Bedford Office
Godmanchester Office
Properties To Rent In Bedford
Properties To Rent In St.Neots
Properties To Rent In Huntingdon
Properties To Rent In Godmanchester
Village Properties To Rent In Cambs & Beds
News

Apr 15, 2009: Beat The Recession - Rent A Room Out
Mar 25, 2009: Tenants Are Forcing Down Rents
Jan 31, 2009: Demand For Rented Accommodation On The Up
Jan 24, 2009: Professional Landlords Expanding Portfolios
Jan 17, 2009: Accidental Landlords
Jan 14, 2009: Landlords Offering Creative Incentives To Attract Tenants
Jan 12, 2009: Landlords & Tenants Disputes Relatively Small
Jan 07, 2009: Overseas Landlords
Dec 10, 2008: Smoke Alarms & Water Meters
Dec 03, 2008: Information On Legal Requirements
Nov 26, 2008: Handling Problem Tenants
Nov 12, 2008: Landlord Obligations
Nov 05, 2008: Rent Guarantee & Legal Expenses Cover
Oct 08, 2008: Tax Breaks For Landlords
Oct 01, 2008: Energy Performance Certificates
» Apr 15, 2009:

Beat The Recession - Rent A Room Out

In the midst of the recession, with massive job losses and pay cuts, many people are searching for new and inventive ways to earn money.

As the new tax year looms, homeowners could well be sitting on a potential goldmine. Renting out a spare room can provide a significant income with the huge additional benefit of £350 per month (£4,250 per year) being tax free.

Taking on a flatmate could be the answer for many UK homeowners’ money worries. At a time when many will be struggling to make ends meet, then isn’t this a sensible option? People would rather share an evening meal with a new tenant, than face the prospect of having to take on a second job to pay the bills. And it is also a more pleasant and cost-effective option, bearing in mind additional income from working extra hours is taxed. With average weekly spare room rents standing at £100 in London, and £70 in Leeds, homeowners could use the money towards paying the mortgage, saving for essential home improvements, or boosting their monthly income. They may even want to use the additional funds to save for their next home move. And, for first-time buyers, currently unable to get onto the property ladder, this could be the ideal option.



Top of pageTop of page

» Mar 25, 2009:

Tenants Are Forcing Down Rents

Tenants are forcing down rents by negotiating hard because there is an oversupply of rental property, according to the RICS. Would-be sellers who have chosen to rent their properties until sales improve are leaving tenants with unprecedented choice and in a strong position to bargain, the RICS lettings survey shows. Rent falls are the sharpest since its survey began in 1998, with 48% more surveyors reporting a fall in rents than a rise.

Property companies, including developers and house builders, are also renting out homes that they cannot sell and account for 10% of all landlords bringing new properties to market, up from 8% in October. The supply of rental homes in London has grown by 67% in the past year and demand is up by 20% year on year, according to Knight Frank, the estate agent.



Top of pageTop of page

» Jan 31, 2009:

Demand For Rented Accommodation On The Up

More letting agents could be bucking the credit crunch as new research shows that demand for rental accommodation increased by 49 per cent last year.

According to figures published by a coporate letting agency, demand in December was 63 per cent up on the same month in 2007. Restricted access to mortgage finance has led to a boost to those investing in the residential lettings market, suggested the managing director at the firm. "The credit crunch has scuppered first-time buyers' chances of getting onto the property ladder. But the silver lining in this mess, is that landlords are seeing demand go through the roof," he said.

December saw a 14 per cent monthly slowdown in the number of people signing up to new leases, but Your Move said this was in a common trend during the Christmas period. It comes after figures released by the Council of Mortgage Lenders showed that gross mortgage lending in December, at £12.6 billion, was the lowest monthly total since April 2001.



Top of pageTop of page

» Jan 24, 2009:

Professional Landlords Expanding Portfolios

Many landlords are bucking the downward trend of the wider economy and expanding their portfolios to make further profits, research has shown. A study by Business Development Research Consultants found that every landlord in ownership of 20 properties or more was making a profit.

