Tag Archives: management company

Contents insurance needed on exchange or completion? Latest Articles, The GOOD Landlords Campaign

Contents insurance needed on exchange or completionI’m about to exchange contracts on 2 buy-to-let properties next week to add to the property I already own and rent out.

According to the Citizen Advice website “You should make sure that buildings insurance is arranged from the date of exchange, because once contracts have been exchanged you are responsible for the property.”  Continue reading Contents insurance needed on exchange or completion?


Online Property Management Testimonial by Suzanne Edgecombe Latest Articles

Online Property Management Testimonial by Suzanne EdgecombeBeing a regular reader of Property118 I felt I would like to express my gratitude for this free website by writing a testimonial for the online property management company which Mark Alexander referred me to.

I submitted a “Readers Questions” article and several GOOD Landlords made a big effort to respond and offer me advice. This is the first time I have let out this property so I’m very much a “newbie”.

Having initially used a High Street Letting Agent and had 2 potential tenants drop out at the 11th hour costing me several months of lost income, I went looking for alternative support. I found an online property management company who have inventory clerks based in many Cities in the UK. Unfortunately they don’t have a local agent in the town where my property is yet but that didn’t prevent me from doing business with them. I had always imagined online companies would lack a degree of creativity and flexibility so I was delighted when we quickly found a way round the lack of agent presence and tailored a service for my individual situation.

They advertised the property on all the major property portals for me and I soon had a good supply of tenants to arrange viewings for. I was fortunate in that I was able to elicit the help of a close neighbour, who was happy to conduct the viewings on my behalf.   Having found a lady who liked the property and who I felt would make a good tenant, the referencing was done by the agent. They appointed an independent inventory clerk at their expense and, after discussions and advice regarding the paperwork I required for the tenant handover, I carried out the check-in myself. A copy of the signed rental contract, deposit protection and prescribed information forms from DPS and the inventory had already been sent to the tenant, and all other legal paperwork for the tenant information file is now uploaded on the tenant’s log-in area reducing my workload tremendously. On the handover day I was able to minimise the paperwork to key and other releases plus the equipment instructions file. My new agents will also be managing the rent collection for me.

The office staff were incredibly patient with my copious amounts of questions and the anxiety one feels ‘the first time’ and all that. 🙂  I couldn’t have wished for better support.

And the best bit was the cost!

How much do you think I am pay for this service?

Well, considering that most of the other ARLA lettings I spoke to wanted up-front fees of around £200 +VAT, plus 10% of rent + VAT, I figured that based on the rent I am charging (£895 pcm) the typical cost over the year would be £1,274 for a similar service. I am paying £14.99 pcm plus VAT plus say £50 in petrol and about 5 hours of my time to do the check in. In total, I have calculated that I will save around £1,262.80 over the year which equates to about 82.6% off the market norm.

If you are looking for a cost effective alternative to using a High Street letting agent I strongly recommend the firm Property118 introduced me to. They are knowledgeable, friendly and creative as well as being extremely competitive in terms of price. They are also members of ARLA and The Property Ombudsman so I also know they have client money protection and professional indemnity insurance too. What more could any landlord possibly ask for?

Thanks to Property118 for the excellent introduction. As a result of this I also became a member of The GOOD Landlords Campaign.

Regards

Suzanne Edgecombe

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Newbie property investor seeks advice Landlord News, Latest Articles, Property News, UK Property Forum for Buy to Let Landlords

Newbie property investor seeks adviceI am just getting started off in the property game and my ambition it to set up a small portfolio of properties for a steady rental income. I aim to keep this portfolio long term as a pension for my wife and I and something to leave for my children.

I am looking at the low end of the property scale in Liverpool and have been to one auction so far without buying basically just to familiarise myself with this new world to me. I have also visited several potential rental areas around Liverpool and spoke with a few contractors. I’m looking at properties that either have tenants in all ready or that are ready for immediate occupancy. Continue reading Newbie property investor seeks advice


Student buy-to-let investment property review HMO's & Student Lets, Landlord News, Latest Articles, Property Investment News, Property News, Property Sales & Sourcing, Property Sourcing

Student buy-to-let investment property reviewIs there a solid grounding behind the hype surrounding student buy to let investment property?

