EYES ON…THIS WEEKS INVESTMENTS IN NEWARK!!!

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Here is this weeks round up of new properties for sale in NG24 up to a value of £150,000.

Here’s a quick reference guide to what is on offer, for how much and what you can expect as an investor!

Address: Elizabeth Road, Newark, NG24 4NR
Asking Price: £137,995
Property Type: 3 Bed Semi Detached House
Estate Agent: Haart
Condition: Light Decoration Required
Rent Range: £550-600pcm
Yield: 5.21%
Comments: Well presented property, living room lets in down so i’d redecorate it. Fair price, #74 sold in March 2018 for £132,500 without the loft conversion or conservatory.

Address: 50 Whitfield Street, Newark, NG24 1QX
Asking Price: £115,000
Property Type: 2 Bed Mid Terraced House
Estate Agent: Winkworth
Condition: Work Required
Rent Range: £450-500pcm
Yield: 5.22%
Comments: Lovely modern extension, red carpet not the best but could be worse and i’d get rid the over bed storage. The property is an EPC ‘F’ with a new heating system upgrade required to reach an ‘E’, you cannot let it out if it’s not an least an ‘E’.

Address: 11 Barnby Crossings, Newark, NG24 2NG
Asking Price: £129,950
Property Type: 2 Bed Mid Terrace House
Estate Agent: CPG Property
Condition: Ready to Rent
Rent Range: £475-525pcm
Yield: 4.85%
Comments: Those kitchen tiles are pretty marmitey! #3 sold in Jan 2018 for £120k which also had an extension however the current vendors of #11 bought this is for £126k in April 2017 but have done nothing to it since.

Address: 155 Goldstraw Lane, Fernwood, Newark, NG24 3FD
Asking Price: £140,000
Property Type: 2 Bed End of Terrace House
Estate Agent: Jon Brambles
Condition: Ready to Rent
Rent Range: £525-575pcm
Yield: 4.93%
Comments: Lovely looking property, nice and modern so a good starter property as maintenance costs will be pretty low. My ONLY concern is the built in bedroom furniture as a lot of tenants will already have a bed!

Address: Harcourt Street, Newark, NG24 1RF
Asking Price: £110,000
Property Type: 2 Bed Mid Terrace House
Estate Agent: Jon Brambles
Condition: Ready to Rent
Rent Range: £475-525pcm
Yield: 5.72%
Comments: The kitchen size and finish lets this one down as does the EPC, if you want to spend the money updating the kitchen then you may manage an extra £25pcm but i’d focus on getting the property legal to rent. Bathrooms off the bedrooms always get mixed feedback.

Address: 46 Cranmer Road, Newark, NG24 4ET
Asking Price: £132,500
Property Type: 3 Bed Mid Terrace House
Estate Agent: Now Homes
Condition: Ready to Rent
Rent Range: £525-575pcm
Yield: 5.21%
Comments: Good sized property, the bold wallpaper throughout and black bedrooms are down to a matter of taste but they may be a bit much for a rental property. The generous garden and parking is good but the lack of bath isn’t great for families.

Buttercross Best Buy
Address: Victoria Street, Newark, NG24 4UT
Asking Price: £147,000
Property Type: 2 Bed Mid Terrace Cottage
Estate Agent: Now Homes
Condition: Ready to Rent
Rent Range: £550-600pcm
Yield: 4.9%
Comments: Gorgeous. Tenants will have to compromise on parking but they will be able obtain a permit from the council. Check the EPC before committing to anything. Where do i sign?

Address: 19 The Brewhouse, Castle Brewery, Newark, NG24 4AF
Asking Price: £130,000
Service Charge: £850 (every 6 months)
Annual Ground Rent: £125
Property Type: 2 Bed Second Floor Apartment
Estate Agent: Purple Bricks
Condition: Ready to Rent
Rent Range: £545-595pcm
Yield: 5.41%
Comments: We let this property at the end of last year for £575pcm, it looks much better in person than how Purple Bricks have presented it on this listing!

Address: 1a Albert Avenue, Balderton, Newark, NG24 3HE
Asking Price: £147,500
Property Type: 2 Bed Converted Coach House
Estate Agent: Now Homes
Condition: Ready to Rent
Rent Range: £550-600pcm
Yield: 4.88%
Comments: Spacious character property, purchased in June 2015 for £124,950, it hasn’t changed much aside from a colour change here and there. Street parking but has a garage, fancy something a bit different?

