Details of wear-and-tear tax changes revealed by HMRC

July 21st, 2015

In the budget delivered by George Osborne earlier this month it was revealed that from April 2016 the formal Wear and Tear Allowance, which allows 10% to be written off for notional wear and tear, will be replaced with a relief on costs actually incurred on replacing furnishings. The scope of this change has been detailed in an 11 page consultation document. An important detail that has been revealed is that the relief will apply to all properties, irrespective of the level of furnishing.

The consultation document can be viewed in full here.

Full story available from Letting Agent Today: https://www.lettingagenttoday.co.uk/breaking-news/2015/7/hmrc-gives-full-details-of-wear-and-tear-tax-changes

RentPro cloud based rental property management software for letting agents and landlords


Over half of UK tenants had problems over last 12 months, survey finds

July 17th, 2015

According to research from the mortgage and loans provider Ocean Finance, more than half of tenants surveyed in the UK say they have experienced problems with their rented homes over the past 12 months, ranging from poor maintenance to breaches of their contract.  35% of tenants said even though they complained to the landlord or letting agent, the problems were not fixed. While 13% said they didn’t know who to turn to for advice and 5% even took matters into their own hands and refused to pay their rent until the landlord resolved the problem.

Read the full story on Property Wire

With RentPro and Fixflo you can make the process for your tenants to report repairs much easier, find out more about FixFlo and how to integrate it with your RentPro account from our following blog post:

http://www.rentpro.co.uk/blog/rentpro-integrates-with-fixflo/

RentPro cloud based rental property management software for letting agents and landlords


Wear and tear allowance to be scrapped from April 2016

July 9th, 2015

Whilst the change to mortgage interest relief for private landlords made the headlines after yesterday’s budget, another important change that will impact the buy-to-let sector went largely unnoticed. From April 2016 landlords will no longer be able to claim a 10% allowance for general wear and tear of furnished properties. From this date, only costs actually incurred in maintaining a property can be deducted from a landlord’s tax bill. Industry experts fear that this effective reduction in income will force landlords to raise rents to make up the short fall.

Full story available from Property Industry Eye: http://www.propertyindustryeye.com/landlords-tax-perk-to-be-reined-back-over-next-six-years/

RentPro cloud based rental property management software for letting agents and landlords


Landlords providing sub-standard service, claim, but majority of tenants are happy?

June 24th, 2015

At the start of the month a report by the National Association of Citizens Advice Bureaux, claimed that private landlords are providing a sub-standard service whilst “pocketing £5.6bn in rent on unsafe housing”.  This report however was widely criticised within the industry, with Richard Lambert, Chief Executive Officer of the NLA suggesting that the report uses loose definitions to compound a perception that private housing is insecure and unsuitable across the board, and it ignores the weight of evidence to the contrary.  More evidence emerged to refute the Citizens Advice Bureaux’s report during the month when Paragon Mortgages released its most recent research that found the large majority of tenants – 82 per cent – said they consider the property they rent to be their home and 70 per cent said they perceived the rent they pay to be either good or very good value for money.

Despite this optimistic response from tenants there still appears to be work needed in the area of educating both tenants and landlords about their responsibilities.  According to research by the Endsleigh insurance firm, there’s growing uncertainty over where the responsibilities of private sector tenants and their landlords meet.   The biggest discrepancy between what tenants and landlords believe relates to providing meter readings at the beginning and end of the tenancy period. Nearly three quarters (73 per cent) of landlords correctly think it is their tenants’ job to do this, but only 35 per cent of tenants agree.  With RentPro a letting agent can now easily assist with this issue thanks to our partnership with TenantShop.  TenantShop makes the job of notify local councilswater suppliers and energy providers of new and vacating tenancies, set up and close void accounts for your landlords and ensure there are no stray bills an easy and quick one.  Find out more about TenantShop from our recent newsletter.


Agents warned over change in evictions law

April 1st, 2015

The new deregulation act will have major impacts on landlords, agents and tenants. From October tenants will be able to protect themselves from eviction by making a complaint about a property’s state of repair. Agents and landlords have therefore been advised to make preparations well in advance of the new rules coming into force.

