'Bristol Res' Blog • 12 July 2019
Following a delay, the application process for the Central Bristol Licensing Scheme is now available on line. Landlords who rent out properties in the 12 central wards of Bristol to 3 sharers or more now need a license.
The council have identified these wards as areas with high concentrations of HMOs and believe the housing and management standards are likely to be poor compared with the city as a whole.
The Central Bristol Licensing scheme requires landlords to apply for a license before the 8th October or face penalties including a £30,000 fine.
Discounts of up to £200 are available on the license fee if certificates such as a current, EPC, Gas Safety Certificate and 5 Year EICR are submitted with the application process.
All landlords who own properties managed by The Bristol Residential Letting Co that will require a license will be contact by us in the next couple of weeks and assisted to complete the license application.
It is anticipated that the majority of properties under our management will require minimal changes in order to meet the standard of the licensing conditions.
All other landlords who would like assistance completing the application are welcome to contact us. In the initial instance please drop me an e mail.
Just letting, just Bristol
There’s been an “unprecedented” across-the-board fall in fixed rate buy to let mortgage rates according to an online investment platform.
Property Master has been tracking buy to let mortgage interest rates in this way for 18 months and says it has never seen such a widespread fall.
The biggest fall recorded in recent weeks was for five-year fixed rate buy to let mortgage offers for 75 per cent of the value of a property. The monthly cost of this type of mortgage fell by £36 per month June to July. Five-year fixed rates for 65 per cent of the value of a property fell month on month by £6.
Two-year fixed rate buy-to-let mortgages for 50 and 65 per cent of the value of a property fell by £5 each. Two-year fixed rate buy to let mortgages for 75 per cent of the value of a property fell by £8 per month.
The platform follows a range of buy to let mortgages and measures them on a hypothetical interest-only loan of £150,000. Deals from 18 of some of the biggest lenders in the buy-to-let market including Barclays, BM Solutions, RBS, The Mortgage Works, Godiva and Precise were tracked and calculated on the basis of deals available on July 1.
Angus Stewart, Property Master’s chief executive, says: “It’s likely that lower rates are also being fuelled by the continuing increase in the number of buy to let mortgage products. Whilst it’s true some lenders have exited the market others are boosting their range and competing hard for new business.
“As landlords continue to be pressed on all sides by rising regulatory cost such as the new Tenant Fees Act and falling tax reliefs today’s news of a lowering of mortgage costs will be very much welcomed.”
Just lettings, just Bristol
It was announced earlier this week that the Government is considering plans for a deposit passporting scheme.
If brought in this scheme would allow tenants to transfer rental deposits from one letting agent or landlord to another if they decide to move homes. What they haven’t suggested is how this system would make provision if deductions were need to be made from the original deposit.
The Ministry of Housing, Communities and Local Government has made a call for evidence, inviting those in the property sector to leave feedback and suggestions.
In the forward of the document, Housing Secretary James Brokenshire says: “I am committed to making the process for tenants getting their deposit back much smoother. I want to understand whether there should be a deadline for landlords returning deposits.
“I also want to look at whether existing initiatives are meeting tenants’ needs and whether the market can offer improved products. Alongside this, I want to look more widely at whether innovative approaches to helping tenants move more easily, including allowing tenants to passport their deposit between tenancies.
“It is important that good landlords have the confidence to let out their properties safe in the knowledge that a deposit will provide them with reasonable protection from damages to their property. Any improvements to the way deposits are returned at the end of a tenancy will need to ensure that deposits still serve this purpose and that deposit protection continues to work well for both tenants and landlords.”
To have your say in the consultation period please click here
Just lettings, just Bristol