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Deposit, tenancy deposits, how, where and why

deposit

First things first, what is even a deposit?

When you start renting a property, the landlord must assure that if anything bad happens to the property, such as broken furniture or anything missing, they are covered for at least a part of the expenses. This is why most of them ask for a months rent in advance, which they will give back, which is called a tenancy deposit.

What is the best amount to have as a tenancy deposit?

Most landlords charge a months rent. This is because if they charge less than that, they wouldn’t be able to make repairs if anything happens. Usually the ones that charged less than that got burnt, because tenants who are looking for really or no deposit at all are tenants who usually cause the most breakage to the houses they rent. However, some landlords charge two months rent just because they have really valuable things in the house. You will find that in more luxurious houses, or at really careful landlords.

How to make sure you get it back as a tenant

Well, the landlord must put your deposit in government authorised scheme. This is by the Law:

In England and Wales you can register the deposit with:
-Deposit Protection Service
-MyDeposits 
-Tenancy Deposit Scheme
If you don’t rent your home on an assured shorthold tenancy, your landlord can accept valuable items (for example a car or watch) as a deposit instead of money. 

So how does this work?


First, the landlords register the deposit on one of the schemes above. Then, they give you the information so you could log in on the schemes and check if your amount is there. At the end of the tenancy, they will conduct a checklist and if you were a good tenant, they will give you the deposit after you checked out in a few business days.

Fail to comply with  the steps and landlords will pay between one and three times the  amount.

Your landlord must return your money within 10 days of you both agreeing how much.

More, here.

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Responsibilities of a landlord. What you HAVE to do.

Responsibilities are hard!

Everyone agrees that being a landlord is just amazing. You only need to collect rent, if you have a rentalist package you don’t even need to do that, you just get your rent monthly in your bank account. But is it that easy? NO!!!!

Here are the things you MUST and SHOULD do:

Provide water and electrical facilities

You are legally obliged to provide your tenants good hot and cold water, heat whenever needed and electricity.

This means that if the boiler needs to be repaired, it is YOUR responsibility to find someone to fix it.

Pest-free environment

This also means that YOU have to change the light bulbs in the house. This is the law.

Most UK landlords are not aware of this. THEY SHOULD!!

Everybody wants their house and workplaces to be clean, healthy and free of menace. However Pests and rodents are the main culprits which do not let this happen. The rats and the different types of pests are disease carriers and they cause damage to the domestic goods and properties and they also cause health problems. This is where the intervention of pest control services is required.

http://www.npcspestcontrol.co.uk/blog/pest-free-peaceful-environment-at-home-and-work/

Give notice before entering the property

You always have to tell your tenants a few days before you’re coming. Also, they have to agree. 

Written notices

You have to allow 15 days of written notice when you want to make changes to a month-to month agreement

Also, you need to give written notices before you evict them, before you increase the rent, before you change or repair something.

Secure deposit

One of the other important responsibilities:

You are legally responsible to secure your tenants’ deposit. It needs to be in either a legal scheme, or get done by hiring someone to do it for you. 

A landlord is obligated to return the entire security deposit to the tenant at the end of the tenancy, providing the tenant did not damage the apartment beyond normal wear and tear. If the landlord keeps any portion of the security deposit to repair a tenant’s damage to the apartment, the landlord must provide an itemized list to the tenant of the damage and the actual cost of any repairs.

More,  here.

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Evicting your tenant. How to do it quickly and properly.

Ok. We know EVICTING is hard for both of you. But if you are reading this the time has come….

Here are some tips and tricks to make this as quick and nice as possible:

Communicate before evicting

Try to have a discussion with them as soon as you see some red flags.  Make sure the contract is understood and do some checks for your tenants BEFORE the rent. Make sure they payed the rent before, they were clean and tidy and not noisy. You could do this by calling their ex-landlord.

As soon as you find a red flag, address it. Have a talk with your tenant  about what is bothering you, and tell them to do that too. 

Give them a notice before

If the problem can’t be solved, you need t give them a notice before. 

Give your tenants a Section 21 notice if you want the property back after a fixed term ends. Give them a Section 8 notice if they’ve broken the terms of the tenancy.

Or you could do both. This is legal too. 

This has to be done in such a way that they have time to move out, usually 2 months before, or one month before. This is why you need to find out early if your tenant have problems.

If they don’t live by then, make a possesion order

Apply to the court for a standard possession order if your tenants do not leave by the date specified on the notice and they owe you rent. You can apply for an accelerated possession order if you’re not claiming any unpaid rent.

If the tenant fails to vacate after the order for possession has expired, it will be necessary to instruct the County Court Bailiff to evict – this may take a further four to six weeks or more depending on the County Court.

If they still don’t leave, the bailiff are legally allowed to evict them from your property. DONE!

More from us here

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Higher rent for your property. How to get the best price

higher rent

Clean the property really well

We’ve all seen properties which have seen better days. According to recent studies, the rental properties which have recently been cleaned professionally may stand a better chance of getting a higher rent.

What to do? Either hire a professional team or do it yourself. Get some good products and clean EVERYTHING. You will probably thank yourself after that.

Renovate

One of the best things to do is to give a fresh lick of paint, mostly in a neutral colour. Of course, it would be great if you could to some flooring too, but don’t worry, as long as they are clean, everything should be fine.

Try to focus on the kitchen and the bathroom. Most renters will focus on that when seeing the property.

