Belvoir Lettings Camden ask John Swinfield to explore the planning reforms.

Planning Reforms? Where have they gone?

By Award winning Author, Journalist and Broadcaster John Swinfield

A strange quietness has descended on Government plans for putting a rocket under local planning authorities. A week or two ago there was much excitement when it seemed serious consideration was being given to speeding up development applications and liberalising swathes of outdated and arcane planning law.

One encouraging idea was to allow empty or derelict retail premises to be turned into residential accommodation. It seemed a great way to revitalise clapped-out city centres.

Towns which are to thrive need people as well as shops. There’s nothing as depressing as boarded up shops in moribund shopping areas in towns where councils have encouraged out of town retail parks and permitted the unfettered march of the multiples.

It was also said councils which stuck to bizarre political diktats – such as those who say they want family houses rather than flats because they have suddenly seen the light and now want families not singletons – were going to be giving a dressing down.

Councils tut-tutted while watching the gradual rundown of their boroughs. They’ve left it too late to suddenly become ‘family friendly.’ Families with children were forced to flee for greenery and open spaces long ago.

Such policies have hampered the creation of small flats which could be sold to youngsters seeking a foothold on the property ladder (the government must also whip lenders into line and make mortgages available which are not dependent on massive deposits and all the other stifling demands).

Old shops and impractical rambling houses could be converted into bed-sits and small flats to be sold at sensible prices, giving first-timers a home and the developer a return. Councils tend to forget the importance of the last bit: a developer who risks his capital deserves an ordinary reward. Why take the risk if there’s not even a small margin?

And if such modest flats were not to be sold they could be let. Everything possible should be done to encourage the buy-to-let market. There is a desperate need for small one-bedroom flats to be sold or let out at sensible rates, especially in cities such as London. If the property market is to be resuscitated, and it is central to the government’s plans that it should be, then private landlords, developers and builders must be given every encouragement and incentive. Planning departments should be forced to toe the line, and the hidden political agendas which are adhered to by so many councils, outlawed.

So what’s happened to the reforms? Perhaps it’s Libya? Or Gaddafi? Or another of the thousand crises engulfing the government. Let’s hope so. And that when things have quietened down that the Cabinet will once again set its beady eye on the desperately outmoded planning laws and the Town Hall Johnnies who administer them.

1a Chalk Farm Parade

Adelaide Road

Camden

London

NW3 2BN

Tel: 02071 997733

camden@belvoirlettings.com

www.belvoirlettings.com/camden

Copyright. Belvoir Lettings Camden 2011

Gadaffi and The Deathwatch Beetle

By award winning Journalist, Broadcaster and Author John Swinfield 

 

Here’s a tale of our times. Rich pair in a big house in a choice part of London. Life’s a gas. Nothing to worry about. But they’re a greedy pair – or maybe just human – and they’re always wanting more. Other peoples’ lives always seem that little bit greener. We’ve all been there. You know how it is?  Property prices are rocketing. This was a year or two before the word banker became synonymous with Gadaffi.

A house down the street comes up for sale. They buy it thinking they’re going to make a killing. They’ll tart it up and flog it for a big profit. Then comes The Crash. They are halfway through their refurbishment. They decide to finish it – they haven’t a Hell of a lot of choice – and rent it out rather than try to flog it.

A certain estate agent with a dodgy reputation advised them to go for the top end of the letting market. So the tart up costs them a bomb, several bombs. Then they had to furnish it. Heal’s, well naturally. If you’re going for the top end of the letting market, you have to buy the best. Especially in oh so frightfully chic London.

With the cost of buying the property– through re-financing their original home – and the cost of renovating and furnishing it to the highest possible standard – they had to let it out for a colossal amount of money to cover their outgoings.

But a lot of the big hitters and high rollers who could once have afforded to pay the stupendous rent they asked had lost their jobs.

So the hapless pair had to lower their sights and reduce the amount they wanted in rent. They found somebody but the amount they were paid hardly covered their outgoings. But fair enough, they were scraping by. That is, until they discovered death watch beetle in the roof. A serious case of OMG!

 The surveyor should have picked it up. But he didn’t. And then their tenant does a midnight flit. He had lost his job and disappeared back to America. He flew off owing them rent having broken his lease agreement. There’s little point in pursuing him. Or the surveyor.  It would cost them more in chasing the American across the Pond and the surveyor back to his swanky West End offices, and bringing squadrons of glint-eyed lawyers into the equation, than they had lost in unpaid rent.

So, once again, the big expensive house is empty, now roofless while cripplingly expensive repairs are being carried out, and they’re searching for a new tenant. A few years ago, before The Crash, they’d have cut their losses and flogged the whole caboodle for a handsome profit. And to Hell with the troublesome business of being a landlord. But that option’s not really open anymore.

