Tenants now renting for longer due to high mortgage deposits

Tenants are now renting for longer because of Mortgage deposits being so high and because of the rise of unemployment people are struggling to save money.

The ARLA (Association of residential letting agents) have recorded that tenants spend an average of 19.3 months in their rented homes – this has increased by 20% from 2009.

Landlords should keep all landlord insurance policies and other insurance they may have for their homes up to date. They should also keep up with property maintainance like carpets, curtains and any other fixtures and fittings.

It is advisable to have an inventory agreement between the landlord and tenant so there is an agreement in place to keep the property maintained.

The ARLA (Association of residential letting agents) are a professional self-regulating body who understands the requirements of the residential lettings market and give advice to landlords and tenants. You can become an ARLA member on their website (www.arla.co.uk), also on their website you can see all information on what tenants and landlords can do to work together to maintain a good relationship throughout the tenancy.

ARLA offering and insight into the buy-to-let property market.

The ARLA have offered an insight into the current buy-to-let property market.

Ian Potter, operations manager at the ARLA (association of residential letting agents) has offered property owners and landlords information on this sector.

One of the necessities is to invest in a rent guarantee insurance policy as landlords were advised that it is difficult to see where rental prices will go in the future.

Mr Potter spoke about the recent rise in the rental property market, blaming a lack of social housing, he said: “It is because there is a shortage of social housing, there are a lot of people who don’t have the confidence to buy and there are a lot of people who can’t afford to buy”.

 

 

Source- Stride.co.uk

Landlords with buy-to-let insurance, check the rules before renting out!

Landlords who have taken out a buy-to-let insurance policy are being reminded by the ARLA (The association of residential letting agents) about the changed to the categorisation and regulation of homes in the rental sector.

The ARLA have pointed out that the legislation means that landlords will have to obtain planning permission to make changed to the properties where there are between three to six tenants who are unrelated and share facilities such as bathrooms and kitchens.

The law used to state that planning permission was needed for six or more unrelated tenants.

Ian Potter, operations manager at ARLA, said: “It is … important for any landlord considering changing the use of a property to fully research the regulations in their area.”

Mr Potter said the rules may be different in each local authority, so if you have a number of properties make sure you check before you rent your property out.

If you fail to abide to these rules be expected to receive a “hefty fine”.
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A warning to landlords over new rental rules!

The association of residential letting agents

The Association of residential lettings agents (ARLA) have warned landlords who rent out their properties to students or large groups not to get caught out by new rules.

Homes in multiple occupation (HMO) is where there are groups of unrelated people living in one property and sharing amenities. The ARLA has said that many local authorities want to change the rules that surround these type of homes.

Up until last year, a HMO licence had to be applied for by landlords if their property had six or more unrelated tenants with shared amenities over three levels. Article 4, as it is known, now covers any home with three to six tenants who share facilities such as bathrooms, kitchens and more.

If any landlord is found to be renting out their property as a HMO they risk getting a big fine!

The new rules are optional but areas with larger student communities or city centres will more than likely have the rules enforced, the ARLA have said.

ARLA are advising landlords to check with their local authority before changing their property to a HMO and increasing the number of people living in one house.

“HMO licensing and planning applications are not a new issue for landlords, but now there is the added complication of Article 4,” Ian Potter, Operations Manager at ARLA, said.

“There is no room for complacency – failure to comply could result in a hefty fine.

“It is therefore important for any landlord considering changing the use of a property to fully research the regulations in their area.

“For landlords with portfolios spanning more than one local authority area, this may mean different rules apply for each property. Factoring in the possible additional costs of purchasing the licence is also vital.”

We hope you found this information useful. Please remember to use CIA Insurance when you or your family and friends need motorcycle insurance, landlords insurance or commercial insurance.

Source- http://moneyfacts.co.uk