Ask a specialist about colours and materials. It is really important to get them right.

Take professional pictures

This should be one of your priorities. Better pictures will make you achieve a higher rent. It has been proved by so many experiments, don’t even think about not doing it.

Iphone pictures should work, but if you really want that nice touch, hire a team to do it for you. It will cost you no more than 40 GBP and you will definitely get more than that as a profit.

Allow pets

It is already known that houses or flats which are pet-friendly are considerably more expensive. Now we are not saying that you should allow every furry friend, but a trained one will not do any bad to your home. YOu ca also protect it with a good contract, saying that every damage made by the animal will be payed. 

You can increase the rent by 20, even 40% if you allow animals.

Check out our previous post,  about showers in your rental property.

More, on www.rentalist.co.uk

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Landlords- electric shower or thermostatic mixer?

There are many different types of shower systems: these are electric, digital, water saving airdrop and power showers as well as thermostatic showers and your normal mixer showers. You might also like to consider the different functionalities of your shower system as many shower handsets and heads can be single or multifunctional.

https://www.bathstore.com/products/showers/buyers-guide/which-shower-system-should-i-choose

Thermostatic showers

They give you a choice. A choice of temperature. Even if othr taps are used in the house. And for some of us, that is REALLY REALLY important. Especially if you have that long thick hair. Even as a man.

This works really well if you have a hot water supply. If you have a really large boiler, this might be your best choice. If you don’t, then don’t even think about it.

Thermostatic showers can be deck mounted for use in a shower bath or work as part of a concealed or exposed unit. This is a bit hard to do, but nothing which cannot be done by a plumber.

Electric showers

They catch water from the cold supply, so you will never be left without hot water if you have a small boiler.

They can be used at any type of home, are easier to install and don’t depend on the plumbing system.

Also, if you want hot water in under a minute, electric showers are the best. They can heat the water instantly.

If you want to take a look at our previous post,  about best letting agents on the market, please do. 

More, on www.rentalist.co.uk

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BEST letting agent. How to tell the one that is right for you

There are thousands and thousands of “best” letting agents on the market. Too many? Never. With the market increasing each day and each minute, it is important to have the best letting agent for you. So what makes your letting agent be the one for you?

First, he has to be compliant with all the regulations and laws.

A BBC investigation found that in 2016, letting agents helped themselves to more than £1m from tenants’ deposit schemes – leaving landlords without protection for their investment. The problem appears to be growing with The Property Reporter finding in the first few months of 2018, £750,000 has already been stolen by crooked letting agents.

Everything they do must be for your own safety.

Including the deposit protection schemes. Because this is a relationship of trust. And trust needs to be earned. However, that’s not enough if you do want the best letting agent…

Every agent will maybe start with only or almost every good intention for you. Find you a great house, at a great price. That is, if they care at all. Will you trust them that they will show you everything they got? Hopefully.

They need to prove to you that they are protecting you. This is why they need to know the Law. They need to know and read every new piece of article that comes out so that they are able to find what works best for you. Furthermore, they need to find the best way to protect your deposit, the rights that you have, and also help you have the best and most comfy landlord-renter relationship.

Because that’s what we do. We help each other. We help you make a house into a home, and help your landlord have a family for their beloved house.

Let us know in the comments what you think about this!

More, on www.rentalist.co.uk

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How can you maintain a good landlord versus tenant relationship?

For both parties should aware the relevant letting regulations is a starting point.Sign a proper tenancy agreement.

Register the deposit in a 3rd party.

Tenants, understand tenants’ obligations. Landlords, understand landlords’ obligations

Be more positive, write in the contract everything that you feel will protect both of you.

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What can you do if the tenant stops paying rent?

What can you do if the tenant stops paying rent? Well, it is quite rare for a tenant who stop paying rent completely. But we got tenants who pay rent in arrears. f a tenant fails to pay by the rent due date, Co&Co property management will do our best to contact the tenant by either telephone or email and if payment has not been received within 7 days of the due date, Co&Co property management will issue a chasing letter to the tenant. A copy of this letter will be sent to the Landlord by email.

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Why Landlords Don’t Allow Pets

Why Landlords Don’t Allow Pets
HEY, don’t get us wrong, we all love pets, landlords do too! However, after years and years of finding destroyed expensive rugs and a not-that-great smell, they have all reasons to say no to this.

Dogs and cats are incredibly independent animals and it’s really easy to become messy or frustrated. This leads to poor hygiene and of course, additional costs for both owners and landlords.

What can we do to avoid this situation? Either: have a chat with your landlord and prove that your are a responsible pet owner, or have a good reference from your old landlord. Most landlords would not resist a good reference for a fluffy fellow.

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What most people forget to do before renting an apartment

  • Firstly, make sure you can afford it!
  • ALWAYS see the flat first and make sure it is like advertised online.
  • Try to get to know the neighbourhood before you move in. You can get very helpful advice or insights from your soon-to-be neighbours. Also you could make some new friends!
  • Consider the traffic around you, or if you don’t have a car, check the bus timetable.
  • Try to get hold of the ex-renter. You can find useful information such as the exact bills, any noisy neighbours, any nice restaurants nearby.
  • Check ALL faucets, toilets, cabinets and the shower, heater.
    Last but not least, ALWAYS.TAKE.PHOTOS. ALWAYS!