Showing posts with label Landlords. Show all posts

Your rights to inspecting and viewing your property as a landlord

One of the main causes of tensions or arguments between landlords and their tenants are often misunderstandings of the landlord’s right to inspect or view the properties which they let. It can sometimes feel as though the rights the tenants and landlords have are in direct conflict of each other, however provided that everyone understands their positions disputes can be avoided and tensions quashed before they even arise. As a landlord there will be times where you want to or …

Buy-to-let landlords must take tenant affordability into account

While demand for rental property remains strong, landlords always have to be mindful of tenants’ ability to pay higher prices, according to the Scottish Housing Regulator. Returns achieved by landlords in Scotland remain highly competitive when compared to other asset classes, the latest figures show. The average monthly rent in Scotland hit £574 in September, the latest data from Your Move Scotland reveals. However, with rental price inflation running ahead of general inflation as measured by the consumer price index, …

What to do if you are unhappy with your letting agent?

For Sale, To Let, and Sold signs on lower facade of apartment building

There are many reasons why you might be unhappy with your letting agent, these might arise from the type of tenant your letting agent found you or not managing the property in the way promised. As most letting agents charge a fee for managing the property, this can of course lead to you feeling angry and upset. However, remember to take a step back and deal with the situation in the right way. Here are some steps you can take …

Five pitfalls to avoid as a buy to let landlord

With property prices rising and more and more people renting than in previous generations, buy to let can seem like an easy way to make money! However, it is not as simple as that, and there is a great deal to think about when letting a property. Here are the five pitfalls to avoid: 1. Being unaware of tax If your total income for the tax year as a landlord is above the personal allowance threshold of £10,600, you will …

Top tips for a smooth tenant check out!

A tenant check out should always be carried out professionally, regardless of your relationship with the tenant. This is the best time to evaluate the state of the property and to work out how much of the deposit should be kept in order to account for any damages and the subsequent repairs. Here are our top tips on making a tenant check out as smooth as possible: Start early Get in touch with the tenant a few weeks before their …

How to deal with items left behind at the end of a tenancy

Sometimes tenants leave behind possessions at the end of a tenancy, or when they abandon the premises. As a landlord, this can put you in a difficult position, whilst the temptation might be to get rid of all items instantly, tenants may later claim that they are irreplaceable or were of high sentimental value, so you need to be careful. The requirements of the law may seem like yet another case of increasing responsibility for landlords, fortunately such cases are …

Tax Tips for Landlords

What tax will I Pay when I buy the property? When you purchase a property, you must pay ‘Stamp Duty’ Land Tax. The amount of tax you pay is calculated as a percentage of the value of the property. The rates at the moment are: Properties worth less than £125,000 are tax-exempt. Properties worth between £125,001 and £250,000 are taxed at 1%. Properties worth between £250,001 and £500,000 are taxed at 3%. Properties worth between £500,001 and £1m are taxed …

HMOs – The important things for landlords to know

If you are a landlord and are renting your property to several different unrelated tenants, you probably already know that the legal responsibilities can get quite complicated. In this situation, the home is usually classified as a House in Multiple Occupation – or an HMO. Renting your property out in this way can often make a lot of sense. You will be able to rent each bedroom of a multiple-bedroom house separately to individual tenants, without having to worry about …

What are tenants looking for in the perfect rental?

If you are a landlord, it is very helpful to get into the mind of your potential tenants and understand what they are looking for in a rental property. What are their priorities and what kind of features are most important to them? According to surveys, such as those conducted by rental company Finders Keepers and Savills UK, there are a number of very important factors that are a high priority for tenants. Here are some of the crucial details …

When is the best time of year to buy in the UK?

When you are buying a house in the UK, there are a lot of important factors to keep in mind in order to ensure that you will get the best deal. The housing market changes throughout the year and there are some seasons that are better for buying homes than others. If you can time your house hunting just right, you can end up saving thousands of pounds on your home purchase just because you bought the home at the …