Residential Property Management London Archives | Page 3 of 4

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.

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.

Landlord Tenant Relationship

If a problem arises, make sure it’s dealt with effectively and efficiently. Communicate clearly and if you agree on a certain course of action or deadline, make sure you stick to it. If you are struggling to agree matters with your tenant, call on a trusted third party to provide an independent point of view and act as mediator. A positive landlord and tenant relationship is invaluable and can be a huge asset to your business. Having a reputation as a good landlord will boost the rental potential of your property and getting on well with your tenant should ensure that the tenancy is fairly hassle-free. Happy tenants stay longer too, cutting down on the cost and inconvenience of re-letting or having a void property sitting on your books. Lastly, from a health and safety point of view, a positive relationship is much more likely to result in a high quality living environment.

Portable Appliance Testing (PAT) for residential lettings

Portable appliance testing (PAT) is the term used to describe the examination of electrical appliances and equipment to ensure they are safe to use. Most electrical safety defects can be found by visual examination but some types of defect can only be found by testing. However, it is essential to understand that visual examination is an essential part of the process because some types of electrical safety defect cannot be detected by testing alone. Where a landlord provides an electrical appliance as part of a tenancy, the law expects the appliance to be maintained in a safe condition that will not cause harm to the tenant. Failure to do so could lead to the landlord being sued for negligence. Portable appliance testing is always best practice for landlords but it is not a legal requirement.

How to handle an insurance claim

What can you claim for Check the terms of your cover,depending on your cover, you can claim for: Damage to your building Lost, damaged or stolen contents Property owner's liability Loss of rent and rent guaranee Home emergency and boiler breakdown You can either handle the insurance claim process yourself or use a loss assessor. When claiming yourself: Call the claims number Explain the details of your claim Follow their advice of cover details Send necessary paperwork or pictures You may need to meet an assessor

Increasing rents under tenancy agreements

Increasing rents under Assured and Assured Shorthold Tenancies Most of the time the landlord is more in control when it comes to the rent payable by their tenants. If the tenant is unable or unwilling to agree a rent increase, either within the existing assured shorthold tenancy (‘AST’) or on a renewal, the landlord can serve notice under Section 21 of the Housing Act 1988 (“the 1998 Act”) to end the AST (once outside any fixed term or pursuant to any break provision in the agreement) and re-let the property at an acceptable rent. However, where landlords let to longer term tenants either under assured tenancies or ASTs, or they otherwise have no desire to end the current tenancy, the landlord needs to consider the correct process where they intend to lawfully impose a rent increase. This will be particularly relevant should the Government’s proposals to end the “non-fault” process for possession under Section 21 of the 1998 Act become a reality, creating longer term security of tenure for residential tenants. This Legal Update sets out the process for increasing rents payable under assured tenancies and ASTs.

Check your lease when letting your property

All flats and some freehold properties, especially the ones located on managed estates are subject to covenants affecting how the property is to be used and setting other rules in relation to when and to whom the property might be let. It is important for Property Owners and their Agents to consider those requirements prior to letting to ensure that all obligations are complied with and thus avoid disputes. It is highly important for Block Managers, Developers, Managers and their Managing Agents to be familiar with any restrictions on, and obligations affecting, the letting of units within a development.This is a brief guide as to the matters to be considered when permitting the letting of a residential unit. How to check Check your lease or in the case of freehold property, the Transfer. What to look for In our experience the covenants placing restrictions on or imposing obligations for Property Owners intent on letting might include all or some of the following:- A prohibition on letting of part only or taking in lodgers or paying guests - This will prevent the letting of rooms within, as distinct from the whole, property. - It will also prevent the letting of the property separately to its garage or parking space where the same is demised under a single Lease or Transfer. A prohibition on letting of the whole

Changes in demographics are affecting landlords

As the home ownership population continues to age, young and middle-aged individuals are renting for longer and landlords are having to adjust to new regulations. Combined with this, uncertainty around Brexit has curbed housing market growth. Since 2016, London is growing slower than other areas such as Manchester, Birmingham and Cardiff.

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 long does an eviction take – and more useful information

How long does an eviction take Repossession is the last situation a landlord wants to consider, but if you find yourself in a position where you need to retrieve your property from tenants you need to know where you stand. But if you found yourself needing to take back control of your property, would you […]

How do mortgage lenders calculate affordability

How do lenders calculate mortgage affordability? Some lenders may tell you that they won’t offer you a mortgage because your Affordability risk is too high. How to keep your property gas safe Lenders’ Affordability rules differ depending on the landlord. Finding a suitable mortgage match the landlord and the mortgage lender is the priority of the […]

What happens at the end of a tenancy

What happens at the end of a fixed term tenancy When we think of what happens at the end of a tenancy, our common hope is for it all to go smoothly. Tenants want to move without much hassle or worry and get their deposit back quickly. Landlords want to get a new tenant in […]

HMO Licence changes 2018

Here are all the HMO licence changes 2018 that the government is introducing in England from this October. In 2006, the HMO (Houses in Multiple Occupation) only applied to properties of at least three storeys housing at least five people from two or more households. However, from October the government has removed the ‘over three-storeys’ part […]

Landlord Insurance Explained – Residential Property Management London

Landlord insurance is a definite consideration for anyone renting out their investment property. Even with the best intentioned tenants, everything may not go all that well through out the tenancy. You may have accidental flooding and failed rent payments, the right cover would provide a peace of mind. There are many types of landlord insurance, there are a combination of different insurances, tailored to fit the needs of individual landlord.