If any of these properties have caught your eye and you’d like to discuss it’s investment potential, call us on 01636 343014, or better still pop in for a chat and a cuppa.

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EYES ON THIS WEEKS INVESTMENTS IN NEWARK!!!

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Here is this weeks round up of new properties for sale in NG24 up to a value of £150,000.

Here’s a quick reference guide to what is on offer, for how much and what you can expect as an investor!

Address: 32 Smith Street, Balderton, Newark, NG24 3BA
Asking Price: £135,000
Property Type: 3 Bed End of Terrace
Estate Agent: William H Brown
Condition: Little Work Required
Rent Range: £525-575pcm (once work completed)
Yield: 5.11% (NOT inc improvement costs)
Comments: I would suggest carpets at least in the bedrooms, whether you’d like to keep the blue is up to you! There’s no EPC, it will need to be E or higher to rent out. Downstairs bathrooms can be a bit marmitey so bare that it mind.

Address: Portland Street, Newark, NG24 4XG
Asking Price: £125,000
Property Type: 3 Bed Mid Terrace Cottage
Estate Agent: CPG Properties
Condition: Ready to Rent
Rent Range: £525-575pcm
Yield: 5.52%
Comments: Quirky property although on a busy road, kitchen is a little underwhelming and washed out (sanding down those beams to bring the colour back may help?!) but the rest is pretty cosy. Loving the garden bar USP.

Address: 51 Alexander Avenue, Newark, NG24 3BB
Asking Price: £110,000
Property Type: 3/4 Bed Semi-Detached
Estate Agent: Newton Fallowell
Condition: Work Required
Rent Range: £550-600pcm (once renovated)
Yield: 6.55% (NOT inc renovation costs)
Comments: Carpets and redecoration definitely required; ideally new kitchen but if cutting costs then rub down and paint unit doors although those tiles still need to go. Need to look into the damp issue in the bedroom and as for the bathroom…who knows?! Poor garden…

Address: Robert Dukeson Avenue, Newark, NG24 2FF
Asking Price: £140,000
Property Type: 2 Bed End of Terrace
Estate Agent: Martin and Co
Condition: Ready to Rent
Rent Range: £525-575pcm
Yield: 4.7%
Comments: Already tenanted so assuming they’re good tenants, your work is done and no void period either! Martin and Co haven’t stated the current rent obtained, if they’re long standing tenants then it may be less than you were hoping so be sure to check.

Address: 14 Emmendingen Avenue, Newark, NG24 2FX
Asking Price: £140,000
Property Type: 3 Bed End of Terrace
Estate Agent: Jon Brambles
Condition: Ready to Rent
Rent Range: £550-600pcm
Yield: 5.14%
Comments: Immaculately presented property, #20 sold this time last year for £134k but not quite at this level. Good location for KnowHow and Bakkavour workers with town within walking distance.

Address: Stephen Road, Newark, NG24 2BG
Asking Price: £130,000
Property Type: 3 Bed Semi Detached
Estate Agent: Jon Brambles
Condition: Ready to Rent
Rent Range: £550-600pcm
Yield: 5.54%
Comments: Larger than you’d expect, these are ex council properties but don’t let that put you off, we let the same style house on Wolsey Road in January for £600pcm and the landlord had the choice of 4 applications!

Buttercross Best Buy
Address: 27 Marron Court, Fernwood, Newark, NG24 3UR
Asking Price: £99,950
Property Type: 1 Bedroom Quarter House
Estate Agent: Newton Fallowell
Condition: Ready to Rent
Rent Range: £425-475pcm
Yield: 5.70%
Comments: Ideal low maintenance investment for less than £100k, modern and with allocated parking making it ideal for professional person(s). #30 sold in December for £106k in a similar condition

If any of these properties have caught your eye and you’d like to discuss it’s investment potential, call us on 01636 343014, or better still pop in for a chat and a cuppa.

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EYES ON…..THIS WEEKS INVESTMENTS IN NEWARK!!

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Here is this weeks round up of new properties for sale in NG24 up to a value of £150,000.

Here’s a quick reference guide to what is on offer, for how much and what you can expect as an investor!

Address: 41 smith street, Balderton, Newark, NG24 3BA
Asking Price: £109,950
Property Type: 2 Bed Mid-Terraced
Estate Agent: Jon Brambles
Condition: Ready to Rent
Rent Range: £500-550pcm
Yield: 6.0%
Comments: Well presented property with low running costs, good property for a couple or family on a budget. Current owners purchased it for £97,000 in June 2016 and aside from a couple of colour changes, it’s not changed since then.

