rental

Oct. 31 (UPI) — An upscale London real estate firm has apologized for failing to apply for local authority approval for Chancellor Rachel Reeves to rent out her familiy home in South London after offering to take care of it.

Gareth Martin, owner of Harvey & Wheeler, based in South London’s exclusive Dulwich Village, said Thursday that the firm’s then-property manager had promised to obtain the $1,250 “selective” permit required from Southwark Council, but the application was never submitted.

“We deeply regret the issue caused to our clients as they would have been under the impression that a license had been applied for,” said Martin.

Martin said the manager unexpectedly quit the firm just days before the house was leased and nobody else in the office picked up on the fact the application to register the property as a rental remained outstanding.

He stressed the firm did not normally deal with the permits as compliance with housing codes was the responsibility of homeowners but the offer was made in this case in order to be helpful.

The mix-up led to Reeves having to issue a written apology to Prime Minister Keir Starmer amid calls from opposition lawmakers for her to be investigated or fired over the infringement for which the borough could impose an unlimited fine on Reeves or Harvey & Wheeler.

Southwark Council said it would not be taking action against either party, explaining that it usually sent a notice to landlords reminding them they are required to apply for a change of use and that it only resorted to prosecution as a last resort.

However, Reeves was still facing questions over the issue Friday because in her apology letter to Starmer she said had not been aware a permit was necessary.

Hours later, she was forced to issue a clarification, writing in a second letter to Starmer, that Harvey & Wheeler had informed her husband a license would be required, but that they would deal with the application. Reeves said she took full responsibility for the oversight.

Starmer has staunchly backed Reeves, saying Sir Laurie Magnus, his independent adviser on ethics, had ruled that it was an inadvertent oversight and that she had not broken the ministerial code.

Presented with the emails between Harvey & Wheeler and Reeves’ husband when consulted for a second time late Thursday, Magnus’ advice remained that he found “no evidence of bad faith.”

Magnus was appointed to the role by the previous Conservative administration of Prime Minister Rishi Sunak.

Starmer offered only a mild rebuke of Reeves, who is set to deliver a watershed budget for the government in less than a month, in which she will lay out how she plans to plug a fiscal hole of as much as $40 billion and boost lackluster economic growth.

“Clearly it would have been better if you and your husband had conducted a full trawl through all email correspondence with the estate agency before writing to me yesterday,” he wrote, but said he accepted it was a mistake and that no further action was necessary.

However, Reeves’ defense that she did not know she needed to get a permit has also come under scrutiny because in recent days she posted on social media praising the regulations and saying they should be adopted more widely.

In a series of posts on X on Oct. 20, she hailed a city hall decision in the district in northern England she represents to extend the licensing scheme for private landlords to more areas.

“I welcome Leeds City Council’s decision to expand their selective landlord licencing policy to include the Armley area. While many private landlords operate in the right way, we know that lots of private tenants in Armley face problems with poorly maintained housing,” she wrote.

Opposition Conservative Party Leader Kemi Badenoch said Labour had been mired in a series of scandals but there should now be a formal investigation by the ethics adviser, saying she would accept the outcome whatever was conclude

“She is the Chancellor,” she told the House of Commons on Thursday.

“This is an offense that she is supposed to have committed as Chancellor, a criminal offense, and maybe it is the letting agent’s fault. But isn’t it funny with Labour, it’s always somebody else’s fault. Always. It’s never their own fault,” said Badenoch.

Reeves put the family home on the market for $4,265 a month in July 2024 after becoming Chancellor of the Exchequer when Labour won a landlside general election victory.

The position comes with a residence in Downing Street, at no. 11, next to the prime minister’s.

At one point, I owned seven rental properties. Today, I’m down to just one (and I’m getting ready to sell it soon).

No more tenants, no more maintenance calls, and no more juggling spreadsheets and 5,000 receipts at tax time… I’m moving all my money into one low-cost index fund strategy that’s easier to manage and way less stressful.

I’m not saying real estate isn’t a good wealth-building tool. It’s worked out well for me.

But I learned (the hard way) that passive income isn’t always passive. Here’s the backstory and my plans moving forward.

What drew me to real estate in the first place

Fresh out of high school, I was eager to build a real estate empire.

My original plan was to buy 10 solid rental properties, each cash flowing around $1,000 per month. That would give me a cool $10,000 per month in income — enough to retire early and live life on my terms.