Moral of the story: if you’ve a good thing going, recognise it, count your blessings and be content. Where three or four years ago they were the happiest couple on earth they’re now bogged down with money worries.

They’re all part of the ‘Accidental Landlord’ syndrome. Theirs is just one variation on what sometimes – but not always – can be an unhappy theme. There’ll be more AL stories over the weeks. 

Belvoir Camden operates in the following areas: St Johns Wood, Hampstead, West Hampstead,
Belsize Park, Chalk Farm, Camden, Kentish Town, Maida Vale, Marylebone and are always
looking for new landlords. Belvoir is the property management specialist in the area.

Belvoir Camden: 02071 997733

www.belvoirlettings.com/camden

camden@belvoirlettings.com

New Belvoir Camden iPhone App!

New Belvoir Camden iPhone App!

Why not try out our lovely new shiny iPhone application, never walk past another property without finding your perfect home.

Take a look at the screen shots below:

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Returned search:

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Belvoir Camden operates in the following areas: St Johns Wood, Hampstead, West Hampstead,
Belsize Park, Chalk Farm, Camden, Kentish Town, Maida Vale, Marylebone and are always
looking for new landlords. Belvoir is the property management specialist in the area.


02071 997733

1a Chalk Farm Parade
Adelaide Road
Camden
NW3 2BN

Private renting is to costly say Belvoir Camden

Private rental too much for many families?
Written by Dominic Swinfield of Belvoir Camden.

SOARING rents in the private market have become too exorbitant for low-income workers across the capital.

To rent a typical two bedroom home in London, a family of two living on the minimum wage a year would be paying between 35 per cent and 60 per cent of their income!

Anyone spending more than 30 per cent of their household income on rent is considered to be struggling with ''housing stress'. A working family with two children, living on the minimum wage in London, could spend 40 per cent of their income renting a three-bedroom home. Average rents have soared in London over the last year because of lack of available stock says Dominic Swinfield of Belvoir Lettings Camden.

It's even worse for those on government benefits. Councils are just about to make large cuts in the hand outs council tenants are offered.The average rent of a room in a two-bedroom flat in London is now £350 a week, which would consume nearly fifty per cent of a couple earnings £40,000 per year.

The property rental market in London is also being fueled by the lack of avalaible mortgages. The average person in the U Know needs at least 20% deposit to purchase a proeprty but 25%-50% will gain a far better rates or even a fixed rate mortgage, which may help ride out the uncertain times that are ahead.

Belvoir Camden operates in the following areas: St Johns Wood, Hampstead, West Hampstead, Belsize Park, Chalk Farm, Camden, Kentish Town, Maida Vale, Marylebone and are always looking for new landlords. Belvoir is the property management specialist in the area.

Belvoir Camden
1a Chalk Farm Parade
Adelaide Road
NW3 2BN
02071 997733
www.belvoirlettings.com/camden
camden@belvoirlettings.com

Landlords - Do you need a helping hand?

Do you need a hand?

Take the hard work out of being a landlord with these 10 things a property management agency can do for you...

