High number of new landlords unaware of letting regulations

High number of new landlords unaware of letting regulations

About one in 18 British adults now lets out a property to supplement their main income – but many are unaware of basic legal, health and safety regulations according to new research.

That means almost 500,000 landlords have not had their property checked by a gas safety engineer in the last twelve months, risking prosecutions and fines of up to £20,000.

Almost a third have had their property damaged at some point, which has cost them £1,200 on average to repair. Of those who have had property damaged, the main cause has been damage by tenants (44 per cent) followed by flooding (17 per cent) and storm damage (eight per cent).

The research, by LV= landlord insurance, claims that landlords receive £678 in rent each month on average, equating to nearly £28 billion a year across the private rental sector.

Approximately 60 per cent of this landlord income is spent on borrowing costs, management fees and maintenance costs, leaving landlords a healthy pre-tax profit of 40 per cent on average.

The trend is mainly being driven by people moving to a new home and then renting out their old one.

Around 55 per cent of these landlords are letting properties that they never intended to. Around one landlord in 19 says they ended up letting because they moved in with a partner and did not want to sell or couldn’t sell their own home.

Call us on 0114 2413430 for free advice on any lettings related issue or to book a free valuation.

Source: lettingagenttoday.co.uk

Rightmove or Zoopla?

Rightmove or Zoopla?

OnTheMarket.com will soon be open for business offering a new property portal for buyers and tenants to search for property nationwide.

There is a catch however. Those agents who choose to use OnTheMarket.com are contractually obliged to drop either Rightmove or Zoopla. Continue reading “Rightmove or Zoopla?”

Latest Green Deal Information

Green Deal Second Release Information

The second release of the Green Deal Home Improvement Fund will open to applications from today, Wednesday 10 December 2014.

Since its launch in June 2014, the scheme has proved incredibly popular, providing vouchers to over 20,000 households and enabling people to make vital energy saving improvements to their home.

The best way for households to cut their bills is to use less energy – and improving the energy efficiency of their homes is a vital step. The Green Deal Home Improvement Fund makes this possible – providing families in England and Wales with money back for improvements so they can experience the benefits of a warmer home and lower energy bills.

The Government has taken £50 off energy bills this year and ensured energy companies make things simpler and easier for bill payers. To build on this good work, and with the consumer always at the forefront of my mind, we expect that the next release of funds for the Green Deal Home Improvement will open to applications in February, 2015 this shoud help even more people enjoy lower bills and a warmer home for years to come.

For more information on this call us on 0114 2413430 or visit the Green Deal website

Edit: A list of Green Deal companies near you can be found here http://gdorb.decc.gov.uk/consumersearch.

‘Right to rent’ checks on the way?

‘Right to rent’ checks on the way?

From 1 December 2014, some landlords will need to check that someone has the right to live in the UK before letting a property to them. This includes landlords who take in lodgers or sub-let property.

In most cases you’ll be able to carry out the checks without contacting the Home Office. All you need to do is check evidence of a person’s identity and citizenship, for example a passport or biometric residence permit. Continue reading “‘Right to rent’ checks on the way?”