Posts with tag: tenants

Here’s what tenants look for most in a rental property

Published On: September 5, 2019 at 8:42 am

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Categories: Tenant News

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Pet-friendly homes are what tenants look for most in a let, according to research from Landbay, the buy-to-let focussed marketplace lender.

2,000 private renters in the UK were involved in this study, which offers insight to landlords on what tenants look for.

The research found that 14% of renters rated ‘pets being allowed in the property’ as their most important requirement. Specifically in the North East, this figure rises to 27%. However, only 3% of renters in London selected this response.

Second on this list is an unfurnished home. 12% of renters said that this was the most desirable attribute. Landbay highlights that 22% renters aged 55 and above are five times more likely to consider an unfurnished property as crucially important than those aged between 18 and 34 (4%).

A home with a garden came third, with 11% of renters rating outdoor space as their most important attribute. Parents (15%) are more than twice as likely to prioritise a garden compared to non-parents (7%) Off-street parking and the quality of a property’s décor came fourth and fifth respectively.

Having a dryer came bottom of the list of most desirable attributes with just 1% of renters considering it key to their home. A king-sized bed, a balcony, and a dishwasher also polled just 1%. Just 2% of private renters consider a new build property as a priority.

Top Five AttributesBottom Five Attributes
Pets allowed 14%Dryer1%
Unfurnished 12%King sized bed 1%
Garden 11%Balcony1%
Off-Street parking 9%Dishwasher1%
Quality of décor 7%New build 2%

Deborah Mudway, Director, Landbay comments: “This will make interesting reading for landlords, who could be forgiven for believing little luxuries like a dishwasher, dryer and even a king-sized bed make all the difference for tenants. In fact, nothing could be further from the truth.

“Landbay is investing in a research series to help landlords understand tenants and opportunities within the private rental sector. This edition shows renters value two key attributes above all others that are fundamentally free to bring in. In short, they want to make their property feel like home by bringing both pets and their own furniture with them. The reality is, aside from a deeper clean at the end of a tenancy, this really isn’t hard for landlords to implement.

“Essentially, landlords knowing what renters want can make for a happier, more prosperous relationship which benefits both parties in the long run.”

Just Landlords launches competition to find Britain’s most beautiful garden

Published On: August 23, 2019 at 9:23 am

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Our sister company, Just Landlords launched their competition to find Britain’s Most Beautiful Garden this week. The competition, which is aimed at bloggers and garden enthusiasts, has a prize of £250 worth of Love2shop vouchers. 

They’re not necessarily looking for an RHS-worthy garden, but one that you personally think is beautiful. Whether it’s a cottage garden full of wild flowers, a place for your kids to play, or something more practical like a vibrant vegetable garden, they want to see it!

In regards to the prize, spokesperson for Just Landlords, Em Morley says: 

“We’ve chosen this specific prize because, amongst many other retailers, Love2shop vouchers can be used at Wyevale Garden Centres. Gardening enthusiasts will be able to treat themselves to something they are truly passionate about.”

When asked how this competition relates to landlords, Em went on to say:

“Landlords are always at the forefront of our thoughts, and so we are keen to highlight that this competition provides a key opportunity to encourage tenants to get on top of their garden maintenance, ready for the next inspection,

“If they are aware that their efforts could win them a £250 Love2shop voucher, even the least green-thumbed of gardeners should hopefully feel inspired to get involved!”

Em also told us to keep an eye on their social media and blog for upcoming announcements, in particular, the big reveal of the guest judge who will be helping to decide the winner!

Aside from announcements, they will also be posting links to some of the entries that they receive.

Anybody who wishes to enter has until 11th October and can do so here: https://www.justlandlords.co.uk/news/britains-most-beautiful-garden/ 

Reducing moving stress for tenants and landlords is just as important

Published On: August 14, 2019 at 8:58 am

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Categories: Landlord News

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The lettings industry can and should do more to raise awareness of reducing moving stress for tenants and landlords, according to Tenant Shop.

Tenant Shop provides products and services for both letting agents and tenants. It notes that there is a lot of advice for homebuyers and sellers about how to deal with moving homes, but there is relatively little in comparison for landlords and tenants in the private rental sector (PRS).

Frequent studies have been made into the owner-occupier market, in order to help provide valuable insights. Meanwhile, the Government is working to improve the home buying and selling process with a range of measures and initiatives. But, yet again, the PRS has been left wanting in this regard.

