The UK's No.1 for Property Insurance
Home About Us Contact Us Affiliates Terms &
Conditions
 
This text is replaced by the Flash movie.
News Home Page

Archive for the ‘Repossession’ Category

Tenants Worried About Their Future after More Families Told to Leave

Monday, April 2nd, 2012

Anxious families living at former RAF Coltishall claim they are living in daily fear of eviction after six households have been given just two months to move out. The landlord, Annington Homes, bought almost four-hundred former MoD (Ministry of Defence) homes on the base and they have been gradually moving its tenants out and selling the properties.

Annington Homes say they are acting in accordance with the tenancy agreements and have offered tenants the chance to buy their homes at a significant discount. But many say they cannot afford to buy and will be heartbroken to leave the community which was renamed Badersfield after RAF Coltishall’s closure six years ago. Affected tenants have appealed for another landlord to buy the homes from Annington, protect them with landlord insurance and give them a long-term lease.

An Annington Homes spokesman said: “Annington has plans to slowly release the remainder of the properties at Badersfield and place them on the open market to provide much needed, well-priced family homes in the area. To this end we do expect to issue further termination notices within the year, as to precisely when is wholly dependent on how quickly these first properties sell. We will be informing all remaining tenants of this intention over the coming days and asking them to advise us of any issues they may have; upon which we will endeavour to work with them to resolve where possible.”

Residents are having sleepless nights after they assumed they had long-term tenancies. Trevor Ivory, North Norfolk District Councillor for Scottow, which includes Badersfield, is also very concerned at the news, and said “These people need to know their future is settled. I have made an appointment with the council’s housing department to find out what they could do to help the current tenants find alternative accommodation and have contacted Annington’s representatives asking for an urgent discussion.”

Tags: Annington Homes, Badersfield, landlord insurance, RAF Coltishall, tenancy agreement
Posted in Repossession, landlord insurance, tenants | No Comments »

Housing benefit cap will force tenants out of their home

Monday, September 27th, 2010

Up to 82,000 people could lose their homes as a direct result of the changes to the housing benefit rules.

It has been claimed today in a survey of private landlords carried out by London councils, that 60% of them will refuse to lower rents so that their tenants would be able to stay in the property. In fact many say that they would rather evict or refuse to renew the tenancy when the current one ends.

The Coalition Government announced the changes to the local housing allowance in June. The new rules are part of the governments plans to save money and stop people on benefits renting properties in expensive areas. In his first budget, the Chancellor put caps of £400 per week for a four-bedroom home and £250 per week for a two-bedroom property. It had been suggested by some ministers that changing the rules would force private landlords into dropping their rents. Property owners with landlord insurance know that their houses will not be empty for long if they do evict a tenant, as the rental market is booming. Many are determined not to be bullied by the powers that be.

London councils claim that the new caps would lead to fewer homes being available. Just over a quarter of landlords said they would just decrease the number of properties that they would rent to anyone on benefits. However, housing experts warn that many tenants would be made homeless, some will be forced to move into accommodation which is overcrowded and some will have no choice but to move to a cheaper borough which will put pressure on services such as schools.

Many are worried that tenants being forced out of their homes will only add to the significant levels of homelessness and overcrowding in the capital. London councils are lobbying the Coalition Government and asking for councils to have more power so they can refuse to pay landlords who are making a profit from housing benefit.

London councils housing spokesman, Sir Steve Bullock, said “Cracking down on the worst excesses of a small minority of landlords is welcome. However we must make sure that any action that takes place does not have the devastating side-effect of pushing poorer people in the capital out of their homes.”

Tags: Landlord Insurnace, landlords, Property Market, Rental Market, Reposession, tenants
Posted in Property Market, Rental Market, Repossession, landlord insurance, tenants | No Comments »

Landlords pay the price of possession

Monday, August 23rd, 2010

As landlords consider how best to gain from the current boom in demand for rented properties, a stark warning from the National Landlord Association (NLA) puts into focus how important it is to choose the right tenant.

The report from the NLA revealed that, of landlords surveyed, 47% of those forced to re- possess their properties did so due to rent arrears. The next most common cause was anti social behaviour which accounted for another 23%.

Fortunately 33% of landlords have never had recourse to possess their properties but those that have, found the cost prohibitive. David Salusbury, chairman of the NLA, said “Gaining possession can be very costly for landlords, especially when it is related to rental arrears. Many landlords have mortgages to pay on top of the expense of gaining possession. One-third of landlords have reported paying between £250 and £1,000 to have tenants removed. This amount is often compounded by late rent payments”

Four out of five cases of possession were resolved inside 5 months, but that still leaves a lot of landlords struggling to get their properties back for over half a year. No wonder then that landlord insurance is such a vital tool to have when incorporating Rent Guarantee Insurance in the policy.

The report follows hard on the heels of advice given to residential landlords by industry experts emphasising the importance of checking the credentials of would be tenants as closely as possible.

Tags: landlord insurance, landlords, Property Market, Reposession, tenants
Posted in Property Market, Repossession, landlord insurance, tenants | No Comments »

Repossessions continue to fall

Tuesday, August 17th, 2010

Figures released by the Council of Mortgage Lenders (CML) suggest that landlords as well as home-owners are managing their purse strings a little better as the fragile financial recovery continues.

The CML report shows that property repossessions in the second quarter of 2010 fell to 9,400 a drop of 400 on the January to March figures. Although this suggests that the recovery is still on track, a property expert urged caution and diligence to would be residential landlords looking to enter the business.

Tom Entwhistle, a director of LandlordZone.co.uk, believes that any decision to apply for a buy to let mortgage should be rigorously researched before signing on the dotted line. Although he recognises the sector is buoyant at the moment, he believes it is not simply a case of identifying a property and looking for cheap landlord insurance, making a purchase in the correct location is paramount to the future success of the venture.

“Assessing rental demand in the location is crucial” he says, as is the amount of rent the landlord can expect. Landlords must remember that actually sourcing the finance will not be easy at the moment and should be diligent enough to look through the various offers before coming to a decision.

Purchasing in the right area will alleviate the problem of void periods, so a neighbourhood slightly run down but peopled by students could well show a more lucrative return than one in a better area but with less rental demand.

Tags: Landlord Insurnace, landlords, property, Property Market, Rental Market, Reposession
Posted in Property Market, Rental Market, Repossession, landlord insurance, tenants | No Comments »

  • Recent Posts

    • Older Residents Set to Benefit from New Housing Development
    • Prosecutions against Landlords Escalate
    • Tenants Move into New Council Eco-Friendly Bungalows
    • Scottish Housing Association Chosen for Direct Benefit Payments Scheme
    • Squatting to Become Criminal Offence Later This Year
  • Categories

    • Advice
    • Banks
    • Buy-to-Let Insurance
    • Care Homes
    • Council Houses
    • landlord insurance
    • Law
    • NLA
    • Property Insurance
    • Property Market
    • Rental Market
    • Repossession
    • Students
    • tenants
    • Tennants
    • Uncategorized
  • Archives

    • May 2012
    • April 2012
    • March 2012
    • February 2012
    • January 2012
    • December 2011
    • November 2011
    • October 2011
    • September 2011
    • August 2011
    • July 2011
    • June 2011
    • May 2011
    • April 2011
    • March 2011
    • February 2011
    • January 2011
    • December 2010
    • November 2010
    • October 2010
    • September 2010
    • August 2010
    • July 2010
    • June 2010
    • May 2010
    • April 2010

Property Insurance News is Designed and Hosted by Gravytrain Limited