22nd November 2021
What Has The Pandemic Taught Us and How Has The Market Changed?
Coronavirus has put us all under tremendous pressure financially, but for many landlords that pressure is amplified with the worry of how to manage if tenants stop paying rent. The new COVID-19 regulations are anything but easy to navigate. Are you eligible for a payment holiday? What happens if a bad tenant decides to take advantage of the situation? What if your letting agent isn’t help you work with your tenants? It’s a mess out there right now, but there is a way through it all. Whether, or not, you’re one of our customers, we’ll help you find a way through this situation. It doesn’t matter if you are contracted in with a letting agent, or managing your own properties, just give us a call, we can help you find a way. We’ve got the low-down on the COVID-19 financial regulations, we’re here to help. No chargeIt’s important that they can prove what their current situation is. Laid off or furloughed? Either way they should have the ability to prove their current circumstances. Perhaps your tenant has been furloughed? If so, he may have a short term cash flow issue, but he will soon receive 80% of his salary. Perhaps you could work out a short term reduction in rent to help them and then figure out a mutually agreeable repayment plan? If they have been laid off, find out what support they are applying for and when it will become available. I recently put together a Frequently Asked Questions section on my site that deals with the most pressing questions surrounding the Coronavirus and how it affects landlords. It covers: As a Landlord do...
As of 1 July 2020 the new electrical safety regulation will come into being for all new tenancies. You will have until April 1st 2021 to comply on existing tenancies. The new regulations mean that landlords must ensure every fixed electrical installation is inspected and tested at least every five years by a qualified person. Here's a summary of a landlords responsibility under the new law: A landlord must obtain a report of the results of the inspection and test and supply it the teneants within 28 days and retain a copy until the next inspection is due. If requested, the report must be provided to the local housing authority within 7 days. Private landlords must supply a copy of the last report to any new tenant before occupation, or any prospective tenant within 28 days of a request from the prospective tenant. What about the lockdown? You are still required to complete the safety checks despite being in lock down. Proven breaches of the Regulations could result in the local housing authority imposing a financial penalty of up to £30,000 for each breach. It is possible to complete the checks safely at the moment, but it is essential that you ensure your contractor wears protective equipment to minimise the risk of contamination. If you need help arranging your inspections contact us today. We've got you covered. ...
Industry pundits are predicting a boom in rental movements, which leads to an uptick in rental income. Are you ready to earn more? If you're coming to the end of your tenancy agreement and you are thinking you might want to increase the rental income on that property, now might be a great opportunity to do that. If you have a property that is currently empty use this time to get it freshened up and enhanced so you can take advantage of market conditions. If the experts are correct, post COVID-19 lockdown will see a dramatic uptick in rental movement. If you need some help organizing contractors to visit your property during the lockdown, contact us and we'll get you rolling. ...
What Has The Pandemic Taught Us and How Has The Market Changed?
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