Address: 8 Harrisons Way, Newark, NG24 1NS
Asking Price: £150,000
Property Type: 3 Bed Semi Detached
Estate Agent: Newton Fallowell
Condition: Ready to Rent
Rent Range: £575-625pcm
Yield: 5%
Comments: First purchased brand new in July 2013 for £121k, ideal first time investment as maintenance costs are going to be low and no work is required. It’s a 2 and a half bedroom so is likely to attract a professional couple as that small garden may put families off.

Address: 36 Kingsnorth Close, Newark, NG24 1PS
Asking Price: £134,950
Property Type: 3 Bed Semi Detached
Estate Agent: New home Agents
Condition: Unknown
Rent Range: £575-625pcm (assuming good condition)
Yield: 5.56%
Comments: from looking at floorplans of similar properties, it’s a good sized family home however it’s hard to say how much work is required as it seems to be camera shy. Could be worth though as it’s priced well for a quick sale.

Address: 2 Century St, Newark, NG24 1QP
Asking Price: £125,000
Property Type: 3 Bed Mid-Terrace
Estate Agent: Newton Fallowell
Condition: Ready to Rent
Rent Range: £525-575pcm
Yield: 5.52%
Comments: Popular location for families with Barnby Road Academy just round the corner; an immaculately presented #7 sold in Feb 2018 for £115,000 with a rear extension, i’m not sure why this house is £10k more?

Address: 84 North Gate, Newark, NG24 1HF
Asking Price: £110,000 (Auction Guide Price)
Property Type: 3 Bed Detached House
Estate Agent: J H Walter
Condition: Finishing touches Required
Rent Range: £600-650pcm
Yield: 7.09%
Comments: Love a character property (especially those beams!) however the lack of parking and a car garage as your neighbour may put potential tenants off. Work wise, carpets need laying in a few of the rooms and you’ll need to get an EPC done and hope that it’s at least an ‘E’ before you can let it out.

Address: 13 Newnham Rd, Newark, NG24 1HY
Asking Price: £99,950
Property Type: 2 Bed End Terrace
Estate Agent: Jon Brambles
Condition: Light Work Required
Rent Range: £450-500pcm
Yield: 6%
Comments: Unusual choice to put kitchen units in the dining room but whatever works, I’d loose the units and update that kitchen (eek!) but after that the rest of property can be left alone. Good budget property for first time renters.

Address: Ringrose Close, Newark, NG24 2JL
Property Type: 2 Bed Semi Detached
Asking Price: £135,000
Estate Agent: Purple Bricks
Condition: Ready to Rent
Rent Range: £500-550pcm
Yield: 4.90%
Comments: Good first time investment due to minimal upkeep although i’m unsure on that asking price but the last 2 bed sold in 2014. We recently let #56 for £550pcm and i don’t feel this is worth any more so if you want more yield you don’t to get negotiating!

Buttercross Best Buy
Address: Flat 2, The Old Chapel, Lovers Lane, NG24 1HU
Property Type: 1 Bed First Floor Flat
Asking Price: £45,000 (Auction Guide Price)
Estate Agent: Auction House
Condition: Ready to Rent
Rent Range: £400-450pcm
Yield: 12% (not including service charges)
Comments: Fantastic little apartment for a first time investor, we recently let #4 for £450pcm and would say the same for this one. Close to town and the train station..#GoForIt!

If any of these properties have caught your eye and you’d like to discuss it’s investment potential, call us on 01636 343014, or better still pop in for a chat and a cuppa.

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Landlords Legal Update

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I recently attended the Landlords Legal Update hosted by EMPO and DASH (Decent and Safe Homes) at the Bentley Hotel in Lincoln to find out what’s expected to change in the near future and what’s changing imminently.

There have been some changes to the Housing and Planning Act 2016 in April of which 3 sections are relevant to the Private Rented Sector, are you ready to take some notes?

Since 6th April 2017:

1. Civil Penalties – The Council can now issue a penalty notice for certain offences instead of the court. These include:

  • no licence or breaching of licence
  • breaching overcrowding notice or HMO management regulations
  • failure to comply with an improvement notice.

These notices must be served within 6 months of the issue be noticed.

