Landlords set for buy-to-let revolution as new scheme launched

 HomeLet IPEX

March 2007 

A new market will open up at the Stock Exchange on Thursday 22nd March with the launch of HomeLet IPEX, the first national scheme allowing buy-to-let properties to be bought and sold with the tenants in place.

Some transactions of this type take place currently, but this is the first formalised and country-wide scheme. It means that landlords and potential landlords have less work and less risk - before they buy a property they are already aware of what potential profits they can make, and they do not have to spend any time getting the property valued for rental income or searching for tenants.

"HomeLet IPEX makes things so much simpler and easier that it has the potential to transform the buy-to-let market," said Robert Jordan, National President of the Association of Residential Lettings Agents.

"HomeLet IPEX aims to take all the hassle away from all three parties - the buyer, the seller and the tenant - and also helps make potential future profits clear."

The scheme also allows Lettings Agents to be involved in the sales process for the first time, and allows them to have a relationship with the incoming landlord. HomeLet IPEX will be launched at the Stock Exchange at 8.30am on Thursday 22nd March.

HomeLet IPEX is a trading name of Hanover Park Services PLC, a member of the Erinaceous Group PLC. Erinaceous Insurance Services Limited.

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Erinaceous Group

Erinaceous provides a one-stop-shop for a broad range of services related to the management, maintenance, procurement, design, construction and insurance of property.

Providing innovative services and solutions to both the private and public sectors for residential and commercial property, Erinaceous aim to be the provider of choice.

With strong customer focus, commitment to service and innovation, we work in partnership with a diverse range of clients, adding value and implementing total property solutions.

Information Regarding Letsure:

Brian Turney has left Lumley Letsure

Brian Turney the former managing director of Letsure has now left the company following the acquisition of the Lumley Holdings Group by Erinaceous Insurance Services who also own competitor Homelet. Brian Turney was the managing director for a number of years and has been involved with the selling of insurance and tenant assessment products for nearly 20 years in the UK.

June 2007

Erinaceous Insurance Services acquire Lumley Letsure   

Andy Halstead the Managing Director of Erinaceous Insurance Services Ltd has announced on the 8th March the acquisition of Lumley Letsure. Lumley Letsure are one of the main competitors of Erinaceous's company Homelet. Andy Halstead says " This acquisition provides us with an excellent opportunity to combine experience and deliver a wider range of leading edge solutions that will enhance the value of the letting agents business and delight their customers. In the short term there will be no change to the HomeLet range of products and services and we will contine with business as usual".

In the early 1990's Thomas Winter Insurance Brokers of Marlow arranged a new product for Landlords - Homesure (see leaflet below). It was later to become re-branded as Letsure  under Winter Richmunnd Ltd.  Then  along came a new competitor Homelet.  Homelet and Endsleigh are the major companies involved in the UK rental property insurance market

.Left : Homesure leaflet from January 1991 March 2007

Letsure has a new Glasgow offices

Letting insurance specialist Letsure has moved its Glasgow operation into new offices to enable it to cater for a growing demand for its Tenant Assessment Service (TAS). The company has seen a 26% growth in the TAS business over the past year

Letsure has recently introduced a number of new features to the Tenant Assessment service including a significantly improved range of personal history information such as confirming that a tenant living at the address provided on the application form. A newly calibrated risk score has also been developed a more informed decision to be made on accepting or declining rental. December 2005

HomeLet Property rental insurance that is part of Hanover Park Commercial has launched a new product for owners of more than 2 rental properties. It has been designed for the expanding Buy-to-let market. It is called Homelet Landlords Portfolio Insurance and the company claims the property owner can save up to 45% on their buildings insurance. Keshav Thukaram HomeLet's Marketing Director says that the company is the first in the market place to provide an online quoting facility and quotes over the phone with this multi property product. There will be no restictions on properties unoccupied for up to 90 days and the property owner will be able to add or remove properties covered by the policy mid term. July 2006

See also HomeLet (Group) Press Information:

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