Property Management West Kensington Archives | Page 2 of 8

What are right to rent checks

Right to rent checks were first introduced in 2014. Agents are landlords are required to carry out checks to ensure that their prospecive tenants are in England lawfully and have a Right to Rent. This legislation is intended to cover all of the UK though it is currently only running in England. Following the Brexit transition changes were implemented as of 1st July 2021, which now imposes further checks on these nationals who now need to provide evidence of their Right to Rent by producing confirmation of their EU settled status or eVISA.

What you should look out for during a property inspection

Once you have agreed a time and date with the tenant, the inspection can go ahead. As a landlord, it’s your duty to make sure your property is legally compliant and a safe place for your tenants to live. Yourself or the agent will be looking to see if anything needs to be repaired or replaced during the inspection, and whether there is anything that may represent a danger to the tenant. It’s also an opportunity to check that the tenant is not in breach of the tenancy agreement. Inspections are also a perfect opportunity to check in with your tenants, make sure tenants are happy and to discuss and resolve any potential issues they may have. You should check Statutory inspection checks Property condition Tenancy breaches

Why are regular property inspections important

The main purpose of an inspection is to find out the overall condition of the interior and exterior of a property and record any repairs or maintenance that may be required. This is a way of maintaining a good relationship with the tenant and it is also an opportunity to remind them of their responsibilities. During an inspection, tenants can ask questions or discuss issues they may be experiencing with the property. It is important to carry out regular checks as they will highlight any necessary maintenance or safety issues which can be dealt imminently. Regular property inspection will help you keep your tenant safe and avoid unnecessary costs and complaints from them. Ensure to not carry out these checks too often or unnecessarily, as it could put a strain on the relationship.

The importance of property inventories

A property inventory is a valuable report that is used by landlords to ensure that their property is left in as good conditions as it was rented out in - this report is essential for helping to prevent disputes with tenants as it aids to help communications and bring issues to the surface before they can grow. This report is a document that measures the state of a property - these should be carried out twice; the inventory (the beginning of a tenancy), and the checkout (the end). The first inventory: The first inventory is commonly considered the more important of the two - it should be used to detail every aspect of the property and the conditions of them, such as the floors: is it carpet or wooden, and are there stains? The schedule of condition offers protection against structural damage that can occur within a tenancy, this protects against more than just the conditions of furniture - making this crucial to any landlord regardless of if the property will be let furnished or not. A recommendable tip would be to use photographic evidence in these reports to make them indisputable.

The Good Tenant Guide

What makes a good and dependable tenant? Responds to all questions in detail prior to tenancy agreement and provides all information They complete the application fully with all the necessary proof and referee contact details included. It needs to clearly identify that the potential tenant can meet rent payments and take good care of the property. Has a good track record When requested references from the previous property management or landlord; they can provide you with statements showing rent paid on time and you are also provided with good character references. A good tenant should have excellent references.

Can landlords have tax efficiency and flexibility?

There are many factors that get overlooked when understanding how to navigate yourself as a landlord, the most difficult of which I believe to be, is how to have tax efficiency - so let's change that. First we must look at how to create tax efficiency, so what are our options? Our most highly recommended ideas that get most overwhelmingly overlooked are: Tax bands not being taken advantage of. Capital Gains Tax is usually not paid when assets are transferred between spouses, this essentially allows you as a landlord to cut your tax bill by simply just transferring your assets to your partner, so what’s stopping you?

What are tenancy disputes?

Residential tenancy dispute What are tenancy disputes? Tenancy disputes are the formal method of resolving complications between a landlord and tenant. Tenancy disputes have the potential to be devastating to relationships between tenants and landlords, making the prevention of such an occurrence a necessity. By learning how to successfully avoid disputes, the conditions and communications […]

How to assess wear and tear at your rental property

It’s vital that a landlord has a comprehensive inventory with supporting photographs and videos at the end of a tenancy, especially when it comes to assessing what damage caused by the tenant is unreasonable and what might be considered ‘fair wear and tear’. Wear and tear is a fairly simple principle but can cause landlords a great deal of trouble unless they understand how it differs from wilful or negligent damage caused by the tenant and what level of costs can be proposed at the end of the tenancy. A certain amount of wear and tear is unavoidable in rental properties. Over time as tenants live in homes, some damage will occur. This isn’t a result of abuse or neglect by your tenants, meaning they can’t be held responsible for it. However, sometimes tenants do cause an unacceptable level of damage to furniture, fixtures and fittings which they’re liable for under the tenancy agreement.

