Day: 11 April 2022

When they run smoothly, joint tenancies can be a good source of income for landlords. This three-minute read explains how to get the best out of them.

Joint tenancies are a great way for friends or couples to live together and share the rental burden. (Think about best buddies and flatmates Joey and Chandler in Friends, they had a ball, right?)

And joint tenancies can also be good news for landlords, providing steady long-term income and low tenant turnover. (If your tenants are happy and get along like Joey and Chandler, they’ll stay for years.)

But sometimes, the relationship between tenants turns sour and things can get complicated. Before we look at managing tenant relationships, here’s a quick recap on joint tenancies.

• As a general rule*, all tenants in a joint tenancy are liable for the rent. This means that if one tenant falls into arrears, the landlord can ask any or all the other tenants to cover the shortfall.
• The same goes for damage to the property – all tenants are liable. Even if only one tenant (or their guest) caused the damage, any or all tenants could be required to pay for the repairs.
• One person can’t pull the plug on a joint tenancy; the landlord and all tenants must agree to end the tenancy.
• If end-of-tenancy deductions are agreed upon, they’re taken from the overall deposit.

 

Getting the best out of a joint tenancy

• Never rely on one tenant to share important information with other tenants for you (they may fail to do so or may get it wrong).
• If there’s an issue with arrears, notify all the tenants and explain that they’re all liable. Tenants who have paid their share of the rent can be valuable allies and help persuade the tenant who is behind to get back on track.
• Remain professional and don’t get caught up in a melodrama between friends or lovers who have fallen out (they may want you to take sides). Remind all parties of their joint liability and encourage them to sort it out amongst themselves.
• Always notify people who sign up to be the sole guarantor on a joint tenancy that they’re liable for all rent and damages. Often a parent thinks they’re just covering their own child – not all the tenants.

To find out how Chamberlains can help manage your property and avoid tenancy troubles, get in touch.

 

*Always check the terms of your rental agreement and, if in doubt, seek expert advice.

Whichever way you look at it, modern life is stressful. And the 2020s? Well so far, this new decade has caused unparalleled levels of stress.

Whether it’s the pressure of daily life, the juggling of responsibilities, or the state of the world right now, stress can have physical, mental, and emotional repercussions for people of all ages. And it needs to be taken seriously.

April is Stress Awareness Month, an initiative that has been running since 1992, designed to highlight the causes and cures for stress. This year, the Stress Management Society is focusing on community, reducing isolation and loneliness, and increasing social support.

In this quick read, we look at some of the ways you can help to support others feeling stressed or anxious.

Get talking

Sometimes, feeling stressed can be embarrassing. People can feel judged or self-conscious when struggling to cope. Help reduce the stigma around stress by talking about such feelings. Whether at home or in the workplace, those suffering with stress may feel like their issues are valid and gives them space to open up.

Be kind

It sounds simple, and it is. By showing understanding and empathy for someone who is stressed, you can help to ease the burden. Whether it’s making a workmate a cup of coffee or offering to help with a pesky spreadsheet, you can really make a difference to someone’s day.

Share coping strategies

Letting someone feeling stressed know that you’ve felt the same way may help to reduce feelings of loneliness. Maybe your way of coping is by doing some simple breathing exercises or writing ‘to-do’ lists, everyone has their own ways of managing times of stress and sharing them could really help others.

Look after yourself

If you’re feeling anxious or stressed, take the time to acknowledge and understand your feelings. Don’t berate yourself or feel like you should be able to cope. Stress affects everyone in different ways and if you need to take some time to de-stress, that’s perfectly ok.

Talk to your kids

Whether you’ve got a stressed-out teenager about to sit exams, or your little one is worried about their friendships, it’s important to open the dialogue about these feelings and try to suggest ways they can feel better.

Children are like sponges, and things like the pandemic, or the current global situation can really impact them. Looking after your little one’s mental health is just as important as putting a plaster on a cut finger or kissing a bruised knee.

Thanks for reading.