Property Management Richmond Archives | Blue Crystal Property Management

How to avoid tenancy disputes

The tenancy agreement is the essence of a successful tenancy – it protects the property, outlines the landlord and the tenant’s responsibilities, and can prevent disputes arising. A comprehensive tenancy agreement safeguards the interests of both parties to create the foundations for a smooth tenancy. It is important to have a clear tenancy agreement, what should be included in a tenancy agreement and what to do when the agreement expires. Being a landlord can be an extremely rewarding but it can also be a challenging. There are many tasks to be carried out, as well as the duty of care to your tenants and legal responsibilities to keep up to date with. The tenancy agreement is part of these requirements and is the bedrock of a successful tenancy.

Eviction ban extension for landlords

As it stand, a landlord can only gain possession if they have leave from the court or an exemption, which only applies to arrears of over six months, severe anti-social behaviour or domestic violence cases. The purpose of this advisory guidance is to help landlords and tenants understand the implications of the Coronavirus Act 2020. The Act provides protection to social and private tenants by delaying when landlords can start proceedings to evict tenants. The provisions of the Coronavirus Act 2020, which increased the required notice period length, have now been extended through legislation. Ban on commercial evictions extended to 30 June and bailiff enforced eviction ban extended to 31 May to protect residential tenants. Business owners – many of whom have had to cease trading entirely during lockdown – are being given extra support after the government extended the ban on commercial evictions for a further 3 months, Housing Secretary Robert Jenrick announced today (10 March 2021).

Points to consider before extending your property

Extensions are a great way to raise a property value or increase rental income though landlords should be careful not to overdevelop or comply with local planning rules. There are points to consider when carrying out an extension at your property; 1. Understand market needs The best time to extend is when you’re changing the property materially for a different demographic or market. For instance, if you have a two-bed house and you know the local market is short of three-bed properties. But be careful not to overdevelop the property so it is bigger than everything else in the street; some areas have a value limit. Houses in multiple occupation (HMOs) and flat-shares generally make more sense to extend than family homes, because if you add another bedroom the rent increase will be incremental rather than marginal. An extra tenant in an HMO will earn you an extra room's rent, whereas an extra bedroom in a family home is unlikely to increase your rental income by more than 10-20 per cent.

How to exercise right to manage

How to qualify for Right to Manage In order to qualify for the, the premises must be a self-contained building or part of a building, with or without appurtenant property; contain two or more flats held by qualifying tenants (e.g. those with leases originally granted for more than 21 years); and have no less than […]

How to check if a property is gas safe

Check if a property has a gas safe certificate Most landlords don’t check their gas appliances annually. So, we’ve put together a list all landlords need to know how to check if a property is gas safe. Carbon monoxide alarms are a must in all properties where there is a solid fuel burning appliance A […]

Bills Included Rent

Many landlords are renting their properties on a room by room basis. Demand for bills included rent has increased in recent years. In fact, millennials’ tenancies make up 14 per cent of tenancies in the UK and bills included rent is a high priority for them, when they’re choosing a place to live. Assured Shorthold Tenancy; how to […]

Assured shorthold tenancy: how to start them right

Discover in this article how to beginning an Assured Shorthold Tenancy (AST), learning from the common mistakes, in order to 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 […]

Where to invest in property: the best commuter areas of London

Where to invest in property in London If you’re thinking of where to invest in property, you may want to explore the best commuter areas for your purchase. Here’s a list of tips. Keep in mind to focus on the areas that are within 30 minutes commute to Central London. Leyton – Central Line, 23 […]

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?

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

Importance of sum insured on a rental property – Manage my property London

The sum insured is the maximum amount the insurance company will pay to rebuild your investment in the event of a claim. These policies use the size, type, location, age of your home as the basis for the cover. The change to a “sum insured” policy means you will still be covered for the costs of rebuilding your rental home but there will be a maximum amount payable, called the “sum insured”. Your insurance company will only pay the costs up to the sum insured. If it costs more than the sum insured to rebuild your home, you will have to make up the shortfall. The sum, insured should be increased by 4% every year to keep up with present housing costs. You are better of over insuring than under insuring. The sum insured is the maximum amount your insurance company will pay in the event that your home is totally destroyed or badly damaged. There is no guarantee that the sum insured will be sufficient to cover the costs of rebuilding your home. The sum insured is not the price you paid for your home, or the rates valuation. The price you paid also includes the value of land and reflects the market value of your home, rather than the replacement cost. The market value of your home will not equate with what it costs to rebuild it. Typically, house insurance will cover the costs of rebuilding your home and other features or buildings that make up your home. Features can include driveways, fences and swimming pools.

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 […]

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.