Tag Archives: Property Advice

02Mar 2012

Current Property News: Spring Market difficult to call.

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By Steve Roulstone

So we arrive at the time when we start to think of the spring, when Tesco sell more fabric conditioner than any other time of the year, when we all confirm our first sighting of a spring lamb and when the property market looks towards an increase in business as people look to make that move after the winter (said with the full knowledge that next week we are getting winter weather again, at least temperature wise!)

Normal Pattern.

It is normally the case that the spring is a busy market for the rental market and while we have seen more activity since the last cold snap, the question that remains unanswered and will go a long way to proving if confidence in the economy is rising again, is will we see the expected rise in activity or not. Apart from a return to normal temperatures next week, if we do get another bout of winter weather, it will definitely slow movement down, because after viewing property in the dark, nobody wants to spend a day looking at houses with snow on the ground!

Job confidence.

No weather aside, it is the job market which will provide the ammunition as apart from natural movement around Landlords selling or wanting to choose bigger or smaller accommodation, it is people moving with work, which in the main is new posts being filled, that feeds the market and provides a base for any busy period. So the link between a good market, sales or lettings, is clearly linked to confidence in the economy overall.

Nobody knows.

The problem at the moment is nobody knows and whilst we have just gone through a quieter winter than normal, London, which is usually the barometer that the rest of the country follows, has maintained its movement and after a slow period, we usually get a natural climb purely because people catch up on the move they were going to make, but waited to see how matters panned out? (Mainly financial of course) So all the signs are there and not just in trends:

Mortgage matters.

There has also been a rise in all matters surrounding the Mortgage market, with increases in numbers and availability of specialist mortgages, as the ‘Buy to Let’ market is also showing signs of increasing again, which adds fuel to the fire that house prices have stopped declining. In fact stories centred on the mortgage market abound at present and I wonder how many are reporter led and how many are industry fed?

Budget.

And of course with an impending budget and whatever impact the markets take on the content, will undoubtedly play a major part of any increase in activity. For me, it is not so much what is stated, unless the chancellor has some hidden move to stimulate housing, because nowadays most of the changes are heralded well in advance, it is how the financial report on the current state of play of United Kingdom PLC is received that will have the major effect.

Forecast.

Well this is something that I do not normally do, but for what it is worth, I think that we will see slow movement until after the Budget and depending upon those figures and any adjustments made by the chancellor to reflect the performance, it will be after the budget before we see any major change (a kind of Housing Equinox if you will) and this will reflect just how confident the markets are in that performance and the chancellors views going forward, so I am afraid I am sitting on the fence, good confidence, good growth, poor confidence and we will see a steady market for probably the next six months.

28Feb 2012

Property Landlord advice: Who knows about Buy to Let?

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By Steve Roulstone

 

Buy to Let seems to be making a comeback, certainly as far as the press are concerned anyway, with several articles being published both at National level and at regional level. One such article in the local paper we advertise in,  The Newsletter in Stafford caught my eye this week and whilst in principal it is a good article, i gleaming issue did come to mind!

Ten Top Tips!

The article was giving what the writer called, his ten top tips when considering But to Let and I would have to agree with most of what was written, what I would take issue with is what was NOTR written. On two occasions in the article, it mentioned speaking to people who had experience in the field, such as others that the reader may already know who had invested in the property.

Who Knows Best?

It even stated that you can use Managing agents to look after your property although we would raise a charge for doing so! Excuse the Sinicism here, but I am yet to find an Estate Agent who would do this for free, or a Solicitor that would provide an agreement at no charge! Of course we would charge and in relation to both of the professions I have just highlighted, could assist in ensuring the purchase was done correctly, especially with so many properties being linked to on site Management Companies now and the agreement we would provide would be certainly as good as any solicitor, but nowhere near as expensive! Sounds different put like that doesn’t it!

Blindingly obvious who to speak to!

No what the article never suggested was the blindingly obvious place to get good experienced advise is from your Professional Letting agent. It is disappointing not to be recognised for the service we can provide and the knowledge we can pass on! I know from the people who have come to us and just how many we have assisted in buying property, that we do a good job here. Yes we do turn such contacts in to business and we do charge! But we have never forced anybody to hand over there keys or their money! Rather that as professionals in the field, the advice has been such that our Landlords have CHOSEN to use our services and the many happy Landlords we have are living proof, that the professional Agent should be top of the tree when considering top tips.

