What Can My Landlord Deduct From My Deposit Prior to Moving Out?

July 24th, 2019 by admin

Renting a property comes with its legal obligations and rights for both tenants and landlords. And one of those is securing the mutual tenancy agreement by monetary payment, made in advance by the tenant and called a tenancy deposit. This “front money” is generally considered as protection of the lessor’s rights, with respect to safeguarding their interests. The deposit aims to ensure the intact and rentable condition of the property upon the end of the tenancy, as well as to secure the retrieval of any unpaid rent or expenditures on outstanding utility bills and taxes. So, this article will help both renters and property owners understand deposit deductions and everything related to their rights and responsibilities when the agreement comes to an end. Tenancy Deposit Protection in the UK – What is it? Since April 2006, landlords have been legally... [Read More]

Navigating Universal Credit as a Landlord

July 7th, 2019 by admin

Universal Credit (UC) is now available everywhere in Great Britain. Whilst the rollout has not been without controversy, it doesn’t have to be a reason for landlords to worry. Just Landlords specialise in insurance for landlords, including rent guarantee to help protect your investment. Andrew Truglia from Just Landlords has written this handy guide to assist you in navigating through the complex world of letting to tenants on Universal Credit. What is Universal Credit? UC is the replacement for a host of benefits that were previously paid separately, including, but not limited to, Housing Benefit, Jobseeker’s Allowance and some tax credits. Anybody aged between 18 and 60, in work, or out of work, can potentially claim it. In the past, social landlords received their tenants’ rent directly from the local authority, but under the new UC system, most tenants will... [Read More]

Tips & Advice: How to Successfully Vacate a Buy-to-Let Property

July 1st, 2019 by admin

So you have decided it is time to vacate the place you have been renting (i.e. a buy-to-let property)? If it’s your first time leaving as a tenant then you are reasonably stressed out over uncertainty and lack of experience. The big questions are: How to get your tenancy deposit back and how long that would take? Those are likely not your only worries as time constraints, packing, cleaning, and moving out do require effort and nerves. Also, the whole routine isn’t a pleasant one for your landlord. Often landlords have to deal with irresponsible tenants, property damages, broken appliances, neighbour complaints, past-due bills or worse. Consult the Tenancy Agreement The first thing to do is to check your tenancy agreement. If it is an Assured Shorthold Tenancy agreement that means the tenant has agreed to rent for a minimum... [Read More]

Property Investor’s FactFile – July 2019

June 30th, 2019 by Ruban Selvanayagam

National Property Prices London Property Prices Monthly House Price Changes LIBOR Data SWAP Rate Data Private Rented Sector (PRS) – Rental Price Growth Private Rented Sector (PRS) – Growth Index Total Mortgage Approvals First Time Buyer – Affordability Measure First Time Buyer – Gross House Price to Earnings Ratios [Read More]

Top 5 Landlord Insurance Claims

June 13th, 2019 by admin

A detailed report analysing 10 years of landlord insurance claims¹, released by Hamilton Fraser Total Landlord Insurance has shown that the top five claims are: escape of water, storm damage, break-ins, accidental damage and malicious damage. These have been outlined below, in order of claim frequency: Water Escape: accounting for 34% of total claims paid out between 2008 and 2018, this issue is defined as ‘when water has entered the property by the mains water supply and caused damage e.g. a burst pipe’. There is a clear trend of these claims increasing in autumn/winter owing to frozen/burst pipes but these drop to their lowest in April. Storm Damage: While the UK doesn’t tend to experience storms as frequently as other western countries, major (named) UK storms do significant damage to properties every year. Hamilton Fraser’s research shows how maximum gust... [Read More]

Property Investor’s FactFile – June 2019

June 3rd, 2019 by Ruban Selvanayagam

Interview with Royal Institute of Chartered Surveyors (RICS) Economist

May 30th, 2019 by Ruban Selvanayagam

A big thanks to economist Tarrant Parsons from the Royal Institute of Chartered Surveyors (RICS) who kindly took the time to answer some of our questions below. We explored sluggish market growth, regional trends, the impacts of the Brexit delay, advice for property investors, over-inflated estate agency valuations, interest rate rise risks and the future of the buy and build to let sectors… Over the last year or so, the RICS monthly residential reports have consistently shown sluggish growth. Apart from the obvious political uncertainty, are there any other reasons you would attribute to this somewhat subdued market? Alongside political uncertainty, challenges around affordability have, in many parts of the country, also played a significant role in holding back housing market activity over the past year. Strong price growth over previous years has left measures of affordability more stretched than ever... [Read More]

How to Buy Repossessed Houses

May 8th, 2019 by Ruban Selvanayagam

Repossession is essentially when a mortgage lender takes possession of a property after a borrower defaults (i.e. misses payments). In property circles, acquiring repossessed houses is often equated to automatically picking up ‘bargains’. Whilst there may be an element of truth in this, it certainly doesn’t mean that you should overlook the investment credentials and assess the associated risks. Buying Houses Pre-Repossession Acquiring a property prior to the point at which a mortgage lender takes possession is a common strategy adopted by ‘quick house sale’ companies like our own (Property Solvers). Vendors facing the prospect of repossession come to us via our direct marketing efforts in search of a potential solution to what can be a complex predicament. Yet, sadly, there have been a handful of firms in our space that have been known to take advantage of people in such distressed situations.... [Read More]

Property Investor’s FactFile – May 2019

May 1st, 2019 by Ruban Selvanayagam

As we move towards the summer months, the market has been able to take a temporary breath after the Brexit extension. The chances of kicking the proverbial can further down the road are now more limited. It's arguable that it's only once we officially leave the Union that the true impacts on property will be truly felt. In the meantime, although few are envisaging any major downturn, things are clearly showing signs of adjustment as sellers are forced to be more realistic. As the third and penultimate phase of Section 24 of Finance (No. 2) Act 2015 came into force at the start of the new tax year, it's never been more important for landlords to keep tabs on their monthly outgoings. Although a year old, I would encourage you to run through our Section 24 post where 23 professional accountants, mortgage brokers and financial advisors gave their indispensable insights. [Read More]

Cleaning Tips When Moving Out of an Apartment or House

April 18th, 2019 by admin

To clean a rental prior to moving out is the final frontier to ending a lease, and at PS Investors we’ve gathered a handful of tips to help you clean it fast, and easy. If not, you risk deposit deductions bad rating or worse. Vacating buy-to-let or any other rental requires leaving the property neat, tidy, and good hygiene, and condition. If you are leaving your student accommodation then these are the tips you need to help you move out successfully! Cleaning carpet mould Sweep the mould debris from your carpet using a stiff brush and vacuum it thoroughly. To remove excess moisture Sprinkle the affected area liberally with baking soda or talc-free baby powder; Let the solution sit on overnight and then vacuum it up; Lightly spray the area with white vinegar, and Scrub it in using a stiff brush; To... [Read More]