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    I have. It is very easy to do.

    Comment


      Me too.

      There are two things you can do to protect your property (which are extra useful when you don't live in it).

      There's an alert service for up to 10 properties, which alerts you if critical details are changed or someone applies a mortgage charge against it.

      You can also apply for a "Restriction by owners not living at a property" which is something you have to apply in writing (there's an RQ form you can download) which adds a restriction to the land registry records which means that a conveyancer has to check with the person adding the restriction that they are making the sale - and confirm that they have to the land registry. That adds a significant hurdle to anyone trying to sell a property they don't own, even if they live in it.
      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

      Comment


        Originally posted by jpkeates View Post

        There's an alert service for up to 10 properties
        I don't think that is correct jpk, they let me register all of mine, quite a few more than 10, did them all at the same time. I even discussed it with them, (very helpful), so it wasn't as if I slipped through.
        Unless they've changed it?

        Edit; No, you're right 10 maximum for alerts, it must have been restrictions that I did.
        Last edited by boletus; 24-12-2017, 14:28 PM. Reason: No, you're right 10 maximum for alerts, it must have been restrictions that I did.

        Comment


          Increase in Possession Orders

          New data released by the Ministry of Justice shows that the number of mortgage possession claims and orders made in county courts has increased in the last 6 months.

          Mortgage possession claims and orders have risen by 6% and 26% respectively.

          Middlesbrough was therefore found to be the "most at risk" repossession hotspot, holding 44.3 mortgage possession claims per 100,000 households. Middlesbrough was followed by Oldham at 43.6 and Thurrock at 43.2.

          Three local authorities with the fewest mortgage possession claims to be Islington at 2.7 per 100,000 households, South Northamptonshire at 2.6, and Cambridge with 1.9. The Isles of Scilly, Ryedale, Rutland and Tewkesbury were found to have no mortgage possession claims.

          Comment


            Best to check such headlines straight from the horses mouth.
            Mortgage possession claims and orders continue to be very low historically, have a look at the graphs on here;

            https://www.gov.uk/government/upload...l-sep-2017.pdf

            Mortgage possession claims fell from a peak of 26,419 in April to June 2009 before stabilising in April to June 2015 (4,849). In July to September 2017, claims for possession increased by 6% to 4,757 claims (compared to the same quarter in 2016). Orders for possession followed a similar trend to mortgage claims, falling from a peak of 23,850 orders in July to September 2009, but continuing to decline to 2,685 orders at July to September 2016, the lowest recorded level of the series.

            Comment


              Hi Boletus
              i am Only reporting what was announced by the Ministry of Justice. As one knows there are always variations throughout the UK of such stats but judging from reports from agents I use in South Wales, The East Midlands and North East the instructions from Receivers of rents has certainly increased in the last few months.

              Comment


                Change of Mind

                I am pleased to report that Paragon Bank have amended their requirement regarding the floating charge over company assets , this morning they have announced the following:-


                "We've removed the requirement of a floating charge on all portfolio applications for limited companies, incorporated solely for the activity of holding and letting residential properties"

                It would be great if they were also to remove their restrictions in allowing the registration of Second Charges for personal Buy to Let mortgages: there are thousands of mortgages with the lender where borrowers have equity within their present properties but have reversionary rates around 1.5% above 3 Month Libor and as such it is not realistic economically to remortgage and for whom allowing second charges would enable such borrowers to release monies to develop or expand by making new acquisitions , sadly todate this is a major inhibitor and is also reflective in the attitude of the majority of lenders towards this borrowing facility.

                Comment


                  At a seminar with my Networks Compliance Team this afternoon it was made abundantly clear that as advisors we need to be reminded of our obligations to report such issues surrounding possible Tax Evasion particularly when it comes to borrowers who have more than three mortgaged Buy to Let properties this being in line with the changes in the PRA rules.

                  Advisers are obliged by the FCA to query potential tax evasion on rental income and notify relevant authorities when they believe there could be an issue with borrowers’ affairs.If it later emerges the broker failed to flag such problems, they could end up in legal trouble and have their Permissions to operate as an advisor cancelled. As a result it was suggested that before any application for a BtL mortgage is submitted , the SA302'S /Tax Overviews are produced for the last two years along with the corresponding Self Assessments and a schedule of the relevant properties held showing mortgage costs etc and importantly rental income received.

