Eastside Properties Blog Nottingham

Raising the rent

2011-09-07T13:19:00.000-07:00

Fixed term tenancy

How a landlord goes about raising the rent will largely depend on the type of tenancy in place. Most landlords use a fixed term tenancy agreement. In most cases a landlord will opt for a 6 month tenancy although it can be longer. This means that without the tenancy agreement you as the landlord cannot put up the rent during this period, unless the tenancy agreement makes specific provisions allowing this. These specific provisions may be by way of an escalator clause for instance stating that the rent will go up by inflation after six months. The vast majority of landlords avoid such clauses. This is because they are seen as overly prescriptive and inflexible. Most landlords opt to review the rent when they decide whether to re-let at the end of the fixed term tenancy. This way a landlord can judge the prevailing market conditions and work out what the rental market will bare at that particular time. For instance in places such as central London and parts of the south east, rental inflation is running well ahead of general inflation, therefore for a landlord just to track inflation would mean their rents are falling behind the market. If a landlord decides to opt to re-let to the existing tenant then raising the rent is relatively easy as all they do is create a new assured shorthold tenancy with the new rent included.

Periodic tenancies

The other type of tenancy that a landlord might employ is a periodic tenancy. These are tenancies where there is no specific end date. The two types of periodic tenancy are the contractual periodic tenancy in which from the outset there is no end date, or the much more common statutory periodic tenancy. The statutory periodic tenancy comes about when a fixed term tenancy lapses. In the case of periodic tenancies, increasing the rent is slightly more complicated because the landlord will need to go through the formal procedure as set out in section 13 of the Housing Act 1988. If the landlord wants to increase the rent and intends to keep the tenancy on a statutory periodic tenancy, they can use the special form titled Landlord’s notice proposing a new rent under an Assured Periodic Tenancy or Agricultural Occupancy sometimes known as a section 13 notice. This form allows a landlord to propose a rent increase as soon as the statutory tenancy begins. For a contractual period tenancy a landlord can use the same form to propose an increase which will take effect one year after a tenancy begins. In both cases a months notice of the increase is required for rents paid on a weekly or monthly basis (more if the rent period is longer). With both periodic tenancies a landlord can propose further rent increases at yearly intervals, after the first increase.

Potential snags with raising rents
There are a number of potential snags for landlords when raising the rent. Not least amongst these can be scaring off perfectly good tenants by making the rent unaffordable. A landlord has to be therefore confident that they their existing tenant will be able to afford the new rent or that they will be able to quickly fill any vacancy and avoid a protracted void period.

Firstly, the snag with section 13 rent increases is generally a landlord can only raise rents once a year. In a fast moving market such as the one being experienced in parts of London and the South-East currently, annual rental increases will not keep pace with market rents meaning that a landlord towards the end of the 12 month rental period will have a rent below the open market value and therefore be missing out on potential rental income.

The other aspect about a landlord with a periodic tenancy who needs to use a section 13 notice is that it entitles a tenant who is not happy with the rental increase to apply to a Rent

Assessment Committee for a determination of what rent a landlord could reasonably expect to pay if he or she was letting it on the open market under a new tenancy on the same terms. The committee has the power to agree the rent or set a rent higher or lower. The rent then fixed by the committee is the legal maximum the landlord can charge. The new rent will be payable from the date specified in the landlord’s notice unless the committee considers this would cause a tenant undue hardship in which case it may specify a later date. The landlord can propose that the rent is increased a year after the date on which the rent decided by the committee was payable.

Power of the Rent Assessment Committee

All this may sound quite daunting to a landlord. The reality is it shouldn’t be. Whilst on the face of it the Rent Assessment Committee seems to have a considerable amount of power, in reality they don’t. For a start they can only set a new rent if it is demonstrably unreasonable. The other factors that limits the scope of the Rent Assessment Committee and the tenant in ultimately setting rental levels is that the landlord retains the right to issue a section 21 notice. This means that providing the fixed term period has come to an end by the time the notice has expired a landlords ultimate response to a rent that is unsatisfactory is to regain possession of their rental property and simply re-let it to another tenant at the rent that they and the market will bare.

What should landlords do?

The simple answer is that landlords should normally opt for a fixed term tenancy. A landlord should avoid the tenancy lapsing and becoming a periodic tenancy. They can do this by going through the motions of issuing a section 21 notice for possession even at the start of the tenancy to ensure that a landlord can bring the tenancy to an end. In this way a landlord is in the perfect position at the end of the fixed term to either re-let to the existing tenant at a higher rent, or if the tenant objects, to regain possession and then let their buy-to-let investment property to another tenant at the higher rent.

A word of caution to landlords in less high demand areas. Tenants can be sometimes unsettled by receiving a section 21 notice and therefore a landlord needs to approach the situation sensitivity and explain that the notice is a just a formal procedure and that they have no intention of seeing it through. The reality is for any landlord is that having a tenant paying rent, even if it is not the absolute top rate, is far preferable than having no rent at all!

80,000 rental households on benefit could have to move out of London

2011-09-06T12:16:00.000-07:00

Up to 80,000 poorer households living in private rental accommodation in London could be forced to move as a direct result of cuts to housing benefit.

The claim is made in a new report into the reforms of the housing benefit system, which concludes that they are likely to widen the gap between Britain’s richest and poorest areas.

The research by Professor Chris Hamnett of King’s College, London, shows that worst affected by the cuts will be people in inner London and areas in the North, Scotland and Wales, which were formerly the UK’s major industrial and mining areas.

Professor Hamnett said: “In inner London where rents are very high, thousands of low-income households who receive benefit will be effectively excluded from the private-rented sector in much of central London, creating an even higher degree of social class and income segregation in the capital between a rich and increasingly gentrified central and inner area, and lower-cost areas.”

What effect will this have on the rest of the country?

Nottingham calls to extend landlord powers to tackle troublemakers

2011-08-12T01:31:00.000-07:00

Nottingham City Council is calling on the Government to ensure private landlords take stronger action against anyone involved in recent disturbances.

City Council Leader Councillor Jon Collins said: "Punishing people through their residency and property is a very powerful deterrent which we feel shouldn't be restricted to council house tenants. However, as well as social housing providers the Government should consider action against private landlords who fail to act."

Councillor Collin's call to action comes after the council announced it would seek to evict any of its tenants if they or their sons or daughters are found to be involved in disturbances.
He is urging Housing Associations in Nottingham to continue to work with Community Protection to take the same action as the City Council against tenants. He is also calling on the Government to take action so that private landlords can do the same, including the option of raising fines against the property of owner occupiers if they fail to act.

The move comes as Housing Minister, Grant Shapps, is due to make an announcement later today about proposals to introduce new measures aimed at enabling social landlords to obtain possession against tenants (including visitors and members of their household) convicted of a criminal offence anywhere.

The current ground for possession is restricted to conviction for offences committed in the locality of their home.

There have been only relatively low-level disturbances in Nottingham and a quiet night overnight - with a strong response by Notts Police and the City Council and other partners, supported by citizens. But the City Council has said it will use all powers available to it to deal with those found guilty of being involved in public disorder.

Nottingham is considered to be one of the leading cities in the country in the use of wider civil legislation and has been actively involved in advising Government on further proposals. Its well-established partnership working between the City Council, Police and other services including Fire and Rescue, has helped to contain comparatively low-level disturbances in the city, with a quiet night last night.

Paragon increases buy-to-let lending by £65m in three months

2011-08-04T05:54:00.000-07:00

Paragon Mortgages and Mortgage Trust’s parent company, The Paragon Group, has unveiled buy-to-let new lending of £65.7m for the three months to the end of June.

Paragon only returned to buy-to-let lending at the very end of last September after closing its books to new business in February 2008.

The figure demonstrates how Paragon has built up momentum since its return. It represents over two-thirds of Paragon’s buy-to-let new lending completions since the start of its financial year on October 1, 2010.

In its quarterly update to the stock exchange, Paragon said it has completed £99m of buy-to-let business over the past nine months, which includes £3.7m in further advances to existing customers.

Paragon’s Interim Management Statement, which covers the period from April 1 to June 30, also revealed that the credit performance of Paragon’s buy-to-let portfolio continued to improve.

Arrears of more than three months across the portfolio stood at 0.69% at the end of the period, compared to 0.75% at the end of the previous quarter.

John Heron, Paragon Group director of mortgages, said: “We had a strong focus on rebuilding our distribution network and brand awareness following our return to the market and it’s pleasing to see that approach start to deliver.

“We have developed our new lending proposition over the past nine months and now have a comprehensive product set, with Paragon Mortgages focusing on professional landlords and Mortgage Trust catering for the mainstream market.

“The fact that two-thirds of completions came in the third quarter of our financial year alone shows our new lending is building strong momentum.

“Landlords are benefiting from excellent market conditions at the moment, with the highest levels of tenant demand we have seen in modern times, low interest rates and a stable housing market.

“Long-term socio-economic and demographic changes signal sustained growth for the private rented sector, and landlords will be central to driving this growth.”

Good landlord and tenant relations

2011-08-04T05:48:00.000-07:00

An overwhelming majority of landlords have a good relationship with their tenants, according to the National Landlords Association.

In a survey of 662 NLA members, it found 61% of landlords have “very good” relations with their tenants, while a further 34% describe their dealings as “good”. Just 3% say their relationship is “adequate” while less than 1% say it is “poor”.

The survey also found 36% of landlords communicate with their tenants at least every month, while about four in ten have contact “when the need arises”.

David Salusbury, NLA chairman, said: “The NLA believes that the private rented sector will play an important part in helping to meet the demand for quality housing in the coming years.

“So it is pleasing to see that almost all landlords have a good relationship with their tenants and that both parties are content.”

New All Party Parliamentary Group for the Private Rented Sector

2011-07-20T12:56:00.000-07:00

Forty-eight Members of Parliament and Peers from across the political parties established a new All Party Parliamentary Group for the Private Rented Sector on Monday of this week.

While various other attempts have been made to form such a committee, this is the first time one has actually got off the ground.

The Group will aim to inform policy towards private rented housing and has been formed at a time when changes to housing benefit, regulatory issues and the increasing demands being placed on the sector are highlighting the growing significance of private rented housing.

Speaking ahead of the Group’s formation, Conservative MP for Poole, Robert Syms who has led on forming it said:

“With waiting lists for social housing continuing to increase and home ownership remaining difficult for many, private rented accommodation is becoming increasingly important to meeting the UK’s housing needs.

“The establishment of this All Party Group will enable MPs and Peers from all parties to engage directly with landlords and tenants to consider issues of importance and where appropriate, agree on recommendations for action by government.”

Responding, Alan Ward, Chairman of the Residential Landlords Association who will provide the secretariat to the Group said:

“The RLA wholeheartedly supports the decision by MPs and Peers to establish a cross party group for the private rented sector. This will enable landlords, tenants and other stakeholders to engage in a constructive dialogue with Parliament on how to meet increasing demand whilst ensuring high standards of housing and management.
“The RLA looks forward to playing its part in supporting the Group to meet its aims, objectives and programme of work.”
Vice-chairmen of the Group are Paul Goggins, a Labour MP, and Liberal Democrat MP David Ward.

Eastside Properties Comment

We greatly welcome this initiative which gives the private rented sector a much needed focal point within Parliament. Landlords need to engage with this Parliamentary Group and have their voice heard loud and clear.

The Government has calculated that there are over one million landlords in the UK and their voice and their experiences need to be heard within Parliament.

July Lettings Newsletter

2011-07-20T12:44:00.000-07:00

Our July edition of our Lettings Newsletter was emailed out earlier this week. Jam packed with market news and local information, if your not registered to receive it then please sign up using the sign up box on our homepage http://www.eastsideproperties.co.uk/

A generation gives up on buying a house

2011-06-06T03:25:00.000-07:00

Britain is home to a generation of renters who are giving up on buying their own home, says a report published at the end of May. They expect their mortgage applications to fail, so don't even bother to apply.

If attitudes become reality, the shape of Britain’s housing market will be fundamentally changed within a generation.

According to the research into the attitudes and behaviour of young people towards home ownership, 77% of all those who do not own a home still aspire to owning one.

However, despite this aspiration, nearly half of 20 to 45-year-olds say Britain is becoming more like Europe where renting is seen as the norm, and predict that Britain will become a nation of renters within the next generation.

Produced by the National Centre for Social Research, the report analysed the results of a survey of 8,000 20 to 45-year-olds and identified the emergence of ‘Generation Rent’: two-thirds (64%) of non-home owners who believe they have no prospect whatsoever of buying a home.

The perception that banks are not lending, the size of mortgage deposits necessary, and a fear of the application process has prevented ‘Generation Rent’ from making any significant attempts to buy a home.

Longer term, only 5% of this group are making sacrifices to save for a deposit; 95% say they have no spare cash, no interest in saving for a deposit, or were trying to save but failing to do so.

Stephen Noakes, commercial director of Halifax Mortgages, said: “Our research indicates just how many potential first-time buyers are not making it to the application stage because of a fear of being declined.

“We would like to help aspirational home buyers to realise they do have options, that they can apply for a mortgage, and that it is still possible to get on to the property ladder. At Halifax we approve eight out of ten mortgage applications from first-time buyers, and it is important that today’s potential first-time buyers don’t miss out because of the fear of rejection.”

The report revealed widespread pessimism about lenders and the mortgage application process: 84% say first-time buyers are put off by a belief that banks do not want to lend to them and find excuses to turn them down, and 60% believe getting a mortgage is very hard or virtually impossible.

Almost seven in ten (67%) believe that everyone is rejected by lenders so there is little point in applying.

Landlord power wins court battle against bureaucrats

2011-05-31T09:24:00.000-07:00

Landlord power has won the day in the courts of justice.

The group of 347 landlords who took on Hyndburn District Council in Lancashire have successfully had an order designating an area for selective licensing quashed.

The Hyndburn Landlords won a judicial review after the selective licensing scheme was introduced in March 2010.

Last week, Mr Justice McCombe handed down his judgment in which he accepted the submissions of barrister Jonathan Manning on behalf of the claimants.

He held that the council had failed to consult, had not followed the relevant guidance and had made misrepresentions to the Secretary of State. He therefore held that the decision to designate an area for selective licensing and the resulting designation were both unlawful.

The solicitor acting for the Hyndburn Landlords, Rebecca Stanton of JGT Solicitors and Advocates, said: “Our clients are clearly delighted with the outcome.

“Whilst selective licensing may have its place in dealing with issues of low demand within the council’s district, Hyndburn landlords have established that landlords and indeed others affected by the proposed designation must have sufficient information provided to them, to allow for intelligent and meaningful discussions to take place during consultation.

“To canvass opinions on the general principles of selective licensing is simply not enough.

“It is unfortunate that money from the public purse has been spent by the council on a fatally flawed scheme and increased when the council refused to voluntarily withdraw the scheme and re-consult on the designation area when my clients first approached them with their concerns.

“I praise the members of the Hyndburn Landlords for their hard work and dedication during the course of these lengthy proceedings and in the significant negotiations that took place before the proceedings. It is abundantly clear that each and every one of them is committed to their tenants and the services they provide to them.

“They will now hopefully remain as the collective voice for landlords in the Hyndburn district.”

The Housing Act makes provision for selective licensing of private rented accommodation, but councils have to make a robust case for it – for example, anti-social behaviour by tenants, over-crowding, run-down properties, neglectful landlords, could be reasons cited.

In areas of selective licensing, landlords must pay to be licensed and obey any conditions attached to the license.

The Hyndburn Landlords had 1,326 properties between them which were affected.

While the Hyndburn case was treated on its own merits, it will have acted as a warning to other local authorities not to introduce selective licensing without proper consultation to see whether it really is the way forward.

