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Do you need smoke alarms and carbon monoxide detectors at your rental property

Smoke alarms and carbon monoxide detectors are non-negotiable for health and safety purposes. It is not possible to monitor 24/7 for fire and air poisoning unless you have an alarm. Statistics revealed that we are 4 times more at risk in the absence of smoke alarms and carbon monoxide detectors. Check out the importance of check in inventory What do we need to do to be compliant with current smoke and carbon monoxide detector regulation? A tenancy must ensure that during any period beginning on or after 1st October 2015 A smoke alarm must be equipped on each storey of the premises on which there is a room used wholly or partly as living accommodation. A carbon monoxide alarm must be equipped in any room of the premises which is used wholly or partly as living accommodation and contains a solid fuel burning combustion appliance. Importance of sum insured on a rental property?

Long Distance property rental for expat landlord property management

Making Long-Distance Property Management Work For You Supervising a rental property from a distance can be difficult, but it’s do-able. With trustworthy tenants, you might discover having an out-of-town property to be no more work than having an in-town one. Whatever the case, make it easy on yourself by being prepared for emergencies, maintaining regular communication with tenants, finding reliable repairmen, or opting for a property manager to supervise your property. Find out how to make your property more attractive to tenants 1- Ask Someone to keep an eye on your property Flats are shared dwellings, any misbehaviour of your tenant can theoretically be reported to the local council and block management company and leaving you with issues to deal with. What are block manager responsibilities A house offers more privacy for your tenant though gives them plenty of room to disobey rules. It would be wise to select a neighbour to keep an eye on your property. If there is a problem such as vandalism, unsociable behaviour etc. your property manager or yourself would be notified immediately. How to ensure buy to let success 2- Select decent maintenance companies Maintenance, repairs, and other complaints all come to you as the landlord of a rental property. When you are out-of-town, you have to find other ways of dealing with these situations. You need a handyman, electrician, and a plumber you can rely on. If there is ever a leak or electrical problem that needs to be fixed immediately, you can call them to get the job done immediately.

Rightmove London trends of 2017 and 2018 predictions -rental property management London

2018 London forecast: Re-adjustment to continue with prices to fall by further 2% With the price of property coming to market in London down overall by 1.8% in 2017, Rightmove forecasts another tough year for many of those looking to sell in 2018 as buyers will continue to hold the upper hand Rightmove predicts a further average 2% drop in new seller asking prices in 2018, though the lower and middle sectors of the market will continue to outperform the upper Check out our guide on how to choose your estate agent Typical first-time buyer sector properties will show more price resilience following stamp duty savings – 2018 prices predicted to edge closer to recovery with a 1% fall compared to -2.0% this year The middle ‘second-stepper’ sector is forecast to remain challenged next year (-1.5%) compared to this year (-1.1%), as costs of both stamp duty and trading up remain high Prices in the upper ‘top of the ladder’ sector are predicted to further weaken with a 4% drop next year compared to the 3.7% drop recorded this year as sellers’ resolve to hold out for higher prices weakens

How to make your property more attractive to tenants?- Manage my property London

Check out your competition An easy way to makeover your property is to simply emphasize its positives and never mention the negatives. It would be beneficial to check other properties that are on the market in your area and find out what your property has to offer that the others don’t. Is yours in a good school catchment area, is it very close to the transport links and local shops, does it have a garden…… Just focus on highlighting what your property has, talk about the private parking area, talk about how close it is to the local park, is you’re a quiet road, just compare your rental value with what is on the market and this will enable to figure out if yours is on the market at the right price. You just have to understand what makes your property unique and desirable and then let the rest of the world know about it! Sell what your property has; don’t focus on what it may be lacking. Find out how you can ensure buy to let success

How do property auctions work?

