Month: May 2022

If you’ve become a landlord due to unexpected circumstances such as bereavement or a new relationship, here’s some helpful advice. A two-minute read.

 

It’s surprising how many people become landlords more by chance than design – or in other words, ‘accidental landlords’.

Whether through inheritance, a change in a relationship or a new job, sometimes people find themselves in the (rather fortunate) position of owning a property that they don’t want or need to live in. And instead of selling up, the owner decides to rent the property out.

While this usually works out well in the long run, accidental landlords can slip up if they underestimate what the job involves – it’s not as easy as it looks.

Here are four tips for accidental landlords.

 

• Talk to your lender

If you have an owner-occupier mortgage on the property, you must notify your lender if you intend to rent it out (otherwise you could be penalised). Sometimes, the lender will grant ‘consent to let’, which is permission to rent the property under your existing mortgage. But this is usually a short-term solution, and you’ll probably be expected to get a buy-to-let mortgage eventually.

 

• Get landlord insurance

A bog-standard home and contents policy won’t suffice – you’ll need specific landlord insurance. Do your research on this because the policies on offer can vary significantly. On top of buildings and liability cover, some policies allow you to opt in to cover legal costs, loss of rent, or accidental damage.

 

• Understand the rules on deposits

There are strict laws regarding tenant deposits. When a tenant pays you a deposit, you must register it within 30 days with a government-approved scheme. (This is a third-party scheme that protects tenant deposits.)

 

• Get to grips with red tape

There are all sorts of laws – at least 175 – that apply to UK landlords covering everything from evictions and gas safety to electrical checks. It can be overwhelming trying to get your head around these, but most successful landlords develop systems to make sure they stay on top of things. And if you really wanted to sit back and let someone else take the strain, employ the services of a professional letting agent to do it for you.

 

To learn more about our property management services, contact us here at Chamberlains.

This eight-point plan outlines the best way landlords can manage the issue of energy bills. A two-minute read.

This year’s colossal hike in energy costs has left millions of households reeling. And with no relief in sight, the problem is likely to stay at the top of the agenda throughout 2022.

 

Here’s an eight-point plan to help landlords deal with the issue as best they can.

 

• Make sure your tenancy agreement clearly states who is responsible for paying energy bills (most typically, it is the tenant).

 

• Even though your tenant will most likely pay the bills, do your bit to keep costs down by staying on top of maintenance and draught-proofing. Repair any rickety windows that might allow heat to escape and install energy-saving light bulbs.

 

• Take a meter reading when a new tenant moves in and record it in the inventory. (That way, there can be no confusion or dispute with the previous tenant.)

 

• Explain to your tenant (if the bill is in their name) that they are entitled to shop around for the best energy deal. Also, discuss the benefits of having a smart meter. These provide detailed energy usage information to allow tenants to understand what’s driving their fuel costs.

 

• Some energy suppliers require a few days’ notice to end a contract. It’s the bill payer’s job to notify the fuel supplier. Your tenant may not be aware of this, so give them a gentle reminder a week or so before their tenancy ends.

 

• When your tenant moves out, take a meter reading and pass it on to the relevant energy supplier along with the tenant’s forwarding address.

 

• As the landlord, you’re responsible for the energy bills during void periods. Ensure that most of the lights are switched off (you might want to leave a few on for security purposes). In the warmer months, turn the boiler off, too. In winter, you might want the heating on intermittently to ensure the pipes don’t freeze and protect against dampness.

 

• Consider investing in big-ticket energy-efficient measures such as solar panels, insulation, and triple glazing. These will bring down fuel bills and add value to your property.

 

Much of the above can be handled by an experienced letting agency – making your life a whole lot easier.

For more advice on our property management services, contact us here at Chamberlains.