Tag Archives: letting

Right To Rent Checks To Be Made Easier

Anything which makes life easier for landlords, without compromising on the standard of service, is likely to be a positive thing. At Just Lets, we aim to make life simpler for landlords in Peterborough.

Landlords have a lot of tasks to carry out, and some of these steps are important. The Right To Rent check is an example of important work landlords must carry out. A landlord who fails to prove a tenant meets the Right To Rent criteria faces severe penalties.

Therefore, news that these checks are being made easier to conduct will be welcomed by many landlords.

A new online system will assist landlords review tenants

The Government has announced there will be a new online Right To Rent checking system in place soon, and it might be available by November 2020. When the online system is in place, it will allow prospective tenants to view and review their Home Office profile. This should, in theory, hold data about the eligibility of a prospective tenant with respect to living in the United Kingdom.

If the tenant wishes to do so, they will be able to share this information with a landlord or agent. There will be a “share code” online access system. Obviously, the information contained in the system will be private, but the Government states strict safeguards will be in place to ensure the landlord or agent will only view appropriate Right To Rent information.

The National Residential Landlords Association, the NRLA, believes landlords will be able to review the online system or check physical documents. Therefore, the online check is offered as a voluntary option, which will hopefully speed up the process and take away a lot of work for landlords and agents.

The NRLA also states EA citizens will be able to prove their entitlement to rent by displaying a valid passport or national ID card. This will remain the case until June 30th 2021.

The impact of the Coronavirus and the Right To Rent process

While this year has been extremely challenging, landlords cannot forego their expected duties. This means Right To Rent checks must be carried out, even during a lockdown phase. However, there are some changes to the way landlords should engage with tenants, and the following adjustments are allowed when reviewing a tenant’s suitability:

  • Right To Rent checks can be conducted by a video call, so there is no need to meet the tenant in person
  • The tenant can send scanned documents or a clear photograph of the document, and these items can be sent by email or by a mobile app – there is no need for tenants to send original documents

These measures will hopefully alleviate some of the difficulties landlords face in dealing with the administrative aspect of the Right To Rent check.

If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.

You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at peterborough@justlets.com or call us today on 01733 346255.

Rental Yields Are Rising

As a landlord, there is a lot to consider, even before you invest in rental property. At Just Lets Peterborough, we are here to help landlords at every stage of the letting process.

Rental yields are one of the most important factors to consider, and if you are looking for positive news regarding yields, we are here to assist you.

The importance of the rental yield

The Natwest offers this guidance on why rental yields are so vital for landlords; “The rental yield calculation is particularly useful for comparing how different properties are likely to perform. If a flat in one area has a realistic expected rental yield of 8% while an alternative on the other side of town is set to return 6%, you’re probably better off with the former – provided that you can afford to buy it and there are no differences in terms of how likely you are to find tenants.”

There will always be exceptions to the rule, but generally, the higher the rental yield, the better. If you are looking to enter the rental market, or you are keen to improve your property portfolio, you must consider the rental yield.

English rental yields are rising

Therefore, information from Fleet Mortgages which indicates rental yields are rising will be welcomed by many landlords.

Rental yields on residential buy-to-let properties rose 0.4% on the 6% yield achieved in the third quarter of 2019. Seven regions across the country have all experienced increases in rental yield. While these are challenging times, these figures offer some cause for optimism for landlords. Certainly, the rental market looks more positive than it did at the height of summer.

There will be many fresh challenges for landlords to face, but anyone looking for a reassuring sign about the current rental market can take comfort in a rising rental yield.

Steve Cox is the Distribution Director of Fleet Mortgages, and he spoke about these figures. Steve Cox said; “It’s clearly positive to see the majority of regions in England posting increases in rental yields, and those regions which have shown a very slight dip were already at relatively high levels, to begin with. We learnt from the post-Credit Crunch period over a decade ago that rents are not as susceptible to a recession as property prices, with many occupants more willing to opt for the shorter-term financial commitment offered by renting than longer-term property ownership.”

Demand for rental property is unlikely to diminish

One thing that landlords should consider is demand for rental property is unlikely to diminish. Even with the stamp duty holiday encouraging market activity, there is still going to be sizable demand for rental accommodation.

Also, some landlords are capitalising on the stamp duty holiday to expand their rental property portfolio. You still have to pay the additional stamp duty charge for an additional property, but the overall cost of buying property is lower.

Steve Cox also said; “Demand for rental property is clearly holding up in most regions and the underlying demographics suggest that property investment will remain a good choice in the years ahead. Within a shorter time-frame, the fact that – in England at least – the stamp duty holiday is available to landlord borrowers has undoubtedly been a factor in the increased interest in property investment purchases, with both new and existing landlords looking at the opportunities available, and seeking to secure the savings that are available from the holiday.”

If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.

You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at peterborough@justlets.com or call us today on 01733 346255.

 

Spotting Leaks Early And Preventing Problems

It is far better to prevent a problem from arising than to deal with an issue after it has occurred. This is as true for the letting sector as it is for any other industry. However, there is a lot to be said for being proactive in the rental market.

Spotting leaks early and preventing problems is crucial. Being proactive saves money, it saves a lot of time and effort, and ultimately, it will make tenants happier. In the long-term, a proactive approach should reduce void periods and hopefully generate more rental income for a landlord.

Be proactive in looking for problems

Landlords can create a positive culture around spotting leaks and reporting problems. Regular inspections are crucial for landlords and will make a massive difference in maintaining an excellent standard around the property.

Warning signs landlords should be aware of include:

  • Water stains on walls and ceilings, especially for rooms located beneath bathrooms
  • Mould spores around the home, and you should pay close attention to corners, windows, bath sealant, grouting and curtains
  • Water damage on skirting or flooring
  • Flaking or rotting on exterior and interior window frames
  • Vermin infestation
  • A poor standard of general condition of the external space of the property
  • Water dripping from gutters

Tenants should be advised to look out for these issues and to report prospective problems to the landlord, but this doesn’t always happen. Not every tenant is proactive in maintaining the standard of the rental property, which is why landlords must take it upon themselves to manage their rental property to a high standard.

Viewings in 2020

There is no denying 2020 has been a challenging year for many landlords. It might be that you have been unable to undertake as many property viewings as you would generally like. However, this is no excuse for not ensuring your rental property is reviewed regularly.

Video calls are better than nothing when it comes to reviewing a rental property. Also, landlords should try to find a time or solution that allows them to review the rental property. This is something that should be in the rental agreement, and most tenants will try to assist in this matter.

We appreciate this sounds like a challenging task for many landlords. At Just Lets Peterborough, we offer a range of services, including property management services. If you would like assistance in managing your rental property, we are more than happy to assist you.

If you are a landlord in or around Peterborough, and you need assistance in managing your rental property or tax requirements, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.

You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at peterborough@justlets.com or call us today on 01733 346255.