However, the financial crisis is having a negative impact on amateur landlords, many of whom have entered the rental market after failing to sell their homes last year amid falling house prices. "Whilst professional landlords are able to cover their costs and expand their portfolios, the amateur landlords, many of whom 'fell' into letting by accident, are really starting to feel the pinch," said Mark Long, client director at BDRC.

Successful landlords were also found to be using sale and rent-back schemes, and taking advantage of repossessions to invest in new homes.



Top of pageTop of page

» Jan 17, 2009:

Accidental Landlords

A recently redundant sales director has praised the property management service provided by a local letting agent after he started renting for the first time. Jono Enderby told the Sunday Mirror that he began renting a property after three buyers pulled out just before they were about to sell a property in Wimbledon, London.

After being made redundant, Mr Enderby said his family had no choice but to rent the property because it "proved impossible to sell". Mr Enderby told the newspaper: "We employ a letting agency to manage the property and they take ten per cent, but it's worth it to avoid the hassle when we're not living around the corner."

The impact of the credit crunch on the UK property market has led to more Britons becoming 'accidental landlords' after being unable to sell their homes in difficult financial times. A Rics study in November last year attributed the first rise in average rent prices for five-and-a-half years to a glut of new homes entering the residential lettings market from reluctant landlords.



Top of pageTop of page

» Jan 14, 2009:

Landlords Offering Creative Incentives To Attract Tenants

Landlords could soon use new-build homes to their advantage by using them to offer greater incentives to tenants, an expert has said. This, ultimately, could lead to an improvement in standards for the rental market in such areas as well as among the letting agents and landlords who operate such properties, according to Chris Jenkins, manager of commercial finance firm Clarity Commercial.

He explained that landlords are thinking creatively in order to attract good tenants into the rental market. Some property owners have included free bus passes or travel cards to attract tenants, Mr Jenkins noted. "As more properties become available to the rental market, more effort may be needed in thinking up creative solutions to set properties apart from one another," he commented.

Landlords who offer such deals might prove one step ahead of their competitors in a climate where rental income is crucial. Average monthly rent in the UK fell from £646 in November to £568 in December, according to Rentright's residential rental price index.



Top of pageTop of page

» Jan 12, 2009:

Landlord & Tenants Disputes Relatively Small

An industry official has said the number of disputes that emerge between landlords and tenants is relatively small.

Kevin Firth, director of The Deposit Protection Service (DPS), said government policy on tenant deposit legislation has led to differences being resolved quickly. He added: "It is important to remember … that the number of disputes that do arise between landlords and tenants is relatively small."

Mr Firth's comments come after statistics released by the DPS have shown that the majority of disputes emerge in the south-east of England. Some 52 per cent of the disagreements were attributed to property damage caused by tenants, while cleaning problems accounted for 36 per cent. The study also found that in one extreme case, a landlord had found out that his property was being used as a brothel.

Awareness of new legislation appears to be being acknowledged in the private rented sector, as research published by the Association of Residential Letting Agents this week showed that 95 per cent of landlords are aware of tenancy deposit protection requirements.



Top of pageTop of page

» Jan 07, 2009:

Overseas Landlords

If you live abroad permanently or are working abroad for an extended period you will still normally be required to pay income tax on the net income from any property letting.  There are some additional obligations on the part of the letting agent with respect to overseas landlords which you should be aware of. We are required to withhold a proportion of rental income (equivalent to the basic rate of tax) and pay this directly to the Inland Revenue unless we receive specific written exemption from the Inland Revenue not to do so. We are able to provide you with the appropriate documentation to apply to the Inland Revenue for this exemption, thus allowing us to pay you rent without deduction of tax. The granting of exemption to withholding tax is at the discretion of the Inland Revenue and is likely to be withdrawn if you are subsequently delinquent in making the appropriate tax returns.



