Leeds leading the way
Leeds Building Society will now allow tenancy agreements without setting a maximum term of 12 months.
A number of lenders are now accepting longer term tenancies, most only allowing to a maximum of three years and Leeds will be amongst the few with no maximum.
It’s worth checking the terms of your current buy to let mortgage for conditions relating to tenancy term. Not only for maximum terms but also minimum terms e.g. some lenders may stipulate that a fixed term tenancy is in place at all times so do take a few minutes to review the small print.
New local property search forms introduced
It seems delays in the conveyancing process are inevitable with the introduction of the new CON29 forms, which demand more information.
The following was taken from the Law Society Website
The Law Society’s revised CON 29 and CON 29O forms will go live on 4 July 2016.
The aim of the revisions is to improve the quality and consistency of information provided by local authorities. We hope that this will mean that the information provided to people and businesses who are buying, or taking a lease of, property, and those lending money to them, will be more consistent and easier to understand.
We recognise that it has taken some time to implement the revised forms. We would like to thank our members, local authorities and others involved in this process for their patience and understanding.
A buyer’s solicitor will not usually advise their client to spend money on search fees until the transaction is fairly advanced, which is understandable. Previously we have experienced local authority searches to take up to 10-12 weeks (at times in 2015) although currently the turn-around time is 2-3 weeks so it will be interesting to see if this increases after the summer holiday season is over.
£40,000 fine for overcrowding and fire safety offences
Tilak Raj Sarna was found guilty after being caught cramming 24 people into a house suitable for 7, with 7 different families including 10 children forming part of the 24 occupants.
There were 6 tenants living in an unheated shed in the back garden. That is until the shed burnt down last October in a fire caused by a portable heater.
Sana was also ordered to pay costs of £6,420 and a £120 victim surcharge and fines totalling £33,000, making a total of £39,540.
Cllr Margaret McLennan, Brent Council’s Deputy Leader has said: “Where we find serious breaches of the law like this, we will always take landlords and their agents to court. Mr Sarna had housed a family in the garden shed and had grossly overcrowded the two storey property, leaving tenants in an unsafe, damp and cockroach-infested house while taking £3,700 off them each month for the privilege.