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  • Industry response to Immigration Bill 2015 - Estate Agents, Letting Agents | Northwood UK
    matters concerning landlords and letting agents Landlords in England are likely to be expected to evict tenants who lose the right to live in the UK under new measures to clamp down on illegal immigration It is suggested they will be able to end tenancies sometimes without a court order when asylum requests fail so ministers have said And following a Right to Rent pilot scheme carried out since last year in the West Midlands landlords in England will be required to check a migrant s status in advance of agreeing a lease when the scheme is rolled out nationally possibly later in 2015 or in 2016 It is said repeat landlord offenders could face up to five years in prison But critics of the scheme have said it may lead to legitimate UK citizens being refused accommodation and discrimination offences taking place Under the proposals for landlords in England the Home Office would issue a notice when an asylum application fails that confirms the tenant no longer has the right to rent property As a member of the Home Office s Landlords Consultative Panel ARLA were invited to give their views about the Immigration Bill 2015 Housing Measures These new measures were proposed as a commitment to change the rules so landlords can evict illegal immigrants more quickly and also to crack down on unscrupulous landlords The panel also comprises representatives from Crisis the Quality and Human Rights Commission local authorities and education sector The Home Office has drafted the Immigration Bill 2015 setting out ways in which landlords can evict tenants who don t have a right to rent The Bill builds on measures that were introduced last year as Part 3 of the Immigration Act 2014 The pilot scheme in the West Midlands is deemed a success by the Home Office so they are now looking at extending the scheme into a wider area and eventually it is thought nationwide Before this the panel members including ARLA were invited to give their views and highlight any concerns The Home Office lists the potential benefits that the scheme will bring as being Making the UK a less attractive draw for illegal immigrants and thus reduce illegal immigration Reducing costs to landlords through swifter evictions in instances without a need to seek recourse to expensive legal procedures Reducing the potential for illegal immigrants to displace lawful residents in the housing market Tackling the financial gains enjoyed by rogue landlords who house illegal immigrants and Better enforcement of housing laws including landlords licensing and registration requirements where they exist Joint working can identify and tackle other areas of abuse in housing policy Responses were sought from the panel on nine key questions 1 How do you see the new measures working in practice 2 How often do you pursue court processes to remove illegal immigrants and do you think the new measures will make it easier to evict an illegal immigrant 3 How much notice should the landlord be required

    Original URL path: http://www.northwooduk.com/articles/industry-response-to-immigration-bill-2015 (2016-04-24)
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  • Corbyn's housing policy would be disastrous - Estate Agents, Letting Agents | Northwood UK
    to letting Landlord insurance Northwood Legal Services Landlord testimonials FREE MARKET APPRAISAL Landlord FAQs Why use Northwood Landlord Resources Guaranteed Rent Guaranteed Rent summary How it works Guaranteed Rent FAQs Landlord Testimonials Investors Investors guide Jargon buster Investor properties BTL Stamp Duty Calculator Our Offices About Us Careers Charitable Foundation Complaint handling procedure Company details Awards About us Corbyn s housing policy would be disastrous Jeremy Corbyn the left wing Labour backbench MP for Islington North and contender for the Labour party leadership has said in a policy statement that were he to become prime minister he would introduce drastic changes to the private rented sector one to introduce some form of right to buy scheme for private tenants and two to scrap the right to buy scheme for local authority housing and prevent its introduction for housing association tenants As reported by Mortgage Introducer mortgage market experts have decried an idea floated by Labour leader hopeful Jeremy Corbyn to extend some form of right to buy to private tenants as verging on communist But he also said he would investigate whether money raised by scrapping tax relief for private landlords could be used to fund a form of right to buy shared equity scheme to private tenants in cases when they are renting from large scale landlords Whilst mortgage experts said that while the idea was just that an idea it could potentially damage the housing market catastrophically Alan Ward chairman of the Residential Landlords Association told Mortgage Introducer Exit of private investment would require at least 30 sale before collapse of the market according to a stress test I recall reading in the depth of the last recession Corbyn s plan could be the trigger point for the end of civilisation as we know it Robert Sinclair chief executive of the Association of Mortgage Intermediaries said A policy of this type should Labour ever get close to being elected to power could damage the property market in a way that the Financial Policy Committee is currently very keen to avoid Sudden shocks and precipice events are outside the current economic policy framework Brokers said the idea if introduced would cause extreme price changes in the housing market and called it potentially disastrous Andrew Montlake director of Coreco said If serious then it is an extraordinary idea that at face value could do a lot of damage to the private rental sector which is a sector that is much needed but could lead to more people taking on debts that cause issues in the future encouraged purely by discounts on value Writing for The Guardian newspaper Thursday Brian Eno in an article entitled Jeremy Corbyn for prime minister Why not he says Corbyn has a story that people want to hear It s positive idealistic even but it isn t outlandish Jeremey Corbyn was an outsider at the start of the Labour leadership campaign only just scraping onto the ballot but the level of interest shown already in terms

