How to avoid Troubles with Tenancies

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Managing your Tenancies:

Don’t allow your rental property dream turn into a Halloween horror story!

Use these top tips to help you troubleshoot troublesome tenancies.

From unreported maintenance and subletting, to pets without permission and the late payment of rent, a troublesome tenancy can quickly turn property portfolio dreams into costly nightmares.

Stop potential problems before they start with these six simple steps towards an investment happy ever after from the experts at Belvoir.

1. Behind closed doors

A visit to the property is the only way to know for certain what’s going on behind closed doors…

“Inspections are a safety net for the landlord which allow him or her to enter the rental unit and assess if the tenant is looking after the property and living within the terms of the Tenancy Agreement,” explains owner of Belvoir Bournemouth Luke Marchbanks.

“These visits are essential in order for you to uncover any problems and stop them early in their tracks. Important issues or adverse behaviour to look out for include evidence of malicious damage, subletting, smoking or signs of pets that have been moved into the property without your permission.

“A scheduled quarterly visit to the property will also provide a platform for a face-to-face catch up with the tenant and give you the opportunity to discover if they have any concerns that need addressing.”

2. Deteriorate and depreciate

Make sure deterioration doesn’t turn your rental property into a depreciating house of horrors…

“As part of your inspection it’s also vital to carry out a maintenance assessment,” continues Luke.

“If you do discover any deterioration or necessary repairs then deal with these as soon as possible. Unresolved maintenance issues don’t disappear – in fact many can escalate, causing extensive and expensive damage to the fabric of the property if not tackled at speed.

“Good communication between a tenant and landlord is also useful here and it’s important that your tenant is made aware that they should report any maintenance problems that occur between inspections.”

3. Pay day

Payment problems can negatively affect your property’s profit potential…

“To help avoid delayed payments it’s wise to encourage your tenant to set up a standing order,” advises Luke. “This means the money will be transferred straight to your account each month and the tenant won’t need to worry about remembering to make the payment themselves.

“If a payment is delayed then it’s important to act early in order to avoid an ongoing issue where multiple rental payments are missed. And, again, good communication is key. Nine times out of ten a late payment will be an oversight or genuine mistake so always find out why it has happened and when the issue is likely to be resolved.”

4. Check it out!

Securing a good tenant at the beginning of the rental process helps prevent problems later…

“It’s vital to check out a tenant’s suitability before a tenancy begins,” says Luke. “As a landlord you want to make sure that your property will be looked after and the tenant can afford it and there are several processes which can help you make an informed assessment of this.

“At Belvoir Bournemouth we’ve got a number of stages to our checks for each new tenancy,” he continues. “The first is the credit check. This will reveal any CCJs, bankruptcy or anything else that waves a red flag in terms of the tenant’s credit history.

“We then carry out an employer’s reference in order to confirm that the tenant holds the position they say they do and that they will be able to afford the rent.

“The final check we make is with their previous landlord. If a tenant has rented before we can ask for a reference regarding whether rent was always paid on time and in full and how the property was left at the end of the tenancy.”

5. Review and react

Ignored complaints don’t go away – always review and react at speed…

“From time to time issues do arise that a tenant will want to complain about,” says Luke. “If this happens it’s important to act quickly. Overlooked complaints can accelerate and failure to adequately deal with an issue can become an additional complaint in itself.

“When troubleshooting a grievance it’s important to be proactive, open and honest – listen carefully, review and then react. Be clear about what you’re going to do to resolve the complaint, giving timescales too.

“More often than not issues can be settled straight away and informally before they grow, but always be transparent and never over-promise. If a complaint is unrealistic or impossible to resolve make sure that your tenant is aware of this and give your reasons why.”

6. Trick or treat?

Turn potentially tricky tenancies into a treat with a helping hand from the experts…

“A letting agent’s help is invaluable in the fight to prevent troublesome tenancies,” says Luke.

“We’ve got the experience to spot the key indicators of a potentially problematic tenancy, plus the knowledge of how to resolve them.

“We have various processes in place to help protect a landlord’s property too,” he continues. “We can carry out credit checks and references, organise regular inspections, commission contractors to resolve maintenance before it escalates, chase late rental payments and deal with tenant complaints to the satisfaction of both parties.

“As expert agents we can professionally look after the management of your investment property, helping to turn potentially tricky tenancies into a successful happy ending.”

http://www.belvoir.co.uk

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – How to avoid Troubles with Tenancies | LandlordZONE.

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LBC – Landlord’s Heartbreaking Take On The Hell Of Universal Credit

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James O’Brian of LBC interviews an emotional Landlord on the heartbreaking hell Of Universal Credit.

LBC said: “Dan rents out a series of properties around the country, many of whom are on Universal Credit, putting him in a perfect position to see how the new system affects the lives of people who are struggling.

