Wolverton modern 2 bed apartment, £160k with gross yield around 6.4%

This modern 2 bed apartment is situated on the fairly recent development just off Stratford Road in Wolverton, a short walk to all the local shops & mainline train station, and is offered for sale at £160k.

 

 

 

 

Internal specification includes a superb kitchen, en-suite to master bedroom and solar panel water heating, and on todays rental market this could easily achieve £850 PCM, possibly even a little higher. In March 2013, similar properties were selling for around £125k, so you can see there has been some decent capital appreciation on these properties already, with the potential for much more in the future, as this will appeal to young professionals and commuters.

 

 

 

 

For more information about other potential investment properties that we could introduce you to, or to ask about our thoughts on your own investment choices, call us now on 01908 562582 or pop along and speak to us in person at our offices in Stony Stratford.

Walnut Tree £110k investment giving a yield of 6%, but what a quaint little studio bungalow

Something a little more quaint and picturesque now, a studio bungalow on Walnut Tree on offer at £110k. For any young professional working locally, this would be a refreshing change to the usual offerings of 1 bed studio flats and yet would still be in the same price range, commanding a rental of £550 PCM. To the investor, this gives a return of 6%, but wrapped up in a slightly more desirable package.

For more information about this or other potential investment properties that we could introduce you to, or to ask about our thoughts on your own choices, you know by now just to call us on 01908 562582

Walnut Tree studio apartment, nice and affordable starter property at £98.5k, potential gross yield of 6.3%

Another attractively priced starter property now, this 1 bed studio apartment in Walnut Tree is holding an open day on Saturday 13 September, and with no upper chain this would be a quick deal for someone ready to hit the ground running. 

No internal views are shown, so make sure you get along in person and judge the condition for yourself, but such a property presented in good, clean condition would achieve a rental income of at least £525 PCM at the moment (if not more), giving a potential gross yield of 6.3%.

If you are thinking of getting into the property rental market and don't know where to start, speak to us for impartial advice and guidance to get the best return on your investment.

For more information about other potential investment properties that we could introduce you to, or to ask about our thoughts on your own investment choices, call us now on 01908 562582 or pop along and speak to us in person at our offices in Stony Stratford.

Looking for a project? £90k 1 bed flat in Walton, potential yield of around 7.1% gross

For anyone looking for a project, this could be a decent proposition for you. A 1 bed apartment in the delightful Walton Park (just down the road from some BIG houses, the ones where landlords like to live themselves) and with great lakeside walks and views, this is up for sale at £90k and would probably set you back around another £10k to fully refurbish and redecorate. Don't get me wrong, it does need plenty of work, but most of the preparation and cleaning could be done by yourself, only using tradesmen for the final fit & finish, so you can definitely add value to this property right from the word go.

 

 

 

 

Once on the rental market, this would achieve around £595 PCM, giving you a gross yield of 7.1% or thereabouts, depending on the level of finish and how much you finally spend, and with Red Bull Racing & The Open University as major local employers in the area, this property would appeal to those young professionals looking to live here.

 

 

 

 

 

For more information about this particular property, please call us now on 01908 562582

Emerson Valley £200k 3 bed + garage, potential yield of 5.7%

Emerson Valley is a fairly respectable and established residential area, and being close to numerous schools this next property has everything going for it in order to appeal to families if & when it goes onto the rental market.

 

 

 

 

£200k buys this pretty reasonable 3 bed house, and a little time and effort spent redecorating and modernising the bathrooms would see this rent for around £950 in todays market, giving a decent 5.7% return. It still offers plenty of scope for capital appreciation in years to come, as prices around here for similar houses have risen from around £76k in 1997 to £200k today, an increase of an amazing 163%.

