22nd November 2021
What Has The Pandemic Taught Us and How Has The Market Changed?
If you are a solo office or small chain, chances are that up to 40% of your space is taken up by non-fee earning staff. Imagine if all your desks were occupied by fee earners! We all know that having a letting and management arm to an Estate Agency is the way to go. Lettings offers a more stable income than sales; and a regular management income can save an agency, especially in these uncertain times. We offer a fully outsourced property management service, that keeps the profits in your pocket and the hassle off your plate. By outsourcing your property management to Performance Property Management you will be able to offer your clients bespoke property management (which tenants and landlords love) with none of the headaches and more room in your agency for fee earners! PPM has it all, Client Money Protection, Association of Residential Lettings Agents membership, Property Ombudsman Membership, Non-Resident Landlord Registration and Money Laundering Registration. You wouldn’t need anything. Want to learn more? Contact Paul Barnett to discuss how this could work for your agency. ...
The Rental Market In general, the rental market seems to be recovering well with some of the big Portals like Rightmove and Zoopla reporting record high activity levels. However, there is still a lot of available property with central London hardest hit. Stamp Duty Holiday A specialist Buy to Let Mortgage Broker has advised Landlords to take advantage of the new Stamp Duty ‘holiday’ and buy now before it finishes on 31st March 2021. Investors will still pay the extra 3% but with properties under £500,000, but that is all you will have to pay! It’s a great time to add to your portfolio. Capital Gains Tax The Chancellor has ordered a review of CGT and many Landlords are worried that they will once again be a target of the governments need to recoup some of their huge recent pay outs. PropertyMark, which includes the NAEA (National Association of Estate Agents) and ARLA (Association of Residential Lettings Agents), have asked the Government to think very carefully before disincentivising Landlords. Eviction Ban The eviction ban ends in August which will be great news for some Landlords. However, if you started a case before August 3rd, 2019 then you must ‘reactivate’ it. You must inform the courts that you still wish to proceed, or the case will simply be discarded. The courts will have an enormous backlog and will prioritise Domestic Abuse cases and Anti-Social Tenant cases. It always has been PPM’s advice that you try, wherever possible, to resolve a dispute without going through the courts. Please feel free to ask my advice on any tenancy issues you...
Or does it? The government are saying that in light of the new increase in COVID-19 cases that the ban will remain under constant review. Even if the ban is lifted permanently the back log of cases in the courts is huge and bearing in mind they will have reduced capacity due to working to COVID-19 guidelines there really is little for Landlords to be enthusiastic about. Priority is being given to cases where rent arrears exceed 12 months rental (9 months rental where the rental income accounts for more than 25% of the Landlords income). Other priority cases are squatters, domestic violence, fraud, deception, illegal sub-letting and property abandonment. Two important points to remember... If you have an ongoing case you MUST remember to reactivate it with the courts. Failure to do so will lead to your case being dismissed.If you simply want to reoccupy your house or sell it you must give your tenants a minimum 6 months’ notice not the usual 2 months. (The tenants statutory rights will always prevail over anything that is written in a current contract) It looks like the second wave is coming, so please stay safe. ...
What Has The Pandemic Taught Us and How Has The Market Changed?
PPM is the first company to offer Landlords a one-stop-shop for every aspect of property management.
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