Tag Archives: tenants

Tenants now renting for longer due to high mortgage deposits

February 18, 2012

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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.

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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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Landlords must look into what the East London area will look like after the Olympic games

December 9, 2011

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Buyers who are looking for investments in East London ahead of the 2012 Olympics have been warned to think about how that area will look and what it would be like to live in when the Olympics have finished.

Landlords who are looking into landlord insurance may want to look into how the property industry will be effected in the city and to be vigulant as to what may happen when the games finish.

With the events starting on the 27th July 2012, the managing director of discountletting.co.uk, Daniel Burgess, has tried to explain that it is best to avoid a similar situation to the millennium dome being left empty after being built for the year 2000 celebrations.

“There needs to be proper planning for the Olympic sites once the Games have been and gone and Londoners are left with the cost,” he argued, saying there should be decisions made about how the areas will be used to benefit the community.*

*Quote from Simple

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More families renting than couples, buildings insurance will become more popular for landlords!

November 25, 2011

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Rental property has seen a large boom recently, with more and more families wanting to rent rather than buy.

 Buildings insurance for landlords will more than likely see a rise as mortgages have become too much. Renting used to be seen more for couples and/or young people but more couples with children are renting.

Sales Director for lettings company WMP Group, Daniel Cox, has said:  “Renting has always been about younger people or couples.”

However where couples mainly rent flats theses are not suitable for families, so more houses are coming up on the buy-to-let market to accommodate them.

“Obviously a four or five member family is not going to fit in a two-bedroom flat … [so landlords are looking for] standard two and three-bed terraced properties,” Mr Cox explained.

Rents have risen to an average of £720 per calendar month in October, as shown in a recent report by LSL Property Services.

 

Source- Simple

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Nightmare tenants? Is landlord insurance worth it?

November 24, 2011

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Imagine being left in this situation – Your tenant loses their job, they have no income therefore no rent coming your way. This tenant has a six month short – hold tenancy agreement but they have now given you one weeks notice of them leaving.

The tenant has left the property with rental arrears leaving you out-of-pocket and they have also left the property in an awful state where furnishings and fixtures/fittings need fixing or replacing.

Of course having landlords insurance is worth it! This will protect you from situations like the one above and hopefully not leave you with any debts from nightmare tenants.

There are plenty of insurance policies to help you, from rent guarantee to protection with different tenant types (DSS, professional working and asylum seeker). It may not cost as much as you think so it is definitely worth looking into.

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Landlords told to get along with tenants more to make rental process easier.

November 23, 2011

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The biggest thing that you need to have in place is a relationship with your tenants because if the relationship is not there, then anything can happen

Landlords have been urged to get along with their tenants more.

Ed Harris, managing director of EH Landlord Services has given strong advice to property owners, get along with your tenants and make the whole rental process easier for everyone in the long run.

Mr Harris was at the landlord and letting show this week and he urged landlords to have a decent landlord/tenant relationship to avoid problems if situations arise in the future.

Landlords have been told to do what ever it takes to keep the tenants happy, call them every once in a while to check to see how things are and even visit them occasionally just to see if things are running how they should be.

Being protected with the correct landlord insurance will obviously give both the landlord and tenant peace of mind.

Mr Harris speaking at the show said: “The biggest thing that you need to have in place is a relationship with your tenants because if the relationship is not there, then anything can happen. If you are not in touch with your tenants on a regular basis then you can expect all kinds of problems and challenges.”

 

 

 

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CIA Let Property Insurance – Tips for landlords

October 18, 2011

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10 Tips For Finding Reliable Tenants

  1. CIA Insurance advises you use a professional well-reputed letting agency to supply and vet your tenants – it will cost around 10 per cent per month for the service but the peace of mind and speed of finding good tenants is worth it for most. This is by far the best single piece of advice you can take.
  2. If you don’t use a professional letting agency then the duty of care to vet the potential tenants and maintain the relationship, arrange contracts, secure deposits and make any repairs falls directly to you. As a minimum you should always request details of last three years residences, date of birth, National Insurance number, a minimum of two referees and next of kin details.
  3. State that a copy of a driving licence, passport or other proof of identity is a requirement. Two forms of identity are better than one and should be checked to make sure they match.
  4. Always use a tenant credit referencing service for background checks, this small investment up front could save you fortunes later on. If the reference comes back with any doubt, disregard the tenant immediately.
  5. Ask to see the last six months bank statements – and be sure to check the name and address at the top of the statements matches other forms of identification.
  6. Make regular home visits – you are obliged to give the tenants notice of when you will be visiting.
  7. Advise your tenants to take out insurance to cover the home contents. You as the landlord should speak with CIA about landlords buildings insurance and landlords contents insurance.
  8. Serve a Section 21 notice at the start of the tenancy. That is the day they move in. They will usually sign a copy of the notice at that time, providing the evidence you need to prove the notice has been served. This should be done AFTER the deposit has been lodged in a scheme.
  9. Take a six weeks deposit to cover your property and encourage the tenant not to simply default on the last month’s rent.
  10. Make sure you have landlords liability insurance in place that covers “Injury to people residing in or visiting the premises”.
Call CIA Insurance on 0844 88 88 323 to get a quote today or visit our website at www.cia-landlords.co.uk
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