Are You Thinking About Letting Your Property?
Property is still an excellent way to invest money over the long-term and the current market has presented investors with some amazing opportunities.
Campbells is very experienced at helping investors choose, purchase, let and maintain investment property.
If you are very busy, we can scan the property market for likely good investments and do all the initial viewings foryou according to the criteria you set. You’ll then be presented with a short list to consider, from which you can either view those listed for yourself before buying or ask us to act on your behalf and buy the property based on our recommendation.
But it doesn’t stop there…
Letting property can be a minefield for the unprepared, and you need to have a very good understanding of the options to deal with the problems that inevitably occur.
However, we understand that not everyone has the time or inclination to get to grips with each problem, which is why Campbells can deal with it for you.
Once you’ve bought your investment property, there’s an incredible amount of things to think about involving property management which we can help you with that you may not want to do yourself, such as:
Getting the property ready for rental
Ensuring the property is in good order will help to make it more desirable – the property will be easier to let and it may even mean that tenants want to stay longer – keep it well maintained too.
Getting a property ready for rental can sometimes be a stressful task, it can take up a lot of time which can cost you more money than it’s worth, especially if property management is not your full time job.
End of year statements for tax returns
As a landlord, you are legally required to tell HM Revenue and Customs (HMRC) and you may have to pay tax. If you don’t, you could be charged a penalty.
However, at Campbells, we can do this for you and make sure that you get the right income as well as paying the right tax.
Property law is always changing and it nearly always directly effects landlords, We often here stories about private landlords getting into trouble for not following certain legilsation.
We are always on top of this and regularly write blogs about the subject as well as updating our landlords – if something needs changing, we will change it.
Dressing it with furnishings that comply with legal requirements
For you to legal class your property as a ‘dressed property’ there are certain laws that you need to abide by. For example, there is a certain amount and type of furniture that you need for you to say the property is furnished.
Tenancy renewals and rent reviews
As a landlord, this can be difficult to keep up with and maintain, especially if you have more than one property. We always check well in advance as to whether our tenants want to renew their tenancy, this gives us plenty of time to find a suitable replacement if required. If you don’t do this, then your property can remain empty for months which means you don’t get an income.
Rental income assessment
We often review our landlords properties and compare them to the current market to decide if they are getting the right amount per month for their property.
We don’t believe in always being favourable towards our landlords over our tenants however we do recoginse that property rent does go up over time and we will regualry check this.
Finding a suitable tenant
The key to property investment is quality – quality property, quality tenant. Get these two simple things right and your investment will pay you back well and look after you.
Reference checking from banks, employers and previous landlords
Preparation of Tenancy Agreements
We personally visit all of my landlord’s properties and our tenants regularly and actually it’s one of the most enjoyable parts of the job because we appreciate good tenants that are not only happy but look after our client’s investments.
All maintenance issues
While tenants have a duty to look after some internal fixtures, landlords are generally responsible for any repairs (unless the damage is caused by the tenant) as well as the maintenance of the structure of the building, the exterior and the roof.
Quotations and expenditure quotes if work needs doing
Are you an accidental landlord?
If you’ve become a landlord suddenly – perhaps you couldn’t sell your property and had to move anyway, or you’ve been left a property by a relative – you need to be especially careful that you understand and anticipate the pitfalls that could cause you immense problems and see you on the wrong side of the law. Contact us right now and we’ll give you 30 minutes free advice to ensure you’re acting as a ‘legal’ landlord.
Holiday and short lets
One of the fastest growing areas of the property market is holiday and short lets. There are a growing number of people who prefer not to stay in hotels for short periods of time, and instead choose to rent out a fully furnished property. They may be away on business or waiting for a property to sell before they can move. A holiday or short let – anything from one week to two months – provides them with all the real comforts of home and gets them away from the soul-destroying ‘living from one suitcase’ feeling.
Collection of deposit and initial rent
Set up of a standing order for future rental income
Invoice checking and verification, and payment arrangements to suppliers
Tenancy end inventories and schedules of conditions
Dilapidations and deposit returns
Are you having problems with any of the following?
- A tenant won’t move out after their tenancy has expired
- A tenant has stopped paying you rent
- A tenant has left owing you money and you want to trace them
- You can’t gain access to the property to do an inspection
- You don’t have the time to do an inspection or are too scared to
- You need someone to deal with a tenant changeover
- You want to issue a Section 8 or Section 21 against a tenant
- You want to start court proceedings against a tenant
- You need to appoint court bailiffs to evict a tenant who has ignored a court agreed leaving date
- You have squatters and need them urgently evicted
The guys in the Letting and Management team at Campbells have been troubleshooting property problems since 1989 and we are sure there isn’t a problem we haven’t seen before or cannot deal with.