Buying to let guide | UK Rental Property Management

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Buying to let top 10 guide:

Buying to let in the UK market has become a real challenge, as prices have remained high but demand for renting is also high. Our Top 10 tips will maximise your chances of making a good return on your investment into the buy-to-let market.

My 10 Steps to success:
Ok I'm going to make this very easy by revealing my 10 steps. Follow this and you will succeed, ignore a step and you may struggle. Here goes...
1. Find the right area to buy into and make some appointments with local letting agents normally estate agents will be able to offer help with letting too .
2. Once you've picked their brains to assess the state of the lettings market (and discovered what type of properties are most in demand) you can begin the house hunting game. Get several viewings under your belt to get a feel of the market.

3. Talk to mortgage providers early on in the process to ensure that you find the best deal. If you have a personal financial advisor, they may do this service free of charge and so it may save you money and time along the way.
4. Once you've found a suitable property put in an offer and be patient. What you might think is a silly offer may prove to be a bargain, remember you can always increase your offer.
5. When your offer on the property is accepted you'll need to get a licensed conveyor or a solicitor to deal with the legal and financial paperwork.

6. This is the step that can seem to go on forever, the survey and searches.You will also need to get it valued. Then you'll be in a position to finalise your mortgage arrangements with your finance lender.
7. Who will property manage ? Once you've been handed the keys you'll need to decide whether you are happy to manage the property yourself or if you want to hand it over to a letting agent. My advice is use a letting agent, it may cost you but the knowledge and experience a professional letting agent can provide will save you money in the long run.
8. The chances are that the property will need some work doing on it, so it's best to get the workmen in there as soon as possible. You will find speaking to the letting agents that they have just the team for the job should you not already have someone in place. 

9.When it comes to marketing the property remember that unfurnished is the modern way. It may very well be that you need to provide kitchen appliances but other that leave the property empty except for flooring and curtains or blinds.

10. Before your tenants take the property, do make sure that they are clear on the terms of your contract to avoid any later possible complications.

If you want more tips on letting property go to our website www.propertyfile.co and click on the FREE STUFF icon and request a copy of SECRETS TO SUCCESSFUL LETTING.

"Your local lettings experts, our advice is free but our knowledge is priceless"

 
I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country”

Adrian Fallart - Director - Property File

Ten Ways to Increase Income on Rental Properties

 www.propertyfile.co

How do you get more income from your rental properties? Raising the rent comes to mind, but there are many other ways.

What if you want better cash flow from your rental properties? You can't just raise the rents arbitrarily. If tenants leave, income goes down, not up. There are other ways, though, including the ones listed below which may be applicable to your properties.

 1. Install coin-operated washing machines. Even if you don't have the money to do this yourself, you may find a company that will do it for you, and share the income with you. Alternatively fit a domestic appliance coin box which can be adapted to most machines. A Particularly good idea for "Houses of Multiple Occupation (HMO)

 2. Rent extra parking space. If your apartment comes with a garage, dont include it in the rent but offer it as an extra, if the ingoing Tenant doesn't want it then Let it seperately to someone else.

 3. Raise the rent. Okay, we did dismiss ARBITRARY rent hikes as a cash-flow solution, but check on the rates for similar properties. Are you renting at below-market values?

 4. Rent storage sheds. Especially if your apartments are small, your Tenants may need a place to store their things. Don't let them spend their money elsewhere. Put a few sheds on the property if you have the space to do so.

 5. Enforce late fees. It is perfectly fair to have a fee for late payment of rent, and guess what? Those who are chronically late usually don't even mind - they just don't look at these things the same way as others.

 6. Offer improvements for rent increases. If it's worth  £25 more monthly rent to a tenant, install that dishwasher they asked for. Even on a credit card you'll pay less than that per month for it.

 7. Install vending machines. If your rental properties are large enough such as "houses of multiple occupation", companies will do this for you for free, and give you a share of the income.