Is buy to let investment right for you

A buy to let property investment is right for you of you prefer investments that are more tangible than stocks and shares. Are willing to tie up your money for a long period of time You accept that property prices can go down as well as up You are willing to take the risk that you may not earn a profit on your investment You understand and accept the additional risks that go along with borrowing money to buy a property You understand and accept the costs and time involved in owning and running a property and the impact that this will have on your potential return. When you become a landlord, you’re effectively running a small business and this comes with important legal responsibilities.

Leaseholders who are in process of selling but have unpaid service charges

It is assumed that any arrears owing at the point of the sale of a flat will pass to the incoming leaseholder. This view is incorrect and can present landlords with a debt that may be difficult to recover, once the outgoing leaseholder has moved on. Who is responsible for service charge arrears? In most leases, service charges will be payable in advance. The owner at the time that the charges are due is the only party liable to pay those charges. Say for instance the lease requires the service charges to be paid annually, half-yearly or even quarterly in advance on the 1 January in each year. That leaseholder has sold their flat and the completion date is fixed for 14 January, just two weeks after the charges are due. Commonly, the outgoing leaseholder or his solicitors will tender payment for just the first 14 days leaving the incoming tenant to pay the remainder - it is after all they who will take the benefit. Where this happens the incoming leaseholder can decline to pay the remaining balance of the 1 January charges and accept only the charges accruing on the next year/half year or quarter, depending upon the lease, as they were not the lessee at the time of the demand and thus have no liability to pay that charge.

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).

How to find a contractor

Finding a good contractor is important when you add a room, renovate a basement or carry out repairs. A home improvement project gone wrong will cost you. Good advertising isn’t proof a contractor does quality work. Check with friends, neighbours, or colleagues who’ve had improvement work done, and check out a contractor’s reputation on online ratings sites you trust. Get written estimates from several firms and keep in mind the lowest bidder may not be the best choice. How to find a contractor: Depending on how big or complex a project is, you might hire a: general contractor to manage all aspects of your project, including hiring and supervising subcontractors, obtaining building permits, and scheduling inspections specialty contractor, who installs particular products like cabinets and bathroom fixtures architect, who designs homes, additions, and major renovations — especially ones involving structural changes designer or design/build contractor, who provides all services

Blue Crystal awarded Best Residential Property Management Company London and South East

Hard work pays off – we’ve done it again! We are delighted to announce that Blue Crystal has been awarded Best Residential Property Management Company (London & South East) in the Corporate Livewire Prestige 2020 UK Enterprise Awards. The awards recognise small and medium-sized businesses that have proven to be the best in their market. Each entry is carefully assessed over a range of criteria, from service excellence to marketing and branding. We are thrilled to accept the winning award in our area and wish to convey our heartfelt thanks to the awards judges, and also to our colleagues and customers for their continued support.

Reasons to invest in a property through a limited company

A limited company is legally recognised as being a separate entity from its owner, which means that when it comes to the limited company’s assets, it is the company itself that owns them. Using a limited company to invest in a property has many benefits The tax-related benefits are much better when using a limited company to invest in property rather than buying it under a personal name. There is no mortgage interest relief restriction for limited companies The amount of tax relief accessible to individual property owners is being cut back, any interest paid on a mortgage to purchase property through a limited company is fully tax deductible. It can often work out more tax efficient to purchase an investment property through a limited company. Since April 2020, landlords have not been able to deduct mortgage interest from their rental profits, which will affect their income tax bills significantly. It is worth considering setting up a limited company and follow this route.

Vacant property management

Vacant management is vital for properties, If you own a property in London but only use it occasionally and you would like to ensure it is safe and secure. There can be unplanned emergencies i.e leak or flooding, alarms going off. There will be bills arriving at your property that are to be paid, If you are based overseas and own a property in London, it can be stressful, costly and inconvenient to try and resolve problems or look after a property via long distance and even if you try to, you still need someone near the property to oversee contractors. The home insurance also has to be considered as under some policies, if the property is not inhabited or visited regularly, then insurance can be invalid. We offer an attentive vacant property management service where you can rest assured that your property is in safe hands and that vital maintenance and administration are taken care of wherever you may be.

How to protect your property portfolio

We are providing you with a few tips to help you protect your income and take advantage of opportunities that may arise from a recession. Think about buying The stamp duty holiday is tempting, finding a distressed seller sounds very appealing though you need to think in terms of long term thinking as property is a long term strategy. Tax saving is an initial discount though properties always require maintenance, keeping an eye on new regulations. Buying a property to make money can be a long term strategy. Buying a property in 2020 while the market is hot is risky but at the same time can be the best deal you have ever made.