1st April changes to LHA

2011-04-02T09:19:00.000-07:00

From the 1st of April those landlords letting to tenants on benefit will be faced with a new regime as changes to the Local Housing Allowance (LHA) come into force.

One of the changes that many landlords have been campaigning for is the right to receive direct payments from local authorities for tenants receiving housing benefit. This was removed as a result of changes brought in by the Labour Government under the Local Housing Allowance (LHA).

Many landlords responded by simply refusing to let to tenants receiving housing benefit because of their bad experiences. A significant minority of tenants simply failed to pay their rent despite receiving large handouts from the council.

Some landlords on the other hand have been making the LHA work for them.

They have exploited the anomalies in rental levels in the Broad Rental Market Areas (BRMA ) to buy cheap properties that have been able to secure high rents. LHA rental levels are set by a government organization called the Rent Service.

Changes to Local Housing Allowance

From the 1st of April big changes will come in as result of the coming into force of new Housing Benefit Regulation (2010).
The main one concerning landlords is that from the 1st April local Councils will have the discretion to make payment of rent direct to the landlord where they believe that it will help assist in securing or maintaining a tenancy. Worryingly however, is the proviso that the rent should be affordable and that the provision to make direct payments is only a temporary provision until “longer decisions have been made in the context of Universal Credit”. Universal Credit being the new governments attempt at simplifying the whole benefit system.

Downward pressure on rents

It is very clear what the underlying purpose is of linking this provision to the affordability of rent. It’s all about reducing the rents paid to landlords and cutting the Governments overall welfare bill.

Other measures that come into force for new LHA claimants are:
The abolition of the 5 bedroom band of LHA
LHA rates being set at the 30 percentile rate rather than median for the BMRA
Maximum rent caps being introduced: 1 bed – 250 pounds, 2 bed – 290 pounds, 3 bed - 340 pounds, 4 bed - 400 pounds.

Existing tenants will generally have their rent protected for 9 months before the new rates apply.
The incentive for landlords is that where they are prepared to accept less rent they will at least have the carrot of direct payment of rent. Overall the message to landlords is clear.
The Government is determined that rents paid to landlords should go down!

What are your thoughts on the changes? Post your comments below.

Online payment system now live

2011-04-02T09:12:00.000-07:00

You asked and we listened!!! We've had a number of tenants over the past few months who asked if we could offer the facility to reserve a property online, so as not to lose it and also the ability to pay rent online.

Well you now can. Our payment page has now gone live on our website and can be viewed by clicking here. Payments are taken through a secure worldpay system with most credit and debit cards accepted.

Payments by credit card will be subject to a 2.5% surcharge. Debit cards at £0.50 per transaction.

Eastside Properties shortlisted for London awards ceremony

2011-03-13T10:43:00.000-07:00

We've just heard the fantastic news that Eastside Properties has been shortlisted for the East Midlands best Lettings Agency Award at this years ESTAs awards.

A big, big thank you to all our Landlords who voted for us.

Merry Christmas and a happy New Year

2010-12-24T06:44:00.000-08:00

We would like to wish everybody a very Merry Christmas and a Happy New Year for 2011.

From all of the team at Eastside Properties

Christmas and New Year office closures

2010-12-23T10:37:00.000-08:00

Our office will be closed on the following dates over the festive season:

Saturday December 25th
Sunday December 26th
Monday December 27th
Tuesday December 28th
Saturday January 1st
Sunday January 2nd
Monday January 3rd

During these closures for any emergency or maintenance issues please call 07768 147427

Frost Precautions

2010-12-16T05:03:00.000-08:00

During the winter months, if you are leaving the property for 2 or more days and cold weather is expected, the following precautions should be taken to reduce the risk of burst pipes:

Turn off the main stop tap (where the water enters the property)
Run the kitchen cold tap until it runs dry (this drains the main feed to the house)
Set your heating time clock to constant so that the heating can fire up if the temperature drops
Set the house thermostat between 10 & 12 degrees & open all radiators fully or set the radiators to the frost setting if they have individual thermostats
Wedge open the loft hatch a couple of centimetres to allow some heat through to help keep the pipes from freezing

When you return, turn on the stop tap to allow water back into the system.

If you have any further queries, contact the maintenance team at Eastside Properties on 0115 983 8758.

Nottinghamshire house prices remain out of reach

2010-12-05T05:27:00.000-08:00

Homes for Nottinghamshire's residents remain out of reach as plans for thousands more in the region are slashed. And if you want a home in the East Midlands, then Ashfield in Nottinghamshire is the cheapest place to buy.

Three years into the housing slump and homes in the East Midlands are still out of reach for thousands of households throughout the region. That's according to a new report to be published by the National Housing Federation.

East Midlands Home Truths 2010 warns that house prices in the region have increased faster than the national average and that a 90 per cent mortgage on an average home here now requires an annual income of over £40,600.

The report follows a major conference in the region warning housing providers from across the Midlands that the region is struggling to meet housing need against a backdrop of the fastest growing number of households of anywhere in the country - growing 30 per cent faster over the next 20 years.

Rents hit a two and a half year high

2010-12-03T03:07:00.000-08:00

The difference between the number of surveyors reporting rising rents and those seeing declining rents has reached its highest level, at 39%, since Q2 2007 says RICS.

The lettings market is continuing to strengthen which is good news indeed for the long suffering property investor/landlord

Jeremy Leaf, RICS spokesperson, said:

"The lettings sector has become increasingly strong over the past nine months...

As a result, rents continue to rise with supply failing to keep up with demand. However, there are increasing indications that more landlords are recognising these benefits and looking to add to their portfolios - especially as there has been a rise in the number of providers willing to offer investment mortgages in recent months."

Now whilst the number of lenders and number of buy to let mortgage products is still some what subdued it is still the case that most people can get buy to let mortgages if they have good credit and the deposit. If you are looking to purchase a new buy to let property or in need of a remortgage then give us a call to discuss your requirements.

Landlords - Serving Notice during a Fixed Term Tenancy

2010-12-03T02:56:00.000-08:00

You can give a section 21 notice any time during the fixed term of the tenancy, but it can not expire any earlier than the end of the fixed term.

You must still give at least two months notice. If you serve your notice two months before the fixed term expires, the notice will expire on the last day of the tenancy.

If there are less than two months to run on the fixed period, the notice will expire on a date two months after you have served it.

For further advice on notices and effectively managing your tenancy give us a call on 0115 983 8758 or visit us at eastide properties

Professional Handyman Job Vacancy

2010-10-25T08:37:00.000-07:00

Job Details

Location: Nottingham City Centre

Job type: Full time

Salary: Negotiable

Full description

Building Services and Maintenance Job Vacancy

We are looking for an experienced Multi Skilled Maintenance Person - Handyman to join our team.

Duties will include basic repairs, maintenance, installation, materials delivery and manual handling work for all the company sites in Nottingham.

You will need to be have skills in a wide range of work including carpentry, decorating, electrical repairs, basic plumbing, painting and general labouring duties etc. through to putting together flat pack furniture, putting up flat screen TV’s, and much more.

Hard working, team player, good communication skills, initiative and self motivated, able to undertake heavy manual work and able to meet deadlines are required.

Previous relevant work experience in similar field highly preferred, but not essential. Transport and own tools are not essential.

TO APPLY EITHER:

· Pop in to our office for an informal chat – 20 Fletcher Gate, Nottingham NG1 2FZ

· Email your CV to info@eastsideproperties.co.uk

· Give us a call on 0115 983 8758

Eastside Properties smash the ceiling price for a studio apartment at Marco Island

2010-10-25T05:05:00.000-07:00

With demand for apartments in Nottingham city centre at an all time high, rental values in the city have seen a continuous increase over the last couple of months.

Eastside Properties has seen the results of this increase first hand at the popular Marco Island development in Nottingham city centre.

Just a year ago a fully furnished studio apartment could be picked up for as little as £425 per calender month (pcm) but now Eastside Properties has just secured an agreed let on the same specification apartment for a record £550 pcm!!

Marco Island has seen a good increase in values this year due to the great partnership between the owner/landlords and Eastside Properties. The partnership concentrated on developing a clear marketing strategy to improve the way the development was perceived and also to improve the level of accommodation and furnishing that tenants could expect to have whilst living at the development. The results speak for themselves with the ceiling price now raised to £550 pcm!!

Eastside Properties Office sign lights up Fletcher Gate

2010-10-24T09:05:00.000-07:00

As many of you will have noticed Fletcher Gate was illuminated by the switching on of Eastside Properties Office sign on Friday 22nd Oct.

Its been in planning for some time and the anticipation has been growing but it was worth the wait. A big thank you to the guys at Apollo signs for fabricating and fitting the sign just in time as the dark evenings start to draw in.

No excuse now for not popping in and saying hello, so see you all soon :-)

Government backs Nottingham's extended tram network

2010-10-24T08:59:00.000-07:00

The news that the Government intends to pursue lines two and three of the tram network (NET Phase Two) is a positive outcome.

Leader of Nottingham City Council Cllr Jon Collins says: "This is very good news for Nottingham. We have worked hard to argue the case for two more tram lines because the benefits to Nottingham and the surrounding area are so great that it would be foolish not to pursue with the proposals. I'm pleased that the Government has clearly recognised this and the strength of our proposals.

"This go-ahead means the extended tram network can now play its key part in shaping the future prosperity of this city, helping Nottingham to weather the current economic storm and come out the other side stronger and more resilient. The city will be even more attractive to employers as a place to locate, bringing more jobs and creating more wealth for our citizens.

"We've always believed that the scheme offers good value for money. But in these straitened times, we now have the challenge of responding to the Government's demands to bring the cost down even further. Our focus is on working with the Government to identify further savings. We will do all we can to ensure that two new tram lines are operational as close to the timetable that we have already set out."

Few other single projects in Nottingham would have as large an impact on long term employment growth in Nottingham and surrounding areas as NET Phase Two. The project is anticipated to:

Generate long term employment growth of between 4,000 and 10,000 jobs which could boost the local economy by around £390m a year
Have a major impact on reducing the growth of traffic congestion by taking around 3 million car journeys off Nottingham's roads
Increase the number of passenger journeys across the extended tram system to an estimated 20 million a year
Serve three of the city's biggest employers - The University of Nottingham, the Queens Medical Centre (QMC) and Nottingham City Council
Provide access to around 1800 workplaces, to which around 55,000 employees commute

The extended tram network will be a catalyst for further regeneration and economic growth providing years of construction work that would impact on local employment and local spending.

Two more tram lines will act as a stimulus for regeneration at a time of fragile business confidence, providing Nottingham's employers with access to a wider labour market while improving social mobility within the Greater Nottingham conurbation.

The project has the support of both residents and businesses. Along with the widening of the A453 trunk road and the redevelopment of Nottingham's railway station, both of which rely to some extent on the extended tram network, NET Phase Two is a priority on the Chamber of Commerce's transport wish list.

Two consortia made up of some of Europe's leading transport providers are currently preparing bids to build and operate the extended tram network. The attraction of the Arrow Consortium and Tramlink Nottingham, clearly indicates an appetite to deliver.

Register to vote or face a fine of £1,000

2010-10-17T11:50:00.000-07:00

City council chiefs are threatening to prosecute people who refuse to register to vote.
Anyone who has not yet registered will be getting a personal visit to encourage them to do so over the next few weeks.
A team of canvassers started making household visits across the city this week and will continue until November 7.
Each year thousands of householders fail to respond to the voter registration forms sent to their home in August and the reminders sent out in September.
This means that the city council must, by law, send out personal canvassers to all of these properties at large, and unnecessary, expense.

It is a legal requirement that people return a registration form each year. Failure to do so can result in a fine of up to £1,000.
Although most residents do finally supply the information, some residents refuse to do so.
Debra La Mola, Head of Democratic Services, said: " Having previously made huge efforts to raise public awareness about citizens' legal duty to register to vote, the city council feels that it is unfair on council tax payers in the city who do register to vote that they should continually meet the costs of chasing up those citizens who refuse to.
"The city council has now decided that, where it is appropriate to do so and depending on circumstances, it will seek to prosecute householders who refuse to return their voter registration form."

City gets funding for new Stonebridge Park homes

2010-10-10T13:39:00.000-07:00

Work on 95 new homes at Stonebridge Park, St Ann's, starts next month.

Nottingham City Council and LHA-ASRA Group have confirmed contracts to secure £5.6 million from the Homes and Communities Agency (HCA). The finance is the result of a successful bid to the Kickstart Housing Delivery Programme, managed by the HCA, the national housing and regeneration agency.

The project had been on hold following the Coalition Government's review of financial commitments to address the UK's budget deficit but now contracts have been signed to allow the scheme to move forward. The HCA's investment will help to unlock a total investment of £11 million for the new housing and help create more choice for residents and a mixed and sustainable neighbourhood.

Building will begin across a range of sites including Eastham Close, Dennett Close, Magson Close and St Matthias Road. A selection of spacious two, three and four bedroom homes will provide new family accommodation for the area and new residents will be able to choose a tenure which best meets their needs, from buying outright to renting, or the "try before you buy" option which involves renting for a period before buying.

All homes will be built to high environmental and design standards, achieving Level 4 of the Code for Sustainable Homes. Improvements to the public realm and green space, including Rocket Park, have been incorporated in the plans.

The investment will also help boost the local economy and increase employment. Ten new apprenticeship places will be created as a result of the initial phase and it is hoped that there will be further investment to bring forward further phases.

The overall scheme and masterplan was approved by the tenants and residents association to develop 258 new homes aimed at the comprehensive regeneration of the site.

Councillor Dave Liversidge, Nottingham City Council's Portfolio holder for Housing Delivery, said: "To know we have definitely got this funding secured is very welcome news for the City Council and for local residents who have waited patiently for construction of these new homes to begin. Many of the residents have played an active part in planning the new scheme which should help regenerate the whole area bounded by St Matthias Road, Beacon Hill Rise and Stonebridge Road and also help create local jobs.

"The City Council has made a considerable investment in the site by demolishing the unpopular low-rise maisonettes and flats to create the right conditions for the development to take place. The investment will help to renew and reinvigorate the area and taken together with other investments close by - at the Rose Hill School and the extra care facility at Albany Court - Stonebridge Park will be a hive of activity for some time, creating more choice for residents and a sustainable neighbourhood."

Margaret Allen, director of the HCA East Midlands, added: "This project is a huge regeneration priority for the city council, so we support it fully. It is great that work will soon start to build the first homes after many years of close working between the project partners and the local community to get to this point."

Legal update - Letting Legislation

2010-09-18T05:04:00.000-07:00

There are several legal changes affecting landlords that are due to come into force before the year end.

HMO properties

The first relates to landlords that let out properties to more than a group of tenants.

The recent changes in the controls over HMO properties has under standardly confused many landlords.
Firstly, the outgoing government brings in what some would say was draconian planning controls affecting all landlords letting to three or more tenants. The Labour government introduced a new planning classification for a house let as a small scale House in Multiple Occupation (HMO) with 3-6 unrelated occupants called a C4 planning use. This meant that anybody who was using the property as a single family under a C3 dwelling use would require planning permission to use it as a HMO shared use.

Then; almost immediately after getting elected the new coalition government announces there intention to reverse this change.

So where are we now & how will the changes affect landlords?

HMO latest

The new coalition government have just put legislation before Parliament to change the planning system so that planning permission will no longer be required when a family house becomes a small scale HMO. A change of use will still occur where the use changes from C3 to C4; but as the change will be permitted development, an application is no longer required. These changes will come into affect from 1st October.

Grant Shapps Minister of Housing anticipates that this will effectively remove 8500 planning applications from the planning system and thereby save landlords effectively hundreds of thousands of pounds in planning fees.

