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How to get your tenancy right

When you begin a new AST ensure to put it together having learnt from past mistake and get it right. In the long-term it will work out better for all parties.

Comply with the regulations, provide all necessary information
You must provide your tenants with a valid gas certificate, an Energy Performance Certificate and the government`s latest How to Rent Guide. The guide can be emailed. Also check local licensing requirements. If you let your property without a licence, you may be liable to pay a fine. Failure to comply with these points will invalidate a future Section 21 Claim in England. You also have to check that your tenant have the right to rent in the UK.

When you begin a new AST ensure to put it together having learnt from past mistake and get it right. In the long-term it will work out better for all parties.

  • Comply with the regulations, provide all necessary information

You must provide your tenants with a valid gas certificate, an Energy Performance Certificate and the government`s latest How to Rent Guide. The guide can be emailed. Also check local licensing requirements. If you let your property without a licence, you may be liable to pay a fine. Failure to comply with these points will invalidate a future Section 21 Claim in England. You also have to check that your tenant have the right to rent in the UK.

How to find good tenants

  • Secure the deposit

It is recommended to collect a deposit in the event of property damage or rent arrears. If you do secure a deposit you must protect it and register it within 30 days of receipt and provide a certificate to the tenant. You must explain to the tenant where the deposit is being kept. You can select one of the three Government back deposit schemes.

What is rent to rent

  • Provide a safe property 

Ensure wiring, electrical appliances are safe. It would be advisable to obtain an electrical safety check. HMOs are legally required to obtain an electrical safety check and electrical appliances need a portable appliance test. Landlords are required to provide a smoke alarm on all floors and a carbon monoxide alarm for any solid fuel appliances.

What happens at the end of a tenancy

  • Order an inventory

Obtain a comprehensive and accurate inventory when letting your property. This will help if you need to make any claims in the future. You can either order an inventory clerk to carry out this report or you can prepare the report with pictures taken by your phone. Beware an inventory prepared by you would be less respected when a claim reaches court than a report prepared by a third-party. Ensure to email the inventory to your tenant within 7 days or have your tenant sign it.

How to navigate the changes in tax relief for landlords

  • Spend time with your tenant

At the start of the tenancy walk through the property and explain how the property functions to your tenant. Explain to them how they are supposed to keep the house. Take meter readings. Ensure your tenants understand what is expected of them when it comes to looking after your property.

What is West London Property Networking?

If you have any questions on property management, please contact Pelin Martin to book a 30-minute free consultation on +0208 994 7327 – pm@bluecrystallondon.co.uk

How to find good tenants

Allow me to share with you top 8 tips on how to find good tenants for your rental property:

1. Follow the Law

Landlords must treat all potential tenants equally. The system is designed to prevent discrimination against certain classes of people in any activity related to housing. In short, you cannot discriminate based on race and colour, national origin, religion, sex, families with children, disability.

What is rent to rent

2. Choose a Tenant With Good Credit

You want to look for a tenant who is financially responsible. If they are responsible for paying their bills and on time, there is a strong chance they will pay their rent on time and be responsible for your property. Getting a credit check has a fee, and sometimes landlords ask their applicants to pay the credit check fee as well. Checking a tenant’s finances is a two-step process:

What happens at the end of a tenancy

3. First Verify Income

  • Check their income is sufficient to cover the monthly rent
  • Ask for copies of their bank statements and pay slips
  • Call their employer directly to confirm their employment, length of employment, attendance record and monthly earnings.

How to navigate the changes in tax relief for landlords

4. Check Credit History

  • Do they have a history of paying their bills on time?
  • Check their income to debt ratio.
    • Even if their income is sufficient, you have to factor in how much debt they have.
  • Look for county court judgments, bankruptcies or prior evictions

The criminal record is a public record and can be viewed at various courts. This check will turn up both serious and minor offences. You will need the tenant’s name and date of birth to run one. Keep in mind that those with a criminal record may try to falsify this information, so make sure to check a valid ID to verify that they are who they say they are.

It would be best to hire a reputable tenant screening company to perform this check for you. It can often be combined with the credit check.

Winter insurance tips for your rental property

5. Look at the Tenant’s Rental History

If possible, you should talk to at least two of the tenant’s previous landlords to check if the applicant was a problem tenant. There is a possible option that the current landlord may want to get rid of the tenant and may not be so honest.

Are your tenants going away?

