By Admin Associations 0 Comments

A list of Landlord Associations and which is the best?

Are you thinking of becoming a landlord? If so, do you know what you need to do? Do you have any idea as to what responsibilities you will have to deal with? Do you know anything about tenancy agreements and everything that the law dictates regarding the whole rental industry?

These questions are just a few that you need to answer before you start your journey towards becoming a landlord. Of course, you must have done your homework, if you have already decided to let your property for other people to use.

Let the Industry Experts help you

There is no better way to test the waters than with the guidance of the experts. For landlords, those experts are the people behind the landlord associations. This means that it is important for you to see a list of landlord associations and find out which is the best among them.

Joining an association is a vital factor to be taken into consideration if you are aspiring to be a successful landlord. The reason this is a vital factor is because if you suddenly get into a tricky situation with your tenant(s) and you have no idea how to handle it, the experts in your association can provide you with the help needed and the best possible solutions.

These people have been there and done that, so to speak. They have years of experience in dealing with every potential issue that you could face in the industry. They are not perfect landlords, just experienced ones. They have been learned their lessons from their years worth of experience. They are now in the position to help other landlords deal with issues that usually crop up in the course of the business.

Here are some of the best landlord associations in the UK:

 

Landlord Associations

Which one is the best? You should find the answer to this by learning more about each one of them, but first, you have to have a full understanding of the benefits of joining one of them.

It is recommended to join such associations because they offer guidance, advice and easy access to documents and information needed for the rental process. They can provide you with legal documents that you need to study and use, general information on being a landlord is also available on their websites. Basically, all your questions regarding the whole business can be answered effectively by each one of those associations.

The people behind the associations have the kind of expertise that most new landlords need. Those running the associations have the goal to make sure that every landlord on their membership is protected from potential rental disasters. New Landlords can expect full support from these associations. They will be guided accordingly, from the time they join, to the time when troubles start to spark up, and up to the time when solutions have succeeded.

Simply put, being a member of one of the associations is like being a part of brotherhood. Everyone is looking out for the interest of another.

Find our more about: how to become a landlord?

Why not get a gas safety certificate from Cenultra to meet one of the landlord’s responsibilities.

By Admin Software 0 Comments

Which Landlord Software is the best?

As a Landlord, it is your duty to make sure that your Tenant is provided with an easy payment method. This means you should set up a collection system that would make it easy for your Tenant to pay you monthly. Of course, your choice of collection scheme should also be of benefit for you. That is why it is essential to know the best Landlord software you can use.

Property management is not an easy task. As a Landlord, you are responsible for a whole lot of things. You need to make sure that the property is always in good condition – whether they are occupied or not. You must also ensure that the property is insured and that your Tenants also get their own insurance policies.

Best Landlord Software UK

Choosing the Property Management or Landlord Software

When it comes to effective property management, there are software programs that you can choose from. Before you start choosing which one is best suitable for your needs, first learn about the features that you should look for.

You need to choose a software that provides the services that you need. That means choosing one that offers the most basic features. Usually, Landlords look for programs that can help them in organising their maintenance schedules and in streamlining application processes. A software that also provides background checks is essential. It is also important that you can perform a lot of tasks using your chosen software. You should be able to manage a wide range of property types and keep track of your Tenants, their deposits and their fees. Lastly, go for a landlord software that is easy-to-use.

Additionally, you must consider the features. You may not really need all the extra features. Thus, it is best to choose a software that only provides what you need. That way, you will only pay for what you are going to use. You essentially need a software that will help you manage your property effectively.

The Best Landlord Software

The following are considered as the best Landlord software programs available:

Property Portfolio – This software is highly recommended because of its useful additional features like Legal Documents Centre access (so you can create your Section 21s, Tenancy Agreements and Guarantor forms, and then download them), and it allows you to calculate income tax with the use of HMRC guidelines. Visit their website and click the Demo option to see how this program works.

Landlord Vision – This is a cloud-based program that is easy to access. You can open and use it as long as you are connected to the Internet. This program produces reports showing the basic Landlord requirements like rental income, equity reports, cash flow, taxation and expenses.

Property Manager – This program offers a free 30-day trial and it offers some good features like: property management; online property marketing; automatic generation of rent reminders, statements and invoices; Quick Search; automatic rent tracking; maintenance scheduling; Home Screen with maintenance alerts for important reminders like gas inspection; and communication features like SMS and emails.

By Admin UK TV Licences 0 Comments

TV Licences: Do Landlords Need To Supply TV Licenses?

This has being a question that baffles most tenants as to whom is the responsibility of when it comes to providing TV Licenses. According to the law which states that, if landlords do not provide a TV license, then it is the responsibility of the tenant to purchase one.

In the UK, the rules governing TV licensing states that “As a landlord, you need to make sure that the property is covered by a valid TV licence, if you have provided the tenant a means to record or watch television programmes as they are shown on TV. This include devices such as computer, mobile phones, TV, Digital box, game console or DVD/VHS recorder.

TV Licensing London

Providing a TV license now becomes your responsibility (the landlord) if you have installed a TV. It only becomes the responsibility of the tenant only if it has been specified in the tenancy agreement.”

Where it becomes quite worrying is when an old TV is left in the rental property by landlords just as an add-on or simply to avoid the hassle of getting rid of it themselves.