The positive market fundamentals of the student property market, as quoted by Knight Frank, point out that student property investment was the best performing property investment in 2012 and that rental income is increasing by five per cent (5%) per annum. These are, however, macro fundamentals that are covering the whole sector.

How can a property investor make a good investment?

What are the items one could look out for to safeguard ones investment? Continue reading Student buy-to-let investment property review


Service Charge Supplement – Advice Needed Landlord News, Latest Articles, Property News, UK Property Forum for Buy to Let Landlords

Service Charge Supplement - Advice NeededI have recently purchased a one bed flat and have a professional couple renting it.

The property consists of 7 flats, we all own a share of the freehold and we self manage the property.

Shortly after purchasing the property I was sent the demand for my share of the service charge on the property, no problem with that and I paid it straight away, however it came with a demand for a supplement of £16.50 PCM on top of the normal service charge for rented flats. Continue reading Service Charge Supplement – Advice Needed


The mis-selling of IRHP – interest rate hedging products Landlord News, Latest Articles, Property News

Bully BanksThe space for advice in the mis-selling of Interest Rate Hedging Products (IRHP’s) is becoming increasingly busy. A quick Google search of ‘IRHP’ is enough to start your head spinning.

Also known as IRSA’s, (Interest Rate Swap Agreements) these were financial products sold by banks to provide protection to businesses from interest rate increases.

Bully-Banks was created to co-ordinate complaints by the owners of small and medium sized business against the conduct of Banks when mis-selling Interest Rate Swap Agreements (“IRSAs”).

The reality is that case law is yet to set a precedent for a mis-sold IRHP and every case is different. It is reported that many cases started on don’t actually reach court; they are simply settled with a gagging order on the court steps. Bad PR is a thing to avoid for banks.

Continue reading The mis-selling of IRHP – interest rate hedging products


Lending Criteria to Consider when Purchasing a Buy to Let Flat Commercial Finance, Landlord News, Latest Articles, Mortgage News, Property News

I had a question concerning this from our reader Dan today, but many Buy to Let investors I talk to are unprepared when looking to purchase a flat about considering what lenders will take as suitable security. Banks often have a surprisingly vast array of criteria that needs to be considered when lending.

I have compiled a list of questions a lender will ask and factors to consider when purchasing a flat. Although fairly in depth, I would not consider this exhaustive as after 15 years I know it is still possible to run across circumstances not seen before. Continue reading Lending Criteria to Consider when Purchasing a Buy to Let Flat


Oliver Cornes of Juicy Property London GOOD Landlords Campaign Sponsors

The GOOD Landlords CampaignOliver Cornes of Juicy Property London

I am an experienced landlord providing safe and secure long-term accommodation in the Essex and East London areas, with no plans to sell any properties for many, many years.

I am usually very happy to accept tenants with well-behaved pets (a larger deposit may be necessary). I am also a member of the National Landlords Association, The Residential Landlords Association, the Association of Residential Letting Agents and the Federation of Small Business.

My properties are managed by my own lettings agency, Juicy Property Ltd which is an insured member of ARLA and the Property Ombudsman. If you are a landlord and need a professional management company to looks after your properties and tenant customers, please see below Continue reading Oliver Cornes of Juicy Property London


Freehold Management Company not playing fair Landlord News, Latest Articles, Property News, UK Property Forum for Buy to Let Landlords

Freehold Management Company not playing farLandlord Ken Tinkler has written in as he thinks his Freehold Management Company are treating him unfairly.

What do you think?

Have you ever been in a similar position and what would your advice be to Ken?

Please see Ken’s email to Mark Alexander and Property118 readers below:- Continue reading Freehold Management Company not playing fair


The Truth About Buying Repossessed Property Landlord News, Latest Articles, Property News, Property Sales & Sourcing, Property Sourcing

All the property “gurus” (and I’ve really started to despise that word) advocate buying BMV property – “you make your money when you buy the property not when you sell it” as Robert Kiyosaki (the guru’s guru) says.

One of the best ways of doing that is buying repossessed property at below market value. Given the state of the economy, you can find plenty of these deals through estate agents and auctions and, if you are buying large numbers direct through the asset management companies. It helps enormously if you are a cash buyer and at the very least you need to have funding already in place as the seller will always want to see proof of funds before even considering an offer. Continue reading The Truth About Buying Repossessed Property


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