6. Questions You Should Ask:

  • Did the tenants pay their rent on time
  • What was the reason for the move?
  • Was the tenant evicted for non-payment of rent or for breaking the landlord’s rules?
  • Did the tenant give the necessary notice
  • Was the property kept in good condition
  • Did they cause any damage to the property?
  • Were they respectful to their neighbours?
  • Were they demanding?

Of course, if the applicant is a first-time tenant, a student or a recent graduate, they may not have a rental history. In this case, you need to require a guarantor.

What you need to consider before refurbishing your rental property?

7. Choose a Tenant Who Is Stable

Check the tenant’s prior addresses and employment history on the application form. Do they move or switch jobs often? If they move often, this pattern is likely to continue and you will soon have a vacancy on your hands again. If they have not shown consistent employment, they may not be able to afford the apartment in a few months and you will be left starting your tenant search from scratch or dealing with an eviction.

Current buy to let lending rules

8. Trust Your Instincts

You can do all the screening in the world, but sometimes your instincts are the best judge of character. You may feel that there is something off about a tenant who otherwise looks good on paper, only later to find that the tenant has been using someone else’s identity to apply for the apartment. Trust your screening, but do not ignore your gut feelings.

What is West London Property Networking?

If you have any questions on property management, please contact Pelin Martin to book a 30-minute free consultation on +0208 994 7327 – pm@bluecrystallondon.co.uk

What is rent to rent

Find out what is Rent to Rent: an arrangement where a landlord still has major control over their properties.

In this case, the landlord agrees to let a Rent to Rent company let and manage the property.

Depending on the area and location, the property is rented to workers or professionals. Some landlords go for this option when they don’t live in the area and want nothing to do with his property or they may be overwhelmed by responsibilities. What happens at the end of a tenancy

Receiving a guaranteed rent each and every month may be an attractive offer.

Also, many “Rent to Rent” companies offer a light refurbishment at the beginning and at the end of the tenancy. This way, they release the landlords of the cost of updating their own properties. How to navigate the changes in tax relief for landlords

When a “Rent to Rent” company takes over a property from a landlord, they immediately start to market the property on a room-by-room basis. Rents have increased in many parts of the country. So, it is possible to make a decent income following a “Rent to Rent” formula.

Winter insurance tips for your rental property

If you decide to go for this method, then you will need to simply

  • have your offer accepted by an agent,
  • factor in the refurb costs,
  • add any maintenance that may be required,
  • the rent and the utility bills.

The difference between all costs and the rent received is the profit.

This is not for all landlords, though it is a growing business where a proportion of the landlords want the freedom of not dealing with their property at all.

What is West London Property Networking?

If you have any questions on property management, please contact Pelin Martin to book a 30-minute free consultation on +0208 994 7327 – pm@bluecrystallondon.co.uk

What happens at the end of a tenancy

When we think of what happens at the end of a tenancy, our common hope is for things to go just smoothly.

Tenants want to move without much hassle or worry and get their deposit back quickly. Landlords want to get a new tenant in place quickly with ease.

Tenants end around 90% of tenancies, with the majority of the remaining 10% due to rent arrears.  Whatever the reason, there are a few things that, as a landlord, you must consider when a tenancy comes to an end. How to navigate the tax relief changes as a landlord

Notice periods

Your tenancy agreement should stipulate the notice period your tenant must give you if they intend to move. If it’s outside a fixed-term contract, the tenant must provide one month’s notice. Inside a fixed-term, the tenant doesn’t have to serve notice by law but remains responsible for the rent until the last day of the fixed term. However, if your tenancy agreement says that the tenant should give notice, you may be able to make a claim for breach of contract. Regardless, it’s always advisable to send them a reminder before the fixed term ends, giving them time to decide if they do wish to remain or give notice. Winter insurance tips for your rental property

Property conditions

When your tenant has informed you of their intent to leave the property, send them a list of everything that needs to be done in order for them to get their deposit back. Some of this may seem like common sense to you. However, it’s a good idea to make sure your tenant is on the same page and knows everything you expect of them. This list could include the replacement of any blown lightbulbs, cleaning windows and floors, the removal of any rubbish, and anything else that may relate to your specific property. What you need to be aware of when your tenants are away

Viewings

Viewings can vary depending on if you use an estate agent and the extent to which you use them. If you use them to let your property, then they should arrange timings with potential tenants. Remember, the current tenant still has the right to quiet enjoyment in the property and can refuse entry. If you’ve maintained a good relationship with the tenant, that’s unlikely to happen. In any case, as with any visit, you must provide at least 24 hours’ notice before conducting a viewing. You may need to talk to the current tenant in advance to ensure they’re happy with potential dates and times. They may wish to be present at the viewing, which can prevent any disputes about damage and missing property.