 

 

 

 

For more information about this or other potential investment properties that we could introduce you to, or to ask about our thoughts on your own choices, you know by now just to call us on 01908 562582

Lovely Furzton Lake starter property, 1 bed house for £140k, yield of around 5.3% NOW SOLD

This really nice 1 bed cluster house is on the market for £140k, and believe me we see more of these houses than you care to count, and this one is right up there in the Premier League. It is superbly finished, beautifully kept inside and out, and would hit the rental market for around £620 today and would let incredibly easily. For the novice investor looking to get into the market for the first time, this is such a simple and delightful house that presents no real dramas or concerns. 

 

Set in a desirable location close to Furzton Lake offering beautiful lakeside walks & views, this has got everything going for it. So much so, that one of our new investors who we have been advising over the past month has now bought this and is working closely with us to manage the whole process for them, from initial investment idea through to full property management and income generating business model.


 

So as you can see, this process does work, and we have the time, expertise and commitment to work with investors (first time or otherwise) to formulate a plan of action and then to see it through to fruition, all the way from sourcing initial funding right through to planning an exit strategy in the future.

 

 

 

 

 

If you are thinking of getting into the property rental market and don't know where to start, speak to us for impartial advice and guidance to get the best return on your investment. For more information about other potential investment properties that we could introduce you to, or to ask about our thoughts on your own investment choices, call us now on 01908 562582 or pop along and speak to us in person at our offices in Stony Stratford.

Great Holm 2 bed maisonette, for sale at £165k, potential yield of 5% with a long lease and NO SERVICE CHARGES

Here we have a recently refurbished 2 bedroom first floor maisonette on Great Holm, which is in the catchment area for some very good local schools. Consisting of a very recently refitted kitchen and bathroom and redecorated throughout to a high standard, the property also has UPVC double glazing throughout and is completed with a fully enclosed garden and a single garage with parking, so you get a lot of property for the money.

 

 

 

 

 

 

This is for sale through one of our existing landlords, and should you wish it could come with the sitting tenant in place and already earning you an income from day 1 of ownership. Currently rented at £660 to the long standing tenant, if this went back on the market today it could rent for around £690 given the current conditions. NO service charges are payable on this property, and the lease currently has 96 years left to run, so your costs are kept to a minimum here.

 

 

 

For more information about this particular property or to arrange a viewing, please call us now on 01908 562582

Do properties in Stony Stratford make good investments for Buy to Let?

Only last week a resident of Stony Stratford popped into our offices on London Road, Stony Stratford after taking us up on our offer of impartial buy to let advice on the Milton Keynes property market. The gentleman concerned was particularly interested in Stony Stratford itself and I was able to advise him that before Milton Keynes was built, the town itself was a major local market town on the old Watling Street. Stony Stratford has an older part in the centre with Georgian, Victorian and Edwardian houses combined with the more ubiquitous Milton Keynes properties such as the 1960s, 1970s and early 1980s semi- detached houses. Interestingly though, of the 3,283 properties in Stony Stratford only 547 of them are detached (or 16.6%), compared to the 28.4% average in Milton Keynes. There are 1,099 semi detached properties, 1,241 terraced houses.

 

Anyway, he is eager to purchase his first Buy to Let property in Stony Stratford as he has lived there for over 15 years and felt investing around there as he knew it well, we started to discuss the property market in this area. With my local knowledge I was able to tell him that there are plenty of 3 bed semis in Stony Stratford. I particularly like the semi-detached houses around the South Eastern edge of Stony Stratford in the Hale Avenue area, off London Road. Three bedroom semi-detached houses in that area sell for around £220,000 and £230,000 and a good one rents for around £895 per month, a healthy yield of 4.8% to 4.9% per year. It is also interesting to note that since 1999 semi-detached houses in Stony Stratford have, on average, risen by 166.1%, which when you consider the Milton Keynes average property value increase is only 123.8% over the same time scale its good news all round!

 

So with a reasonable yield and excellent capital growth, semi-detached houses in Stony Stratford, especially 3 beds, could make a decent future investment. Of course, the difficulty in this market is that availability is drying up and prices are rising quite quickly now, so finding that gem is getting harder all the time.

