Whether you're a private landlord or a tenant it's important to know the difference between the various pre-tenancy deposits and fees. There is often confusion around these fees and how much can be charged. But landlords also need to understand the difference between holding and security deposits. Equally, though tenants can be dismayed by being asked to pay fees. All before they can move into their new home.
To clear up any confusion we'll look at holding deposits, security deposits and agents fees. And how they affect both private landlord and tenant.
Private landlords in England are required to provide a raft of documentation for new tenants. This has been the case since October 1, 2015.
MakeUrMove's recent study has revealed that, contrary to Government proposals, UK tenants don't want three-year tenancies, with only 7.2 per cent stating that they would prefer a tenancy lasting three years.
When you let a property finding tenants, or rather finding the right tenants, is so important. Naturally enough as a private landlord, it's in your interest to find someone who will pay the rent on time and who will take care of your property. You go to a lot of time and trouble to check references, conduct credit checks and filter out those tenants who may cause issues. Unfortunately, it doesn't always work out.
On 2nd July, the Secretary of State for Communities, James Brokenshire MP proposed the introduction of a minimum three-year tenancy term, with a six-month break clause, with the aim of helping tenants put down roots and increase financial security for landlords. It has now been revealed that the government is unlikely to implement mandatory three-year tenancies.
Before the official start of any tenancy, you should always check in your new tenant. This is an opportunity to minimise the chance of any disputes at the end of the tenancy. The check-in procedure provides an accurate picture of the property prior to the tenant moving in and also documents the handing over of the keys and reading of meters.
Some private landlords do struggle with raising the rent. And it's easy to understand why on occasion they can be reluctant to do this. Sometimes that's because they don't want to risk losing the goodwill of a model tenant. Perhaps they are worried their tenant can't afford an increase. Or they simply don't think it fair.
All private landlords dread flooding, storm damage and fire. Aside from concerns about the tenant's well-being any of those disasters can have a huge financial impact on your business. This is why it's essential every private landlord has a robust buildings insurance policy.
Being a landlord is not a hobby. It is definitely something to be taken seriously! We've put together some of the commonest pitfalls that we see landlords falling into - so regard this blog as a bit like a safety net to ensure you don't fall into these same traps!
Today, we put long-time landlord, Denise Naylor in the spotlight. Denise has over 30 years’ experience of the property sector and shares insights from the earliest days of buy to let.