Why South Devon Landlords Need a Landlord Insurance Policy

In this two-minute read, we look at the ins and outs of landlord insurance and consider how it might just save you money in the long run.

As a private landlord, you’ve got to stay on top of repairs, damage, and unexpected costs. So how do you safeguard your property and income? Do you cross your fingers and hope for the best? Or have you taken the necessary steps to protect yourself?

What is landlord insurance?

First off, there’s no legal obligation to have landlord insurance – unless your buy-to-let mortgage offer specifically requires it. But be warned, if you’re relying on a standard home insurance policy to cover your rental investment, this may not protect you when the property is occupied by tenants.

Landlord insurance is designed to cover various aspects of your property/rental agreement. Think of it as an umbrella policy, protecting you against different risks. It normally includes buildings and contents protection as standard, and you can choose to add different types of cover such as:

• Rent guarantee protection
• Tenant or accidental damage cover
• Boiler or plumbing issues
• Legal expenses

Remember, the more you add to your policy, the more it costs.

What if I’m a leaseholder?

If you own a leasehold flat, the freeholder covers the cost of buildings insurance. However, this doesn’t protect you if there are issues within your rental property such as the boiler breaking down or someone injuring themselves on a loose floorboard (for example).

If you’re a freeholder, landlord insurance is advisable. The buildings insurance cover means you don’t have to worry about big outgoings in case of physical damage to the property, such as damp, cracks, and so on.

How much does it cost?

As with any insurance plan, the price varies depending on what your policy covers, so it’s difficult to predict. However, you can expect prices to start from around £200 per year. Use comparison websites to find the best deal and most suitable cover for your needs.

What happens if I don’t take out landlord insurance?

While it’s not the end of the world and not legally necessary, you may have to pay out a large sum if something goes wrong with the property or if a tenant or tradesperson makes a claim against you.

Many landlords choose not to take out this type of policy, especially those who own a leasehold property. As a bare minimum, freeholders need landlord buildings insurance to protect themselves and their tenants.

Talk to us at Chamberlains to discuss whether you need landlord insurance or about how we can help look after your South Devon rental.

 

 

Make the Most of Recycle Awareness Week in South Devon.

This two-minute read takes a look at Recycle Awareness Week and what we can do this week and beyond.

Recycle Now has been running Recycle Awareness Week annually, with 2021 being its 18^th year. The emphasis is on celebrating how many of us are recycling and ensuring we all continue to do so.

As the Zero-Waste Chef blogger Anne-Marie Bonneau said: “We don’t need a handful of people doing zero waste perfectly. We need millions of people doing it imperfectly.”

Here are some ways you can work on waste.

Plastic packaging waste

Plastic packaging is important to protect food wastage through the economic journey. However, it is also the largest contributor to worldwide plastic waste.

Top tips:

• Use reusable beeswax food wrap instead of cling film.
• Use reusable bags when shopping, even in the supermarket for collecting loose fruit and veg.
• Buy in bulk or use hard soap and hard shampoos.

Reduce food waste

In the UK, a shocking three quarters of all food waste could have been eaten. Buying only what you need, when you need it, is the best place to start with this. Cutting your food waste at home can save you in the region of £500 a year.

Top tips:

• Store food correctly. Stored properly, food will last longer so that gives you more time to use it up.
• Preserve food. This might mean pickling, fermenting, or simply using your freezer better.
• Use your leftovers. Leftovers aren’t just for Christmas! Use a glass container to keep them stored in the fridge and visible so you remember to use them up in time.

Clothing and textiles

The fast fashion industry has shaped society into a linear one where we ‘make, use, dispose’. £140 million of clothing ends up in UK landfill every year. It is thought that four out of five people have unworn clothes at home that simply need altering to fit.

Top tips:

• Learn how to alter/repair your clothes so you can make the most of them.
• Arrange clothes swap parties with friends to give your wardrobe a new lease of life and declutter.
• Use charity shops to give away items you no longer want and to purchase new-to-you pieces.

What are your favourite ways to recycle, reuse, and reduce? Let us know by emailing us at mail@chamberlains.co

 

 

Now’s the Time to Sell if You Want a New Home for Christmas

A two-minute read.