1. Value your property
A management agency can help you value your property for rental income to ensure the price is pitched correctly for the current market and help prevent you underselling your asset or overvaluing it and potentially encountering periods of void. “A professional property agent will be able to supply a landlord with an accurate valuation on the property,” says Luke Mason, proprietor of Belvoir Hitchin. “They will research the area to advise of similar properties locally and what they have achieved, they will also know what type of tenants the property should attract and how long it would typically take to let. On the valuation they should provide landlords with their legal obligations as a landlord, what they should do to make the property more attractive and guide them through how the process works.” But always be realistic and do your research of the local markets too and pick the agent that you trust the most. “Don`t always go for the agent that gives you the best possible rent projection,” says Lee Shuell, proprietor of Belvoir Oldham. “This may not always be achievable and could result in your property being empty for longer than necessary and ultimately the agent having to reduce the price.
2. Find a tenant
If you let a management agency look after your property for you, they will find the tenants on your behalf. Most agencies offer a ‘tenant-find only’ service or a more involved full-management service. “In terms of finding tenants we advertise with all the popular property portals,” says Major Mahil, proprietor of Belvoir Birmingham Central. “Tenants that register on our website automatically get emailed our properties when they become available too. And also, as a pro-active agency, we tend to contact our tenants on a weekly basis once they are registered with us.” But Lee Shuell warns, “Always ensure that you are aware of what type of tenant is going into your property – if you nstructed either no animals or no Housing Benefit ensure that these terms are kept to.”
3. References and credit checks
“These are absolutely essential, completely critical,” says Terry Lucking, proprietor of Belvoir Peterborough, Corby and Cambridge. “Unfortunately, it’s easy to produce fake references these days (it’s not hard to get hold of headed paper or create your own on the computer), so on-line credit checks are the most valuable source of information – and not all individual landlords have access to them.” A property management agency can gather employer’s references, bank references, next of kin details and personal references, plus they can ensure there are no County Court Judgements against the tenant and that they are clear of fraud indicators. Luke Mason says, “A professional property agent should undertake credit checks, employment references and, if applicable, a previous landlord reference too. However, landlords should be cautious which credit referencing agency the property agent uses – a lot of small companies have opened up offering these services yet fail to spot important information which could play a huge factor in offering the tenant a property.”
4. Handle deposits
“Under law and changes to the Housing Act 1988 all deposits after April 2007 have to be protected by law. If a deposit is not protected within 14 days of the tenancy then the landlord can be fined up to three times the deposit amount should it ever proceed to court,” says Major Mahil. “At Belvoir Birmingham Central our deposits are held within the Tenancy Deposit Scheme (TDS). And tenants are given the correct prescribed information within the tenancy and a certificate to show their reference number and amount of deposit held.” Terry Lucking agrees and says that an agent is the best person to handle deposits as they have experience, plus will be able to make objective judgements when it comes to returning them. “There are two forms of deposit,” says Terry. “There’s a reservation deposit (which becomes rent when the tenancy starts) and there’s a damage deposit. It’s just as easy for a landlord to register a deposit as it is a property management agent but if the landlord is letting the property themselves they’ve got to consider whether they can be objective. It’s inevitable that they will develop some form of working relationship with the tenant and when it comes to the end of the tenancy are they going to be able to look at the damages and access fairly, or are they going to feel they can’t charge them as they know them? Not only is an agent more objective but they also understand how to access for damages because of the various training courses they have been on.”
5. Organise specialist insurances
“Belvoir have a number of insurance products which we can offer to all our landlords,” says Major Mahil. “These include rent guarantee, buildings and contents and home emergency covers.” It is also vital that you are insured for malicious damage caused by the tenant or a visitor, plus accidental damage. Terry Lucking adds, “When purchasing insurance check the un-occupancy clauses, plus that you will be covered for any accidental or malicious damage by the tenant or a visitor. Where possible, use the agent’s insurance as they are likely to have a good relationship with the insurer so any claim can potentially be much faster. Plus, the agent can keep both the landlord and tenant up-to-date with what’s going on – if a problem occurs communication is the key.”
6. Market the property
“One thing many landlords take for granted is advertising and getting the property visible on the internet,” says Terry Lucking. “It sounds simple but if you’re a private landlord it’s not easy at all as you’re going to be competing with so many people who are paying to be seen through search engine optimization and the main portals. It’s essential to choose an agent who is visible in all the main portals.”
“At Belvoir Kettering we take marketing very seriously and advertise on more than 52 websites at any given time,” agrees Harpreet Garcha, proprietor of Belvoir Kettering. “Online marketing and social media are the way forward. We also encourage client feedback and respond professionally should any negative comments be made.” Luke Mason adds, “A good agent will have a marketing package for all properties. I believe that it is essential that the property is advertised on rightmove.co.uk, which is one of the UK’s largest website portals. Professional photographs should be taken too. A property should not take longer than three weeks to let in this climate and, if it does, the agent should review the marketing and refresh it if needs be.”
7. Compile inventories
Inventories are an essential part of the letting process but can be time-consuming to put together. However, invaluable for proving the condition of the property before tenants move in and when they move out, they should never be overlooked. “All our inventories are written and backed up by at least 100 pictures and the details of each property are closely monitored, such as ensuring all meter readings are taken,” says Major Mahil. “We list everything, including makes and models of appliances and also colours of doors, as well as ensuring the condition of the property is noted.” A well-conducted inventory can make all the difference if you need to prove that a tenant has mistreated your property, and can reinforce your argument to keep hold of the deposit if necessary.
8. Viewings
An agent will do hundreds of viewings every month and will be well practiced at showing properties in their best light and selling the idea of living there to your potential tenants. “On viewings we ensure the tenant is called at least 30 to 45 minutes prior to the viewing and are advised who they will be meeting, where they are meeting and, more importantly, advised when the property is available and what is included,” says Major Mahil. “Viewings can be conducted at short notice too as the majority of keys are held in the office, which makes it easier to show the property to as many people as possible.”
9. Oversee property maintenance
If your tenant has a problem with the property, a management agency can often sort it out on your behalf – many can deal with emergencies too. “Good management of the property is one of the most important parts of lettings,” says Major Mahil. “Our service standards state that once a property management issue has been reported, our contractor is instructed within the hour. The contractor calls the tenant the same day and makes an appointment, plus our contractor follows up each call by either an email or a text message to the tenant and we are then updated ourselves so we can monitor the progress. We have an out-of-hours emergency helpline and our contractor can be reached after hours or on weekends too.” To prevent you being disturbed every time there is a minor problem, such as a leaky tap or faulty appliance, Lee Shuell advises, “Allow your agent to go ahead with jobs up to an agreed limit, £100 for example. Always ask for copies of the bill from the contractor and for any bigger jobs get a few quotes.”
10. Evictions
If the worst happens and you have to start eviction proceedings against a tenant, many landlords find it reassuring to have an agent on their side.“If your property is with an agent on a fully-managed basis they should be able to help you with evictions and ensure that they are done legally and that the correct paperwork has been issued,” says Lee Shuell. “If you are managing the property on your own it may be advisable to instruct an agent to act on your behalf or seek legal advice beforehand if you are faced with an eviction situation.” Terry Lucking adds, “One of the main ways an agent can help is by attending court on your behalf. Many landlords also have other jobs and don’t have the ability to attend court, especially when timescales can alter at short notice. “Also, many people don’t know the proper process of serving documents. If you get to court and it’s found that documents haven’t been served correctly, are dated incorrectly or they include incorrect information it’s highly probable that the landlord will be asked to go back and start again. If an agent’s done it for you it’s more likely that they will have done it correctly and, if they haven’t, they are likely to have a professional indemnity insurance that you might want to make a claim against.”


