Advice For Landlords

Naturally, the answer to this question will vary based on individual circumstances and preferences as every landlord is unique. That said, as a landlord there are specific duties that anyone taking on the role will need to fulfil...

The word Evict seems like such a dirty word, because whilst you're watching daytime TV that's how its portrayed.

But it isn't always the case....

One of the biggest concerns that landlords have when looking to appoint a letting agent is pricing. We appreciate that everyone is working within a specific budget and if an agent's fees far exceed a landlord's pricing expectations, then is it understandably an instant turn-off.

It is commonly known there are risks associated with being an investment landlord. A way that many landlords opt to help alleviate these concerns are by taking out relevant covers and/or insurances to help in the case they fall into issues.

According to research conducted by the Office of National Statistics The Consumer Prices Index including occupiers' housing costs (CPIH) increased by 7.8% in the 12 months to April 2022. In simpler terms, monthly CPIH went up by 2.1% in April 2022, in comparison to 0.7% in April 2021.

In an ideal world when renting out your property, everything would always go according to plan—your property would be matched up with the perfect tenant and you would face no problems throughout the duration of their tenancy.

With property prices on the increase, with no imminent view for it to come back down, many are considering extending their properties to accommodate for their growing families.

A rental property is an investment that can generate revenue for you, year on year. However, with the ever-increasing costs associated with living, as well as rising rates of inflation, you'd be best informed on what to do to ensure you continue making a healthy return of profit from your investment. 

Most people decide to go down the route of becoming a landlord alongside their day job. They usually have an investment property they choose to rent out as an alternative income stream - sounds like a no-brainer, right?

It was only in April of 2018, where the regulation and requirement of a new tenancy is subject to the Energy Performance Certificate (EPC) being a minimum permitted energy efficiency level of Band E.

The last thing anyone wants is the property to be taken away when being managed by a letting agent. But the decision to do so isn't one that's taken lightly, I felt it necessary to address this concern...

Abbey Property has been in operation since 2015 and our Director has been in the business for over a decade, so believe us when we say we have heard practically every clichéd catchphrase and stereotypical sales pitch used throughout the industry.

With anything in life, you'll come across risks or fears that are attributed with a decision. You could fear a commitment with buying a new car on financed repayments and being concerned with the commitment or hiring a builder for renovations with worries that they won't do as good a job as you're hoping. 

Well, is it worth using a letting agent? The answer to that is entirely dependent on a few factors, so read on and let's get you better informed for your final decision

Although we have every confidence in our resourcefulness as a company and the capability of our staff members, there may be a rare instance when a prospect decides that we are not the best fit for them.

The internet is flooded with information on tenants' rights, and how the endless list on the hoops landlords have to jump through to ensure they stay on the right side, with both their tenants, and the law. 

The standards regarding maintenance or repairs will differ in the minds of both landlords and tenants. Usually, landlords will overstate the timescale due to the inconvenience, and tenants will understate them expecting trivial things to be rectified in a short timescale.

With the multitude of agents in and around Luton, it can quickly become a minefield of information thrown at you, making your decision on who to work with that much harder!

When a tenant leaves a property, you'll want to arrange to do an inspection either before or after the leave, we prefer to do it before.

It'll give you an opportunity to have a look around and compare it the condition of when they moved in.

Whether it be needing access for a repair, routine maintenance, or having visitors over to inspect or view the property, tenants should allow access as long as you have made it convenient for them. 

Regardless of situation, everyone has the right to have a place to call home.

There can be a lot of scare-mongering going round relating to tenants that rely on the Governmental Benefit System to sustain a normal lifestyle, however that only relates to a small minority of claimants.

Sometimes the line between the landlord, and tenants responsibilities can be skewed, have a read of this article to get some clarity on the subject.

Both landlords and tenants understanding their responsibilities will help negate future frustrations between the two parties.

You could have a few concerns if you are asked if your tenant can run a business from home. Such as, What are the legalities surrounding this? Is it permitted within your mortgage? Could there be any contributing factors to affect the property's value? All valid questions that I'll address in this article. 

House prices, along with asking rents for properties, have been on an increase year on year for the past 20-plus years.

So, re-evaluating the amount of rent you'd like your property to return is something you'll want to consider going forward.

