ALLSORTS - Properties from £50k to £170k

A few things have come in this week and are about to get listed for sale, at a range of levels in the market. If you like really cheap with a high return, there's something in Bellinge. If you like middle of the road - staple rental territory - there's something in Rugby town centre. And if you like a slightly more upmarket property that will appeal to the family market, there's one in St James.

£169,995

• Duston Road, Northampton, 3 bed semi with garage.
• Decent area, decent property, will attract a decent tenant @ £750PCM. 
• Over 5% rental return.

£116,000

• Craven Road, Rugby, 2/3 bed Victorian terrace.
• Tenanted already at £550PCM.
• Nearly 6% return.

£50,000

• Chester House, Bellinge, Northampton.
• 1 bed leasehold flat with over 150 years remaining.
• Not the best flat 0r area - what do you expect for £50k?
• Not damaged, not in disrepair, but dated throughout.
• It will rent for about £375 privately or £420 housing benefit. 
• A 9%+ return for someone.

richard.baker@belvoir.co.uk if you have any queries. Don't leave it too long, especially on the last one!

DEALS! (or things that we think look quite interesting!)

We’ve noted a few properties that are NOT advertised with us, but are probably worth further investigation. We’re seeing slightly more value in the market now, compared to the summer months.

We copy in our list of investors. If you want to discuss any in more detail, please contact Richard 
(richard.baker@belvoirlettings.com)

http://www.rightmove.co.uk/property-for-sale/property-31921101.html

£750 would be a sensible rental price for this. And it’s a fairly modern property.

http://www.rightmove.co.uk/property-for-sale/property-48843446.html

This is cheap. Min £575 in rent.

http://www.rightmove.co.uk/property-for-sale/property-32726139.html

Min £500 in rent. Nice area.

http://www.rightmove.co.uk/property-for-sale/property-46840187.html

Min £650. Looks to be in decent order.

IMPORTANT : Local Authority Licensing

This is an important blog and affects many landlords with properties in NN1, NN2, NN4, NN5.

The Local Authority is introducing an additional licensing scheme from 01 November 2014 which is compulsory for all properties that meet certain characteristics.

The Local Authority says this is to "improve standards in the private rented sector". It will cost landlords £323.25 for a 3 year license. The Local Authority also says "Landlords with licensable properties who fail to apply for a licence may face fines of up to £20,000, a criminal record and potentially rent repayment orders and a management order where the council takes control of the property". 

Which properties are becoming licensable?

Properties that require a license under the 'additional license scheme' will have the following criteria:

1. be within the area defined on this map.
2. AND have living accommodation on the ground foor and first floor ONLY. (properties with 3 floors, or a formal room in the cellar are exempt (no joke - don't even go there)).
3. AND be rented to 3 or more unrelated people. This is where it gets interesting. My understanding from conversations with the local authority is that a couple (married or unmarried) plus one of their siblings will not require a license as they are all one family unit. However 3 unrelated sharers will require a license. And a couple (married or unmarried) plus one of their friends will require a license too. 

What will getting a license involve?

This isn't 100% clear as the Local Authority will visit and assess each property individually. However as a minimum we understand they would expect to see:

1. The fee of £323.25 for 3 years.
2. Self closing fire doors to all rooms.
3. A mains powered interlinked smoke alarm system (category D). 

Clearly this is good fun for all landlords. Further details of the scheme can be found here.

CHEAP CHEAP! Why has no one bought this?

£120,000

Come on ladies and gents - this hasn't sold yet and there's no logical reason why. People contact me constantly and say they want something that's a bit underpriced and this certainly is - my landlord just wants rid!

It's a tenanted 3 bed house in FAR COTTON. It may not be beautiful but it's solid and already rented, It could do with improvement in places, but there's nothing major. The current rent is £550 - that's because the current owner doesn't push things too much - it should be at least £600.

Get on rightmove and check the price of other 2 and 3 bed houses in the locality. You'll find this is about £15k lower than the rest. Amazed it hasn't sold - there's a definite opportunity for someone. Now £119,995 to get rid!