Belvoir Camden operates in the following areas: St Johns Wood, Hampstead, West Hampstead,
Belsize Park, Chalk Farm, Camden, Kentish Town, Maida Vale, Marylebone and are always
looking for new landlords. Belvoir is the property management specialist in the area.
www.belvoirlettings.com/camden
Camden@belvoirlettings.com
Tel: 02071 997733

Belvoir Camden - Accidental Landlords. Worried about mortgage payments on your own home!

Worried about mortgage payments on your own home!
By Dominic Swinfield - Belvoir Camden

Many UK based property owners are starting to get concerned about their mortgages running
out of control with potentially spiralling interest rates. Over the coming months and years
we will see a growing number of accidental landlords coming onto the market.

Many home owners have decided it is better to rent out heir existing home and pocket the rent
allowing them to move into cheaper rental accommodation in either a cheaper location or to
downsize their property and cut outgoing costs.

This is a growing occurrence in the London market place where by people purchased properties
over the last few years at the height of the market. The property market has since faltered
and people have been either left in negative equity or with a huge mortgage that has the potential
of ruining them over the coming financial crisis.

If you need any-more information on how to rent out your home please do not hesitate to
get in touch with Belvoir Camden on 02071 997733 or camden@belvoirlettings.com

www.belvoirlettings.com/camden


1a Chalk Farm Parade
Adelaide Road
Camden
NW3 2BN

Belvoir Lettings Camden operates in St Johns Wood, Camden, Regents Park, Maida Vale, Hampstead, Chalk Farm, Kentish Town, Belsize Park, Marylebone and West London.

Two can play at the renting game

Two can play at the renting game

Written by Ruth Bloomfield - Evening Standard.

Let out your home and rent somewhere cheaper to cover the interest rate hikes, school fees or a move to the country, says Ruth Bloomfield

 

 

The Mansbridges pay a monthly rent of £750 for a cottage in North Waltham, and let out their Battersea flat for £1,100

 

Until two and a half years ago, Chris and Clare Peskett were the proud owners of a "dream house" in Barnes, west London. It was teeming with original features and complete with a glorious roof terrace plus river views.

But when they had children their priorities changed. Dragging a pram up and down steep steps was bad enough, but when their second child arrived they couldn't fit a double buggy through the front door. And their lovely roof terrace began to look like a toddler death trap.

But rather than sell their home, the Pesketts decided to let it out and with the income they found a "boring" five-bedroom Victorian house around the corner, perfect for the needs of their two- and three-year-old children.

The house they are renting costs about £3,000 a month. They receive a bit more for renting out their own house and after tax on rental income they break even. They have found a solution to their immediate problems without the horrendous expenditure of selling and buying with all the stamp duty and legal bills involved.

Double renting trend

Chris runs the Barnes-based estate agents Apparent Properties, and has realised he is part of a new trend - double renting.

