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Make the most of increased demand
Thinking of renting out a property you own? Then the time to act is now, according to Batcheller Monkhouse’s senior lettings negotiator Rebecca Allen.
There is currently a shortage of rental property available, which means shorter void periods because of increased demand, potentially higher rents and a wider choice of tenants.
“A lot of people moved into rental properties so that they could sell their homes to take advantage of the stamp duty holiday,” explained Rebecca. “That’s caused a bit of a shortage, particularly of family homes, which is good news for those who have somewhere available to let. We are certainly seeing strong demand.
“It won’t last forever, though, and I expect the market to be back in balance by the spring, partly as the temporary renters find somewhere to buy. For a wider choice of tenant and good returns, landlords should get in touch sooner rather than later. In some cases, we don’t even need to advertise the property, as we have people on our books waiting for the right place to turn up.”
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Taking the right advice
Renting out property can provide a valuable income stream, but for security and peace of mind landlords need to take advice from a professional source such as Batcheller Monkhouse’s highly qualified team.
Making sure the tenancy meets all the legal requirements can prove particularly important when it comes to reclaiming the property when circumstances change. “A lot of landlords don’t realise that it’s vitally important to do things in the right order and make sure legal requirements such as the Energy Performance Certificate (EPC), Gas Safety Check and Electrical Installation Condition Report are all in place and up to date,” explained Rebecca.
“If the landlord has to resort to court action at any point, the case may well be thrown out if the tenant can show that any one of these requirements was missed or not done properly.”
The Batcheller Monkhouse team can provide all the necessary advice and also offers a fully managed lettings service for landlords who would rather not have to worry about the finer details of the tenancy or about looking after the fabric of the property.
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Legal update
With the worst of the Covid-19 crisis seemingly behind us, the notice period for Section 21 notices, under which a landlord seeks the return of a property without giving a reason, has reverted to two months, rather than the temporary six-month period brought in during the pandemic.
While that is good news for landlords as far as it goes, there is a considerable pile-up of cases going through the courts, which are now facing a backlog of up to two years.
“It’s another reason to make sure that the paperwork is all in order,” Rebecca commented. “If you do end up having to go to court, delays will only be made worse if the tenant can point to missing or inaccurate documentation. Batcheller Monkhouse can provide advice on serving notice effectively, hopefully avoiding any kind of court involvement.”
Landlords will be pleased to know that ‘right to rent’ checks can still be carried out via video link until 5 April next year. Another change that was brought in as a response to the pandemic, this concession makes the process of validating a potential tenant much easier, although certain conditions still have to be met..
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Is your Letting giving you a headache? Get in touch and speak to our ARLA qualified team for help with stress free letting.
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Saving energy is good for business
Energy performance standards are getting tougher, but with tenants becoming ever more cost-sensitive, improving your property now is good for business.
Properties already have to have an EPC of E or above, and by 2025 that requirement will rise to an EPC of C for properties that are new to the market. Existing rental properties will have to meet that same higher standard three years later.
From a lettings point of view, meeting the higher standard is an opportunity to make a property more attractive. Tenants are increasingly aware of energy costs, and with research showing that upgrading a home from a G to an E can save £1,500 a year, and taking that same property up to a C would save £2,450, the benefits to both parties are clear.
“Tenants are looking for homes that are more efficient to run, and our advice to landlords is to act now, rather than waiting for legislation to kick in,” commented Rebecca. “We have access to EPC assessors who can provide practical advice and give landlords a head start when it comes to marketing their property to today’s energy-conscious audience.
“By making a property more attractive, a better EPC rating can reduce rent arrears and voids and increase the market value of the property.”
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