So, you've had a tenant in your property, and they're either due to, or already have moved out.

As we mentioned in our Inventory Check-In Report article, you'll be wanting it returned in a fair condition

One of the, if not, the first question I get asked by a prospective landlord is, 'what are your fees?'.

And that is entirely justified, cost can be the dependant factor on whether you do, or don't work with someone.

All agents have different ways of the process they take from start to finish of marketing a property.

I'll explain the tried and tested way we, at Abbey Property, conduct ourselves from start to finish.

There are a multitude of letting agents in Luton, but there are only a few who are actually worth considering. We would encourage you to learn about the agent you decide to go for, so we recommend reading as many articles and watching as many videos as possible when it comes to making your decision.

The internet is saturated with letting agents in any local area you look at, with a good mix between agencies that you'd have heard of as a child, to up-and-coming ones, proving themselves as being just as capable as the long-established!

As a landlord, when you put a new tenant into the property you want them to return it in a fair condition. But how do you prove that the property was or wasn't returned in a fair condition? That is where an inventory report is INVALUABLE!

The cost of how much it'll cost to rent out a property, isn't a topic that is discussed much in the industry.

But having this conversation, and an approach of transparency will help landlords, just like yourself, make a clear and informed decision on what routes to take when putting their property on the market.

Tenants trying to find a property they can call home is a difficult feat at the best of times, if they've got a little furry friend in tow, that difficultly level becomes even harder.

Price your property well, advertise on a popular platform, and you can quickly become buried in a mountain of calls, messages, and applications of interest!

At the end of your tenant's tenancy, they will usually look to request their deposit back from you. Or if your property is managed by an agency, refer your tenants to them to request the deposit back.

This will be a trying time for you as a landlord, however handling it correctly will help mitigate further loss. As frustrating as it is, you cannot simply force the current tenants out, it is illegal and could put them at an advantage by winning a case to stay in the property indefinitely.

Your tenant leaving their rental property will usually incur a notice period, in which they should give you advance notice before leaving the property.

For years, tenants had been unfairly charged extortionate fees by landlords, and even by some estate agents. Hence the introduction of the Tenants Fee Act (2019), introduced on 1^st June 2019 for new tenancies, and then went on to cover all existing tenancies from 1^st June 2020. 

Buying a property as an investment, a buy-to-let, could be an incredible opportunity. Weighing up the option of purchasing a new versus an old build property may be on your mind. This article will help debunk any myths you may have heard surrounding this topic, so you can make an informed decision on which path to take.  

Having a tenant in rent arrears is a tricky situation, as well as being sympathetic to their situation you've got to have your own best interests in your mind to move forward and have your asset making you money again. 

It is, and always will be your responsibility as a landlord to keep your property in a fit state to be rented. That all water, heating, and electricals are easily accessible and safe to use.

Rent arrears brings on a chain of events that affects all parties of a rental property. From a tenant's perspective, they may feel an overwhelming sense of worry and frustration that they cannot cover some or all their due rent.

The person, or representative overseeing the aspects of a rental property is responsible to ensure the property is safe and secure for the tenants, and any issues get managed and dealt with in a prompt manner.

If you've found yourself with a property to rent, whatever the circumstances, you've come to the right place. To get to this position you may have weighed up options to leave the property empty, sell up, or pass on...

Moving abroad? Life is unpredictable at the best of times, so renting your property out whilst you're gone may sound like a good idea. And it could be, bearing in mind you do your homework before you leave.

Referencing a potential tenant is an important process when considering who'll live in your valuable asset. It's the point of first impression that helps build the person's character, lifestyle, and overall perception both on paper and in your head. It helps build an idea of how they'd be to deal with in future, and how they would potentially look after the property.

Recent research has found approximately 10% of landlords will experience rent arrears when renting out their property. Is this a risk you have to take? What options are there to negate this potentially frustrating situation.

Many landlords are concerned that their tenant may leave too soon, which brings about the additional stress of having to replace good tenants and the uncertainty of what the new tenants will be like. Many tenants are concerned about being given notice by their landlord and facing the stress caused by the dreadful experience of having to re-establish themselves yet again in another home.

The difference between making the right and wrong decision with which agent to leave your property in the hands of, could bite you if you make the wrong decision.