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Posts Tagged ‘rental scheme’

Rent Guaranteed | Traders claim Oxford Covered Market rent rises threaten its survival

Rent Guaranteed | Traders claim Oxford Covered Market rent rises threaten its survival

Being a property management company specialising in guaranteed rent that the biggest drawback of owning a rental property is void periods in between tenants. A buy-to-let property is no good as an investment if it isn’t making any money. This is why we offer a great guaranteed rent solution.

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TRADERS say Oxford’s Covered Market is facing the most critical battle in its 200-year history as it fights for survival.

Talks with Oxford City Council aimed at finding a compromise on rent rises have collapsed.

The issue will now be dealt with by an independent arbitrator.Rent Guaranteed

The council, which runs the market, is proposing putting up the majority of tenants’ rents, some by as much as 70 per cent.

It announced the increase last year and negotiations have been taking place since then.

But Vicki Alder, of Macsamillion shoe shop in the market, said: “The market is in jeopardy. If the council were to get this rent increase I could see a great number of people who will not be able to afford it.”

Chris Farren, head of the Covered Market Traders’ Association (CMTA) and owner of The Cake Shop, said the two parties were still “miles apart”.

He said: “We have reached an impasse.

“No-one can deny it’s difficult trading conditions and it’s silly to push for such a massive increase. We’re talking up to 70 per cent here. It’s unsustainable.

“If the city council is successful, then many of the shops will simply not survive.

“This is the most important moment in the market’s history. If the council achieves the rent it’s aiming for, the market will change dramatically.”

Mr Farren, who pays £33,000 a year for his unit and is facing a £5,000 increase, said the new rents were due to come into force at the end of last year, meaning traders could end up owing arrears.

Last year one in six businesses in the market, which dates back to 1774, said they were looking to sell up.

Stephen Reeves, a partner at Central Business Agency, which handles the sale of the market’s leases, said: “Since then there has not been any great change in the number of units available.”

Two groups of traders have been negotiating separately – one made up of just four traders and another, headed by the CMTA, which represents the other 42.Rent Guaranteed

The rents for both groups will now be decided by an arbitrator at the Royal Institute of Chartered Surveyors. Traders have now launched a petition – which gained more than 500 signatures in its first week – and a leafleting campaign to gather support.

Baron Robert Pouget, owner of the Oxford Cheese Company, said: “The city council has got a potential winner here, but it doesn’t appreciate the potential of what the market was and what it could be.”

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But city council leader Bob Price said he supported the market.

He said: “Clearly it is our aspiration to retain the Covered Market as a place where there are independent shops and a variety of different trades.

“The process for setting rents in the Covered Market is no different than for any commercial landlord.”

He added some of the retailers had already agreed their rent for the next five years with the council.

City council spokesman Louisa Dean said: “The council appointed a local chartered surveyor to advise on the rental values and there have been on-going negotiations between the council’s surveyor and the tenants’ appointed agents.

“Some of the reviews are going to arbitration and this is normal if a negotiated settlement cannot be reached.”

The petition can be found at ipetitions.com/petition/save-the-covered-market/
Stalls story

The creation of Oxford’s Covered Market was intended to rid the city’s streets of “untidy, messy and unsavoury stalls”.

Street markets in Fish Street, which is now St Aldate’s, and Butcher Row, which is now Queen Street, were stopped by the Oxford Mileways Act 1771, which also established a committee of six university and six city representatives to build a new market.

John Gwynn, the architect behind Magdalen Bridge, drew up the plans and designed the High Street front with its four entrances.

Originally the market was home almost exclusively to butchers, but expanded to sell the wide range of goods currently available.

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Landlords Rent Guarantee Insurance | Private Equity Gets Boost From U.K. Government

Landlords Rent Guarantee Insurance | Private Equity Gets Boost From U.K. Government

We seek properties all over England for our guaranteed rent scheme. All properties must be clean, in a good state of repair, fit for human habitation and safe. If they are not we may be able to help you anyway so it is worth giving us a call.

A U.K. government scheme to revive lending to home buyers and small businesses is producing some unexpected beneficiaries: private equity firms.