    Original URL path: http://www.northwooduk.com/articles/corbyns-housing-policy-would-be-disastrous (2016-04-24)
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  • Bank of England warns of Interest Rate Rise - Estate Agents, Letting Agents | Northwood UK
    Investors guide Jargon buster Investor properties BTL Stamp Duty Calculator Our Offices About Us Careers Charitable Foundation Complaint handling procedure Company details Awards About us Bank of England warns of Interest Rate Rise In a speech at Lincoln Cathedral last week Bank of England BoE governor Mark Carney said that he thought interest rates could rise around the turn of the year In his clearest statement to date of the timing of a BoE rate rise Mr Carney said he expected that the cost of borrowing would increase over the next three years from the current level of 0 5 per cent to around 2 25 per cent which would be about half as high as historical averages Interest rates have now been set at 0 5 per cent for more than six years as the UK economy has recovered from the financial crisis The BoE is following the lead of Janet Yellen chair of the Federal Reserve in the US as she told the US Congress this week that the Fed was on course to increase borrowing costs before the end of 2015 Mr Carey said the process would not be mechanical but might hinge on external factors such as changes in the exchange rate The decision as to when to start such a process of adjustment will probably come into sharper relief around the turn of this year An interest rate hike albeit a small one would have an impact on landlords finances and would add to their pressures when combined with the reducing of landlord tax relief announced in the Chancellor s Summer Budget Mr Carney said three sets of data would be critical in his decision as to when to increase interest rates the pace of economic activity the outlook for labour costs and core inflation He advised investors to look beyond the date for the first rate hike and focus on the path which is likely to be gradual and would end at around 2 25 per cent well below average levels of the past Historically he said Short term interest rates have averaged around 4½ per cent since around the Bank s inception three centuries ago It would not seem unreasonable to me to expect that once normalisation begins interest rate increases would proceed slowly and rise to a level in the medium term that is perhaps about half as high as historical averages The BoE believes that the recent slide in inflation is temporary and mostly benign and that there is little risk of the UK falling into a Japanese style deflationary spiral This temporary period of below target inflation has provided a welcome boost to real household income Mr Carney said In Response to Mr Carney s predictions Sterling hit a new seven year high against the euro Friday reaching 1 4399 as the market continued to look forward to the prospect of a UK interest rate rise This is in sharp contrast to the economies in Europe Japan and China where

    Original URL path: http://www.northwooduk.com/articles/bank-of-england-warns-of-interest-rate-rise (2016-04-24)
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  • New Rentals Energy Efficiency rules introduced - Estate Agents, Letting Agents | Northwood UK
    Landlord testimonials FREE MARKET APPRAISAL Landlord FAQs Why use Northwood Landlord Resources Guaranteed Rent Guaranteed Rent summary How it works Guaranteed Rent FAQs Landlord Testimonials Investors Investors guide Jargon buster Investor properties BTL Stamp Duty Calculator Our Offices About Us Careers Charitable Foundation Complaint handling procedure Company details Awards About us New Rentals Energy Efficiency rules introduced Last Friday 1st April 2016 marked the start of the new energy efficiency standards for housing in England and Wales This is the first step in the UK government s long term drive to improve energy efficiency in the private rental sector PRS through the Minimum Energy Efficiency Standards From last Friday the 1st of April all PRS residential tenants have a legal right to request consent to make energy efficiency improvements to their properties This applies to longer term assured and regulated tenancies as well Providing no upfront costs are required any landlord who declines to improve the energy efficiency of their properties could be deemed unreasonable The landlord will not be able to unreasonably refuse consent It will however be the responsibility of the tenants to ensure that the works are funded and the intention is that no upfront costs should fall on the landlord unless the landlord agrees to contribute Any property within the definition of a domestic privately rented property is within the scope of the tenant s rights regulations If a tenant considers that the landlord has not complied with the regulations they can take the case to a First tier Tribunal General Regulatory Chamber which will hear and determine applications The second stage of compulsory improvements will come into force from April 2018 A landlord will not be able to grant a new tenancy of a property with an EPC rating below an E and after April