What you need to consider before refurbishing your rental property

Check-out

At the end of the tenancy, do a checkout report to ensure the property is still in good condition. Allow for fair wear and tear, and refer to the inventory agreed when the tenancy began. It’s best to do this once they have fully vacated the property. Also, the tenant should be present if possible. This way, any damages can be noted and agreed – with the tenant’s signature. Taking photos can help to provide additional evidence but shouldn’t be relied on alone. You’ll also need to take meter readings and get a statement from the utility suppliers (if the tenant was responsible for paying utilities) showing a zero balance. Buy to let lending rules

Deposits

If everything is in order, then make sure you get the deposit returned to your tenant as soon as possible. In case they send you a written request for the return of their deposit, you must respond within 10 days. If you intend to keep part or all of the deposit, you must provide a reason for this. It’s also beneficial to provide evidence as this may prevent the tenant from disputing this.

What is West London Property Networking?

If you have any questions on property management, please contact Pelin Martin to book a 30-minute free consultation on +0208 994 7327 – pm@bluecrystallondon.co.uk

How to navigate the changes in tax relief for landlords

Changes in tax relief for landlords are being introduced in stages until April 2020.

There are ways you can manage your tax bill as tax returns are due on 31st January and with this year’s return, the Section 24 changes will affect landlords.

Winter insurance tips for your rental property

How tax bills are calculated on rental income has changed.

By April 2020, landlords won’t be able to deduct mortgage interest from rental income before calculating taxable profit. The government introduced a transition period of four years to phase in the new system of calculating mortgage interest tax relief. The amount of mortgage interest tax relief each year will be as follows. In the:

  • 2017/18 tax year, landlords can claim 75% of mortgage tax relief
  • 2018/19 tax year, landlords can claim 50% of mortgage tax relief
  • 2019/20 tax year, landlords can claim 25% of mortgage tax relief

What you need to be aware of when your tenants are away

You need to look for efficiencies in the way you operate.

Highly likely, this will have a heavy impact. You may need to adapt your business model to incorporate these losses.

These factors need to be considered when planning the year ahead and allow for changes to your profit margin. What you need to consider before refurbishing your rental property

From April 2020, landlords will no longer be able to deduct the costs of servicing their mortgages from their rental income. Instead, you may receive a deduction for your mortgage interest.

The reduction in the basic rate value (currently 20%) of the lower finance costs

  • you cannot deduce costs from rental income in the tax year (this will be a proportion of finance costs for the transitional years)
  • + any finance costs that you bring forward as business profits
  • The profits of the property business in the tax year (after using any brought forward losses) adjusted total income
  • The income (after losses and reliefs, and excluding savings and dividends income) that exceeds your personal allowance.

You can’t use the tax reduction to create a tax refund.

If the basic rate tax reduction is calculated using property business profits or adjusted total income then the difference between that figure and ‘finance costs’ is carried forward to calculate the basic rate tax reduction in the following years. Current buy to let lending rules

Those landlords who pay higher or additional-rate tax will not receive all tax back on mortgage repayments because the credit only reduces tax in line with the basic 20% rate. The changes mean that some landlords will be into the higher tax bracket. Also, the rental income you’ll have to declare will be higher. This will also depend on income from other sources, such as salary or pension.

Private landlords may be able to avoid the hit that these changes will cause by setting up a company that owns their rental properties.

But if you do opt for this path, please take professional advice first. Although you might make a tax saving, there are many other taxes to pay as a business that could increase these initial financial gains and may lead to a lot more paperwork and responsibilities.

What is West London Property Networking

If you have any questions on property management, please contact Pelin Martin to book a 30-minute free consultation on +0208 994 7327 – pm@bluecrystallondon.co.uk

Winter insurance tips for your rental property

Many rental homes will experience frozen pipes, heating not working and several other seasonal issues within the winter period. It is important to understand which insurance covers you need, and what each policy covers you as a landlord.

So, here are our top 5 winter insurance tips for your rental property:

What do you need to be aware of when your tenants are away?

1. Frozen Pipes

You should insulate your pipes as well as the loft water storage tank. Place the insulation foam on top of pipes, as opposed to underneath them. You should also double-check whether your homeowners’ insurance covers you should anything happen. You can leave your heating on at the temperature of around 16 degrees or ask your plumber to drain the water system. What you need to consider before refurbing your rental property?