2. Extension of Rent Repayment Orders – Now Local Authorities AND Tenants are able to apply for a RRO if they believe the landlord is guilty of one of the qualifying offences.

  • Tenants must have lived in the property for at least 12 months.
  • Applications for a RRO must be made within 12 months of the incident occurring.
  • The landlord must be given no less than 28 days notice – it must state that they are applying for a rent repayment order and state the amount that they intend to claim.
  • Local Authorities can’t do anything until the Landlord has had the full notice period.
  • Tenants can claim for up to 12 months rent however the actual amount will vary on the offence.
  • The tribunal must consider the landlord’s financial circumstances and their conduct.

The qualifying offences are:
1. Violence for securing entry
2. Eviction or harassment of tenants
3. Failure to comply with an improvement notice
4. Failure to comply with a prohibition order
5. Control or management of an unlicensed HMO
6. Control or management of an unlicensed house

3. Tenancy Deposit Protection Schemes are required to provide information they hold on tenancies in England to local authorities who request it.

  • LA can only request information on tenancies within their own county council – Newark and Sherwood District Council would not be able to obtain tenancy information for a property in Lincoln.
  • They are able to request tenancy information for more than one deposit at each property such as HMO’s.

Coming Soon – Late 17/Early 18

1.Compulsory Electrical Safety Certificates (EIRC) – valid for 5 years

  • Effects ALL residential lets.
  • All electrical fixtures, fittings and appliances.

2. Recovering abandoned premises without court

  • MUST have at least 2 months of rent arrears.
  • 3 hand delivered notices must be given within an 8 week period:

Notice 1

  • MUST give at least 8 weeks notice BEFORE you intend on recovering the property.

Notice 2

  • MUST be given within 2 to 4 weeks of notice 1.
  • However, must already have 8 weeks of rent arrears.

Notice 3

  • MUST be given at least 5 days before you intend on changing the locks.

If tenants would like to appeal they must go to court and claim with 6 months of the first notice.

On a side note, the court CANNOT kick out your new tenants if you have re let property since recovering it from the previous tenants.

3. Introduction of Banning Orders

  • Banning orders will force landlords to take one of the following actions:
    1. To improve the standard of living of their rental accomodation
    2. To cease working within the lettings industry
    3. To hand their rental accommodation over the the local authority for them to manage instead.
  • Landlords can be banned from any lettings activity for a minimum of 12 months with no maximum ban.

Local Authorities will also have the ability to register a landlord on the Rogue Landlord Database, landlords may be added if they have received a financial penalty in relation to a banning order offence, two or more times with a 12 month period. To add a landlord to the Rogue Landlords Database, the local housing authority must:

  • Give a landlord 21 days notice of the decision to enter them onto the Rogue Landlords Database stating:
    • the time they will remain on the register for
    • the details to appeal the decision

The entry CANNOT be made on to the database until the notice period has ended or until a decision has been made in the event of an appeal.

4. Mandatory HMO Licensing will be extended:

  • ANY property with five or more tenants that makes up two or more households will need a House of Multiple Occupancy Licence.
  • Previously a property had to be three storeys or more but now single and two storey properties will need to be licenced too.

5. Properties with an EPC rating lower than an ‘E’ will be unlawful to let as of 1st April 2018  

  • It’s expected to affect ALL private residential properties by 1st April 2020 whether it’s a new AST, a renewal or a current AST.
  • The government has declared that they are likely to revise the minimum EPC level to a D by 2015 and a C by 2030.

Think your a great landlord? Why not look into getting yourself DASH accredited and set yourself apart from the ‘Bad Landlords’. Take a look at their website for more information and to apply online: https://www.dashservices.org.uk/About/Why-Use-Dash.

If you’ve got any questions and fancy a chat then please pop in for a chat and cuppa.

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MEES, take action and don’t wait

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A case study from Talk Green…

We were instructed to undertake a residential Energy Performance Certificate (EPC) a few months ago, on a top floor flat in Nottingham. Upon arrival at the property the landlord advised that due to the up and coming Minimum Energy Efficiency Standards MEES he wasn’t sure what rating the property would be able to achieve and if it wasn’t high enough he would then potentially be looking to offload the property “As it is has solid walls, storage heaters and very little if any loft insulation”. Proceeding to do the EPC and talk with the owner at the same time it quickly became apparent that the landlord owned not only the top floor flat but also the two flats below. Proceeding to complete the EPC, and as we are able to provided LIVE data we advised the owner that the property was in deed a low band ‘F’ category.

