Renting your first home as a student can be exciting yet daunting at the same time. So the Association of Residential Letting Agents (ARLA) and the...
10 Tips: The essential student guide to renting | ARLA
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Friday 24 August 2012
10 Tips: The essential student guide to renting | ARLA
ARLA's Essential Guide to student Renting - exciting and daunting!
Renting your first home as a student can be exciting yet daunting at the same time. So the Association of Residential Letting Agents (ARLA) and the...
10 Tips: The essential student guide to renting | ARLA
Renting your first home as a student can be exciting yet daunting at the same time. So the Association of Residential Letting Agents (ARLA) and the...
10 Tips: The essential student guide to renting | ARLA
MALICIOUS DAMAGE
Cases of malicious damage are undoubtedly rare, but they are also incredibly damaging to the life and livelihood of a landlord. Not only do tenants causing malicious damage cause great financial problems to landlords but there are also social problems which can leave black marks on a landlord’s reputation. How should you go about dealing with malicious damages?
Get Covered
To protect yourself against financial loss you absolutely need to be protected with a landlord insurance policy. There is a possibility that you will be able to recover damages through a law suit or from the police but there is never any guarantee. Get yourself covered with the right insurance and make sure you don’t lose out financially.
Finding out the Story
When you can tell something has been broken deliberately you need to confront your tenants over it. They are likely to claim it’s an accident, but even just the confrontation will tell them that you’re aware of what’s going on. You can formally warn your tenants in the first case which, for most, will be off-putting enough, but it’s important to deal with any underlying issues. If tenants are unhappy with the property then you need to know why and you need to deal with it.
Eviction Proceedings
Malicious damage can be a justification for eviction and if you are worried your tenants are going to cause further damages then you can begin proceedings for eviction. Again, it’s worth bringing up the issue with your tenants first: if there is something so wrong that they are inclined to damage your property, they may well be thinking of leaving anyway. This is considerably quicker than awaiting an eviction notice.
Unfortunately the risk of malicious damage is always present and something that you need to be wary of. Usually it’s a sign of some social problems which you need to be aware of and able to deal with professionally and efficiently.
Wednesday 22 August 2012
Responsible Renting | ARLA
RESPONSIBLE RENTING ......
The Government's English Housing Survey* shows that the number of private rented households in England increased from 2.00 million (10%) in 1999 to 3.62 million (17%) in 2010-11, while the number of owner-occupied homes dropped. According to ARLA, this new generation of first-time tenants may not be aware of the requirements on them.
Ian Potter, Managing Director at ARLA, said: "Renting a property offers a great level of freedom, but this does come with associated responsibilities and in some cases, liabilities - even though someone else owns the property. If these terms are understood, a tenant can enjoy their rental home without worrying about unnecessary disputes arising when they decide to move out.
"As some responsibilities are different from home to home, I would always recommend checking through a tenancy agreement with a legal expert. This will ensure all obligations are understood, and ultimately, fulfilled by both parties."
ARLA has the following tips for those concerned about their responsibilities as tenants:
1. Contents insurance
While landlords are usually liable for insuring the building and any furnishings it comes with, tenants should take out insurance for their own contents. Some insurance providers will require detailed information about the property before giving a quote, so be sure to contact the landlord if you are unsure about any questions.
2. Last one out...
If all of the tenants will be leaving the property vacant for any period of time during the tenancy, ensure that the last person to leave prepares the house for the unoccupied duration. Simple tasks like clearing out fridges/freezers, turning off electric devices at the wall, and turning off the main water supply can help prevent problems while you're away. Equally, in the winter it may be sensible to leave heating on at a low level, to ensure pipes do not freeze.
It is worth noting that many tenancy agreements stipulate that you must notify the landlord if all occupants will be away for longer than a certain period of time.
3. Looking after your rental property
It is a tenant's responsibility to look after the fittings and fixtures of a rental property. While reasonable wear and tear is to be expected, it is important to inform the landlord immediately if any damage, accidental or otherwise, does occur.
Having a detailed inventory can help with the resolution of any issues around damage or missing items at the end of the rental period. If you are worried about any aspect of a tenancy, seek advice from a lettings agent affiliated to a professional organisation like ARLA. All ARLA licensed agents must adhere to a strict code of conduct, as well as offering client money protection and redress schemes, which protect all parties if things go wrong.
4. Get to know your neighbours
Sharing an emergency contact phone number with a neighbour is a useful precaution. It is best to give more than one number it possible, such as your own and that of the property's managing agent, if there is one. This will speed up access to the property in the event of something like a pipe leak and is particularly important in flatted properties, where an issue in one flat could rapidly cause problems for other homes in the block.
5. Remember to move everything out
On moving out day it is important to remember that any items which appeared in the property during your tenancy must be moved out or disposed of in the appropriate manner. If you wish to leave anything in the property you must consult with the landlord beforehand or they may be within their right to charge against your deposit for removal costs.