How do property auctions work uk You need to know how do property auctions work if you want to make sure you won’t make any mistake when it buying at a property auction. How do property auctions work: the Prerequisites. You need to have 10% deposit ready on the day of the auction, also you […]

Capital gains tax on investment properties

The rules on capital gains tax on your home can be quite complicated. Essentially, if you’re selling your main home that you live in you are very unlikely to need to pay capital gains tax at all, because of a tax relief called private residence relief. Capital gains tax is generally not payable on gains you make on the sale of your only or main home. But if you own more than one, there possibly would be a bill to pay. By law as of April 2019, tax digital is mandatory for landlords and the interest relief system is being changed over a period of 4 years. If you’re selling a second home, or selling a home that you rent out to generate an income, you might have to pay, although there are ways you might be able to reduce your tax bill through letting relief or nominating which of your homes you want to be tax-free.

Why does a landlord need a property inventory?

A property inventory ensures the landlord doesn’t have to pay for the damages or loss made to their property during their tenants’ residency. Floors can be scuffed, carpets stained and furniture may be missing. Actually, a number of unexpected damages could take place, including vandalising a kitchen or a bathroom! When it is time to return […]

Accidental landlord advice

Accidental landlords become landlords as a result of circumstance, rather than design. There are many reasons that someone might become an accidental landlord. They may have inherited a property, or had to relocate for work reasons. Whatever the circumstances, the owner would have decided that their best option is to let the property rather than to sell it. Statistics confirm that 30% of UK landlords are accidental landlords. Naturally, accidental landlords tend to be inexperienced when it comes to letting and unsure about their obligations. Inform your insurer You must notify your insurance company that the property is now being used as a rental property, your insurance policy will most likely be invalidated. That could be a very expensive mistake. In addition, we advise that you look at taking out public liability insurance to protect you against any incident which takes place in or around your property. Talk to your mortgage provider As well as your insurer, you should also talk to your mortgage provider to let them know that you intend to rent your property. In some cases they would allow you to stick with the current mortgage deal for a year or two with a view of switching in the future if becomes necessary.

5 Top tips for having happier tenants

Be quick on the draw Of course, most of the changes and work that will be carried out on any rental home will actually come after the tenant has requested it or reported a problem. Resolve this year that whenever such issues do arise, you make sure work is carried out as soon as possible. Tenants hate to have to wait, so having one or two contractors you know you can rely on to hand can make a big difference in getting stuff done quickly and keeping tenants happy. Get tenants settled in Increasingly, one of the biggest concerns of tenants is what they are going to be doing in the future, because they never know how long they are going to be living in one place. Where possible, it can be a good idea to tackle these worries, and offer tenants the chance to sign longer tenancy agreements. Not only does this give them the long-term security they are after, but it can also secure income for an extended period for the agent as well.

Beginner`s Guide to landlord insurance

Landlord insurance is a crucial consideration for anyone renting out their property. Even with the most well-intentioned tenants things can go wrong and cost a significant sum to put right. In the event of issues as diverse as accidental flooding and failed rent payments, the right cover can provide important peace of mind. 'Landlord insurance' is a broad term, and cover will vary from policy to policy. Rather than being a single product, it's usually a combination of different insurances, tailored to fit the needs of individual landlords.

Expat landlords, factors to consider when moving abroad

When moving abroad, many expats prefer to keep ownership of their primary home in order to generate an income by renting out their UK home. If you are moving abroad, or maybe you’re already a non-UK resident, and are considering renting out your home, there are a number of factors you need to take into consideration, both now and in the future.

Tips on keeping tenants happy – Rental Property Management

How to Keep Tenants Happy! It is known fact that it takes significant time and money to attract and retain good tenants. It just makes good business sense to strive for happy, long term tenants in your rental properties.

Home identity fraud on rental properties

Unfortunately, home identity scams are becoming more frequently reported in the mainstream media especially in the rental property market, with multiple prominent cases recently coming to light. Since 2009, Land Registry have been cracking down on home identity fraud but it is important that resident remain vigilant and do what they can to protect their properties from fraud.