2. Have your boiler serviced

A common problem during the winter is that boiler parts fail. Make sure your boiler is serviced by a professional engineer registered with Gas Safe Register. Servicing your boiler will resolve your heating problems, but it can also improve landlord/tenant relationships. Perhaps you may want to take out a boiler cover. Current Buy to Let lending rules

3. Set the temperature 

The average room temperature is between 18-21 Celsius. You can set the thermostat to a higher temperature during periods of severe cold though this should be done for a short time to keep your bill from increasing. Using a smart thermostat might be a good idea to help with energy efficiency, which will have a positive impact on your homeowners’ insurance. Use energy-efficient systems. Red Flags of tenant screening

Protect yourself during the winter

Once your driveway becomes icy, the risk of slipping and injuring yourself increases. Gritting your driveway can help reduce these risks. If you are responsible for maintaining the garden, ensure your tenants have the tools to do this themselves and encourage them to keep walkways well-lit and free of leaves and moss. You should have landlords liability insurance, which is a form of public liability insurance. Having this insurance means that you’ll be able to assist your tenants should an accident or injury occur. Changes to buy to let mortgage interest relief system

Protect your home during the festive season

Properties become a lot more vulnerable to theft during the holiday season, especially if your tenants are out of the house visiting family or friends. Aside from the basics of keeping windows closed and the alarm on, check you have valid landlord insurance to cover damage to the property or theft if your properties are let furnished.

What is West London Property Networking

If you have any questions on property management, please contact Pelin Martin to book a 30-minute free consultation on +0208 994 7327 – pm@bluecrystallondon.co.uk

Are your tenants away? Here’s what to be aware of

Are your tenants away on their big summer vacation or their family Christmas holiday?

Here is a checklist you may wish to be aware of before they leave:

1 – Check with your insurance company

Make sure your landlord insurance is up-to-date and covers the property while your tenants are away. If anything happens, it is best to be covered and prepared. It would be a good idea to encourage your tenants to get contents insurance if they haven’t already. What you need to consider before refurbishing your rental property?

2 – Remind your tenants to turn everything off at the sockets

The fridge should remain on and ideally empty of anything that may go off while the tenants are away. You should switch off at the socket everything else. Also, you should remove plugs in order to ensure that no residual charges flow through the appliances. Current Buy to Let Lending Rules

3 – Ask your tenant if you can carry out maintenance work

Completing maintenance work is necessary and can cause less hassle if you can do it when your tenants are away – especially if there are any larger, more time-consuming projects that need to be carried out. Summer is the perfect time to ensure the property is winter-proof and in good condition. An added bonus of doing this is that the property will appear to be occupied and it will keep it safer. Red flags of Tenant screening

4 – Make sure they lock everything up

This may seem like an obvious suggestion, but with heatwaves in the summers, having windows open all day and night may have become second nature to your tenants. This means that they may forget some smaller windows, like in the bathroom, in a rush to get to the airport or train station. Remind your tenants that, while airing out the property is a good thing, they need to close all windows and doors when no one is home.

What is West London Property Networking

If you have any questions on property management, please contact Pelin Martin to book a 30-minute free consultation on +0208 994 7327 – pm@bluecrystallondon.co.uk

What you need to consider before refurbishing your rental property?

Refurbishing your properties is always a good move, especially when you need to attract high quality tenants and are competing in a tight market. There are a lot of points that need to be considered if you’re thinking about doing up your property. Below are a few pointers to consider if one of your properties is in need of an update.

How big is the refurbishment going to be?
If you need to replace a window or even a shower, this can probably be done with your tenants living in the property. However, if you need to replace the entire bathroom then it’s best to wait until your tenants have moved out as this can be both time-consuming and stressful for all parties. If you are doing work with the tenants in situ, try to do it when they’re on holiday so you don’t have to rebate the rent or find somewhere for them to stay while the work is completed. Normal maintenance works, such as fixing a leak or damp proofing one wall, should be done as soon as possible after you’re alerted to the problem.

Refurbishing your properties is always a good move, especially when you need to attract high quality tenants and are competing in a tight market. There are a lot of points that need to be considered if you’re thinking about doing up your property. Below are a few pointers to consider if one of your properties is in need of an update.

Current Buy to Let lending rules

  • How big is the refurbishment going to be?

If you need to replace a window or even a shower, this can probably be done with your tenants living in the property. However, if you need to replace the entire bathroom then it’s best to wait until your tenants have moved out as this can be both time-consuming and stressful for all parties. If you are doing work with the tenants in situ, try to do it when they’re on holiday so you don’t have to rebate the rent or find somewhere for them to stay while the work is completed. Normal maintenance works, such as fixing a leak or damp proofing one wall, should be done as soon as possible after you’re alerted to the problem.

