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Renters Reform

propertymark

Nathan Emerson, Propertymark CEO talks to Valerie Bannister, Propertymark Board Director, about the Renters’ Reform White Paper, and the pressing issues that agents and landlords want to know.

Watch as they talk about pets, Section 21, periodic tenancies and how it compares to the reform we have seen in other parts of the UK.

Chamberlains are proud members of Propertymark which is the leading professional body for the UK property sector with nearly 17,500 members. Visit https://www.propertymark.co.uk to learn more.

If you have any queries, or would like to discuss how we can help you with your buy to let property, please do give me a call on 01626 365055 or email steve@chamberlains.co

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How to Protect Your South Devon Rental Properties during a Recession

Recession

Recessions hit everyone right where it hurts: in the pocket. Everyone feels the pinch as prices rise and the cost of living spirals. Homeowners face the prospect of higher mortgage rates and rising bills. But what about landlords? Are they the Teflon of a credit crunch?

According to finance experts at Investopedia, landlords not only survive recessions, but they thrive, as renting becomes more appealing than buying in the economic downturn. After all, owning rental properties guarantees them an income, or does it?

In this quick read, we look at why landlords aren’t always immune to recessions and ways you can protect your rental portfolio.

Check your mortgage

Is your mortgage term about to expire? How long do you have left? If you’re lucky enough to be at the start of a low interest fixed-rate buy-to-let mortgage, you can breathe a sigh of relief. If not, it’s time to contact a broker and find yourself the least painful deal. A sure-fire way to lose out is to ignore your mortgage and be forced to renew when rates are at their highest.

Insure against rental loss

Hopefully, you’ve already got comprehensive landlord insurance which provides rent protection, but if you don’t, a recession is the right time to get it. Rent protection insurance will pay out in the event your tenant fails to pay – protecting your income and, more importantly, covering your monthly mortgage payments.

Work with a letting agent

As rental demand surges, you’ll need a good agent to manage the viewings and reference checks that help secure the best tenants for your rental property. Agents take on the finer details of a tenancy agreement and can offer advice during the letting process. Use their experience to bag yourself reliable tenants.

Don’t get greedy

While you may be contemplating a rent rise to cover increased costs, remember that setting your rent too high could increase the risk of a tenant defaulting or a tenancy ending abruptly due to financial pressures. Take a cautious approach to annual rent rises; it’ll pay off in the long run.

Be reasonable

If a tenant fails to pay their rent on time, find out why. What’s the problem? If they’re a long-term and previously reliable renter, can you respond in a calm and measured way? Eviction is not an easy route to take. Speak to your agent to see what advice they offer and how they would deal with the matter.

If you’re a landlord and need a reliable letting agent, contact Chamberlains so we can find you the right tenants.

 

 

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Keep South Devon Pets Safe on Bonfire Night

Bonfire night

Remember, remember the 5th of November… when the sky lights up, the bangs and booms of fireworks disturb your TV time, and your poor pets are driven to distraction by noise and flashing lights.

Yes folks, it’s Bonfire Night and whilst we all enjoy oohing and ahhing at pretty fireworks, spare a thought for pet owners who have to work extra hard to keep their little (or large) loves calm.

Here’s our quick guide on keeping your pooches and other pets safe and sound during the festivities. 

Doggy den

Before the noisy night, create a safe space for your pups in the quietest part of your home. Set it up with their favourite toys and doggy bed. Throw in some treats and anything else they like, so they can retreat to the area if they feel frightened or the noise gets too much. (TIP: This is a great way to help dogs feel safe at other times, for example, if you’re out for an extended period or have many guests around.)

Keep them inside 

Swap your evening walk for an earlier stroll to avoid being outdoors when fireworks are being let off. Also, restrict their time in the garden so you can be sure they’re safe and don’t bolt when the noise and lights get too intense.

Turn up the sound 

Drown out external noises by filling your home with sounds your pets are already familiar with. Play some relaxing music or turn up EastEnders or Coronation Street to distract them from what’s going on outside.

Dark and cosy 

Close the curtains, bring down the blinds and keep the atmosphere as relaxed as possible. You might not be able to block out the noise, but you will be able to reduce the flashing lights, hopefully reducing animal stress levels.

Cat safety 

It’s hard to keep cats inside at the best of times, but on Bonfire Night, it’s imperative to encourage them to stay home. Create comfortable hiding places or put treats in strategic locations around the home, so they’re occupied and less likely to head out into the night.

Outdoor pets 

If you’ve got outdoor pets, slightly cover their cages or pens so they can still look out but sounds and lights are muffled. Consider moving your pet indoors, but if that’s not possible, provide extra bedding so they can burrow themselves away.

