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Landlord and Tenant News: Tenants should feel confident about using a lettings agent Thu, 12 Jan 2012 12:36:53 +0000 Tenants should feel safe in the knowledge that their deposits are safeguarded and that the number of bad letting agents are small in UK. Landlord and tenant news: Accidental landlords on rise still Mon, 09 Jan 2012 16:50:02 +0000 New figures from the Association of Residential Lettings Agents (ARLA) show that the number of accidental landlords is rising in many parts of the country. Landlord and Tenant News: Government pours praise on SAFEagent in new housing strategy. Fri, 25 Nov 2011 10:32:13 +0000 Landlord and Tenant News: Government pours praise on SAFEagent in new housing strategy. SAFEagent, the scheme launched this year to protect both landlords' and tenants' financial interests, has this week received glowing praise from the government. In a statement released by Westminster detailing the government's new strategy for housing, SAFEagent, which launched to much acclaim in May, was described as a scheme which is driving up industry standards. It was also stated that many landlords and tenants often do not realise the benefits of choosing a letting agent that is covered by the client money protection initiative. “The SAFEagent scheme promotes consumer awareness of the issue and helps them to identify agents with protection, through the SAFEagent badge," the document noted. “It shows how much can be achieved quickly and cheaply through simple and effective ideas driven by industry not the government.” Since the scheme came into force, housing minister Grant Shapps has been extremely vocal in praising what SAFEagent is doing and has encouraged more letting and property management companies to sign up. John Midgley, chair of the SAFEagent Steering Group, said that the governments continued backing was a "fantastic endorsement" of SAFEagent and he thanked Mr Shapps for his support throughout the past few months. “We’re delighted that the government recognises that the industry can generate and implement proactive, innovative ideas which are in the interest of the consumer rather than relying on imposed regulations which would lead to further red tape and cost," he stated. “SAFEagent is a simple and sensible approach to raising consumer awareness of Client Money Protection and it’s one that is working." At present more that 1,600 agents and management firms have joined the scheme but Mr Midgley urged more to make a positive difference to the industry by joining up. This September Lord Taylor of Holbeach, a Conservative peer and House of Lords whip, said he was "delighted" the government was endorsing SAFE and added that consultation is in place to make such protection initiatives a statutory requirement for all agents. Landlord and Tenant News Buy to Let Investment News: Housing shortage means it's boom time for some, but not all, landlords Mon, 21 Nov 2011 16:47:49 +0000 A shortage of social housing is ensuring that now is a boom time for experienced and would-be landlords, says the Association of Residential Letting Agents (ARLA). Ian Potter, operations manager for the body, believes that a lack of reasonably priced property means that people are seeing the rental market as a more desirable option. However, while many landlords are having great success at present, he warned that some property tycoons have found the modern market difficult due to restrictions imposed on borrowing by lenders. He added: "A landlord who has an investment with some of his own money in it will not be doing too badly, but lots of landlords are actually on fairly high mortgage rates at the moment." Meanwhile, prime minister David Cameron is today expected to unveil plans for a £400 million initiative to build more than 16,000 new homes. The new scheme will also see the government involved in the mortgage underwriting process for many of the new properties and is designed to encourage higher loan to value lending to first-time buyers. Buy to Let Investment News Landlord and Tenant News: Landlords and tenants need to work with agencies, says Tenancy Deposit Scheme Thu, 10 Nov 2011 11:38:20 +0000 Using a professional lettings agency is one of the best things anyone can do when they are looking to rent a home, says Malcolm Harrison of the Tenancy Deposit Scheme. The scheme, which was launched in 2007, protects tenants' deposits against unscrupulous landlords and helps to resolve disputes. It has been actively embraced by estate agencies and Mr Harrison believes this is to the client’s benefit. He said that while there remains some “bad eggs” amongst both landlords and tenants, the scheme has made relationships far more harmonious – especially when it’s looked after by a registered agency. Indeed, resent research by ARLA found that tenants are now staying in rented property for much longer periods than they have in previous years. “The advantage of going to a regulated agency is that the landlord can be assured that the client money is protected so the arrears will be protected. Importantly for the tenant, his deposit will be protected,” Mr Harrison stated. He added that accidental landlords should look to work with agencies in particular, especially if it is the first property. London Property to Rent: Tenants 'are becoming discerning' about rental properties Fri, 14 Oct 2011 09:56:10 +0100 Landlords of property to rent in London and other parts