MakeUrMove's recent study has revealed that, contrary to Government proposals, UK tenants don't want three-year tenancies, with only 7.2 per cent stating that they would prefer a tenancy lasting three years.
MakeUrMove's recent study has revealed that, contrary to Government proposals, UK tenants don't want three-year tenancies, with only 7.2 per cent stating that they would prefer a tenancy lasting three years.
When you let a property finding tenants, or rather finding the right tenants, is so important. Naturally enough as a private landlord, it's in your interest to find someone who will pay the rent on time and who will take care of your property. You go to a lot of time and trouble to check references, conduct credit checks and filter out those tenants who may cause issues. Unfortunately, it doesn't always work out.
On 2nd July, the Secretary of State for Communities, James Brokenshire MP proposed the introduction of a minimum three-year tenancy term, with a six-month break clause, with the aim of helping tenants put down roots and increase financial security for landlords. It has now been revealed that the government is unlikely to implement mandatory three-year tenancies.
Before the official start of any tenancy, you should always check in your new tenant. This is an opportunity to minimise the chance of any disputes at the end of the tenancy. The check-in procedure provides an accurate picture of the property prior to the tenant moving in and also documents the handing over of the keys and reading of meters.
Some private landlords do struggle with raising the rent. And it's easy to understand why on occasion they can be reluctant to do this. Sometimes that's because they don't want to risk losing the goodwill of a model tenant. Perhaps they are worried their tenant can't afford an increase. Or they simply don't think it fair.
All private landlords dread flooding, storm damage and fire. Aside from concerns about the tenant's well-being any of those disasters can have a huge financial impact on your business. This is why it's essential every private landlord has a robust buildings insurance policy.
Being a landlord is not a hobby. It is definitely something to be taken seriously! We've put together some of the commonest pitfalls that we see landlords falling into - so regard this blog as a bit like a safety net to ensure you don't fall into these same traps!
Today, we put long-time landlord, Denise Naylor in the spotlight. Denise has over 30 years’ experience of the property sector and shares insights from the earliest days of buy to let.
Local housing allowance (LHA) is used to calculate housing benefit for tenants who rent their home from a private landlord. The amount of benefit paid to the tenant is based on the location of the property, whether it's shared accommodation and the number of bedrooms each claimant is allowed.
Some private landlords really enjoy the day-to-day running of their business. They want to be involved with everything. Finding tenants, arranging viewings and scheduling repairs. Not to mention collecting rent and making sure their legal compliances are up to date.
A tenancy agreement is the most important document a landlord will sign with their tenants and at MakeUrMove we regularly see landlords who don't comprehend the full implications of what the agreements they are signing. The basics are almost always covered - the amount of rent, the start date, payment schedule and the tenancy length - but so much can be left to chance if you don’t cover all the bass.
When you are a new landlord or have just prepared a new property to let managing viewings is straightforward. The property is empty and you know it's in the best condition it can be. It's clean, tidy and ready for a new tenant. And arranging viewings is easy as well. You just schedule them according to your own timetable.