Latest Industry News

19
Apr

Housing Minister Gavin Barwell Introduced Tougher Measures for Local Authorities Against Rogue Landlords

The Housing Minister Gavin Barwell has introduced tougher measures for local authorities against rogue landlords. As a result they now have a tool to crack down on rogue landlords who neglect their responsibilities.

Councils now have the power to fine landlords up to £30,000. Instead of prosecution for the variety of housing offences committed. The fines will probably be used by councils for the purpose of housing enforcement in the private sector.

Housing Minister Gavin Barwell said:

“These measures will give councils the additional powers they need to tackle poor quality rental homes in their area.

“By driving out of business those rogue landlords that continue to flout the rules.We can raise standards, improve affordability and give tenants the protections they need.”

For information about the Housing Minister, see the below link by The Guardian

https://www.theguardian.com/housing-network/2016/jul/19/a-quick-guide-to-new-housing-and-planning-minister-gavin-barwell

29
Mar

Historic Article 50 Letter delivered

Theresa May has now formally triggered Article 50 and the countdown to leave the EU has started.

13
May

Election Result and Property

election_and _property

Now we have had time to digest last weeks election result, here is a basic overview of what this means to the Property Industry and for home buyers.

With a Conservative majority here are the policies we will have;

Help to Buy

There are two types of Help to Buy, one being a guarantee to mortgage lenders for what is classed as higher risk purchasers with a 5% deposit.

There is also the Help to Buy equity loan. This is for new build properties; the government will loan 20% of the value, meaning purchasers can have a 5% deposit with a 75% mortgage.

Help to Buy ISA

This is due to start later in the year, first time buyers can apply for a Help to Buy ISA where for every £200 saved the government will put £50 towards your savings with a maximum saving of £15,000.

-Right to Buy

Council tenants can apply to buy their home if they have lived within council properties for 5 consecutive years. Right to Buy offers the houses at a discounted rate. In the run up to the election the Tories explained how they want to extend Right to Buy to community housing residents.

 

The Conservatives have pledged to build 200,000 new starter homes for first time buyers with an additional 275,000 additional homes.

 

With the election result here is what we won’t have;

-Mansion Tax, an annual fee on properties over 2 million (Labour and Lib. Dem.)

-Rent to Own, first time buyers can rent to build up their share meaning they do not need a deposit. (Lib. Dem.)

-3 year tenancies in the private rental sector. (Labour)

-Stamp duty removed on Properties Under £250,000 (UKIP)

-Abolishment of Right to Buy (Green)

-Abolishment of Bedroom Tax (SNP)

 

26
Feb

ARMA-Q Accreditation

ARMA-Q Accreditation We are pleased to announce that KT-Management have been ARMA-Q accredited.

Posted by ARMA-

We’re proud to announce more successful members to achieve ARMA-Q accreditation.

Congratulations to:

  • KT Management Co (UK) Ltd

These members have successfully demonstrated that they meet the best industry standards through ARMA-Q – a powerful quality assurance to their current and potential clients that will give them a competitive edge.

In the UK at present there is no statutory regulation for property management companies to follow, which can lead to lots of inconsistences. This is why we became members of ARMA (Association of Residential Managing Agents).

ARMA-Q is the new self-regulatory regime for ARMA members. The Q stands for quality. By signing up to ARMA-Q we have shown that we are committed to providing the best service when managing your estate.

http://arma.org.uk/regulation/arma-q

 

 

12
Dec

New Stamp Duty Rates

On Midnight 4th of December new stamp duty rates were introduced

They are-

  • 0% on any amount up to £125,000
  • 2% on any amount over £125,000 up to £250,000
  • 5% on any amount over £250,000 up to £925,000
  • 10% on any amount over £925,000 up to £1,500,000
  • 12% on any amount over £1,500,000

More information can be found here

https://www.gov.uk/stamp-duty-land-tax/overview

3
Nov

Philips V Francis Appeal

Court of appeal overturns Philips V Francis decision on major works

The judgement on Friday restores the common sense approach as to what constitutes qualifying works to which the £250 consultation limit applies.

Saving valuable time so that jobs can be completed without a lengthy delaying process.

19
Aug

Proposals to Improve Property Management Services

Earlier in the year the Competition and Markets Authority (CMA) conducted a study into the service provided by residential property management companies in England and Wales and have identified some concerns on how the market works.

As a result of the study it is the CMA’s intention to seek remedial action to improve the performance of the market and to provide leaseholders with a better outcome. The main issues that were highlighted were unnecessary or excessive charging for services, poor service quality, poor communication and insufficient transparency. At the moment we understand that the CMA are seeking possible remedies to the problems identified in order to develop recommendations for the industry.

Click here for more information

 

29
Jul

Budgeting for 2015 Service Charges

It is that time of year again when we put the wheels in motion for the 2015 Service Charge Budgets. Our Property Managers are busy bees identifying items on site that will need attention over the next 12-18 months as well as getting in the final quotes, ready for our Budget Meetings.

24
Jul

Are your Service Charge Demands Correct?

In order for a Service Charge demand to be valid by law, each demand must be made in writing and accompanied by the up to date version of the summary of tenants’ rights and obligations in England.

21
Jul

Unbelievable: Leaseholder jailed for stealing £1 million

Southwark Crown Court found Brian Copsey, 60, guilty of fraud by abusing his position as Finance Chairman and Company Director back in April. Copsey was jailed for 8 years and disqualified for 12 years from being a Company Director.

Copsey was entrusted with the position of Finance Chairman and Director of two companies that were set up to manage the funds collected from tenants’of Bryanston Court in Westminster for Service Charge and Reserve Funds; and in turn Copsey controlled the bank accounts where these funds were held.

The board of Bryanston Court, Westminster involved the police when they found out a cheque for the sum of £1.8 million had bounced! Copsey was arrested and an investigation was undertaken revealing that over a two year period Copsey had made a number of bank transfers from the two accounts to him and a number of recipients including his wife.

It appears that the total amount taken amounted to £1,160,525.

The victims of Copsey’s act were neighbours and friends all living in the same block as him, some elderly and retired. It was also noted that some had to take out loans to pay for their contribution to the Service Charge and Reserve Fund.