The PIMS Tenancy Agreement complies with the Tenant Fees Ban June 2019
With the introduction of the new rules for pensions, the buy to let market could experience an influx of new "golden years" landlords investing in the buy-to-let market.
An analysis undertaken by a small businesses' insurance company and carried out by Consumer Intelligence, claims that out of 829 people polled, a third of these are considering cashing in their pensions to purchase buy-to-let properties.
The sample was taken from those who had a pension between the ages of 45 and 64, 32% could use all or part of their pension pot in buying a property to rent, rather than receiving the usual income from the annuity.
The research shows the number of people enjoying their "golden years" (retirement) will enter into the PRS (private rented sector) from April of this year, following pensions "freedom day".
The main reasons given for entering into the PRS market were, capital appreciation and investment security.
Potential investors are claiming that the anticipated yield from their buy-to-let investment could be 13%.
Head of the Insurance company, Jazz Gakhal, said: "Buy-to-let can be a flexible investment, providing an immediate source of income as well as being a long term asset. As such, it is understandable that people approaching retirement age are considering investing their pension pots in property."
She did point out that new landlords must also be aware that buy-to- let does have associated risks.
She said: "Legal expenses for repossessions and potential damage to property are but just a few of the costs that can take significant chunks out of landlords' annual yield. Taking the necessary precautions such as carrying out full reference checks on prospective tenants, inspecting your rental property regularly, and taking out landlord insurance can help to minimise some of the risks faced by landlords."
Immigration Act revised 2016 should a landlord or letting agent fail to ensure ALL tenants/occupiers have a righto reside for the duration of the tenancy then they may be fined £3000 for each breach. The Secretary of State may instruct the landlord to remove such persons without the need of a court order by way of reasonable force
Labour market enforcement - restriction on illegal migrants to work. A labour market enforcement undertaking (an “LME undertaking”) is an undertaking by the person giving it (the “subject”) to comply with any prohibitions, restrictions and requirements set out in the undertaking
Under section 42 of the County Courts Act 1984 it is possible for the Court to transfer a matter from the County Court to the High Court for enforcement but leave (permission) of the Court is required first. The transfer time varies from court to court and can take up to 28 days, but normally takes far less. An application to seek permission can be made either at the time of making the possession claim or after possession has been ordered.