Author: Coast to Country Lettings
Recent news is full of fears over high and unclear charges over short term bridging loans are leaving landlords seeking alternatives for funding buy to let refurbishments. The Financial Services Authority has voiced concerns about ‘retained interest’ charged by bridging lenders and has written to every regulated firm asking them to confirm how their rates and costs are calculated. The move has discouraged some landlords in the Seaford area from taking bridging loans to refurb letting properties before refinancing to a mainstream property investment mortgage lender. Three of these bank and specialist lenders offer sometimes limited funds to landlords for fixing…
As Seaford letting agents, all too often we encounter landlords who let their rental properties fall by the wayside in terms of décor, often with the mentality that the investment would be wasted when future tenants might just destroy it. Yet the double-edged sword is that, inevitably, properties neglected by a landlord will often attract the type of tenant less likely to look after your property. The key to attracting respectful, long term tenants who are a pleasure to have in your property is in good presentation from the viewing stage. Here are three tips to help you present the…
Furniture and furnishings supplied in rental accommodation must comply with The Furniture and Furnishings (Fire) (Safety) Regulations 1988 (as amended). Some materials used to fill or cover furniture, particularly older and second-hand furniture, may be a fire risk and often produces poisonous gases when burning, such as cyanide or carbon monoxide. There are severe penalties for non-compliance. If you let your residential property furnished you must ensure that certain types of furniture and furnishings provided meet the current safety regulations – failure to comply with the regulations is a criminal offence and may result in: A fine of £5,000 per…
As a letting agency, you need to be aware of the dangers of mould on your property. it’s not news that Landlords who ignore the signs of mould may find themselves short on tenants. CAUSE Mould usually occurs as a direct effect of condensation, which is, in turn, caused by poor ventilation. Fungi generally favour damp conditions, and with little light and air movement there is nothing to discourage their growth. It usually appears in corners of external walls, behind furniture, bathrooms – anywhere very high humidity is a constant feature, as well as low temperature as compared to the…
How will it Work? With a Green Deal package, landlords will be able to receive energy efficiency improvements without any up-front capital payment. The costs of the works will be attached as a loan to the utility meter of the property and repaid by whoever pays the utility bills – in most cases, the tenant. The Consequences From 2016, tenants will be able to demand energy efficiency improvements from their landlords. Should landlords refuse consent (without a justifiable reason), local authorities will be able to compel landlords to undertake the improvements. They will also be able to fine landlords for…
Landlord Insurance Is Vital! When the financial crisis started in 2007/8, mortgage lending in the UK almost stopped because mortgage lenders became wary of the toxicity of sub-prime mortgage loans and raised their lending criteria to unprecedented and highly restrictive levels, virtually killing the UK property market. This meant that empty properties became financial millstones for many people who were unable to sell, resulting in an upsurge of reluctant or “accidental” landlords who were able to take advantage of the booming UK rental market caused by the fact that potential property buyers were forced to hand over substantial deposits in order to be considered…
Discover The Benefits Of Rent Guarantee Insurance The cost of renting in the UK private rented sector (PRS) fell in England and Wales during February, according to a recent report published by LSL property services. Recent figures showed that the cost of renting in the UK PRS during February was 0.1% less when compared to January 2013; however the overall price of rent for this year has still remained higher, despite the price falls. This decrease in price means that when compared to January, the average cost of renting PRS accommodation in England and Wales has finally contracted to around £700…
According to the Health and Safety Executive (HSE), a flue in poor condition, combined with a boiler that isn’t working properly, may put people at risk of death or serious injury from carbon monoxide poisoning. In 2010, with the risk of CO poisoning in mind, new gas safety guidance was introduced for gas engineers. It was agreed that for the two years ending 31 December 2012, fitting carbon monoxide alarms in rooms concealing flue passes would be sufficient. But from 1st January 2013, where gas engineers are unable to check the flue physically, they will assess the installation as being “At Risk”…
The National Landlords Association (NLA) has issued a warning to all UK landlords to check that their landlord insurance is up to date and to prepare for bad weather and freezing temperatures over the next few months, as weather forecasters predict a bitterly cold winter ahead for the UK. There have been several predictions about the severity of the forthcoming winter by weather forecasters that have made national headlines in newspapers. Hurricane Sandy taught USA property owners to make sure they had the right insurance and here in the UK we cannot afford to take chances. Even if the severe weather does not…
What is Abandonment? Abandonment is when a tenant leaves the property without notifying the landlord or agent before the tenancy has ended. Very often this occurs when the tenant owes rent and the tenant may or may not leave possessions in the property. Abandonment is a major problem for landlords: although the tenant is in the wrong for many reasons, they still have a legal tenancy and can return and demand to take up residence at any time, despite not paying rent. Taking over an abandoned property is fraught with difficulties for the landlord. The Need for Caution When a…