Residential Property Management London Archives | Page 2 of 4

Who is a good property manager

People can be busy with their lives, work and family commitments so that they simply do not have time to look after a property. Property managers take over landlords responsibilities so that they can get on with their lives and focus more important matters in their lives. What should you look for in a property manager; Experience: It is important to find out how many properties are in their portfolio? How long have they been working for the same company? You want a property manager who has a long term history with the company, who is knowledgeable and consistent and above all responsible.

Handling an end of tenancy

What happens when a tenancy ends Most tenancies end amicably, with the tenant giving notice then handing back the keys and agreeing with the landlord or agent on any cost that needs to be paid. But some end up in disputes over the state of how the property was returned. check the tenancy agreement as it outlines responsibilities note the condition and standard of the property and its cleanliness at the start of the tenancy via an inventory report so expectations can be managed by both sides be open to compromise to come to an agreement

What is landlord liability insurance

Every landlord has a legal responsibility to supply a safe home and many accidents can be prevented by carrying out regular maintenance and repairs. Though despite taking all the precautions, accidents can still happen. This is where liability insurance comes into force. What is landlord liability insurance Liability insurance is an insurance cover that protects you from potential compensation claims related with your rental property; i.e if someone injures themselves or other property is damaged as a result of your property. It is a type of public liability insurance that is there to pay the compensation and any resulting legal fees to a third party such as a tenant, visitor or a tradesperson. If your tenant hurt themselves tripping on a damaged floorboard or a loose tile were to fall off the roof and hit a passing pedestrian, you may be liable to pay compensation if a claim was made against you. Under the circumstances; your landlord liability insurance would step in to pay any related compensation, expenses and legal fees, up to the limit of your policy. Insurers and their solicitors will also defend policyholders against claims where a third party has alleged that they are at fault, though they actually were not negligent. In this scenario they will defend you and, if you found not negligent for injuries caused, insurers will provide cover for the defense costs required to defend the claim on behalf of the landlords.

Why do you need a residential tenancy agreement

Without a tenancy agreement in place, landlords and tenants have no written record of their contract, which leaves both parties with reduced legal options if a dispute occurs. Rental agreements protect the legal rights of both parties. A tenancy agreement is a binding contract between you and your tenant(s). It sets out, clearly and without room for misinterpretation, what is expected of the landlord and the tenant, and the length of the agreement between both parties. It also explains what either sides legal obligations if the other party do not keep to their side of the agreement. Although it is not a legal requirement to have a written tenancy agreement. It is beneficial to have a written tenancy agreement. It will make it much easier for all involved.

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.

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.

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.

How to keep good tenants

What are your expectations from tenants; contacting you when there’s an issue, always paying on time, respecting your property and the neighborhood. Finding great tenants can be easy, but once you lease your property, you need occupants who look after your property as if it is their own, you never want to see them move out. For landlords, the turnover of tenancy period comes with expenses that range from cleaning costs to possible repairs. Loss of rent especially if you are relying on rental income to pay your mortgage, utilities, and estate agents fees can all add up. Reducing or eliminating your turnover expenses by keeping good tenants longer could help you become a more profitable landlord. There are many advantages, including: Having consistent rental income Spending less time and effort preparing the unit for rent Avoiding the uncertainty of bringing in a new tenant Ensure to lease your property to the right person.

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.

Importance of inventory at tenancy disputes

Experience shows that photographic and video evidence within your inventory can be vital in dispute cases. Once you have embedded your photos or videos into the inventory, as well as signing it yourself, don’t forget that your tenant also needs to sign it to confirm their agreement. Why should you use photographs and video to support the written inventory There are still landlords, managing agents and inventory clerks who choose not to use photographs in their inventories. This may well be because they’ve never had an inventory issue arise. It is bet to have it and not need it than not have it when you need it. Visual content is more important than ever. As a landlord, you will be aware that good quality photographic and video evidence is vital to help you demonstrate the extent of any damage or deterioration to your rental property during, and particularly at the end of a rental period. If you feel that it is reasonable to make a claim at the end of the tenancy, for things like cleaning, damage, or redecoration, then photographic or video evidence will assist in your negotiations with the tenant. In the unlikely event that you and your tenant cannot agree on the proposed costs and you need to use an alternative dispute resolution service, you will need to provide supporting evidence to an impartial adjudicator to support your claim.

How to prevent void periods on your rental property

Void periods is the period in time where your property is unoccupied usually because you are between tenants. Empty properties can cause problems if you have a mortgage to pay. Maintain Your Property Ensure your property is tidy, clean and in a liveable condition. Bathrooms and kitchens are key selling points of your property – Update them or revamp them if they need updating. Up to date properties attract the best tenants at a higher rate. Presentation of your property matters. Start marketing early Work with legitimate agents and if you are trying to market your property yourself then advertise at reputable websites and places. This will reduce void periods, it’s important to advertise your property as early as you can. As soon as your tenant has given their notice then you must start to advertise your property immediately.