Comment: Tenant deposits

Your Deposit

So, it used to be that as a tenant, once the deposit was paid on your lovely new rental abode you could pretty much say goodbye to it and simply write it off as another one of life’s hidden expenses.

However, since the introduction of the Tenancy Deposit Scheme or the TDS in 2007 (I feel like this should be accompanied by some uplifting music, maybe Wagner or Neil Diamond) such worries have been banished into the ether.

The scheme was set up to try and make the lettings process a lot more transparent and fair. In the old days, the dastardly landlord (often twiddling their villainous moustache) would snatch your money into their top pocket like one may expect a baddy to in an old black and white film.

Authorised by the government (imagine the government dressed all in white; lots of linen and open-toed sandals), these Tenancy Deposit Schemes are designed to secure a tenant’s deposit, and only allowing deductions to be made at the end of a tenancy based on reason and impartiality.

But how do they work I hear you cry in a desperate chorus of wonton despair. Okay, okay, I’ll look at them in more detail on the information pages.

Random: Thoughts on builders

From my experience, builders are like prostitutes. They love you for the first 45 minutes but for the last 15 minutes they are already thinking about their next client.

Comment- How to slow down rising house prices

House prices in London are out of control. So much so that even the IMF have voiced their concerns, stating that this together with low productivity may have a substantial impact on the UK economy.

So what's the answer?

Maybe the more pertinent question is, so what's the cause?

The answer I believe is twofold. Firstly, many claim that foreign investors are hiking up prices by there desire to share in the boom of property ownership in London. Central London appears to be the location of choice for any self respecting overseas investor and this causes a ripple effect pushing up prices from the centre outwards.

The second reason may stem from the Government's 'Right to Buy Scheme', which allows first time buyers the opportunity to buy property with a much lower deposit than was previously required.

Okay, so what is the solution?

In regard to the foreign investors, I believe that there is a simple solution. Simply tax those purchasers whose residency lies outside the Britain. This would deter these investors, and any money raised by the scheme could be put straight into the building of affordable housing on brownfield sites in London.

The Right to Buy Scheme, although admirable in its intentions has failed. I would scrap it within London. 

In truth, something needs to be done to prevent the London housing market from overboiling again. And ultimately, whether you like it or loathe it, London must be treated as an entity in its own right- the sooner those in a position of power realise this the better!

Importance of a network

Okay, the older I get the more I realise that talent and drive is often not enough to succeed. This affirmation stems from the fact that recently our small company has lost a rather large contract due to a spat with an employee (freelance)- oh yeah, and this employee just happens to be married to a very senior director of the other company!

It's crazy, but only goes to prove something I have always been aware of, but never been certain of, basically that contacts are everything. I still rather optimistically hold on to the belief that if you are exceptional you still have a chance of success, however someone who is just 'good' will always be overlooked in favour of someone who is merely 'average' but has lots of contacts in their chosen field of work.

Sad really, and somewhat perpetuates the status quo ensuring that those with power, remain in power. I say this from a rather privileged background myself, so I am not looking for sympathy. Far from it, I am fine, but it just saddens me that those less fortunate than myself are being barred by this 'old boys network' that exists in every stratum of society.

It sucks!

A Will to Succeed!

It's been a while.

A baby, a new flat, a few more grey hairs to my temple and last but not least, a renewed vigour to do something.

Not sure exactly what yet, but needless to say that whatever it may be, it will be spectacular!

Party Wall Act

Being personally caught up in a party wall act procedure, I can quite frankly say that it is a load of bunkem! Basically, it appears that our neighbours cannot actually stop our works, instead they can delay things and ensure that our costs go upwards. Surely these things can be included in the building regs, but oh no, that would too straightforward wouldn't it. Instead, lets complicate matters and add to the everyones expense.

And what can we do? Bugger all by all accounts, just take it and smile.

News

According to a study by the Resolution Foundation, families on a lower income cannot afford to privately rent a modest home in a third of the country.

The report states that a combination of low interest rates and an increase in demand for private accommodation has also meant that rents are now more expensive than mortgage repayments in 45% of the country.

More on this can be found at: http://www.publicfinance.co.uk/news/2013/07/renting-unaffordable-for-many-families-think-tank-warns/