Tag Archives: rent

Want to find out more about becoming a successful first-time landlord?

April 24, 2012

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Thinking about becoming a landlord for the first time and need some advise?

Propertytalk Live! have a fantastic page on how to become a successful first-time landlord. People are being encouraged now more than before to become landlords as the rental market is booming, you can make a great living from privately renting.

Private rental can be a great business to start up in the current climate

Private rental can be a great business to start up in the current climate

From checking to see if the rental demand is there for renting to making sure you get the right tenants, Propertytalk Live! have a great guide.

CLICK HERE to find out more.

 

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Landlords may be looking at bleaker time, but still being told to invest

April 4, 2012

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Landlords are now facing bleaker times with rent prices dipping and also the cost of mortgages rising.

In February the average cost of monthly rent was down 1.6%, in England and Wales the price went from £719 (at its highest in October 2011) and went down to £707.

The big mortgage giants are now upping the cost of borrowing. The Daily Mail have reported that Santander and Leeds BS have now increased their mortgage rates, they are blaming the Euro zone crisis for this price hike.

Landlords have been told to keep investing as price of renting is staying high and house prices are expected to stay where they are for the next few years.

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A woman from Mitcham found guilty of fraudulent claims

March 20, 2012

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A woman who fraudulently claimed to be a tenant has been found guilty of 12 counts of housing benefit and council tax fraud.

Mrs Samina Ahmed, 53 from Mitcham, had scammed the council and claimed £104,663.75 over a period of 15 years.

Mrs Ahmed was sentenced to eight months in prison after pleading guilty.

By using a false name (Mrs Choudry) she claimed benefits from Merton council by saying she was a tenant paying rent to a private landlord. counterfeit documents were created showing her false landlord and forged documents.

Mrs Ahmed was found out when a fraud investigation was being carried out on her family members. She was fully investigated when her address came up and she was examined.

In her investigation Merton council found that she was actually living in her husband’s house and had made false claims of paying rent to a private landlord.

Now Mrs Ahmed has been found guilty and is starting her sentence, Merton council will now try to recover money lost through the Ahmed family property.

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Renting boom can be a great income for landlords

March 16, 2012

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If you have recently brought a property and would like to become a landlord, great!

Renting property at the moment is a good earner as more and more people are unable to afford a mortgage deposit and monthly payments.

Landlords should make the most of this opportunity especially in this economic climate.

Make sure you have taken out a landlord insurance policy, this is very important as the consequences may be a very high price.

When the household isn’t occupied you must do regular checks on the property and if any maintainance work needs to be carried out it must be done before the tenants move in.

Landlords should abide by the gas safety regulations 1998 and prove that all gas appliances are safe. If you do not abide by the regulations you may face a big fine and have a vacant property for a period of time, making you lose out on the tenants rental payments.

Abide by gas safety rules or face the consequences...

Abide by gas safety rules or face the consequences...

Fire safety is paramount, the London fire brigade released a report of figures which showed that six out of ten people who died in a house fire in 2009 didn’t have smoke alarms fitted in the home. Get your tenants to test the smoke alarms weekly and if there are any problems sort them out as soon as possible.

If you are advertising your property to be let out it must look clean, attractive and be well maintained. It doesn’t cost much to freshen up a home with paint and small extras, what you spend will be paid back when your property has tenants.

Keep your property looking fresh and clean...

Keep your property looking fresh and clean...

Check for faulty electrics, broken boilers and if you have any pipes that are uninsulated rectify this! The cost of a burst pipe and no tenants is high, fix the situation before it becomes a problem.

Obviously keeping you property secure is also important. Always have a burglar alarm fitted in the home and keep padlocks on garages and any other external buildings that may hold expensive items.

Renting can be a fantastic income, make sure you follow the above and you portfolio may expand in the future.

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Landlords Rent Guarantee Insurance

March 2, 2012

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Non-payment of rent is a serious and unfortunately common issue for many landlords. However, help is at hand in the form of an insurance policy that can protect you from this sort of disaster.

What is Rent Guarantee Insurance?

If you are worried that your tenant may not pay the rent then landlords rent guarantee insurance is what you need, covering up to £2500 per calendar month on missed rent payments.

Landlords legal expenses insurance is part of this policy because you may well find yourself in dispute with the tenant in court. The rent guarantee insurance simply goes a step further to ensure you maintain your income during the dispute.

Whatever the risk and whatever your needs for let property insurance, CIA Insurance can cover all your landlords rent guarantee insurance needs at competitive rates, over six or 12 months.

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Crack down on dodgy landlords in the midlands

February 28, 2012

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There will now be a major crackdown on dodgy landlords in the Midlands.

The Burton Mail have said that landlords are to be ‘named and shamed’ to help with the crackdown. The Burton Mail have also revealed that the East Staffordshire Borough Council would like to name the landlords causing the problems, these include landlords who allow their tenants to live in poor conditions and those who avoid taking out a landlord insurance policy.

The Council would like to protect rental tenants who live across the borough, they had looked into six landlord accreditation schemes but decided against them. They have decided to use their own enforcement efforts but will ‘beef them up’*.

East Staffordshire Borough Council are naming and shaming landlords

David Leese, Councillor for the Council has said:

“We are in an economic downturn and people can fall through the net into this underworld. We need to be the ones that protect those vunerable people. We have the teeth already, they are ours to use. This is the one that will do the job.”