The planning controls that remain will still allow individual local authorities to selectively retain this control; but only by applying to the Government for an article 4 direction if they believe there is a local problem with an over concentration of HMO properties.

High value tenancy changes

The second legislative change will affect landlords that let high value properties. This therefore will mainly concern landlords in London.

The previous government brought in a proposal to raise the annual threshold for assured and assured shorthold tenancies from the current maximum of £25,000 to £100,000. The top limit on rents were set initially by the original legislation back in 1988 which brought in assured shorthold tenancy agreements. Since that time rising rents particularly in London has meant that even average sized rental properties were no longer covered by the provisions of the Act.

The new coalition government have committed themselves to bringing in the changes which were laid before Parliament on 25th March and will come into effect on 1st October.

There are some concerns however, how the new changes will affect existing tenancies and the potential grey area in the law. The reality is that whatever tenancy agreement is used the new legislation will automatically mean that the tenancy becomes an assured shorthold tenancy.

This has implications for a landlord who has previously be exempted from obligations under this type of tenancy as they had to draw up their own specific tenancy contract. It means that they will have to now protect any tenancy deposit with one of the government approved Tenancy Deposit Schemes (TDS). The government has recently stated its’ approach:

“Our intention is that these new assured shorthold tenants should have the same protection as existing tenants, so if the tenancy started after 6 April 2007, the landlord will have to protect the deposit.”

Under the Tenancy Deposit Scheme where a landlord fails to protect the deposit within 14 days of taking the deposit then they are potentially liable to pay a fine to the tenant of 3 times the deposit amount.

The landlord is also required to serve the prescribed information on the tenant which tells them where the tenancy deposit is held and how to request its’ return.

The DCLG have apparently instructed the courts to give landlords in this situation some leeway however this is yet to be established. Landlords that are affected by the change in legislation should ensure that they lodge the tenancy deposit with one of the approved protection scheme in order to safeguard themselves against further action.

City to host major walk as part of ITV event

2010-09-18T04:30:00.000-07:00

Nottingham is taking part in ITV's Walk4Life day on September 26th by hosting a major walk through the city to encourage people to improve their health.

It joins eight other cities across England on a day of mass participation walks led by Change4life, ITV and walking groups from across the country.

The event, led by Age UK and Nottingham City Council, kicks off at 10am when walkers are invited to meet at mid-point of Victoria Embankment, near the gardens, and get walking from 11am.

There will be two routes, a one mile walk around the gardens, and a three mile walk which will be a loop around the embankment. The event is free and open to everyone from experienced ramblers to first time walkers.

The Age UK Group works to improve later later life for all by providing life-enhancing services and vital support. Age UK has been working in Nottingham on the Best Foot Forward Campaign, which offers weekly year round guided health walks. They are graded easy to moderate so everyone can find a local walk that's right for them.

The walks coincide with the launch of a new website www.walk4life.info which allows people to type in their postcode to find a local walk.

Public Health Minister Anne Milton said: "Walking is a great way for families to spend time together. Brisk walking for at least 10 minutes is good for improving health and can count towards the recommended activity goals of 30 minutes five times a week for adults, and 60 minutes every day for children. It's good for you and it gives you a chance to take time out of your busy life."

HMO Landlords fine crackdown

2010-09-17T02:28:00.000-07:00

New property investors and established landlords are being urged to ensure their houses in multiple occupation (HMOs) are licensed following a spate of fines.

A house in multiple occupation (HMO) is any building or part of a building, such as a house or flat, that is occupied by unrelated tenants that share basic amenities.

If the HMO has three or more storeys and five or more tenants using shared facilities, then by law, the property has to be licensed with the council.

In a recent case, two landlords in Peterborough were given £4,000 fines after running HMOs without a licence. Another case in Swansea saw a landlord who rented to students for 13 years receive a fine for more than £10,000 for failing to have a license and maintain the properties.

David Thomas, Managing Director at Eastside Properties, said,
“HMO is a commonly used phrase but many landlords don’t understand exactly what the term means and if they need a license. Landlords or agents of HMOs must manage these properties well and this means ensuring there is a means of escape, fire fighting equipment and alarms in working order. Councils are cracking down on landlords and agencies that don’t abide by the rules.

It’s common for HMOs to come up for sale at auction and they’re always extremely popular as they can achieve high yields. As long as you get a license they make an excellent investment.

“If you need a license and fail to get one from the council, you could be liable for a huge fine. If you’re in any doubt about whether you need a license, contact your local council.”

Changes to the way HMOs operate are due to come into force in October. Under new proposals, legislation will require owners to apply for planning permission for change of use. Further news on this will follow on the Eastside Properties Blog so stay tuned!!!

Rental Property Electrical Safety

2010-09-05T06:49:00.000-07:00

Landlords are your tenants safe in your rental property?

It is your responsibility as a landlord to ensure that your electrical appliances are in good working order when your tenants move in.

Electrical Safety Testing will reduce potential risks to your tenant. Why not contact us at Eastside Properties about your Electrical Safety Testing and Legal Requirements?

Landlords Legal Requirements

An electrical safety check must be commissioned prior to the commencement of a tenancy, and must be carried out by a competent person (a Part P qualified electrician in kitchens and bathrooms) to ensure that the electricity supply, and all appliances, are legal. This includes supplying instruction books where needed for safe use.

IMPORTANT: Failure to comply with the Electrical Regulations may constitute a criminal offence under the Consumer Protection Act 1987 that carries a maximum penalty on summary conviction of a £5000.00 fine and/or six months imprisonment.

This Legislation means that Landlords have a legal obligation and a duty of care to tenants to ensure that the electrical installation and the electrical equipment supplied is safe. The Electrical Equipment (Safety) Regulations have been mandatory since 1st January 1997. They state that all electrical appliances with let accommodation must be safe. This applies to both new and second-hand appliances and covers all electrical items supplied for the intended use of the Tenant. The regulations also cover fixed appliances such as cookers etc. The only method of insuring that these appliances are safe is to have them tested by a trained electrical engineer using the portable appliance testing equipment, know as a (PAT) test.

What does this mean?

All electrical systems/items must be:

Certified safe when a tenancy begins
Maintained in a safe condition throughout the tenancy
Maintained only by ‘competent persons’
Fit for purpose and free of defects.

What should I as a landlord do?

As a minimum, have an annual electrical safety inspection (i.e. the Enhanced Electrical inspection or”E2”), which includes the electrical equipment. Ensure any installation or maintenance works are done by Part P ‘competent persons’.

Electrical Testing from Eastside Properties

Portable Appliance Test (PAT) Just £40. Up to 20 appliances tested. Completed by a City & Guilds 2377 qualified tester.

Periodic Inspection Report (PIR) Just £150. Up to 6 circuits tested. BS7671 Compliant Periodic Inspection Reports (PIR) Completed by a City & Guilds 2391 accredited tester Detects evidence of any defect and departure from the IEE Regulations. Professional technical advice

Plus, save money when you book your PAT and PIR test together, now just £175
Don't put you or your tenant at risk, find out more about Electrical Safety Testing by giving us a call on 0115 983 8758

Some good news for Landlords

2010-09-05T06:34:00.000-07:00

Some good news for landlords this month but not so good if you are trying to sell your property or for house builders or developers.

Apparently, Rightmoves' latest survey of 22,000 people last month showed that the proportion of home buyers expecting to buy for the first time in the next 12 months has sunk to a new low.

A year ago, 31% of people expecting to buy said they would be buying for the first time. Today, that proportion is just 22%.

The survey forecasts that the number of first-time buyers will be lowest in Wales and the West Country, where less than 18% of purchasers will be buying for the first time.

This is great news for landlords. If first time buyers aren't buying it means they are probably renting. This could explain why some analysts are stating that rents are up almost 5% over the last 6 months and by over 3% in the last month alone. No better time to be holding onto your property as a Landlord.

Council Tax for rentals explained

2010-08-26T09:40:00.000-07:00

Most landlords who let a property that is tenanted will not be liable for council tax. This is because where a property is occupied by a tenant; it’s the tenants who are responsible for meeting the costs of the council tax charge.

However, there will be occasions and situations where a landlord is liable, for instance if the buy-to-let property is empty due to a letting void.

Even where a landlord is liable for the council tax from the outset, as is the case for HMO properties; it should be remembered that it’s perfectly reasonable for the costs to be recovered as a charge or part of the rent; providing such a provision is made within the tenancy agreement.

Recovery of the costs will however not change the ultimate liability for the charge.

Landlords liability for council tax  

Whilst in general it’s the tenant that pays; there are several important cases where landlords need to be aware of a shift in liability, exemptions from the charge and where a landlord is able to claim a discount on the council tax bill.

Firstly, the 20% of landlords that let Houses in Multiple Occupation (HMO properties ) are liable by statute for the council tax charge, even where the property in fully let. Another situation that frequently arises is where a landlords buy-to-let property is empty for a period because of a letting void; or whilst the property is being refurbished. Finally, where landlords let to students; the property is exempt from council tax. In all these cases the law can get confusing for both landlord & tenant, especially as individual Local Authorities interpret the rules differently

HMO landlords and council tax

Landlords that own a property that has been classed an HMO property are liable under the Council Tax Regulations for the payment of council tax due on the building.

As many landlords are aware; there are several definitions of what constitutes an HMO. The confusing aspect is that they are very different. This means that a property that could not be considered an HMO under the planning regulations may constitute one under the Housing Act 2004 and thereby require a licence.

The Coalition Government has recently removed the requirement for landlords to make a planning application for all properties let to three or more tenants.

What is a HMO for council tax purposes?

For Council Tax purposes the definition as to whether a property is classed as a HMO for Council Tax purposes is set out within the HMO the Council Tax (Liability for Owners) Regulations 1992.

For the purpose of Council Tax liability, a ‘House in Multiple Occupation’ is:

built or adapted for occupation by people, but who don’t live as a single household.

Or

a dwelling which is occupied by people who have a tenancy or licence to live in only part of the a dwelling, or who pays rent or a license fee for only part of the dwelling.

For example; a house which has been divided into separate bedsits is a good example of an HMO under category, but a block of flats does not come into this category because each flat in the block is a separate, self contained dwelling in its own right.

The decision on whether a property is classed as a HMO for council tax purposes is made by the local authority, who periodically sends out a council tax assessor to band properties. The list of properties and their banding is maintained by every local authority & is publicly available to view.

If the landlord is unhappy with the classification it is possible to make an appeal against the council tax banding.

If the landlord believes their tenant is exempt from council tax then they should appeal to the relevant local authority.

There are some other occasions where a property may be exempt from council tax

Student landlords

A property that is let entirely to full time students is exempt from council tax and therefore neither landlord or tenant are liable for any council tax.

However, the situation is complicated where students are part time or may be living with non-students. This is frequently the case in some shared houses where former student tenants move into employment or where student friends move out to be replaced by employed tenants.

Council tax and empty properties

The other area where a landlord may be exempt from paying council tax is where their buy-to-let property is empty because they are experiencing a rental void or their property is undergoing a major refurbishment.

Taking the first scenario where a buy-to-let property is empty. This means that it has to be unoccupied. The exemption applies for a maximum of 6 months and the property has to be vacant for the whole of this period (although up to six weeks of occupation during the period is allowed).

Finally, the regulations require the property to be substantially unfurnished. This is where there can be some confusion. Often local authorities will take the existence of some furniture as evidence of occupation even when the landlord is only storing furniture or has inherited ‘stuff’ as a result of a recent acquisition. An empty property is exempt from council tax for 6 months, whilst a landlord with an empty furnished property will benefit from a 50% discount. An empty properties exemption only lasts for 6 months after which a 50% discount applies.

In the case of a property that is undergoing refurbishment works that means that it is uninhabitable; a property benefits from an exemption from council tax liability of up to 12 months. After this time the 50% empty property discount will apply. Most councils will need evidence that the property is uninhabitable. This may include a builders’ schedule of works. I’ve had a situation myself where the property has had no kitchen or bathroom. An inspection by the local authority council tax inspector to verify this is normally sufficient to satisfy the powers that be.

If the period of refurbishment is going to be longer than 12 months and you are dissatisfied with paying 50% council tax then it is possible for you as the landlord to appeal to the Valuation Office to get the property removed from the council tax list altogether.

Budget 2010 for Property Investors

2010-06-25T05:35:00.000-07:00

The Budget announced recently had quite a few surprises for property investors - mostly good though! Here we take some time to glance over the main points relevant for property investors...

Capital Gains Tax

Higher rate tax payers to pay 28% from 23 June 2010

Basic-rate taxpayers continue to pay 18%

This was the main tax concern for property investors, and the new regime is really quite reasonable, given the potential for CGT rates to be fully equalised with income tax rates (meaning 40% or even 50%!). There is still the potential to pass properties to a spouse & have the basic-rate spouse sell the asset & pay just 18%. Lots of other CGT-planning possibilities are still well worthwhile ...

Income Tax

Personal allowance increased to £7,475 from April 2011

This will save £200 for basic-rate taxpayers, and will be welcomed by investors that have used up any tax losses from previous years. Investors can also take out extra funds from their company & get extra corporation tax relief on the salary cost.

Furnished Holiday Lettings (FHL)

Proposed abolition of the favourable tax regime has been cancelled

Consultation in summer 2010 to review appropriate treatment of FHL from April 2011

This was a welcome reprieve for holiday let owners, and in particular owners with European holiday homes. Losses can continue to be offset against other income, generating big tax rebates.

Corporation tax rates

Small companies rate to be cut to 20% from April 2011

Most property investors that use companies are 'small' (profits under £300k per year), and so this is a welcome reduction. Combined with the higher income tax allowances, and the higher CGT rate for Higher Rate taxpayers (28% CGT vs 20% small company corporation tax), this now makes investing via companies more attractive.

Capital Allowances

Annual Investment Allowance to be cut from £100k to £25k from April 2012

Not many investors make much use of the AIA, but those with HMOs and Multi-Let properties that can make PMA CA claims need to get those in during this tax year to benefit from the high £100k allowance.

VAT

VAT to rise to 20% from January 2011

As property rental is outside the scope of VAT, investors' costs will actually rise, as they are unable to recover VAT on costs. Will mean larger Estate & Letting Agent bills! (And accountants, come to think of it!).

National insurance

The planned NI rate rises will go ahead

New businesses outside London and the South East exempt from NI for first 10 employees (worth up to £50,000)

Property investors don't pay NI, but those who set-up new BTS or property development businesses could make use of this.

Housing benefit / LHA

Lower rates payable, and a cap depending on property size from April 2011

This will obviously reduce the income for those investors that focus on LHA tenants. Investors will need to weigh up how private tenant rents compare to LHA rents in their area.

Summary

Overall, this wasn't too bad a budget for property investors. CGT was the main concern, and although the top-rate was increased, there are still plenty of ways to mitigate CGT exposure. Investors using companies, and those with holiday lets, are winners in the budget. Most people will suffer with the VAT increase ... but property investors will, of course, adapt & overcome!

Summer Landlord Offer

2010-06-24T01:41:00.000-07:00

Super Summer Landlord Offer. FREE 6 months full management, FREE inventory. Give us a call on 0115 983 8758 to take advantage of this offer or to discuss it further.

www.eastsideproperties.co.uk

Lease Options explained

2010-06-18T02:50:00.000-07:00

Lease options are all the rage in the property investment world taking over from BMV or Below Market Value property as the tool of choice for some landlords to pick up bargain property. But how do they work?

History of lease options
Lease options in the UK residential market are a relatively new phenomenon. They have been used extensively in the US and Australia since the 1970’s.

An option is a financial tool used extensively in financial markets. It allows the holder of the option to buy or sell a property at a fixed price (the exercise price) agreed in advance at any time during a pre-agreed future period (the option period). The purchase or sales price and the length of the option period are agreed at the time the option is created.