Red flags of tenant screening

  • How much is it going to cost?

Do your research on costs before you start looking at anything else. You can find comparisons for fittings and fixtures through a quick Google search. You may be able to negotiate special deals with local suppliers.

Do ask people you know who have recently had work done on their property about cost expectations for builders and other tradespeople you should have. Bear in mind that it’s better to spend more to ensure a high quality job. There are generally two pricing methods with builders: fixed or flexible. Fixed pricing may seem more expensive initially, but the builder will have added contingencies and you won’t be faced with any unexpected costs. With flexible pricing, the builder will provide you with an estimate which is then adjusted depending on what they end up doing. This may work out being as cheap as the estimate, but there is potential for the work to cost well over your initial budget.

Changes to buy to let mortgage interest relief

  • Are you getting the right people involved?

Have you used the builder and tradespeople before? If not, have they done any work for friends, family or neighbours? Make sure you get people you can trust to be professional and ensure the work is completed to high standards.

Using a guarantor for renting: when we advise it

  • Who is going to be the project manager?

Will you do this yourself or will you get the builder to do it? If you haven’t had any experience project managing a building project, then it may be best to leave it to the experts. However, it is your property, so you need to be satisfied with the work that’s being done.

How to get it right as a first time landlord

  • What design considerations do you need to make?

This can vary depending on the type of tenants you’re trying to attract, however it will need to have a user-friendly layout regardless. If you let to students or families, there could be a greater level of wear and tear than if you let to professionals, so keep this in mind if you’re doing any decorative work. If you need to re-carpet, look at getting one with stain-resistant properties as it will mean less cleaning and you probably won’t need to replace it as often.
Once you’ve thought about these, getting started should be easy. Keep an eye on the details of the project to prevent extra costs and time to your refurb.

What is West London Property Networking

If you have any questions on property management, please contact Pelin Martin to book a 30-minute free consultation on +0208 994 7327 – pm@bluecrystallondon.co.uk

Current Buy to Let Lending Rules

The Prudential Regulation Authority (PRA) introduced new lending rules in January 2017, which can make it more difficult to get a buy-to-let loan.

Lenders will have to carry out the affordability assessments that will take into account:
· Landlord’s costs including tax liabilities,
· verified personal income
· possible future interest rate increases

This means that the Landlords will be subject to a ‘stress test’ which requires them to prove that if the loan interest increases, they will be capable to continue to pay their monthly instalments.

When setting the expectations for future interest rate increases, the PRA reviewed the standards in the industry and considered the impact of changes in interest rates, and measured the stressed rate on landlords accordingly.
There is also a warning for the “portfolio landlords” (defined by the PRA as being those with four or more mortgaged buy-to-let properties) as they should be assessed using a specialist underwriting process.

The new rules may not have a substantial effect as many lenders were already complying wit

The Prudential Regulation Authority (PRA) introduced new lending rules in January 2017, which can make it more difficult to get a buy-to-let loan.

Changes to buy to let mortgage interest relief

Lenders will have to carry out the affordability assessments that will take into account:
· Landlord’s costs including tax liabilities,
· verified personal income
· possible future interest rate increases

Company letting vs AST

This means that the Landlords will be subject to a ‘stress test’ which requires them to prove that if the loan interest increases, they will be capable to continue to pay their monthly instalments.

When setting the expectations for future interest rate increases, the PRA reviewed the standards in the industry and considered the impact of changes in interest rates, and measured the stressed rate on landlords accordingly.
There is also a warning for the “portfolio landlords” (defined by the PRA as being those with four or more mortgaged buy-to-let properties) as they should be assessed using a specialist underwriting process.

How to build a buy to let portfolio

The new rules may not have a substantial effect as many lenders were already complying with them. However, few more lenders may tighten their requirements and landlords seeking to borrow against groups of properties may find lending criteria harder to meet. These rules were to be phased in and so careful consideration should be given. These rules also apply to re-mortgages and so lending obtained under old criteria may be difficult to re-finance.

Lenders must now take every property in landlords portfolio into consideration when they apply for a new mortgage, rather than simply assessing their overall balance sheet.

Where to invest in property?

When landlords apply for additional borrowing, the monthly rental income on each of their properties must cover at least 125% of their mortgage payments, tested at an interest rate of 5.5%.

