If you are a landlord who is not doing repairs at the moment and they are essential I urge you to think again!
If you do not do an annual assessment of your property in a detailed way to confirm there are no health and safety risks, I urge you to stop and think!
2004 Housing Act
In 2004 the Housing Act changed the way the local council can assess the housing condition of a rented property using a risk assessment approach called the Housing Health and Safety Rating System (HHSRS). If your tenant feels that the property they are living in has health and safety hazards, they can call the council to have one of their officers to arrange an inspection.
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Rental yields of between 7-12%
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Earn up to £3,000 cash up front just by selling your home with a lease option and still achieve 100% market value-and that’s guaranteed
Lease Options are an ideal way for landlords to sell their Buy to Let properties which have negative or little equity. We have a waiting list of over 15 investors who are willing to pay up to £3000.00 cash up front to you to do a lease option on your property.
So what exactly is a Lease Option?
A Lease Option is a contract between you and a buyer which gives the buyer the use of your Buy to Let property from the date of signing the agreement. A buyer will look to rent your property out and look to make money on the rental income and the property increasing in value over the option period. Generally option periods are between 5-20 years. The buyer will have the right to buy your property in the agreed option period at a pre agreed price.
Local Housing Allowance (LHA) – In what situations can it be paid DIRECT to the landlord?
There are many ways that LHA can be paid direct to a landlord, most of which are considered to be ‘Safeguarding’.
Another way is where the landlord reduces the rent to the same level of local housing allowance, applicable to the size of the property. But not all councils will accept this and I predict that within a year a further reduction may be sought if a new application for LHA is submitted.
When interviewing prospective tenants, there are some questions you should ask to help determine if the tenant will be a good fit for your property. These qualifying questions can be asked over the phone. By doing this you can save the time of physically having to show them your property by qualifying a prospective tenant first.
Basic Questions to ask a new tenant
- Why are you moving?
- What is the earliest you could move into your new property?
- What is your monthly income?
- Can you pay the money up front needed for the property?
- How many people will be living in the property?
- Can you provide references?
- Can we do a credit and back ground check on you?
- Have you ever been evicted before?
- Do you have any pets?
Detailed Questions to ask a new tenant that will help to prevent rent arrears and your property getting trashed
For those of you who have been receiving my e-shots for a while now, you will know that I like to share best practice when I come across it. In this week’s e-shot I want to share with you some new property development tips that I have come across this week. While they may seem simple, they are invaluable pieces of advice that will save you money in the long term when dealing with tenants and how they’ll treat your rental property over a 10 year period.
Pull Cords in bathrooms
Exterior Wooden/ UPVC/Composite Door
Wooden – Wooden doors may be the cheapest option but think again when it comes to the long term maintenance involved. Wooden doors will need painting over the years and swell due to weather conditions. You may end up paying for a joiner to come back out when the door has swelled and it becomes jammed shut. Wooden doors will also let in the cold and with the cost of gas going up each year, tenants will start thinking about how economical their property is.