And honestly, as vague as that plan was, it made a lot of sense at the time.

I worked hard to save up down payments, slowly bought properties, and actually enjoyed the process (mostly).

Not every property I bought was a slam dunk. But I definitely found and experienced many of the benefits I was chasing. I built equity, earned decent cashflow, and took advantage of real estate tax perks.

But eventually, the cracks started to show.

The downside nobody warns you about

If you’ve ever owned rentals, you know: the spreadsheets don’t tell the full ownership story.

They don’t show leaks under the kitchen sink. Or the three-month turnover delay because your contractors ghosted you. Or the multiple tenants who stopped paying right after moving in.

Some properties ran fine for many years. Then in a single 12-month period all of the profits would get wiped out by a perfect storm of emergencies.

True story — I had this one rental that was amazing for three years straight. I always got paid on time, and never heard a peep from the tenant… Then one day out of the blue I got a phone call from a lawyer. Turns out my tenant was a “lady of the night,” using my apartment as a place of business for illegal services.

Property managers helped me manage everything. But they are costly. And at the end of the day, the responsibility always falls on the owner.

With each place I bought, my stress grew. Even when things were going well, there was always a low-grade sense of stress in the background.

My new strategy: Index funds

I made it up to seven rentals, then I decided maybe I was climbing a ladder I didn’t want to be at the top of.

So I’ve been slowly exiting real estate ever since — selling one place at a time. I began with the trouble-maker properties first, keeping the higher performers longer. And now I’m down to just one single property left.

In my early 30s, I stumbled into index investing. It was something I hadn’t taken seriously before. I’d always known what index funds were (wide market exposure, low fees, blah blah blah). But I didn’t realize how freeing they could feel until I actually tried it.

I’ve now moved most of my money into a total stock market index fund. And it’s been one of the best financial decisions I’ve made.

I use Fidelity as my main broker. And I’ve been with them for over a decade now. Between my personal accounts, retirement funds, and custodial accounts for my kid and nephews, I’ve got 11 accounts with Fidelity… and I pay $0 in fees. Read my full gushing review of Fidelity here, all about why I’m a big fan.

Passive income that’s actually passive

I now keep most of my investments in total market index funds like FZROX (Fidelity ZERO Total Market Index Fund) and VTI (Vanguard Total Stock Market ETF).

These funds own thousands of companies across nearly every sector. I don’t pick individual stocks or worry about trying to outperform. Average returns are fine with me.

And the best part is, I don’t have to manage anything. It’s truly passive.

Here’s why I’m a big believer in index funds:

• Built in diversification — I’m invested across all industries, and own pieces of all the big and small publicly traded companies out there.
• Liquidity when I need it — I can sell just a small slice of my index funds at any time, unlike real estate where I’d have to offload an entire property just to access cash.
• Low fees — FZROX literally has a 0.00% expense ratio, so I love that fund. But most index funds have a tiny expense ratio compared to managed funds. Also most brokers have no trade fees when you buy or sell.
• Hands-off — The only thing I have to do is not mess with it.
• Strong historical returns — Large index funds like the S&P 500 have averaged ~10% annually over their long history.
• Mental clarity — I don’t get wrapped up in the headlines or have to think about my investments daily.

Even during the COVID-19 pandemic when my index funds were down 30%-40%, I was actually stressing about my rental properties more than I was about the stock market.

Thankfully, both rebounded after 2020. But that experience reinforced something big:

I’d rather hold an asset that can drop 40% without me having to lift a finger, than one that drops 10% and demands all my attention (or seven that demand attention).

Onwards and upwards

Seven rentals taught me a lot. But once I shifted my mindset away from “owning stuff” and toward growing wealth simply, index funds just made more sense.

I’ve reclaimed my time, simplified my financial life, and stopped managing my investments — and finally started enjoying what they’re doing for me.

It’s not too late to switch strategies, simplify your approach, or start fresh. Index funds are a great place to begin.

Check out our favorite online brokers and trading platforms for index investing (and more) — with low fees, no account minimums, and no stress.

After living in her two-bedroom apartment in Los Feliz for more than a decade, Debra Weiss encountered a problem experienced by many renters in Los Angeles: She was evicted.

“I moved into the apartment in 2014, and four years later, my landlord sold it to a wealthy family who bought it at a loss,” said Weiss, 69, who works as a textile artist. “They knew they couldn’t evict us due to rent control.”

