Monthly Archives: July 2010

Top Tips For Students Renting

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As I said in the last blog the DPS (Deposit Protection Scheme) and the NUS have banded together to produce a guide for students renting accommodation. It is full of top tips and I highly recommend you grab one if you or your child is going to be heading off to college this year. For those who are interested in knowing the kinds of things the guide covers I thought it a good idea to give you the top few hints it contains.

  • Never sign anything that does not clearly state how your deposit will be protected and what the process is for repayment.
  • Ask for written proof that the landlord belongs to a Government approved deposit scheme before you hand over a penny.
  • Tell you landlord you expect to receive a receipt for your deposit within 14 days. (Tell them nicely, of course.)
  • Make sure your inventory contains a condition signed and dated and preferably with clear photos.You should be present when this condition report is signed and dated.

It is my strong belief that most landlords are decent people who have the best intentions. But even so these kinds of precautions also prevent misunderstandings. They are  good common sense suggestions.

Lending Rises From 8 to 9 Billion

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People are still talking about mortgages being hard to get and the bottom line is that they are. But things are improving and at this stage that is the best we can hope for.

According to trustworthy figures that number of approved mortgages and buy to let loans rose from 8.3 billion in April to 9 billion in May. An increase of 4.3%. Which is a fairly significant rise and certainly could be taken as a positive sign.

One thing that is certain though is that only the major high street banks are really in this game at the moment with the overwhelming majority of these loans coming from one of them. That is not a problem as such but we know the industry is full on into recovery when the smaller institutions get in on the act. Plus it is very good for competition and diversity. We don’t wan the big boys having it all their own way.

Luckily many think that the government’s new budget is set to stimulate this loans sector to new growth so with any luck we may start to see the spreading of these loans to other, smaller banks very soon.

Buy To Let A Prudent Investment

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Putting your money into a residential property in the UK is seen as a good move by those with an eye on the long term gain. It may not be the rock and roll of investment that it once was but there are many who consider that a blessing.

Many are pointing to low interest rates couples with high rental demand as factors that should influence landlords to expand their portfolio or Britons with money to enter into the sector for the first time. The other options such as putting money into stocks or storing it in saving accounts have their own unique problems. Stocks are seen as unstable and saving accounts bear little return.

So property comes to the fore. Of course that is if you actually have money to invest. Despite the freeing up of the mortgage loan market over the last few months things are still a bit tight and those looking to borrow to invest may have a hard time getting something that suits them.

But those who are cashed up are in a strong position and many can see the sense in property. It may not be rock and roll but it is solid and over time your money will grow. 

Landlord Runs Out of Warnings

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If your property is not up to standard and especially if you have been warned about it on previous occasions be aware you can run out of chances.

I know most landlords pride themselves on the high standard of their accommodation; it is after all their investment as well as someone’s home. But there are always people, in any walk of life, that through laziness or greed don’t do the right thing.  For one such landlords that attitude just led to a fine.

Peterborough council has warned Asad Javaid about the state of his property but it seems he was inclined to take no notice. Despite having the repairs that needed to be carried out outlines to him in an official notice he ignored the issue until it was too late. In court he was ordered to pay £1300 by way of a fine and £315 in court costs.

Housing enforcement office Peter Bezant, told the local newspaper:

 “We are very pleased with this successful prosecution and the level of fines awarded in this case.We hope this sends a clear message out to all landlords and letting agents operating in the city about their responsibilities to maintain their properties, as well as the penalties they will face if they do not comply.”

It may not seem like a huge amount of money but considering the landlord will still need to pay out to make the repairs or risk further action it was certainly an unnecessary expense.