Professional.

Now regular readers of my blogs will know that I take every opportunity to blow the trumpet of professionalism. Well there is no difference on this occasion. The whole point here is to ensure it is the right Agent and that the advice is good advice. Whilst we continue to wait for the Government to bring in the legislation to make professionalism in our industry the norm, all you have to do to ensure you are dealing with a Company that conforms, is look for the (or ask for the) evidence of the professional bodies they belong to.

Check it out

At Castle Estates in Stafford, we are members of ARLA, (NFOPP) and belong to the ‘Safe Agent’ scheme, as well as being members of The Property Ombudsman. By checking and reviewing the organisations (and all this can be done before you even speak to anybody, because the logos, will all be clearly shown on an Agents web site) you can be sure you are speaking to a professional Agent  and therefore receiving good advice, now isn’t that what we all want? 

24Feb 2012

Duty of Care liabilities incurred when instructing a contractor

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By Mike Edwards

Late last year a letting agent was hit with £4,000 of fines and costs after a self-employed handyman was exposed to asbestos while carrying out work on a client’s property. The case highlighted health and safety legislation responsibilities for agents and indeed Landlords instructing self-employed contractors, in particular preparing risk assessments of properties and checking the competence of those who carry out maintenance jobs. All too often the concern is that the contractor is qualified and won’t blow up the property – but there is a Duty of Care at Common Law on those instructing contractors in terms of their safety.       
 

This would apply to obvious issues like asbestos and other suspect materials, but could also involve working at heights or even, as in a case only last month, safety  and appropriate equipment for working across car port and conservatory etc rooves. An elderly handyman fell through a carport roof and the agent was prosecuted by H&S Executive and were fined £76,000 because the incident involved a fatality.              

In last year’s case the handyman, who does not wish to be named, regularly carried out work on properties managed by agents in Cardiff.  In October 2011, the handyman was sent to a domestic property to fix a leaking porch roof. 
As he was removing a sheet of material from the underside panel of the damaged roof, he realised the insulation board contained asbestos. The sheet was broken during removal and the surrounding area was contaminated with asbestos debris. The Health and Safety Executive, prosecuting, told the Magistrates’ Court the removal of the panel and the sweeping up and bagging of the debris would have resulted in a significant release of asbestos fibres into the air. The handyman wore two dust masks while removing the board, but did not undergo any decontamination procedures and was not wearing a protective, disposable suit. The court heard the fibres could have contaminated his hair, skin and clothing and may also have been inhaled.        
 
The HSE investigation found the handyman had not been given any indication that asbestos was present in the property. Nor had he attended, as all contractors would be well advised to, a regionally based asbestos awareness training day. No risk assessment was carried out, and the agents were unable to demonstrate they had made any attempt to ensure he was competent to identify or work with asbestos. A licensed asbestos contractor was later called in to decontaminate the area. Meanwhile the agent  was found guilty of breaching Section 3(1) of the Health and Safety at Work Act 1974 and fined £1,500 with £2,500 costs.

 
HSE said: “There are specific rules and laws regarding hazardous substances like asbestos. If we do not enforce these laws, people’s health can be put at serious risk. Asbestos is a known carcinogen and should be treated with extreme caution. “Those in charge of maintenance and repair of buildings must ensure work is carried out by competent tradesmen, and that consideration is given to the presence of hazards such as asbestos.”

Agents should be aware of these risks, and act accordingly. You don’t need to be a building surveyor to understand that asbestos was widely used in old properties, and that it is extremely hazardous if disturbed. If you’re taking on a property that potentially has asbestos in the construction then you should carry out a risk assessment either when listing it, or at least prior to any work being carried out on it. Making yourself aware of the legislation and risks involved surrounding asbestos is a small price to pay for the sake of a contractor’s life.

21Feb 2012

Property Landlord advice: Standards and Legislation still not getting through.

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By Steve Roulstone

As a Letting Agent I looked at three houses yesterday, all at the invite of the Landlord and all for evaluation. Three Landlords who were all asking for my opinion on the readiness and valuation of their property in the current market place, and all three were due differing responses for varying reasons but the issue that stood out was that the message about legislation and property readiness is still not getting out there and we still need to preach to either the unconverted or the unknowing.