"The beauty of it is that it is instantaneous, and if your new house doesn't suit, you can be out in a month. While there is no money to be made selling, with some people in negative equity, this is the way forward," says Chris.

"We know people who have just let out their home for £4,000 a month and rented a not-so-great house for £2,000 a month. They are self-employed, not earning as much as they were and have children at prep school, and rather than take them out of school they are living more cheaply. They had put their heart and soul into their house, so it is a bit sad to leave it but they just need to get through their immediate problems."

Jane Ingram, head of lettings at Savills London office, is seeing the double renters trend escalating. The people who benefit most are those leaving the capital, or those whose company offices are relocating to less-expensive premises out of London. These people are definitely paying lower rents and letting their London homes for more, and making a nice profit. Others are downsizing to cut their living costs in the short term, while keeping their main investment until the market picks up and they can sell at a profit.

Natalia Mansbridge and her daughter at their rented home in a village near Basingstoke

An ideal solution

A key element double renters need to consider is the spectre of Capital Gains Tax if they do not move back into their home but decide, ultimately, to sell. They can rent or let years before the tax kicks in. A more personal consideration is the emotional impact of having to let your house out to people you don't know and who will inevitably not care for it in the same way.

This negotiation has to be looked at as a business transaction. There will be wear and tear but it can all be put right - any serious costs for damage are covered by the contract and the deposits involved. The whole deal has to be professionally executed. For couples weighing up the pros and cons of a country commute, renting is an ideal way to find out if it will work for them.

Natalia Mansbridge, 30, and her husband, Stuart, 34, decided to let out their two-bedroom flat in Battersea and try out country living.

Stuart got a job with a charity in Reading and the couple moved to a small village south of Basingstoke in the summer of 2009. They now have a four-month-old daughter, Leila. They are paying £750 per month for a chocolate-box cottage, tiny but beautiful, and are renting out their Thirties flat for £1,100 per month. The apartment is let by Greater London Properties (greaterlondonproperties.co.uk). The couple pay for their property to be managed but even with this cost, they are still making money.

Nicola Stevens with partner Martin at their rented home just outside Woking

 

Nicola Stevens, 33, is another homeowner who turned to double renting when her lifestyle changed. She bought a four-bedroom house in Tooting seven years ago, when she was young, free and single. Having acquired a boyfriend, and a dog, she was desperate for a bigger garden in the countryside. "We had also got sick of London - it was too hectic."

She chose to move to Woking - an easy commute to town for her job as an ethical trade consultant - and the couple have taken a two-year lease on a house.

Nicola used estate agents Kinleigh Folkard & Hayward to let her property, and found the experience trouble-free. She estimates she is about £100 a week in profit from the arrangement.

Dominic Swinfield, managing director of letting agents Belvoir Camden, has noticed a spike in the number of double renters preparing for the dreaded interest rate rise.

He says: "In the last recession, interest rates went up to 14 or 15 per cent. That won't happen again but big rises will finish people off in this market with all bills going up and petrol prices rocketing. A lot of City workers are scared.

"I have a client who is an accountant and he is letting out his home in Camden and moving to a job in Mumbai for a couple of years. He can get £550 a week for his London home, and that will go a long way in Mumbai. He is already paying 5.75 per cent interest on his mortgage and is seriously concerned about it going up."

 

Vicker Hawker has let her cottage in Barnes and rents a new home in a prime Oxford suburb

It's all worth it

Double renting is not always profitable. Vicky Hawker, 45, let her two-bedroom cottage in Barnes and moved to Oxford last year to her new job as a tour operator but did not want to lose her foothold on the London property ladder. Six months later she is thoroughly enjoying her new rented home in a lovely part of a prime Oxford suburb. She lets her London home out for £1,650 a month and pays £1,400 in Oxford. Once management fees and taxes on the Barnes home are paid she is "slightly" out of pocket. "But I have not forked out all the expenses of buying and selling, and I am experiencing a new life at little cost," she says.

Journalist James Beresford, 38, couldn't agree more. Last April he moved with his wife and two young children from a two-bedroom house in the densely populated outer suburb of Southall in Middlesex.

They knew that selling would bring no capital gain. They moved to a four-bedroom home in Oxfordshire. The swap cost the family around £150 a month extra but they have a big house and the children walk to the village school through lovely countryside. "We have just got a much better life now," says James.

For anymore information on renting properties in North West London please contact Belvoir Camden on 02071 997733


Belvoir Camden
1a Chalk Farm Parade
Adelaide Road
Camden
NW3 2BN

Belvoir Lettings Camden covers: St Johns Wood, Hampstead, Belsize Park, Camden, Chalk Farm, Kentish Town, Maida Vale, Marylebone and West London.