                  I have no wish to alarm any Forum readers whom I am sure act in an honest and business like manner in respect of the operations as Landlords but it might be prudent to know that if your broker does ask for such information it is because they are acting in a completely professional manner and there is a genuine reason behind such requests to ensure that both you and he are in sync when trying to raise relevant mortgage finance and avoiding any possible pitfalls.

                  Comment


                    The NLA have commented as follows

                    "Research from the National Landlords Association shows that 20% of its members plan to reduce the number of properties in their portfolio in the next year – the highest level of intended property sales in 10 years.

                    The NLA believes this is due to recent tax changes including the withdrawal of mortgage interest relief for higher and additional rate tax payers, the 3% surcharge on additional property purchases, and the banning of upfront letting fees.

                    The NLA says landlords and tenants will "pay more than their fair share in tax as a result of changes made by the Government to curb buy-to-let activity in the private rented sector".

                    Comment


                      With great respect for the rules of the forum in respect of posting of articles extracted various media publications , can I make a suggestion that anyone interested in financial reports view an article published by a highly respected organisation read the latest edition online of Mortgage Strategy regarding the possible ramifications of the effects of tax changes going beyond 2021, as a broker and former lender of over 50 years the findings are worthy of serious consideration.

                      Thanks Moderator in allowing the above as I am very aware of the importance of attribution.

                      Comment


                        This evening I am on my hobby horse regarding the level of hype that some brokers make on new products.

                        A lender announced a new rate at what seemed too good to be true and during the day I have been inundated by circulars from Packaging brokers stressing the very competitive market leading fixed rate for two years : I thought this really seemed too good to be true and on investigating I find that the product carries a thumping great 3% Completion Fee and a Reversionary rate which would force any borrower to insist on having a remortgage at the end of the given term unless a switch facility was a guarantee in two years time and which in turn would involve further fees etc. I just wonder how many clients of brokers will themselves be pestered to get them to use this product. There are too many caveats to really make this product one which could be fully justified and pass the eagle eyes of one's Compliance Team.

                        Now off my chest but thought I would share the marketing ploys of those desperate to get business before carefully analysing the product in greater detail., sometimes all that glitters isn't gold.

                        Comment


                          Just to keep everyone in the picture particularly as communications are being received I thought you would like to know that Computershare has announced the successful transfer of £12 billion of buy-to-let Bradford & Bingley and Mortgage Express mortgages to new owners Prudential and Blackstone.

                          Comment


                            Originally posted by jpkeates View Post
                            Me too.

                            There are two things you can do to protect your property (which are extra useful when you don't live in it).

                            There's an alert service for up to 10 properties, which alerts you if critical details are changed or someone applies a mortgage charge against it.

                            You can also apply for a "Restriction by owners not living at a property" which is something you have to apply in writing (there's an RQ form you can download) which adds a restriction to the land registry records which means that a conveyancer has to check with the person adding the restriction that they are making the sale - and confirm that they have to the land registry. That adds a significant hurdle to anyone trying to sell a property they don't own, even if they live in it.
                            could you provide more details of this alert service.

                            Comment


                              CaveMan. In response to your question , suggest you either trawl through the Land Registry site for the Alert Service or simply google Land Registry Alert, this will immediately provide two links into the site or a link which sets out .the background to helping in Fraud Prevention.

                              Comment


                                Rates they are a changing

                                In recent days I have ,along with most brokers, received notification by individual lenders that mortgage rates are being withdrawn and repriced but in a Northerly direction, this is due to money Swap rates increasing and the need for higher capitalisation to be achieved.

                                Should any Forum reader be considering refinancing current borrowings , might i suggest that the time has arrived for considering future borrowing options and for those with more than 3 mortgaged Btl properties take note that the overall portfolio is assessed at a higher rate even if the individual property meets the basic rental stress calculation.

                                Comment

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