This calculation is known as the ‘interest cover ratio’. Some lenders have chosen to test affordability at ratios up to 145%, meaning landlords with heavy mortgages or those with low rental yields could struggle to obtain a loan.

What is West London Property Networking

If you have any questions on property management, please contact Pelin Martin to book a 30-minute free consultation on +0208 994 7327 – pm@bluecrystallondon.co.uk

Red Flags of tenant screening

How to spot the red flags of tenant screening…..

Credit Score
Credit score does not indicate that the tenant will pay rent and will pay on time. You can look at it as more of a personal responsibility score. You can say that a person who doesn’t pay their bills and has a bad credit score has an entitlement mentality. Stay away from a tenant with an entitlement mentality and risky behavioral patterns.

Credit score will tell you the tenant’s desire to pay rent and will be an indication of future personal behaviors.

The single predictor of tenants who will pay their rent on time is their credit report and credit score. A bad credit score is a deal breaker in itself.

How to spot the red flags of tenant screening…..

Credit Score

Credit score does not indicate that the tenant will pay rent and will pay on time. You can look at it as more of a personal responsibility score. You can say that a person who doesn’t pay their bills and has a bad credit score has an entitlement mentality. Stay away from a tenant with an entitlement mentality and risky behavioral patterns.

Credit score will tell you the tenant’s desire to pay rent and will be an indication of future personal behaviors.

The single predictor of tenants who will pay their rent on time is their credit report and credit score. A bad credit score is a deal breaker in itself.

Using a guarantor for renting

Low income.

It is clear if tenants are not making enough in their monthly paycheck, they will not be able to pay the rent. In general, look for a minimum income that is at least 2.5 to 3 times the monthly rent.

How to get it right as a first time landlord

Criminal history.

A criminal conviction can be a huge red flag. Get more information and evaluate carefully.

How to deal with a damp and mould at a property

Bad landlord references.

This should not be your main indicator for determining the eligibility of applicants. Far too many landlords ask tenants to leave, only to give them a great reference. Few tenants can ask friends to pretend they are a landlord and say great things about them. Still, sometimes you can get important information.

Was the entire deposit returned? If not, why? Not getting most of the deposit back is a huge red flag. Late payments are a problem. Terminating a lease early can be an issue. Not giving proper notice is an issue.

Section 21 eviction notice and how to avoid an invalid one

Aggressive or large breeds of dogs.

Tenants who own pit bulls, rottweilers, chows, Akitas, any cross-breed with a wolf, or any mix of the above could be a problem. There have been studies about what kind of people are likely to own these breeds, and these people tend to favour riskier lifestyles. If your tenant applicants have an aggressive breed of dog, avoid them at all costs.

Landlord and tenant relationship tips

Asking to pay the deposit after move-in.

If tenant applicants don’t have the full deposit at move in, do not rent to them. You will likely never get the full deposit. And you will have a very risky situation.

Renting to students: rules and tips

Looking to move in less than a week.

If tenant applicants need a place right away, it may not be a godsend for your vacant property. Instead, it could be another red flag. Why do they need a place so soon? You need to find out the answers and check if they are convincing.

Accidental landlord tips

Living with relatives or in a motel.

When people are living with relatives or in a motel, it is a red flag. This can be a common theme among people who are getting evicted. They move in with relatives and try to save money. After a few months, they attempt to move out. Solid tenants always have a place, and it is usually not with friends and relatives.

Assured Shorthold Tenancies

Needy, demanding.

If your very first interactions with tenants leave you wanting to pull out your hair, just imagine what it will be like when they have a legal right to the property. Save yourself the headache.

Expenses you can offset against as a landlord

Planning to move mid-lease.

If their rental application shows they are looking for a place well in advance of their current lease termination, they may repeat the pattern. Find out more before taking it further.

How to handle bad tenants?

Not likely to follow your rules.

If you smell cigarette smoke on applicants who are renting a non-smoking unit, or they are covered in cat hair but swear they don’t own a pet, you have a problem. Casual liars make bad tenants.

Unexpected costs of being a landlord

Changing jobs too often.

Always prefer applicants with careers, not jobs. Look for applicants who are employed at places that have paid vacations, sick days, health insurance and paid holidays. Otherwise, you may find rent late due to Christmas, kids getting sick, taking time off to go to a wedding, etc.

What is West London Property Networking

If you have any questions on property management, please contact Pelin Martin to book a 30-minute free consultation on +0208 994 7327 – pm@bluecrystallondon.co.uk