Do not do this as a landlord maybe out of kindness or as an incentive to the property because it may backfire on you. If you provide the tenant with a TV, then you would have to provide them with a valid TV licence too. As stated above, the only in this case the tenant will have to acquire a TV licence is when it is stated in the tenancy agreement.

But tenants are not totally absolved because the TV licensing body state that “Tenants which include student tenants are to ensure that TV used in the rental property is validly licensed even if it was supplied by the landlord.”

If you are a landlord with a number of tenants who have a joint tenancy agreement, then you can provide only one TV licence but if each tenant has a different tenancy agreement, then you are expected to provide a different license for each of them.

Can the Tenant be a charge for the TV Licence?
Some landlords do charge for TV license fee in the form of slightly higher rent or service charge if they left a TV in their property. They do this to absorb the cost onto the tenant.

Lodgers and TV Licenses
Each lodger who rents your property either under a private agreement or Government’s rent a room scheme is to have their own TV licence if they have a TV. There is some exception to this: if the lodger is in a relationship with you and living with you, is cook/au pair/housekeeper or a family member.

By Admin Landlord 0 Comments

What type of landlords are getting repossessed?

Why are several landlords getting – or on the verge of getting – repossessed? This is becoming a common occurrence these days. Though, of course, only specific kinds of Landlords can be considered struggling.

The following are the types of landlords that are getting repossessed:

Landlords releasing equity

One of the most common reasons as to why a Landlord is getting repossessed is because they like to release equity. These are the kinds of Landlords that had the stupidity to acquire properties without realising that they do not have the means of obtaining their desired properties. In the end, the solution they have found is releasing equity from a property so that they can fund another property. It could be a smart move, if not for the fact that there are three potential outcomes in the property investment scheme – these are the booming market, the bustling market and the stagnating market. Values of properties drop significantly when there are drops in the market. So, what happens here? Properties become in debts that are higher than their value. The eventual result for the owner – repossession.Landlords getting Repossessed

Landlords with bad mortgages

Another common reason why Landlords get repossessed is if they took bad mortgages. Some people are not really acquiring properties because they want to invest; most simply wanted to take some action with the ease of finding a lender. Again, this idea turns into a nightmare when the market busts. Properties owners will have to chance to resell, pay the mortgage and remortgage. So, they get repossessed.

Landlords who do not understand the difference between Variable and Fixed Rates

Understanding mortgages are the secret of successful Landlords. A Landlord who takes a huge loan but does not understand the fundamentals is one that would surely fail. If you want to be among those landlords that can manage to survive even during the times when property prices have significantly dropped, then you need to understand that there is a difference between variable and fixed rates. If you fail to understand that if you got thrown into the variable rates after coming off the fixed rate, you are going to be in deep trouble. This could result in repossession.

Landlords who are short-sighted

Short-sightedness has no room for the property industry. Grabbing and running should not be an option if you want to invest in properties. It does not really matter if you know if you are buying at the start, middle or the end of the market boom, in the long run, long-term investment is always the winning option. If you invest in the short-term and then got caught up with the boom, then you would be surely get trapped in the long-term scheme that you are not prepared for. So, what happens? You get repossessed.

Basically, it is that type of Landlord who does not think beyond the present who gets repossessed. This is the type of Landlord who was only thinking of a fast return on their investment. This is the Landlord who fails to investigate and educate himself about the whole property buying schemes.

By Admin Landlord 0 Comments

Do you need to inform your Tenant when you and they will be out of contract?

As a landlord, it is indeed your responsibility to inform your Tenant(s) on everything that is included in the contract; especially the date that they will be out of the contract. This should be standard operating procedure. Landlords should not depend on their Tenants to remember the expiry date of their contracts.

Importance of Informing the Tenants

So, inform the Tenants. It certainly will not do any harm. Do not wait for the term to expire or for disasters to occur before you start checking the contracts. Aside from the date of the contract expiration, it is also important that the Landlord informs the Tenant of the other details included in the agreement.Inform Your Tenant

For instance, if the contract says that the Tenant needs to vacate the property after the contract expires, the Tenant should be reminded of that at least one month before the said date. Landlords should know if the Tenants have made necessary arrangements regarding moving out and other details pertaining to the property.

If you are a Landlord and you want to make sure that your Tenant has the full understanding of the contract details, you should try to discuss everything before you actually let them move into the property. That is the best way of avoiding any issues in the future.

If you fail to inform your Tenant of the contract expiration, you may have to deal with an angry Tenant or a very damaged property. You should understand that if your Tenant needs to move out of the property after the term, they may actually leave without letting you know. You do not have any right to go after them then in the case you discover that they have messed up your property. Once the term has expired and the tenant left, you will be on your own. If there are damages left, then it is your job to fix that.

If the contract stipulates that the tenant can renew the contract, then you must be ready for the renewal contract to be signed before the existing contract expires. This is how a responsible Landlord should think. This is the kind of mentality that would definitely keep all the troubles away.

Having an open communication with your Tenant is very important. This will give both of you the chance to discuss matters during the tenancy period. Your Tenant gets to tell you about potential problems, and you get the opportunity to fix them before they become difficult to handle.

You should be available for your Tenants and they should be available for you. Communication is the key to a good Landlord-Tenant relationship. You need to know if your Tenant is happy with the place and the overall situation. If they have the option to renew, you should be able to find out if they wish to stay or leave.

Lastly, do not forget to check the contracts regularly. This is critical especially if you have multiple Tenants. Not all contracts are created equal, keep that in mind.