In the UK many residential investors have been using lease options to secure an option to purchase a property and then generating a regular income by leasing it back to the original owners. This gives the buyer the certainty of a pre-agreed purchase price along with a guaranteed income.

The purchaser of the lease option pays the seller for the option. This option can be then exercised in the future by the option holder or even sold on to a third party at a profit. The price paid for the option can be nominal e.g. as little as pound; or can be many thousands of pounds depending on the price agreed for the underlying investment property.

How to use lease options
There are many strategies a landlord can employ when using a lease option. Typically the use of lease options relies on the landlord identifying a motivated seller.

The basic strategies that can be used by a property investor when using lease options, are outlined below:

Purchase option
This is for use when placing an option on a property not owned by you.

The terms of the option are, broadly speaking, on the best terms that you are able to negotiate with the vendor. Typically, they will include an agreement for the investor to make payment in an amount equivalent to the cost [cost of the mortgage is the interest rate – use outstanding amount] of the vendor’s mortgage(s) and buildings insurance on the property. If the property is a leasehold flat this may also be extended to cover the amount of any maintenance agreement, service charge or rent charged under the terms of the lease.

Subject to negotiation between the parties, this may additionally include the payment of a monthly or annual fee to the vendor but this is a matter purely of negotiation and bargaining power.

In return, you will be granted an option to buy the property during the option period at a set price or by reference to an agreed formula. In law, the option period may be any period up to a maximum of 18 years.

If there is any mortgage(s) on the property then under the terms of the documentation the vendor should also be prohibited from taking any further advances under them. Your solicitor should ensure this. A ‘consent to let’ from any existing mortgage lender(s) will also need to be obtained by you as it is likely that any existing mortgage will be a ‘buy to live’ mortgage.

It is recommended that a break clause is added in your favour or termination provisions in order to protect you should you not be able to secure a ‘sale option’ and let the property to a tenant buyer. In order to allow you to enter into the ‘sale option’ as efficiently as possible we will also endeavour to obtain a signed transfer from the vendor so that there is no delay in locating the vendor should you wish to exercise the option to purchase. In addition, a power of attorney should be obtained which, amongst other things will grant you an authority to let the property to a tenant buyer and deal with any buildings insurer and mortgagee(s).

Sale option
This has two potential functions:

1. In combination with the purchase option (which is commonly termed the ‘sandwich option.’)
2. Can be used independently of the purchase option with properties currently within your portfolio.

Upon securing a purchase option in the correct terms, you will be in a position to seek a tenant buyer under a sale option. Alternatively, if you have a tenant buyer ready and waiting you can enter into the sale option immediately upon entering into the purchase option.

Ordinarily, this would entail granting an option to purchase the property to a tenant buyer during the option period at an agreed price or by reference to an agreed formula. The option period would obviously have to be made bearing in mind the option you have under the purchase option you already have, i.e. if you have a five year purchase option you will not be able to grant a seven year sale option to a tenant buyer. If the sale option can be structured on terms more advantageous to you than the purchase option then you derive the benefit from this, i.e. if you are paying £500 per month for the purchase option but secure a tenant buyer who will pay you £600 per month for a sale option then the profit derived here is £100 per month.

A power of attorney granted to you by the vendor under the purchase option will give you the authority to let the property under an Assured Shorthold Tenancy Agreement

(AST) to a tenant buyer.
Similarly, if the purchase price under the purchase option is say £90,000 but under the sale option £110,000 then there is potentially profit of £20,000.

Giving a tenant buyer this sale option may distinguish you from other landlords and allow you to charge a higher rent or a fee for giving the tenant buyer such an option. It may also encourage the tenant to remain at the property longer and to maintain the Property in a better condition than a typical tenant. To encourage the tenant buyer to enter into the sale option, the deal may need to be structured so that part of the monies paid are to be credited towards the purchase price which can then act as the tenant buyers’ deposit and thus assist the tenants in obtaining a mortgage product which will enable them to complete the purchase during the sale option period. Records of these payments should be retained by all parties as the tenant buyers’ mortgage lender may require evidence of any payment when the tenant buyer seeks to obtain a mortgage. Your solicitor will need to take care to ensure that the provisions for exercising the sale option agreement are in accordance with the purchase option. Similarly, any break clauses should be replicated in both purchase and sale options so that you are not prohibited from honouring your obligations.

The AST and options should also contain a provision that should there be a breach of the AST then there is a right to seek not only possession but that it also acts as a ground to terminate the option. For this reason I would also suggest that only a 6 month AST is entered into with a tenant buyer with a right to renew on a six monthly basis for the entirety of the option period should there be no breach of the AST and option agreement by the tenant buyer.

Those who currently own a portfolio may also market their properties on the letting market to tenants looking to occupy under an AST with an option to buy for a set price during the option period. This gives many of the same benefits described above in terms of distinguishing yourself from other landlords and attracting longer term tenants who will maintain the property to a higher standard.

Exercising the option
Correctly prepared option agreements will contain a mechanism to exercise the option and proceed to the purchase of the property at the agreed price or by an agreed formula i.e. a percentage of the valuation. This will usually entail a form of notice being given by the purchaser with completion to follow a specified time thereafter. Having already having obtained a signed transfer document from the vendor at the outset will assist with this as their signatures will be required on the prescribed transfer form.

Why use lease options?
The main reason for a landlord to use lease options is obviously to make money.

They can be helpful in circumventing the need to obtain expensive property finance and also a way to expand a landlords’ property portfolio. They could be particular useful to secure an undervalued property or where a landlord wants to bet on a rapid change in the properties value. However, there are risks. This is a complicated and newly evolving area in the UK and investors should not use lease options without fully understanding how they work and the resulting implications of any transaction.

The success of any lease option arrangement is reliant on the property investor being able to identify potential sellers or a potential buyer who are open to this arrangement. There in lies the issue. In order to do this it is often necessary to use property sourcing companies. These sourcing companies will charge for their leads and services.

Our advice would be that investors need to tread very carefully & we would advise against shelling out large amounts of cash up front on potential leads. That said, landlords and property investors with access to potential properties and motivated sellers may be able to capitalise on the opportunities provided by this type of new financial instrument.

We work closely with one of the leading law firms dealing in lease options so if you have any further questions or queries please don't hesitate to contact us.

Inventories - The low down on protecting your property

2010-06-01T07:47:00.000-07:00

Many Landlords let their properties either privately or through an agent, without having a professional inventory and schedule of condition completed.

This can prove costly if there is no benchmark of the property as it was when it was let, particularly with Tenancy Deposit Regulations now requiring proof of the condition of a property prior to letting. We have therefore put together a short article below pointing out the reasons why an inventory is so important :

Inventory - do I need one?

An inventory is the itemisation of goods and their condition.

Who needs one?

Every landlord should have an inventory for each property.

Why ?

Because this outlines not only what is in the property, but also what condition it is in and will be the basis for any deductions at the end of a tenancy. The Tenancy Deposit Scheme (TDS) providers will all look at the Inventory in order to justify any deductions a Landlord or Agent may wish to make.

The property is unfurnished - do I still need an inventory ?

Yes, because the inventory will also point out the condition of the walls, curtains, carpets, bathroom, kitchen, kitchen appliances, garden and the property as it stands.

The trouble is that many landlords believe that if their property is unfurnished, then they do not need an inventory, because there is very little that can be stolen, broken or damaged. However, just think about your beautiful magnolia walls being painted bright red and the tenant leaves them in that state. You deduct monies from the tenants' deposit and the tenant sues you for the money.

Now prove to a judge or the TDS that you had an inventory prepared by an independent third party and that the state of the property had been noted prior to the tenant inhabiting the property. If you can't, the judge or TDS is likely to side with the tenant and you not only have to give the money back, but also have to pay costs as well, for the tenant. Not only that, you have to pay for the redecoration of the property!

EVERY property should have an inventory. All inventories should be prepared in advance of the occupation date and they should note everything. Even for a 1 bed flat, the inventory can still run into many pages surprisingly. If you prepare an inventory yourself and the tenant disagrees with the inventory he /she may refuse to sign it. You need a signature on the inventory by the tenant to prove that it is valid. A tenant is unlikely to disagree with an inventory clerk or bonafide agent though, because they are dealing with a professional person who is qualified in that particular field.

A judge or the TDS schemes sometimes will not look favourably upon an inventory prepared by a landlord, because they will see it as an amateur attempt to fulfil a duty. Judges and the TDS are notoriously favourable to tenants and they will tend to find in their favour every step of the way unless there is absolute solid evidence pointing the other way.

An inventory clerk or bonafide Agent will make an inventory, give a check in report and do a check out report.

These are three vital documents that a landlord should have for each property. Making the inventory will normally only happen once, though we do suggest that it is updated before each subsequent letting of the property. The inventory & schedule of condition is then used for all check ins and check outs.

As to the cost of an inventory, the landlord usually pays for the make and check out report whilst the tenant pays for the check in report. As the tenant has signed the agreement, they are agreeing to pay for the check in report.

So, in conclusion, always have an inventory made and checked by an inventory clerk or bonafide Agent. Although it is another expense, it could actually save you money in the long run.

I hope you find the article above useful and remember, if you have any questions, please give us a call or feel free to comment below. As specialists in our field we provide these services to our clients as a matter of course and currently inventories are carried out FREE of charge to all properties under management.

Nottingham National Family Week: 31 May to 6 June 2010

2010-05-27T08:22:00.000-07:00

Nottingham cares about families. This year's National Family Week is taking place between 31 May and 6 June. It's the UK's biggest annual celebration of family life, promoting quality time together and the benefits of a healthy, active lifestyle.

In Nottingham, the council are hosting a FREE giant Sports Day extravaganza on Saturday, 5 June 2010, between 11am and 4pm at the Forest Recreation Ground. Try out a variety of fun sports and activities and join the attempt for the world's largest Three-Legged Race at 3pm.

Between 31 May and 6 June 2010, lots of FREE fun activities will take place in Children's Centres, play centres, libraries and more.

The Council's Families Information Service will also be out and in local areas during the week commencing 24 May 2010 (the week leading up to National Family Week).

You can get FREE advice from Families Information Service workers on childcare, Children's Centres, where to go for help with problems and things to do for 0-19 year olds.

For full details about what's taking place in and around Nottingham during National Family Week, call 0800 458 4114.

Robin Hood re-enactment, 29th - 31st May

2010-05-27T08:08:00.000-07:00

Robin Hood is more famous than ever, thanks to the new Hollywood film starring Russell Crowe and Cate Blanchett, which hits cinemas from 12th May.

Nottingham has celebrated Robin's return to the big screen by declaring all of May Robin Hood Month. This weekend will see a huge re-enactment take place at the Castle, transforming the Castle into a medieval village celebrating 'The Life and times of Robin Hood'.

The fun starts at 11am and continues through till 5pm every day from the 29th - 31st May.

Normal Castle admission applies.

2 new buy to let lenders enter the market this week

2010-05-20T09:49:00.000-07:00

Over the last 10 days we have has witnessed a dramatic upswing in confidence by lenders within the buy to let market, as pressure is clearly mounting for mortgage lenders across the board to loosen their criteria to become more competitive.

At the start of last week we saw the first mortgage lender since the credit crunch begin to offer 80% LTV mortgages to property investors. This week we have seen 2 new lenders throw their hat in the buy to let arena by offering a competitive range of slight adverse and low interest rate mortgage products. Key benefits of these new products include:

No credit score carried out by the lender.
CCJs, arrears and defaults cleared more than 2 years ago are not taken into account.
Lending available up to 75% LTV.
Low rates of interest from 4.98% Variable and 5.69% Fixed.

With higher lending and more competitive purchase and remortgage rates now coming back on the market, many buy to let investors are starting to rediscover leverage within their existing portfolio to free up capital for new property investments.

If you would like to find out what mortgage options are currently available to you, please contact us on 0115 983 8758

Jamie Oliver to open Italian Restaurant in Nottingham

2010-05-20T01:19:00.000-07:00

There was great news for Nottingham yesterday with the announcement that Jamie Oliver is to open a new Italian restaurant in Nottingham.

Jamie Oliver the celebrity Chef, most famous for the 'Naked Chef' TV series and his successful cooking books has targeted Nottingham as a culinary hotspot.

The announcement was made that he is to take over the Jass cafe and Gallery in Nottingham the building was previously the offices of Warren & Allen and has a stunning city garden to the rear of the property which we are sure Jamie’s team will maximise to the full.

Currently Nottingham does have Sat Bains – the only Michelin Starred restaurant in Nottingham. Also the renowned Harts in the upmarket Park area of the city – which has great food – and a little more affordable.

As one of England’s eight core Cities perhaps it is not surprising Jamie has chosen to open in Nottingham. It is another leading brand which will make a positive contribution to the City Centre. Eastside Properties is certainly looking forward to welcoming its new neighbour into the city and im sure like many can't wait to taste the food.

What does the Coalition Government mean for your finances

2010-05-15T04:58:00.000-07:00

In order for this historic Conservative-Liberal Democrat coalition, compromise on policies has had to be made on both sides. Now that the new government has started to announce its key policies for the years to come, we take a look at what they are likely to mean for your finances.

Employment Taxes

The earnings threshold at which employees must start paying Income Tax is set to rise to 10,000 GBP. A key Lib Dem policy, the threshold will gradually increase starting from April 2010, when the current Personal Allowance (starting at 6,475 GBP in the 2010-2011 tax year) will increase by 1,000 GBP. Labour's 50% income tax rate for those earning over 150,000 GBP is likely to stay. The Liberal Democrats' proposal for tackling tax avoidance is said to be in 'detailed development'.The Conversative plan to raise employers' National Insurance Contributions (NICs) by 1% have been postponed for the time being, although proposed rises in the NICs that employees must make will still go ahead.

Property and Investment Taxes

The new Chancellor, George Osborne, is expected to announce plans to increase Capital Gains Tax, which is charged on the sale of second homes, buy-to-let properties and some investments. It has been estimated that this increase from the current 18% rate to as much as 40% is likely to apply to 1 million buy-to-let properties and over 200,000 second homes in the UK.The Conversatives' proposed initiative to raise the Inheritance Tax threshold so that it only applies to estates valued over 1 million GBP has been postponed, probably until 2015. In response to this compromise, the Lib Dems have agreed not to pursue plans to introduce an annual 1% tax on homes worth 1 million GBP or more, dubbed the 'Mansion Tax'.

Families

There is set to be a reduction both to child tax credits and in government contributions to Child Trust Funds for higher earners, although specific cuts have not yet been revealed. The 150 GBP tax allowance for married couples and civil partners that formed a key part of the Conversative manifesto will go ahead. Any tax changes that do take place will form part of the emergency Budget that is due to be announced by George Osborne within the next 50 days. The plans to reduce the country's deficit are set to centre around reduced public spending rather than on tax cuts. However, Conversative-Lib Dem policy compromises have resulted in both the NHS and the Schools budget receiving continued investment.

Post Office offer a new 90% LTV Mortgage

2010-05-15T04:51:00.000-07:00

In a bid to attract new mortgage business from first-time buyers, the Post Office announced its 90% loan to value mortgage deal earlier this week. This product is one of a number of new mortgage deals offered by the Post Office as it continues to gain prominence in the UK's mortgage lending market.

The 90% LTV deal offers a 5.45% fixed rate mortgage for the first two years, followed by a variable rate of 2.99% over the Bank of England's base rate (currently working out as 3.49%) for the remainder of the mortgage period. With a 999 GBP arrangement fee, this brings the overall cost for comparison (APR) to 4.1%, which is competitive when compared to similar home loan deals from more established lenders.

