Renting Property? Know Your Tenancy Rights

Just because your landlord is the legal owner of the property which you are renting does not mean he can do whatever he pleases. After all you are paying him rent for the use of his property and as a consequence of this as a tenant you have certain fundamental rights relating to the agreement. Hopefully your tenancy and relationship with your landlord will be harmonious throughout the tenancy but sadly this is not always the case. Having an awareness of the rights you automatically possess can be of great importance should any issues regarding your landlord ever arise.

The right to privacy - this prevents your landlord from entering the property at his whim of pleasure, after all if could be highly unsatisfactory if your landlord could just turn up at anytime, however inconvenient that could be for you. However this must be balanced with the fact it is his property and he may require access to it on occasion, for example to conduct a viewing. Consequently the landlord does have a right of access, but must provide you with at least 24 hours notice before any visit. Continually arriving unannounced can result if a charge of harassment. They also cannot interfere with your possessions or the supply of utilities; lock you out; refuse you to have visitors, remove any doors or windows or use threatening behavior towards you.

The right to a safe and habitable home - Your landlord must ensure the property is fit to inhabit and as such are legally responsible for all repairs to the exterior of the property, e.g a leaking roof, and the upkeep of all fixtures relating to the provision of utilities. They must also, before you move it, provide you with a gas safety certificate which shows gas appliances in your home are safe. This must be renewed annually.

The right to have the deposit returned at the end of the tenancy - Landlords are obliged to return the deposit in full if there has been no damage caused to the property which the tenant is responsible for, this allows for wear and tear. Since April 6th 2007 for assured shorthold tenancy's landlords are required to be registered with the tenancy deposit scheme which protects tenants deposits in such a way that landlords cannot unreasonably keep hold of the deposits. It provides a mechanism for tenants reclaiming their deposit without having the hassle of going to court.

There are also many other rights such as being free from unfair eviction. It is also notable that these rights are automatic minimum standards and there is nothing to prevent the tenancy agreement itself affording the tenant with extended rights. If this is agreed then the landlord must comply with these to. If you feel your landlord is causing you problems in many instances you local authorities housing officer may be able to offer assistance. You may also be able to get help and advice from

property solicitors on any particular issues you may have.

Click here for free legal information on Conveyancing and Property Law whether it be further information on Tenancy Rights or any other Property related matter such as Letting, Conveyancing or Planning Permission.

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How to Get Help With a Property Deposit Through the Open Market Homebuy Scheme

Experts are warning that many will be disappointed with the UK Government's initiative to help first-time buyers on to the property ladder. The Open Market Homebuy Scheme allows those who qualify to buy from private sellers, as opposed to a housing association or other low-cost housing organisation.

The scheme works bt the Government providing a subsidy to reduce the initial costs of the mortgage and then the private sector mortgage lenders involved waive interest on part of the purchase price. However, the terms of the scheme are restrictive and the Government expects only a small number of buyers - around 20,000 per year - to qualify.

It works like this: A homebuyer selects a house in the usual way, but they only need a mortgage for 75 per cent of the purchase price. Of course they still need to demonstrate that they can afford the mortgage repayments. The 25 per cent difference is financed by two additional "equity" loans: one of 12.5 per cent of the purchase price from the private sector and another 12.5 per cent from the Government. Both these extra loans will be interest-free for the initial five years.

 

After five years, the private lender can charge interest but the Government loan remains interest free. Interest on the private lenders loan is is capped at 3 per cent until year 10 of the mortgage. But homeowners on the scheme have to pay 25 per cent of the sale proceeds from their home to the lenders when they move. This includes any rise in value ot the property.

So who is eligible to take advantage of this scheme? In theory, all first-time buyer can apply. Applications are vetted by housing associations, which issue what are called "eligibility certificates". The Government has said that priority has to be given to key workers such as nurses and teachers, as well as social housing tenants.

Buyers have to meet the scheme's rules as well as qualify for the mortgage. One advantage of the scheme is that applications are only assessed on the basis of the 75 per cent of the property's price as there are no interest or capital payments for five years on the remainder. The buyers do not have to find a deposit and there are no higher lending charges.

The drawbacks is that the scheme is complicated and may put offsome buyers. Not all mortgage lenders take part in the scheme and so the choice of lenders is currently limited to the Nationwide and Yorkshire building societies, HBOS and Advantage, which is part of Morgan Stanley. Buyers have to organise their main 75 per cent mortgage with the same lender that provides their equity loan.

One of the burning questions is what happens if property prices fall further?

If house prices fall and you sell the house at a lower price than you paid for it, the Government will bear its share of any loss, asking for 12.5 per cent of the sale price. Of commercial lenders, only Advantage will accept a reduced capital sum if house prices fall.

 

If house prices rise, and that could be some time off, then the equity lenders will demand their share of that rise. They will claim 12.5 per cent of the sale proceeds net of legal costs.

Michael Challiner is the editor for Brokers Online, one of the UK's largest finance sites. Visit Brokers Online to find out more about Home Insurance Quotes, Life Assurance Cover and much much more.

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