landlords
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Agencies & People
Tenant bargaining power grows
New figures from the National Landlords Association (NLA) show that tenants are securing a larger proportion of private rented homes in the UK at below, rather than above, advertised rents. The data shows that 16 per cent of private rented homes are let to tenants at below advertised rents, with eight per cent of homes being let to tenants at above the asking price. Three quarters (76 per cent) of private rented homes are let to tenants at the advertised rent. The difference means that tenants in the UK are benefitting from a net proportion of 8 per cent – or an estimated 320,000 – homes let at below advertised rents. The NLA’s analysis found that more than a quarter of new tenancies in central London (27 per cent) are agreed at lower than advertised rents, with the North East and outer London close behind (both 22 per cent). However, just nine per cent of properties in the East Midlands are let to tenants below the asking price. Yorkshire and the Humber and the South West are close behind on 11 per cent. At the other end of the scale, more tenancies in outer London are agreed above the advertised…
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Features
Using tenant deposits
Over the years, I have received a number of complaints about agents, often instructed on a tenant find only basis, who have not forwarded the tenant’s deposit to the landlord, as they have advised they will do in their Terms of Business, to allow the deposit to be protected in a tenancy deposit scheme. Instead, the agent has retained the tenant’s deposit and used it to offset the fees due to them from their landlord client, considering this to be perfectly acceptable and no more than a ‘paper exercise’ to ensure payment of their fees. I have always criticised the agent for such action. So concerned have I been by this practice, that the 1st August 2014 version of the TPO Code of Practice for lettings agents has been amended to incorporate an agent’s obligations in this regard. Paragraph 11k of the Code specifically emphasises that deposits belong to the tenant and states that where it is passed to the landlord for protection in a tenancy deposit scheme, any charges due from a landlord for fees etc must be dealt with as a separate issue and not deducted from the funds passed to the landlord. Put simply, the deposit monies…
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Agencies & People
What is ‘fair wear and tear’ for lets?
Pat Barber, Chair of the AIIC, is weary of wear and tear disputes.
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Features
Can landlords protect themselves against interest rate rises?
Keith Oliver OBE, has some wise words for your property buyers and investors faced with interest rate rises.
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Products & Services
Why bother with reference checks?
Many landlords, and some agents, fail to run reference checks before tenants move in. Sheila Manchester explains their importance in today's market.
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Features
How to sign up more landlords
Christopher Watkin explains his approach to recruiting landlords and growing a portfolio of rental properties.
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Features
The perfect tenant
How do you find one? Your first step could be to use tenant referencing specialist, says Marc Da Silva.
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Features
Letting a home that is For Sale
Early warning? When do you tell the tenant that the landlord is selling the property? Chris Hamer, the Property Ombudsman, advises.
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Associations & Bodies
Letting agents, consumers and acceptable standards
Christopher Hamer, The Property Ombudsman, is on a mission to improve standards and awareness.
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Guest Blogs
Avoiding the void
Rental voids are an eternal worry for landlords everywhere. In many cases, the amount of money lost through a void period can be the difference between a landlord making a gain or a loss from their rental income. Similarly, for many property investors an inconsistent flow of rental income caused by extended void periods can result in a struggle to make mortgage payments. With a one month rental void accounting for over 8 per cent of a landlord’s annual rental income, there can be no doubt that minimising the amount of time a property lies void is an essential priority for landlords, particularly in a hostile economic climate. The good news is that with rental demand outstripping supply, landlords have the opportunity to significantly reduce the amount of time that their property sits empty. Monitoring the local market for demand and supply – and comparative rents, a bit of pro-active advertising, asking for, and listening to feedback are all routes to success. However, while many landlords feel that they can look after their investments perfectly well themselves, these ‘tasks’ can be challenging for landlords to effectively manage without the correct resources. So it makes sense for them to use a…
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