 8. Rent by the room. A four-bedroom house might make more money if you include all the utilities and rent by the bedroom. This has made a lot of fortunes for investors in University towns. It does mean a lot of management however and make yourself aware of the different regulations with regard to lodgers and "HMO's".

 9. Rent-to-own sale if you would consider selling in the future!. Usually there's a non-refundable deposit, and higher than market rents in these deals. When Tenants change their minds, as they often do, you get the deposit and better cash flow. This is great when poor cash flow makes you want to sell. You either sell or get the better cash flow as you repeat the process.

 10. Reduce expenses. Every pound of expense you cut goes straight to the bottom line. List every expense of your rental properties such as insurance and look at them one at a time. How can you reduce them?



Hopefully this has given you some ideas to work with and help you to successfully let your properties.

                 "Your local lettings experts, our advice is free but our knowledge is priceless"

 

I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country”

Adrian Fallart - Director - Property File 

Court Of Appeal Ruling Rent in Advance | Property File | Hertfordshire

www.propertyfile.co

In a recent legal case the Court of Appeal has ruled that any rent paid in advance for the tenancy of a property does not count as part of the deposit. This has been a long drawn out case and will  bring much welcomed relief to hundreds of landlords up and down the country.

In short the tenant, who was asked for six months rent in advance because she did not have a set income, tried to dispute a Section 21 notice requesting possession of the property on behalf of the landlord, claiming the advanced rent was in fact a deposit and therefore the notice was not valid.

For further information click the links below; 

Source Letting Agent Today

http://www.lettingagenttoday.co.uk/news_features/Rent-in-advance-not-a-deposit-Court-of-Appeal-rules

Source Property Reporter 

Relief for thousands of landlords thanks to Court of Appeal Rule | News | Property Reporter

 

"Your local lettings experts, our advice is free but our knowledge is priceless"

 
 
I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country”

                                            Adrian Fallart - Director - Property File 

Shelter Survey | Property File | Hertfordshire

www.propertyfile.co


High Demand for Rented Homes:

It seems there's more demand than ever before for rented homes, with over 9 million people now renting their property from a private landlord. New statistics from the charity Shelter reveal that 26% of renters had faced a rent rise in the previous 12 months - not a huge figure. Even so, the same report also shows that two-thirds of renters are struggling or falling behind with their rent. The question is: what way will rents go in the future? 

To take a look at the independent survey click the link below.

Source Shelter Survey

"Your local lettings experts, our advice is free but our knowledge is priceless"

 

I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country”

 Adrian Fallart - Director - Property File

Landlord Gas Safety Certificate | Property File | Hertfordshire

www.propertyfile.co

Health and Safety – Gas Annual safety check:

 http://www.youtube.com/watch?v=mvLuoV0yZQc

Under the Gas Safety (Installation and Use) Regulations 1998 all gas appliances and flues in rented accommodation must be checked for safety within 12 months of being installed, and thereafter at least every 12 months by a registered Gas Safe engineer.  

You have a duty as a Landlord to ensure that all gas appliances, flues and associated pipe work are maintained in a safe condition at all times.  You must keep full records for at least two years of the inspections of each appliance and flue and of any defects found with a note of remedial action taken.

A copy of the safety certificate issued by the engineer must be given to each new tenant before their tenancy commences, or to each existing tenant within 28 days of the check being carried out.

If you have a change of tenancy, even if the last gas safety certificate is still valid, you need to ensure that gas fittings and appliances are safe before re-letting. Tenants may have removed appliances unsafely (e.g leaving open-ended pipes, having shut off the emergency control valve), or left their appliances in place. Appropriate checks should be carried out and any unsafe equipment rectified or removed before a new tenancy begins. As you have a duty of care to inspect the appliances, flues and associated pipe work again my best advice would be to have a new Gas Safety certificate completed, commonly known as a “Void” certificate, by a Gas Safe engineer and this will ensure that all is as it should be and legal for the new tenants. 

