Barking and Dagenham is proving to be a popular area for investors because of the value on offer and the continued growth potential for house prices. A news story in October showed how important it is for landlords to be careful with their investments, especially when it comes to developing properties. If they fail to adhere to planning requirements or break the law, the penalties can be huge.
The story in question saw a landlord convert a five bedroom family home into seven studio flats. The work was done illegally, including adding an extension without permission. An enforcement notice was initially given in 2014 that demanded the property be returned to how it originally was within a six month period. Unfortunately the work was never done and officers for the local authority found the property in the same state.
Failure to adhere to the enforcement notice led to sentencing in March this year. The penalty is huge, including a £7,500 fine, £80,000 confiscation order, and an additional £14,376 to cover the court costs. The landlord has three months to pay the £100,000 plus bill. Failure to do so could be punished by a two year prison sentence.
A local councillor used the case to highlight the fact that Barking and Dagenham Council would take action against any landlord that does not consider the wellbeing of tenants. This is a clear message to existing landlords and prospective investors.
At Finefair we can assist anybody thinking of investing in a property or looking to adapt their existing assets. We have extensive knowledge and offer a selection of services, including guaranteed rent Barking and Dagenham investors can rely on. Our team will be on hand to offer assistance at all times, ensuring you have a clear strategy in mind and understand your responsibilities.
The housing situation in London is very demanding at the moment due to shortages and demands for improvements in standards. Fortunately we are confident we can help investors and deliver a tailored service that will help them to achieve their goals. If you would like to find out more, please contact us.