Why Choose Liverpool To Study

If you choose to study in Liverpool then you’ll enjoy the relatively low cost of living. Rent is cheap and food and drink is inexpensive, so you’ll be able to save your money and spend it on fun activities. You can also find lots of bargains in the city’s department stores, like Home & Bargain, and there are often special offers for students.

What’s more, everything in Liverpool is within walking distance so you won’t have to spend lots of money on transport — walking around is also a great way to get to know the city!

Wherever you go in Liverpool, you are surrounded by history. Beyond the stunning waterfront (a UNESCO World Heritage site), you can explore 800 years of the city’s past. Protected historic areas, such as the Albert Dock, can be found across the city, and one of the most recognisable landmarks is the Royal Liver Building.

The liver bird is the city’s emblem, and the 2 liver birds on top of the Liver building are there to watch over the city. Legend says that if these birds ever fly away, then the city of Liverpool would disappear!

Liverpool’s arts scene is thriving. The city’s theatres host fantastic performances throughout the year, and it boasts more galleries and museums than in any other UK city outside of London. Contemporary spaces like Tate Liverpool, and traditional galleries, such as the Bluecoat, are just some of the places that help to make Liverpool the dynamic, cultural place that it is.

Ranked as the friendliest city in the UK and the 3rd friendliest worldwide by Rough Guides readers in 2016, Liverpool is a welcoming city with so much to offer. Thanks to Liverpool’s long history as an important trading port, the city has been welcoming people from around the world for centuries. Perhaps Liverpool’s friendly citizens will welcome you very soon!

As a UNESCO World City of Music, Liverpool is a fantastic place for all music-lovers. The city has a rich musical background and nowadays it hosts several music festivals, including the Liverpool International Music Festival and Liverpool Sound City.

The world-class Royal Liverpool Philharmonic Orchestra performs around 70 concerts every year. And, of course, Liverpool is the birthplace of The Beatles – be sure to visit the Cavern Club to see where their story began!

Buy-To-Let Landlord – Pros And Cons

Firstly

  • You’ll need to arrange a buy-to-let mortgage on your property. This can be from your existing residential mortgage provider or another lender.
  • You can either manage the property yourself or have a letting agent handle things like finding new tenants and coordinating repairs/maintenance, etc.
  • You’ll still be expected to meet mortgage repayments even if your property is empty.

Pros

  • Property is still seen as a relatively safe long-term investment.
  • By renting, you can generate an income from your property to pay the mortgage and any additional costs.
  • You can offset some of your expenses and costs against tax (make sure you consult a tax professional).

Cons

  • You’ll have to be able to pay the mortgage even if your property is empty.
  • Stamp duty is higher on buy-to-let properties than those for simple residential use.
  • You will be responsible for maintaining the property in good condition, as well as ensuring that it meets all the legal requirements for landlords (Gas Safe inspections, electrical PAT testing, etc.

You don’t have to stay with your existing residential mortgage provider when becoming a landlord – don’t be afraid to shop around for the best buy-to-let mortgage deals for your needs.

Why Landlords Insurance Is Important

Typically, contents insurance for landlords is only necessary where a property is furnished or part-furnished. Landlord insurance can also provide for other eventualities, such as rent protection cover if tenants fail to pay. But generally, insurance does not cover the permanent fixtures within the home.

Now Direct Line for Business has revealed a new “Fixtures and Fittings” insurance that plugs this gap. It is specifically for leasehold landlords and includes internal permanent fixtures that are not covered through the existing buildings insurance

What does the insurance cover?

Bathrooms, fitted kitchens, built-in units, skirting boards and doors all come under the Fixtures and Fittings insurance. It also includes number of floor coverings, such as carpets, tiles and vinyl floors. However, the insurance excludes walls, ceilings, concrete flooring and floorboards, external doors and windows, pipes, cables and services. The freeholder’s buildings insurance should cover this.

The landlord insurance should pay out in the event of fire, theft, flood or escape of water. According to householdquotes.co.uk, the average bathroom suite costs around £1,000, so it’s an expensive item to replace if it gets severely damaged during a tenancy.

