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Top Landlord Tips You Need to Know About

The business of letting out your property is complicated. Property-owners starting out need professional landlord tips and strategies to empower their business. As experts in landlord management services, we thought it right to offer some advice for landlords who might be confused about what the next right move is for their business. Review our top tips below. Full Disclosure is a Must   When tenants come to tour your property, be honest about where the property fails and what they can expect upon move in. Dishonesty breeds unhappy tenants who may not see their lease through. Full disclosure also prevents you from being liable should a problem arise. Determine Flooding Risks   There are an estimated 2 million homes in the UK at risk for flooding. Find out if your property is one of them through the Environment Agency’s flood map on their website. Be Available to Tenants   Your tenants want to know that you are just a phone call away. Make yourself available to them and let them know you are more than willing to answer any questions or concerns they may have. Landlord management services   Choose landlord management services that add value to your business. Whether […]

Where to Find Legal Advice for Landlords in the UK

The confidence to professionally navigate the world of being a landlord is something many people struggle with. At Landlord Syndicate, we provide a vast array of legal advice for landlords, but fully understand that you may have questions we have yet to answer in our Landlord forum. To help steer you in the right direction, we’ve listed a few of the best websites to find sound legal advice quickly and easily. 1. The Citizens Advice Bureau (CAB)   The vast majority of cities in the UK have a CAB office. These offices provide free information regarding housing laws and debt and financial regulations. Their goal it to help individuals like you attain the information they need to handle their business successfully. They are an excellent resource for landlords looking for financial advice. 2. Insurance Companies   At Landlord Syndicate, we often refer our customers to insurance companies to answer their most basic questions. If you’re struggling to figure out which insurance policy is right for you, then consider contacting several insurance companies to determine what they offer, what their rates are, and which one is best suited for your needs. 3. Law Works   Law Works is an orgainsation that […]

Most tenants say they are happy with their landlord

When asked if they are happy with their landlord, 80% of tenants told researchers that they were. In the survey undertaken by Paragon Mortgages, the tenants also revealed their fears that their landlord may end their tenancy for nearly half of them much sooner than their agreement runs for. Three quarters of tenants said they were renting a property because they could not afford to buy a house and 40% said they have no plans whatsoever to buy property and were resigned to living in private rental accommodation. The managing director of Paragon, John Heron, said: “The survey reveals that for many people, living in private rented accommodation is increasingly attractive for the long term. “This reflects the issue of affordability in housing however best practice and competition are pushing up standards for tenants.” He added that their survey has also revealed how important the UK’s private rented sector is to the housing market but it still needs to mature before catching up with its European counterparts. Tenants satisfied with affordability and standards   Mr Heron said: “There is room for growth in the sector with tenants satisfied with affordability and standards.” The survey revealed that the average length of […]

Landlords say they will not be increasing rents

The vast majority of landlords in the UK say they have no plans to increase rents over the next six months, according to a survey. The HomeLet Rental Index has revealed that 91% of landlords will not be charging their tenants more to rent their home. However, 34% of landlords said they would increase rents within the next year. The chief executive of Barbon Insurance which owns HomeLet, Martin Totty, said: “Our landlord clients tell us they would prefer to retain tenants for a long period rather than receive extra income. This attrition of tenants is not something that landlords want.” Rents on new tenancies being charged has fallen   The index has also revealed that 10 out of the 12 regions they analyse, the rents on new tenancies being charged has fallen slightly or remained static in the third quarter of 2015. Excluding new tenancies in London, landlords around the UK saw average new rents of £743 a month, that’s a 0.7% fall on the previous quarter. Landlords in Greater London saw the average rent falling 1% to £1,544. However, landlords in the East Midlands saw rents rise by 1.2% to £635 while landlords in Yorkshire and Humberside saw […]

BTL landlords ‘don’t assess true costs’

The boom in the buy to let sector is seeing growing numbers of landlords not assessing properly the true cost of their outgoings, says one BTL specialist firm. According to Platinum Property Partners, this means the landlords have no idea about whether a property investment will be profitable or not. In addition, around half of buy to let landlords fail to calculate the cost of any potential repairs to the property as well. From a study by the firm, they have calculated that the gross average cost for a buy to let property the UK is £8,359 every year. This figure is calculated by considering letting agent fees, property repairs as well as mortgage interest. Landlords may be overestimating their potential returns   Platinum is claiming that landlords may be overestimating their potential returns on a property investment by 50%. They say that the best way of gauging an investment’s performance is to use either a return on equity or a return on investment calculation. By doing so, a landlord will factor in the potential gross profit, the capital gains and all associated costs that come with maintaining a buy to let property. The study has also revealed that many […]