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Scottish Private Residential Tenancy Agreement

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Scottish Government has just published the Model PRT Agreement, which comes into force for all new tenancies from 01 December 2017, which along with the two forms of Guidance Notes is essential reading for all landlords with properties in Scotland.

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So who’s going to get an A* from the judges?

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Property Investors Awards:

It was strictly down to business in an Essex conference suite last week as judges put their heads together and assessed the fancy footwork of the shortlisted candidates for the 2017 Property Investors Awards.

The awards, now in their third year, celebrate excellence in the field of property investment, with this year’s winners set to be announced at a glittering ceremony at the Royal National Hotel in Russell Square, London, on the evening of Saturday, December 2.

On Thursday experts in a range of fields including development, investments, law, banking and brokering gathered in Brentwood to debate which of the nominations were most deserving of the titles on offer.

Accolades up for grabs at this year’s ceremony include Property Development of the Year, New Property Investor of the Year, and Serviced Accommodation of the Year.

Amid much hotly-contested debate, punctuated with laughter and even the odd Danish pastry, the relative pros and cons of each candidate were assessed.

Asked what qualities they were hoping to find among those nominated, first-time judge Matt Hutchinson, Communications Director for SpareRoom.co.uk, explained:

“We’re looking for people who create value for the community they operate in, as well as themselves.”

Judging colleague Daryl Norkett, Regional Development Manager at Shawbrook Bank, added:

“We need to see demonstrable project successes, supported by the numbers behind the deal, and a rationale for the business strategy employed.”

All our judges agreed that prospects for property investors over the next 12 months were shrouded in uncertainty, and times were likely to be challenging for first-time investors and seasoned property aficionados alike.

Judge Sarah Davidson, of This is Money at MailOnline, predicted:

“Those who choose to become full-time professionals will be the most successful, as the market is getting tougher.”

But there’s no doubt that winning a category in the 2017 Property Investors Awards will be a significant feather in the cap for any investor or property professional.

More than 250 attendees are already confirmed for the December 2 awards ceremony when the winners will be revealed, at what’s certain to be a fun-packed evening for nominees and guests alike. Find out more at:

propertyinvestorsawards.co.uk

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – So who’s going to get an A* from the judges? | LandlordZONE.

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I am a Sitting Tenant and don’t know what to do now my landlord has passed away

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I am an assured or sitting tenant without a fixed rent since 1989. Although the rent has always been extremely reasonable.

The landlord died recently and the letting agents are asking to ‘inspect’ the property for 5-10 minutes.

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Is there an alternative to selling?

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I bought a freehold property partially converted to flats, which doesn’t meet building regs, but action as a result is unenforceable due to the elapsed time since works were undertaken.

I have let the flats individually and am in the process of splitting services and upgrading the conversion.

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Trespass by Housing Association

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Hi, hope someone can advise on this. I am a leaseholder in a block of six flats owning a top floor one. With this flat comes the front garden.

Back in the middle of the year the housing association fitted a new condensing boiler to the flat below us (ground floor) and installed the pipe which carries the condense waste (acidic) into our front garden.

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New Guide on Meeting Minimum Energy Standards

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Energy Efficient Properties:

The Government has just issued new guidance on complying with minimum EPC standards.

With just six months to go now until the Minimum Energy Efficiency Standards (MEES) are introduced for residential rental properties the government has issued detailed guidance for landlords.

The MEES Regulations will make it unlawful for a landlord to start a new letting in a rental property with an Energy Performance Certificate (EPC) rating below “E” from next April. This will apply in England and Wales.

It is thought that still around 5% of rental homes – one in 20 – would fail to meet the new minimum energy efficiency standards if an EPC assessment was done today. Where landlords have properties falling into bands F or G, they will need to think about how they bring them up to standard before they do a new letting.

The new guidance issues by the Department for Business Energy and Industrial Strategy is designed to help landlords to comply with the 2018 ‘Minimum Level of Energy Efficiency’ standard, comes under the Energy Efficiency (Private Rented Property) (England and Wales) Regulations 2015.

The guide says:

“This document provides interpretation and guidance for landlords, enforcement authorities and others with an interest in the domestic private rented sector on the operation of Part Three of the Energy Efficiency (Private Rented Property) (England and Wales) Regulations 2015 in relation to domestic property. This guidance is designed to help landlords to meet their obligations under the PRS (Private Rented Sector)”

The will be some exemptions, for example, for listed building and some social housing, but otherwise all residential landlords, whether just doing a casual letting, small or large landlords, will be affected.

Here in Figure 1 is a quick flow chart from the guide to help:

Source: The Domestic Private Rented Minimum Standard Guide October 2017

Read the full guide here

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