    Original URL path: http://www.northwooduk.com/articles/new-rentals-energy-efficiency-rules-introduced (2016-04-24)
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  • Rental Housing drought predicted - Estate Agents, Letting Agents | Northwood UK
    Rent Guaranteed Rent summary How it works Guaranteed Rent FAQs Landlord Testimonials Investors Investors guide Jargon buster Investor properties BTL Stamp Duty Calculator Our Offices About Us Careers Charitable Foundation Complaint handling procedure Company details Awards About us Rental Housing drought predicted According to the Association of Residential Letting Agents ARLA there will be a reduced supply of rental housing and higher rents after the April tax hike for buy to let investors The latest English Housing Survey shows there were 4 3 million households renting privately in England very nearly 20 all households in 2014 15 An ARLA survey of its members has found that 63 expect rental supply to drop after April as fewer buy to let investors enter the market deterred by the higher stamp duty and the other recent tax increases on landlords In addition 57 thought that the tax rises will lead to higher rents David Cox managing director of ARLA has said The stamp duty changes are now imminent and as well as hitting small landlords they will also impact institutional investors Although members are reporting a rush from landlords trying to snap up their buy to let investments now it s likely that we ll see the buy to let market drop like a stone come April and probably not pick up again until next year This will most certainly cause rents to increase with supply dropping as competition for the limited availability of properties intensifies Mr Osborne following stated Conservative policy is aiming to increase home ownership but given the housing shortage in some areas of the country it is thought that very likely his tax measures will lead directly to a rise in house prices and rents making it even harder for first time buyers FTB to buy The government it

    Original URL path: http://www.northwooduk.com/articles/rental-housing-drought-predicted (2016-04-24)
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  • Channel 4 Dispatches exposes ‘Housing Benefit Millionaires’ - Estate Agents, Letting Agents | Northwood UK
    letting Landlord insurance Northwood Legal Services Landlord testimonials FREE MARKET APPRAISAL Landlord FAQs Why use Northwood Landlord Resources Guaranteed Rent Guaranteed Rent summary How it works Guaranteed Rent FAQs Landlord Testimonials Investors Investors guide Jargon buster Investor properties BTL Stamp Duty Calculator Our Offices About Us Careers Charitable Foundation Complaint handling procedure Company details Awards About us Channel 4 Dispatches exposes Housing Benefit Millionaires A Channel 4 Dispatches documentary aired Monday examined how millionaire private landlords are now the fastest growing provider of housing for housing benefit tenants The programme heaps even more negative publicity on to the private landlord sector with claims made that 9bn has been lost to opportunistic private landlords exploiting a legal loophole in housing benefits The investigation claims to have revealed that more than 200 millionaires created through a legal loophole which allows landlords and agencies to fleece the taxpayer The government has said it will crackdown on the scheme which is being investigated by a group of London borough councils Jonathan Isaby chief executive of the TaxPayers Alliance has said The housing benefit bill is a huge burden on taxpayers and they will be absolutely furious to learn that they are being fleeced by opportunists This also goes to show that not nearly enough is being done to relax planning and allow more houses to be built which is the root cause of high prices and big housing benefit bills Using Freedom of Information data from the country s 60 biggest councils Dispatches says it has revealed more than 200 landlords and letting agents across the country receiving over 1 million in housing benefit payments over three years The scheme the programme claims involves converting hundreds of family houses into properties of multiple occupation HMOs that comprise of multiple tiny single bed sit units Each of the units is fitted with a small shower room and basic cooking facilities which means that the tenants they take on could be eligible for the higher rate of housing benefit This they say can often be more than double the rate of a room in a fully shared property What the programme fails to point out is that the units are housing many tenants who would have otherwise been housed at public expense in council housing were that still available Council housing departments being under tremendous pressure to reduce numbers of homelessness it would appear in some instances are turning a blind eye to those unscrupulous landlords willing to bend the rules and are offering private landlords and letting agents financial incentives to let their properties out to tenants on housing benefits Dr Victoria Cooper lecturer in Social Policy at the Open University told the Dispatches programme that approximately 40 per cent of the housing benefit budget is spent on the private rented sector The Association of London Environmental Health Managers which is co ordinating the investigation says that this is just a small proportion of the total number across the country in what they describe as

