Friday, September 09, 2005

Landords - check the terms of your tenancy agreement

Reuters.co.uk: OFT issues new guidance to buy-to-let landlords
Thu Sep 8, 2005 8:04 AM BST

The Office of Fair Trading is concerned some tenancy agreements or leases place an unfair burden on the tenant and has issued new guidance to landlords on how the regulations apply to tenancy contracts. The aim is to help landlords stay within the law and provide clear and fair contract terms for tenants.

The OFT receives more than 200 complaints every year about unfair terms in standard tenancy contracts, such as financial penalties, exclusions of the landlord's liability for repairs and unfair termination and eviction clauses. It is very important for landlords to get it right because if a contract is deemed to be unfair, it is unenforceable.

The OFT guidance outlines why some standard contract terms used in tenancy agreements are considered to be potentially unfair and includes possible ways of revising them. Examples of unfair terms include those that exclude or limit the landlord's liability, for example by transferring the landlord's legal obligations to the tenant. Leases which impose potentially excessive penalties on tenants for failure to meet the terms of the contract - for example, by charging excessive rates of interest on late payments of rent - would also be regarded as unfair. Clauses which enable the landlord to vary the terms of the contract, to impose new rules on the tenant or increase the rent at short notice would fall into the same category, as would requirements to give an excessive amount of notice before leaving.

A consumer leaflet, 'Unfair tenancy terms - don't get caught out', which gives a brief overview of the OFT's views on unfair terms in tenancy agreements, is also available. The guidance and the consumer leaflet are available from the OFT website (www.oft.gov.uk) or by phone on 0800 389 3158.

If you're not up to speed in what you can put in a tenancy agreement check this out.

Chris

Link

Find the best buy-to-let mortgage for you

Mortgage Introducer: Directory of BUY TO LET Lenders

Click on the lender's name below to see their complete directory listing.
A
Abbeywww.abbey.com
Allied Irish Points www.aibgb.co.uk
Amber Homeloanswww.amberhomeloans.co.uk
B
Bank Of Irelandwww.1st-start.co.uk
Bank Of Scotlandwww.bankofscotland.co.uk
BM Solutions www.bmsolutions.co.uk
Bristol & Westwww.bristol-west.co.uk
Buckinghamshire BSwww.bucksbuildingsociety.com
C
Capital Home Loans
Chelsea BSwww.thechelsea.co.uk
Cheltenham & Gloucesterwww.cheltglos.co.uk
Chesham BSwww.cheshambsoc.co.uk
Cheshire BSwww.thecheshire.co.uk
Chorley & District BSwww.chorleybs.co.uk
Clydesdale Bankwww.cbonline.co.uk
Coventry BSwww.coventrybuildingsociety.co.uk
Cumberland BS
D
Derbyshire BSwww.thederbyshire.co.uk
Dudley BS
Dunfermline BSwww.dunfermline-bs.co.uk Back to top
E
Earl Shilton BS
Ecology BSwww.ecology.co.uk
Exclusive Connectionswww.exconn.com Back to top
F
First Trust Bankwww.firsttrustbank.co.uk
Furness BSwww.furnessbs.co.uk
Future Mortgageswww.future-mortgages.co.uk
G
GMAC Residential Fundingwww.gmacrfc.co.uk
Genesis Home Loanswww.ghlplc.co.uk
H
HSBCwww.hsbc.co.uk
Harpendon BSwww.harpenden-bs.co.uk
Heritable Bankwww.heritable.co.uk
High Street Home Loans www.highstreethomeloans.com
Holmesdale Bankwww.holmesdale.org.uk
I
Ipswich BSwww.ipswich-bs.co.uk
Irish Permanent Intwww.ip-intl.com
K
Kensington Mortgage Companywww.kmc.co.uk
Kent Reliance BSwww.krbs.co.uk Back to top
L
Leeds & Holbeck BSwww.leeds-holbeck.co.uk
Leek United BSwww.leek-united.co.uk
Lloyds TSB Scotlandwww.lloydstsb.com
Loughborough BSwww.theloughborough.co.uk
M
Manchester BSwww.themanchester.co.uk
Mansfield BSwww.mansfieldbs.co.uk
Melton Mowbray BSwww.mmbs.co.uk
Mercantile BS & Mercantile Directwww.mercantile-bs.co.uk
Mortgage Expresswww.mortgage-express.co.uk
Mortgages PLC
Mortgage Keyswww.mortgagekeys.co.uk
Mortgage Trustwww.paragon-group.co.uk
N
National Countries BS
Natwest Mortgage Serviceswww.natwest.co.uk
Newbury Mortgage Services
Northern Bankwww.nbonline.co.uk
Northern Offshore Banking & Financial Serviceswww.nbonline.co.uk
Northern Rockwww.northernrock.co.uk
Norwich Unionwww.norwichunion.com
P
Paragon Mortgageswww.paragon-mortgages.co.uk
Pink Home Loanswww.pink.uk.net
Platformwww.platform.co.uk
Portman BSwww.portman.co.uk
Preferred Mortgageswww.preferredmortgages.com
R
Royal Bank Of Scotlandwww.rbs.co.uk
S
SPMLwww.spml.co.uk
Scarborough BSwww.scarboroughbs.co.uk
Scottish Widows Bankwww.scottishwidows.co.uk
Shepshed BSwww.theshepshed.co.uk
Skipton BSwww.skipton.co.uk
Stafford Railway BS
Standard Life Bankwww.standardlifebank.com
Stroud & Swindon BSwww.stroudandswindon.co.uk
T
The Mortgage Business www.t-m-b.co.uk
The Mortgage Operatio nwww.mortgageuk.com
The Mortgage Workswww.themortgageworks.co.uk
U
UCB Home Loans www.ucbhomeloans.co.uk
Ulster Bankwww.ulsterbank.com
Universal BSwww.theuniversal.co.uk
W
West Bromwich BSwww.westbrom.co.uk
Woolwichwww.woolwich.co.uk
Y
Yorkshire Bankwww.ybonline.co.uk

Here's a useful list of buy-to-let lenders if you want to do your own research on mortgages for your investment properties. Personally, I get a mortgage broker to do this for me!

Chris

Link

Tuesday, September 06, 2005

Top property hotspots

Manchester district tops property hotspots
Hilary Osborne
Monday September 5, 2005

First-time buyers looking for a property with potential should head to east Manchester, according to research published today. A study of Britain's 2,800 postcode districts focusing on their desirability and potential return on investment found the district of Openshaw in greater Manchester to be the top hotspot for those looking to get on to the property ladder. Many of the top 10 hotspots produced by Royal Bank of Scotland (RBS) were in the north or Wales, but in the top 20, most areas of the UK were represented.

Researchers for RBS looked at 20 factors they thought would be important to new buyers, including transport links, demographics and recent house price growth. Five factors were deemed to be of key importance, but top of the list was a below average ratio of house prices to local earnings.

The top 10 housing hotspots:
1 Openshaw, Manchester (M11)
2 Middlesborough, Teeside (TS1)
3 Ardwick, Manchester (M12)
4 Falkirk, Scotland (FK1)
5 Ferndale, South Wales (CF43)
6 Kingston-upon-Hull (HU3)
7 Blaenrhondda, South Wales (CF42)
8 Stratford, London (E15)
9 North central Stoke-on-Trent (ST1)
10 Leven, Scotland (KY8)

Check out the RBS web site and study their First Time Buyer Property Index - it's good information for buy to let property investors as well as ftb's.

Chris

Link