Blogs and advice on Residential Property Management London
The stamp duty holiday holiday applies until 31st March, that means anyone completing on a property purchase after that date will have to pay the full normal stamp duty. Stamp duty is payable upon completion.
The Chancellor has announced that from 8 July, the stamp duty threshold will be temporarily raised from £125,000 to £500,000. The immediate increase in the stamp duty threshold will help sustain the rebound in housing market activity across England. The immediate increase in the stamp duty threshold will help sustain the rebound in housing market activity across England. The government will expect the change to stimulate more housing sales over the second half of the year and that savings made by buyers will be reinvested in home improvements, white goods and furniture, rather than bidding up the cost of housing.
Decide essential maintenance vs. non-essential
All landlords are legally required to provide a safe and suitable home for their tenants for health and safety reasons. Therefore there are basic maintenance tasks that should be carried out regularly.
A properties must have the appropriate smoke alarms and heat detectors. They also need to be tested on a regular basis and if they need replacing, do so on a regular basis.
One good way to determine what needs dealing with as a matter of urgency is to list of all possible tasks and separate them into priority and non-priority. Anything that concerns your tenants’ safety and is a legal requirement and is a top priority.
Categorising your tasks will make your overall workload feel much more manageable.
Blue Crystal is delighted to share the exciting news that we have been awarded Most Progressive Property Management Firm, London in the 2020 UK Enterprise Awards.
Host SME-News says: “Blue Crystal Property Management, like all of our victors, has demonstrated excellence, commitment, dedication even in the face of uncertainty. For this, we humbly commend you.”
We would like to extend a special thank you to our colleagues and customers for their continued support and collaboration. It is our pleasure to work in this invigorating arena, and we aim to do so for a long time to come.
As a tenant, you are expected to occupy the property in a ‘tenant-like’ manner. It’s an odd phrase though it means that you should behave in a usual manner that a normal householder should do. Such as:
Changing or testing batteries in smoke or carbon monoxide detectors
Not putting anything down sinks that might lead them to block
Keeping the garden tidy if you have one
Regularly cleaning the property
Not allowing baths and showers to overflow
What are the most common landlord mistakes
What are your rights as a tenant?
Your rights and responsibilities are defined in the tenancy agreement. As a tenant moving into a privately rented property, you have a number of rights and responsibilities, just like your landlord. If you are unsure of your rights and responsibilities just read through the agreement for clarification. It will define your rights and responsibilites.
The rights of a tenant
As a tenant in a private rented property, your tenancy agreement thatr is co-signed by you and your landlord before you move in provides you with a number of rights:
Overpricing the rental value
Vendors will often talk up the rental value of their property, but landlords can easily check the actual value by talking to estate agents and checking properties on the market.
In a highly price sensitive market, seeking an inflated rent will mean the property remain will remain vacant while the outgoings continue.
Price it right at the beginning rather than reducing it a few weeks down the line.
Poor presentation and cheap furniture
People rent as a lifestyle choice, perhaps they can’t afford to buy. Many tenants will rent on long term basis. They want a property that feels like home, If the property is not looked after by the landlord, tenants will treat it badly or move into a better property.
Good furniture lasts longer and presents the property better.
The leaseholder is required by the terms of their lease to pay the service charges and ground rent as determined by their lease in advance of the anticipated year’s expenditure. Any non payment will result in a breach of the lease.
The landlord or resident management company would be required to collect the service charges and should initially try proactively to seek to get them paid, for example, finding easy ways for payments to be made, i.e. direct debit or making a concession as long as a precedent is not set.
Many leases allow late payment interest fees to be charged by the landlord where leaseholders breach their lease by late payment.
If you are a Residents Management Company, a Managing Agent or even a Landlord, then statistically, service charge arrears are the main causes of disputes between freeholders and leaseholders.
A service charge is the cost of providing services for a property which usually contains multiple dwellings.
In the vast number of cases these charges are ‘fair and reasonable’ and expected by the leaseholder and usually include some or all of the following:
Security, heating, cleaning and lighting of shared areas.
Landscaping and general gardening.
Provision and servicing of lifts.
Reserve fund contributions.
It is vital to make smart desicion when developing a property, it is not all about chosing the right development loan. There are common mistakes that even the most experienced developers can make.
Here is a guidance list to follow
Shop the market
Every lender will give you different loan amounts and different pricing structures. By shopping around and speaking to non-bank lenders, you’ll have far more visibility of the best available deals. Putting down a large deposit can be avoided, simply by finding a more generous loan offer with an alternative lender. This can free up funds for investment in other schemes and bigger sites, and prevent or reduce hefty profit share payouts to investors.