    Original URL path: http://www.northwooduk.com/articles/channel-4-dispatches-exposes-housing-benefit-millionaires (2016-04-24)
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  • The new buy to let strategy - Estate Agents, Letting Agents | Northwood UK
    BTL Stamp Duty Calculator Our Offices About Us Careers Charitable Foundation Complaint handling procedure Company details Awards About us The new buy to let strategy Since the Chancellor s tax changes announced in his Summer Budget last July and then his targeting of Landlords with the new buy to let stamp duty surcharge in his Autumn Statement the buy to let community is apprehensive about the medium to long term impact of the changes The tax relief changes which come into force from April as part of a sliding scale over the next four years have the potential to make a massive change to the profitability of UK buy to let The changes will be particularly felt by those with substantially large portfolios and high net borrowing The new rules for buy to let mortgage tax relief mean that landlords could be paying tax on the equivalent of up to 80 per cent of the interest on their mortgage payments from 2020 In addition the stamp duty increase which comes into effect from April means paying a 3 per cent premium on second homes worth more than 40 000 Economists are predicting it s not just landlords who will suffer As well as affecting second home owners even when they sell their own home the changes will ripple out to affect the wider economy In a worst case scenario Tenants could ironically suffer the most in the form of rental housing shortages higher rents and possibly poorer conditions as landlord find they don t have the cash returns necessary to invest in repairs and improvements Rents could soar as higher tax bills are passed down to the tenants and the economy will slow down as free movement of labour is restricted and house prices could also suffer if the market is flooded with offloaded buy to lets Recent estimates that up to half a million buy to let properties could be sold in the next five years when landlords turn their backs on buy to let But although this may the case for a one sector of the market large portfolio landlords there are others for whom the buy to let tax changes will have relatively little effect Recent figures showed that in 7 out of 10 British buy to let towns average landlord profits of 3 400 per year would turn to losses of more than 300 if mortgage rates increased by 2 5 percentage points by the end of the decade The combined effect of an interest rate rise with the removal of mortgage interest tax relief would mean for many that they would be left in debt by the end of the tax year Some private landlords will undoubtedly change their buy to let strategy But those who have bought properties in areas with a more affordable housing market will still see a good return on their investment As the inception date of the stamp duty hike and tax relief cut loom ever closer it looks increasingly

    Original URL path: http://www.northwooduk.com/articles/the-new-buy-to-let-strategy (2016-04-24)
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  • 6 bedroom detached for sale in Stanhope Road, Bowdon | Northwood South Manchester
    terrace and southerly facing gardens Breakfast Kitchen 36 9 11 2m x 18 9 5 72m Reducing to 15 9Fitted kitchen by Siematic with a dark wood effect finish beneath Corian work surfaces and inset sink with breakfast bar Integrated appliances by Miele which include twin oven grill microwave steamer fridge freezer and dishwasher Opening Into Family Room Individual fireplace with living flame fire and provision for plasma TV screen over and French windows to the rear opening onto the terrace LOWER GROUND FLOOR Hallway Cloakroom Tiled walls and floor low level WC and wash basin Games Room 29 6 8 99m x 15 6 4 72m With external access to the rear via a wide staircase Study 14 9 4 5m x 8 3 2 51m Tiled floor Leisure Room 22 3 6 78m x 16 0 4 88m Beautifully appointed with a spa bath in a tiled surround adjacent shower area steam room and sauna Opening into Gymnasium 17 0 5 18m Into bay x 13 0 3 96m Tiled floor Home Cinema 19 9 6 02m x 18 0 5 49m Utility Room 9 0 2 74m x 7 0 2 13m Pressurized water system and tiled floor FIRST FLOOR Galleried Landing Master Suite Master Bedroom 22 6 6 86m x 17 0 5 18m Wooden flooring and air conditioning Dressing Room 23 0 7 01m x 16 3 4 95m En suite 1 16 0 4 88m x 13 9 4 19m Oval shaped bath walk in shower area twin wash basins low level WC and bidet Bedroom Two 18 3 5 56m x 14 6 4 42m Wooden flooring En suite 2 Tiled walls and floor corner shower wash basin and low level WC Bedroom Three 18 3 5 56m x 16 0 4 88m Bedroom Four 18 3 5 56m x 15 6 4 72m Reducing to 10 3Wooden flooring Jack And Jill En suite Bathroom Approached from bedrooms three and four Tiled walls and floor walk in shower area wash basin low level WC and bidet SECOND FLOOR Rectangular Galleried Landing Spindle balustrade opening into the Rear Covered Balcony With Southerly Views Bedroom Five 22 0 6 71m x 15 3 4 65m Feature sloping ceilings radiator and air conditioning unit En suite Shower Room Tiled walls and floor walk in shower wash basin bidet and low level WC Bedroom Six 32 3 9 83m x 17 6 5 33m reducing to 10 6Dressing Area 10 6 3 2m x 7 0 2 13m En suite Bathroom Tiled walls and floor oval panelled bath long wash basin low level WC and bidet OUTSIDE Garden 17 0 5 18m x 15 6 4 72m Double Garage Electric up and over door and parking within the driveway Floor plans EPC View map Downloads Key Features Sought after location Detached family house Three reception rooms Lower ground leisure floor Gymnasium Arts Crafts style Approx 8500 sq ft Breakfast kitchen Games room home cinema Six bedrooms Situated

    Original URL path: http://www.northwooduk.com/properties/8955185/sales (2016-04-24)
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