However, varying interest rates aside, it is encouraging that a number of high-street lenders are now offering 90% LTV mortgage rates, including HBSC and Santander. The return of higher loan-to-value mortgage deals is great news for first time buyers, many of whom have been prevented from getting onto the property ladder by the property market crash - and the subsequent belt-tightening by mortgage lenders.

The past three years have been a frustrating time for new homebuyers, because many of those that could not afford the more sizeable deposits were put off by the high interest rates (almost 9% in 2008) that were charged on riskier mortgages. Now things are not just looking up for new homebuyers, since many of the 90% LTV mortgage rates - including the Post Office deal - are also available for those planning to remortgage their property. New entrants to this market also means a greater level of competition, further driving down the rates.

So if you have been sitting on your mortgage deal for a while or you've been unable to afford a higher deposit, now might be the time to check out the market and see what deals are available.

Capital gains tax increase to possibly 40%

2010-05-14T05:30:00.000-07:00

Wealthy entrepreneurs and second home owners, as well as savers with modest holdings of shares, could be hit hard, accountants have warned.
The coalition agreement document makes clear that the new government intends to raise so-called non-business capital gains from its current 18 per cent to "similar or close to those applied to income".

This could mean that the tax rate people pay on any profit gained from the sale of a second home or some shares would jump from 18 per cent to either 40 per cent or 50 per cent.

However, on top of this change, it is understood that the Liberal Democrats also want to lower the threshold level at which capital-gains tax becomes payable.
At the moment, the first £10,100 is tax-free but the Lib Dems want this to be reduced to less than £5,000, possibly to as low as £2,500. The Conservatives are understood to be resistant to the idea and negotiations are continuing.

Some Landlords are concerned over this hike if their investment strategy was to buy and sell, the best thing to do if you still need to sell is consult your accountant reqarding your tax strategy and where you can offset and save.

If however your startegy is to buy and hold, then sit tight and keep holding and you should be fine. Don't forget to keep submitting your tax returns even if your making a loss as this all adds up when the time comes to sell.

Exclusive Brand New Carlton Apartments available to rent

2010-04-21T22:09:00.000-07:00

Eastside Properties are please to offer this block of newly built 2 double bedroom apartments in the popular location of Carlton.

The accommodation comprises of an entrance hall, open plan lounge / fitted kitchen. There is also a newly fitted bathroom with mixer taps and shower over the bath.

The apartment benefits from Gas Central Heating and UPVC double glazing. There is off street parking with the property.

We have a range of these brand new apartments available for you to choose from, starting at only £495 pcm for a 2 bedroom apartment!!

To view more details click here....

To avoid disappointment, call 01159 838758 to book your viewing.

FREE 6 month rental guarantee for Landlords

2010-04-19T06:37:00.000-07:00

We will rent your property for the fantastic price of only:

HALF THE MONTHLY RENT and NO VAT

And there is ABSOLUTELY NO RISK to you. If you find a tenant before we do then we will not charge you a penny.
We are a private letting agent based right in the heart of Nottingham City Centre. Our shop windows in Fletcher Gate will give your property fantastic exposure.

We advertise on: rightmove, zoomf, globrix, Property Index, Gumtree, HomeHunter, Accommodation for Students, Easyroomate and many others as well as our own website and the local press.

And if you are interested in our FULL MANAGEMENT SERVICE we offer complete peace of mind:

Fees of only 8% and NO VAT
FREE rental guarantee insurance
FREE Inventories

As landlords we pride oursleves on the high standard of service we provide. Please visit our website www.eastsideproperties.co.uk and take a look at some of our landlord testimonials.

We can put you in direct contact with many of our landlords who are delighted with the professional and friendly service we have delivered.

Contact us today to take advantage of our services or call us for a chat on 0115 983 8758.

2010-04-15T08:48:00.001-07:00

View our full profile on the Touch Nottingham directory.

Interest rates held as election looms

2010-04-10T04:42:00.000-07:00

Interest rates have been held at 0.5% for the 14th month in a row by the Bank of England's Monetary Policy Committee.

The Bank of England's Monetary Policy Committee has voted to hold interest rates at a record low of 0.5% for the 14th straight month.

The committee also chose not to pump any more money into the economy through its quantitative easing programme.

With the election date now confirmed as May 6, analysts claim tinkering at this stage might be seen by some as politically motivated rather than economically.
It's inevitable that the upcoming vote will have a key impact on the economy and the committee has already confirmed that next month's base rate announcement, which was scheduled for the same day as the election, will be pushed back a few days.
Election or not, rates to stay lowBut even if there wasn't an election looming on the horizon, it's highly unlikely the committee would have voted to change things, such is the parlous state of our finances.

Having pumped £200 billion into the economy and holding rates low in a bid to stimulate lending, the Bank is now anxiously waiting to see whether the economy can recover on its own or whether more support is needed.
But even if things do start improving - and there are a few positive signs - don't expect to see rates rising any time soon. In a best case scenario, it'll be around year end before the economy looks strong enough to warrant hiking rates.
"Any consideration of raising interest rates and withdrawing stimulus must be postponed until there is more conclusive evidence that growth is consolidating," said British Chamber of Commerce chief economist David Kern.
"The recovery is set to remain fragile and sluggish."

Savers suffer, borrowers prosper. The continued low interest rate is terrible news for savers, who have seen rates plummet from highs of 7% to as little as 0.1% since the economic troubles began.
The government has tried to ease the pain by hiking tax free ISA limits to £10,200 (half of which can be held in a cash account), but with rates as low as they are at present, savers will probably only gain a few extra pounds as a result. Hardly life changing.
Things are brighter for borrowers at least - especially homeowners on tracker mortgages - as low rates help push down their monthly mortgage repayments.

So what's there to be positive about? There's been a smattering of positive economic news in the build up to today's decision.
Most notably, it was revealed last week that the UK had moved faster out of recession in the final three months of 2009 than was previously thought.
The economy grew by 0.4% between October and December, which was stronger than the 0.3% advance previously estimated by the Office for National Statistics (ONS).
That might seem like a minor improvement, but in such difficult times it can provide a vital confidence boost to investors and consumers alike.

Manufacturing also received a fillip, as output rose 1.3% on the month in February, which is almost twice as fast as economists' forecasts and more than reversed January's 1% fall, according to the Office for National Statistics.
So, it's not all bad news out there at the moment.

New 85% Buy-to-let mortgage now available

2010-03-28T02:41:00.000-07:00

The waiting is now over!!

A new Buy to let mortgage has just been released which is taking the market by storm. This product is ideal for investors buying property below market value as the lender will consider loans of 70% of the open market value to 85% of the purchase price!

Here is an example of how it works

Purchase price of property £200,000 (Max 85% = £170000)
Market value £250,000 (Max 70% = £175000)
Mortgage Loan £170000 (lower of the above)

Not only that, but if you have recently purchased your property with cash, say from an auction, they will allow you to remortgage on the same basis even though you may have not owned the property for 6 months!

Rates and terms are competitive, and the lender will consider multiple flats arranged on one freehold title or houses that are let to multiple tenants. For more information about this product please email me directly on david@eastsideproperties.co.uk There will be a huge demand for this product so don't hesitate to get in contact.

Assured Shorthold Tenancies to cover rents up to £100k

2010-03-15T23:57:00.000-07:00

The National Landlord Association (NLA) have just reported that the Assured Shorthold Tenancies will now cover properties renting for up to £100,000 per annum.

This will take effect from Oct 2010 and will be retrospective for existing tenancies.

More information on this as we get it. Read the reaction of the NLA

Keep up with regulations

2010-03-15T23:36:00.000-07:00

The present government has not been shy when it comes to regulating the landlord over the last couple of years, so here is just a snippet of what every landlord should be considering prior to letting a property.

For a start before you even begin marketing your buy-t0-let for rent you will now need an Energy Performance Certificate (EPC).
There are various of bits of regulations relating to a buy-to-let property that landlords should be aware of before letting.
These concern gas safety and electrical safety in their property. If a landlord decides to let their property furnished then there are regulation concerning the fire safety of the furnishings.

If you let your property with a TV. Find out who is responsible for paying the TV licence, this must be agreed before the tenancy begins.
Should you decide to take a rental deposit remember you will now need to deposit the tenant’s deposit with one of the government approved tenancy deposit schemes.

If you are letting a property with more than 5 tenants you may well need a licence. In several months time a landlord that let’s their buy-to-let property to 3 or more tenants may also require planning permission, if new regulations come online. Watch this space for regular updates.

All landlords should be aware of the fire safety regulations.

Finally, don't feel overwhelmed or complacent about landlords regulations. What you must remember is that these regulations are primarily there for the reason of providing a safe and secure environment for your tenants to live.

If you would like further details of all the regulations applicable to landlords or would like to discuss your particular property requirements please don't hesitate to give us a call 0115 983 8758

Residents to take lace market flat management company to tribunal

2010-03-10T06:28:00.000-08:00

Residents of a Lace Market development are taking their freeholder to a tribunal, claiming the books have been left unbalanced following "historic mismanagement".

Last month, 126 families from a block of flats in Mapperley won £180,000 after taking freeholder Holding and Management (Solitaire) Limited and property management firm Solitaire Property Management Ltd to a tribunal.

Now, the Evening Post has been contacted by other people in Notts complaining they are paying increasing service charges to the same company without any explanations.

In April last year, Stephen Holden, who owns two apartments in the Weekday Cross development in the Lace Market, took their case to a tribunal, which ordered new management for the building.

The respondent, Holding and Management (Solitaire) Limited, was forced to accept new management of the premises under Central Management Holding.
TIN.adverts.adWriteDC('article-detail-impact-tile', '452x118');

The decision report of the Midland Leasehold Valuation Tribunal stated: "It is perfectly clear to this tribunal that serious and multiple failures of management had gone uncorrected for a long period of time."

Dr Holden said things were not being repaired but his service charge had jumped from £900 to more than £2,000 in 2008/09.
He said: "The building became a really severe crime hotspot after the entrance system and security systems weren't maintained.
"We had four arson attacks in two months."

But now Dr Holden says the accounts books do not make sense and residents have been told they owe money. So next month he will be taking Holding and Management (Solitaire) Limited and Solitaire Property Management to a further tribunal, with the support of more than 40 residents.

But it is no easy feat trying to get to the bottom of it all.
"This has been going on since 2008 and it's really tested my patience to the limit," said Dr Holden, a consultant at the QMC.
"It's been a huge amount of work, I've had to take days of annual leave, it's become almost like a second job trying to deal with this."
He is not alone.
Dino Romano, who lives at Riddles Court, in Watnall, also managed by Solitaire Property Management Ltd, says they have been given bills back-dated to 2006.

Mr Romano, who said the situation had been complicated by the sale of the freehold and a previous change in management, added: "We want to sit down with them and actually agree what needs paying. We have at no time ever refused to pay, we just feel that the works for which they are trying to charge us have not been undertaken."
The company said it was willing to meet Mr Romano and explain its position.

A spokeswoman for Solitaire Property Management said she could not comment on the situation at Weekday Cross.
She said: "The LVT (Leasehold Valuation Tribunal) is due to take place in April. Until this time we cannot provide any further comment on the case."

Philip Bazin, who runs the Leasehold Advice Centre, in Surrey, receives phone calls from residents across the county experiencing similar problems.

He says people looking to buy leases in such buildings should do their homework.
"What does surprise me is that with the power of the internet people don't do a bit of research about who their future landlord might be and look at service charge bills from previous owners," he said.

Improvements for pedestrians and cyclists at Phoenix Park

2010-02-28T04:41:00.000-08:00

Starting from Monday 1st March 2010, for approximately nine weeks, Nottingham City Council will be improving the junction of the Phoenix Park & Ride site for pedestrians and cyclists.

As part of the improvements,

the City Council will be altering the west bound lanes, installing new traffic lights and making the pedestrian refuges bigger.

Councillor Jane Urquhart, Portfolio Holder for Transport and Area Working at Nottingham City Council; said: "The improvements will make it easier for visually impaired people and people with limited mobility to cross the A610 and Millennium Way, by lowering the crossing so it is level with the road. Tactile cones will be installed at the traffic lights, making it safer for blind and partially sighted people to cross the road.

"The improvements will also improve access to the new cycle lockers at the Park & Ride on Phoenix Business Park."

To make sure that the works can be carried out safely and quickly, temporary traffic restrictions will be in place from the 1^st March until the improvements are complete.

The right turn (from the A610) into Millennium Way, leading to Phoenix Business Park, will be closed. Traffic from the city will be able to follow a diversion route via the Nuthall roundabout, the A610 Woodhouse Way junction.

The right turn out of Millennium Way (onto the A610), will also be temporarily closed. Traffic will be diverted left towards Cinderhill roundabout and onto the A610. A 40mph speed limit will be in place from the Cinderhill roundabout to the Broxtowe Inn.

Temporary daytime lane closures will be in place from 9.30am to 3.30pm while we are working on those parts of the junction.

There will also be slight changes to the routes for the Veolia Phoenix Flyer and Trent Barton Rainbow 1 services during the works. Passengers are being advised to contact Trent Barton on 01773 712265 or Veolia transport on (0115) 9007082 for changes.

Nottingham City Council apologises for any inconvenience that this work may cause and assure that any disruption will be kept to a minimum.

Rental figures soar as home owners decrease

2010-02-28T04:32:00.000-08:00

The number of people renting a home from a private landlord has increased by more than one million during the past few years, Government figures showed today.

The research showed that 14.6 million people were owner-occupiers during 2008/09, down from a peak of 14.8 million in 2005/06.

But despite the fall, owner-occupation was still the most common form of housing tenure, accounting for 67.9pc of all households, although this was down from a high of 70.9pc in 2003.

Renting a home from a social landlord was the second most popular option, accounting for 17.8pc of households, while 14.2pc rented a home from a private landlord, up from only 10pc in 2001.

The majority of people in the private rental sector aspire to buying their own home, with 59pc saying they hoped to buy their own place eventually, compared with only around a quarter of those in social housing.

Among those who hope to get on to the housing ladder, 24pc of private renters and 10pc of social renters thought they would buy a place within the coming two years.

Couples with no dependent children were most likely to own their own home at 42pc, while single people were most likely to rent a property.

Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said: "The latest survey provides further evidence that the proportion of households choosing to be owner-occupiers is continuing to decline.

"Unless housing supply increases substantially over the next few years, the likelihood is that many of those aspiring to buy a home will continue to find such a move out of their reach."

The research, which was put out by Communities and Local Government, also showed that a third of homes were classed as being non-decent in 2008, because they were in a state of disrepair or did not have modern facilities, although social housing was in a slightly better condition than private homes.

Around 22pc of homes also had a "potentially serious hazard", such as narrow or steep stairs.

Meanwhile, Housing Minister John Healey today announced £500 million of funding to build around 8,000 new affordable homes in England.

More than 3,000 of the properties will be available through the Government's Homeboy schemes, which help first-time buyers get on to the housing ladder, with the rest available to rent through housing associations.

The English Housing Survey is based on the responses of 17,691 people questioned between April 2008 and March 2009.

Source: Telegraph

Landlord Referral Scheme

2010-02-16T06:35:00.000-08:00

We have just launched our new Landlord Referral Scheme which enables everybody to make a little bit of cash quickly.

Simply by referring any landlords you know to us, you could earn yourself £50 cash.

If your landlord decides to market their property with us, we will send you your £50 within 5 days, and you can do this as many times as you like!!

You can do this quickly and easily by email. All you need to do is send your name, address, telephone number and email address, along with the same details of your referred landlord to promotions@eastsideproperties.co.uk

£50 could be in your pocket within 5 days, so what have you got to lose??

'Posh' city street one of best in britain

2010-02-15T07:55:00.000-08:00

A city street has been shortlisted by Google in a search for Britain's top roads.

