I thought that a reduction in interest rates was bound to happen last month and then, having heard some economists suggest that reducing interest rates might not do much for the economy, I thought they’d be on hold this month. Clearly I’m not very good at financial forecasts, as here we are now in August with a fall of 0.25%!
Issues with damp are among the most persistent headaches you’re likely to encounter as a landlord. It can damage both your property and your tenants’ belongings, can affect your tenants’ comfort, and can even harm their health.
When it comes to finding the perfect student property, it can be a more difficult task than you think! That’s even if your chosen university has a list of approved landlords and areas. And, it’s still tough if you’re going into your second year after spending the first year in halls and know where the best places to live are.
When tenant and landlord sign an assured shorthold tenancy (AST), it normally locks both parties into the agreement for a set period of time, whether that’s a year, two years or even longer. There may be a break clause that allows either party to get out of the contract at an agreed point, but otherwise the tenancy will run for the specified time.
Ask any police officer to single out their favourite piece of legislation from the past 20 years, and the Proceeds of Crime Act 2002 will come up more often than just about anything else.
A couple of years back, someone in Government hit upon a crafty idea. Why pay immigration officers when you can get landlords to do the job for free? Enter ‘right to rent’ checks.
When you decide to buy or rent a property, your first thought will likely be a house or a flat. But have you ever considered the idea of living in a houseboat? This is becoming an increasingly popular way to live, and it could be a great option for you.
The end of 2015 saw extreme weather conditions which caused unprecedented flooding across Great Britain.
Most tenancies these days are assured shorthold tenancies, which come with various rights and responsibilities for both the landlord and the tenant. Another form of agreement, however, is an assured tenancy. These are less common, and tend to have been entered into back in the 90s before assured shorthold tenancies were the norm.
If you’re thinking about becoming a buy-to-let (BTL) landlord, or have one property and feel expanding your investments and buying a second or third is right thing for you, then there are a few ways to ensure you’ve done your best to make a sound financial decision:
Research is the single most important element of beginning your life as a landlord. You must make sure the property you buy is the right type – house, apartment, private garden, etc. - and in the right area to attract the type of tenants you are willing to take on. Even if you have a sizeable budget you still need to be sensible to make the most of your investment.
For instance, if you think young professionals are the tenants you’d like to attract then you should be looking for a bright and easy-to-maintain property with good transport links and access to local hotpots. If you think a longer-term prospect with regards to tenants could be a family, then you’ll need plenty of space – indoor and outdoor – good access to local amenities and close to (good) schools.
Each of these and other individual requirements come with their own premium so you really need to crunch those numbers and work out what you can afford to buy and what rent you’ll be able to charge.
When it comes to location, even if you’re planning on using an agency to manage the property it’s always worth purchasing an investment home in an area you know well, or that’s pretty close by. If there’s ever a problem that you’re needed to help rectify you don’t want to have to travel for miles to do so.
If you need a little help with regions and what properties might work best where, then we’ve got a series of blogs that can help you out. From investment opportunities in Aberdeen, Hull, Norwich, Belfast, London and many more, then you can visit our Ezylet blog section for more information and advice on different locations from a landlord’s perspective.
Once you have decided on an area and possibly the type of property you are going to invest in, a phone call or visit to a letting agent you know manages properties in the area you’ve identified will likely prove a valuable exercise. Some firms can be more helpful than others and will give you a real idea of what sort of monthly rental payments you can expect to receive and also what type of rental properties are in demand or always tend to do well. They might also give you an estimate of how long you can expect a rental property to remain vacant - an important issue to consider when it comes to working out your budget.
You could also contact Ezylet to discuss advertising your BTL property. We are always happy to discuss your business and requirements and have the added benefit of reaching a wide audience of tenants looking for a new home.
When you speak with us or lettings agents you will quickly become aware that there are two basic services on offer. For a one-off fee you can usually advertise your rental property to the public – additional costs can cover finding a tenant, carrying out financial and reference checks and organising inventories and contracts.
The other deal typically available is a full management deal. While this does take most of the pressure and day-to-day admin and responding to queries off your shoulders, I will come at a cost. This is often calculated as a percentage of the monthly income plus the cost of any call-outs, regular admin fees for new contracts and also appliance and supply safety checks.
It’s best to treat any agreement you reach with a letting agent in a professional manner. Take the time to read through the details carefully and make list of any questions you have and anything you’re not happy with to discuss with them before you sign any documents. While this might feel as though you’re eating into time that could be spent advertising your new BTL property, it’s essential that you get the legal side of things just right to avoid any unexpected costs or problems in the future.
If you decide to go ahead and become a landlord, either through a letting agent or do everything yourself then you still need to be sure of your legal rights and many other things besides. Luckily there are a few good places to go for information:
Information contained in this article may have changed since it was first published. Ezylet strongly advises you to seek legal advice from a qualified professional.
When you are a landlord there are times that you will need to fix, maintain or improve those things that keep the house functioning.
The Brexit deadline is looming, and very soon Britain could leave the EU – or not. It all depends on how the next few days and weeks pan out. But whether we leave at the end of October or at a future date, landlords need to prepare for the changes that Brexit will bring. Here we look at some of the most important.
Landlords are gearing up for changes to energy efficiency laws for rented properties which should see their tenants’ utility bills cut.
After last week's budget, it seems private landlords are still in the firing line. Here's our round-up of some of the key points:
Among landlords specifically, more property purchases are being made without resort to mortgages than in any time in the last decade. Why are more landlords buying in cash, and what could this mean for the market?
As well as the new Stamp Duty Tax rules that came into force this month affecting Buy-to-Let (BTL) investors, property landlords are now facing further scrutiny from the Bank of England (BOE).
As most landlords know, the regulations regarding Smoke Alarms changed in October 2015.
If you’ve ever watched the popular TV programme Homes Under Hammer you’ll know where we’re coming from when we say auctions are a place of high tension, excitement and a great place to pick up a bargain – even when it comes to property.
Amid a tough investment and pensions backdrop in the UK, the option of becoming a Buy-to-Let investor continues to appeal to many. However, if you’re considering turning over a new leaf and entering the world of BTL investment in the new year, there are a few details you should know.