Tag Archives: let property insurance

Amy Winehouse home now up for sale

May 31, 2012

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The beautiful home of the late Amy Winehouse is now up for sale, the 3 bedroom semi-detatched house can be yours for a cool £2,699,950.

The semi – detatched period villa is in Camden Square, London with Camden being one of the hottest boroughs to live in. In the area you will find artists, journalists and the creative types.

The nearest tube stations to the home are Camden Road, Kentish Town and Camden Town. You would be within walking distance to the famous Camden Market and London Zoo is just a bus ride away.

This home has been in the papers recently due to the last owner, Amy Winehouse. She was the most famous name in the area with Camden Town being her place to be seen.

 

Pictures of this fantastic home are from Right Move.

 

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Landlord Insurance – The best investment

May 25, 2012

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There are many different types of insurance covers out there, you must make sure you choose the right one.

You must look into what tenant type you have, the type of property you are insuring plus if you have any furnishings or fixtures and fittings that need cover.

CIA Insurance provide a vast range of insurance coverage, wither you are letting out to students or you need unoccupied coverage we will help you find your tailored policy.

You can call us for a quote on 0844 888 8575 or visit our website www.cia-insurance.co.uk and click GET A QUOTE.

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Burglary hotspots in the UK

May 18, 2012

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Justlandlords.co.uk have looked into the places in the UK that have had the most burglaries and have made and info graphic to show how high the rates are.

Number one on the list is Stoke Newington, London, with number of thefts per 1000 enquiries at 33.6.

Included on the list is West Bromwich (31.7), Bramley in Leeds (30.0) and Wheatley in Doncaster (27.3).

All information is based on home insurance claims, it just goes to show how important it is to have insurance for your possessions.

Click the picture for a larger image.

For Home Insurance information go to www.cia-insurance.co.uk

*Source – justlandlords.co.uk & Hip consultant

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Squatters now face prison sentence if found squatting in private property

May 14, 2012

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After much deliberation a new law regarding squatters rights will come into action within the next few months.

This new legislation, which ministers want to be actioned within two months, has received Royal assent in Parliament so this will now come under the legal aid, sentencing and punishment of offenders act.

Many court battles have been seen over the years with squatters, squatting at the moment is only a civil offence.

When the new law is actioned squatters can be faced with a prison sentence if found squatting.

Landlord Action founder Paul Shamplina said the decision “should prevent landlords and homeowners having to enter into lengthy and expensive legal battles”, but he urged property owners not to be complacent and to avoid void periods that may attract squatters wherever possible.*

 

*Source – Stride

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Tenants are being evicted so landlords gain a profit during the Olympics

May 8, 2012

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Some landlords with tenants in East London are evicting people to cash in on the Olympics. Other landlords are even raising rent prices for the duration of the games this summer.

These are illegal practices which housing charity Shelter fear will get worse in the run up to the games which start in July.

Landlords are giving people between one week to three weeks to move out of their properties and some private rentals are rising to £6,000 per week!

The NLA (National Landlords Association) are encouraging landlords to keep their loyal tenants as they may pay a price in the future with bad ones.

Here are some guidelines for landlords with property in East London who would like to rent during the Olympics from the NLA…

1)    Ensure the accommodation is properly furnished and includes beds, sheets, towels and appliances – a Wi-Fi connection will be an advantage

2)    Keep the property to a high standard, tenants visiting during the Olympics will expect good quality accommodation

3)    Check the terms and conditions if using a letting agency to find a tenant; typically, they charge a commission of up to 25%

4)    Use a letting agent that is registered with a professional body such as the UK Association of Letting Agents (UKALA) or the Association of Residential Lettings Agents (ARLA)

5)    Issue a contract for a Holiday Let or Licence. This can be downloaded from a reputable service that supplies such legal forms such as www.oyezforms.co.uk 

6)    Be aware that this type of tenancy contract does not fall within the legislation requiring a tenancy deposit to be protected in a government-authorized tenancy deposit protection scheme

7)    Take an inventory detailing the contents of the property

8)    Ensure that rent for the whole tenancy is obtained upfront

9)    Supply enough sets of keys for the number of people renting the property

10)    Provide information about the area, such as maps, an events calendar and transport advice.

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House prices take a slight fall but will still be rising in the next year

May 4, 2012

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House prices seem to be fluctuating widely at the moment, Halifax have commented.

The mortgage lender and bank have said there was a 2.4% drop in April, this may have something to do with the stamp duty deduction as sales dropped after rising with the deduction.

With the drop in April it took the average house price down to £159.883 which is slightly lower than last year by 0.5%.

Halifax have warned that house prices are still rising even with this small dip.

“Prices in the three months to April were 0.3% higher than in the previous quarter, marking the first rise in this measure for seven months,” The Halifax’s housing economist, Martin Ellis, has commented.

“The ending of the stamp duty holiday for first-time buyers in late March appears to have boosted home sales early this year as buyers strove to beat the deadline, and has probably contributed to the volatility in house prices in the last few months,” he added.*

Nationwide have given a slightly different percentage to Halifax, but as the different mortgage lenders use information from their own lending it isn’t surprising that they all have different numbers.

Nationwide have put the annual fall at 0.9%.

