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Landlords told to head north for best yields

Landlords should avoid investing in London property and head north for better buy to let returns, recording to research. Assetz Property says that following the Brexit vote to leave the European Union, the best returns will be enjoyed in the North of England. The firm says that buy to let landlords can achieve yields of 8.5% with such property in Leeds whereas gross yields in London average 3.5%. In addition, the research reveals that the disposable income for people in Leeds is much higher than those in London despite the capital’s average salary being £40,087 which means tenants there have a disposable income of £6,600 – and that’s before paying for food, travel expenses and builds. However, in Leeds the average salary is around £10,000 less than is found in the capital but they can rent a quality home for an average of £11,244 a year. Investors should concentrate on the return on their investment   The chief executive of Assetz Property, Stuart Law, said: “With interest rates set to fall on savings and London house prices set to drop, investors should concentrate on the return on their investment and yields. “The potential relocation thousands of highly paid city workers […]

How to Screen & Select Stellar Tenants

The relationship between tenants and landlords isn’t always a whirlwind romance. Often, it begins with a blind date that turns into an “I don’t, maybe I should see him again” situation. Landlords have a lot to deal with when finding and renting their property. From landlord’s property insurance to finding and screening tenants, it seems like their work is never done. Before you decide to accept an application for your property, we have a bit of landlord advice to throw in your direction: screen them! While landlord action offers you some protection, preventative care is the best route to take. Here’s how to professionally screen and select tenants for your property. Conduct background checks   While they are time-consuming, background checks save you significant heartache. Many landlords pass the costs of background checks off to tenants, and if you choose to go this route you won’t have to worry about extra expenditures. Whatever way you go about it, don’t skimp on having one done. Familiarize yourself with local landlord laws   Besides landlords property insurance, you’ll also want to get informed on local laws regarding breaks in the lease, what your rights are as a landlord, and your responsibilities. Do […]

Marketing Strategies to Get Your Property Let or Sold

All good landlords want a good tenant to let their property to. The ROI for your property is strictly based on the quality of your tenant and the lease you set forth. Before you can sign any contracts, however, the first step is to figure out how to generate interest in your property. At Landlord Syndicate, we’re well known for our endless volumes of landlord insurance advice, tips, and articles. One of the most important aspects of owning any investment property is marketing, something we felt the need to discuss in today’s post. Check out a few marketing landlord tips below to get started on the right foot. Choose the right marketing agency   First and foremost, if you’re going to partner with a marketing agency make sure they are the right one. Professional marketing agencies come in all shapes and sizes, so be sure to investigate specialties, pricing and experience. Any additional investment in a marketing agency only consumes more of your profit margin, so make sure you’re getting real results. Consider your audience   One of the factors mentioned most in our landlord forum is finding the right audience for your property. For example, if you’re located in […]

Your Guide to Landlord’s Home Insurance

What happens if your tenant has a run in with your home’s carpet? Or what if they forget to lock the doors to the building and a burglar destroys your property? Are you covered? Landlord property insurance differs in coverage from policy to policy. While landlord insurance quotes can help you determine a budget, you need to understand what’s covered and what’s not in your policy. The moment you become a landlord your rights and coverage change. Often, the laws that govern your coverage changes annually as well. Besides keeping you up-to-date with the latest landlord news, we also want to help you understand your current policy. Consider the following to better understand your options. When Building Contents isn’t enough   As a landlord you lose the protection offered by standard building’s insurance. If you fail to inform your insurer that you’ve become a landlord and rented your property, you risk serious financial and legal battles. Another important point is that whether you are renting out your property or are building a portfolio, your money is linked to each building you own. You obviously don’t want to risk your investment by choosing a cheaper policy. The next right step then, […]

Landlords urged to check their tenancies are ‘compliant’

Landlords are being urged to check that their tenancy agreements are legally compliant after an investigation revealed that one in 10 landlords do not have any form of legal contract with their tenants whatsoever. The findings come from insurance firm Direct Line for Business who say that landlords may be unknowingly using tenancy agreements for tenants to sign that are not legally compliant. Of the landlords questioned, 58% said they were using modified agreements based on an old letting agent’s agreement, while 38% used tenancy agreements from other landlords. Landlords are using a tenancy agreement they found on the Internet   However, 20% of landlords are using a tenancy agreement they found on the Internet. Direct Line says that from its investigation it is apparent that when landlords start out they utilise the services of letting agents and then use their original tenancy agreement as a template when renewing a tenancy. The lack of having a legally reviewed tenancy agreement might help explain why 13% of landlords confess to having difficulties with disputes that arise from a tenant’s agreement, says the firm. The survey also reveals that 9% of landlords admit to not telling their tenant that they were legally […]

What You Need to Know About Your Landlord Deposit & Landlord Action

Landlords have to handle a good deal of challenges throughout their business. From problem tenants to securing deposits for legal purposes, the challenges are aplenty. This means that you might need help if you’re a landlord. For example, landlord action enables you to remove problem tenants, while landlord deposit ensures that you have a legal business where your funds are held legally. Additionally, all landlords are required to buy to let insurance to protect their property and their tenants. Of course, not knowing where to find the best insurers is complicated and can cause confusion. So, where can you turn to for help? First of all, don’t underestimate that accidents can happen. Whether your tenants leave the taps running or fall victim to a burglar who trashes your house, ultimately you are responsible. Buy to let insurance is important for protecting your property. If you forget to tell your insurer that you rented your property, you’ll be in a world of financial hurt, as they will not cover the damages. The reality is, as a landlord you need financial and legal assistance. Landlord Action and Landlord Deposit provide that protection. They will work with you to understand your needs and […]

Best Landlord Insurance Advice for New Landlords

It is essential that new landlords know precisely what they need to be financially and professionally secure. Total landlord insurance has long since provided expert advice to assist individuals in their newfound work as a landlord. Providing landlord insurance advice is what we do, but we also like to answer some common landlord questions to help steer the way towards successful ownership. Consider the following bits of landlord insurance advice to discover a better way to manage your property. Calculate the Costs   The costs of buying a property is not the only factor to consider. Another important factor is calculating the costs of insuring the unit. Whether you’re purchasing a duplex, a commercial property, or an apartment, it is critical that you calculate the cost of insuring the property before you begin listing it for sale. This is the single best piece of landlord insurance advice anyone will offer you. Start with the costs, and then move forward. Use Contracts   The internet is full of sample contracts that are available for you to download and use to keep your property safe. Some of the most common landlord questions relate back to contracts, which ones are necessary and which […]

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 […]

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 […]