FAQ's from Landlords and Tenants

Tenant Question: Is there there any minimum standards to private rented houses? My house has no central heating, only two double glazed windows and an uninsulated hot water tank. To keep any warmth in the house I had to leave two gas convector fires and an open gas fire running 24/7. At the coldest point of our winter that was not enough. Can I demand better insulation, double glazing etc from my Landlord?

Think Property answer: T
here are no defined minimum standard requirements, such as there must be central heating or double glazed windows, but there is a housing health and safety rating system under Part 1 of the Housing Act 2004.

You could get the local authority housing standards team or the environmental health team to come and inspect the property when it is excessively cold. They can serve notices on the landlord to rectify the problem.

If the gas convectors and gas fire make the house warmer but are expensive to run, it might be the case that you consider moving to accommodation with better heating. If the heating is expensive but not classified as inadequate and not producing a health hazard, then there is an element of "buyer beware" for the tenant who chooses to take on a tenancy at such accommodation.

FAQ's from Landlords and Tenants

These Blogs are designed to give Landlords and Tenants an answer to a question they may have on their minds. If you have any questions for us to answer then please get in contact with us and we will do our best to answer you as soon as we can. Thank you.

Tenant Question:

 I am about to renew a tenancy agreement and would prefer to have a one month notice period to leave the property which I am entitled to give in law. However all agreements ask tenants to give two months, which the landlord would need to give me should he ask me to leave. The new agreement is requesting I give the same two month notice period. How can I get my legal rights in this instance?

Think property answer:

Once a fixed period of the tenancy has ended, the tenant has a choice of either accepting a new written fixed period agreement or to just continue in the tenancy as a statutory periodic tenant.

A statutory periodic tenancy continues on the same terms as defined within the fixed term agreement with the exception of the notice period for the tenant, which reverts to the statutory requirement of at least 28 days in writing, expiring on the first or last day of a period of the tenancy.

However, the notice period on a fixed term tenancy agreement is whatever is agreed by the landlord and the tenant. If you agree with two months' notice requirement, you will be legally bound by it if you sign the agreement.

You could try and negotiate a one month notice period but if the landlord does not agree to that, you have the choice of either entering into the new agreement on its terms, or remaining as a statutory periodic tenant but without the security of a fixed term.

An Apprentice's update week 6

This week has been an extremely busy one in the office. We are only eleven days into the month, and already a massive SIX deals have been made, and we don't intend to stop there! Good times!

Last week I mentioned my first deal and how I wanted to finish it on my own. Well this morning, after all the paperwork had been signed, I handed over the keys and sent the guys on their way to their new home! What a feeling that was! It was great to wrap it all up on my own, and as a bonus, they said they had read my blog and were surprised to read I was a trainee which was nice of them to say! So Thank you to the guys and I hope you settle in well!

I passed my driving test on Saturday but finding a car is proving to be just as stressfull! So, if anyone reading knows of anyone selling anything, then please call me in the office. My only requirements are these: Must have 4 wheels and be under £1000. I'd be very gratefull.

All sorts of big things going on in the office with meetings here and there so watch this space for some exciting developments!

Happy Friday Everybody and a big HAPPY 40TH BIRTHDAY to Mark Newman, Director of Think Property.

Josh

Time to fix

With the cost of fixed rate lending increasing and an increase in the base rate possibly being sooner than expected many mortgage lenders have been increasing fixed rates over the last few days.

There is every chance that fixed rate mortgages have reached their lowest point and this could be an ideal time to secure a fixed deal.  There are still some lenders with excellent rates but there is every chance that they will only be increasing over the coming days so definately an ideal time to review  options.

Simon Compton
Independent Financial Adviser
Think Finance

Buy to Let mortgages are back!

Fantastic news in the Buy to Let mortgage market, finally some long awaited decent products.

Inflated fees have been a major problem over the last couple of years with fees of anything up to 3% of advance the norm. in recent week several Buy to Let lenders have all introduced a much improved range with hugely reduced fees.

One lender in particular has introduced an outstanding offering, with a 5 year fixed deal at 4.99% or a tracker deal of base plus 2.99%,  current rate of 3.49%.  More importantly the only fee is an initial £250 booking fee. No arrangement fee, no valuation fee and free conveyancing on remortgages.

The loan to value is still low for this particular deal 50-65% but an absolutely fantastic offering and ideal for landlords looking to raise finance on existing properties or buy further properties whilst there are so many bargains out there.  I suspect there will be such demand for these products, they will be withdrawn in a matter of weeks.  I am in the process of contacting clients to ensure products and rates are reserved, if you are interested let me know as soon as possible.

  

Simon Compton Cert PFS, Certs CII (MP & ER)

Independent Financial Adviser

Think Finance

An Apprentice's update Week 5

Afternoon all, this week I had my Induction to the apprenticeship program I am doing. A lovely Lady called Lynn sat with me for the morning and walked me through exactly what we are going to be doing over the coming months.

We went through the modules and different aspects of Estate Agency and she explained how I would be learning. I've got four exams to pass for Estate Agency and four exams for Lettings and Property management and a bit of coursework thrown in too (It's going to be a very busy year!). Luckily though, the first exam for both of them are similar (health and safety etc). So, because I have been revising the Lettings side since December, I'm already prepared to take the first exam for both of them. They are expected to be around the end of the month.

Also, as part of the Estate Agency course, I have to compile evidence of work I have done to prove I can do the Job, which I think is a great method of learning! For instance, one of requirements of the Health and Safety module was to be able to carry out a risk assessment in the office and take action if necessary. So Lynn observed me doing the assessment and then I emailed it to Mark (The Boss), printing off the email and having a copy of the risk assessment on file was all I needed to be able to cross it off the list of criteria I need. Done!

So a busy but very eagerly awaited period of time begins in my world of an apprentice! So why not follow my blog on Twitter @thinkpropertyuk and of course our website, and share with me my experiences. I'll try and keep it as interesting as possible. Your comments and tips are very welcome and appreciated! Thank you.

Josh.

(Bring it on!)