Tag: btl

How PlanetRent supports buy-to-let landlords

Lesley Davis Leave a comment
Buy-to-let landlords can now automate their lettings in a just few clicks with PlanetRent

Are you a buy-to-let landlord? If so, you can now manage your rented homes remotely with PlanetRent. Our new cloud-based, automated lettings platform makes the whole lettings process simple and hassle-free.

With social distancing likely to be with us for some time, PlanetRent reduces contact with agents, tenants and contractors to a minimum by automating all the key processes around letting, re-letting, repairs and even marketing. PlanetRent gives small landlords access to Rightmove and Zoopla as well as helping you to easily create your own website to showcase properties.

 In just one click, PlanetRent provides all new tenants with legally-required documents such as a copy of the Government’s How to Rent checklist and Deposit Protection Scheme details, as well as energy performance and gas safety certificates. This gives you the peace of mind that every legal box is ticked and helps you avoid compliance-related fines that could cost as much as £20,000.

 PlanetRent allows all key documents and files to be accessed virtually and enables fully compliant contracts to be generated in seconds. These can then be e-signed remotely.

A tie-up between PlanetRent and Reposit gives landlords the ability to offer properties as deposit-free while giving them eight weeks rent cover. This means landlords can easily cater to cash-strapped renters who want to avoid the financial burden of paying up to five weeks rent upfront while staying protected.

 We’ve also got tenancy renewals covered. In just three clicks, PlanetRent prompts tenants to see if they want to renew. It then automatically markets properties and triggers move-out checks if the tenant chooses to vacate.

Using PlanetRent adds value for your tenants too. So why not make their lettings journey simple and hassle-free. Our new platform gives renters an easy-to-use portal they can access to see everything about their property including floorplans and utility references, as well as their inventory and contract. As documents get renewed, copies are automatically emailed to them and they can request and monitor repairs through the platform too.

 So why not try PlanetRent today? It’s pay as you go, with no need for sign-up fees or subscriptions, making it really easy to check it out. PlanetRent really is lettings automated, so you can still provide your tenants with a first-class rental experience, even in lockdown. 

www.planetrent.co.uk

Why not READ our Property Blog too at www.ringleypropertyblog.co.uk

Why landlords should be looking beyond COVID-19

Lesley Davis Leave a comment

Despite the obvious pressure on the rental market resulting from the current health emergency, longer-term, buy-to-let remains an attractive asset class, says Ringley Group MD Mary-Anne Bowring.

Quoted in today’s issue of Landlord Today online, Mary-Anne says: “A subdued for-sale market will likely see demand for rental homes grow over the course of the year, as buyers put off committing to purchasing a new home and sellers hold off owing to a dip in values and the impracticalities of trying to sell when social distancing measures are in place”. Her comments are in response to the latest figures from Zoopla, showing demand for rental homes up by 30% in the first half of this month.

However, as Landlord Today points out, the increase is coming from a very low base with demand falling dramatically by 57% as the country went into lockdown at the end of March. The improvement is likely to be because more people are staying at home, so anyone who is finding their current property unsuitable may find they have more time on their hands to plan for the future and think about moving once the lockdown is lifted.

Putting the figures into context, Mary-Anne says, “The latest BPF figures show strong growth for build-to-rent in key regional cities which is positive news but completed BTR homes still make up only a tiny fraction of the overall rental market. 

“More worrying is the slowdown in activity in London, where demand and need for high quality rental housing is arguably greatest, with investors put off by potentially hostile policies such as rent controls.”

According to Zoopla, the Coronavirus outbreak may be impacting demand but it is having little effect on supply. The total number of homes available to rent remains broadly unchanged. There has been no large-scale withdrawal of homes listed to let since the start of the lockdown and rental listings are down just 3% compared to figures from 1 March.

In contrast, the rate of new rental listings coming to the market has slowed, after a surge in homes to rent before the lockdown, as landlords in some cities moved short-let homes to the long-let market.

And with annual UK rental growth at 2.4%, up from 1.5% in March 2019, Zoopla expects rental growth for the rest of the year to remain moderately positive for landlords.

Read yesterday’s blog for more on the Build to Rent market.

www.planetrent.co.uk

Why not READ our Property Blog: www.ringleypropertyblog.co.uk

Could a tax tribunal ruling mean BTL investors avoid 3% stamp duty surcharge?

Lesley Davis Leave a comment

Buy-to-let investors could soon fill the HMRC with stamp duty surcharge refund requests. This is following on from a potential precedent set at a recent tax tribunal that saw a couple acquire a neglected building and were able to refute the additional 3% stamp duty charge on purchases of second homes.

It was revealed at the tribunal, held in Bristol, that potentially, buy to let investors could avoid paying the 3% stamp duty surcharge. This instance could cause many more landlords who have already paid the surcharge, to demand a refund from HMRC and suggests that many property purchases could fall short of the additional 3% surcharge and just consist of the standard rate stamp duty.

Paul and Nikki Bewley acquired their uninhabitable bungalow in Western-super-Mare and made the decision to bulldoze the original build in order to make way for a new property, thinking they would not accountable for the 3% charge for Taking on the additional property.

HMRC argued this view, believing that the 3% charge was applicable, as the property was capable of being used as a dwelling sometime in the future.

However, a recent tax tribunal ruled against the HMRC and in favour of Paul and Nikki Bewley, stating that they are only able to charge the 3% if the home is in an acceptable living condition right away.

HMRC has yet to decide on an appeal, stating: “We’re considering the judgment carefully.”

But, this ruling suggests that many buy-to-let landlords could be exempt from the 3% surcharge, when buying a property that is uninhabitable at the time they purchased it.

Commercial Trust Limited, a specialist buy-to-let broker, considers that this ruling could represent an opportunity for past claims from buy-to-let investors who have paid the additional 3% charge on properties that were uninhabitable at the time of purchase.