Furnished holiday lets Buy to holiday let mortgages  Holiday home mortgages
 

 

For advice and guidance on furnished holiday let mortgages please go to www.holidayletmortgages.co.uk

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If you let out a furnished holiday home in the UK, your rental income may be treated differently for tax purposes from other rental income. However, your furnished holiday let property must keep to some rules known as 'qualifying tests'.
 

Rules for holiday lettings (furnished holiday let)

To make sure your property counts as a furnished holiday letting, it must be:

  • in the UK
  • furnished
  • available for holiday letting to the public for at least 140 days a year
  • actually let as a holiday let for at least 70 days a year (and these must be commercial lets not at cheap rates to friends and family)

The holiday lets must be (both):

  • short term lets of not more than 31 days
  • the only lets for at least 210 days (211 days in a leap year)
You can't let the property as a holiday let to the same person for more than 31 days in the year.

However, if you meet all the qualifying tests for 210 (or 211) days there are no restrictions on longer lets in the remaining 155 days But these longer lets do not count as holiday lets.

 

 

LandlordZONE News

Criminal gangs target landlords
Landlords? properties are being targeted by criminal gangs as a cover for illegal activity, according to the National Landlords Association (NLA), the leading representative body for private-residential landlords in the UK. www.housefund.co.uk – 8 Feb 2010 Privately-rented homes across the UK are being used as a smokescreen to grow cannabis in homemade ?factories?, and produce the harmful drug crystal meth. But it?s not just drugs. Prostitution is also found across the private-rented sector, with homes being used as brothels. Criminals are attracted to rented properties, often in quiet residential areas, as a base to operate without the fear of being disturbed. Unfortunately, when these kind of crimes take place, it?s the landlord who ends up footing the bill. Many insurance policies are rendered invalid when criminal activity takes place in a property and the damage caused can run into thousands of pounds. One NLA member lost £20,000 when two of his properties were used to grow cannabis. The gang involved took out internal walls and rewired the property directly to the electrical mains (example photos attached). And landlords who find brothels in their properties and fail to report them can face prosecution. Full Article addthis_url = 'http%3A%2F%2Fwww.landlordzone.co.uk%2Fblog%2Fnews%2Fcriminal-gangs-target-landlords'; addthis_title = 'Criminal+gangs+target+landlords'; addthis_pub = 'LandlordZONE';

Occupancy levels are up for Cullen Property
The recession has a positive effect on Edinburgh?s rental market Occupancy levels in rented property reached an all-time high in 2009, with rents set to increase even further in 2010 as a result, according to Edinburgh-based Cullen Property. The flagging property sales market and reduction in approved mortgages has had a positive effect on the city?s rental market, with 97% of Cullen?s 300 properties fully occupied going into the New Year. In comparison, occupancy levels were 2% lower between 2004 and 2008. An increase in those keen on the flexibility of renting, and home owners buying property at a later age, has also boosted rental figures with rents increasing at an average rate of 2.7% as a result. ?Despite the devastating effect of the recession on the property sales market, 2009 was a good year for us in the rental market? says Steve Coyle, Cullen Property?s Operations Director. ?Our occupancy levels have been competitive since we started in business 12 years ago but last year was our best yet and this has been down to a rise in popularity of renting property rather than buying. Renting is more flexible and, with people now waiting until their mid to late 30s to buy property, there is a huge demand for high quality rental accommodation, meaning great opportunities for existing and potential landlords. And with rents increasing at an average rate of 2.7% last year, this bodes well for the long term progressive rental growth.? Cullen Property specialises in letting, acquiring and managing properties for clients looking to invest in and let residential property to both the student and professional markets in Edinburgh. addthis_url = 'http%3A%2F%2Fwww.landlordzone.co.uk%2Fblog%2Fpress-releases%2Foccupancy-levels-are-up-for-cullen-property'; addthis_title = 'Occupancy+levels+are+up+for+Cullen+Property'; addthis_pub = 'LandlordZONE';

