LANDLORD NEWS AND ADVICE FROM UK'S LARGEST ONLINE LETTING AGENT
The latest from the world of lettings and written for landlords. Top stories, advice, commentary and analysis...
Keep the discussion lively, if you read an article and have some thoughts, please comment. We’re always looking for new landlord tips and stories so if you have something you’d like to share please let me know, simon@upad.co.uk (editor).
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LATEST NEWS
HMOs – a sector worth considering or one to avoid?
Houses of multiple occupation (HMOs) have had a poor reputation, earned over the years as less scrupulous landlords - particularly during the 1960s - met demand for low-cost shared housing with low-quality properties. The sector was thrust into the limelight during the 1970s by the TV sitcom Rising Damp about Rigsby and his unrelated tenants living in one house, a classic HMO scenario, but... Read more
What should be in your Assured Shorthold Tenancy Agreement?
One of the most crucial pieces of the lettings jigsaw for self-managing landlords is a good Assured Shorthold Tenancy (AST) agreement that features fair and workable terms for both tenant and landlord. Here’s our top tips outlining some best practice. Signed, sealed, delivered? Ensure each of your tenants has signed the agreement once it has been drawn up and agreed and that they also each... Read more
Will the benefits payment changes scare off private landlords?
When the coalition came to power in May 2010 one of their key aims was to reform the benefits system and reduce the annual £22 billion housing benefit bill, but will the changes affect private landlords? Here’s our summary... Overview: The cuts are to be achieved via three policies; making tenants more responsible for their own money via a single, universal benefit payment that includes... Read more
What to do if: you are worried about receiving a large service charge bill for your leasehold flat
Some two thirds of buy-to-let properties and overall some two million properties in the UK are leasehold flats either within converted houses or purposed-built developments. But despite a restructuring of the system following the Leasehold Reform Act in 1993 and the subsequent Commonhold and Leasehold Reform act of 2002, many landlords are still receiving large and often unexpected bills for... Read more
Could Longer Tenancies Be The Key To Reducing Rent Arrears?
Rents in England & Wales have risen 4.2% in the last year (LSL Property Services) Three quarters of Upad tenants spend up to 40% of their monthly income on rent 1 in 3 Upad tenants expect to rent for 5 to 10 years or more With the latest data from LSL Property Services revealing that the average monthly rent in England & Wales has gone up by 4.2% and the cost of renting in the... Read more
What to do if: your landlord property insurance is getting too expensive?
The most obvious answer to this question is; strip your insurance down to the essentials and then shop around, given the limitations of the market – for example, there are a small number of providers (compared to normal home insurance) who are picky about what they cover – many won’t touch student, bedsit or holiday home properties, for example. So here’s the Upad guide. Strip out... Read more
Top 5 rules you could be breaking without knowing it
Boilers You must carry out a gas safety check on a property’s boiler once a year using a Gas Safe Registered engineer, and if you’ve just installed a new boiler then the safety check must be completed within 12 months of putting it in – again by a Gas Safe Registered engineer. Landlords must keep a record of these checks for two years and give the tenant a copy of it within 28 days of... Read more
Legislation update: stamp duty relief
Many landlords will have been distracted by the protests over Chancellor George Osborne’s recent budget to miss one of its less reported items – the end of Stamp Duty relief for disadvantaged areas. Since December 1st 2003 any property bought for under £150,000 within one of the several hundred designated ‘disadvantaged areas’ has been exempt from Stamp Duty. These areas are within a... Read more
Expert’s corner – what washing machine should landlords buy?
Of all the white goods landlords put into properties, it is washing machines that create the most problems. While fridges are cool runners and ovens rarely burn out, washing machines – full of moving parts and often heavily used on a daily basis – seem to break down the most often. Given this problem, which make of machine should a landlord buy – cheap, cheerful but short lived or... Read more
Top five rental problems and how to solve them
Tenants who don’t pay their rent Two recent surveys revealed that 12% off all rents are paid late or not at all and that some 200,000 tenants are in arrears of more than two months, so to avoid becoming a part of this statistic it’s essential landlords obtain references from prospective tenants before they move in. But if a tenant does get into arrears and informal channels fail to work then... Read more
Guest post: how to make your property a “must have” pad
Landlords aren’t just renting out a roof over their tenants’ heads, they’re also selling their prospective tenants a lifestyle says Ben Hall managing director of LOFT Interiors, the property management furnishings specialists. Whether your target tenant is a student, young professional or family, help them to envisage a stylish, comfortable and stress-free life in your property. Here... Read more
Boilers: how not to get in hot water
Condensing gas boilers are now standard issue in most buy to let properties but, despite a new generation of ultra-green, highly efficient units being introduced in recent years, boilers remain a major expense and source of trouble for landlords. We’ve pinned down two experts to answer some of the big questions about condensing boilers, both from different ends of the business – Dave Cook... Read more
Top ten items you can claim on your Tax Return
Few landlords are keen to wade into the bewildering world of tax return allowances but by dipping your toe in, significant sums can be saved if you know what you are entitled to claim. So, if you do your own return, here are some of the items you might not know you can claim (and one you can’t). 1. Wear and tear If you property is rented ‘furnished’ then HMRC allows you to either... Read more
Top tips for working out the best rent for your property
How much is my property worth? For landlords managing their own properties, what’s the best way for them to work out the optimum rent for a flat or house? This is a question that, until recently, was answered only by hours spent scouring local newspapers or scanning high street window displays. But the increasing sophistication and reach of the internet means the lettings market is now more... Read more
“We’re not stuck, it’s a choice” say 30% of UK tenants who rent rather than buy
High house prices, the need for a hefty deposit and lack of access to mortgage finance have all undeniably contributed to the creation of ‘Generation Rent’ but not everyone is stuck in the trap – 30% of UK tenants choose to rent rather than buy according to our latest data. Indeed it may well be officially £120 cheaper to own your home today then rent (Halifax, Jan 2012) but bricks and... Read more
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Recent Comments
- David Lawrenson: Good piece Freeholds are more valuable to buy and sell (among people who did this sort of thing) if...
- David Lawrenson: James, Good piece but why do Shelter fail to mention the rather important fact that lenders’...
- John Gell: Non-paid utility bills need not concern a landlord and it is not lawful to hold deposit money against...
- Maggie: We once had to install 2 Miele washer/dryers in 3 years for tenants and the original one was a Miele –...
- Sharon Bilsby-Vint: I only ever install Miele Washing Machines in all my rented properties for peace of mind. (I even...