The summer holidays have ended.

The kids are back to school, and the distractions of Euro 2020 and the Tokyo Olympics have gone.

What have we got to look forward to? Easy, Christmas.

Yes, we know it seems a long way off, but if you’re thinking of celebrating it in a new home, it’s time to get things sorted.

Here’s why.

Recent research from one of the most respected organisations in the estate agency industry, Propertymark, highlights the need to get your selling skates on if a new abode is at the top of your Christmas wish list.

The organisation’s findings show the average time taken from an offer to exchange is now at 13-16 weeks. This doesn’t consider the period from when your property goes on the market, and an acceptable offer is made.

A statement from Propertymark’s CEO said the average time used to be around 6-8 weeks, but the post-pandemic market across the UK and South Devon is ‘a very different beast.’

This is due to several factors. Record levels of transactions, pressure on solicitors, mortgage companies and even overworked removal firms are slowing the process.

There are just over 15 weeks until turkey time (other culinary options are available), so speed is of the essence.

Here’s a simple ABC plan to put you on the path to opening presents in a new home on 25 December.

1. Action – Take the first steps of calling in three agents to give you a valuation of your home. Always ask this question of them: How will you go about getting me the price you say my home is currently worth?
2. Be Ready – Now is the time to get your house in order, literally and metaphorically speaking. Do those little maintenance jobs that have been left for ages. You’d be amazed how off-putting peeling fence paint or missing cabinet handles are for prospective buyers. And get all your paperwork organised. You’ll need warranties and receipts ready to help speed up the legal side of any sale.
3. Check – We’re expecting a surge of sellers and buyers looking to move in the run-up to the festive season, so it’s worth thinking ahead. Call removal and storage companies for quotes and get dates pencilled in with them. The good moving companies get booked in advance even when the market isn’t as busy as it is now.

If you’ve a dream about waking up on Christmas morning in a new home, get in touch with us on 01626 365055, email mail@chamberlains.co or click the book appointment button and we’ll help make it a reality.

How South Devon Landlords Can Avoid Rent Arrears

In this three-minute read, we look at the steps South Devon landlords can take to protect against a tenant falling into arrears.

Landlords have always worried about tenants falling behind in the rent, but that fear feels particularly pertinent right now due to the pandemic.

There are many reasons why a tenant might be unable to pay their rent – such as illness, job loss, or relationship breakdown – but the bottom line is it’s stressful for both landlord and tenant.

The good news is there are things landlords can do to protect themselves from getting into this predicament. Here are some tips.

• Always carry out credit and reference checks before a tenant moves in.
• Make sure your tenant signs a contract.
• Keep your records up to date and when rent is paid, send the tenant a receipt – this is particularly useful if it’s a joint tenancy. If there’s a dispute, it’s easy to identify who has missed a payment.
• If you’re dealing with a joint tenancy, ensure that all tenants understand they are equally responsible for the rent – and any unresolved debt. (If there’s an underpayment, often the tenant who has paid up can be a valuable and persuasive ally in getting the errant tenant to pay.)
• Keep all tenants in the loop about the situation as they bear joint responsibility (even though they might tell you otherwise).
• If a tenant misses a payment, talk to them but don’t go in all guns blazing. You’re trying to find a constructive way forward, not score points. Always remain professional.
• Keep records of all conversations.
• Consider adding rent protection cover to your insurance for some peace of mind.
• If the tenant has a good track record, and you feel they can turn things around quickly, consider a payment plan. This is a revised payment schedule that gives the tenant a chance to get back on their feet.
• If you do agree a payment plan, make sure you put it in writing.
• The tenant may decide that they can’t meet their obligations and serve notice that they want to move out. If this is the case, contact your tenant deposit scheme and ask them to deduct the unpaid rent from the deposit.
• Legal eviction proceedings should always be the last resort. There is currently a huge court backlog, and lawyers are expensive. Do everything you can to find an alternative solution.

Contact us today on 01626 365055 and find out how we’ll help you avoid rental arrears.