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Getting your property ready for letting

May 3, 2012

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Having potentially invested a fair sum in your buy to let property, you may be facing the prospect of additional spend to ensure:

  • that your property is ready to be let out and is in a condition which may hopefully allow you to maximise your rental income revenue;
  • that you have adequate insurance in place to protect your new asset.

Getting the property ready

Whether you are getting your property ready for letting out in summer or indeed at any other time of year, there are a number of tasks that you may need to undertake to ensure both the comfort and safety of your tenants and the safety and condition of your property.

There are regulations regarding the maintenance and servicing of appliances in the property and this may be particularly important for gas appliances like central heating boilers, water heaters, cookers and fires. As a landlord you may have to ensure that they are serviced by a qualified engineer at the start of each tenancy and at least annually thereafter.

If your property is furnished then any fabrics used for soft furnishings and upholstery may have to be certified as being fire retardant.

Everything in the property should be clean and in good working order. Spending some time in redecorating to freshen up paintwork etc, can make a big difference in the overall appearance of your property and is likely to be a plus factor for any tenant.

Regular external maintenance

With summer approaching and the demands on central heating boilers and heaters hopefully reducing, it may be the ideal time to plan for their maintenance and don’t forget to inspect all associated pipe runs.

Other tasks like ensuring that drains and gutters are clear and water free-flowing should ideally be carried out on a regular basis and particularly at the end of autumn when fallen leaves may be an issue.

Insurance considerations

When it comes to protecting your property with adequate insurance, getting a let property insurance quote or two may allow you the chance to compare what’s on offer before making a purchasing decision.

Bear in mind too though that unless you are very lucky there may be times when your property may be standing empty for extended periods of time.

Check your policy to find out at what stage you may need to purchase unoccupied property cover. Leave yourself some time to select the best unoccupied property insurance for your requirements because what may be best for another landlord may not be best for you.

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Property sales rose in March

May 1, 2012

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March 2012 saw a rise in property sales which HM Revenue And Customs have called a ‘typical spring bounce’.

February saw 63,000 sales and March sales rose to 74,000. This also shows that many buyers were taking advantage of the stamp duty deduction.

The stamp duty deduction may also be why mortgage lending rose in March, unfortunately the stamp duty is back in place so from now on many lenders and estate agents may see a drop in numbers.

Property sales and lending are still nowhere near what they were in March 2007 when the UK saw a property boom.*

 

*Source BBC News

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Buying landlords buildings insurance cover

April 27, 2012

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When it comes to landlords buildings insurance cover, getting the balance right between economy, as measured by the premium and the levels of cover, may require a few minutes of your time.

That’s because the price of a let property insurance premium may not give you any indication of the levels of cover that it provides.

Different policies may typically appeal to different types of landlord and you need to find the policy most appropriate for you.

Reading through the detail may be the only way that you can be sure that the policy provides the cover that you expect for your letting property.

You may find, for example, that:

  • if you have a number of buy to let properties, you may be able to find a single multi-property policy, which is something that might make your life a bit easier by reducing administration. It may also possibly provide you with a more cost-effective solution for your insurance needs;
  • some policies may also be able to provide you with a contribution towards your  loss of rental income, should your tenants have to vacate your property because it has been damaged by an event such as fire or flooding etc;
  • policies may vary in the extent to which they may be offer financial protection in situations where you are being sued by a member of the public for injuries or damages that they claim are a direct result of some defect in your property. There are some policies that may be able to offer up to £5m of protection.

Remember too, if you plan to give your property a spring facelift, that your let property insurance may only provide cover while your property is tenanted and for only a limited period of time if your property is empty.

You may find that if your property if empty for a period in excess or 30 or perhaps 45 consecutive days (the period may typically vary from policy to policy) then your buy to let landlords buildings insurance may cease to provide cover. So if your refurbishment looks like it is likely to overrun, you may need to look into buying some unoccupied property insurance.

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House prices have a small rise in the UK

April 26, 2012

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House prices have only had a slight change in the last year by having a small rise of 0.3%, the office for national statistics (ONS) have commented.

Obviously there are big differences in different regions in the UK with prices continuously rising in London but Northern Ireland and the North East have seen a sharp fall.

The average house price in the UK is £224,473, this is from February 2012 when prices rose 0.2%.

Average house prices around the UK

Rugby – £183,779 – 3rd Highest in Warwickshire

Daventry – £237,113 – 2nd Highest in Northamptonshire

Milton Keynes – £202,425 – Most popular place for first – time buyers to step onto the property ladder at the moment.

Barnet (North London) – £435,448

City Of London – £482,851

Kensington and Chelsea – £1,362,925 – A lot higher than the other average prices!

The ONS have taken over the publication of the index from the Department For Communities and Local Government.

They have commented:

 “In the 12 months to February 2012, average house prices increased in both England and Scotland by 0.4% and 1.1% respectively,” the ONS said.

“These increases were offset by decreases in Wales, where average prices decreased by 0.5%, and Northern Ireland, where average prices fell by 9.7%.

“The annual increase in average house prices in England was driven by increases in both London and the South East, where prices increased over the year by 1.7% and 1.2% respectively,” the ONS added.*

 

*Quote from BBC News

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