Real estate agency Countrywide, owned by Oaktree Capital, Apollo Global Management LLC and Alchemy Partners LLP, Wednesday announced a plan to return to the public markets, buoyed in part by looser mortgage lending from banks. The float plan comes a week after house builder Crest Nicholson listed its shares, letting majority holders Varde Investment Partners LP and Deutsche Bank AG cash out part of their stakes.Landlords Rent Guarantee Insurance

Buying shares in Countrywide or Crest Nicholson is a bet on a recovery in the U.K.’s stagnant housing market, where monthly mortgage approvals are running at about half their rate in the years before the 2008-09 financial crisis. A full-blown recovery appears unlikely in a no-growth economy, but investors have been cheered by a pick-up in mortgage lending to first-time buyers, a vital force in a healthy market.

The higher number of first-time buyers is in turn thanks in large part to the Funding for Lending program started last year by the government and Bank of England. The scheme gives banks cheap money to lend out to home buyers and small businesses, and has had the effect of bringing down mortgage rates and encouraging banks to raise the maximum percentage they will lend against a house’s value.

For Countrywide and Crest Nicholson, the program may have been the dash of fuel needed to ignite their returns to the public markets. Both companies were taken private in 2007, just before house prices started to fall. The U.K. financial system nearly collapsed the following year, leaving the country’s banks battered and unwilling to take risks.Landlords Rent Guarantee Insurance

Subsequent restructurings at Countrywide and Crest Nicholson to reduce their oversized, pre-crisis debt loads meant changes to the companies’ ownership, putting both under the control of distressed-debt funds. Varde and Deutsche Bank sold down some shares in Crest Nicholson last week, while Countrywide’s existing shareholders aren’t heading for the exit yet but rather are using the float to raise new funds and refinance expensive debt.

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Indeed, prospective Countrywide shareholders should take comfort that the current owners want to hold their investment for longer. A fixed cost base means there could be huge gains for the company if and when the housing market springs back to life. Crest Nicholson similarly offers investors upside, in the form of a large land bank with a good record of getting planning permission.

Countrywide Chief Executive Grenville Turner said the dormant housing market of the past few years has stored up a massive backlog of transactions that could be a boon for the company. Last year, around 700,000 houses changed hands in the U.K., down from an annual average of around 1.3 million houses between 1997 and 2007.

Stable unemployment figures are also underpinning expectations that the housing market has made it through the worst, after a 20% house-price fall since 2007. The jobless total fell by 14,000 between October and December, the Office for National Statistics said Wednesday, to 2.5 million. The number of people in work is up by 580,000 from a year ago, at 29.7 million.

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Rent Guarantee Insurance for Tenants | The Dragon is selling his Den!

Rent Guarantee Insurance for Tenants | The Dragon is selling his Den!

We seek properties all over England for our guaranteed rent scheme. All properties must be clean, in a good state of repair, fit for human habitation and safe. If they are not we may be able to help you anyway so it is worth giving us a call.

Rent Guarantee Insurance for Tenants

Peter Jones, the youngest of the Dragons on the popular Dragon’s Den, is saying ‘I’m out’ and selling his £3.25 million mansion. The six-bedroom family home is situated in Beaconsfield in what is known as the ‘golden triangle’ due to all of the luxurious homes in the area.Rent Guarantee Insurance for Tenants

Have a look around the den now!
Built in 2002, Mountbatten House comes complete with deluxe interiors including a ‘Belgravia’ hand painted kitchen, fully programmable mood lighting system in each room and a triple garage to house Peter’s fleet of cars. And because it’s a multi-millionaire’s pad, there has to be something a little bit special… an enormous ‘bathing chamber’ in the master bedroom – a totally pimped out bathroom to you and me!Rent Guarantee Insurance for Tenants

Rent Guarantee Insurance for Tenants

The telecoms entrepreneur, known for his straight-talking, is believed to have initially moved to the area to be closer to his business ‘Phones International’ so he could spend more time with his wife and five children.

Forty-four year old Peter has a property portfolio of an estimated £10 million including various investments in Spain and Portugal so while he may be ‘out’ of this Buckinghamshire beauty he’s sure to snap something else up soon.

Here’s what he could afford in the area:

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