Naming the dodgy landlords is subject to legal advice.

 

*Quote from The Burton Mail

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Accreditation schemes for landlords

February 3, 2012

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There is an accreditation scheme that has been created for landlords who maintain their properties and keep them in a good condition, it is also for landlord who want to know how to do this.

Below you can find out how they can benefit landlords and tenants.

How do the accreditation scheme work?

The landlord accreditation schemes aim to:

  •  Help landlords to operate successful businesses
  • Provide tenants with safer, higher – quality accommodation
  • Reduce the need for intervention from local authorities*

Local authority housing or environmental health departments run most of the accreditation schemes. Other organisations may also run some of the schemes, for example if it is student accommodation the university may have a scheme.

Your properties must be in fantastic condition if you want to become an accredited landlord, they must be well maintained and managed well.

When you join the scheme you must follow the code of conduct and then after you have joined you will be recognised officially as a good landlord by your local authority.

All schemes are voluntary, when you have joined up the benefits they offer are fantastic and will help you to rent out your property.

 What are the types of accreditation schemes?

There are two types of accreditation schemes but most join the two types together.

The first type of scheme is for checking the landlord who is managing the property and the second type is to check the condition of the property.

Your past properties will also be checked to see how well maintained they were.

There are certain standards you are expected to reach and to keep to so you can become an accredited landlord. Your local authority who runs the scheme in your area will set their standards but they may vary depending on the authority.

Some authorities like to set their standards high straight away, but others like to raise standards gradually over a period of time.

Before the tenants move into your property, all necessary repairs must be done and your tenants must be notified of the properties utility suppliers.

All details of every property you put forward must be supplied, including properties that are operated by the local authority, a University or any other organisation.

Where do you find information about accreditation schemes in your area?

By contacting your local council you can find out more details on how to become and an accredited landlord.

Also for the private rented sector there is ANUK (Accreditation network UK) which promotes accreditation in this area.

In Northern Ireland you need to contact the Northern Ireland Housing Executive (NIHE).

In part two, Who can join the accreditation scheme and why landlords should join.

*Information from Direct Gov

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Want to keep your tenants long-term? Read for advice

February 1, 2012

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One of the biggest things for landlords is to get good tenants to live in their property and to look after it. Keeping them there for a number of years is also a big task.

Keeping good tenants is important and it can be just a few simple things that you offer which can work. Quality properties are key!

Adding wifi and having your property near good transport links (like train or tube stations) will attracts more long-term tenants. You will need to look into this factor more if you are buying a property souly to rent our, it will benefit you.

It is important when advertising your property to keep it clean and tidy, also your advertising photographs must not be misleading and should show a true match of your property.

Respect is also important, the more respect you give each other the better relationship you will have and the tenant will more than likely stay long term in your property.

Always take care of repairs as quick as possible and keep the property well maintained, if you do this your tenant will gain more and more trust in you.

For extra back up take out landlords contents insurance just to keep your mind at rest and protect the items in your property.

*Source – Stride

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In 2011 one in five landlords had additional property on their portfolios

January 30, 2012

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A big percentage of people asked about renting in the capital (85.1%) said they thought rent would take a massive rise in 2012

It has been found that one in five landlords that are in the UK during 2011 added additional residential property assets to their portfolio. A new report has been ran for the private rented sector (PRS).

The city with the biggest percentage of landlords adding to their portfolios was London. A big percentage of people asked about renting in the capital (85.1%) said they thought rent would take a massive rise in 2012. According to every landlord who was interviewed, in London property values will either stay the same or will increase slightly.

The report, which was carried out during Q4 of 2011, showed that quite a substantial percentage of landlords (36.9%) wanted to keep their properties until 2031. An average for the future hold period was taken and it came in at 15.4 years.

Neil Young, CEO of Young Group, said of the research: “Without a doubt, the appetite from private investors in the PRS for additional investments is extremely strong.  The London rental market is particularly strong and demand from tenants seeking quality PRS accommodation shows no sign of abating, buoyed by a population that is spending longer than ever-living in rented homes and increasingly living in solo households.”*

*Quote from Simple

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First time landlords need more help and guidance

January 24, 2012

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Insurance is the first thing to consider, you may want to think about landlord's property insurance and rent protection insurance.

Property owners who are new to the market need to be given plenty of advice and support when it comes to letting out their property, this has been suggested by the founder and editor of LandlordZONE.co.uk.

The LandlordZONE.co.uk founder, Tom Entwistle has said that when new property owners let out their properties it is a ‘learning curve’ and they should be given as much help as possible.

When renting out a property, if you are doing it for the first time or you have an extensive portfolio there are loads of things to think about. Insurance is the first thing to consider, you may want to think about landlord’s property insurance and rent protection insurance.

With more and more rouge landlords arising in the country Mr Entwistle feels like more should be done to stop them and stop giving other landlords a bad name.

“Problems arise and give landlords a bad name because rouge landlords are allowed to get away with murder – local authorities need to be more assertive and effective.”*

LandlordZONE.co.uk provides free information to landlords who need help when letting out their property

LandlordZONE.co.uk is a fantastic website that provides information to people who are involved in letting out their property. The information is free and so are resources.

*Quote from Stride.co.uk

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