At Chamberlains, we hope you all enjoy Bonfire Night.

 

 

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Three Fears That Haunt South Devon Landlords and How to Avoid Them

landlords

You’ll see plenty of ghosts and ghouls trick-or-treating tonight, but here are three frightening scenarios that haunt landlords all year round.

Being a landlord can sometimes be unpredictable – but the experience is much less scary if you have a good letting agent on your side. Read on to find out why.

Late night emergency

Picture this: It’s past midnight, a full moon is in the sky, and you’re safe and warm in your bed. Then the phone rings. And your cosy evening turns into a fright night.

It’s your tenant calling. She’s in tears because burglars have forced their way into your property. She’s lost valuable belongings, and the property is now unsecured. You’re needed ASAP.

No matter how organised or diligent a landlord is, things can go wrong. And when they do, the landlord has a duty of care to rectify the situation promptly.

But what happens if you’re on holiday or away on business when the emergency occurs? If you have a letting agent managing the property, you can relax – they’ll deal with it. If you don’t, you’ll have to stop whatever you’re doing and take charge.

Red tape horror show

Did you know that there are more than 200 laws that apply to landlords in the UK, covering everything from energy ratings and gas safety to evictions and deposits?

Spend a day or two trying to familiarise yourself with all these regulations and you’ll wind up feeling like a zombie. But you must get to grips with all this red tape, because if you fail to follow the law, you could face a heavy fine or jail.

The alternative is to entrust the job to a letting agent who will be up to speed on all the relevant rules and regulations.

Neighbour from hell 

No doubt you reference check your tenants (if you don’t, what are you thinking?). But unfortunately, a landlord can’t do the same thing with the neighbours.

What happens if a ghoulish person moves into a neighbouring property and makes your tenant’s life hell? If this happens, your tenant will likely turn to you for help.

These situations can be time-consuming and emotionally draining (especially if you need to involve the authorities) and are best handled by a pro.

If you use a letting agent, they’ll help your tenant if problems arise at the property.

From all of us here at Chamberlains, have a Happy Halloween.

 

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A Quick Guide to Setting Your Monthly Rent

Rent

As a landlord, you want to earn a good return on your property investment, but how do you decide what rent to charge? In the current market, rents are at an all-time high, but what’s the fairest way to set your monthly price?

In this quick read, we look at how to calculate the right rental price for your property. 

Check out the local area

While not all properties are the same, researching the local market is the first step towards finding out how much rent to charge.

Use a combination of local agent sites and nationwide property portals to do your research. Start with a general area check and then make it more postcode specific. Look at what landlords with similar properties (for example, a two-bed flat with one bath) in the same area are charging.

Does your property have a USP? 

Factors such as outside space, private parking, modern fittings and proximity to transport and amenities will impact the amount of rent you can charge.

Don’t get greedy 

Yes, the demand for rental properties is currently high. However, it’s worth remembering that tenants are extremely savvy and will have done their own research. You may lose out in the long run by setting your property’s rent at the highest level, as the price could put people off before they even arrange a viewing. And even if you do secure a good tenant, they may move on quickly (meaning you have to go through the tenant selection process all over again) if they feel they are paying above market value.

Cover your expenses

While owning rental property is widely considered a sound investment, it’s important to understand that monthly or annual rent is not pure profit. Ensure you’ve accounted for all your expenses such as mortgage payments, service charges and ground rent (for flats), taxes, utility bills, insurance and maintenance.

Use an experienced letting agent 

You may want to avoid fees and find your own tenants; however, this can be risky as you won’t have access to the same resources an agent has. An experienced agent can provide you with an accurate rental valuation, market your property, organise viewings and save you a lot of time and hassle (plus, you can claim agent fees as an expense on your tax bill).

If you need a rental valuation, contact Steve Hill at Chamberlains. We have a database of potential tenants and are ready to get your property rented.

 

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How to Stop Condensation Becoming a BIG Problem

condensation

This two-minute read looks at some simple steps landlords and tenants can take to reduce the risk of condensation causing mould, damp and disputes.

What causes condensation?

When moist air is cooled by contact with cold surfaces such as walls, windows or mirrors, the moisture condenses into water droplets, AKA: condensation.

This can often cause unsightly mould and, in extreme cases, be unhealthy. Not just in terms of physical health but because it’s a common breeding ground for disputes between landlords and tenants.

Why should landlords take it seriously?

Condensation is more likely to strike when the weather gets colder outside and people start warming up their homes. So, October to February are the main ‘problem’ months to be aware of when it comes to condensation.