Top of pageTop of page

» Dec 10, 2008:

Smoke Alarms & Water Meters

Smoke Alarms
In all new homes built after 1st June 1992, a legal requirement was introduced by the Department of the Environment, to ensure all builders install mains operated smoke detectors on every floor and that they must be interlinking.   Should the property be built prior to the above date then the recommendation is that one smoke alarm should be fitted to provide sufficient early warning of fire if the property is a flat or bungalow.  This should be fitted in the hallway between living and sleeping areas.  Where there is more than one floor, one alarm should be fitted at the bottom of the staircase with an alarm on each upstairs landing.  Please be advised that it is your responsibility as a landlord to ensure the safety of your tenants, therefore anywhere else you see fit to install an alarm we recommend that you do so.

Water Meter
Please be advised that new legislation came into force with effect from 1st April 2000 under the Water Industry Act 1999, that tenants who are renting for a period of six months or more are entitled to have a water meter fitted without the consent of the landlord, even if the landlord was to forbid this change.   Once the meter has been fitted at the property and has been used by the tenant for a period of 12 months or more, then after this time, it will not be possible for the water meter to be reverted back to mains supply.



Top of pageTop of page

» Dec 03, 2008:

Information On Legal Requirements

There are various legislations that are mandatory when letting out your property

Gas Safety (Installation and Use) Regulation 1994
* All gas appliances such as cookers & boilers in rented accommodation must be certified every year by a Corgi Registered Installer. These regulations are enforced by the Health and Safety Executive.
* For further information on these regulations please ring the free HSE Gas Safety Advice Line on 0800 300363. Failure to comply may constitute a criminal offence under the Consumer Protection Act 1987, which carries a maximum fine of £5000.00 and/or a 6 month imprisonment sentence
 
Furniture And Furnishings (Fire) (Safety) Regulations 1988 
* All upholstered furniture must comply with the furniture and furnishings regulation 1988. Upholstered or even part upholstered furniture is covered by regulations including beds, mattresses, headboards, pillows, cushions, seat pads and garden furniture that may be used inside of the property. Bedclothes, carpets, curtains and furniture pre 1950 are exempt from this regulation.
  
The Electrical Equipment (Safety) Regulations 1994, Mandatory Since 1st January 1997
* All appliances that are supplied within a rental property must meet a certain criteria certified by a qualified electrician. This applies to both new and second hand appliances. This also includes appliances such as immersion heaters, toasters, washing machines, cookers and showers.
* Failure to comply may constitute a criminal offence under the Consumer Protection Act 1987, which carries a maximum fine of £5000.00 and/or a 6-month imprisonment sentence.



Top of pageTop of page

» Nov 26, 2008:

Handling Problem Tenants

A property with a problem tenant is the biggest risk facing landlords, as often it is a bigger liability to have a bad tenant than no tenant at all.

This is due to the fact that often problem tenants do not pay their rent & usually damage your property. Then follows the long drawn out process of the legal proceedings in order to gain possession of the property back from the problem tenant.

At Gatehouse Estates Property Management all of the tenants are fully referenced and in the event that you are unlucky enough to have a problem tenant they offer a rent guarantee & legal expenses policy which gives all landlords total peace of mind knowing a dedicated legal team are working to obtain vacant possession back from the problem tenant and handle the entire process. Plus the rent guarantee payment takes away the pressure of trying to fund the money to cover the mortgage payment supporting the investment.



Top of pageTop of page

» Nov 12, 2008:

Landlord Obligations

There are many legal Landlord obligations that need to be in place before a tenant moves into a property. The main Landlord obligations are as follows:

* To cover the cost of all ground rent & services charges that apply to the property.
* To insure the building & any contents if the property is offered furnished.
* To gain permission from the mortgage lender to rent out the property.
* To make sure all furniture & furnishings (if provided by the landlord) comply with all regulations.
* To ensure a yearly gas-safety certificate is arranged on the property.
* If your property is leasehold you may require permission from the freeholder to sub-let.
* To cover the cost of any maintenance of appliances & equipment.
* To cover the cost of any maintenance needed on the property.
* Provision & maintenance of smoke alarms
* If you are an overseas landlord, apply for the Exemption Certificate from the Inland Revenue.