of the UK should be aware that tenants are becoming more discerning about what they are looking for in a home. James Davis, chief executive of Upad.co.uk, pointed out: "Tenants are being more fussy and particular about where they want to live; they [may] want a property which has Wi-Fi or a garden or off-street parking. "Landlords need to respond to this," he insisted. Features of a rental home such as a power shower, cleaner or sought-after views should be brought to prospective tenants' attention. "You should be including those when you are looking for a tenant, as tenants are getting more specific about their requirements," Mr Davis advised. His comments come after Upad revealed the first quarter of 2011 saw an increase in the number of people looking for rental properties, with queries in March almost double the number recorded in January. London Letting Agents News: More landlords using deposit scheme Tue, 27 Sep 2011 16:44:04 +0100 Tenants and landlords who are using the services of London letting agents might be inclined to sign up to a deposit protection scheme to ensure there are no quibbles about money once a tenancy has come to an end. Research from mydeposits shows a record number of landlords joined its scheme last month, with a 15 per cent increase in deposit protections in August compared with the same month last year. The company currently holds £611 million worth of deposits on behalf of tenants staying in property to rent in London and other parts of the country and has protected a total of £1.2 billion since starting in 2007. Chief executive Eddie Hooker commented: "The increase in rental demand across England and Wales has seen a rise in rents and deposit amounts. "More landlords and letting agents are using mydeposits instead of handing the deposit over to a third party for safekeeping. We also find that tenants prefer us too, as their deposit can be returned immediately on the day they move out," he added. London Rental Property News: Tenants 'have the right to switch energy supplier' Wed, 21 Sep 2011 15:12:17 +0100 Tenants living in property to rent in Maida Vale, London, may not realise that they have the right to switch energy providers if they want to save money on their utility bills. According to Thisismoney.co.uk, many rental tenants are put off from changing their gas and electricity supplier for a number of reasons, including being deterred by the terms in their contract. However, the Office of Fair Trading has stated that tenants who pay their own energy bills have the right to choose a supplier, although it is expected that they will inform their landlord of their decision and move the account back to the original provider at the end of their tenancy. Ian Potter, director of operations at the Association of Residential Letting Agents, told the website: "The rule is in place to protect landlords from tenants who change supplier and then don't deal with the final bill after leaving the property. "It's a grey area but in theory it will protect both parties and renters shouldn't be deterred from asking their landlord if they can switch." Health & Safety News: Gas checks 'are vital' Tue, 20 Sep 2011 16:32:14 +0100 Ensuring gas appliances are safe in rental properties is one of the many health and safety issues for landlords to consider. Jeff Learman, director of communications at Gas Safe Register, pointed out that cost is what deters many people from booking an annual safety check on their gas devices. "But would we, for example, go year on year without checking our car to ensure it’s safe? We should be doing the same with gas appliances once a year, and even though some would say price is an issue, what cost for the safety of our family?" Given that carbon monoxide poisoning can kill, paying a small, one-off fee once a year is not something that should be skipped. Landlords with property to rent in London and other parts of the UK have a legal requirement to arrange a gas safety check within 12 months of a new appliance or flue being installed, and a yearly check thereafter. Those renting out property must also give each tenant a copy of the safety check within 28 days of the inspection being completed. Residential Landlords News: 'Massive growth' in tenant referencing Thu, 15 Sep 2011 12:08:42 +0100 Those involved in London property management will be well aware of the benefits of selecting tenants with good references, as this could bring peace of mind to landlords and agents alike. James Davis, chief executive of Upad, explained that there has been a lot of growth in the referencing of tenants, which could be due to the significant increase in rental property interest. "Landlords are wanting to cover themselves should a tenant default for some reason or get into difficulties," he noted. "They are concerned about tenants being unable to pay, issues of defaulting, the peace of mind that they know that the tenant hasn't had any previous credit issues, that they are employed and that their previous landlord has given them a good reference." Mr Davis said some landlords with property to rent in London and other parts of the UK are even asking potential tenants for references from their last-but-one landlord, as there is an argument that the last landlord could give a good reference just to be rid of a bad tenant. His comments came after Paragon Mortgages research found raising capital was the main reason given by landlords remortgaging during the second