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Mortgages

Payment Holidays — Do You Understand the Implications?

The financial effects of the pandemic have been severe on many of us, whether we’re acting as companies, landlords or individuals. One lifeline has been the ability to take “payment holidays” in the repayment of mortgages, loans or debts. This has been invaluable — but is it really the straightforward benefit it seems? Recent research by Resolver suggests it may not be. Payment Holidays Early in the
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PROPERTY NEWS UK

On 16th OCTOBER 2020, RYAN BEMBRIDGE headlined in the above A quarter (23%) of home-owners are worried about renewing their mortgage during the pandemic, a poll from specialist broker Willow Private Finance has found. A third (32%) said their income was less secure now than before the pandemic, while more than one in 10 (12%) had to take a payment holiday during COVID. The proportion of those feeling less financially
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What Does It Cost You to Be a Landlord?

To anyone outside the buy-to-let world, it seems as if landlords are sitting back and raking in profits. While this was never really true, a few years ago there was some justification for the perception. But no longer. A combination of increasing hidden costs and Government measures such as increasing Stamp Duty have left landlords in a position where the average annual return is hardly more than £2,000 on each prope
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New Legislation for Rentals — What You Need to Know as a Landlord

If you’re a landlord, you’ll know how fast the rules have been changing recently. It’s not over — several new laws and regulations have either been passed recently or are being considered. So what do you need to know? The Tenants Fees Act 2019 This received the Royal Assent in February, and its provisions will be applied from the beginning of June. Under the Act, landlords will only be permitted to ask for certain pa
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Three Essential Steps Before Signing a Commercial Lease

Any legal document requires close scrutiny before you sign it, and this is certainly true of a commercial lease. The ideal solution would be to have the agreement drawn up by a commercial law solicitor working for you, who’ll ensure there are no nasty surprises. Often, however, your landlord will present you with a ready-made agreement. Most landlords won’t be trying to cheat you, but the agreement will have been dra
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Osborne ‘taxberg’ eclipses seizure powers of bailiffs

The powers of bailiffs to enter a property to seize goods where a debt has not been repaid are often exaggerated. But I’m equally sure that some less scrupulous bailiffs have played on debtors’ ignorance of what is and is not permitted. One of the ways in which the new regulation of the collections industry has brought clarity to both sides is in the clear statement of what is, and is not, permitted. You can read thi
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Tougher rules for mortgages put affordability first

The news has been full this week with story about the tougher new rules for people applying to take out a mortgage. There’s been some consternation at the idea that lenders might want to know how much people spend on toiletries or gym membership. These are, it seems to be emerging in the comments from banks and building societies about how the Mortgage Market Review rules will work, extreme examples of a concer
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