 

Whether you are a landlord of ours or someone thinking of investing in the rental market for the first time, drop into our offices on London Road, Stony Stratford for advice on where the bargains are in both Stony Stratford and Milton Keynes.

Downs Barn £165k 2 bed semi, potential yield of 5.6%

This property on Downs Barn offers tremendous value for money, and although it looks like it needs some work in the kitchen, it would likely achieve a rent today of around £775 giving the new owner a healthy 5.6% yield.

 

 

 

 

 

House prices for semis on this road have risen by an average of 84% since 2000, when sold values were around £70k. As always, a fairly decent 2 bed house with parking will attract a decent audience in any market, and being relatively close to Central Milton Keynes just adds to the desirability.

 

 

For more information about this or other potential investment properties that we could introduce you to, or to ask about our thoughts on your own choices, you know by now just to call us on 01908 562582

 

Milton Keynes area ranks in top ten of most desirable postcodes in England

A study has revealed a Milton Keynes postcode is the seventh most desirable in England.

MK8, which covers areas including Two Mile Ash, Great Holm, Crownhill and Grange Farm ranked in the top ten in an analysis to mark the 40th anniversary of the allocation of postcodes to every address in Britain.

The research took into account employment opportunities, health levels, education and training opportunities, crime levels, homelessness, household overcrowding and ease of accessing local services, the quality of the physical environment and housing affordability – the relationship between average house prices and average annual earnings.
Iain Stewart, MP for Milton Keynes South, says he is pleased that Milton Keynes has received this recognition. He said: “It doesn’t come as any surprise to me as I have long regarded Milton Keynes as a wonderful place to live and work. We have an exciting future ahead of us and I look forward to playing my part in our development for many years to come.”

 

Steve Rooney, Head of Royal Mail’s Address Management Unit, said “Royal Mail commissioned the Centre for Economic and Business Research to conduct analysis to identify the most desirable postcodes in England, Scotland and Wales to mark the 40th anniversary of the allocation of postcodes to every address in Britain. The invention of the postcode revolutionised the way post is sorted and delivered”.
The research was conducted by reviewing a number of data sources at the local level, including the 2011 Census, the Department for Communities and Local Government’s Indices of Multiple Deprivation, several releases from the Office for National Statistics and lending data from the British Bankers Association and the Council for Mortgage Lenders.

 

Great Holm resident, Councillor Zoe Nolan, said: “I have lived in the MK8 postcode area for 22 years and have been privileged to represent much of the area as its councillor since May this year. The Royal Mail report took into account a whole host of measures that make MK8 stand out, from health and education to employment and crime rates. I love living here and it is wonderful to have it recognised as such a desirable part of England.”

 

Heelands tidy 3 bed terraced at £180k, potential yield of 6%

This areas offers good value for money, and this is a tidy house on a nice street that would appeal to families. On sale for £180k, with plenty of internal space and external parking, this property has already grown in value from an average of £118k in 2003, showing a potential increase of 52% in that time.

 

 

 

 

On the rental market today, this could achieve around £900 PCM, showing a return of 6% which is very reasonable for the outlay.

 

As always, for more information about this or other potential investment properties that we could introduce you to, or to ask about our thoughts on your own choices, call us now on 01908 562582

Newton Leys 2 bed coach house apartment for £160k, yield of 6% gross on this

For 160k, you could buy this delightful 2 bed apartment situated above carports, often termed as a coach house, in the newly developing and very popular Newton Leys, just to the south of Bletchley, with great access to Milton Keynes and other local towns such as Aylesbury and Dunstable.

This sold in 2012 from new for £139k, so I think there could be some movement on todays asking price, but if not that's still been a nice 15% increase for the vendor in 2 years. With a rental value in todays market of around £800PCM, this would represent a gross yield of 6% for the new owner, and as this area continues to be developed, it will bring with it new shops and community facilities, which is great for the future of the area and for property prices.