Glenn Seddington, managing director of Tenant Shop, says: “Considering the rapid growth of the PRS – which now accounts for approximately 20% of all households and represents the largest housing tenure in London – more needs to be done to make the moving process smoother for landlords and tenants.

“It’s also crucial that advice and guidance is readily available for these stakeholders as the PRS becomes more widely regulated and the lettings process is subsequently more complex.”

What are the moving pain points for landlords and tenants?

Tenant Shop points out that it’s crucial for landlords to understand how key legislation works, in order to remain on the right side of the law and protect their investment. This includes recent changes such as the Tenant Fees Act, deposit protection and the Right to Rent scheme.

It highlights that tenants should be fully aware of their rights and obligations when it comes to renting a property. They should also have the ability to showcase their value as a good tenant to a potential landlord.

Seddington explains: “If both sides of the transaction are aware of what is required of them from the outset, this can help to make things run more smoothly and speed up the moving process.

“Landlords will also want to make sure that as a new tenancy starts, the previous one is tied up and signed off, paving the way for a smooth changeover with no unpaid bills or charges outstanding.”

For tenants, the majority of moving pain is likely to come from financial issues. Finding a deposit for a new property before receiving their existing one back can be a major challenge.

“Once a tenant moves into a property, they will be eager to get everything sorted quickly so they can start to enjoy their new home. This can range from organising bills and council tax to managing utilities, and getting the TV up and running so they can get started on their next boxset,” continues Seddington.

“Another moving stress for renters is packing and creating a precariously constructed Jenga tower of their belongings in their van or car. Any advice tenants can receive on these matters could also help them greatly when it comes to moving day.”

What can letting agents do to reduce moving stress in the PRS?

A lack of understanding and awareness are key drivers of stress among landlords and renters during tenancy changeovers, Tenant Shop says.

Seddington comments:”As the rental process becomes more professional, letting agents need to be on hand to provide consumers with the guidance and advice they need to feel at ease during the moving process.

“Providing a first-class customer service has always been a vital part of maintaining long-term relationships with landlords, while impressive customer relations will not go unnoticed with tenants, who could go on to become future sellers or landlords.”

Seddington also highlights that agents can help to minimise stress for tenants by providing them with access to innovative products, such as deposit replacement schemes and new referencing options. This could reduce the financial pressure on their move.

He adds that it’s also important to have the technology and systems in place to manage changeovers efficiently.

“Not only will this reduce the chance of human error and provide consumers with a more succinct service, but it will also allow letting agents to spend more time growing other parts of their business,” he concludes.

Radical Changes Required to Fix Theresa May’s Damage, says Housing Hand

Published On: July 22, 2019 at 9:36 am

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The majority of landlords are paying 40% tax on their rental income (plus VAT) due to tax changes, according to Housing Hand. This means that the Government is profiting hugely from Generation Rent.

Landlords and agencies may have been vilified in the past for keeping young people locked into renting for longer, but not enough has been said about the Government’s lack of motivation to fix the housing market, says.

“Theresa May has not only failed to fix the broken housing market but has dealt it repeated blows during her time as Prime Minister. And it’s easy to see why. Despite her rhetoric around encouraging home ownership, the government is unlikely to turn down the near-50% tax that it receives from rents in the UK,” commented Terry Mason, Group Operations Director of Housing Hand.

The Tenant Fees ban has meant that letting agents and landlords can no longer charge fees to tenants, but it is likely to drive rent prices up, just as it did in Scotland. As fees are increased by agencies for landlords, landlords will also increase the rent they charge to cover such fees. Both have shouldered their fair share of blame for the situation.

However, Housing Hand says that the Government is doing little to step back from the additional tax that will pour into its coffers as a result.

Terry Mason also commented: “Though a well-intentioned idea, the Tenant Fees Act has made the broken housing market worse. It comes on top of successive changes that have served to drive landlords away from the private rented sector. What we’ve actually been left with is a growing pool of tenants fighting for a reduced number of rental properties. The result? Again, rising rents, as demand increasingly outstrips supply.”

The UK-based guarantor believes that only radical changes will fix the damage done by Theresa May’s government. Reverting to taxing landlords on their profits instead of their income would be the first step. This could see landlords returning to the market, rebalancing supply and demand and lowering rent prices as a result.

