News from Peter Martin (London) Ltd

Below is our latest news

Energy Crisis

A global surge in demand for gas after a cold winter leaves gas storage depleted, countries are scrambling to replenish stock before the return of colder temperatures resulting in a rising of market prices. With 50% of UK’s electricity coming from gas-fired power plants and fire forcing the closure of important power cables importing electricity from France, there is a large cause of concern of a wide effect on the UK.

Written by: Toby Dawson

Rental Income Tax Raise

The health and social care tax rise was passed in the House of Commons, with the MP’s voting 319 to 248 in favour of a 1.25% increase to national insurance. This affects employees, employers and the self employed allowing a gap for those Landlords who take rental income directly.

Written by: Toby Dawson

Grant for Landlords

The focus of the Chancellor Rishi Sunak has been on assisting business earnings, but for most property is an investment that income is made off. But there is a light at the end of the tunnel for those who are listed as self-employed or a member of a partnership. If you can prove you have been impacted by the coronavirus (COVID-19) then you can make a claim for the loss in profit between the 1st of May 2021 and 30th of September 2021.

Written by: Toby Dawson

Debt Respite Scheme

Tenant debt and Landlord expenses have been a heavy talking point, even more so now that legislation is being drafted to come into effect on the 4th of May 2021 which will completely tie the hands of landlords who are facing the issue of non paying tenants.

Written by: Toby Dawson

Housing Court Reform

Ministry of Justice (MoJ) figures are showing an average wait time of 60 weeks for a landlord to gain possession, prior to the pandemic this was closer to 20 weeks. A large portion of this is the increased notice period, with the average time from claim to repossession being recorded at 21.1 weeks according to Propertymark. As restrictions have been lifted there should be a stronger movement forward through the cases, but it has created a lack of faith in the system for landlords. Many estate agents through Propertymark have called for a reform of the law and a dedicated housing court.

Written by: Toby Dawson

7 Years Government Paid Heat

The Government has said it wants to fit 600,000 heat pumps in UK homes each year by 2028. Install an eligible system before March 2022 and you can receive quarterly cash payments over seven years for the heat generated by your renewable heat system. It is called the Renewable Heat Incentive (RHI) scheme which offers the incentives for owners to change, though the seven years of payments comes along with a ban on the installations of gas boilers from 2025 in all new homes.

London Mayor Demands Power to Control Rent

London Labour Mayor Sadiq Khan demands to be given the power to control private rents in London. In the May Mayoral election Khans proposal was for a ‘London Private Rent Commission’, which would be tasked with designing and implementing rent controls and also be empowered to freeze private rents to shield renters from financial problems like the impact of the pandemic.

Stamp Duty Holiday Ending

At the end of June (30th) the extended stamp duty holiday will come to an end, which currently stands at no tax being levied on the first £500,000 of property purchases in England and Northern Ireland. To help with the transition back to normal rates there will be a tapering off period until the 30th of September 2021 where the stamp limit is reduced to £250,000.

Written by: Toby Dawson

England June Evictions

As of the 1st of June 2021 residential evictions can be carried out in England, starting the post COVID-19 vacating of properties and potential influx of options in the lettings market.

Written by: Toby Dawson

Garden vs Parking

Property extensions are very commonplace in London as owners try to utilise their land with vertical expansion adding an extra storey, side and rear extensions giving space to kitchens or conservatories. One space can be overlooked, the front of the house where a nice garden can be changed into a property value increasing parking space!

Written by: Toby dawson

Featured Properties

Fees

TENANT FEES - NEW ASSURED SHORTHOLD TENANCIES (AST's) SIGNED ON OR AFTER 1 JUNE 2019

Holding Deposit - One week's rent, apportioned to first month's rent

Security Deposit - Five weeks rent if rent per annum below £50,000, six weeks rent if above £50,000

Unpaid Rent - Interest at 3% above the Bank of England Base Rate. Interest will not be applied until the rent is 14 days in arrears.

Lost Keys -  Tenants are liable for the cost of replacing any lost keys and/or security device including the costs of replacing any locks and/or security device if required. 

Changes to the tenancy agreement (Tenant's Request) - £50 inc. VAT (or reasonable costs if higher). 

Early Surrender of tenancy (Tenant's Request) - Should a tenant require an early surrender of their tenancy and should the landlord agree, the tenant will remain liable for the rent due under the tenancy until the date a new tenant takes up occupation of the property. The tenant will be required to cover the landlord's costs in connection with the  surrender of the tenancy and the re-letting the property