*Data taken from the English Housing Survey 2010-11, published 5th July 2012: http://www.communities.gov.uk/publications/corporate/statistics/ehs201011householdreport
Responsible Renting | ARLA
The Government's English Housing Survey* shows that the number of private rented households in England increased from 2.00 million (10%) in 1999 to 3.62 million (17%) in 2010-11, while the number of owner-occupied homes dropped. According to ARLA, this new generation of first-time tenants may not be aware of the requirements on them.
Ian Potter, Managing Director at ARLA, said: "Renting a property offers a great level of freedom, but this does come with associated responsibilities and in some cases, liabilities - even though someone else owns the property. If these terms are understood, a tenant can enjoy their rental home without worrying about unnecessary disputes arising when they decide to move out.
"As some responsibilities are different from home to home, I would always recommend checking through a tenancy agreement with a legal expert. This will ensure all obligations are understood, and ultimately, fulfilled by both parties."
ARLA has the following tips for those concerned about their responsibilities as tenants:
1. Contents insurance
While landlords are usually liable for insuring the building and any furnishings it comes with, tenants should take out insurance for their own contents. Some insurance providers will require detailed information about the property before giving a quote, so be sure to contact the landlord if you are unsure about any questions.
2. Last one out...
If all of the tenants will be leaving the property vacant for any period of time during the tenancy, ensure that the last person to leave prepares the house for the unoccupied duration. Simple tasks like clearing out fridges/freezers, turning off electric devices at the wall, and turning off the main water supply can help prevent problems while you're away. Equally, in the winter it may be sensible to leave heating on at a low level, to ensure pipes do not freeze.
It is worth noting that many tenancy agreements stipulate that you must notify the landlord if all occupants will be away for longer than a certain period of time.
3. Looking after your rental property
It is a tenant's responsibility to look after the fittings and fixtures of a rental property. While reasonable wear and tear is to be expected, it is important to inform the landlord immediately if any damage, accidental or otherwise, does occur.
Having a detailed inventory can help with the resolution of any issues around damage or missing items at the end of the rental period. If you are worried about any aspect of a tenancy, seek advice from a lettings agent affiliated to a professional organisation like ARLA. All ARLA licensed agents must adhere to a strict code of conduct, as well as offering client money protection and redress schemes, which protect all parties if things go wrong.
4. Get to know your neighbours
Sharing an emergency contact phone number with a neighbour is a useful precaution. It is best to give more than one number it possible, such as your own and that of the property's managing agent, if there is one. This will speed up access to the property in the event of something like a pipe leak and is particularly important in flatted properties, where an issue in one flat could rapidly cause problems for other homes in the block.
5. Remember to move everything out
On moving out day it is important to remember that any items which appeared in the property during your tenancy must be moved out or disposed of in the appropriate manner. If you wish to leave anything in the property you must consult with the landlord beforehand or they may be within their right to charge against your deposit for removal costs.
*Data taken from the English Housing Survey 2010-11, published 5th July 2012: http://www.communities.gov.uk/publications/corporate/statistics/ehs201011householdreport
Responsible Renting | ARLA
Wednesday 15 August 2012
PLANNING FOR THE FUTURE
None of us really want to think about what would happen if the worst happened, but as a landlord it’s not safe to simply assume that it would be business as usual if you were to suffer an accident or to pass away. Too many landlords assume that their property portfolios could easily be transferred to their spouse or children in the event of an accident, but it does require a little more planning than that…
The Right Insurance
Though landlord insurance should be your go-to cover for most things, it may not cut in if you were to become unable to run your portfolio. Really a life assurance policy is what you need and you should make sure this covers you both in the event of death and in the case where you become incapacitated or unable to manage your portfolio as before. The sums that these sorts of insurance cover can be huge so it really is worth paying the premium.
Wills and Legal Responsibility
Anyone with any assets that they would like to be passed on to family, friends or even charity needs to start thinking about the legal side of things. Make no mistake, you will have to get a solicitor to do this for you and make sure it’s current. Plenty of landlords buy and sell property on a yearly basis, so ensure any provisions you have are kept up to date and include all your property and all your mortgages.
Tax Efficient Planning
Also, don’t assume that everything can easily be passed on to your family tax-free. The rate of inheritance tax in the UK is 40% and this can be an enormous slice of any property you leave. Often it means that beneficiaries of inheritance are forced to sell on perfectly good rental properties simply to pay off the tax bill. Plan early and do what you can to minimise the costs.
It’s much better to be safe than sorry when it comes to your property business and as landlords by definition wrap up a large portion of their assets in property it’s vital to protect it and leave it in good shape. Take a moment to think about the unthinkable, sort it out with a solicitor and make sure that you leave your portfolio in good shape for the next generation!
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Our aim is simple – to provide the best possible service to landlords and tenants at all times. From the day you first contact us, we will be on hand to advise you on all aspects of the lettings process, whether you are a landlord looking for a reliable, experienced lettings agent, or a tenant looking to rent your next property.
Wednesday 8 August 2012
UK buy-to-let outlook good, says Moody's rating agency
Moody's, the New York bond credit ratings firm, has endorsed the UK buy-to-let industry by stating that the sector is continuing to grow.
The research, which looked into the performance of Residential Mortgage Backed Securities (RMBS) said the market had improved in the quarter finishing May 2012.
