Cover for millions of properties could be compromised after June 2012 as the government and the insurance industry struggle to agree a new strategy for paying for flood protection.

The existing agreement whereby insurers pay for homes at risk runs out on July 1st 2013 and millions has been cut from the budgets to improve sea walls and river banks.

Insurers argue that that this is a national concern and agreement needs to be reached soon to protect thousands of homeowners. Premiums are already high in these areas and the concern is that no other insurers would offer this protection.

We await the next moves in this ongoing saga.

Regards

Mike

Landlords completing their tax returns can breathe a brief sigh of relief as the Government have extended the deadline until February 2nd, 2012.

The move comes as a result of striking civil servants whom are taking to the streets on the initial date of January 31st. The Public and Commercial Services Union (PCS) are embroiled in a long running dispute with ministers and are taking action which will cause mass disruption to the tax man.

The returns are still due even if you do not profit from being a landlord, which is an area that confuses many.

Regards

Mike

Her Majesty’s Revenue and Customs (HMRC) are making a new concerted effort to target landlords who are commiting fraud by not declaring this income.

The tax man is demanding lists of property clients from letting agents with addresses and property details to check them against declared tax returns. This is part of a major campaign to tackle the growing issue in tax evasion and has led to dedicated teams being set up in the Department to focus on this clampdown.

Other plans include crosschecking housing benefit payments with their colleagues at the Land Registry and with the electoral role to check if there are undeclared HMO’s (Houses of Multiple Occupation).

There are genuine landlords whom have not declared this income as they believed it was only reportable if they made an income, but this is not the case.

It is suggested that landlords take legal advice on the subject if they have concerns.

Mike

The Insurance industry are again looking at the rising cost of fraud, with surveys showing that 64% of the public believing that it is acceptable to exaggerate their claim.

The costs of fraud run into millions of pounds and have seen premiums rise to accomodate for these issues.Many Insurance professionals belive that not enough is being done to tackle the problem, particularly low cost, suspicious claims.

These smaller claims have proven a thorn in the side of the industry and these are now being looked at with the view of cutting out the “gaping hole” in the market.

Mike

Following on from the recent wild weather, insurers are preparing themselves for a new influx of claims and landlords are being advised to report any incidents as soon as possible to ensure a swift conclusion.

The storms that battered Britain are evidence of why adequate landlords protection is essential in modern times, with the cost of repairs increasing all the time.

Insurers have promised to deal with these claims as swiftly as possible and all good landlords insurances should cover these perils.

If you have any questions about storm damage please call our helpful Team on freephone 0800 9707172.

Mike

Despite the current economic climate it seems that lenders are fighting each other in the fight to sign up property investors, and there are semmingly no limits to how far they will go.

Out go early repayment fees and cash back deals that currently flood the market, in come a new range of products with new interest rates with the estimated lending figures set to rise by over 30% in 2012.

Strong demand for tenants is pushing the sector forward and lenders are devising new innovative products to appeal to the modern investor. The Industry awaits the next moves in the rental “Cold War”.

Thanks

Mike

Britain has long been a nation of animal lovers, I may be showing my age but I remember the old BBC series “One Man and His Dog” being a popular show, but it seems that the landlord sector so not share the same views.

Increasingly, landlords are stating “no pets” to prospective tenants, citing the amount of damage that they cause and that insurers do not cover the results of animals on their policies.

Now, it appears that a new weapon is being used by tenants is to get an “animal reference” which is akin to a tenant reference but far more stringent, for example evidence of dog training is a big plus. It must also be said that owners of unfurnished properties are happier with pets as sofa’s are not at risk.

It is all a far cry from the cosy image of Britons enjoying long walks with their pets and far more discrimination is evident now.

Mike

Research from a leading body suggest Britain could be heading for a huge increase in the number of properties bought as holiday lets, with up to quarter of those surveyed saying this was a possibility.

It is generally seen as fairly low risk as most holiday letters have booking forms with names and addresses of those staying in the property to reduce the chances of any issues. Likewise it is always best to check the property after any such arrangement or have a representative that can check the property, such as a cleaner.

Cover4LetProperty are specialists in the landlords field and our highly trained Team are here to answer any questions you may have on freephone 0800 9707172.

Mike

We are into 2012 and at our monthly Team meeting we asked our staff what they thought the key was to being a good broker. I was impressed that they all responded by saying that they felt that giving the best possible service possible, with the best cover at the most affordable price.

As a broker with well over 10 years experience I believe passionately about the Insurance industry and to protect it’s image. My Director Richard was recently offered an Economy policy by an insurer and to be honest the answer is, NO!

The insurance industry’s image will never be positive if economy policies exist, let’s be honest price is importnat but surely you need to know that if the worst happens that you are protected. All too often people do not totally understand the cover offered, and our staff are experts trained to not just sell but explain the cover in detail, otherwise what are we here for?????

This is not just a rant but a serious point, it is always important to understand the cover that is being provided.

And that is our job and why I consider my staff experts.

Don’t forget, we are here on freephone 0800 9707172

Mike

In this age of the power of social media, several letting agents are taking the phenomenon a step further by advertising their latest properties on Twitter and Facebook.

Northwood UK is the leading letting agent in the UK with over 10,000 landlords and 75 offices, and with the knowledge that some 1.6 million people are searching online they have taken the decision to advertise on these sites to maximise their potential audience.

The idea is that usual browsing tenants at home will be able to search online in the comfort of their own home, and is a market leading idea.

It remains to be seen if their competitors will follow suit.

Mike