 

 

For more information about this or other potential investment properties that we could introduce you to, call us now on 01908 562582

Bradville property market outperforms the Loughton property market by 102%

I recently had a conversation with a landlord who lives in Shenley Church End, who took me up on the offer of an informal chat about the Milton Keynes property market the other week after he read the ‘Milton Keynes Property Blog’.  We got talking about investing in Milton Keynes property and how different areas of the town performed against other areas. Investing in MK property is a balancing act between capital growth and yield. On the one hand going for strong capital growth seems an obvious choice because of the potential to generate long term capital profit, especially with inflation eating away at our savings. However, rental yields on high capital growth properties tend to be low meaning if you are taking a high percentage mortgage, the rent doesn’t pay the mortgage payments.

 

 

 

It became really interesting when we compared the area of Loughton, which is next door to Shenley Church End, against the Bradville Estate, where he was brought up many years ago. In the Loughton area, a very nice four bedroom detached house will sell for between £380,000 and £430,000 and rent for between £1,350 and £1,550 per month.  This would give our landlord a yield of around 4.2% per year, very reasonable indeed.  Until you consider those one bed town houses in Bradville, which sell for around £84,100 and let (depending upon condition) for around £600 per month, giving a yield of 8.5% per year. That means yields in Bradville are 102% proportionally higher than those achieved in Loughton.

 

However, as I said a few weeks ago, yields are not everything in property investment. Another is how the value of the property goes up over time. Better properties in better locations don’t have the best yields, but their property values tend to go up quicker over the long term.   The average value of property in Bradville, since 2004/2005, has risen by 8.3% whilst average values in Loughton during the same time frame, have risen 27.5%. 

 

 

 

Now I know there aren’t many landlords who would buy a large 4 bed detached in Loughton to rent out and there are many risks in buying a small one bed house in Bradville to rent out. It’s just that looking at the Milton Keynes property market as a whole and in more depth enables me to give you the best advice and opinion to help you find the best investment property to suit your individual long term goals. It is in your interest that you buy a property which will rent well, and for long periods of time. If you would like any advice on choosing properties, please come and see me at our offices on London Road in Stony Stratford.

Old Wolverton 3 bed semi, £200k giving 5.6% yield but look at the potential for capital growth

Here we have a fairly un-pretentious 3 bed semi, in the quiet area of Old Woverton. On the market today for offers in excess of £200k, this represents good value for such a property that could go on the rental market at £925 PCM with very little effort, giving you a decent 5.6% yield as it stands.

Properties locally have also shown some good capital growth over the past decade, in fact a typical 3 bed semi on this road would have sold for £91,500 back in 2000, and even last year they were achieving £206k. So over the intervening 13 years, values have increased by 125% for a house just like this one, so you can see that any investment here would be safe and secure.

 

 

For more information about this or other potential investment properties that we could introduce you to, call us now on 01908 562582

Fair wear and tear 'most misunderstood area' of renting process

Fair wear and tear is the most misunderstood area of the whole renting process, according to the Association of Independent Inventory Clerks. Some landlords still have unrealistic expectations centred on the deductions that can and cannot be made from the tenant deposit.

It is a commonly held view in the lettings industry that the House of Lords has stated that a tenant cannot be held responsible for damage at the end of a tenancy caused by ‘reasonable use of the premises and the ordinary operation of natural forces’. However, while the precise source for this quote is unknown, it is a general guideline that has been accepted across the industry.

Recent figures from the Tenancy Deposit Scheme annual survey reveal that cleaning related issues make up 56% of all disputes. Damage to property accounts for 43%, redecoration 30%, rent arrears 17% and gardening issues 13%.

It seems that 55% of all disputes are raised by tenants unhappy about the proposed deductions from their deposit and of these, only 21% received all their deposit back. In contrast, 45% of disputes were raised by landlords and agents and of these, only 19% received the amount in dispute.