quarter. London Property to Rent: Useful tips for landlords Mon, 12 Sep 2011 09:00:00 +0100 Landlords with property to rent in London will want to present their portfolio in the best possible light in order to attract tenants. James Davies, chief executive of Upad.co.uk, has some tips for landlords wanting to pull in the renters. "There has been a dynamic shift towards tenant requests being interested in a type of property, so requests for Wi-Fi, cleaning and security and that is becoming the norm rather than the exception," he noted, so landlords may wish to "raise their game". "Whilst there are more tenants out there, tenants demands and expectations are rising fast. It is no longer good enough to whitewash the flat before a new tenancy starts," he pointed out. Mr Davies also advised that it is becoming necessary to reference tenants, so checking a potential renter's credit rating is what a "professional" landlord would do. His comments come after research found the average age of a first time buyer is now 37. Landlord and Tenant News: Most landlords will not let to smokers Fri, 09 Sep 2011 16:43:19 +0100 Landlords who have property to let in London may be unwilling to rent tenants who smoke. London Rental Property News: Landlords 'should always reference would-be tenants' Tue, 30 Aug 2011 16:07:11 +0100 Landlords with property to rent in Brondesbury, London, have been reminded not to select the first would-be tenant that comes along without carrying out checks first. James Davis, chief executive of Upad, noted that many landlords are currently looking to expand their portfolio, as they seem to be "the only group of individuals" that are able to secure UK mortgage offers at the moment. "We are seeing increased tenant demand going through the roof in terms of the amount of enquiries we get. We are getting nearly three times as many enquiries as we did 12 months ago and yet we have only got twice the amount of stock, so there is a 50 per cent increase," he explained. However, those with property to rent in London should protect themselves with landlord insurance and by referencing tenants before completing a lease, Mr Davis added. Landlords who have a lot on their plate can make the process of finding a tenant a lot less stressful by finding London property management firms to carry out the checks on their behalf. Mark Durban, senior lettings negotiator at Paramount, explained that the agency has just launched a trial with Homelet to do its tenant referencing. "If successful, all tenants will undergo a thorough credit, employer and previous landlord check via Homelet. "Homelet can also guarantee to remove the tenant from the property if they fail to pay their rent," he noted, adding that Homelet also offers a rent guarantee scheme for landlords, which should ensure peace of mind. London Property to Rent: ARLA offers advice to people looking for student accommodation in London Thu, 25 Aug 2011 16:13:30 +0100 Prospective tenants looking for student accommodation in London have been offered some advice by the Association of Residential Letting Agents (ARLA) on the right way to go about it. Research is the most important aspect of looking for student housing, the organisation claimed, so it may be worth talking to other university-goers or checking relevant websites for tips about desirable areas in which to rent. Opting for professional London letting agents is also a wise idea, as it could protect tenants against less than scrupulous landlords and mean they have access to more protection with regard to their deposit. Ian Potter, operations manager at ARLA, commented: "Last month, three quarters (74 per cent) of ARLA members reported that there were more prospective tenants than properties available, so for many students, renting a property - alone or with friends - can be a complex process, with a tight budget and varying priorities to take into consideration. "However, by following some simple steps, the process can be easy to navigate - leaving you with the right property, for the right price, and with your rights protected," he added. Residential Landlords News: Tenants 'should research property' before signing lease Fri, 19 Aug 2011 16:56:50 +0100 Overseas tenants for London properties have been advised to try to resolve disputes with their landlords by keeping the lines of communication clear. Alan Ward, chair of the Residential Landlords Association, explained that in the case of a dispute, knowledge is power. "There is a very strong argument for improving tenants' knowledge about the whole business of renting. Most tenants [...] take more care over buying a car than they do about renting a property," he claimed. "They very rarely ask about all the safety certificates that a property is supposed to have and legally must have. The one they might ask about is the gas safety certificate, but they never ask about the EPC [energy performance certificate] or the electrical certificate." These are important considerations, but tenants will often neglect to ask their landlord about them because property to rent in London, for example, is hard to come by, so "they are glad for what they can get". Mr Ward's remarks came after mydeposits announced that cleaning costs and unpaid rent are the main reasons why landlords withhold deposit money. London Property to Rent: Student tenants 'should consider insurance' Fri, 19 Aug 2011 16:49:48 +0100 Along with the plethora of health and safety issues for tenants