Jamie Chaplin, landlord business manager at Direct Line for Business, said: “We are continually evolving our landlord insurance product to meet the needs of customers.

For most people, their property (or properties) are their biggest and most expensive asset. For landlords it is an investment that provides some if not all of their income.

Renting out a property comes with its own set of risks, whether related to the tenant or external events. Normal homeowner insurance doesn’t provide full cover for this. What’s more, many insurers simply won’t cover properties that are rented out with a standard, non-landlord policy. This leaves the owner fully exposed to risk.

Some may baulk at the added expense of comprehensive cover. However, when calculating how much could be lost if the tenant stops paying rent, for example, most will find that it is actually worth the cost.

Landlords – Can I Take A Mortgage Break

Like homeowners, landlords must contact their lender if they wish to arrange a payment break. Alongside the government-backed mortgage payment holiday scheme, lenders can offer a range of options depending on the individual’s situation.

Prior to the current scheme, anyone could apply to their lender for a payment break, but they normally had to provide supporting evidence. For most borrowers now, it is just a case of self-certifying that their income has been affected by coronavirus.

However, according to Which?, landlords must self-certify that their tenant’s income has been affected by the pandemic. Some buy-to-let landlords may also be in a situation where a house sale has fallen through as a result of the outbreak, and this has led to cashflow issues. Similarly, they should be able to inform their lender of this and still qualify for a payment break

A mortgage payment holiday may be the best solution for some borrowers. However, there are other options available which may be more suitable.

While major credit reference agencies have made assurances that no one’s credit score will suffer, there are downsides to pausing your mortgage payments. The main one is that you will owe more money in the long run. Missed payments are added onto your total mortgage, so it will take longer and cost more to clear this.

There is also a risk that it could affect future credit applications. It is possible that lenders could look at mortgage payment history when assessing any further borrowing requests in the future.

Renting A Home

For many people, a letting agent will be the first port of call when looking for somewhere to rent, but be aware that they can come with extra fees including charges for credit checks and setting up the inventory.

Letting agents will advertise rental properties, arrange viewings and help negotiate the tenancy agreement. In some cases they even manage the property on behalf of the landlord, so it’s worthwhile investigating just how involved your letting agent will be.

A perk of dealing with letting agents is that they must be part of an approved redress scheme that can mediate in disputes between landlords and tenants. The letting agent must clearly state which scheme they are members of.

The three government-backed schemes are: The Property Ombudsman (TPO) Ombudsman Services Property Property Redress Scheme. Most tenancy agreements last for a year and normally no longer than three years – this offers the landlord a financial guarantee for a significant period of time and also gives the tenant enough freedom to leave the agreement if needed.

If you’re a student or you’re planning to move job or area in the not-too-distant future, then it’s probably best to make sure you stick to a six-month or one-year agreement, a break clause is also quite standard now, too. This allows the tenant and the landlord to end a fixed-term tenancy early.

Renting is not a cheap process and it’s wise to make sure you’re financially setup before starting your search. Here are the costs you could face before securing your rental.

The average cost for rent in England is £675 a month, but for London that figure jumps to £1,400. Property costs will be advertised as ‘pw’ (per week) or ‘pcm’ (per calendar month) and you will normally have to pay your first month’s rent in advance.  Be careful not to calculate the monthly rent by multiplying the weekly charge by four, though.

A typical month lasts longer than 28 days, so the extra days’ rent you don’t include will add up and could leave you budgeting less money than you need. Some agreements also include bills within the rent which can work out cheaper and is a great option for tenants in shared houses.

Try to be flexible with your property search, a garden can add a lot on to the rent so if it isn’t a necessity take it off your checklist. Or, try looking a little further away from central locations or main transport stations – the convenience will cost more. Be sure to budget for your outgoings as much as you can. Set up direct debits and check you’re on the best energy tariff for your household.

Liverpool Landlords – What Happens Now

There are currently at least 50 councils across England that operate licensing schemes in the buy-to-let sector. While certain rental property types always require a licence to operate, other areas fall under selective or additional licensing programmes

The scheme in Liverpool ran out on 31st March after running successfully for five years. At the time of its expiry, there were 10,000 landlords holding licences in the city with around 52,000 rental properties.

