Posts Tagged ‘Landlords’

Tenant damage – is it a postcode lottery?

Thursday, January 22nd, 2009

gentil le chienchienCould the location of your rental property affect whether or not your tenants are likely to damage it? Recent research claims it could!

According to analysis carried out by The Deposit Protection Service (DPS), tenants living in the South East of England are more likely to damage property. Over 40% of DPS disputes between landlords and tenants were found to have occurred in the South East region. Over half of the disputes (52%) were due to the tenants damaging the property and over a third were because the property wasn’t being cleaned. The rest of the disputes revolved around the garden being in poor repair and left to grow wild.

The second highest level of disputes (15%) was noted in the North East, followed by the South West (12%), North West (11%) and West Midlands (11%). When the data was broken down into cities, the worst offender was London, followed by Bristol, Manchester, Newcastle upon Tyne and York.

“The introduction of a dispute resolution service has been one of the real successes of the Government’s tenancy deposit regulation, ensuring that these differences are sorted out fairly,” commented Kevin Firth, director of the DPS. Despite the findings, he offers reassurance that the number of disputes that do occur between landlords and tenants is relatively small in the general scheme of things.

If you’re a landlord, then you can help try and reduce the likelihood of long-term damage occurring by scheduling regular check-ups, where you call in and check the property. Even if they don’t keep it pristine the entire time, at least it will (hopefully!) be tidied up each time you pop in.

Rent arrears to increase for landlords?

Monday, December 29th, 2008

If you’re a landlord, are you expecting rental arrears in the coming year? According to research released recently by the National Landlords Association (NLA), 71% of landlords are expecting rent arrears to increase in the coming year.

With the current global economic situation and credit crunch, it’s a worrying time for everyone, including landlords. Of those questioned in the survey by the NLA, only one per cent thought that rent arrears would decrease in 2009 and 28% thought there’d be more no major change.

They also found that 67% of landlords have experienced problems with rent arrears in the past and 37% are currently having difficulties with non-payments from tenants. Not receiving rent from tenants can lead to all sorts of problems and it’s no fun trying to evict tenants. The NLA are advising that landlords do all they can to try and regularly receive rent, including keeping regular channels of communication open to try and alleviate any issues.

Don’t forget that if you’re currently trying to rent out a property, it’s important to make informed decisions about the financial worthiness of potential tenants. As much as you may be keen to get the property rented out, don’t skimp on doing credit or tenant reference checks, as these can save you a lot of hassle in the long run.

Free help for landlords at Investors’ Days

Monday, November 17th, 2008

With the current turmoil and uncertainty in the economy, some landlords and buy-to-let investors are having a hard time and wondering how to cope with the situation. If you feel in need of a bit of extra help and want to find out how you can protect yourself during the credit crunch, there are free events taking place this month that could help with answers.

The Money Centre, one of the UK’s largest independent buy-to-let mortgage brokers, is running several free Investors’ Days, incorporating seminars and exhibitions designed with landlords in mind. On Tuesday 25th November, a free event is taking place at the Edinburgh Corn Exchange, from 10am–3pm.

On Wednesday 26th November, they’re heading to Belfast and will be running another free event at the Park Avenue Hotel in Belfast. Both days include an exhibition, running from 10.30am–3pm, plus a seminar programme from 11.30am–2.15pm (with a free buffet lunch thrown in, too).

The events are aimed at both seasoned investors, new buy-to-let purchasers and even those who are considering doing so. Some of the topics on the menu for discussion include the current economic situation, successful planning during the credit crunch, top secrets to renting, hints and tips for the portfolio landlord and aims for the future.

The seminars are also designed to help you learn key skills for dealing with letting during the credit crunch period. In fact, the Money Centre says it’s not all bad news for investors as there are ways of benefiting from the opportunities created by the credit crunch. With networking opportunities included too, it’s a good chance for investors to get together and tackle their concerns and issues head on.

To find out more, or book a place at either event, call 01603 489 12.

For more advice for landlords, take a look at our dedicated Landlords, Developers & Investors guides.