Nottingham's Bridlesmith Gate was nominated for 'Britain's Best Fashion Street'. Google's Street View Awards is a celebration of Britain's best-loved streets as voted for by the public in a nationwide poll.

Five streets from within the Midlands were shortlisted for the awards by google's expert panel. The panel includes Visit Britain, Lonely Planet, TV presenter Julia Bradbury, Fashion Designer Jeff Banks and Editor of Glamour, Jo Elvin.

The awards, for Britain's Most Picturesque Street, Best Foodie Street and Best Fashion Street, have been created in anticipation of further imagery being added to Google's revolutionary Street View tool, which currently allows users to view and navigate 360 degree street-level imagery in 25 British towns, including many of those nominated for the Street View Awards.

Later this year, Street View will be rolled out to cover additional streets from around the UK.

TV personality Brix Smith-Start nominated both Corporation Street in Birmingham and Bridlesmith Gate, known as 'Posh Man's Alley' in Nottingham for the Best Fashion Street Category.

The five streets in the Midlands will now battle it out against 45 other streets in a nationwide public vote. Voting opens from February 10th and closes on Sunday 28th February.

The winners will be announced in March.

To vote go to www.maps.google.co.uk/beststreets

Whats On in Nottingham publication

2010-02-15T05:03:00.000-08:00

Heres the full guide from Nottingham City Council on all the events coming up between February and May. Just click here to view the full PDF

City rides high

2010-02-15T04:58:00.001-08:00

Taller than Nelsons Column at the dizzy height of nearly 60 metres, the 'Wheel of Nottingham' is back in the Old Market Square and will offer breathtaking views over Nottingham's Old Market Square and beyond.

The impressive Wheel of Nottingham has 40 enclosed

lit gondolas, each of which can carry up to six passengers and can also take wheelchairs. The ride is suitable for all ages and each ride lasts approximately 15 minutes.

Councillor David Trimble, Portfolio Holder for Community, Culture and Customers said, "We are delighted that the Wheel of Nottingham is back in the Old Market Square. The Wheel will again dominate the sky line contributing to the event gaining positive effect for local, national and international recognition putting Nottingham in the ranks of a world class city."

The Eye is brought to Nottingham by James Mellors Amusements whose family have been providing attractions in Nottingham for over four generations. Edward Mellors said, "The Wheel of Nottingham offers a 360 degree panoramic view of the city and on clear days tens of miles beyond. We are proud that once again, we are able to present this unique event to our city."

The Wheel of Nottingham will be in the Square until 11 April 2010. To watch the Wheel of Nottingham in action visit: Market Square web cam

Rides on the Wheel of Nottingham are:

· £5.50 for adults

· £4.50 for children 1.4meters and under

· FREE for children under 3yrs (with accompanying adults).

The Wheel of Nottingham will be opened:

· Sunday - Thursday: 10am till 10pm

· Friday & Saturday: 10am till 11pm.

For more information and to book online visit: Wheel of Nottingham

Private rented sectored primed for massive growth

2010-02-15T04:44:00.000-08:00

Aspiring Homeowners face a tougher time than ever getting on to the property ladder. Due to tough lending policies over the last two years many ‘would-be homeowners’ have not been able to take that first step on to the property ladder. Many industry experts are warning that the downturn has fundamentally changed the market, because renting is now the only option for millions of people across the UK. The reality for “Generation Rent” is that rented accommodation is the only option for the foreseeable future, with the average age of first time buyer’s predicted to be 38.

The UK’s current housing shortage along with the on-going mortgage squeeze has meant the private rented sector is going from strength to strength, along with increased opportunities in the buy-to-let market. Multimillion-pound funds from institutional investors such as Legal & General and Aviva are looking to acquire suitable property, along with current landlords looking to expand their portfolios. The Council of Mortgage Lenders (CML) yesterday reported an 8 per cent increase in but-to-let mortgages in the forth quarter.

If the recent rise in house prices continue then first time buyers will only face an increasingly tough challenge. Acadametrics released figures yesterday showing a 0.7 per cent rise in house prices during January, this is the ninth successive monthly increase. The economics consultancy’s opinion is that the price recovery is now “firmly entrenched”, setting up the rented property market to be an increasingly lucrative area for years to come.

Letting agents upbeat

2010-02-09T04:45:00.000-08:00

Letting agents are feeling more positive about the future of the private rented sector of the property market than they were 12 months ago.

According to Homelet, a tenant referencing service and landlord insurance provider, agents are optimistic despite the ongoing mortgage drought which has affected buy-to-let particularly badly.

Homelet carried out a survey in December 2009 which showed that 98% of agents expect the lettings market to stay the same, grow or grow substantially over the course of 2010.

That figure is a 12% increase on January 2009, and is in line with the results of the latest research carried out by the Association of Residential Lettings Agents (ARLA).

ARLA revealed that the surplus of rental property is reducing, while demand for rental properties is rising, resulting in a surge of ‘reluctant tenants’.

During Q4 2009 41% of members reported that there were more tenants than properties – compared with just 24% in Q3 2009. In addition, ARLA research among landlords revealed that 54% of those asked felt that consumers were being forced to rent rather than buy.

The imbalance between supply and demand is likely to push up average rents, which is great news for landlords and letting agents alike.

Managing director of HomeLet John Boyle said:

“Demand for rental properties will remain strong over the next few years as first-time buyers continue to find it difficult to obtain mortgage finance.

“Confidence in the buy-to-let market is also likely to be buoyed by figures released by LSL Property Services which showed gains of 7.6% in the private rental sector over the last 12 months, and a gradual increase in buy-to-let lending as the year progresses.”

More Red Tape For Landlords

2010-02-08T09:33:00.000-08:00

This has been expected for some time now. I just picked this up from the lovemoney website so you can read directly here.

Last week, Housing and Pla

nning Minister John Healey announced that, from April, it will require any landlords who want to provide Houses In Multiple Occupation (HMO) to apply for planning permission first, before they build or convert a home.

This costly and time-consuming measure will put many off, and even those who jump through the hoops could be denied permission. There are fears that NIMBYs (people who say Not In My Back Yard) will oppose each and every HMO planning application to stop students, migrants or those on low incomes moving into their neighbourhood.

What exactly are the new rules?

Landlords will need to obtain planning permission where a material change of use will occur – which will now include renting a property to three or more occupants who are not members of the same family.

Healey also outlined proposals to give councils the right to introduce licensing schemes without seeking permission from central Government in so-called ‘hotspot areas’.

Local Authorities currently have to seek approval to introduce HMO licensing schemes, which require all private landlords with properties within the area to get a license.

The councils can also decide if the landlord is a ‘fit and proper’ person to manage their properties, impose conditions and standards on licenses and charge landlords a fee at their discretion.

Why the crack-down on houses in multiple occupation?

The Government says that a cluster of too many shared houses can cause problems, especially if let to short-term residents with little stake in the local community. It also claims tenants can also suffer from poor conditions and management of the properties by landlords.

The new rules are intended to help ’stem the growth of large pockets of shared homes – which can change the balance and nature of communities.’ They will also aim to tackle these ‘pockets of unsafe and substandard accommodation’.

The Minister claimed that many towns and cities across the country have suffered the effects of a concentration of HMOs. Market, coastal and university towns have reported problems due to large student populations and HMOs.

And the reaction to the changes?

The National Landlords Association (NLA) condemned the changes saying they will reduce the supply of essential shared housing.

It claims that by making it more difficult and costly for landlords to provide this type of accommodation, the measures will reduce choice for tenants and increase pressure on local authority housing lists.

Plus it notes that last year’s Rugg Review, an independent review of the private-rented sector commissioned by the Government, dismissed these changes as an ‘extreme response’ which local authorities are ‘ill-equipped to handle.’

Of course you’d expect the NLA to be peeved at the measures, but it’s not just them. The British Property Federation, Residential Landlords Association, and National Union of Students have all rubbished the rules.

Many of the objections point to the fact that the Government seems to have bowed to a small number of people who have shouted very loudly about anti-social behaviour in areas with a high level of HMOs. The NIMBYs have won.

But by making it harder for landlords to offer these properties they will have to raise rents, which will drive students and migrants in to ghetto-style communities, a far cry from the Government’s stated policy of social integration.

Shared housing accounts for 20% of the private rented sector and plays a vital role in provided low cost housing for students, young professionals and those on low incomes.

The British Property Federation argues that a tiny fraction of places suffer from a high concentrations of HMOs and that using a broad brush approach to deal with different issues relating to anti-social behaviour makes no sense.

The NUS added that students contribute hugely to their local areas, not least by giving the local economy a massive boost. Indeed, small businesses in new HMO no-go areas would be likely to suffer.

Defending the Government

A massive 94% per cent of respondents to a Government consultation on this issue last year said they’d experienced problems of the effects of HMOs, including anti-social behaviour, litter, noise, and problems with parking. A whopping 84% of respondents agreed with the proposal that planning legislation should be amended to deal with the problems associated with high concentrations of HMOs.

Of course, this could well be a small minority of people punching above their weight. Perhaps there wasn’t enough landlord representation during the consultation process, for which they, and their trade bodies, only have themselves to blame.

Bound by red tape

However, the Government has a pretty good track record of being heavy handed with landlords over the last few years. They are already regulated with an estimated 50 Acts of Parliament and 70 sets of regulations governing the sector, and more on the on the way, according to Paragon Mortgages.

Just when they have got to grips with the tenancy deposit protection scheme, introduction of HMO rules, and the need to provide Energy Performance Certificates, more rules are proposed. These include a National Landlords Register, licensing all letting agents and statutory regulation of buy-to-let mortgage lending and advice, on top of the new regulations above.

On the one hand the Government says it wants to develop a vibrant rental market, but its approach of using a sledgehammer to crack a nut when it comes to regulation doesn’t support this aim, in my view.

Of course, protection is essential for tenants and affected homeowners, but landlords are being ever more tightly bound by red tape. A survey published last week showed that 60% are worried about the level of regulation.

The housing market needs a healthy private rented sector to help fill the enormous gap caused by insufficient housebuilding and the growing population.

Criminal gangs target landlords

2010-02-07T08:45:00.000-08:00

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.

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.

Five ways to beat the criminal gangs

Take detailed references. These should include a credit check, and references from their employer and their current landlord

Don't take rent up front. Often criminals offer this as way to ensure they are left alone.

Check on the property regularly. This can be done at least quarterly and more regularly if you have concerns, provided you have given sufficient notice.

Get to know the neighbours, as they can alert you to any suspicious activity.

If have suspicions of criminal behaviour do not confront your tenant. Go straight to the police.

David Salusbury, Chairman, NLA, said: "It is vital landlords are aware of the threat these criminals pose. Criminal activity not only has an impact on the landlord's property, but on the community as whole. The production of some drugs involves highly flammable material, which poses a dangerous fire risk. More worryingly, criminals use the proceeds of their crime to fund other, more serious crimes such as people trafficking.

"You may think ‘it will never happen to me', but these incidents are on the increase. The checks you make before a tenant moves in are a key way to prevent becoming a victim of these crimes."

Eastside Properties promotional video

2010-01-31T08:17:00.000-08:00

Take a look at our Nottingham branch promotional video carried out by touchlocal.

Please feel free to comment on the video your feedback is much appreciated.

Nottingham without power after explosion

2010-01-22T08:38:00.000-08:00

An explosion at a sub-station in Nottingham has left thousands without electricity, reports The Independent. The explosion happened just before 11.00 a.m. this morning and as a result homes, shops and offices have been left without power.

The sub-station is situated on Castle Road and police had to evacuate buildings in the area while firefighters tackled the fire which followed at the sub-station.

Tweets from twitter say there are no traffic signals and Nottingham Castle has been closed to visitors.

Central Networks has said it’s trying to get power restored to the area as quickly as possible and a spokesman for E.ON said their engineers were also working on the problem.

Nottingham Light Night

2010-01-16T06:18:00.000-08:00

Experience Nottingham city centre's hidden gems as you've never seen them before with Light Night 2010. Friday 12 February take to the streets with friends and family and discover a world of fantastical events and illuminations for everyone to enjoy.

This will be Nottingham's third Light Night event and the city is getting ready to reveal some hidden gems with its theme of 'Hidden Spaces'. Most of the events are FREE and look out for special offers in city centre restaurants, cafes and bars.

Organised by Nottingham City Council in partnership with Nottingham BID (Business Improvement District), Light Night aims to bring something special to visitors by allowing them to access the city's cultural offer late into the night and to give families an opportunity to do something different.

The evening kicks off with a choir of 500 children from all over Nottingham coming together to perform a concert in Old Market Square under the big 'Wheel of Nottingham'. Their voices will serenade riders on the Wheel offering them stunning view of the city and beyond as they are lifted high above the Council House.

On the night you'll be able to follow trails of illuminations, interact with light installations and seek out the quiet sectors of the city such as Nottingham Castle, St. Mary's Church and Bromley House that are not normally visited at night. Listen to members of the public play the piano at the Theatre Royal and go on a ghost tour of Nottingham Playhouse. Watch street performances and late night films at Broadway, celebrate Chinese New year by hanging a lantern and much, much more.

Nottingham's Goddess will be parading in the street with her entourage of dancers and musicians. See some of Nottingham's top Fencers as they demonstrate their skill and try your hand at the magic of physics.

Love your city and take part in Light Night as love will be in the air and you'll be guaranteed to fall in love with Nottingham.

Britons turning to buy to let says minister

2010-01-16T06:14:00.000-08:00

Fewer Britons are choosing to own a residential property and are turning to private landlords and the rental sector for accommodation said Housing Minister John Healey when he addressed the Fabian Society recently. The Minister also announced the government is to release a further £290 million to help build almost 5,500 affordable homes across the country.

During his speech to the Fabian Society, Healey said: It’s not just more rented housing in the public sector that we need, but more privately rented homes too.

“I want to expand the number of homes built for private rent and improve the quality and security of the private rented sector. That means supporting new institutions into this market, including through changes to tax support and incentives.”

He added that this decade is the first time ever that homeownership has declined – from 70.9 percent of all households in 2003, to 68.3 percent today.

Healy continued: “Some say the recession has shaken people’s desire to invest in bricks and mortar. But in reality, homeownership had been dropping since 2005. And I’m not sure that’s such a bad thing.

“At the moment, up to 70 percent of the population has their money tied up in property. The proportion was boosted by Margaret Thatcher’s Right to Buy. But you don’t need to be a grocer’s daughter to know that it’s not a good idea to have all your eggs in one basket.”

Healey explained that despite the drop in the housing market people still looked on their home as a store of wealth. He cited a recent article in The Telegraph which reported that nearly a third of people approaching retirement are still relied on their property to top-up their state pension.

Healey said: “Not only is this property piggy bank unsustainable, it is also unfair. Of course, not everyone will want to own property. So we need new choices in tenure – more opportunities for everyone to have a decent, secure, affordable home.

“That means increasing the diversity of tenures, it means allowing people to move more easily between tenures and it means putting them on a more equal footing with home ownership, as they are in other European countries.

“One great advantage of homeownership is that it allows you to build an asset and benefit from increasing property prices tax free. That’s why so many people choose to make their home their family’s main investment.

“If we want to make renting an equally valid option and an equally privileged option for those who want to rent, we need to extend that opportunity.

“That could be done with tax free savings for those who are renting, a deposit for homeownership in the future, a bond for renters to build assets and store wealth as homeowners do.”

Healey then set out my egalitarian vision of the future for housing for the next decade and beyond which included the need to make renting more stable, more secure, of a better standard, and probably more common an option as it is for people elsewhere in Europe.

He said: “Changing tenure may not mean changing your home, with options to release and buy back equity and convert from renting to owning with Government help.

