New to managing a HMO or just want to double check? You can never be too cautious. Make sure your property is in tip-top shape with our top 5 rules for being the property manager for a House in Multiple Occupation (HMO). Find out more now!
Articles in Category: Landlords
The Environment Agency (EA), the Scottish Environment Protection Agency (SEPA) and Northern Ireland’s Rivers Agency report that over 5 million properties in the United Kingdom are at risk of flooding.
Flood damage can be significant and it is important that buy-to-let property owners have taken adequate precautions as well as reviewing their Landlord Insurance and HMO Insurance policies carefully to ensure that the correct sums insured and cover is in place.
On 26th March 2015, new energy efficiency regulations were passed in law relating to the private rental sector in England and Wales. These regulations are better known as Minimum Energy Efficiency standards (MEES).
Whilst the majority of these regulations will not apply until 2018, tenants can make requests directly to Landlords from 1st April 2016, as such, it is important that property owners are making early provision to meet the new requirements.
Sadly, the frequency, audacity and geographical reach of terrorist attacks has noticeably increased in recent years. Understandably, businesses, property owners, and insurers are concerned with mitigating the risks posed by the increasingly prevalent, damaging and random terrorist attacks.
As a Landlord you will know that let properties come in all shapes and sizes. An increasing number of let properties will have a chimney and it is important that both you and the tenants are taking appropriate precautions to reduce fire hazards which could lead to potential claims under your Landlord Insurance policy.
Low interest rates for savers and changes to pension regulations are encouraging more and more people to turn to property, both for capital investment growth via increases in the property value, as well as annual yields via rental income.
Alongside this, is the growing number of so-called “Accidental” Landlords, whereby the property owner is moving to a new property or location for work and chooses to let the original home. In fact, our patners, LV=, report that 55% of Landlords never intended to let, but fell into it due to circumstance.
With around half of Private Landlords now choosing to manage their property directly with their tenant rather than utilising the services of a Letting Agent it is even more important to maintain good relationships with tenants.
The health of your let property’s tenants can be jeopardised by poor gas safety, and it is your responsibility as a Landlord to provide a healthy indoor environment, whether it is protecting against airborne moulds, fumes or gases. Injury or illness to a tenant which can be directly related to a property Owners negligence can result in costly liability claims under your Landlord Insurance policy.
Not meeting government regulations on Houses in Multiple Occupation (HMOs) can result in unlimited fines for HMO landlords so being clear on the regulations is essential. Find out here what size your rooms must be to be suitable for sleeping accommodation and what to do if you have any rooms in your house that do not comply.
With effect from 1st October 2015, The Smoke and Carbon Monoxide Alarm (England) Regulations came into force. All landlords owning and renting property in England need to be fully aware of their responsibilities to avoid potential prosecution as well as reducing the risk of potential Landlord Insurance claims.
The UK university population boasts some of the oldest and most prestigious establishments in the world, attracting huge demand for places from international and home grown students alike.
The popularity of further education continues to drive the student let market, delivering resilient returns year-on-year. Yet, letting to students is not without additional risk and poses unique nuances that are not present with the average professional tenant.
With this in mind, it is important that Landlords enter the student market with their eyes open, understanding both the advantages and risks — It is also important to purchase specialist Student Landlord Insurance to ensure you are covered correctly for all eventualities.
Typically, a residents association is established by a group of property owners or tenants in a block of flats who act with the best interests of all the flat owners or leaseholders in mind. The association will deal either deal directly with the property owners managing agent or alternatively manage the freehold for the group.
If you’re thinking of joining over 25,000 current Estate & Letting Agents across the UK by setting up your business then you’ll no doubt have spent months meticulously planning and preparing for launch.
From location to web portals, to marketing and back office systems, there is a huge amount to consider – however one key area which is often overlooked until the last minute is Business Insurance. This might not be the most exciting subject, but without the correct protection, you could leave your new business exposed to financial ruin.
As a Landlord or property owner, it is not just standard perils such as fire, theft or flood which can impact your assets. You also need to be prepared for a host of unforeseen threats to your property, including acts of terrorism, natural disasters or criminal activity.
Fortunately, such events are not commonplace, but the consequences can be devastating and without adequate planning, you leave yourself open to financial disaster. Standard Landlord Insurance policies will not normally extend to cover terrorist acts and without adequate additional protection your property could be significantly at risk.
Property is seen as a sound investment – as safe as houses you might say! Accordingly to research from our partners, LV=, Britain’s love affair with property ownership has now spread firmly into the rental market, with one in twenty of British adults renting out a property to supplement their income, but these so-called "Accidental Landlords"often put themselves in financial risk.