Tenancy Deposit Claims

 In 2008 the financial crash initiated a number of trends that served as a stark reminder of the growing wealth divide in the capital. People on low incomes had to reevaluate whether they could afford the rising rents and the wealthy were encouraged to use property for profit. This is not just limited to London. Global capital is being allowed to transform the world’s cities from New York to Barcelona. It has become quite apparent with respect to these tenancy deposit recovery claims observations, that the housing crisis in the UK is linked to the more prosperous members of society. Capital growth, which is outstripping wage growth, has catalysed a wealth divide and is relegating the less affluent to a life of rent. The unfortunate result is there are those who will take advantage of the misfortune of others and profit. Letting agents offering “guaranteed rent” and renting a whole property to an individual who then re-rents it out to others is becoming a common theme across the ca...

  There is a fine line which many landlords cross when it comes to the legal definitions of house classes as perceived by enforcement officers. I regularly see many landlords fall foul of enforcement officers, and are given no choice but to quickly amend their properties before matters are escalated and legal court proceedings take place. To avoid this as investors we must understand the definition of what constitutes a HMO as opposed to a self-contained flat: HMO: Housing Act 2004: 3 or more tenants that live in the property that are not of the same family and are not from 1 household.  Tenants in the property have to share the toilet, bathroom or kitchen facilities with other tenants. Self-contained flat: Housing Act 2004: A separate set of premises (whether or not on the same floor) which forms part of a building; either the whole or material part of which lies above or below some other part of the building; and in which a toilet, personal washing faciliti...

 Happy New year to all! As we commence the year I thought it apt to plant the seed of financial planning into the minds of those who are thinking of future pension options. We’ll be looking specifically at a pension fund known as a SSAS; how it works, how it benefits you and why it can be an essential addition to your business. What is a SSAS? Small Self Administered Scheme (SSAS) is a UK occupational Pension scheme that can be set up individually if you are a director of a company. This applies not only to limited companies but to Partnerships and Families. The size of the entity and its trading status is not important. If there is more than one director the fund can be distributed proportionally to the amounts put in by each party. If agreed amongst the directors each director can also have their own respective SSAS. The general set up of most generic pension schemes often see funds invested into stocks and shares, which of course is unpredictable and thus agreed upon by the inve...

 As we progress into 2018, Brent council is proceeding with it’s tightening up of controls for property in the borough. A new announcement made of a selective licensing scheme covering five wards, which will come to force on 1st June 2018:     Dudden Hill     Kensal Green     Kilburn     Mapesbury     Queen’s Park Brent already operates a borough wide additional licensing scheme in the wards of Harlesden, Wembley and Willesden. In July 2017, Brent Council’s cabinet had a majority vote in extending licensing to all privately rented properties in the borough. This was over ruled by the government, after a permission request to the Secretary of State denied the borough wide licensing scheme. However Brent were allowed to enforce the council’s area 1 designation, which established on the grounds of poor housing conditions, anti-social behaviour, migration and high levels of crime. This now means that every priva...

  As the year progresses with an ever increasing pace, the property crystal ball is swirling with panic, predictions of the negative fallout in April 2018 of section 24 (which sees the phasing out of the the ability of claiming interest against tax & also no win no fee tenancy deposit claims ) are very much on the cards. Landlords who have been avoiding taking note of their portfolios and their finances will be in for a shock. Law firms across the UK are already reporting an increase in the level of consolidation amongst private landlords wishing to reduce or sell off their property portfolios. Be warned that even disposing of BTL portfolios will not come without its problems as landlords will also face the threat of Capital Gains Tax bills. If you have not taken steps to mitigate and limit the potential negative impacts on your property portfolio you may want to assess the following for guidance: Critically review your finances and assess how your tax bill may...

 The ETPA also expanded the amount of stabilized rental units by including buildings constructed prior to January 1, 1974. With this followed a slew of both deregulation and subsequent emergency protection, as bureaucrats attempted to set a balance between spiraling rent costs and access to affordable housing in the biggest city in the country. Currently, there are a number of exceptions to the rent control and rent stabilization regulations that also take into account the tenancy deposit return . The Rent Act of 2011 details the most recent developments in New York City’s ongoing attempts to balance the affairs of landlords and tenants, by allowing a “High-Rent Vacancy Deregulation”, which states that. “If an apartment is vacated with a legal regulated rent (Rent Stabilization) or maximum rent (Rent Control) of $2,500 or more per month, such apartment qualifies for permanent deregulation, and therefore for removal from all rent regulation.” In an effort to curb the abuse of rent c...

  Following the end of WWII and a normalization of America’s economy, The EPCA was allowed to expire on June 30, 1947, replaced the following day by passage of the Federal Housing and Rent Act. The new legislation exempted from price controls any buildings constructed after February 1st, 1947. http://nysdhcr.gov/Rent/faqs.htm#rsrc1 Back in 1947, the only form of rent control was a rent ceiling, which – simply enough – meant that the price for a rental unit was capped and could not be raised unless you had a dispute over tenancy deposit with landlord . This form is the most outdated, though as many as 40,000 rental units in New York City are still regulated under a provision that dates from 1947: “The rent control program generally applies to residential buildings constructed before February 1947 in municipalities that have not declared an end to the postwar rental housing emergency…” http://www.housingnyc.com/html/resources/faq/rentstab.html The most common form of rent control, an...