While the council had applied for a five-year extension, the government rejected it. According to them, there was not enough evidence to back up the application and prove the need for a licensing scheme.

With the scheme no longer active, landlords in Liverpool are now operating without licences. So if you own a buy-to-let property there, or are considering investing in one, that is the current situation. The exception is for large HMOs (houses in multiple occupation), which still require a mandatory licence to operate.

The council has criticised the rejection, though, and is going to challenge the government’s decision. It has now filed a High Court action to seek a judicial review of the decision.

Landlords who want a licence in an area where selective licensing operates must carry out safety checks on their properties. They must also register their details with the council. The council can carry out inspections, raise issues and enforce action and penalties if necessary.

According to Liverpool, and many other councils across the country, the schemes help to “weed out” bad landlords. By setting minimum standards, the rental market becomes safer for tenants. For good landlords willing to invest in their businesses, getting a licence shouldn’t be an issue.

However, some have criticised licensing schemes as being too harsh. Others believe they penalise good landlords, and the licence fee is an added expense. They think the burden of the fees is taken on by reputable landlords who stick to the rules, while rogue landlords simply move elsewhere.

Regardless of the licensing situation in Liverpool, and how it resolves, it is one of the most attractive cities in the UK to be a landlord. Property there is much more affordable than many other areas of the country. As such, it repeatedly comes out as one of the highest-yielding property investment locations. There are also plenty of investment projects and developments in the pipeline in the city.

Liverpool – Interesting Facts About Our Wonderful City

Liverpool is a city and a metropolitan district of Merseyside in the North West England.

The city is situated on the eastern side of the River Mersey.

As of January 2020, the population  of Liverpool is about 500,000 people. It is the 9th largest city in England. Liverpool’s metropolitan area is the 5th-largest in the United Kingdom, with a population of 2.25 million.

The city covers a total area  of 112 square kilometers (43 square miles).

The average altitude is 70 meters (230 feet) above sea level.

Liverpool is a city and a metropolitan district of Merseyside in the North West England.The city is situated on the eastern side of the River Mersey.In the 19th century, it was a major port of departure for English and Irish emigrants to North America.

The city is the birthplace of the famous rock group The Beatles and the musical style Merseybeat.

The docklands and several areas of the historic centre of the city collectively were designated a UNESCO World Heritage site in 2004.

The city celebrated its 800th anniversary in 2007 and was named the 2008 European Capital of Culture, which it shared with the Norwegian city of Stavanger.

The Liverpool Maritime Mercantile City is a UNESCO designated World Heritage Site in Liverpool, England. It comprises six locations in the city centre of Liverpool including the Pier Head, Albert Dock and William Brown Street, and includes many of the city’s most famous landmarks.

The Royal Albert Dock is a complex of dock buildings and warehouses in Liverpool. Designed by Jesse Hartley and Philip Hardwick, it was opened in 1846, and was the first structure in Britain to be built from cast iron, brick and stone, with no structural wood. As a result, it was the first non-combustible warehouse system in the world.

Today, the Royal Albert Dock is a major tourist attraction in the city and the most visited multi-use attraction in the United Kingdom, outside London. It is a vital component of Liverpool’s UNESCO designated World Heritage Maritime Mercantile City.

Mortgage Payment Holidays – Who Can Apply?

Right now, mortgage payment holidays are an excellent option for some borrowers. The coronavirus lockdown has led to some people losing their jobs, for example. For those who are unable to make ends meet and keep up with monthly payments, a pause in mortgage outgoings is likely to help in the short term.Buy-To-Let landlords are not immune to the situation, either. Some tenants may be asking their landlords for a rent payment holiday due to the current climate. For others, a failed property sale that might have added to a landlord’s cashflow, for example, could leave them struggling to pay their mortgage.

Mortgage payment holidays for landlords work in the same way as for owner-occupiers. Landlords must apply to their lender, who will be able to accept or reject the application

Whether you should try and get a mortgage payment holiday obviously depends on your individual circumstances. For those who will genuinely be unable to cover their outgoings, or will have to choose between a mortgage payment and other essential items, it could be a good option.