Tenanat?s Rights May Still Need Protection from Defaulting Landlords
The Residential Landlords Association is concerned that the courts may order outright possession to lenders if landlords fail to pay a buy-to-let mortgage. Friday?s (January 29th) second reading of Bolton MP Dr Brian Iddon?s private member?s bill ? to protect tenants from losing their homes if their landlord defaults on a mortgage – is a step towards fair play for tenants, landlords and lenders, agrees the RLA But the association still has concerns ? including the clause covering a situation where a landlord has given the keys back ? which could require a court order to rectify the matter ? but ?an amendment would be helpful to make this aspect crystal clear,? says RLA lawyer Richard Jones. An explanatory note from the department for Communities and Local Government says that the Bill gives protection in this situation. ?We hope this is the correct view,? says Richard Jones. ?A court order would need to be obtained but, as the tenant is a trespasser as against the lender, the court must normally order immediate possession meaning the tenant would have to move out there and then.? With some reservations, the RLA believes ?the bill will enhance the private rented sector and assist tenants who, through no fault of their own, find themselves facing eviction at short notice. ?Past experience shows that tenants may not find out until the last minute that a property is being repossessed and we are aware of cases where the first indication is a bailiff turning up on the doorstep. That cannot be fair ? and it brings into disrepute the reputation of a private rented sector that has struggled hard to gain the standing it deserves.? The Residential Landlords Association is a leading national organisation with members owning over 100,000 properties in the UK?s professional private rented sector. The range of members? services – on www.rla.org.uk – includes legal advice, insurance, financial services, credit referencing and training. addthis_url = 'http%3A%2F%2Fwww.landlordzone.co.uk%2Fblog%2Fnews%2Ftenanats-rights-may-still-need-protection-from-defaulting-landlords'; addthis_title = 'Tenanat%26%238217%3Bs+Rights+May+Still+Need+Protection+from+Defaulting+Landlords'; addthis_pub = 'LandlordZONE';

NLA slams government rental plans as unworkable
Government proposals aimed at offering more protection for tenants in rented accommodation have been slammed by the National Landlords Association. Natalie Holt – MortgageStrategy- 3 Feb 2010 The government?s package of measures to reform the private rented sector outlined today include a ?Trip Adviser? style website that would allow tenants to give feedback on both their landlord and their accommodation. The government is also pressing ahead with its plans to introduce a National Landlords Register that would show tenants how good landlords are at maintaining and repairing their properties. John Healey, housing minister, says: ?Over three million families live in private rented housing and while the majority of tenants say they?re happy with their homes and landlords many do face problems with their landlord and should have better help and protection on hand.? But the NLA says these proposals only serve to penalise the majority of professional landlords. It says a ?Trip Adviser? style feedback website would require ?such intensive management and scrutiny so as to make it unworkable and ineffective.? Full Article addthis_url = 'http%3A%2F%2Fwww.landlordzone.co.uk%2Fblog%2Fnews%2Fnla-slams-government-rental-plans-as-unworkable'; addthis_title = 'NLA+slams+government+rental+plans+as+unworkable'; addthis_pub = 'LandlordZONE';

Government rules for rental market ?unworkable?
The Government’s latest proposals for the UK Private Rental Sector (PRS) have been deemed ?unworkable’ by the National Landlords Association (NLA). yourmortgage.co.uk – 4 Feb 2010 The plans include a website based on the Trip Advisor model, which allows holidaymakers to post comments about hotels and resorts and rate them accordingly. The idea is that tenants will post feedback about the rental properties and landlords they deal with, while landlords post comments about their tenants. The NLA pointed out that the site would have to be so carefully monitored to prevent libel and inappropriate content that it would simply be impossible. It also claimed that such a site would not offer a true reflection of the sector, as people are naturally more inclined to write about negative experiences than good ones. The Government has also confirmed its intention of implementing a National Register for Landlords aimed at giving tenants information on the track record of prospective landlords including the condition of their properties and how quickly they fix any faults. Full Article addthis_url = 'http%3A%2F%2Fwww.landlordzone.co.uk%2Fblog%2Fnews%2Fgovernment-rules-for-rental-market-%25e2%2580%2598unworkable'; addthis_title = 'Government+rules+for+rental+market+%E2%80%98unworkable%26%238217%3B'; addthis_pub = 'LandlordZONE';

Tenants given new right to post feedback on landlords on Internet
Tenants will be able to post feedback on their landlord on the internet as part of a series of measures announced to improve the private rented sector. telegraph.co.uk – 4 Feb 2010 The Government is planning to set up a new website, similar to travel website TripAdvisor, on which tenants can post their views on their landlord and their accommodation. It also intends to set up a new housing hotline offering advice to tenants who are having problems with their landlord, which it hopes to have running this summer. In a further move, plans were laid before Parliament today making it a legal requirement for all tenancies to have written agreements, to ensure that tenants are clear about their rights from the outset. A new National Landlord Register is also being launched enabling tenants to see how well prospective landlords maintain their properties and how quickly they fix any faults with them. There will also be a tougher regulatory regime to drive out rogue letting agents. Full Article addthis_url = 'http%3A%2F%2Fwww.landlordzone.co.uk%2Fblog%2Fnews%2Ftenants-given-new-right-to-post-feedback-on-landlords-on-internet'; addthis_title = 'Tenants+given+new+right+to+post+feedback+on+landlords+on+Internet'; addthis_pub = 'LandlordZONE';

 

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