The issue is a recurring reason why landlords and tenants have disputes. This is because avoiding condensation can fall under the tenant’s responsibilities. Think of it as an upkeep issue. While certain other types of dampness are usually beyond a tenant’s reasonable control (usually rising and penetrating), making it the landlord’s responsibility.

If the cause of it is unclear, it’s fertile ground for a fallout.

Also, most rental property insurance policies don’t cover dampness caused by condensation.

What’s the difference between damp and condensation?

Condensation that leads to mould is usually easily treated and predominantly caused by poor ventilation. Rising damp, which often spreads up walls, differs from penetrating damp caused by outside water seeping into the building. While both are curable, they can be costly to resolve.

How to combat condensation

By being proactive and helping tenants be fully informed about the causes of condensation and its risks, landlords insulate themselves from more significant problems in the future.

These simple steps go a long way to keep condensation at bay.

  • Open windows whenever reasonably possible (at least once a day, even if it’s for five minutes).
  • Keep trickle vents in windows open.
  • Don’t dry clothes inside (a big cause of winter condensation).
  • Wipe away any moisture after a bath or shower.
  • Never overpopulate a property.
  • Consider using moisture-absorbing products (plenty on Amazon).
  • Good extractor fans are an excellent investment for landlords to install.

If a tenant takes reasonable care and a landlord is proactive, the C-word shouldn’t be something to worry about.

When we move new tenants into rental properties in South Devon, we always discuss how to combat condensation and their responsibilities.

Thanks for reading, and if you’re a landlord seeking a letting agent who makes your life easier – give us a call.

 

 

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Make Your Rental Stand Out with These Techy Tips

rental

It’s fair to say that tenants’ needs have changed in recent years. With more people working from home than ever, has your rental property got the tech to appeal to top tenants?

In the current digital age, there are countless smart apps and devices that can help your property stand out in a crowded market

In this quick read, we look at some easy ways to become a tech-savvy landlord, attract the best tenants and save money. 

Broadband

Let’s start with the basics. Everyone wants to be connected, so ensuring you offer the fastest broadband at your property is a must. While there’s no obligation to provide tenants with broadband, it’s much better to get it installed before a property is occupied rather than receiving irate calls from fed-up tenants struggling to connect (or letting them do it themselves).

Smart meters 

If your rent includes bills, then a smart meter is an excellent way to understand how much you’re paying and identify potential savings. Similarly, if your tenant is responsible for bills, a smart meter will make them aware of their energy usage and spending. Smart meters are being rolled out to anyone responsible for paying energy bills and are an essential budgeting tool in the current cost of living crisis.

Smart heating

This wireless thermostatic device is a great way to save money and energy. It allows tenants to control the property’s heating from their phones, so if they’re going to be home later than expected, they can adjust the thermostat accordingly. The temperature can be controlled on a room-to-room basis and uses artificial intelligence to learn people’s heating needs.

Smart doorbells 

These not only improve the security of your property but make a home more attractive to renters as they can see who’s coming and going and manage deliveries. With the added ability to record and store footage, this is a great safety feature.

Smart lighting 

Smart lighting is a great asset if you own an HMO with communal areas. It allows you to control the times when lights come on and off or when motion is detected – saving money and reducing energy expenditure. Landlords of high-end properties can take smart lighting to another level, offering tenants mood lighting – all controlled by an app.

Smart smoke detectors 

Installing smoke detectors is a legal requirement for all rental properties. But why not go one step further and install a smart smoke detector that will notify you if there’s a problem. This is helpful if your property is vacant or your tenants are away, as you can act quickly to ensure the safety of your rental.

If you’ve got a property to let out, contact Chamberlains so we can find you the right tenants.

 

 

 

 

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Why Landlords Need to Take Note of October 1st 2022

landlords

A significant change in how rental properties must be maintained comes into legal effect on Saturday, October 1st 2022.

The law affects what alarms landlords must provide in their properties to protect against potentially lethal carbon monoxide poisoning.

Failure to comply with the new rules can result in landlords getting a hefty fine.

The new Regulations, as outlined in the government-issued Smoke and Carbon Monoxide Alarm (Amendment) Regulations 2022: guidance for landlords and tenants state:

  1. Landlords must ensure at least one smoke alarm is equipped on each storey of their homes where a room is used as living accommodation. This has been a legal requirement in the private rented sector since 2015.
  2. Ensure a carbon monoxide alarm is equipped in any room used as living accommodation which contains a fixed combustion appliance (excluding gas cookers).
  3. Ensure smoke and carbon monoxide alarms are repaired or replaced once a landlord has been informed and checked they are faulty.

Local authorities enforce the requirements. They can impose a fine of up to £5,000 if a landlord fails to take action following a remedial notice.