Pat Barber, Chair of the AIIC comments:

“There are two main things to remember with wear and tear. Firstly, the tenant has a duty of care to return a property in the same condition at the end of the tenancy as found at the start and as listed on the initial inventory report – with allowance for fair wear and tear.

“Secondly, the law does not allow for betterment or ‘new for old’ when assessing the action needed to be taken after a check-out inspection. If an item was old at check–in and after a two year tenancy, there is some additional damage, the law will not allow a landlord to simply replace this item with a new one. Instead, some sort of compensation is allowable towards future replacement. This betterment principle applies to cleaning issues as well. If a carpet was badly stained at time of check-in, a landlord cannot expect the tenant to pay for cleaning at time of check-out, no matter how long the tenancy has been.

Landlords and agents should always encourage tenants to be present at any check out inspection and they should be made aware of all the issues that are raised in a check out report. This includes cleaning, damage to items listed on the inventory, additional gardening, or missing items. This discussion will inevitably include the subject of fair wear and tear.

So what can a landlord expect a tenant to fund from their deposit over and above normal fair wear and tear? AIIC has put together some helpful tips:

- Cleaning: This covers all rooms, especially kitchens and bathrooms. If an oven dirty for example, then the tenant can be charged for it to be professionally cleaned. Cleaning is never a wear and tear issue. If something can be cleaned, then it should be, at the tenants’ cost, providing there is documentary evidence in the form of a detailed inventory to prove the item was clean at time of check in.

- Damage: Any damage to the property and its contents can be charged to the tenant. Common and expensive damage includes burns to carpets and floorings; chips and cracks to baths and sinks; serious scratches to ovens; cracked and broken windows; and burns to kitchen worktops.

- Walls: If the tenant has painted the property with a non-neutral colour, without the landlord’s permission, then the cost of repainting can be charged to the tenant. Any serious damage caused to walls and ceilings will fall under the tenant’s responsibility also.

- Gardens: Tenant’s play equipment, swimming pools and trampolines can cause large areas of damage to lawns, as do dogs and other animals. This is not a wear and tear issue and the tenant must be held responsible for making good the damaged areas.

 

Old Stratford 2 bed maisonette + garage, £160k to buy offering a yield of 5.8%

Situated in a quiet and peaceful location on the outskirts of town, this lovely 2 bed maisonette is good value at £160k so could be worth considering for a new investor – if you do, ask if there are any service charges to pay, and who owns or uses the other garage units (usually YOU would insure them as they are part of your building, so it is worth knowing).

  

 

 

This will rent for £775 PCM, giving you a yield of 5.8% right now, and will always appeal to those who prefer a quieter and more relaxed pace of life. For the investor, at £160k this has shown an increase of around £32k or 24% in less than 10 years since it was built.

 

 

If you would like to be first in line for the next investment opportunity, call us now on 01908 562582 for further details

 

 

 

Middleton 2 bed apartment (yes another one!), £185k with a 5.8% gross yield, over 6% if furnished

It's deja-vu time here, as this is yet another beautiful apartment in Middleton, this time on the ground floor, with all the same benefits and potential as the previously mentioned property on here on 11 August.

 

 

 

 

Presented as it is, with no work required, this would also achieve £900 unfurnished and as high as £950 PCM fully furnished, and we STILL have a list of applicants who missed out on the other unit who would be interested in this property. Yields of between 5.8 - 6.1% are possible, based on unfurnished or fully furnished to a good standard.

If this sells for £185k, that would represent a 31% increase in value since this property was built in 2009, and with a great secondary school and a brand new Waitrose on the doorstep, this will continue to appreciate in value.

 

If you would like to be first in line for the next investment opportunity, call us now on 01908 562582 for further details.

 

 

 

2 bed apartment in the centre of Newport Pagnell, beautifully refurbished, £185k with a yield of 5.6%, but what a stunner

What about this stunningly presented and tastefully restored 2 bed apartment, slap bang in the centre of the historic market town of Newport Pagnell.

