The Biggest 12 Risks For First Time Landlords
May 6, 2015
Property can be like a game of snakes and landlords. When you’re new to the business hopefully you will climb a few ladders, but you can be particularly vulnerable to slithering down the occasional snake. Here are my tops tips for avoiding the pitfalls.
1. Tempted By New Build
NLA research tells us that 80% of smaller landlords with between one and four properties have new builds. These shiny new properties can be very tempting particularly when they are promoted by skilled marketing teams. Buyers are often […]
Most tenancies in the private rented sector can be brought to an end by a section 21 notice provided the contract has come to the end of its fixed term or if it is held over on a month to month periodic basis. The tenant then has two months to vacate. Introduced by the 1988 Housing Act, the section 21 notice was intended as a no fault fast track to gaining possession of a property. It played an important role in increasing flexibility and growth […]
It never ceases to amaze me how something as seemingly benign as a valuation can be the cause of so much frustration. I’ve come to learn over the years that it is the most critical part of the financing process. It would seem that all kinds of legal uncertainties can be airbrushed away with an indemnity policy. But if the valuer says the property is worth less than you would hope or its condition makes it unfit as lending security, then you can kiss goodbye […]
Average UK house prices rose by 7.2% in 2014 according to Nationwide. Throughout the year, it has been a North South divide story, prices have risen 17.8% in London, 10.6% in the South East and 9.8% in East Anglia. This compares with more modest rises of between 1 and 7% in Wales, the Midlands, the North and Scotland, where in many cases prices have still not recovered from their pre-2008 credit crunch […]
No London borough is complete without its landlord licensing scheme, it would seem. Politicians, keen to look like they’re sorting out landlords, are following a fashion. Get your staff to look at the feasibility of licensing. Even though the fees can only be used to fund the scheme, the extra millions maintain departments in a time of extensive cuts.