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The continued housing shortage across the UK is hardly surprising, but according to the Royal Institution of Chartered Surveyors (RICS) rents could rise by as much as 15% by 2023 as the supply of new rental property dries up.
The rise in interest rates announced yesterday was reported to be at the highest level since the recession in 2009. How will these rises affect mortgages, savings and property in general?
New Home Owners Day is celebrated on 1st May, but, whilst buying a house is supposed to be one of the most stressful things we encounter during a lifetime, we can help make house buying and selling a little less painful with these tips.
*Author: Andrew Peach*
*Author: Caroline Walton*
*Authors: Caroline Walton and Megan Lawless*
*Author: Ian Jones*
On 14th June 2013 the decision in the matter of Superstrike Limited –v- Marino Rodriques was handed down by the Court of Appeal. The decision clarifies the situation in relation to tenant’s deposits, in particular deposits taken for an Assured Shorthold Tenancy before the 6th April 2007 and where the tenancy continues after the term as a Statutory Periodic Tenancy (SPT).
A recent Court of Appeal decision acts as an important reminder that a landlord must actually give a tenant all the information prescribed by a tenancy deposit scheme (TDS) and that it is not enough that the information is freely and easily available.
In April 2007, measures were introduced under the Housing Act 2004 which meant that any Assured Shorthold Tenancy (AST) deposit had to be paid, by the landlord, into one of three Government approved holding schemes within 14 days of receipt and the landlord had to provide the tenant with certain prescribed information regarding the deposit within the same time period.
Landlords (and Licensors) of domestic property must comply with the provisions of the Gas Safety Regulations 1998 which includes:
From 1 September 2012 squatting in a residential building is an offence, punishable by a maximum prison term of up to six months, a maximum fine of £5000, or both.
If you own or are developing a listed building, recent changes announced in the Budget will affect you whether the property is residential or commercial as the zero rating currently available for approved alterations to protected buildings (both residential and charitable buildings) will be removed with effect from 1 October 2012.
The coalition Government’s plans to be seen as the “greenest Government ever” took a step closer with the introduction of a number of new directives.
If you are a landlord of residential property and you let it out under an assured shorthold tenancy, you should note that the rules relating to the registration of the rent deposit changed on 6 April 2012. You must ensure that, in respect of all rent deposits that you currently hold, they are correctly registered before 6 May 2012, and that you have sent the necessary certificate and the information prescribed by the legislation to all parties who are entitled to receive it within 30 days of receipt of the deposit.
As a pub tenant you may be leasing from a pubco or other entity, who themself holds a lease from the property owners, i.e. the freeholder, thereby making you “the sub-tenant” who is paying rent to an intermediate landlord, who pays (not necessarily the same) rent to the freeholder.
If your Lease contains a break clause then you have the right to terminate before the end of the term. But beware!
Are you are turning residents away because you don’t have enough beds? Extending your care home could be a cost effective option. However, there are many things to consider before embarking on any building project.
Capital Allowances are a form of tax relief which can be set against Income or Corporation Tax. They are based on the capital expenditure incurred on the provision and installation of certain assets within a commercial building.
On 1 February 2012 the Minister for Housing and Local Government made a written statement updating the Government’s action on housing following the publication of its housing strategy in November 2011.
The Land Registry has reported major issues with fraud involving properties which are not occupied by the owner. If you own property which you do not occupy personally we can advise you on the ways in which you can protect yourself from becoming the subject of such a fraud.
Currently if you are buying a residential property as your main residence for a price not exceeding £250,000 and you are a first time buyer, you may not have to pay Stamp Duty Land Tax on the purchase price. This concession expires on 24 March 2012, with the effect that, any purchase with an effective completion date of 25 March 2012 or later cannot benefit from the relief, even if the contract for the purchase of the property is dated before that date. The relief gave a saving of £2,500 on a house purchase of £250K.
I have been contacted by a client in a complete panic asking me to get him out of a hole. He had a lease of business premises within the protection of the Landlord & Tenant Act 1954, the contractual term of which came to an end on 31 December 2011. In June of last year he was served with a non-hostile Landlord’s Section 25 Notice terminating his tenancy as at 31 December 2011. The Notice stipulated the terms upon which the Landlord was prepared to agree a renewal. My client had no issue with those terms and so simply filed the Notice, assuming the renewal would just take its course. Sadly, he didn’t advise me of receipt of the Notice and now finds himself in the position of having received a letter from the Landlord’s Solicitors demanding vacant possession in two weeks' time.
The Ministry of Justice (MOJ) has published a response to the Consultation Paper “Options for Dealing with Squatting”.