The next step would be to address homeownership. Housing Hand advocates a government-backed deposit scheme, where individuals contribute a 2% deposit and the Government loans them the other 8%. This could move a whole generation into their own homes. Housing Hand has suggested that an appropriate insurance, such as a reimagined mortgage protection insurance scheme, could easily be paid for by homebuyers, due to their mortgage payments being so much lower than their current rental payments.

Having more people buying would lead to builders stepping up their game, as it would reduce their reliance on buy-to-let investors and line up a whole generation of would-be owner-occupiers.

Terry Mason said: “As a result of years of mis-management, the new Prime Minister has a huge challenge on his hands when it comes to the UK’s housing sector. The leadership contenders’ promises will mean very little unless the government dares to make some radical decisions. Sadly, with so much to gain from the growth of Generation Rent, it seems unlikely that any big changes will be made anytime soon.”

What Are the Unexpected Costs and Hoarding Struggles That Tenants Face During the Process of Moving?

Published On: July 15, 2019 at 9:14 am

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Categories: Tenant News

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Tips from a removal specialist.

Moving Miscellaneous

Most companies we’ve worked with think that everything will be packed in moving boxes but this can’t happen, of course. Large furniture is always disassembled but wrapping each piece in bubble wrap takes lots of time and would only increase the time required for the job so the price goes up. Many moving companies use moving blankets to cover large pieces of furniture.

The more moving supplies such as blankets, boxes, bubble wrap etc. are needed for the job, the higher the expenses for the whole moving service.

Damaged Items From Improper Packing

Most men with van companies such as Fantastic Removals (London) offer full insurance if their professional removalist pack all your possessions prior to the move out process. If you decide to cut costs and skip booking a professional packing service, mind that the company might not take responsibility if something gets broken during transportation.

Well-trained and experienced movers drive really carefully. Most people who move have problems with their belongings but most of the time it is because they did not pack them good enough, for which moving companies do not take responsibility.

Changes in Insurance Coverage or Rates

Estimating your moving insurance costs in advance is inaccurate and leads to miscalculations. You can only get an average before actually booking the services with all the insurance that comes with it.

Insurance rates change dynamically all the time, it’s highly possible to end up with at least 10-20% increased costs for the removals insurance at the very last moment of the moving process. Have this in mind when calculating your overall removal costs as it may increase the total expenses for the service significantly.

Unpredicted Storage Costs

The cost of booking a storage service is not high if you use it for a week but the longer your office furniture remains there, the higher the more you will pay for the storage period. 

We always recommend business clients to carefully plan their move. If they need storage, the price for it should be taken into consideration before the move is completed.

Cleaning and Property Hygiene

In many occasions, the landlord or rental manager will hold the tenant responsible for cleaning the dirtiest places prior to leaving the property. Depending on how many rooms it has, the bill could swell to a few hundred in unexpected costs.  

What should people get rid of when they move?

#1 Тhings that pile at home and it’s hard to get rid of?

Hoarding is considered a mental disorder and an enemy of healthy ageing, often leading to vast amounts of clutter. Unfortunately, it often ends up rubbish. 

  • Gifts which we already possess in a similar form
    Anything from glassware and kitchenware to clothing you don’t wear or like at all. When someone receives a present like this they can’t just throw it away or give it to someone else, it’s a gift, after all.

    The impulsive solution is to stash it in a less visible space at home but in time things like this turn into a pile of useless stuff that turns into a burden that takes way too much free space. Donating these is one of your options.

  • Empty glass containers
    Jars, bottles and anything else you keep at home as a container for seeds or seasonings, as well as canned food, accumulate a lot of household waste. Many of us don’t throw it away because glass containers can be successfully upcycled into some astounding home decorations and may be used for a variety of DIY projects.

    Having not enough free time, though, only leaves you with tonnes of glass that will not be repurposed anytime soon, so we suggest throwing it away as soon as you empty it of its original content.

  • Non-functional household appliances
    When a home appliance stops working properly you either repair it or throw it away, but many do neither.

    There are many individuals who keep damaged or malfunctioning appliances at home even after they’ve bought a new one. They do this because they think the broken appliance can probably be repaired or given to someone in need who will repair it for themselves.

    Our advice in such case is to check out if the broken gadget can be repaired and if not, throw it away or give it for recycling ASAP.

    You don’t need a gadget that no one is using and probably never will unless you can use it for spare parts if you buy a new one of the exact same model.

