Claims against deposits can lead to disputes

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Compensation charges at the end of tenancies can be contentious and as a result, they can lead to deposit disputes, especially when there is little or no evidence to support the charge, says digital inventory specialists Imfuna Let. Landlords and agents need to ensure that when they are making their claim calculations, they do not […]

… LandlordZONE.

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Are You Doing Enough to Keep Your Vacant Property Secure?

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Although a building may be empty with no assets of real worth inside, security should still be every landlord’s primary concern.

Whether the property you own is for domestic or commercial purposes, keeping it secure is a top priority. Neglecting to put the right security measures in place could cause a number of issues, forcing you to take the property off the market until your problems are resolved, severely devaluing your investment in some cases.

As the owner of any property that’s currently vacant, you should always be asking yourself if you’re doing enough to maintain its safety. Here are a few ways to improve your current security.

Neighbours are Great Lookouts

If you own property in a residential area, it’s a smart move to introduce yourself to people who live nearby. You don’t have to become best friends, but making yourself known and providing contact details is an ideal way of knowing straight away if any problems need your attention.

The same can be said for commercial property that has nearby businesses. The last thing other business owners want is for damage or break-ins to happen in the vicinity of their building. They’re in the same boat as you, so use this to your advantage and gain yourself an extra pair of eyes.

Everything Needs to be Clearly Locked

Lock. Your. Doors. It’s a no-brainer, but have you made sure everything is locked? Whether it’s a door, window, skylight or even a cat flap, if you want your property to be safe, you need to lock up effectively. Most people will concentrate on the most obvious ways in (front door, back door, fire exits), but covering all bases protects your property from all angles — or in this case, all entrances.

Your property is now the Fort Knox of vacant properties, but is it clearly locked? A door that’s secured with a big, noticeable lock will not only perform its duties to keep intruders out, but will act as a deterrent, because anyone trying to gain entry now knows they first have to deal with the lock.

Vacant, Not Derelict

A long-time vacant property that shows signs of neglect will be more noticeable and, therefore, more vulnerable. While the building may not be in use, it doesn’t mean you should put it on the backburner in regards to security and upkeep.

Overgrown bushes, a build-up of waste or any noticeable damage are all advertisements to burglars, vandals or squatters. Property maintenance should already be on your current agenda. If it’s not, you need to consider the effect it could have on your finances through repairs or decrease in market value.

Piles of rubbish or damage to your property can also become a hazard if they’re not taken care of. Whether it’s a potential tenant viewing the property, someone working on the site such as security or construction, or even an intruder, if they hurt themselves on your premises because of dangerous conditions, it becomes your problem — and possibly a costly problem at that.

Residential Security

Depending on the size of the property or if it’s a particularly isolated location, it may be worth looking into residential security. Although some may see this as just another expense to add to the list, when compared to what you’ll end up paying for repairs from break-ins and vandalism, it becomes less of an expense and more of a necessity.

You then have to consider how effective residential security is as a deterrent. Any intruder looking to gain access to your property will quickly have a change of heart once they notice you have security patrolling the area.

Noticeable Warning Signs

If you saw a “beware of the dog” sign on a gate or fence as a child, there’s no way you’d risk it and trespass — and this same logic can be applied to securing your property. You could use a sign for any number of reasons, such as security on the premises, CCTV in operation, or alarm systems. It doesn’t matter whether they’re truthful or a fallacy, because the only person who knows for sure is you.

Some commercial properties, like a construction site, require the appropriate signage by law to show that you’ve taken the necessary steps to prevent unwarranted access.

Install High-Quality Alarms and CCTV Cameras

It’s natural to try and save some money wherever possible, but when it comes to security, you get what you pay for. If you’re planning to install an alarm system, CCTV cameras or ideally both, they need to be high-quality.

Modern tech has revolutionised every industry, with security being one area that’s benefitted greatly from these advances. The use of mobile alarm systems and motion detectors will alert you or the police to any break-ins on your property, meaning that the situation can be taken care of right away.

The addition of CCTV cameras is perfect if you have a more urgent need to keep an eye on your property, such as if there have been recent burglaries in the area or you have equipment on-site. These days, there’s an app for everything, and CCTV cameras are no different, meaning you can keep an eye on your property at any time of day via your mobile.

As well as providing a watchful eye over your property, CCTV cameras also provide a strong deterrent to anyone planning to break in or cause damage. This, along with a sign to highlight the fact that you have cameras, will be more than enough to keep anyone off your property.

Being the landlord of any property will raise issues from time to time, whether it’s to do with tenants or problems with the building itself. You’d think that by taking the residents out of the equation, a vacant property would give you less to think about. In reality, though it provides a whole new category of tasks — and security is in the running for first place when it comes to your priorities.

Ankush Gupta is the managing director of Close Circuit, which provides London with a range of security services. The company’s core management has over fifty years of experience in the security and hospitality industries.

… LandlordZONE.

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How To Be A Successful Landlord: Interview With Richard Blanco

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Richard Blanco, dancer turned landlord, bought his first property in 1995 in Hackney, and has since bought 11 more properties and made a hugely successful business from buy-to-let. What’s his secret to success?

Portico estate agents interview London landlord and NLA representative, Richard Blanco, on how to be a successful landlord. Here are some key points they took from the interview:

1. When do you put your properties on the market?

“Knowing when to put your properties on the market is crucial. I engineer all of my tenancy agreements so that they end between February and June or September to October. Spring and early autumn are often the best times to let out a property – so you’re likely to achieve a higher rental price and lower void periods. I actually recently re-let a property for 12 months in August, and when I renew I will offer a 13-month contract so that the next tenancy ends in September.”