Immediately this rang alarm bells with the landlord, although confirmed what he was sort of expecting. As part of the service we offer we the proceeded to advise the client that initially we could arrange for loft insulation to be installed to the latest regs for little or no cost. We were even able to specify exactly what positive difference that this would make to the EPC as we were working on our LIVE system.

The landlord, delighted by this, agreed to get the loft insulation to improve the rating. Unfortunately, and mainly down to the storage heaters, we proceeded to advise that client that although this would be beneficial to the sitting tenant, it would also be beneficial to look at all three flats as a whole unit, in terms of a whole house refurbishment, with the benefit of the funding that are able to secure for External Wall Insulation.

Suffice to say, three months on we have had the top floor flat loft insulated and ALL of the flats have had the benefit of External Wall Insulation fitted with ALL of the EPC properties achieving a ‘D’ category rating, which will be needed for all properties sooner rather than later.

If you’re concerned about a property that you own and it’s energy efficiency then contact Gareth Lawton at Talk Green for a free consultation.

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Beware of buying or selling an old or dated property

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It may seem like a while away but the ban on renting properties with an EPC rating of F or below is starting to be felt. Lenders and surveyors are planning ahead and if you are looking to obtain a BTL mortgage on a property with an F rating or below you may find that the valuation will come back as £0 and you’ll probably say “What the F?!”. From April 2018, F rated properties are not allowed to be let out and consequently at this stage they are un-mortgageable.

There are a couple of ways around this problem;

Buying using cash and remortgage after the improvements have been carried out. Obviously this requires a lot more money and this won’t always be a viable option for a lot of people. The alternative would be to exchange with a delayed completion, carry out the work and then have the property re-valued to raise a mortgage and complete. The risk here is that you are still able to raise a mortgage after the works have been done.

If you are selling a property that is F rated then you may want to consider carrying out the improvement works yourself to ensure it is in a mortgageable condition. If you’ve got an old EPC you may want to have a new one carried out, especially if you have had some improvement works carried out.

We’re currently working with Talk Green who are reviewing all our properties to see which may be affected and which may be eligible for grant funding on improvements. More on this though in a few weeks…

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Energy Performance Certificates – EPC’s

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Don’t dismiss it

Over the coming weeks with the use of this blog, I hope to explain what the EPC is for, what relevance it has to landlords and tenants and how it can be used by landlords to improve their income and make the most of their investment.  If you thought that the EPC was just to ‘tick a legal box’ then think again!  I’ll explain how to use this tool to its greatest effect; making money.  Just as importantly, how it can be used by tenants to save money and improve their living conditions.

What is an EPC?

I’ll have plenty of time to fully explain the advantages of the EPC but first I must explain what the EPC is.  Its purpose is to record how energy efficient a property is. The certificate will provide a rating of the energy efficiency and CO2 emissions of a building from A to G, where A is very efficient and G is very inefficient. EPCs are required for homes which are put up for sale or rental across the whole of the UK.

What is its use?

I will touch on this subject in much more detail over coming weeks.  The EPC has uses for the tenant, landlord and the Government.

The landlord at a glance can see what improvements he/she can make to the property.  The EPC is a gateway to fantastic subsidies and finance opportunities that the landlord should take advantage of at very little up-front costs to improve the property and increase the value of their investment. Contact Farnsfield Consulting for more information and good news.

The tenant should compare the energy efficiency of different properties to take into account the probable running costs of each. They can also see what improvements can be made.  Like differences in rental rates, all properties have differences in running costs which should be compared.  Many hundreds of pounds per year can be saved this way.

The Government can use the EPC to compile statistics about the UK housing stock giving them measurable improvements to living standards and carbon savings towards meeting international targets. Carbon saving subsidies for improving property is money much better spent than erecting and subsidising wind turbines etc. Use less, generate less.

About Us

Farnsfield Consulting Ltd. are your local Energy Performance Certificate experts.  We are qualified to produce EPC’s for domestic existing property, new build domestic property, commercial buildings and public buildings.  Farnsfield Consulting are also Green Deal advisors helping home owners, landlords and tenants implement improvements to their property with very low up-front costs.  We also produce Inventories for landlords as an added value service.  Each strand requires its own hard earned expertise and qualification.  We are here to help.  www.farnsfield.org

Farnsfield Consulting Ltd. – www.farnsfield.org

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