Whether investigating buy-to-let for the first time or mulling over the next property in your expanding portfolio, you need to be clear about what you are looking for. There are healthy returns to be made – an annual average of 9.7% according to recent figures – but these will only come from knowing the risks and planning sensibly. Finding the right property is an essential part of this. So here are the key things to get straight before heading out to find the property of your (or, rather, somebody else’s!) dreams… Continue reading
New tenant immigration checks came into effect across the West Midlands on 1 December. Landlords in Birmingham, Wolverhampton, Dudley, Walsall and Sandwell will have to be sure that new tenants have the right to reside in the UK. Those who fail to comply face fines of up to £3,000.
The number of tenant evictions reached record levels last year as 37,739 tenants – public and private – were removed from properties. Overall, this is a sad and worrying trend but a number of these will be the result of problem tenants, which a landlord must do all they can to avoid. A thorough tenant reference check can save a landlord from a nightmare. The likelihood of finding a good tenant who will stick around is greatly increased with a little due diligence and research. Agents will offer this service, but often at quite a high rate (although some online agents such as Rentify offer free background checks). If you do want to conduct your own tenant reference check, here’s what you should do:
Producing a meticulous inventory is one of the best things a landlord can do before the tenancy agreement is signed. If your property is damaged during the course of the rental, you will need to have proof before you can claim any of the deposit money. This is particularly important now that the deposit must be kept in a tenancy deposit scheme. If there is a dispute over damages and how much deposit is to be paid back, a dispute resolution service will place the burden of proof on the landlord.
Protect yourself and your property by following these five tips: