply to both agents and landlords
WHAT FEES ARE BANNED?
Anything not exempted, that the tenant (or someone acting on their behalf like a guarantor or parent) is required to pay as a condition of the 'grant, continuance, assignment, termination or renewal' of an assured shorthold tenancy or licence agreement.
Examples of banned fees then would be:
Charging for a guarantor form
Having the property de-flead as a condition of allowing pets in the property
Requirments to have specific insurance providers
What can my landlord or letting agent charge me for?
A tenancy deposit
A holding deposit
Replacing lost keys
Any changes you request to your contract
Bills such as water, broadband, TV licence and council tax
Terminating your contract early
Late rent payments (after 14 days)
Cleaning fees in extreme circumstances.