House of Mulitple Occupation.

The first was a terraced property which had been lovingly restored by the owners. The Gentleman had made a really good job of renovating the property and had managed to change a property so much that it no longer felt like a traditional terraced house, even though it was. The issue for this Landlord was whether the property would take three or four Tenants as a room let. What came as a surprise to him were the requirements for a House of Multiple Occupation that he had to adhere to, because even though he had been carrying out the work for several years, he was not aware of what was needed. He will now speak to the Council, because even though the property did not need a License, the regulations surrounding safety, once more than two family groups occupy the home, remain the same. He will then be able to decide between renting per room, or renting to a Family.

Property in fit condition.

The second was a house that had been purchased cheaply and the new owner, having started some work, was looking for advice as to a valuation. Unfortunately, I had to confirm that in my opinion it needed far more money spending on it before it was even fit for purpose. This concerned a new RCD fuse board, new carpets, all of which were badly fitted, new decoration, all of which was multi prime colours, repair and make good to several areas such as stair rails, chipped tiling, poor flooring and a general electric check because of the obvious additional wiring installation that had been added to the original for what looked like several years. Not forgetting what looked like unvented wall mounted gas heaters and we had a property which was far from fit for purpose.

Unwanted information?

 I certainly felt that the Landlord did not feel the property was far from ready once he had completed the new bathroom, and my sincere hope is that some other agency does not take the property on without the work being carried out, but such calls do become one of the hardest things we have to do as Agents.  Hopefully my message set around my central point that with such choice of quality housing about, why should a property in this condition be rented out in competition with the rest of the market was understood. The worry is why both of the properties above should get to the stage of what we saw yesterday without knowing what was needed before this stage?

Good advice.

Perhaps it is that people do not really want to hear? But this is not the case with the first Landlord, because we have already looked after two of their houses and they are good Landlords, so it is a fact that the legislation message has not got through, which is doubly compounded, when we heard of just how much time the Landlord had spent negotiating with the local council over matters surrounding access to the property over the last three years? There is a lesson to be learnt here, even for us as Agents, for whilst we knew the Landlord owned the property and was carrying out renovation, we were not aware of its intended use until yesterday and I definitely feel we should have had a conversation prior to the properties completion. As Tenant Find Landlords, we have assumed they knew and the lesson is clear for us to see, enquire ask and speak at every opportunity and what came as a surprise could have been avoided.

Third time lucky.

The third visit came as an absolute pleasure, here was a Landlord who had moved back in too his home, between Tenants whilst he bought a new house for himself having sold his last house before buying again. In the meantime, he had taken the opportunity to refurbish the house again, fitting new carpets, re-decorating and fitting a new Bathroom. Every task he got spot on, using clean fresh schemes with neutral colours, taking the opportunity to tidy up the garden, laying slate along the edges of paths to reduce the burden of weeding for the next Tenant and improving the appearance. Seven years ago, when the house first came to the market, it looked just as it does now and all the time we have been asked for comment and opinion as to what was being done. And therein lies the answer, no matter if we feel we are interfering, to do our job correctly, we must speak and spread the word to Landlords as much as possible.

Lesson learnt.

Of course we cannot speak if we do not get the chance to speak as with the second Landlord, before we are invited to the property, so to put that right, apart from just offering it to the people we do speak with, we are going to physically advertise free advice to Landlords for the next three months. That way, we might just save a Landlord on another day, being so surprised about what was needed from him in presenting his property to the market in a fit and proper state in the first place! 

16Feb 2012

BBC News concentrating on the Negative!

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By Steve Roulstone

I have used these pages on many occasions to object about the manner in which the BBC report on Property matters in the News, but lately I have been watching with more attention to the manner they report on any subject and I have to say that they are not just treating Property in a negative way, rather, everything they do seems to be done in a negative slant, a kind of; ‘the subject for discussion today is (whatever the subject may be) and here is somebody who disagrees with it!’ approach.

Institution.

I may be old fashion in my expectations, but I have always looked to the BBC to be the provider of the News, as it is, as it happens, but that is sadly no longer the case! I have stated for years that the BBC the News and insisting we listen to the opinions of everybody and anybody who takes the time to get in touch.