If you require any further information on Landlord Obligations please call (01480) 433933



Top of pageTop of page

» Nov 05, 2008:

Rent Guarantee & Legal Expenses Cover

At Gatehouse Estates Property Management Ltd we understand that landlords want piece of mind through rent guarantee & legal expenses cover. As even the best of tenants sometimes experience difficult times through redundancy, business failure, accident, sickness and relationship splits - things that can happen to anyone, often through no fault of their own. Under these circumstances, even the most efficient Letting Agent may not be able to collect the due rent. However, we can now offer Rent Guarantee and Legal expenses cover.

With rent guarantee & legal expenses cover we aim to minimise the risk involved through protecting the landlord’s rent during tenancy and providing legal expenses cover in the event of rent arrears or a dispute.

For most Landlords, receiving the rental income each month is number one priority. Rent Guarantee cover – if the tenant can’t pay the rent provides:

•   Rent guarantee on all rent Payments for up to a maximum 12 months
•   60 Days from non payment of rent, to register a claim
•   Excludes first month’s lost rent.
•   50% of the rent for up a further 3 months whilst re-letting, after vacant possession obtained
•   Cover is available for all type of tenants, incl self-employed, students & companies             

Legal expenses cover means landlords don’t pay legal costs for disputes. In case the unthinkable happens you’ll be covered for legal costs relating to disputes with tenants or unauthorized occupants.

• £50,000 worth of legal expenses cover.
• Covers any Legal Tenancy dispute with Tenants.
• For arrears of rent, we chase up the Tenants after the first 31 days.
• For arrears of rent, solicitors issue all legal/eviction notices.
• All costs paid – no excess applies.

No paperwork, no hassle – we’ll take the admin off your hands!

The Cost of this policy is 3% of your monthly rental + 5% insurance premium tax.
Eg. £500 pcm x3% £15.00 x 5% £0.75 (ipt) = £15.75 per month

As part of our Management Service we will take care of all the application forms, paperwork and administration required for this policy on your behalf.

To benefit from rent guarantee & legal expenses cover protection or for more information on rent guarantee & legal expenses cover please contact us (01480) 433933

Don’t forget the whole premium can be written off against tax.




Top of pageTop of page

» Oct 08, 2008:

Tax Breaks For Landlords

Landlords could be eligible for a maximum tax break of £1,500 per property against the cost of installing draught proofing, loft insulation, or insulation for hot water systems. The Government are keen to encourage all home owners, including landlords, to improve the energy rating of their properties.

Most landlords are unaware that they can make this tax deductable improvement to their rented property. Furthermore, it will improve the property’s energy rating when they have to conform to the new EPC ( Energy Performance Certificate ) scheme that comes into force in October 2008. By improving the energy performance rating, the landlord is simply improving their chances of letting sooner, and for more rent. Savvy tenants will want to see the energy rating of the property to rent, before they agree to let. With the cost of energy rising seemingly weekly, this will become a major decision maker.

This tax break is called LESA, Landlord’s Energy Saving Allowance. Talk to your financial advisor for more information, or if you are local to our offices in Godmanchester, or Bedford, call in. Contact us



Top of pageTop of page

» Oct 01, 2008:

Energy Performance Certificates

From 1st October 2008 all rental properties with a new tenancy agreement in England and Wales will be required by law to have an Energy Performance Certificate (EPC).

If you rent out a property that does not have an Energy Performance Certificate (EPC) you could receive a £200 fine.
 
We can arrange for you to have a Energy Performance Certificate on your rented property by a fully accredited Domestic Energy Assessors.

Our EPC for rental properties prices remain the same regardless of location, size of the property or number of bedrooms your rented property has.

Please call (01480) 456520 now to find out our fantastic rates in order to get your Energy Performance certificate (EPC) in place prior to renting your property.
 

 



Top of pageTop of page