Landlords increasingly looking to sell up

A new sentiment survey of landlords has revealed that a growing number of them are looking to sell their properties because of the upcoming buy to let tax relief changes. The sentiment survey from Your Move and Reeds Rains says that the tax change is a ‘major concern’ for landlords and 23% say that now is a good time to sell their rental properties. In addition, landlords also say that letting a property will be less profitable when the tax reforms take effect from April 2017. However, 31% of landlords believe that now is a good time to expand their buy to let portfolio though 44% say that buying rental properties is now more complicated. With the ‘Right to Rent’ checks coming in next year, nearly 20% of landlords said they would be daunted by the prospect and don’t feel experienced enough to let their properties without the support from a letting agent. Landlords say that the laws for rental properties have become more confusing   Another 24% of landlords say that the laws for rental properties have become more confusing and, alarmingly, 11% say they do not understand current regulations. A director of Reeds Rains and Your Move, Adrian […]

Are landlords in the UK ethical?

With so much publicity in recent months about the activities of rogue landlords around the UK, Saga Home Insurance decided to find out whether the UK’s landlords are ethical. Their findings will not come as a surprise to the majority of landlords with rental properties since most tenants (77%) said their landlord was either ‘excellent’ or ‘good’. Just 8% of tenants said their landlord was ‘poor’. The survey shows that landlords are not only ethical but reliable as well and their survey also looked into the cause of most complaints. Landlords complain about tenants for the late payment of rent, 37%, another 32% complained of property damage and 20% said they were unhappy about tenants who left without giving notice. Landlords ‘hard to reach’   When asked, tenants said that most common complaint was that landlords were hard to reach, 23%, and the use of substandard tradesman for carrying out repairs was a cause of complaint for 21% of tenants. However, Saga also reveals a worrying statistic in that one in 10 landlords apparently does not pay a tenant’s deposit into a protected scheme. The survey results have now led to the publication of a leaflet aimed at existing and […]

Reforms will see landlords facing a tax bombshell

More than 60% of landlords with private rental properties face being pushed into higher rates of income tax because of Government reforms, according to research. The Residential Landlords’ Association (RLA) says this is no time for landlords to feel complacent after the Chancellor George Osborne announced in his budget that mortgage interest relief for landlords is to be restricted to the basic income tax rate. However, the RLA says that landlords who pay the basic rate and believe they are unaffected by the changes will find themselves being pushed into paying a higher rate of income tax despite their income not increasing. That’s because the tax change for landlords will be applied to turnover and not profit. From their research, the RLA says that of 1,200 landlords they questioned who are currently paying the basic rate of income tax, more than 60% said the rule change would see them paying a higher or additional rate of tax. Impact of mortgage interest relief reforms affect landlords   Now the RLA has met with Treasury officials to raise its concerns about the impact of mortgage interest relief reforms and how this will affect landlords investing in new housing for rent. David Smith, […]

Letting agents say rent rises are falling

Letting agents from around the UK are reporting that the rate of rental increases is beginning to fall for the first time in 2015, according to research. The Association of Residential Letting Agents (ARLA) is also saying that following a surge in supply of rental property in July, accommodation has fallen to June levels. On average, ARLA members had 178 rental properties on their books in August, a fall from 189 recorded in July. Despite this fall, the number of tenants registering with letting agents rose in August, up to 36 from the 35 average recorded in July. However, just one in three letting agents said they had seen rent increases in August. Landlords had increased rents in August   Of all the regions, 40% of agents in the south-west said landlords had increased rents in August compared with just 12% of letting agents in the north-west. Letting agents in Wales said that rents have increased for 36% of them. Tenants looking for rental property London are also struggling to find suitable homes with the number available for renting continuing to fall. Of the London-based letting agents, the average number of registered properties is 110, a fall from July’s figure […]

Landlords warned that fake passport use is on the rise

Landlords and letting agents in the UK are being warned that potential tenants are increasingly using fake passports to gain tenancy of properties, according to Keysafe Tenant Vetting. The firm says that the number of incidents it is seeing with prospective tenants offering false documentation has soared. Keysafe’s managing director, Gareth Fowler, said that the use of fake passports only occurred once or twice every month last year but now they are seeing fake passports used on a daily basis. Part of the reason for the increase is that agents and landlords need to conduct Right to Rent checks on their tenants under the Immigration Act 2014. Let a property to someone using fake documents   Failure to comply with the law could see letting agents and landlords being fined or facing a prison sentence if it is found they have let a property to someone using fake documents. However, Mr Fowler says the biggest cause for concern is that there has been a massive rise in the number of fake UK passports being used. He points out that it’s not just at the lower end of the rental market that people are using fake British passports but also at […]