2. How do you pick an investment?

“I do have criteria for investment, such as a minimum rental yield, and I also prefer freehold houses that fit the needs of my target market. Most importantly though, a property must always have the potential to add value and it must be located in an area that is improving.”

3. What do you think about Crossrail’s impact and Crossrail 2?

“I’m a huge fan of new rail schemes as they can really lift an area and bring in professional tenants who are my target market. I think substantial chunks of the Crossrail corridor have matured in terms of potential – especially in central London and inner east and west London, but having said that, if you buy in these areas you are likely to be protected from any price falls. I’m certain there is still money to be made in outer London sections both east and west – but this is definitely a long-term goal. I mean, look at how long it took Brixton to regenerate even though the Victoria line arrived in the 1970s!

At the end of the day, we still don’t know the final route of Crossrail 2 so it’s hard to fully comment on its potential impact. I think the north east end of it will be most interesting as there could be greater gains than in already bloated Chelsea, Battersea and Balham.”

4. How have you reacted to the HMO licensing and looming tax changes?

“I have generally taken licensing in my stride. Three of my properties are subject to local authority licensing schemes and two more may be in future. It’s really important that you’re aware of new legislations; for example, my latest purchase in Newham is affected by Article 4 directions, so has to be let to a family.”

5. Do you recommend buying through a limited company?

“I manage my properties as a business through a limited company – and recent research shows that 40% of landlords are thinking of buying property through a limited company.  It’s important you do your sums before making a decision. Although you can set all finance costs against rental income in a limited company, you will pay tax on any money over £5,000 per annum that you withdraw from the company as dividends, with the highest rate being 38.1% – on top of the 20% corporation tax already paid.  And imagine setting up a company structure only to find in 5 years’ time that the government changes the tax regime again.”

6. Do you recommend a mortgage provider for buy-to-let?

“Yes – there are some fantastic deals out there are the moment! Virgin Money, BM Solutions, Godiva and The Mortgage works are still the quickest and all have good rates.  I never pay percentage fees but flat fees, because a percentage of a London property is a lot of money.  I like working with building societies, as if you can manage to develop a good relationship with one it can be really beneficial. Always make sure you have a commercial lender that you can work with, like Lloyds or Bank of Cyprus UK.”

7. What do you think of the future of buy to let now Theresa May is in government?

“Like many landlords, I am heartened that George Osborne was sacked. Theresa May and the new Chancellor Phillip Hammond say that they will be looking at measures to help support business and stimulate the economy. The construction sector is keen for the 3% stamp duty surcharge to be abolished, but I fear we will be stuck with the changes Osborne brought in.

Lenders are keen to continue buy to let as it is profitable for them and Bank of England proposed regulation has already been factored into how most of them operate.  George Osborne shifted policy to homeowners away from landlords and it is hard to predict whether this will continue to be the stance of Theresa May’s government. We’ll have to wait and see…”

Article Courtesy of: PORTICO

… LandlordZONE.

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Legal responsibility – N Power or Landlord?

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A tenant vacates a property and both the tenant and managing agent provided final meter readings to the utility company to terminate the supply of electricity and gas. However, N Power fails to terminate the utility supply. The property is then empty for 9 months with the service still connected and at the end of… Read more

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Landlords reminded over fire door responsibilities

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This week is Fire Door Safety Week – with landlords reminded of the importance of fire doors in rental homes. The week-long campaign aims to raise awareness and educate people of the importance of fire doors in commercial, public and multiple occupancy buildings. Landlords have a responsibility under the Regulatory Reform (Fire Safety) Order 2005 […]

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£1million spent on Travel Lodge accommodation in PRS perfect storm

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It has been reported that Peterborough Council have spent over £1million to house families in Travel Lodges since April This year. This is due to an increase in Homelessness in Peterborough from an average of 98 people per month to 150 in August. The Council is blaming this increase on the role out of Universal… Read more

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Landlord Action to feature in third series of Channel Five’s ‘Nightmare Tenants Slum Landlords’

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Following the success of the first two series, Channel 5 has commissioned a third series of ‘Nightmare Tenants, Slum Landlords’, with Landlord Action as one of the leading tenant eviction firms featuring throughout the twelve-part series. As rents spiral ever upwards due to continuing pressure on housing stock, the dramatic observational documentary will continue to… Read more

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Tenants Hit by Rise in Online Rental Fraud

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Strong demand for rental properties, particularly in the Capital, is bringing a surge in online fraud, where fake landlords trick would-be tenants into transferring deposits for properties that don’t exist. Police forces in the UK report a 44 per cent increase in the scam last year, claiming that around 3,000 people seeking accommodation contacted them. […]

… LandlordZONE.

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No Nonsense Tax Advice For Landlords

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Section 24 Tax Problems – Will your mortgage interest payments be taxed? The following breaks down, into three easy sections, the important questions of whether your mortgage interest payments will be taxed from 2017 onward, and if so what you can do about it. Identify the size of the PROBLEM, if indeed there is one at all What… Read more

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RLA members raise £1,500 for charity

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RLA members have donated goods worth £1,500 to charity via new app Gone for Good. Gone for Good asked RLA members to donate unwanted items from their properties to be sold to raise cash for a range of good causes. In the two months since the scheme was launched donations from RLA members have helped […]

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