Mind of my own.

My problem with this is that I want to be able to work out for myself what is happening instead of being led down a line of  what the BBC construes is happening, never mind having the extreme views of ‘Mr Angry’ being added to the equation. We are told the BBC is not dumbing down, but in trying to put a spin on the News for 24 Hours a day, they have little choice if they don’t want to repeat everything every half hour!

Negativity.

But that is just the half of it, bad enough that we get individual extremist comments from people who have the time and inclination to get in touch read out as if it is a legitimate opinion (Listen to Radio 2 lunchtime show, they rely on comments from the public) but when the commentators that they produce, live or my video link, all point to a negative take on whatever they are reporting upon, what are we supposed to think?

Is it just me?

I had to make sure it was NOT just me and sure enough, over the last five days, I have failed to find any report that the BBC commentators (or guest they requested to comment) did not find a negative stance. This morning’s prime example was the news that we will soon be able to transfer monies using our phones only, really a simple process for all those who heard it, but the reporter actually stated how complicated it was! It isn’t – it’s simple!

Relating to Housing       

The issue for me now comes in how I am supposed to relate to any Housing news, when the BBC are so obviously being negative, how can anybody view the reporting if it is done to be more interesting, because it is the only reason I believe they can give for reporting in this manner, because they will be aware that people take more notice of issues made to look poor; a kind of ‘oh how can they’ reaction rather than stating that ‘ a problem has been solved’ or ‘our lives are easier because’. So where does the real news come from now if not from the BBC!

07Feb 2012

Current Property News: Higher rents good news for Mortgage brokers but not always for Landlords.

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By Steve Roulstone

It looks as if the rent increases that we have seen on average are beginning to have the effect of allowing Mortgage brokers to have more confidence in the’ Buy to Let’ market as reports this weekend in The Daily Telegraph confirm.  Such providers as Mortgage Works and Paragon are clearly confirming their stance and the fact that potential Landlords have more choice is an added benefit with the amount of choice that is available.

Differing options.

The report makes clear that buyers have options at the moment, with deals to be done both in the open market and of course with new build as Builders need to move on and complete sites as soon as possible and move to the next plot of land that has more than likely been purchased for some time and for builders where land lies without being broken, it is no different than an unsold completed house.

Landlords taking note.

In this case, the article was bought to my attention by an existing Landlord as it had raised a query in his head about the level of rent that was being achieved at his property rather than any advantage in buying further property at the moment. His call was all about the opportunity to achieve a higher rent than he was currently enjoying and of course that is a scenario that we look after for all properties and Landlords we are charged to look after.  

Regular undertaking.

What we do every year is to look at rent levels in the spring, which is the time when most rents increase as the market achieves its natural seasonal high and the time when most people look to move. We do this by reviewing every rent where there has not been a change of Tenant in the last six months (ensuring we review in line with Landlords rights for every property at least once a year) But in this case whilst rents may be rising Nationally year on year, I had to advise the Landlord that the time was not yet right.

Market trends.

We are currently in one of those periods, where the amount of property coming on to the market is outstripping demand. Having ensured we are renting the number we would expect considering both the time of year and current popularity of renting, we know that the effect, which will exist throughout our area and therefore with our competitors as well, will be to encourage offers from tenants and mean some properties will stay void for longer than we would wish. Our answer is to attract as many Tenants to us as possible by reducing our Tenant fees for the spring.

Good advice.

So my advice had to be to hold on any rent increase until we see an increase in activity. (which will not be during the current cold spell) in the meantime, we will do everything we can to attract the Tenants and when the time is right acknowledge the increase in rents on behalf of all of our Landlords, but to encourage Tenants to look at the market when so many properties are available and when we know that Landlords will be encouraged to accept offers does not do the Landlord good service, which just goes to show, that not all reporting can be echoed in the market place and not all areas of the Country react in the same way at the same time! Perhaps it would be better if such reporting pointed out those areas can vary, because on the ground, we know that they do!

01Feb 2012

Property Landlord advice: Basic Health and Safety for Landlords

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By Mike Edwards.

Todays post by Mike Edwards, represents information that the Castle Estates group have been posting for many yeras, but just never changes. Giveing truth to the old adage, you just cant beat good advice!

