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 […]
property management
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. […]
Things You Should Know Before Managing an HMO Property
But you may not know exactly what is involved in managing an HMO on your own. This article gives you tips on what you need to know about managing an HMO. Tip 1: 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 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 To check if your property needs to be licenced, you can contact your local Council. Or speak to us about our HMO Licensing service, which includes applying for the local Council’s property licensing scheme on your behalf. Tip 2: Safety Compliance There are various compliance measures you’ll […]
Coronavirus Advice for Landlords
We hope you and your family are staying safe during this uncertain time. We acknowledge it is a challenging time for both Landlords and Londoners living in the private rented sector. The good news is that the Mayor is working to ensure renters get the support they need from the Government to help them through the coronavirus pandemic. There have also been discussions of giving vulnerable tenants grants to help them clear their arrears and pay their rent to their landlords. The Government emphasised that if a tenant or renter is having difficulty paying the rent, landlords should help them by setting up an affordable repayment plan. This article gives ideas for landlords tackling this uncertain time, especially as the threat of a potential second wave of coronavirus is imminent. Financial Help for Landlords (extended): As part of the Government’s response to the coronavirus emergency, banks and lenders agreed to […]
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 […]
Benefits of Giving Your Property to Help with Social Housing
If you have a property, then you probably know that long-term renting is a reality for many Londoners due to the high cost of home ownership. But if you’ve struggled to find quality tenants or reduce your rental vacancies, then maybe letting your property to help social housing is a solution. As landlords ourselves, we want to help ease the housing crisis in London. It’s our vision to provide ingenious, innovative housing solutions, while helping our clients. That’s why we’re an authorised supplier of properties to local authorities in London, as well as members of the London Landlord Accreditation Scheme and members of the Property Redress Scheme. Our goal is to provide homes to local authorities within the London boroughs to help families in need. Introducing the Reka Property Home Finder Scheme The REKA Property Home Finder Scheme is a program that helps landlords to immediately let out their properties […]