However, some brokers are advising landlords against this if they can possibly help it. According to Mortgages for Business, a lot of landlords enquiring about mortgage breaks are not actually unable to cover their payments.

When the government introduced the measure, it reassured people that their credit scores wouldn’t suffer. Though this is the case, it could still affect how lenders view borrowers.

Steve Olejnik, managing director of Mortgages for Business, says: “We’re having a lot of discussions with landlords around payment holiday requests. Only a handful are raising legitimate concerns about how to pay their mortgage in the face of the COVID-19 pandemic.”

Olejnik adds: “Landlords must be aware that any requests could potentially damage any approaches to that lender. Lenders expect landlords to be able to cover void periods under normal circumstances – where a property is empty, and a landlord isn’t getting any rent – so they won’t take kindly to landlords trying to take advantage of them just to build up some cash reserves.

“One borrower with three live cases with their lender approached them for repayment holidays on another, existing loan. The lender immediately cancelled all three. Smart landlords, who want to capitalise on short-term house price falls and expand their portfolios when the lockdown is lifted, should think long and hard before approaching their lender.”

Wonderful news in challenging times – your home is ready!

Park Central completed its work this week and that is good news for all.

We are proud to be able to deliver our second phase of our development on Central Docks and Park Central looks fantastic next to Quay Central.

Park Central offers a communal room with workspace for residents and a beautiful landscaped platform on the 1st floor for residents to enjoy looking across the city and out on to the Mersey river.

Each apartment has its own defined entrance lobby and floor to ceiling windows which provide a bright and natural environment as well as fantastic long views of Liverpool’s famous water space. The apartment finishes are lovely and slightly different from phase one Quay Central. A deep and rich tonal palette provides a contemporary feeling complemented by carefully chosen ironmongery. The colour theme within apartments is modern in feel, as well as homely.

The team at Romal is based on site together with our recommended lettings and property management agent and we all look forward to welcoming you to Liverpool Waters and your new home.

The Benefits Of Investing In A New-Build

  • No chain – When buying an existing property, there is often a chain above you, which can add stress as well as slow things down if people higher up the chain pull out, whereas this isn’t the case with new-builds. Buying a new property also removes the risk of being gazumped.
  • Discounts – Developers will sometimes offer money-off incentives enabling larger savings than when buying privately, particularly when a building project is in its early stages.
  • Peace of mind – New-build homes come with an NHBC (or equivalent) 10-year warranty, which includes a two-year builder warranty followed by an eight-year insurance agreement against damage to your home caused by building errors that affect the main structure.
  • Everything brand new – It goes without saying that when buying a new-build, all the fixtures, fittings and decor will be brand new, modern and unused, with most new appliances coming with their own warranties. Developers often install the latest smart technology as a selling point, too, with the most up-to-date energy efficiency and ventilation technologies.
  • Cheaper and greener – New-builds are substantially cheaper to run than the majority of existing properties, which offsets some of the premium paid at the outset over time. They are built to the latest environmental standards, with better insulation, more efficient heating systems and, as mentioned above, better appliances. According to the Home Builders Federation, more than 80% of new-builds have an A or B energy performance rating, while only 2.2% of older homes have the same.
  • Customise – If you invest before or during the building phase (Off-plan), you will probably have the opportunity to choose things like the decor and even the appliances and layouts yourself.
  • Help to Buy – The government’s Help to Buy scheme is only available on new-builds, and has helped thousands of first-time buyers onto the housing ladder.
  • Great for tenants – Compared to older, tired rental properties, new-builds are much more appealing to tenants because they won’t have to worry about issues like damp, condensation or unreliable old boilers and heating systems that sometimes plague older rental properties. The fact that bills are much lower is an added bonus for tenants.
  • Less hassle for landlords – Property investors often have to deal with repairs and maintenance on their rental properties, but much of this is taken away with a new-build as the chance of appliances wearing out is significantly lower.
  • Compromise – If a brand new building isn’t for you, investing in a newly redeveloped existing building or conversion can be a good compromise. Everything internally is still brand new, often with optimised insulation and other mod cons to improve energy efficiency, but this option can offer more character than a new-build.