22nd November 2021
What Has The Pandemic Taught Us and How Has The Market Changed?
It’s an exciting time when you first venture into property investment, but beware there are a number of things to consider so you avoid the dreaded rookie mistakes. Research, Research and a little more Research! I would always recommend you purchase your first buy to let in a location you know well, subject to suitability. Don’t be afraid to talk to local agents about what types of property they have the best demand for as these are likely to also have the best returns. What type of tenants do you wish to attract and what would their main criteria be? Take the rental value the selling agent gives you with a pinch of salt as it is in their interests to sell you the property. Get at least 2 more valuations. Take the lowest rental value to do your calculations and you will not be disappointed. Try and also pick local independent agents as their local knowledge is normally far superior to the big corporate agents. Location, Location, Location! A well-used phrase I know but never truer than when you buy a rental property. Rental properties must be near all facilities such as transport links, shops, gyms, parks etc. etc. People who rent will always make practical decisions and properties must ‘tick their boxes’. Tips. Do not make emotional decisions! A stunning conversion flat or Victorian cottage may take your breath away, but it may also take your profit away! Older properties will take a lot more looking after and these costs are always going to be yours! If they have been recently refurbished, then great but you must look long term. Do not be put off by ugly...
The Ministry of Housing, Communities and Local Government have now introduced their guidelines to the new Electrical Safety Regulations that come into force on 1st July 2020. I have included a link to the Governments websites, but what follows is an overview of the key takeaways from the new legislation. When do I need to do an Electrical Safety Inspection? Any new tenancy agreement signed after 1st July, 2020 will require an Electrical Safety Inspection. NOTE: A certificate must be provide to the tenant prior to occupation. What if I have an existing tenancy signed prior to July 1st, 2020? You have until 1st April, 2021 to comply with the new legislation. NOTE: if you renew a tenancy agreement anytime between 1st July 2020 and 1st April 2021 (even to the same tenants) an electrical inspection will become due at that point. Do I need to provide the tenants with a copy of the Electrical Safety Certificate? Yes. Within 28 days of the inspection on an existing tenancy and prior to a tenant moving in on a new tenancy. What will the inspection cover? The inspection will investigte if any electrical installations are overloaded. That is, if there are any potential shock risks, or fire hazards, any defective electrical work and if there is a lack of earthing or bonding. How often do they have to be done? Every 5 years. What happens if my property fails? You will have 28 days to rectify any issues and supply your tenants with a certificate. What if my property is brand new, or has just been rewired? If this...
NRLA Join the call to repeal the Eviction Ban NRLA (National Residential Landlord Association) is asking any of its members that have been forced into difficult circumstances by the Governments extension to the COVID-19 eviction ban to share their experience with their local MP. The ban makes no sense. Tenants who have experienced difficulties due to the lock down aren’t in the system yet, the only people currently in the court system were delinquent tenants long before COVID-19 kicked in. I have always advocated that a simple blanket ban on evictions is both unnecessary and unfair. Of course COVID_19 affected tenants should be protected, but this ban protects all those tenants who are currently either, deliberately not paying rent or being evicted for other legitimate reasons such as anti-social behaviour. NRLA points out that some Landlords who had significant rent arrears before the Coronavirus lockdown face the possibility of at least five more months without rent if their tenants fail to pay in the knowledge that evictions cannot happen. It’s a crazy situation and one that with even the smallest bit of communication between the government and affected parties would have been avoided. The NRLA are calling for…. a clear statement from the Government reiterating that those who can pay their rent should do so;support for tenants most in need to pay their rents by boosting the Local Housing Allowance, developing interest free hardship loans for tenants;providing compensation to landlords who have existing possession orders from the courts but cannot execute them, and have therefore will have missed five months’ of rent payments as a result of government actions;prioritising possession cases that began before the lockdown but were then paused, those related to...
What Has The Pandemic Taught Us and How Has The Market Changed?
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