Meanwhile, the rate of repossessions remained stable at 0.1%, although cumulative losses grew from the 0.5% recorded in February to 0.6% this quarter. The agency also reported that its 90+ day delinquency trend decreased 0.2% to 1.3% over the last three months.
Meanwhile, the rate of repossessions remained stable at 0.1%, although cumulative losses grew from the 0.5% recorded in February to 0.6% this quarter. The agency also reported that its 90+ day delinquency trend decreased 0.2% to 1.3% over the last three months.
Moody's were optimistic about the future prospects for the sector: based on these results, they expect the performance of the buy-to-let sector to remain steady and predict that interest rates, unemployment and house prices will also remain relatively flat during the rest of the year. A rare burst of positive news in a year which has been overshadowed by the continuing spectre of the double-dip recession.
In a statement, Moody's explained the reasoning behind their predictions, which take into account such factors as interest rates and job security: "Performance in this sector has been stable for the past year mainly because of a low interest rate environment, which has helped borrower affordability, and relatively low job losses, which have helped tenants continue to pay their rent."
"Interest rates will remain low in 2012 and unemployment will rise only slightly to 8.7% in 2012 from an average of 8.0% in 2011. Also, house prices will remain within a plus-or-minus 3% band, which will help contain losses on foreclosed properties."
Speaking to Mortgage Solutions, Chris Norris, head of policy at the National Landlords Association (NLA), said that the NLA broadly agree with Moody's assessment, although he highlighted that difficulties do remain:
"According to our latest Landlords Panel, almost half (49%) of landlords experienced rental arrears in the last 12 months and over a third (37%) are worried about instances of arrears in the coming months.
"This is undoubtedly a sign of the difficult economic conditions and landlords should work with their tenants to minimise the impact of financial stress. This kind of professional and collaborative working will help ensure the private-rental market remains a promising investment opportunity. However, the UK buy-to-let market has shown signs of recovery recently and seems to be performing well, despite the recent rises in arrears."
In a statement, Moody's explained the reasoning behind their predictions, which take into account such factors as interest rates and job security: "Performance in this sector has been stable for the past year mainly because of a low interest rate environment, which has helped borrower affordability, and relatively low job losses, which have helped tenants continue to pay their rent."
"Interest rates will remain low in 2012 and unemployment will rise only slightly to 8.7% in 2012 from an average of 8.0% in 2011. Also, house prices will remain within a plus-or-minus 3% band, which will help contain losses on foreclosed properties."
Speaking to Mortgage Solutions, Chris Norris, head of policy at the National Landlords Association (NLA), said that the NLA broadly agree with Moody's assessment, although he highlighted that difficulties do remain:
"According to our latest Landlords Panel, almost half (49%) of landlords experienced rental arrears in the last 12 months and over a third (37%) are worried about instances of arrears in the coming months.
"This is undoubtedly a sign of the difficult economic conditions and landlords should work with their tenants to minimise the impact of financial stress. This kind of professional and collaborative working will help ensure the private-rental market remains a promising investment opportunity. However, the UK buy-to-let market has shown signs of recovery recently and seems to be performing well, despite the recent rises in arrears."
Monday 6 August 2012
Post Box in Dunblane currently being prepared to be painted GOLD!!
Well done Andy Murray!!!!!!! :-D
www.propertylocker.co.uk
Well done Andy Murray!!!!!!! :-D
www.propertylocker.co.uk
Friday 3 August 2012
Wednesday 1 August 2012
KEYS , LOCKS AND SECURITY.....
Three words that send shivers down the spine of most landlords are thieves, vandals and squatters. These are also the three best reasons to ensure your policies surrounding keys, locks and security are tight and clear. Tenants are often lax about locking up so you need to be very clear and occasionally harsh if mistakes are made. Here’s a quick run-down of a few things to think about.
Each Lock, Each Door, Each Tenant
You need to provide a key for every lock on every external door to every tenant and this is particularly important in an HMO. This way each tenant has a responsibility to lock up properly and there will be no scenarios in which doors are being left ‘on the latch’ for other tenants or, worse, keys left under mats or flowerpots. Be clear that if you find your doors unlocked or stray keys there will be penalties.
Lock-Outs and Changing the Locks
We all misplace our keys from time to time, but we often forget that changing the locks is a real serious issue. It’s perfectly acceptable to recover this cost from your tenants and that includes the new keys you’ll need to have cut for yourself. Remember also to always keep a master key for every lock, including windows interior doors.
End of Tenancy Cover
When your tenants depart you need them to leave all the keys they took and make sure they’re locked inside the property. As soon as possible, you need to pick them up because squatters and thieves could see them as a potential way in. You’ll need to make sure you have the appropriate Unoccupied Property Insurance to cover you in the event of any lock problems after your tenants depart.
Keeping security under lock and key is important for all landlords, but especially for those in cities. Don’t take any chances with keys and however militant your locking-up regime might appear, make sure it’s stuck to at all times. Your tenants need to know how important your property and their security is to you, so make sure your position is absolutely clear.
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