Rajeev Nayyar, Managing Director of repairs software specialist Fixflo commented:“This marks a fundamental shift in the repair management process for rental properties.  While there are a few months until the change in law comes into force we expect agencies across the UK to start preparing for it now.Although at first glance another layer of regulation may be appear to cut across the interests of the industry, we consider that the changes present growth opportunities for well-run agencies.  Landlords who have previously self-managed will increasingly opt for a fully-managed service due to the severe consequences of non-compliance and the failings of badly run agencies will be highlighted through increased litigation and reputational damage.”

Full story available from Property Industry Eye: http://www.propertyindustryeye.com/dont-panic-but-prepare-agents-warned-over-change-in-evictions-law/ and FixFlo: http://www.fixflo.com/Section-21

RentPro cloud based rental property management software for letting agents and landlords


Communication is key to working relationships

February 26th, 2015

With four working weeks in February this year, it didn’t seem as short a month as usual and with communication being a recurring theme through many stories in the property industry press this month, what better time than now to ensure that you are communicating effectively with both your tenants and landlords.

From last October it became a legal requirement for lettings agents and property managers in England to join 1 of 3 government approved redress schemes.  Since then the Property Ombudsman Scheme has received a record number of complaints, reporting recently that by the end of 2014 they had received  2,246 tenant and landlord complaints about letting agents and 69% of the these complaints were upheld. The biggest issues concerned failures in communication, such as repairs and maintenance, property inventories, deposit handling and duty of care. Continue reading »


Change in law results in record number of complaints to the TPO

February 24th, 2015

In the three months after all letting agents were required by law to join a redress scheme, the Property Ombudsman received a record number of complaints. Between October 1 and the end of the year 2,246 tenants and landlords made complaints about letting agents to the TPO . 69% of the these complaints were upheld. The biggest issues concerned failures in communication such as repairs and maintenance, property inventories, deposit handling and duty of care.

Full story available from Property Industry Eye: http://www.propertyindustryeye.com/record-number-complaints-tpo-law-change/

RentPro cloud based rental property management software for letting agents and landlords


RentPro integrates with FixFlo

February 19th, 2015

Imagine a system that helped your tenants to fix simple problems themselves, gave you all of the information you needed whenever a repair was requested and full records to protect your business:

That system is FixFlo

What this means for you

Issues reported by tenants are immediately transferred into your system automatically; no data entry required!

Fewer issues. Faster repairs. 40 languages

 

If you are already registered with FixFlo you can connect your FixFlo account with RentPro by going to Admin > Control Panel > Services and inputting your FixFlo account details.

If you are not registered already with FixFlo then you can register to find out more from them by going to  Admin > Control Panel > Services and clicking on Register.


Government amendment could have major consequences for landlords

February 9th, 2015

A government amendment which could have major implications as to how landlords and letting agents deal with repairs is due to be debated on Wednesday. The proposed ‘retaliatory eviction’ amendment could mean a six-month delay in serving a Section 21 notice where a tenant has complained in writing about the state of a property. Critics of the amendment have expressed concerns that savvy tenants could play the system by making repeated complaints to delay the eviction process. Under the proposed amendment, the landlord or letting agent would have to respond ‘adequately’ to the complaint within 14 days.

Full story available from Property Industry Eye: http://www.propertyindustryeye.com/retaliatory-evictions-new-government-amendment-set-major-consequences/

RentPro cloud based rental property management software for letting agents and landlords.


MPs urge caution over introduction of revenge eviction legislation

December 16th, 2014

The All-Party Parliamentary Group for the Private Rented Sector has warned the Government not to resurrect plans to ban “revenge evictions” until it has done its homework. The group says that it heard a bewildering variety of figures during its own inquiry and no objective data is available from a group without a vested interest in the subject. The group chair, Oliver Colvile, commented that evidence is crucial to making good policy and at the moment such evidence simply isn’t available.

Full story available from Property Industry Eye: http://www.propertyindustryeye.com/revenge-evictions-mps-parties-condemn-possible-loss-section-21/

RentPro cloud based rental property management software for letting agents and landlords.