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Posts Tagged: Landlord

Landlord Repossessions Drop

According to the Ministry of Justice Statistics bulletin published on 10th November 2016 entitled “ Mortgage and Landlord Possession Statistics in England and Wales” covering the quarter July to September 2016 there has been a fall in the number of repossessions carried out on behalf of landlords when compared to the same quarter in 2015. County Court bailiff repossessions were 9,689 that was a drop of 14% in comparison to quarter 3 of 2015. Warrants of possessions amounted to 18,450 that was a fall of 8% in comparison to the 3rd quarter of 2015. Orders for possession totalled 26,157 that was a drop of 10% in comparison to Q3 of 2015. Landlord possession claims amounted to 34,414 that was a drop of 11% in comparison to the 3rd quarter of last year. It is interesting that of the above landlord possession claims, 23% resulted in county court bailiffs repossessing the property. Of course, no landlord wishes to be faced with having to go through repossession proceedings to have one of his or her tenants removed from the property. There are no doubt a number of reasons for having to repossess a property. For instance, one of the most common reasons…

Major Insurer To Build 3,000 New Homes For Rent

Landlords vary in size from the sole trader who may build or renovate one home to rent out, to a multi-national company that builds an apartment block consisting of 50 flats. You may be interested to read that Legal and General, a large insurance company here in the UK, is to work in partnership with a pension fund from Holland called PGGM to construct 3,000 much needed homes here in the UK that are to be rented out. In the first instance, some 650 apartments are to be constructed in Walthamstow, Salford and Bristol. What is interesting is that Legal and General feel that more focus needs to be placed on the building of new homes rather than developing old properties to help provide more suitable accommodation for tenants. The insurer is to be involved in the development of these properties and is then to rent them out to provide income to those investing in pension funds. As a landlord you will no doubt have your own thoughts on the above. Some landlords may feel that it would be better to focus on building a new property to then rent out thus providing the tenant with up to date modern…

Will The Numbers Of Live-In Lodgers Increase?

Over the years, an increasing number of homeowners have been taking in a lodger to help supplement their income and this may well be going to continue for the foreseeable future providing competition for the traditional landlord. In fact, some time ago LV carried out some research that showed that the number of people that owned their own homes and decided to rent out a room in the property to a lodger had risen from 1.4% back in 2009 to about 2.7% in 2014. This rising trend may well continue as the Government has agreed that someone can rent out a room in their home and not pay any tax on the income this generates up to an income of £7,500 per annum from April this year. At the moment the figure is £4,250 per annum so the new figure is a considerable increase. Many homeowners will have taken in a lodger in recent years to help them supplement their income during the economic problems that this country went through and, for many people, still are. If you are thinking of having a live-in lodger then there are some things that need to be considered. For instance, rules will need…

Renting Property To Elderly People

It will probably not come as a surprise to you to read that, on average, people are living longer here in the UK and this presents an opportunity for landlords. We all need to live somewhere and for some this could mean having to rent somewhere whether through the local authority or privately. If you are a landlord then an option open to you is to consider renting a property to an elderly person or couple. There are both positive and negative factors in renting to this sector of the community. For instance, on the positive side, someone that is in the latter stage of their life may be more likely to want to stay in the same property for the remainder of their life as many older people prefer the idea of a settled environment in which to live. As a general rule, they are less likely to cause trouble for the landlord than a young tenant in their twenties in so much as they are unlikely to damage the property and are more likely to pay their rent on time and not fall into arrears with their rent. On the negative side, an elderly tenant may require things…

What Makes A Good Landlord

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The majority of landlords provide their tenants with suitable, well-maintained accommodation that is comfortable to live in. So, let’s have a look at some of the other things that makes a good landlord. Tenancy Agreement An Assured Shorthold Tenancy (AST) agreement should be drawn up and signed by all parties. This will cover things like the amount of rent that is to be paid, the length of the tenancy and what each party is obliged to do. Rent Make sure that the amount of rent being charged is reasonable. Charging a tenant a vastly inflated amount each month may result in him or her finding alternative accommodation. Safety It is important that the property to be let out is safe for the tenant to live in. For instance, the gas appliances should be checked by an engineer that is “Gas Safe” registered. The electrical appliances must also be checked annually by an authorized person. Fire alarms should be in good working order. Deposit When the tenant gives the landlord a deposit this must be protected within a scheme that is authorized by the government. Energy Performance Certificate The majority of properties should have an Energy Performance Certificate that shows how…

Rent A Room For £1 Per Month

Apparently, someone is offering to rent out a room in a property in the East End of London for only £1 per month and, so far, over 1,000 enquiries have been received by this particular landlord. That does seem to be an incredible offer but there are some conditions such as the tenant must have certain IT skills, have a UK driving license and work part-time for the landlord without being paid a salary. The landlord requires a web developer to do some IT work for him. It is estimated that a room in such a property could be let out for more than £600 per month. The tenant will have a double room with brand new furnishings and be able to use the garden. He or she will also have access to the Internet. This sort of arrangement is popular in certain other European countries and is believed to be growing in popularity between a number of landlords and tenants in the UK. Following the above arrangement being publicized so much it could lead to an increase in such lettings. For instance, there are no doubt a number of elderly people who own large properties who would welcome some…

The Importance Of Arranging Your Own Survey

If you are considering becoming a landlord and buying your first investment property to let out or are already in the business and looking to purchase another property then you may require a buy-to-let mortgage towards funding the purchase. If this is the case then the lender will require a valuation report carried out on their behalf to establish the property’s value. It is worth remembering that the valuation report is being carried out for the benefit of the lender – not for the landlord. Therefore, it should not be relied upon by a landlord who should seriously consider having a more detailed survey carried out on the property. A valuation report for mortgage purposes is focusing on establishing how much the property is worth so, if the lender had to repossess the property because the landlord was unable to maintain the monthly mortgage repayments, that there would be sufficient monies available from the sale of the investment property to liquidate the borrowing. Yes, the report may highlight certain works that may need doing to the property but it is no where near as detailed a report as you would get with the likes of a full structural survey. The…

5 Of The Things To Bear In Mind Before Becoming A Landlord

If you are considering setting up in business as a landlord then there are a number of things that you will need to consider. Below we highlight five of them: – Type of Tenant You will need to decide the type of tenant that you would like to rent to as this will affect the sort of property that you wish to purchase to let out. For instance, do you wish to rent to a single person, a couple, students or a family? Do you prefer to let the property to a professional high-income earning individual or to someone that has been unemployed and on benefits for many years? Will you allow pets in the property or not? If you are going to rent to a single professional person then you may wish to consider buying a one-bedroomed apartment. However, if you wish to let a property to a family then you may wish to purchase a three or four bedroomed house with a reasonable sized garden. Location If you are going to rent to students then the property will need to be within reasonable travelling distance of the university. If you intend to let to a professional couple then…

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