to consider, those living in student accommodation in London might also want to think about insurance cover. According to Annie Shaw, director of Cashquestions.com, all students should review their own situation and work out if the insurance covering their accommodation will also extend to protecting their possessions. "If you're living in a rented house, you should definitely at least be considering insurance and seeing what you need. Don't shut your eyes to it and say 'oh my gosh that's a lot of money, I don't want to pay it'," she advised. "Because if you then lose all your belongings in a theft or fire, it's going to be a much bigger bill than if you just shelled out for insurance in the first place." Ms Shaw added that insurance can also help when a tenant has damaged their rental home accidentally, leaving them open to be charged by the landlord as part of their tenancy agreement. London Letting Agents News: Cleaning bill 'main reason why landlords withhold deposit' Wed, 17 Aug 2011 14:15:20 +0100 When it comes to letting agents and rental deposits, the majority of tenants will believe they deserve their downpayment back after their contract has come to an end. However, research from MyDeposits shows unpaid rent and disputes over the cost of cleaning a rental property are the main reasons why deposits are withheld when a tenant moves out. Over three-quarters (78 per cent) of landlords and agents surveyed said they would not give the tenant back their deposit if they had to shell out for extra cleaning at the end of the tenancy agreement. Damage to furniture, carpets and property was also cited as a reason to hold on to initial payments. Eddie Hooker, chief executive of the company, commented: "This is the busiest time of year for deposit returns as students vacate properties for summer. It is important they meet with their landlord or agent when moving out, inspect the property together, and then come to an agreement over the return of the deposit." With the new academic year due to start next month, landlords with student accommodation in London could be making arrangements to move another intake of university-goers into rented property. Residential Landlords News: Landlord insurance 'should be tailored to each tenant' Mon, 08 Aug 2011 17:13:37 +0100 Individuals who need to take out a landlord insurance policy have been advised to consult experts before paying for cover. Daniel Jewell, senior sales manager at the Business Octopus, commented: "If you are serious about it and if you want to protect yourself properly then always speak to a specialist, just to make sure that you get the right sort of cover. Ask as many questions as you possibly can, just to make sure you are covered properly." He suggested that landlords think about the risks they are taking by agreeing to let to a particular tenant and review their insurance accordingly. "There are so many different things that you can add on to insurance - like legal expenses, rent guarantee, rent protection. If you know your tenant and if you are quite confident that they will pay, then maybe you can live without that," Mr Jewell added. His comments came after the National Landlords Association revealed an interest rate rise of one per cent on a buy to let mortgage would have a negative impact on 80 per cent of landlords. London Letting Agents News: Is more regulation needed for buy to let sector? Mon, 25 Jul 2011 16:33:14 +0100 There should be more protection against 'cowboys' in the buy to let sector, Chainbow has argued. Chair and chief executive of the organisation Roger Southam said he knew of no other profession or sector in the financial world that would allow the amount of money that is held to be kept by people who do not require a qualification to operate. "There's no need to have any form of qualification or anything else, you don't have to know what you're doing," he pointed out. There are already letting agency money laundering procedures in place, which require agents to register with the Office of Fair Trading, so Mr Southam asked why the government has not yet brought in regulation for the buy to let market. "[The government should say:] 'You cannot operate and take people's money unless you have client money protection unless you're assigned to this body'," he posited. "Then in one fell swoop, you've certainly made it easier to know where the cowboys are." London Property to Rent: Always send tenants a copy of the inventory Mon, 27 Jun 2011 12:36:32 +0100 Landlords with property to rent in London or other parts of the UK should send their tenants a copy of the inventory before they move out, according to LettingFocus.com. According to buy to let and private rented sector expert David Lawrenson, this lets tenants know how to leave the property in the same condition they found it. "Telling the tenant what you expect them to do in terms of how to leave the property and reminding them about what it was like at the beginning saves a whole lot of disputes. Most people if they are told up front what to do, will do it," he pointed out. Unfortunately, some letting agencies are not so proactive, which can leave landlords with mess to clear up or damage to repair, meaning the tenant might not receive their full deposit back, Mr Lawrenson said. "If they were a bit more proactive at the end of a tenancy then they would have a lot less problems than they have," he added. |
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