And while there’s no need to panic, it is worth acting as quickly as possible to ensure your rental property and/or property portfolio is compliant.

Several types of tenancies are exempt, including care homes, student halls of residence and shared accommodation with a landlord.

And remember, ignorance isn’t a defence, and by acting now (if you haven’t already), you’ll protect yourself, your tenants and your rental investment.

As with any significant legal change, landlords must know further caveats and details.

Alternatively, use a letting agent who does.

Our friendly team of experienced experts are available to answer any of your questions and/or refer you to trusted tradespeople who can install the alarms.

Thanks for reading, and stay safe and legally sound.

 

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Why Tenant Reference Checks Matter to Landlords

landlords

Landlords, you know that good tenants are hard to come by. Those that care for your property like it’s their home (because it is), who won’t call constantly with silly problems and who pay their rent on time.

So, what’s the first step to finding them?

It might feel like a boring admin exercise, but a thorough reference check is more than just finding out whether someone can meet the monthly rent.

Unfortunately, lots of landlords cut corners when it comes to this stage.

In this two-minute read, we look at some common mistakes landlords make when it comes to referencing.

  • Doing it themselves

If you’re a landlord trying to save every penny, be warned: scrimping on a tenant reference check could lose you future rental income. A reference not only looks at whether a tenant can afford the rent, but also informs you of their past credit history, employment history and previous dealings with former landlords.

If you go it alone, you may miss vital information and find yourself in trouble later.

  • Ignoring Right to Rent rules

In February 2016, the Right to Rent scheme was passed. This requires landlords to ensure that their tenants have the legal right to live in the UK. If you’ve skipped the referencing stage, or not checked proof of identity records properly, you could face hefty fines if your tenant is found to be illegally living in the UK.

  • No references from previous landlords and/or employers

It’s not all about the money. You want to know what type of person your tenant is and how they will treat your property. The referencing process allows you to make checks with previous landlords and/or employers, so you can get a feel for who your tenant is. If a previous landlord reports that they were late with rent or damaged the property, you can avoid yourself a lot of hassle.

  • Not using a letting agent

Letting agents deal with landlords and tenants every day. They know the referencing process inside out, so why wouldn’t you use them? Yes, you may save some money on fees, but it’ll be worse if you choose a tenant without making the proper checks and they fail to pay the rent completely.

With the Renters Reform Bill looming, landlords should take every step to protect their properties and incomes, and a reference check is essential.

If you’ve got a rental and need help finding trustworthy tenants, contact Chamberlains today. We know what makes a good reference and can help you find the right people for your property.

 

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Is Being a Landlord Really Worth It?

landlord

If you’re a landlord, chances are you’re feeling a bit hard done by at the moment. It seems like every other day, new rules and revisions are being announced around landlord and tenant law, which means you have to change the way you work and may face higher taxes.

But is it all doom and gloom?

Is it time to hang up your landlord hat and sell up?

We definitely don’t think so.

In this quick read, we tell you why investing in buy-to-let property is still a good idea if you’ve got the money (and the patience). 

Demand for rentals

The pandemic turned the property world upside down. Suddenly, the urban rental market went flat, whilst rural and suburban rental markets saw a surge in demand. People couldn’t move around so vacant properties stayed empty.

However, as the world tries to get back to normal, many people have returned to their offices, and students are looking for accommodation. So, it’s a good time to get back in the game. Demand for rental properties will always go up and down, but currently, it looks like rental prices are staying high.

Steady income 

Many people think being a landlord is the key to getting rich quick – but that’s never been the case. There are lots of costs involved with being a landlord, but ultimately, if you manage your investment properly, it will pay off. If you’re a part-time landlord, you can expect a regular sum to supplement your monthly income. If you’re a full-time landlord with multiple properties, you’ll see a rise in income as demand increases.

Buying (and spending) sensibly 

As a landlord, the first rule to remember is that it’s not your home. Take your time finding a buy-to-let and decide whether you want a ready-to-go rental or a renovation project to which you can add value. A good agent can tell you how much rent to expect and the necessary changes that need to be made to maximise earning potential.

If you watch your pennies and don’t pay out too much for décor and furnishings, you can still earn a respectable income once you’ve taken taxes and other expenses into account.

Saving for the future

Despite changes to tax laws and what you can claim in expenses, one thing remains the same: your rental property is an investment into your future. Many people look at rental properties as part of their retirement income, either by the monthly rental yields or by selling the property on in later years.

Being a landlord isn’t an easy route to riches; it takes a lot of hard work. However, if you maintain the property and work with a reliable agent, it’s still worth investing in the buy-to-let market.

If you’re looking to invest in a buy-to-let, contact our team at Chamberlains for help.