 

 

 

 

 

Offered for sale at £185k, this will surely attract a very sophisticated & professional tenant, and would command a rental of around £875 in todays market, offering a 5.7% gross yield. With all the work done for you this would be a painless investment, which will surely grow in value in the coming years.

 

Please call us on 01908 562582 for further details.

 

 

 

 

 

 

Recent auction results

Following on from our article on 5 August (3 bed terrace in Wolverton going through auction), we now have the results in.

 

 

 

 

You can see that the winning bid was £159k, so let's hope the buyer can save some money on the refurbishment to make it worth their while financially. This would still rent today for between £900-£925 dependant upon finish, and would possibly sell for around £190k if they wished to move it on quickly.

 

 

Letting agent hit with £3,000 bill after failing to arrange gas safety check

A lettings agency’s failure to arrange a £60 gas safety certificate has cost it almost £3,000. MT Properties Central, based in Small Heath,Birmingham, failed to arrange the statutory gas safety check on the property, and subsequently failed to produce any confirmation that the checks had been carried out. The Health and Safety Executive (HSE) was made aware of concerns over the existence of a gas safety record for the property and tried several times to get a response from the company. It then issued an Improvement Notice on August 16, 2013.

 

Birmingham Magistrates’ Court heard on Friday that the Notice required MT Properties to employ a Gas Safe registered engineer to carry out the necessary checks by September 6, 2013, and produce evidence that the notice had been complied with. However, the company failed to comply with the notice or to request an extension. The notice remains open today and HSE is awaiting evidence of compliance.

 

 

 

MT Properties Central pleaded guilty to breaching the Gas Safety (Installation and Use) Regulations 1998 and the Health and Safety at Work etc Act 1974, and was fined £2,000 and ordered to pay costs of £957. HSE inspector Karl Raw said after the hearing: “MT Properties Central had plenty of time to comply with HSE’s enforcement notice, so there was no excuse for failing to do so, particularly for a property management and letting business. A gas safety check by a registered engineer can be organised quickly and easily and cost as little as £60.

By not carrying out their duty as the agent of the landlord, MT Properties Central potentially put lives and property in danger by flouting the laws that are designed to protect people in their homes while using gas appliances.

 

 

 

 

At Belvoir, we make it our first priority to see that a property (and therefore the landlord) complies with ALL current and imminent legislation, and if that should involve extra works or costs to a landlord then it still has to be completed. Gas safety, along with electrical safety, are some of the biggest concerns of tenants, and our duty of care to them is paramount. Often we meet potential landlords who wish to rent out their property yet still refuse to pay out a penny making it safe, secure, dry and habitable. Our reputation is well known around these parts as being very strict and we will never tolerate such practices, nor support those who think that this approach is acceptable. As a new landlord or investor, make sure you ask the right questions of your agent - in fact, how about approaching it like this "Would I allow my children to live in such a property?" If the answer is no, then why would you expect someone else to?

 

 

 

 

For further advice as to how you are required to protect your tenants, and to understand your responsibilities as a new landlord, call us on 01908 562582 or pop into our offices for a chat at any time.

4 bed townhouse, canal side location, stunning condition, £245k with a yield of 6.1% and great potential for future growth

This beautiful former showhome is truly stunning, and offers all the space a growing family needs, in a quiet and peaceful canal side development.

 

 

For sale at £245k, this property offers the investor with a little more to spend, a great chance for future capital appreciation, as this is certain to remain a desirable option for families in the future. With an immediate rental value of around £1250 PCM, it also offers a very good return on investment of 6.1%. What a safe place to invest your money!

