Following the Tenant Fees Act 2019 coming into effect on June 1st last year, there was a transitional provision, meaning that for a period of twelve months, the Act did not apply to tenancies and letting agency agreements pre-dating 1 June 2019.
From Monday 1 June 2020, this transitional period has expired, meaning the Act now applies to all Assured Shorthold Tenancies and most residential licences.
The Act shook-up the letting sector with the new rules it introduced applying to both landlords and agents. The penalties for failing to comply are noteworthy and range from financial civil penalties of up to £5,000 for each offence to larger financial penalties of up to £30,000, criminal prosecution and banning orders.
If you’re wondering what will happen to the housing market post-lockdown, you’re not alone. Pretty much everyone with even a passing interest in property is pondering the same question, so we’re going to give you our predictions in today’s post.
Now, before we get started, there’s got to be the obvious caveat applied here. Despite being fairly young in this market, we, like everyone else, can only offer our opinion on what we think will happen. Anyone who claims to know for certain what will transpire at the end of this period is either fooling themselves or trying to fool you.
So, with the crystal ball dusted off, let’s get to it...
Prices will dip, and then bounce back
The property headlines haven’t made great reading of late, with plenty of speculation about house prices taking centre stage. With the property market almost shutting down overnight, house price indices have been left without the necessary data required to compile their regular reports, fuelling fearful forecasting further still.
During these strange times it is important to dedicate some time just to yourself, as although we are staying at home, life can still seem a little hectic. Whether you have kids and are trying to figure out your weekly home-schooling schedule or are still adapting to the idea of working from home and Microsoft Teams, your well-being during these circumstances mustn’t get forgotten.
See self-isolating as ‘self-retreating’, you haven’t lost your freedom but instead have gained the ability to hibernate, disconnect and explore the inner world. Yes our first choice for this would be some stunning retreat in Thailand too, but I guess we have to make do with what is available for now!
Below we explore self-care at home and what you can do to relax your mind and uplift your spirits during these strange times.
Reduce your screen time
What we watch, read and scroll through has an effect on our mood and emotions. Limit your interaction with social media, the news and any stress-inducing films. Instead surround yourself
With the outbreak of Covid-19 and the subsequent lockdown requirements to help support the NHS and save lives, many people are starting to struggle financially. In an attempt to help mortgage holders ease their immediate financial worries the government announced that anyone struggling financially because of the virus could apply for a 3 month mortgage payment holiday. In this article we will look at the mortgage holiday systems and give details on how to apply for them.
Before you apply for a payment holiday it is important to understand that interest will still accrue on the mortgage and your repayments will be higher than they are currently at the end of the holiday period. Do not stop payments on your mortgage unless you have an agreement with your lender that you can have the payment freeze. Do not cancel your direct debit without speaking to your lender.
What is a mortgage holiday?
Being a landlord is no easy task, especially during the current pandemic and the ongoing changes due to COVID-19. We understand that this is a concerning time for landlords as well as tenants, and that it may be difficult to keep up with the latest Governments advice and changes. From suspended evictions, to extended notice periods and three-month mortgage holidays, we have rounded up the latest guidance for landlords from the Government to help keep you up to date in the current landscape.
You will probably have heard that the government plan to suspend evictions during the current Covid-19 situation. We realise this will cause many landlords concern, with the potential loss of income considering that many will have a mortgage to pay. It was previously discussed that homeowners should get a three-month holiday
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