In this series, we spotlight L.A. rentals with style. From perfect gallery walls to temporary decor hacks, these renters get creative, even in small spaces. And Angelenos need the inspiration: Most are renters.

When the landlords put the three-unit complex on the market in 2022, however, they offered Weiss $50,000 to move out — far more than the amount required by law — to make the building easier for them to sell. She declined, concerned it would affect her Social Security benefits, as there is a limit to how much one can earn and still receive full benefits.

Then, last February, the three tenants received eviction notices under the Ellis Act, which allows landlords to evict renters from rent-controlled apartments if the building is being torn down or removed from the rental market. It’s currently for sale for $3.2 million.

As a senior, Weiss was entitled to a full year’s notice because she had lived in her unit for more than a year. Still, she knew she would eventually have to move out of the comfortable 1,200-square-foot duplex, for which she paid $2,670 a month in rent.

Artist Debra Weiss stands in her dining room where she often works as a fiber artist.

When she began looking for another apartment in the area, Weiss quickly learned that she could no longer afford to live in Los Feliz. “The apartments were so much more expensive than what I was used to paying, and they had no parking or a washer and dryer,” she said. (Weiss was paid $24,650 in relocation assistance, which was taxed, due to her age and the length of time she lived in her Los Feliz apartment.)

She also visited some small studios and considered purchasing a TIC, or Tenancy in Common, where buyers purchase a share in a corporation that owns a building. However, to secure a loan, she’d need someone to co-sign. “Even though they are cute, they are tiny and not necessarily in the best neighborhoods,” she said. Another option, a Craftsman apartment near USC, wasn’t in a good walking neighborhood, something that was important to Weiss. It was also dark and hundreds of dollars more a month than her previous apartment. “I’m almost 70 years old and I need light to work,” she added.

Handknitted sculptures, embroidered weavings and a tufted rug adorn the guest room.

When her son-in-law spotted a charming two-bedroom apartment near the Los Angeles County Museum of Art for $2,950 a month on Zillow, Weiss decided to check it out.

“My initial reaction was, ‘I want this,’ ” Weiss said of the fourplex.

The rental had high ceilings, oak floors, ample sunlight, an appealing fireplace, a garage and a washer and dryer. A newly redone modern kitchen felt out of character for the 1930s building, but that didn’t bother Weiss. “The kitchen is a blank canvas,” she said of the all-white cabinets and countertops. “The white background makes all of my stuff stand out,” including ceramics by Mt. Washington Pottery and Altadena artist Linda Hsiao.

Weiss knits a sweater for her granddaughter with yarn she purchased in Japan.

Concerned that the landlord wouldn’t want to rent to her because of her age, she was pleasantly surprised when she got the apartment. “The light is amazing,” Weiss said. “I was initially worried about some of the modern touches like the overhead lighting, but it floods the room with bright light that allows me to work at night.”

Nearly a year after moving in, Weiss has filled the apartment with her stitched collages, quilts and the artworks of others, many of which she described as “trades.” “I like color and pattern and objects,” she said as she pointed out some Japanese ceramics on her buffet and a dress that she crocheted with scraps of fabric, yarn and metal.

In the guest room, a wall hanging composed of three separate weavings in a gingham check pattern is embroidered with a series of characters she based on her 5-year-old granddaughter’s drawings. “It’s about people coming together in chaos and supporting each other,” Weiss said. “I like the pattern; it reminds me of eating together on picnic tables.”

“I like objects,” Weiss said of the many treasures and collections of things that are featured throughout her rental.

On the opposite wall of the guest room above her sewing machine, a series of metal sculptures she knitted with copper and silver hangs alongside cloth dolls and purses. In the corner, a cowl made of macrame, textiles and yarn adorns a mannequin. There’s also a colorful latch hook rug that she made with acrylic yarn that looks more like artwork than a functional accessory.

In her bedroom, a coverlet that Weiss assembled from vintage quilts adorns the bed.

The long hallway ends at the laundry room and is lined with her colorful quilts, some of which are mounted on Homasote board, along with weavings and stitched works, which, like her cooking, are improvisational.

“I work without planning and respond to the materials and see what it becomes,” she said. “I start knitting and see where it goes. I get excited about the material, and then I go for it. “

The hallway in Weiss’s apartment is lined with her artworks.

Much of the wood furniture in her apartment was made by her father, who died 13 years ago.