 

For further details, please call us on 01908 562582

 

 

Grange Farm 3 bed semi offering a steady 5.2% return and great potential for capital growth

This nice 3 bed semi with garage is up for sale with Taylors at Westcroft for £250k which appears to be in great condition, and more importantly is in a great location offering huge scope for future capital appreciation. We have clients always waiting for just such a property in this area, and would rent for approximately £1095 PCM in todays market, giving you a steady 5.2% yield but in a very secure package.

http://www.zoopla.co.uk/for-sale/details/34252232

 

 

 

Newport Pagnell nice 3 bed, £825 PCM giving a 5.3% return

How about a tidy and spacious 3 bed mid-terrace in Newport Pagnell with a garage? Wilson Peacock have this up for £185k and I'm sure there is some wriggle room on that price - this would rent today for around £825 PCM at least, giving you a 5.3% return. The location is one that is often fought after as there is never enough supply of decent family homes in this area, so pop down and have a look for yourself...

http://www.rightmove.co.uk/property-for-sale/property-46825046.html?premiumA=true

 

Following on from Fridays story...landlords, beware that there are agents out there STILL committing fraud

An agent who failed to protect tenants’ deposits has pleaded guilty in a long-running saga. Helen Gregory, of Chesterfield, was charged on three counts of fraud in July last year and appeared before magistrates in August.

She has now admitted three charges, relating to each of three companies, of engaging in unfair commercial practices, in a prosecution brought by Trading Standards. The charges related to three businesses in Matlock and Chesterfield, Derbyshire: Beechwood Lettings, Beechwood Property Portfolio, and Letzlet. Between them, the charges relate to a time period spanning April 1, 2007, and October 2012.

 

The local Matlock Mercury (link below) specifically cites the Deposit Protection Service, with earlier stories saying that money had never been paid in. Gregory, who had earlier pleaded not guilty to the three charges of fraud, will be sentenced on September 15.

 http://www.matlockmercury.co.uk/news/local/matlock-estate-agent-admits-shame-1-6783372


In February 2012, the Property Ombudsman expelled Beechwood after it failed to pay an award made against it, and had delayed paying rent into a complainant landlord’s account on 12 occasions over a period of 19 months. A month later, the TPO said Beechwood Property Portfolio was illegally displaying the TPO logos for both sales and lettings, despite not belonging to a redress scheme. The firm was continuing to sell homes.

TPO had earlier delayed the expulsion of Letzlet, trading as Beechwood Lettings, while the complainant landlord was helped to obtain a county court judgment of £2,176.









and also....................









An estate agent who handed himself over to police admitting to a £180,000 fraud during the housing market crash, has been spared jail. Paul Stephen Onslow, 45, traded as Stephen Paul Estate Agents in Harlow, Essex. He has been given an 18-month prison sentence suspended for two years, a six-month electronically tagged curfew which means he must stay at home between 9pm and 6am, and 250 hours of unpaid work.

His sentencing follows a guilty plea at Chelmsford Crown Court to one offence of fraudulently abusing his position as the proprietor of an estate agency business between April 2008 and April 2013 by using £43,736 of client money. Judge Christopher Ball said that Onslow, of previously good character, had avoided jail because he had walked into Harlow police station to give himself up.

In mitigation, Robert James said that not one landlord or tenant had lodged any complaint, and that no one was aware of the fraud until Onslow confessed.

The court heard that the charge related to 14 landlords. However, Onslow had confessed that the total was almost twice as much, at £180,000. He had used the money, robbing Peter to pay Paul, while trying to trade out of financial difficulties.

 

http://www.hertfordshiremercury.co.uk/Hoddesdon-estate-agent-avoids-jail-180-000-fraud/story-22718953-detail/story.html


So, as a landlord or investor, is it more important that you save maybe £8-16 per month on your management fees, or would you rather be fully protected with an ARLA licenced agent with full Client Money Protection and who abides by industry codes of conduct. For just such peace of mind, please pop along to our offices here in Stony Stratford at any time to see just how we work in your best interests.