#2. What Should People Get Rid of When They Move?

These three are the common things that most people forget about when moving out:

  • Curtains and blinds
    You won’t be needing these at the new address for several reasons:
    1. They probably won’t fit;
    2. The chances of having the same size of windows are close to 0%;
    3. Getting rid of them is a good start to change your interior design in the new home
  • Carpets
    For a similar reason, as with the curtains, a carpet that currently fits well into your room will probably have to be resized in order to fit into a new home. In case the rooms inside the new property have a larger floor surface, there will be too much free space left on the floor, which makes the old carpet not a good fit.
  • Cooker Hood Ducting
    It’s almost certain you will want to take your cooker hood with you after moving out (if moving out from an owned property).

    Help yourself by throwing the old ducting, you will need a new one because the distance from the hood to the ventilation pipe at the new building will most probably be different.

Fraudulent Rental Applications on the Rise, Warns London Letting Agent

Published On: July 8, 2019 at 8:32 am

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Categories: Lettings News

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Landlords and letting agents are being warned to be even more vigilant when on the look our for fraudulent rental applications.

London agent Benham and Reeves has highlighted an increase in the recent level of fraudulent activity. According to the data they received from their referencing agency, LetRef, an average of six fraudulent rental applications were received each month in 2018. This includes some that used a fake bank statement and others that used fake or cloned employers in order to pass the reference checks.

Looking at the data so far for 2019, the agent has already seen an average of 13 fraudulent rental applications per month. Benham and Reeves also pointed out that in June, the month the Tenant Fees Act came into force, the number of cases increased to 16.

Marc von Grundherr, Director of Benham of Benham and Reeves, commented: “This surge in fake applications is a very worrying statistic for a rental market that is already straining under the current requirements of ‘generation rent’ and this increase demonstrates the importance of using a bonafide referencing company, where staff have been given specialist training from the National Crime Agency on recognising fraudulent documents.

“Unfortunately, the majority of referencing companies do not even collect ID and proof of address, and conduct referencing as a sideline, in order to up-sell other services and earn commission.

“Letting agents using one of these companies or making checks themselves are highly likely to end up with these fraudulent chancers flying in under the radar and into a rental property.”

Similarly, Paul Shamplina and his team at Landlord Action is raising awareness around such issues in tonight’s episode of ‘Nightmare Tenants Slum Landlords’. The key message this time is that there is a need for better fraud detections when it comes to referencing.

Paul Shamplina says that letting agents and referencing companies will benefit in the future from investing in technology with the means to validate tenants’ financial means and payment histories.

In tonight’s episode, we hear from pensioner and widow Marilyn Hunter. She was under the impression that her family home was being let to a ‘house-proud’ mother and daughter, who would look after the property as she would herself.

Marilyn said: “I’ve been letting the property for 12 years with very few issues. I have always used a letting agent, as I did in this case, and they use a third-party tenant referencing company. 

“At first, everything seemed to be going well, I had visited the tenants, they were very friendly, and the property was being beautifully kept. Then the rent payments started falling behind.”

After speaking to the tenant, they were very apologetic and brought the payments up to date. However, things got worse when neighbours reported suspicions that there were more people living at the house than agree in the tenancy, which turned out to be true.

Marilyn spoke to the tenants, informing them that, due to late payments and dishonesty, she would have to ask them to leave, but was happy for them to stay until they found somewhere else. Ten months later, rent payments were still coming in late and often incomplete, and the tenants were becoming increasingly hostile. At this point, Marilyn got in touch with Landlord Action.

Marilyn said: “The references obtained suggest the tenant earned £54,000 a year, which we now believe was a fraudulent claim. We have since learnt that the tenant has set up several ‘businesses’ registered with companies house, took out a magazine subscription in my name which I’m being asked to pay, and I have received a box full of letters chasing for money.

“We still receive threatening visits from debt collectors trying to track her down. I am now £10,000 in debt myself as a result and am going to have to try, over time, to reclaim some of the money through attachment of assets.”

Paul Shamplina commented on Marilyn’s case: “Sometimes landlords can think they have taken all the necessary precautions but still end up in a difficult situation. Technology has made it easier for people to falsify documents, which is why letting agents and referencing companies need to invest in even smarter technology which improves fraud detection.

“Landlords should also ask questions, ask to see the full referencing report and take time to grill down any information which does not appear to stack up.”