“The vision I have set out today - very much as work in progress - relies on the state to support individuals in their specific circumstances.”

£16.2m to kickstart stalled housing developments in nottingham

2009-12-16T15:52:00.000-08:00

MORE than £16m could be handed to developers in Notts in an attempt to kick start building projects which have stalled during the recession.

The money – which would be given as part of the Government's Kickstart Programme – may be invested in eight housing developments around the city and county, which will provide 424 new homes.

Under Kickstart, developers have to apply for Government funding to help them finish the projects.

The eight schemes in Notts will now have to undergo a final screening process before

money is awarded.

They include the Stonebridge Park development in St Ann's, which will see 95 homes being built.

Housing Minister John Healey said: "We are using the power of Government investment to build homes and support jobs at a time when the house-building industry needs it most.

"I'm making it a condition of getting this Government money that all builders offer recruitment of local people and apprenticeship schemes."

Nottinghams redevelopment plans get approval

2009-12-16T15:49:00.000-08:00

Plans for a £70m redevelopment of Sovereign House near Nottingham Railway station have been granted planning permission by councillors.

The existing building will be demolished under the plans approved by Nottingham City Council this afternoon, which is considering five different planning applications which would create more than 2,000 jobs.

It will be replaced by a 27,000 sq metre office development, a hotel with 240 rooms, shops, a gym, restaurants and bars, as well as 190 parking spaces.

The development is expected to create an extra 1,800 jobs.

Councillors also approved plans for a new £25m development Tesco superstore in Main Street, Bulwell, which alone expected to create 440 jobs. Tesco has agreed that half of the people it takes on will be local and unemployed.

The supermarket was previously granted planning permission for a smaller store. The new application also features a petrol filling station.

It is proposed to create non-food retail units and a restaurant on the ground floor of the Scots Grey Public House.

There will be 430 car parking spaces.

Councillors have also spoken in favour of a redevelopment of Robin Hood Chase in St Ann's, which would cover 5.3 acres and cost £15m.

The development would potentially include a new joint service centre, which would provide three GP practices clinics, counselling services, health education facilities, a council payments desk, youth outreach centre and meeting rooms as well as a library.

No date has been set for the redevelopment which still has to receive planning permission, but it would follow the build of a Joint Service Centre next to Robin Hood Chase, which must be completed by September 2011.

Nottingham Trent University's Clifton Campus was also granted permission for new accommodation for 727 students.

The new development will see six blocks, each four storeys tall developed at the campus.

Rosehill, a school for children with autism was also given the go ahead for an £8m development which aims to turn it into one of the best establishments of its kind in the country.

The school, which was built in 1931, is currently not fit for purpose, but will now create different buildings for different age groups.

Eastside Properties markets luxury 7 Bedroom Detached home for christmas

2009-12-10T05:31:00.000-08:00

Eastside Properties has been given the opportunity to market a luxury 7 bedroom detached property in the much sought after residential area of Sheepwalk Lane, Ravenshead.

This stunning property is available to rent at the end of December for £2400 pcm.

Please enjoy a glimpse of this unique property below!

Property rents in UK set to rise in 2010.

2009-12-09T04:59:00.000-08:00

UK residential property rents are expected to increase in the New Year as the number of rental properties coming onto the market falls for the first time since January 2008, according to a new survey.

The recent pick up in the property market seems to have led to drop off in the number of rental properties, particularly houses, being made available and as a result surveyor optimism has increased for the first time since July 2008.

Some 22% more surveyors expect rents to rise rather than fall in the next three months, says the latest RICS Lettings Survey.
The drop off in supply is the main driver for the more positive sentiment, with new instructions reaching their lowest level since the survey began in 1998.
A net balance of 11% of surveyors are seeing the number of new instructions coming onto the market falling rather than rising.
This is in stark contrast to levels seen late last year when the housing market was still suffering from falling prices and many would-be sellers were turning to the lettings market when their houses failed to sell, RICS says.

Only 4% of chartered surveyors are still reporting falling rather than rising rents, indicating that the downward pressure on rents is already starting to ease.
Significantly London and the North are already seeing the majority of surveyors reporting price rises over the past three months.

Demand for rental property is still rising as 16% more surveyors saw activity pick up over the past three months with demand for houses particularly strong particularly in London.

‘It seems the current upward trend in the housing market is having a significant effect on the lettings market with many of the accidental landlords returning to the sales market to take advantage of the recent price increases,’ said RICS spokesman Jeremy Leaf.

‘As a result the recent oversupply is reversing with new instructions at the lowest levels we have ever seen.
This of course is impacting on prices and tenants no longer have as strong a bargaining power as they did,’ he added.

The report’s findings are echoed by a survey from Rightmove, the UK’s number one property website for lettings, that shows over a third of people who will rent a property over the next 12 months expect prices in the rental market to increase. Just 7% think that prices will fall.

The Arena - 2 Bed Apartment available now

2009-12-06T10:44:00.000-08:00

Take a look at this lovely 2 bedroom apartment which has just become available now, before christmas for only £795 pcm. Contact Eastside Properties today to arrange a quick viewing!

House prices climb for fifth consecutive month

2009-12-01T08:47:00.000-08:00

House prices across England and Wales climbed for the fifth month in a row in October, according to new figures from the Land Registry.

Prices are now at their highest level since November last year after the average value of property rose 0.6 per cent for the month.

The rate at which prices are falling year-on-year also declined for the sixth consecutive month, easing to 3.4 per cent - the lowest level since July 2008, and down from 5.4 per cent in September.

Nottingham survives the recession in tact

2009-11-30T11:53:00.000-08:00

Nottingham has come through the recession intact, so said Lord Mandelson today during his visit to Nottingham.

Along with Culture Secretary Ben Bradshaw, Lord Mandelson paid a visit to Antenna, Nottingham's new Business Incubation Unit for Cultural Businesses, and Confetti Studios where they met with young music maestros and budding film makers.
Here they got the chance to see first hand Nottingham's thriving creative industries sector, employing some 10,000 people, and learned how the partnership between education and entrepreneurialism is paying dividends for young people in the city.

Back in November Nottingham City Council and its partners began to look at how Nottingham could mitigate the impacts of a recession, introducing a number of measures to help local people and local businesses through the economic downturn, enabling the city to recover quickly and successfully. In June this year, Nottingham's leading business figures and economic experts came together to help Nottingham look long term at how it could recover, identifying those sectors in the city that show greatest resilience. For Nottingham these include the creative industries and the science and technology sector.

With £6m of Government investment Nottingham is now focusing on getting more people into employment and training through the recently launched Nottingham Jobs Plan. The plan will secure employment and training for more than 2000 people in Nottingham.
Cllr Graham Chapman, Economic Development Portfolio Holder for Nottingham City Council, said:

''Lord Mandelson's comments are clearly an endorsement of the work Nottingham City Council and its partners have done over the past year to help Nottingham's people and businesses through a difficult economic climate. Nottingham's strengths lie in its diverse economy with a number of thriving sectors, including creative industries but also as a centre for science, technology and innovation.

"Our work has ensured that our young people can take advantage of new opportunities for jobs and training in the city and clearly centres like Antenna are helping them along the way.

"However we know there's still a way to go and that some people are still struggling and will continue to do all we can to help the economy make a full recovery so more opportunities are available for local people.''

'To Let' Board design goes down a storm

2009-11-29T10:26:00.000-08:00

Our new 'To Let' boards are now popping up across the city and surrounding areas, and are having a great effect on business.

Since launching our new fresh, striking board design, the feedback has been tremendous. We have had many tenants go on to take a property as a result of seeing our boards, and general enquiries have also increased as a result of the extra marketing exposure.

We will continue to push the marketing for our Landlords to the maximum, over the coming months so watch this space, and in the meantime if you have any feedback or suggestions please don't hesitate to comment below.

Nottingham Contemporary opens with huge interest

2009-11-18T04:56:00.000-08:00

NOTTINGHAM Contemporary saw 6,000 people walk through its doors over its first weekend.

Our new neighbours just across the road on Weekday Cross, have had a very successful opening last week.

Director Alex Farquharson, said he was delighted with the weekend's turn out.
"We feel that our opening weekend has helped to place us at the heart of our city," he said.

"It has demonstrated that all sorts of people, of all background and ages have enjoyed contemporary art, and the learning opportunities our exhibitions have inspired.

"We look forward to welcoming very many more people to Nottingham Contemporary in the weeks ahead."

For opening times at Nottingham Contemporary visit www.nottinghamcontemporary.org

Nottingham City Christmas Light Turn On.

2009-11-13T14:12:00.000-08:00

18 November, 4.30pm-8.30pm

Nottingham’s festive lights switch on (6.25pm) to complete the winter wonderland alongside the opening of the Victoria Centre Ice Rink and Frankfurt German Christmas market in Old Market Square. The lights will ripple throughout the city centre to the contemporary tree at Canning Circus.

Cannabis factory warnings for nottingham landlords

2009-11-08T08:20:00.000-08:00

Broxtowe Borough Council has written to landlords recently to advise them of an increase in cannabis factories being found in properties in the south of the borough. The letter and leaflet offer information to landlords on the warning signs to look for in their rented properties and advises them to contact the police if they are suspicious.

The leaflet asks "If someone near you was growing cannabis - would you know? Could you recognise a cannabis factory if you came across one?"

These factories are often found in surburban houses, rented specifically for the purpose of growing cannabis. The interior of the property is stripped out and plants are grown under hothouse conditions, often crammed into every room of the property.

Many of these factories are detected after suspicions are reported by members of the local community. The leaflet has already been widely distributed to libraries, leisure centres, community buildings and through the Borough Community Action Team meetings.

For copies of the leaflet or for further information please contact Broxtowe Borough Council on 0115 917 3744.

Nottingham Property Services flags up East Mids housing revival

2009-10-28T06:52:00.000-07:00

NOTTINGHAMSHIRE'S biggest financial institution says the East Midlands property market has finally found its level.

Nottingham Property Services, the estate agency wing of The Nottingham building society, has flagged up a rise in sales and inquiries which it says indicates a property revival.

The revival continues a trend which began to emerge early in the summer when plummeting property prices stabilised.

It comes after a two-year period in which the housing market took a battering as the mortgage market dried up in the wake of the credit crunch and sales fell.

Nottingham Property Services (NPS) said the number of completed sales in September was up 42% on the previous month, while inquiries from would-be buyers rose 12%.

In the last three months, NPS has completed 77% more property sales than it did during the same period last year, the agency hailing the figures as a "welcome wave of optimism".
"The national property market picture has witnessed greater numbers starting to buy once again, and this is definitely being replicated locally," said NPS operations manager Graham Lang.
"Our 15 estate agency branches are all reporting sustained levels of interest from people seeking a new home, and I believe this could bode well for the rest of the year and the beginning of 2010."

Many sellers have had to accept offers substantially below their asking prices in order to achieve sales during the last year.

But Mr Lang says there is now evidence that the gap between asking prices and offers has closed, largely because sellers are taking a more realistic approach to what they will achieve.
He said: "We're definitely seeing a lot more offers being made that are in line with the original asking price. That's got to be good news for everyone."

Mr Lang says traditional property hotspots, like Arnold, Hucknall, West Bridgford and Wollaton, continue to set the pace in terms of demand.

But other areas, like Bulwell, Netherfield and Beeston, are also experiencing revived levels of interest and a small growth in overall property val ues.

The good thing about the East Midlands region is it's an area where the price of properties are a lot more realistic than other parts of the country," added Mr Lang.
"People are increasingly recognising that the region offers great value on a wide range of levels, including the quality of properties available, the strong independent, grammar and comprehensive schools and the overall quality of local amenities."

The Royal Institution of Chartered Surveyors, which represents property agents across the country, confirmed that the housing market was improving, with a rise in first-time buyers.
But David Potter, the operations director for RICS in the East Midlands, said there were still problems securing mortgages.

He said: "House price falls and lower interest rates have gone some way to tempting first time buyers back into the market.
"However, buyers still need to have greater deposits to access the market with lenders remaining generally cautious. This is making it hard to translate this interest into hard transactions."

In another sign that the property market has regained its stability, RICS says investors who buy property which they then let out have also increased.

Mr Potter said: "The firmer tone to the market has also rekindled enquiries from buy to let investors albeit in a more measured way than was visible prior to the onset of the credit crunch."

The number of households with a lodger has increased by a quarter in recent years, six times higher than official figures show, according to a new study.

Halifax Home Insurance said its research suggested that almost a million people were in lodgings, with half of new landlords taking someone in to boost their income.

A survey of 500 homeowners who had taken on a lodger in the past two years also revealed almost one in five would not be able to pay their mortgage without the extra income.

Nottingham Stadium development views wanted

2009-10-28T06:45:00.000-07:00

Views are being sought on proposals for a new development near Nottingham which would include the planned new stadium of Nottingham Forest Football Club.
Plans for the site near Gamston include 4,000 new homes and three new schools as well as the 45,000-seat stadium.

A document submitted to Rushcliffe Borough Council outlines the scheme.
The stadium is at the centre of the city's bid to host games if England stages the 2018 World Cup, though the county council has withdrawn support.

Rushcliffe Borough Council - which last week also withdrew its support for the World Cup bid - stressed this was not a planning application but wanted views on the proposals.
The council said there will be no formal consultation process but was inviting views about the proposals on its website.

City Headquarters move can kick-start regeneration

2009-09-05T01:11:00.000-07:00

When Capital One built Loxley House in 2001 it was said to be worth £60m. At the time the credit card company was thriving and wanted a modern building fit for up to 2,500 staff.

But as the economy tumbled, so did the fortunes of Capital One and it eventually announced last year it would have to make job cuts and move out.

And in a reflection of how times have changed, the building was yesterday snapped up by Nottingham City Council for just £22.5m, in what the city described as a "good deal for both parties".

The council said the agreement was a huge boost as it had been looking for a suitable headquarters for the last 25 years.

And it is hoped the move can play a major part in helping Nottingham lift out of the recession, by kick-starting regeneration as it moves out of six key city centre buildings into Loxley House.

City council leader Councillor Jon Collins said the council had received architectural advice giving a range of options for redevelopment of their old buildings, from housing to hotels, with up to 2,000 new jobs being created as a result.

And he expects there to be a "significant boost" to regeneration in the station and Southside areas as their new headquarters, which will be renamed Robin Hood House, will be used by 2,000 staff.

"Our decision to move our headquarters operations to Loxley House is based on a sound business case, allowing for purchase and transition costs, that predicts a net contribution to the council's budget within six or seven years," said Coun Collins.

"The city centre buildings we leave will be sold for redevelopment, releasing capital for the council and helping to regenerate the areas they are in and to create new jobs in Nottingham. It makes enormous sense as a stand alone investment."

Coun Collins said having a single HQ would help the council run more efficiently and allow it to make decisions and act more quickly. It would prevent time being lost by staff and citizens moving between different buildings, he added.

The council estimates it will save £1m a year on running costs alone and said this saving can be used to improve services.

The purchase is expected to be complete by December and the council will begin to use it as its new headquarters from March, with the staff transfer phased over time.

The council said there will be "changes to staffing levels over time" as a result of the move but efficiency savings might take up to three years to be fully achieved in all areas.

It said it hoped these could be achieved without compulsory redundancies.

The purchase of Loxley House is being funded from the sale of existing buildings, borrowing and efficiency savings including maintenance and energy costs.

The borrowing will involve the council lending money to itself. This would allow a much lower interest rate of around 0.5% – rather than the five per cent or more that banks might charge for loans.

Coun Andrew Price, leader of the Conservatives, said: "It is going to affect all the staff and public who have one building that is identifiable.