Many landlords are still blissfully unaware of even basic health and safety rules when leaving their properties for rental, according to The Association of Independent Inventory Clerks (AIIC). For example, one in ten rented properties have items such as soft furnishings, bedding and furniture that do not have the required fire & furnishing compliance labels and have to be removed. What’s more, AIIC members are still finding the dubious – and illegal – practice of landlords ‘selling’ odd items of furniture, without fire & furnishing compliance labels, to incoming tenants.

 It is also of course illegal to let the tenants happen to ‘find’ an ideal piece of furniture outside the back door and for the Landlord to offer to ‘hire’ the furniture for a peppercorn rent. Pat Barber, of  The AIIC, comments, “A recent tenant told us – ‘I bought the sofa for £1, it’s really old and tatty, but a great bargain.’ When we pointed out that he would have to take it with him or dispose of it at his own cost when he moved out he was not quite so excited.” But more to the point what the Landlord had done, to circumvent the regulations, was totally illegal and an offence punishable by at least a fine and heaven forbid had there been an injury or fatality that involved the illegal sofa,  a custodial sentence.

We ourselves see time and time again, properties with fire hazards such as gas cylinders and chemicals stored incorrectly by the landlord. There was such a case a few years ago where a discarded cigarette end ignited petrol being stored at the rear of the property fortunately in this case by the tenant. All landlords must ensure that all the soft furnishing, bedding and furniture is fire retardant with the correct labels and that hazardous materials are not stored in the property or garage. The motto must be “If in doubt, throw it out”

AIIC has identified the top 10 most common health and safety issues found in rented properties:

•          Non-compliant furniture, bedding and soft furnishings         

•          Loose sockets and light switches           

•          No smoke alarms or monoxide detectors fitted         

•          Obscured gas meters and electricity mains fuse boxes        

•          Curtain tracks and blinds where screws have been put directly into the wall
              without using rawl plugs

•          Loose/damaged steps, paving outside the property 

•          Loose stair carpet  

•          Poorly maintained decking          

•          Air vents and air bricks covered in rooms especially where there are gas
            appliances

•          Locked windows with no keys supplied

27Jan 2012

Current Property News: Conflicting reports on housing market, but confidence starting to appear.

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By Steve Roulstone

It would seem that nobody can agree on how the property market is going to perform this year, with the same news being reported at both ends of the scale in news that has been released today. It just makes decisions so much harder for the ‘man in the street’ who  appears once again to have started to look with interest at property as a favourable route for investment.

The only way is up!

It was said on a BBC news report recently (sorry I forget the context) that the property market should be interesting for potential investors, as the only way was up! But it seems that different parties are still prepared to place the slant that is more relevant to them when market information is released, with the Mortgage Provider giving a positive slant to the news and  a community site taking the same information and presenting it in a negative light!

Professional view.

But what we are noticing is confirmation that people are reviewing property and making that decision about investing through ‘Buy to Let’ once again. Only today I have been to value two brand new properties that are nearing completion and the builder has decided that it is in his best interest to retain and rent the properties rather than sell them now, because of the perceived growth over the next few years. This was not a decision I had to encourage, it was a decision that had already been made before I even met the Landlord. What it does prove, is that professionals feel that the market has probably bottomed out or is very close to doing so.

Individual investment.

The same then happened when I returned to the office to find a couple that had dropped in for advise (I am very pleased to say because of recommendation!) who again, had already decided to ‘Buy to Let’ and were looking for information about where to buy as well as what type of house. It was good to see such confidence from both parties, who represented both the general public and the housing industry, both in just one day.

Differing responses.

Now I know as well as anybody, that one swallow does not make an English summer! But it would be good to see figures such as those reported today given in just the plain context of what they say, rather than opinion of what they represent when translation of information can mean different things to different bodies, but it does seem that gone are the days when news was reported and we were all allowed to come to our own conclusion about what that news meant to ourselves!

17Jan 2012

Property Landlord advice: Self Management leaves Agents unprotected.

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By Steve Roulstone

We have had an interesting experience this week, where a property which was fully managed, has changed to self Management where we only provide the Tenant. The issue here was that the Landlord, having visited the Tenant, was left with the feeling that we had failed to protect them when under full management and had given poor service to the new Tenants because we were no longer instructed to manage.

Tenants advised the Landlord.

