News from Peter Martin (London) Ltd

Below is our latest news

Rising Bills

The UK rental market could be facing a rough 2022, we are not talking about the many challenges already facing landlords but instead focus on the tenants and their ability to afford the ever growing living expenses.

Written by: Toby Dawson

Must Know for Landlords in 2022

Landlords looking at their business in 2022 have many things to juggle including changes, we have put together a list of 7 key areas all landlords should be aware of in the new year.

Written by: Toby Dawson

Rented Properties Require EPC level C

Private rental properties currently require a minimum EPC rating of E, but changes have been proposed and debated continued until December 30th 2021 to move the minimum to C or above. The response of these debates is due to come in Spring 2022 and regulations to be released in Autumn 2022. If passed in the current state, it would require all new domestic tenancies to have a energy efficiency rating of C by the 1st of April 2025 and all domestic tenancies to reach a C level by 1st of April 2028.

Written by: Toby Dawson

£3 Trillion Property Value Taxed

A report published by the Resolution Foundation has pushed the government to consider taxing profits made from appreciating property values, including both primary and additional properties. It is reported that gains in London properties is on average £76,000 over the last 20 years. These rising house prices are valued at around £3 trillion which the report says is “largely unearned”.

Written by: Toby Dawson

Holiday Evictions Ban

A suspension of bailiff-enforced evictions for the holiday period is said to be confirmed by the HM Courts and Tribunal, resulting in no forced evictions taking place between December 13th 2021 and January 20th 2022.

Written by: Toby Dawson

Rising London Rental Prices

After a year of decline, the news of rising London rental prices for a fifth month in a row is welcomed by landlords. This provides an encouraging outlook for investments that many have considered selling.

Written by: Toby Dawson

£65 million COVID-19 Rent Support

The government has committed £65 million in support to renters struggling due to the impact of the pandemic. This is on top of the £500 million the Department for Levelling Up, Housing and Communities have already committed to the Household Support Fund.

Written by: Toby Dawson

HMO New Licensing Rules

Westminster introduced new HMO licensing rules at the end of August replacing the old rule of five or more people with sharing facilities requiring a HMO licence and reducing the number to 3 or more from two or more households.

Written by: Toby Dawson

Furlough Ends

What has been a life saving resource to both employers and employees during the COVID-19 pandemic will now come to an end. September marks the last month of the Furlough scheme supporting over 11.6 million over its duration, with 1.6 million people remaining on the scheme at its close.

Written by: Toby Dawson

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

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