“I’ve had this since my kids were little, and you can see all the markings,” she said of the hutch in the corner of her dining room. “My dad made it 40 years ago for the Van Nuys house I grew up in.”

It is here, at the dining room table that her father made, that she works, hosts workshops and teaches lessons in fiber art, collage and stitching. Later this year, she hopes to host a sale of her work at a holiday open house in her apartment.

Weiss is an expert in mixing texture, pattern and color in her Mid-Wilshire apartment.

The mixing of colorful Persian rugs, textiles, natural materials, chunky wood pieces and intricately knitted metal sculptures creates a warm balance throughout her apartment.

Bursting with color and pattern, the rooms offer a sense of calm that Weiss appreciates as a woman who raised three daughters alone and has had to pivot during major life changes. Over the years, she has run a clothing company, Rebe, which closed in 2019 due to economic uncertainty, declared bankruptcy and sold her Woodland Hills house. Most recently, she was forced to weather the eviction process.

“I’ve always been an entrepreneur,” said Weiss, who works six to eight hours a day at home and sells her artwork and sewing patterns on her Specks and Keepings website and at L.A. Homefarm in Glassell Park. “I’ll always figure out a way to make money by selling the things that I make.”

Even though the process of having to move was stressful, Weiss is happy with her new home and neighborhood. “I take the Metro bus everywhere and hardly ever drive,” she said. “I go to the Hollywood Farmer’s Market on Sundays. Kaiser is nearby and I can walk to LACMA. Everything worked out perfectly.”

Weiss pulls out a drawer of her flat files cabinet filled with her artwork.

If you’re looking for a staycation idea, we’ve found a charming two-bedroom apartment near Whitby in North Yorkshire with loads of five star reviews and availability in summer

British breaks are always a popular type of holiday, and if you’re considering visiting the Yorkshire coast on your UK staycation this summer, we’ve found a beautiful two-person holiday apartment available to rent that comes highly recommended by previous guests.

Brambles Apartment, available to book via Sykes Cottages, is a cosy and comfy first-floor holiday rental in Sneatonthorpe near Ruswarp in the North York Moors National Park, around 10 minutes from the popular seaside town of Whitby. With light and airy ‘country chic’ decor, it features an open-plan kitchen and living space, a smart TV and a small shared garden, with one previous guest calling it “a great base for exploring Whitby and the surrounding area”.

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In fact, Brambles Apartment only has five star reviews on the Sykes website, with visitors praising the hosts, the high standard of the property, and the “excellent views”:

“First class apartment, clean, comfortable lovely views from the windows and in a peaceful location,” one of the reviews is titled. “A very enjoyable week, would definitely recommend Brambles apartment,” the writer adds.

“Lovely stay in a great and comfortable apartment with beautiful views,” another guest agrees.

“So cosy, peaceful, clean and comfy, and a great base for exploring Whitby and the surrounding area,” a third review reads. “One of the nicest we’ve stayed in, and we would not hesitate to book again next time we visit! A definite recommend!”

The description on the Sykes website explains that Whitby Abbey, Whitby Harbour and the Captain Cook Memorial Museum are all within easy reach, as are Whitby Beach and Robin’s Hood Bay Beach, as well as the picturesque North York Moors National Park.

If you’re tempted, you’ll be happy to hear that Brambles Apartment still has lots of availability over the coming months, including during the school holidays. According to the Sykes website, a seven-night stay from 18-25 July costs from £677 (down from £981), while a long weekend in August, from 15-18, also costs from £677, down from £1,114).

It’s worth noting that Brambles Apartment doesn’t accept pets, so if you’re looking for somewhere to stay with a dog, you might want to check out other nearby Sykes Cottages properties such as Lythe Cottage or Jet Cottage.

Holiday Cottages is another site to browse for inspiration, which features charming Whitby properties including Sandy Shores, Lavender House and Dean Cottage.

And if you fancy something a little different, how about staying in Whitby Lighthouse? Guests can book one of two rental properties in the lighthouse – Galatea and Vanguard – through Rural Retreats.

Alternatively if, like Coleen Rooney and her family, you enjoy a caravan holiday, Parkdean has resorts across the UK, including Carmarthen, Lincolnshire and Northumberland.

Don’t want to drive to your holiday hotspot this summer? Find the cheapest train tickets through Trainline, where customers can save 61% on average when they book them in advance.