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Monthly Archives: February 2014

Who Is Responsible For Insuring The Contents In Your Student Let Property?

Well, this is an interesting question that we shall endeavour to answer to your satisfaction. However, before doing so, it might be a good idea to first explain what constitutes the contents! Not wishing to over-simplify matters, imagine that you are able to pick up the building that is let out whilst there are no people inside, turn it completely upside down and then shake it rigorously. Any items that fall out of the property tend to be the contents whereas something like a fitted kitchen that is screwed to the wall and, therefore, would not fall out of the property would usually be covered under the buildings element of your landlords insurance policy. Now, back to the question! You need to distinguish between the contents that you own and have placed in your student-let property to be used by the tenants and those contents that your student tenants have decided to bring with them. Whilst you are under no legal obligation to arrange contents insurance, you may wish to consider arranging such cover to provide some form of protection should any of the pieces of content be damaged, destroyed or stolen. Your contents could consist of the likes of…

What Is The Impact Of “Flood Re” On Buy to Let Properties?

Some of you may have heard of the “Flood Re” scheme that was discussed by the insurance industry and the government in the summer of 2013. In simple terms, it was to be a way of ensuring that homeowners were able to purchase buildings and contents insurance at an affordable premium by capping the flood premium element of this type of insurance. It is perhaps rather timely to discuss this matter at the moment in view of the prominence the adverse weather conditions have had in the UK. In particular high winds and level of rainfall and extremely high tides that, collectively, have caused many properties to be flooded. “Flood Re” seems likely to encapsulate around 350,000 properties that are in flood risk areas in various parts of the UK. Property owners will be required to pay a levy of £10 with those monies going into a fund that would be used specifically to cover damage to property caused by flooding. This sounds like an excellent scheme but the only problem is from a landlord’s point of view is that buy to let properties are not going to be included in the scheme unless there is a change of heart…

What Factors Affect Where To Purchase A Buy-To-Let Property?

1:51 pm Blog

Having made the decision to become a landlord, one of the major considerations is where to purchase the property that you are going to let out. This decision will be affected by a number of things including how much you have set aside to buy the property, the sort of tenants you wish to rent the property out to and what you intend to do with it in the long term. Budget If you have £150,000 to spend, you are not going to be looking to buy a property in Mayfair! In certain parts of the UK, that amount of money is going to get you anything from a one-bedroomed apartment to a terraced or semi-detached house. However, it may not be located in the モbest street in townヤ. Donメt forget you may need some of those funds for contents. Types of tenants Do you want to let the property out to a family, a young professional couple, a single person or to students? If you favour the student market, the rental property will need to be within reasonable travelling distance of the university ヨ ideally within walking distance. If you like the idea of renting to a young professional…

Don’t Under Insure Your Let Property

5:12 pm Blog

Although you are under no legal obligation to insure the property that you are letting out or any contents inside it that belong to you, surely you must agree that it would be a sensible thing to do? You have, after all, no doubt invested a significant sum of money in your lettings business. Assuming that we are agreed on that, the next thing to consider is how much to insure the building and any contents of yours that are inside it for. This is an important thing to decide upon as, if you were believed to have under-insured the let property or the contents it could have serious financial implications that we will come on to later. So, how do you go about making sure that the building is insured for the correct sum of money? Well, if you purchased the property with the assistance of a buy-to-let mortgage, the lender will have insisted on the property being valued. The valuer will have provided an estimate of the re-building cost of the property should it need to be completely re-built perhaps having been destroyed in a fire. That figure is likely to be lower than the price you paid…

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