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Monthly Archives: May 2014

How Easy Is It To Get A Buy-to-Let Mortgage?

If you are considering getting into the buy-to-let market for the first time as a landlord you will certainly need a significant sum of money to complete the purchase of the property you want to rent out. You will also need to pay for any works that may be required such as installing a new bathroom, fitted kitchen, redecorating and furnishing the rooms. So, where is the money going to come from to buy the property? If you have liquid cash readily available then that is certainly cheaper than having to borrow the money but if not you may need to approach a bank or building society for a buy-to-let mortgage. If you are in that situation, how easy is it to obtain a buy-to-let mortgage and what are some of the criteria? Well, there are several major banks and building societies that offer such mortgages so it shouldn’t prove a burden in being able to source a lender. The difficult part can be in meeting the lender’s criteria that tend to be different to that of mortgages to purchase owner occupied properties. For instance, how much you can borrow tends to be connected to your projected rental income in…

Rent increases – What You Need To Know

The vast majority of landlords are in the buy to let business with a view to making money and probably as much as possible. That could be by way of a combination of rental income and capital appreciation in the value of the property. However, as evidenced by previous drops in house prices, there is absolutely no guarantee that your investment property will increase in value. As far as rental income is concerned, it is a very competitive market place so, realistically, you may only expect to make increases in the rental that you charge your tenant(s) in line with the competition. As a landlord you should be aware of everything to do with rental income so let us have a look at this in a little more detail. It is important that your tenancy agreement covers when the rent can be reviewed and in what way it can be reviewed. For instance, if the tenancy agreement is of a fixed term nature then, unless your tenant is in agreement, the rent can only be put up at the end of the fixed term period. In the case of a periodic tenancy, unless the tenant is agreeable, it is usually…

Should You Use A Letting Agent?

This is a question that many potential landlords ask themselves time after time and, it has to be said, there are things for and against this as there are with many things in life. Let’s have a look at some of the factors that will affect you in making a decision. The first thing to be aware of is the cost of using a professional letting agent. The amount that you will pay will vary depending upon a number of things such as whether you have used a letting agent to find a tenant to occupy your buy to let property, whether the letting agent is just going to deal with the paperwork in connection with the landlord taking up occupancy or whether they will be managing the whole process including visiting the property periodically to make sure it is being looked after and chasing up the tenant for any missed rental payments. The amount that you will pay may vary between letting agents as it is a very competitive industry so it is worth shopping around. For instance, to find a tenant for you could mean you having to pay the letting agent in the region of 10% of…

Corporate Lets – Are They Worthwhile?

The corporate rental marketplace is a specialist area that few landlords enter into so let’s have a look at this sector in a little more detail. Firstly, let’s consider what sort of individual(s) you are likely to have occupying one of your properties. A large percentage of such lets are to blue chip/public companies for senior executives that are either relocating from one part of the UK to another or are transferring from an overseas office of their employer to a UK location. Therefore, you will almost certainly find that the individual/ family are highly respectable and are owners of their own property that will have been well looked after. They are likely to be high-income earners who take pride in their home whether it is owner occupied or rented. This, we are sure you will agree, is a positive factor and should mean that you are unlikely to be faced with having to carry out repairs to the rental property due to damage being caused. The occupant is likely to remain in the property for an extended period of time if they have moved from abroad. Many corporate lets end up running for 2/3 years. The rental agreement is…

The Benefits Of Letting To Professionals

If you are considering entering the buy to let marketplace one of the things that you will need to think about before choosing a property and its location is the type of tenant you would wish to rent your property to. There is a whole range including students, those people on benefits, retired and professional people. Firstly it would be useful to look at what sort of person qualifies as a professional. Well, it could be argued that the likes of doctors, dentists, solicitors, bank managers, accountants and teachers to name but a few all come under this category. The list goes on as it may include business owners, sales people, IT consultants etc. With regard to the benefits of letting to a professional, let us have a look at some of these as they may have some bearing on your decision as to whether this is a sector of the market that you would want to attract. The perception is that a solicitor is going to be respectable and trustworthy and is likely to keep the property and its contents well looked after as opposed to let’s say some students who are more likely to hold parties well into…

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