Neath Hill 2 bed maisonette, needs a bit of tidying but 8% return possible

Now here is a 2 bed maisonette that could do with a quick bit of a clean up, maybe a fresh lick of paint and then straight to market. You get 2 bedrooms plus a garage, and it would rent for £700 PCM at least, maybe more if you went to town with the interior décor. Speak to Michael Anthony for full details about this, and for £105k this could be a fairly good starter investment for someone, and the 8% minimum gross return is very appealing..... 

http://www.rightmove.co.uk/property-for-sale/property-31917783.html?showcase=true

The Property Ombudsman backs Client Money Protection

Fresh calls for letting agents to offer Client Money Protection have been backed by the Property Ombudsman (TPO) scheme in the wake of several high-profile cases where landlords have lost thousands of pounds in rental income by dealing with an agent that did not have sufficient cover to protect consumers from rental fraud. The Codes, which will be effective from 1st August 2014 and reflect the developments in industry practice and legislative changes affecting both consumers and agents.


TPO's support for Client Money Protection (CMP) comes almost a year since the cover became available to the whole of the lettings industry through trade bodies and insurance brokers. TPO provides a free, fair and impartial dispute resolution service for consumers. The scheme operates a one-off membership fee for agents and does not charge any case fees to ensure every registered agent is able to refer complaints to the Ombudsman if they cannot reach a resolution with the consumer directly. With more than 11,000 lettings agents already voluntarily following TPO's unique Code of Practice, the scheme represents more than 60% of the industry.

 

http://www.tpos.co.uk/index.htm

Gerry Fitzjohn, Chief Operating Officer of TPO said:

'As the UK's largest property redress scheme, it's truly upsetting to hear of cases where landlords have lost thousands of pounds in rent paid to an agent that has been used unlawfully and cannot be recovered because the agent did not have CMP cover in place.

'Rather than choose to use an agent that charges the lowest fee, landlords must ask if the agent has a CMP policy in place to protect their rental income.

'Within the industry, thousands of agents are already CMP protected but there are still a number of firms that are unaware of the scale of protection it offers. A TPO survey1 even revealed that some agents wrongly thought CMP duplicated the deposit protection schemes when that simply isn't the case.

'With more people renting now than ever before, landlords and agents need to understand that CMP provides the guaranteed assurance that the rent collected by CMP protected agents is covered against fraud and unlawful use.

'TPO wholeheartedly supports CMP cover – the more the industry speaks out about this issue to raise awareness the better.

More than £23 billion is paid annually in rent, of which £6 - £10 billion is collected by agents on behalf of landlords2. With 80% of TPO's letting agents understood to have CMP cover through their trade body or an independent insurance broker, landlords are being urged to ask their letting agent if has CMP cover to protect the landlord's rental income.

Susie Crolla, CEO of the Guild of Letting & Management, extended her support by saying:

'I feel it is important that we demonstrate best practice in everything that we do; even when there is as yet no legal requirement for us to do so. From 1 October 2014, therefore, being registered with TPO and having CMP cover will become a mandatory condition of membership for The Guild Subscription.

'While many members of The Guild are already registered and covered, this decision is an important step akin to an ‘outward sign of inward grace'. It sends a message to our stakeholders that we are serious about adopting the highest standards of professionalism and integrity as an organisation that is progressive and can be trusted.'

Oliver Wharmby of Lonsdale Insurance Brokers Ltd, which operates the PI + CMP scheme, said:

'Recent press headlines have really hit home how rental fraud can affect agents of all sizes. Smaller firms may initially question the cost of CMP cover but all it takes is one rogue employee and innocent directors can find themselves in awful trouble with their landlords and the police.

'Consumer education is key – agents must use their CMP cover as a point of difference over competitors. We're hearing that more landlords are starting to ask the right questions which is driving more agents to seek cover. However, it's only when every landlord insists their agent offers them CMP protection that we will see a level-playing field where CMP is offered by all.'

Here in this office, we are fully ARLA licenced with professional indemnity insurance and a client money protection scheme, and belong to an independent redress scheme and fully adhere to ARLA codes of practice for your peace of mind and financial protection.

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