If your current property is in a good location, for example, a busy student area or close to good transport connections, then you may want to consider converting it into an HMO. The good news, HMO’s provide more people with affordable accommodation, while generating a rental income increase of four to five times your current return – compared to a single tenanted property. If you are considering converting your property into an HMO, here are five tips to do it easily. Tip 1: HMO Licensing A critical legal aspect of letting an HMO is getting the right licence. To check if your property needs to be licenced, you can contact your local council. Or speak to us… we provide our clients with an HMO Licensing service, which includes applying for the local Council’s property licensing scheme on their behalf. The HMO licence will need to ensure that the property: is […]
Hmo property
Brexit: What landlords must do to check the status of their existing EU tenants
Now that Brexit is official, as a landlord you may be wondering what it means for your existing EU tenants and what is your additional responsibility. This blog summarises the details of the UK Government EU Settlement Scheme. For full details, refer to https://www.gov.uk/settled-status-eu-citizens-families. What is the EU Settlement Scheme? The EU Settlement Scheme allows EU, EEA or Swiss citizens to continue living and working in the UK after 30th of June 2021. The scheme allows them to: work in the UK rent in the UK use the NHS for free (if they can now) enrol in education or study in the UK access benefits and pensions (if they’re eligible) travel in and out of the UK When must tenants apply for the EU Settlement Scheme and how much is the application? Your EU, EEA or Swiss citizen tenants can apply from now until the 30th of June 2021. However, they must have […]
Renting in London: Top 10 Tips to Finding Your Next Home
Although London is a brilliant place to live, work and study, it has the highest rents of any city in the world. However, because there are so many people wanting to rent in London, the rental market can be competitive. The good news is, if you spend time researching, you will find flats that are good value and located in a good location. We’ve put together these top tips to save you time, money and stress when you are searching for your next home. Tip 1: Before you start your search, write a list of your essential criteria. Be clear on what is important to you and your family, such as: What transport links are close by? Do you need parking? Do you want to live in a flat or a house? Are you happy to live in an HMO? Tip 2: create a list of suitable locations. But never assume that […]
What Landlords Need to Know to Find the Right Letting Agent
Question 1: How much do you want your letting agent to do? Finding tenants only service: These agents will help you find tenants for your property. They will market the property, show prospective tenants through, check references and write tenancy agreements. They may collect the first month’s rent and deposit. Finding tenants and rent collection service: These agents offer the same tenant-finding services as the above, and they will also collect the ongoing rental payments and deposit it into your nominated bank. Full management service: Full management offers a full range of services, which may include finding tenants, preparing the tenancy agreement, collecting rent, managing the day-to-day running of the property, chasing missing rental payments, undertaking repairs and maintenance, solving disputes with tenants, undertaking inventories, doing gas safety checks and even doing emergency repairs. If you are looking for a full management letting agent, make sure you find out exactly what their service […]
7 Tips to Being a Profitable Long-term Landlord
The private rental sector has had several recent challenges and although the rental market is regaining momentum, landlords may be left wondering if property is a good investment. This article gives new (and existing) landlords tips to becoming a profitable long-term landlord. But first, we explore why being a landlord is more challenging now, than before. Buy-to-let landlords have a greater regulatory burden, and more recently, are dealing with the temporary slowdown on the property market. It is harder to evict problem tenants with the abolishment of the ‘no fault’ evictions by removing Section 21 of the Housing Act 1988. Letting fees are not allowed to be charged to tenants. This led to some concerns for landlords as they needed to pay for reference checks instead of their letting agent doing this. And finally, landlords have had to accept the loss of the buy-to-let tax relief on mortgage interest payments. […]
How Many Bedrooms Should Your Buy-To-Let Property Have?
When choosing to purchase a buy-to-let investment, you need to take a few factors into account, including the size of the property. Although it’s true that the more bedrooms you have in your property, the more tenants you can have; it’s doesn’t mean that you will have the best yields with a larger property. Single Family Properties If your property is being tenanted by a single family, then two-bedroom properties offer the highest yields, according to recent research by the lettings management platform, Howsy. The research indicated that the yield per property size, for a single family property, was as follows: Two-bedroom properties yielded a 4.8% return One-bedroom properties in London yielded a 4.6% return Three-bedroom properties yielded a 4.5% return Four-bedroom (or more) properties yielded a 3.6% return Benefits of a Small Property If your budget is low, then a small property is beneficial as the yields are competitive. […]
How to Attract Tenants… Even During Quiet Times
The good news is that the fall in demand has rebounded, and the increase in demand is consistent across the market. What’s more, the annual rental growth is expected to grow more than last year. With a potential second wave of coronavirus, it is important that you focus on attracting your ideal prospective renters, in case there is a decline in rental demand. This article looks at some ways you can attract tenants to rent your home, and hopefully, keep them long-term. Step 1: Get your property “rent-ready” Before you start to list your property, make sure it is ready for potential renters. This means making sure it is safe, well-maintained, and clean. Now is the time to tidy up, declutter and fix the handyman items. Also consider if you want to rent your property furnished, unfurnished or partially furnished. Step 2: Choose the right letting agent The next critical […]
How To Convert Your Property into a HMO
A house in multiple occupation, better known as HMO, is a property that is rented to three or more tenants, who aren’t part of the same household, that share amenities. The good news, HMO’s provide more people with affordable accommodation, while generating a rental income increase of four to five times your current return – compared to a single tenanted property. If you are considering converting your current property into an HMO, here’s what how to do it. Step 1: Location, location, location Before you consider converting your property to an HMO, check that it is in the right location. For example, a busy student area or close to good transport connections. Step 2: HMO Licensing A critical legal aspect of letting an HMO is getting the relevant licence. If you’re letting an HMO, it’s highly likely you’ll need some sort of licence to ensure that the property: is safe for […]
If you rent a property, but you’re not sure if you need an HMO licence, then read on. Importantly, failure to apply for a licence can lead to a fine. It is a criminal offence to let a property that is required to be licensed without applying for an HMO licence. Essentially, the HMO licence is needed to ensure that the property: is safe for tenants to live in is in good condition has an adequate number of smoke detectors has appropriate fire exits has enough sinks, cookers, baths and toilets for the number of tenants is well managed HMO Licensing Requirements Each council or borough may have different requirements for HMO property licensing; however, in general these will include the following: The HMO being reasonably suitable for occupation by the number of people expected Providing a fixed and affordable heating system to all lets Providing the minimum number of bathrooms, […]
https://rekaproperty.co.uk/whats-involved-with-hmo-licensing/
What is Bespoke about our Property Management Services?
As property investors ourselves, we understand the importance of property management as well as potential challenges. We started this business to combine our love of property, local knowledge and bespoke service to provide our clients with solid rental returns and peace of mind.That’s why our promise to you is that we look your property the way we look after our own.After all, we know what it feels like when your property is vacant, or when you let out the property to unruly tenants. We are aware of the maintenance issues, the risk management, the regulation changes and the increase in costs and expenses you face.That’s why we provide our clients with bespoke property management services to ensure we take care of your property to provide you with maximum rental return. Our Bespoke Property Management ServicesBecause we are as passionate about property as you, our bespoke service is designed to maximise […]