"It is a chance to invigorate staff and bring changes to how we think about what we do, and how we can do it more effectively."

Source: Nottingham Evening Post

New Hicking Building Apartments available now!!

2009-08-28T14:11:00.000-07:00

We have just received a number of new 1 bedroom and 2 bedroom apartments at the prestigous Hicking Building Development available to occupy immediately.

We have a mixture of furnished and unfurnished apartments available to view now, so be quick to book your viewings as these will go quickly.

To get the latest availability and to arrange your viewing please call Eastside Properties on 0115 983 8758 or 07815 446297.

Window Display attracts a huge response

2009-08-21T05:57:00.000-07:00

Since launching our new branded window display a month ago the response has been amazing!!

We have attracted huge amounts of enquiries from the walk by trade offered by the busy street of Fletchergate. Not only do we have a busy bus and tram stop right outside, but we are also opposite the exit rout from the busy City Centre Fletchergate Car Park.

If your a landlord and you want maximum exposure in Nottingham there is no better time to capitalise on our new Marketing abilities. Feel free to give us a call on 0115 983 8758 to discuss how we can maximise your properties exposure in the current busy market.

Young, trendy and renting property

2009-08-07T10:53:00.000-07:00

18 to 30 year olds are more likely to rent than their parents according to new research by the Association of Residential Letting Agents (ARLA).

A survey of over 1,800 people revealed that 31 per cent of 18 to 30 year olds had rented three or four properties, whilst only 17.5 percent of their older counterparts had rented a similar number at the same age. A third of 18 to 30s who currently live in rented accommodation confessed that they enjoy independence from property ties.

A further 31.6 percent enjoyed the flexibility to move around. However, only 8 percent thought it wasn’t important to eventually own their own property. There were more men who had never paid rent for a property - 32.3 percent had opted to stay in the family home - whilst 75 percent of females were making their own way in the world and had either bought or were in rented accommodation.

Young females were keener to get on the property ladder with 45.2 percent having bought before they turned 25, whilst only 32 percent of men could claim the same. 21 percent of 18-to-30s stated that they wanted to continue renting for the foreseeable future.

Ian Potter, Operations Manager of ARLA, said: “The research reveals a generation that want to be upwardly mobile and free from ties. Attitudes towards renting have changed in the UK and perhaps we’re becoming more like our fellow Europeans, who tend to rent rather than buy.

“This trend of being ‘conti-rental’ recognises that renting should no longer be perceived as a waste of money, but simply as an alternative lifestyle choice to being tied to property for the long-term.

“Today’s graduates, more than ever, are looking for work that involves travel and opportunities to move around, renting allows them to operate more freely in a flexible job market.”

Landlords have renewed confidence in rental market

2009-08-07T10:49:00.000-07:00

The challenges landlords have been facing during the recession have been highlighted in the latest quarterly survey by research agency BDRC.

These challenges include rental arrears, voids, struggles with loan repayments and repossession actions against their properties, plus the burden of new government legislation.
The number of landlords with rental arrears increased from 18 percent in Q1 2008 to 30 percent 15 months later. Whilst 38 percent covered the cost of non-payment of rent from their tenants’ deposit, 32 percent have taken direct action and evicted their tenants.

However, the research suggests that whilst there are undoubted challenges in the current economy, some private landlords feel that the worst is over. The economic indicators that the Landlords Panel has been measuring since 2006 - capital gains, rental yield and overall letting prospects - suggest that confidence is returning for one in five respondents.

For instance, 19 percent of private landlords surveyed thought the prospect for rental yield in the next there months were ‘very good’ – this is an improvement on Q1 this year but not so different from the first three quarters of 2008.
13 percent said the prospects for the private rental sector in the next three months were very good – increasingly slightly from 10 percent last quarter, and the second best result since measurement of this metric began in Q4 2007.

The biggest surge of optimism was in letting prospects – 17 percent said they were very good for the next three months – compared to 10 percent in Q1.
The belief that the private rental market is fundamentally sound appears to be the basis for this confidence and optimism. This is despite the fact that mortgage finance is currently difficult to secure.

Mark Long, director at BDRC, said: “It is clearly a tough time for private landlords, with many more experiencing arrears and the longest void periods than at any time since we started tracking this market in 2006.
“However there is a feeling amongst some that prospects are good for the next three months as demand for rental property is fuelled by the restrictions on residential mortgage lending, making it hard for many people to buy properties.”

The 11th wave of the BDRC Landlords Panel was carried out at the end of the second quarter of the year in June 2009 and consisted of 504 x 30 minute online surveys with residential property landlords.

Participants needed to own at least one residential or holiday property in the UK. The majority of those surveyed had residential lets.

• The latest figures from Land Registry show a modest improvement in the monthly change in house prices in England and Wales.
The June increase of 0.1 per cent is the first time monthly change has been positive since January 2008. The annual drop of 14 per cent took the average house price to £153,046.
London experienced the greatest monthly rise with a movement of 2 per cent, making it the region with the greatest monthly change and an average property value of £301,859.

All regions in England and Wales experienced a decrease in their average property values over the last 12 months.
The region with the most significant annual price fall was the North East with a movement of -15.9 per cent. Luton experienced the greatest annual price fall with a drop of 23 per cent.
The most up-to-date figures available show that during April 2009 the number of completed house sales fell by 42 per cent to 36,233 from 62,393 in April 2008.

For more information and to view the latest statistical release visit www1.landregistry.gov.uk/houseprices/

Exclusive 80% LTV Buy to Let Mortgage

2009-07-02T08:57:00.000-07:00

I thought it would be of interest to most of our buy to let investors that we received some mortgage related news this morning from a local Business Development manager for a big Buy to Let Lender.

They have recently decided that in order to raise funds, rather than going to world banks etc, they were very well positioned to come up with a brand new mortgage product that they know will be very very popular with the type of clients they are really looking for which is a serious property investor.

To that end, all I can tell you as of now is that this will be an 80% ltv buy to let deal which will really open up some doors that have been closed due to the lower loan to values.
I will of course keep you all updated as soon as I hear anything else but it would be wise to start thinking about any deals that would work on this and to be prudent, deals that work with 125% at rates at around 5.5-6% as

I am sure this rate will attract a lot of interest. However, I have also put some details below of the best current buy to let rates along with remortgage rates for residential which we are currently doing a lot of cases on.

The newest addition from a lender today is a fantastic initial rate of 3.19% with NO EARLY REPAYMENT CHARGES for loan to values of up to 60%!.This is also available from a lender who has no minimum income or length of self employment requirement!

Examples of why this type of mortgage is essential for strategic property investment are:

1)Buy a rundown property for a bargain price, renovate it and sell it on quickly for a profit. A mortgage with no early redemption charges means you'll be able to finance the initial purchase but, when you sell, your profit will not be eaten up with expensive exit penalties from the mortgage

2)Buy a below market value and arrange a mortgage initially on the purchase price investing just a deposit and then remortgage up to 75% of the property's OPEN MARKET VALUE value 6 months later, releasing your discount and repaying you your initial deposit without this being eaten up by expensive early mortgage repayment charges.

Other popular Buy to Let products are -

*4.99% tracker until 31.12.2012 up to 75%ltv 2.5% fee added to loan - rent to be 100% of mortgage payment at 8%.
*4.70% tracker for 2 years up to 75%ltv, 3% fee added to loan - rent to be 125% of mortgage payment
* 6.00% fixed rate for 2 years up to 75% ltv, 3% fee added to loan - rent to be 125% of mortgage payment.

The most popular residential rates are - REMORTGAGE ONLY =

* 90% = 7.25% fixed for 5 years, £699 fee added to loan,free legals and free valuation
* 85% = 5.99% fixed for 5 years £995 fee added to loan, free legals and val fee refunded on completion
* 80% = 4.99% fixed until 31.07.2011, £799 fee added to loan, free legals and free valuation
* 75% = 3.29% tracker for 2 years, £995 fee added to loan, free leagl and refund of valuation fee on completion

PURCHASE ONLY =
* 90% = 7.04% fixed for 5 years, £2499 fee added to loan.
* 85% = 5.74% Fixed for 3 years, £995 fee added to loan , free valuation
* 80% = 4.99% fixed for 2 years, £1098 fee added to loan.
* 75% = 3.29% tracker for 2 years, £995 fee added to loan.

However, some lender are offering existing clients, in some cases up to 95% for remortgage and purchases!!! If any of these look interesting, please contact us ASAP. on 0871 218 0844 or 07815 446297.

* All mortgage products are subject to passing the lenders credit score and a suitable valuation.

Proposals to develop Sneinton Market

2009-06-29T00:10:00.000-07:00

Proposals have been set out to redevelop Sneinton Square as part of the People and Places Project to improve the area.

As well as redeveloping the area, which will transform the public square, the proposals also include implementing the first phase of the Turning Point East scheme to improve priority for pedestrians and create a direct two-way route for north/south traffic on the east side of the city centre.

The project will be managed by Nottingham City Council working in partnership with Nottingham Regeneration Ltd. Key benefits include enhanced transport facilities, greater accessibility to jobs and other services, and support for the economic development within the wider Eastside regeneration zone.

Councillor Graham Chapman, Deputy Leader at Nottingham City Council said: "The aim of the redevelopment is to create better connections in the area and to generate more attraction for people to go down to Hockley and towards Sneinton. Along with investment in the Victoria Leisure Centre it will create a really attractive square and improve business prospects in the area.

"The city is trying to put as much public expenditure in during the recession as possible in order to keep the economy ticking over and provide the area with opportunities for training and local employment."

Local Transport Plan funding of £2.3m has already been secured, along with £50,000 Growth Point funding, £1.75m European Regional Development Fund (ERDF) funding and £2.7m Single Programme funding. The ability to bring these sources of funding together will allow a comprehensive implementation strategy over a two and a half year period rather than a series of piecemeal projects over a much longer time frame.

John Nicholls, Interim Chief Executive at Nottingham Regeneration Limited, said: "We are grateful to emda for its funding help and delighted that NRL was able to secure it. This is an important project in so many ways: it will improve the area hugely, will help set the scene for Sneinton market to reach its real potential, and will provide a much pleasanter connection between Sneinton and the city centre".

The project incorporates the following elements:
The Sneinton Square works will deliver high quality public realm improvements and a new public square. This will raise the quality and profile of an area which currently suffers from a poor image, a lack of investment and a number of empty and derelict properties. The project will enhance both the access and links through the area as well as the environment through a series of transformational changes including a centrepiece new public square. This will support the proposals for the redevelopment of the adjacent Victoria Leisure Centre.

Turning Point East Phase One will make Huntingdon Street and Lower Parliament Street, between Mansfield Road and Southwell Road, into a logical two-way route for traffic heading north / south past the city centre. Pedestrian and cycle improvements to the physical connections between the city centre and Sneinton and St Ann's, via Hockley, Beck Street and King Edward Street will also be implemented.

Public realm improvements to Hockley, Gedling Street and Huntingdon Street/Lower Parliament Street will consist of high quality paving materials and other streetscape improvements.

Councillors at Nottingham City Council will discuss the proposals at Executive Board on July 28th 2009. It is anticipated that the project will be completed in December 2011.

Eastside goes live on Rightmove

2009-05-23T12:02:00.000-07:00

Since Thursday 21st May all of Eastside Properties listings are now shown on Rightmove. This is all part of our agencies planned growth over the next couple of months.

Thanks to all the guys at Rightmove and 10Ninety who made our transition over to Rightmove go so quickly and smoothly.

urban design plans unveiled for Nottingham

2009-05-20T10:19:00.000-07:00

TOP UK designer Wayne Hemingway has urged Nottingham's architects to "do something fantastic" when planning the city's future regeneration.

The fashion and design entrepreneur was keynote speaker at the launch of the Design 09 campaign, which seeks to improve Nottingham's derelict eyesores and unused spots.
Speaking at the campaign's launch at the The University of Nottingham 's Innovation Park on the Jubilee Campus, Mr Hemingway said: "What is being launched is absolutely vital to make developers look and say 'hang on, we've got to start rethinking'.

"What Nottingham has been lucky to avoid to a certain extent over the last few years, is a combination of greed and stupidity on behalf of the public, house builders and councils.
"You have got the opportunity here to do something fantastic. The building blocks are here."
The event coincided with the official launch of the city council's first City Centre Urban Design Guide.

Both will help in Nottingham's bid to be World Design Capital in 2012.

Life's a beach this summer in Nottingham

2009-05-20T10:17:00.000-07:00

The Riviera comes to Nottingham this summer. Three hundred tons of sand will transform the Old Market Square into a seaside playground, complete with Nottingham rock, beach cafes, bucket and spades stalls, flags, bunting and fairground rides.

A large paddling pool will complement the Square's water feature and there will be tables, deck chairs and sun loungers along a Long Row promenade that will seat around 200 people.
Nottingham Riviera opens on July 22 and continues for six weeks throughout the summer holidays until September 5 and will be open daily from 10am until 10pm, providing free beach fun for the family during the day with late afternoon and evening relaxation for city workers, commuters and the cool night time crowd.

Councillor Dave Trimble, Nottingham City Council's Portfolio holder for Culture, Leisure and Communities, said Nottingham Riviera will bring the seaside to the city for people in Nottingham.

"This is a fantastic way to give everyone the chance to enjoy the seaside and it doesn't have to cost a penny. There will be loads of fun for all the family with lots of activities for children and plenty to enjoy for residents, for people coming into the city to work and for visitors and tourists. It takes place during the full six weeks of the summer holidays so that everyone can get a feel of the sand between their toes even if they are not able to leave Nottingham this year."

There will be crazy golf, a helter skelter, a bungee trampoline, an inflatable slide, carousel and other fairground entertainment. Beachside stalls will sell buckets and spades, sunglasses and all the usual seaside souvenirs including Nottingham Rock and boxes of fudge with I Love Nottingham stamped on it.

Nottingham Riveria will be the largest city-centre holiday beach in the UK.

Landlord Licence gets the go ahead

2009-05-13T14:13:00.000-07:00

Well it could be good news or bad news depending on how you see things as a private landlord!!

Its official the communities and local government dept has today confirmed they are going ahead with the scheme.
Is this another bit of red tape for landlords, or has this been needed for sometime?

What are your thoughts on this? Are you a landlord who will be affected? or a tenant who thinks this is a good thing? Share your thoughts by commenting below below.

Update on buy to let mortgage rates

2009-05-11T09:08:00.000-07:00

Here we have a quick mortgage product update from our resident brokers at Eastside Properties. As lending approvals are on the increase and we are seeing more and more great deals hit our desk, we thought that some of these may be of interest to you for any purchases or remortgages coming up.
75% loan to value rates =

1) Tracker - BBR + 3.65% ( current pay rate = 4.15%) for 2 years -rental return required is 125% of monthly mortgage payment

2) Tracker - BBR + 4.29% until 31.08.2012 ( current pay rate = 4.79%) -rental return required is 120% of monthly mortgage payment. This mortgage also has the ability to be switched to a fixed rate during this time should you wish.

3) Fixed - 5.19% until 01/07/2011 - rental return required is 125% of monthly mortgage payment.

4) Fixed - 5.29% until 31.08.2012 - rental return required is 120% of monthly mortgage payment.

Of course there are rates for lower loan to values so if you have any deals that would fit into that category, just contact us with the details and we can have some figures with you by the end of that day.

To discuss any of these products further please don't hesitate to give us a call on 0871 218 0844

Eastside Properties unveils new agency logo

2009-05-10T07:56:00.000-07:00

This weekend has seen the final unveiling of the nottingham agencies new logo and branding.

The new logo seen here has now gone live on the website, along with a full modern rebranding of the agencies paperwork and documentation. What do you think?

Let us know your thoughts on the new logo and image, by commenting below.