The main issue is relating to what the Landlord had been told by the Tenant, which left the Landlord needing confirmation that we had looked after them, no matter what service we were offering. Without repeating the details in full, suffice to say, that by confirming our normal processes, which included signatures confirming the receipt of information and the ability to prove timings through photographic evidence taken at the check in, the Landlord was left understanding that we had done the right thing and carried out our role professionally. The interesting point for me, is that had there not had been other issues, the Landlord may not have had cause to contact us at all and the only result may have been our dis-instruction, without even knowing why!

The bigger picture.

The reason for us being able to prove our case surrounded what had happened with the previous Tenant, as an extension had been built, without the Landlords knowledge at the next door property. The reason the Landlord phoned and mentioned the suggested lack of service to the new Tenants, was to see how this had happened without their knowledge. The answer was really straight forward, the past Tenants had failed to forward mail that was intended for the owners advising them of the neighbours plans and therefore failed to give the Landlord the opportunity to have their feelings taken in too account.

All points covered.

We were able to prove that our agreement included a clause confirming that the Tenant was supposed to forward all mail intended for the Landlord, especially that of an important nature and this is what they failed to do. We were also able to confirm that the agreement banned Tenants from interfering with the supply of services to the property, which was another issue that had been raised. The result of this event, confirms just how important it is to have an agreement whose basis is centred around the protection of the Landlord (and in our case is based upon 30 years of experience) and that ’of the shelf’ agreements have their rightful place – on the shelf!

Consequences.

The serious side is that because of adhering to processes, we were able to confirm our service had been proper and correct and that the Landlord, who of course had gone to self management because there had been no problems over the previous seven years, had received the services that had been paid for. In doing so we were also able to demonstrate that the agreement we use is there to protect the Landlord and clauses do have a purpose.  The Landlord left with the knowledge that they could pursue the previous Tenant for actions that had left them disadvantaged, but this time, because of self Management, the letter would have to be written by themselves, rather than by us!

17Jan 2012

Landlord Advice: When Tenants Run Away From a Property

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By Craig Smith

Managing around 300 properties throws up a wide range of different tribulations from time to time but one that keeps appearing every now and then is a tenant that ‘does a runner’ from a tenancy. There are a number of causes as to why they may do this but usually this is due to financial problems on the tenants part.

Scared of the Unknown?

Perhaps one reason that a tenant may run from the responsibilities is that they don’t know how the Landlord will react to overdue or unpaid rent. From experience, a lot of Landlords are willing to work with tenants to reach an outcome that will suit all parties. For example, if the tenant is in rent arrears the Landlord may agree some sort of payment plan so that the tenant can pay the outstanding rent in smaller payments but, eventually, the Landlord still gets his rent.

Of course, not all Landlord are as reasonable as others but communication from the tenant is key. Again, most Landlords will be more willing to resolve any such matters with a tenant is they keep in regular contact and update the Landlord as to when payments may be made.

Extra Costs for Landlords

Another big problem with tenants leaving in a rush is the state in which the property is usually left. A recent case that we had of this included furniture, boxes if items and even childrens’ toys being left in a house! This is without mentioning any cleaning or redecorating that needs to be carried out due to tenant neglect.

If a deposit is held then a Landlord can take steps to use this either for rent arrears or for damages, or, depending on how much is held and how much reinstatement work is needed, perhaps towards both. Using the deposit towards the costs will help but initially, at least, the cost is usually borne by the Landlord.

Property Downtime Increases

Reading this now you might think that things aren’t too bad, get the decorators and the cleaners in and away you go again looking for another tenant. But think of this, how many tenants would be willing to take on a run down property? Fair enough the work may already be in progress but it is hard to see potential in a property that has been neglected. This could result in the property being empty for a longer period than it may usually do.

With an increase in the amount of time that the property is empty, coupled with the initial costs of any works could all add up to a rather large bill for the Landlord!

Can we Prevent the Tenant form Doing This Again?

The simplest answer to this is, unfortunately, no. A tenant will do whatever a tenant wants to do, whether it is right or not. There are ways of chasing tenants for rent arrears or dilapidations through the courts which could result in a tenant having a CCJ or some sort of judgement made against them. This could affect their credit rating and would almost certainly hinder their progress on any future tenant referencing.