Residential Buy to Lets
Landlord’s are naturally interested in the highs and lows of the property market. The post Brexit paranoia that we are heading for a property crash, hasn’t yet happened, however, the market has reportedly steadied and national growth has been slow. In November last year, Rightmove reported that a third of asking prices were cut. This was the highest reported level since 2012. The Land Registry also reported that growth in house prices was down on the previous year by 2.4% from 8% to just 5.6% growth. The Royal Institute of Chartered Surveyors (RICS) also reported that the market is slowing down.
Buy to Let investors are naturally nervous as they have been hit by recent changes to buy to let tax relief, changes to SDLT and tighter lending. This has spurred an increase in Landlord’s selling their properties. Also the amount of buy to let property investment activity is half what it was a year ago resulting in a shortage of rental properties available. This means a shortage of affordable property to rent especially in areas such as London, however, it is not predicted that rental prices will increase out of control, at this stage, which is good news for tenants.
So how can we help? Whilst Landlord’s and tenants cannot control the property market, here at MLP Law we can ensure that your investments and interests are protected.
Landlords can take a firmer grip over other aspects that can affect their income and seek professional advice from one of our team on the following:
- Drafting Tenancy agreements and guarantees
- Ensuring that any AST (Assured Shorthold Tenancy) agreement is accurate and, if necessary, enforceable at Court
- How to apply for Legal and justified evictions, whether for rental arrears or otherwise
- How to deal with “sitting tenants”
- How to recover rent arrears and money for property damage
- Assisting with boundary disputes or problem neighbours
- Challenging excessive service charges on leasehold properties.
Equally, if you are tenant issues can arise that require specialist legal knowledge and we can assist you on matters such as:
- Unfair rent increases,
- Ensuring you have a secure tenancy agreement.
- Negotiating a fair rent or reduced rent period, for example while work is being carried out on the property.
For more help and advice please contact our residential property team on 0161 926 1533 or email firstname.lastname@example.org