 

"Your local lettings experts, our advice is free but our knowledge is priceless"

I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country”

 Adrian Fallart - Director - Property File

 

Property File | Lettings & Management | Stanstead Abbotts | Hertfordshire

www.propertyfile.co

"Your local lettings experts, our advice is free but our knowledge is priceless" 

I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country”

Adrian Fallart - Director - Property File

Choose a Lettings Agent | Property File

Choose a Lettings Agent

If you are a Landlord with just one or even a portfolio of properties for rent then at some point you need to make the decision whether to let and manage them yourself or instruct the services of a professional letting agent.

BDRC Continental have just carried out a survey as to what the trend is and the results make for interesting reading, you can see these just by clicking the link below for the results published on Property Reporter. However before you do that let me throw my thoughts into the mix.

As a letting agent and in particular a property management specialist I know the level of experience and expertise required to look after properties successfully. Its not an easy job and the rewards are not what they used to be. Over the past few years we have seen a lot of changes in the lettings market and there are going to be many more in the near future. The rise in the number of people looking to rent long term rather than buy means we as an industry are becoming more and more under the spotlight with organisations such as Shelter pressuring the government to legislate further and these changes will apply to you whether your a landlord letting and managing yourself or using an agent.

In short it may seem more cost effective to let and manage the properties yourself but will this prove detrimental if you are not up with the latest legislation and rule changes as they happen, could you get caught out if you do or don't do something that is required by law because you are busy with other aspects of your life? A good agent has to be up to the challenge of staying abreast of legislation changes even if they are only small ones and is constantly evolving their business to stay ahead of the game.   

Yes there are some "rogue" agents out there and these have been highlighted in the press on regular intervals but providing you choose wisely I truly believe that using an agent to market your property is the best for all concerned in the industry even if it is only to find you a tenant, set up the legal contracts and then leave you to do the rest. Use a good agent and you should be assured of getting the help and advice you need when you need it as the agent should feel confident that, as long as they have done the job right in the first place, you will use them again and again.   

Let me leave you with my five top tips for choosing a letting agent and then have a look at the report.

1. Choose a Lettings agent with experience - "Start ups" may be keen but there is no substitute for experience and nothing worse than the lack of it.

2. Choose a Lettings agent that will be flexible on the services they provide - Some agents may only want to manage your property or offer a tenant find only service but go with the one that will do what you want them to.

3. Choose a Lettings agent that can demonstrate local knowledge and expertise in the area your properties are located - National "online" agents may seem cheap but will they know about St Albans if they are in Stoke.

4. Choose a Lettings agent that's on the High Street - Your tenants may start their search "online" but they will feel more secure renting via an agent they can visit, talk with and have confidence they will still be there tomorrow.

5. Choose a Lettings agent that uses up to the minute technology to both market and manage the properties - A High St office is great, but if they are still using outdated systems like cardex and files then probably not so good.
         
Take a look at the survey and thanks for reading.

Letting Agents – Because they’re worth it? | News | Property Reporter

"Your local lettings expert, our advice is free but our knowledge is priceless"

I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country”

 Adrian Fallart - Director - Property File

Your ‘safe place' could be a safe bet for thieves | News | Property Reporter

www.propertyfile.co

Came across this interesting article from property reporter about a new survey from Confused.com which reveals that one in five Brits (21%) have been victims of burglary in the home and that we need to get a bit more creative when it comes to hiding valuables from possible thieves with the ‘Sock drawer' being identified as the top hiding place of choice for valuables!

To read the article in full click the link and share to your friends, lets make it as difficult as possible for them to steal our stuff!   

Your ‘safe place' could be a safe bet for thieves | News | Property Reporter

 

"Your local lettings experts, our advice is free but our knowledge is priceless"

 

 
I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country”

Adrian Fallart - Director - Property File  www.propertyfile.org