March, 2010
Ambulance chasers target tourists travelling abroad
We are probably all familiar with “no win no fee” adverts placed by lawyers keen to help us win a fortune if we have an accident. They usually mention injuries at work or on the road but they are now chasing holiday accidents as well. Their campaigns are bound to intensify as the holiday season gets under way but anyone with travel insurance may be better off using the legal expenses section of their policy to claim compensation. People tend to be unaware of this important protection; it covers you for your lawyer’s costs if you are injured abroad because of someone’s negligence.
Specialist lawyers should be used to handle these cases because it is often necessary to bring the claim in the country where the accident occurred. If you have to claim abroad, different rules may apply; including rules about the level of compensation that could be awarded. If you travelled on a package holiday you may be able to bring the claim in the UK against the tour operator which means that compensation would be calculated on a UK basis. On a package holiday the tour operator is normally responsible for all the elements of the package, even including some excursions.
If you have an accident abroad try to obtain as much evidence as possible as early as possible and make sure it is reported to the authorities. Check your travel insurance policy to see what cover there is and do not delay reporting a claim.
Potential landlords watching monthly price reports
Buy to let investors have mixed feelings about the monthly house price data published by the major lenders. A would be landlord sitting on a pile of cash will be keen to see an oversupply of houses on the market, especially if he or she thinks rents are holding up. On the other hand a landlord who bought at the wrong time, is in negative equity with rentals barely covering the mortgage payments will be keeping fingers crossed for price rises.
The February figures were weak-Nationwide and Halifax both say prices fell slightly. There are more homes on the market and not enough buyers and the forecasters are being very cautious. The ITEM Club, run by Ernst and Young says that prices will drop 1.4pc this year but should recover a little next year. The National Institute for Economic and Social Research reckons prices will fall 1pc in 2010 but should rise by just over 3pc next year. This contrasts sharply with the 6pc rise in prices we saw in 2009.
Halifax sums it up by saying that last year we had a combination of low interest rates, a supply of cash rich buyers and relatively few properties on the market. Most of the published data relate to the market as a whole. Property investors, whether they are accidental landlords or professionals really need figures that focus on the buy to let sector. Does anyone have any good sources of information to recommend?
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New rules on insulation for landlords
Landlords are becoming concerned about government proposals to ban them from placing uninsulated houses on the rental market. If the plans go ahead the new rules could come into effect in 2015. This is part of the new Housing Energy Management Strategy which aims to show how carbon usage will be cut.
The government says that social housing is more energy efficient than the private rented sector. The problem for private landlords is that social housing tends to be newer, whereas private landlords often buy older houses. It can be very difficult to make significant improvements to older homes, especially if they have large single glazed windows. If the property is listed it may not be possible to make all the changes one would like to bring it up to a high standard. Another proposal is to require landlords to show the Energy Performance Certificate on advertisements for rentals.
It looks as though landlords need to prepare themselves and maybe plan for some work to be done. Yet another thing to take into account when juggling the expense of running a rental property against the yield.
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Compulsory Travel Medical Insurance for Non-EU Visitors
The Government is thinking about making it compulsory for non-EU visitors to the UK to have travel insurance to meet their medical expenses. The NHS reckons that it writes off £5m every year in uncollected charges owed by visitors, although it is not clear how carefully the abuse is currently being monitored.
One foreign businessman was given treatment costing £55,000 after he falsely claimed to be a UK resident. A lady who arrived in the late stages of pregnancy left owing £5,000.
The proposal is that visitors will have to present proof of health insurance to pass through immigration. For residents of the EU, Switzerland, Norway, Iceland and Liechtenstein this will not be a problem because they are entitled to free care in the UK in the same way as UK residents may be treated free in EU countries. However it may present problems for others and some commentators have expressed concerns about the impact on tourism.
It is not clear how it will work in practice, will visitors have to buy their travel insurance before they leave their home country or will there be travel insurance sales booths in the arrivals area? Travel insurance normally only covers emergency medical treatment rather then longer term care so presumably visitors would be repatriated once they are stable.
When you travel overseas it is best to protect yourself against emergency medical treatment with travel insurance. If you travel more than twice a year is is often cheaper of buy annual travel insurance rather then single trip travel insurance each time you travel.
Reckless skiers may not be rescued
Rescue services in the Italian Alps are criticising skiers and mountaineers who ignore advice and get themselves into trouble after reckless behaviour. They not only endanger themselves; on Boxing Day four rescuers were killed trying to save people trapped in an avalanche. The head of public safety at the time, Guido Bertoloso said : “I’ve had enough of rescue workers losing their lives because people want to go on excursions without heeding warnings”. His agency has proposed stiff penalties for reckless skiers including fines of up to £4,500 and even jail sentences.
More than 20 people have lost their lives in accidents in the Italian Alps this season. Recently, a rescue team found the two bodies of two climbers in an avalanche. They had taken no notice of safety warnings.
It is already a criminal offence to cause an avalanche and legal action can be taken against skiers and snowboarders recklessly injuring others. The new development is the suggestion that rescuers might not be prepared to risk their own lives to save people who had only themselves to blame.
It is essential that your travel insurance covers all the skiing, snowboarding and winter sports activities you will be undertaking. Check carefully for restrictions and contact your travel insurer if you are unsure.
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First time buyers beat stamp duty change
In December 2009 the number of loans to first time buyers were at a two year high, according to the Council of Mortgage Lenders. People were buying properties in the price range £125,000 to £175,000 before the stamp duty concession expired. There were 24,900 loans to first time buyers, the highest number since November 2007. The value of these mortgages was £2.9 billion.
From January 2010 stamp duty is charged on houses sold for more than £125,000-the lowest band is 1%.
It remains to be seen how the market will develop in 2010, both for property buyers and tenants. According to the Association of Residential Letting Agents the surplus of rental property is reducing, while demand is rising. At least, that is the picture painted by a survey they did at the end of 2009. This research may be good news for buy to let landlords. It shows that in the final quarter of 2009 an average of 41% of agents surveyed said they had more tenants than properties to rent, up from 24% in the previous quarter.
Surveys and statistics usually measure what was happening a while ago. Does anyone have news of the market for buy to let properties in their own areas?
If you have buy to let property, then let click4quote quote for your buy to let insurance. Our landlord insurance is available online to quote and buy – plus we currently have a hot offer – we’ll beat any like for like quote! If you are not a landlord and have just purchased your first property remember to protect yourself with home insurance, it may seem like just another expense at a time when you are probably looking to buy your first sofa or television however insurance offers valuable protection for when things go wrong.