What Rent can you afford?

What can you really afford?

It is a popular question. People often overstretch with what they can comfortably afford. We feel that this article is going to be rather timely as it will help you work out what rent you can afford.

Our first piece of advice at this stage would be to work out what all your other outgoings and costs will be.

After you compare your other costs, take into account your financial backing and monthly income, you will be able to have a a monthly figure in your head.

Estimate the cost of your rent plus bills

It can be all too easy to overstretch yourself financially. If you fall into the trap of thinking that as long as you pay the rent it is fine, you will soon be in for a shock. There are many other costs of living associated with renting that you will need to consider. We cover the main ones below.

Council Tax, utilities and service charges

• Usually Council Tax is paid monthly. This is mainly influenced by the size of the property. Council Tax Bands.
• Gas and electricity bills will either by on a pre-payment meter, monthly Direct Debit or quarterly).
• Water bills (usually paid monthly).
• Service charges - in some properties - these are paid monthly or annually.

You can ask for estimates for these bills from the Landlord or previous Tenant.

Other monthly costs to consider

You will also have additional monthly bills to take into account:

• Tv License
• Landline phone bill
• Broadband
• Contents insurance
• Digital TV or satellite subscriptions

Hopefully you have found this article helpful. Next time we will look at drawing up a budget of all your costs.

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Landlord Advice - Gas Safety

Gas Safety - Private Landlord advice

How familiar are with the rules and regulations regarding Gas Safety?

We have decided to post this article so that it can benefit you, your associates, your network and your audience.

We often release articles look to offer advice to private Landlords.

Gas Safety

Any gas installation and appliances supplied by the landlord requires an annual gas safety check. This should be carried out by a Gas Safe engineer. A copy of the Gas Safety Certificate should be made available to the tenant.

It is also strongly recommended that a carbon monoxide detector is placed in a suitable location with the premises.

Landlords are usually not responsible for gas appliances supplied by the tenant.

For further information please see the Gas Safety Website.

Are you aware of how Direct2Landlord can help you here?

Helpful? What other articles could we release to help you keep things straight forward for you?

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Spot the bad tenant.

Warning signs of a bad tenant

A highly experienced landlord will develop a special skill for detecting potentially 'bad tenants'.

We can not obviously discriminate and judge unfairly, however, there are some very good indications that you may well need to be aware of.

We have got a list here for you - we hope you find it helpful:

1. The references do not stack up and have inconsistencies
2. The previous Landlord gives a 'glowing' review. This could be bad as they may be trying to just get rid of the tenant. Try to speak to more than one previous Landlord.
3. Once they're in the property, they do not answer their mobile phone.
4. They change their mobile number and do not inform you.
5. They ignore communication attempts.
6. You constantly have to chase the rent as it is never paid on time.
7. There are many excuses for many 'occurrences'
8. They want to pay six months rent, in advance, with cash
9. They seem to good to be true

There are also 6 different kinds of tenants. Some are easier to spot than others.

• The socialite - this is the tenant that likes to party - very difficult to spot
  
• The professional bad tenant - this is the tenant that after missing a couple of payments, decides to 'up and leave' in the middle of the night, before they can be served papers.
• The late payers - always having an excuse; their rent is always late. There are two options here - end the agreement at the appropriate time or add late fee's.
• Animal lovers - these are the ones that do not mention the animal. The Landlord will more often than not find out.
• The extended - rare, but after a time, this tenant will let his friends and family move in. More cars come and go and the wear and tear of the house speeds up.
• The bureaucrats -  the tenant that thinks they know the law, or at least they think they know it enough to cause problems for the landlord. These can cost in time and money.

These can be avoided but it takes time and effort. You need to make sure they match what they have on paper.

Key point - look at their current living space - your house will soon end up looking like that.

We hope this has been helpful and enjoyable.

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Private Landlord Income Tax

Private Landlord Income Tax

According to Landlord Today - "the Taxman gathers in more money from private Landlords"; basically the total amount of money they private landlords have collected, is on the increase.

In 2010/11 an increase of 13% in income tax on private landlords, could be seen.

HMRC are currently running a new campaign that ends on September the 6th. This campaign will urge people who have made a property sale to 'come clean' - this does not include their private residence.

As per usual, when this deadline passes "we expect HMRC to become far more aggressive in pursuing undeclared rental income as well as property disposals" said Mark Giddens, head of private client services at UHY Hacker Young.

If you are a Buy-To-Let investor or are thinking of becoming one, you  need to be aware of HMRCs increasing concern about tax evasion by Landlords. Their actions to date show that they are quite capable of matching Land Registry records and data from letting agents with taxpayer files and picking out discrepancies.

'Buy-To-Let investors are on the increase and therefore there will be more for HMRC to investigate.

Needless to say some might fail to understand what their liabilities are and how to calculate them properly; others might think that they will be below the HRMC's radar.

If you need any help or advice on any topics concerning Landlords, Buy-To_Let investments or Letting your property, speak to us today.

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Landlord options

Landlord Advice

Are you a Landlord? Have you used a Letting Agent before? Have you decided to go about marketing your property alone?

We have good news - there are alternatives that are better for you.

In times gone by, you will have faced two options - pay a letting agent a rather large fee or market your property yourself. This is not the case anymore.

Whether you have a large portfolio to manage, properties at a different location, or you just want to put one or two out, there is a better option for you. There is more good news; this other option has less cost and less hassle.

Online letting agencies allow landlords to advertise their properties on letting websites such as Rightmove, Zoopla and Prime Location. These costs can start at £39 - with letting agents a Landlord will have spent around half their profits on the 'agent costs'.

Online letting agents say "We will put Landlords in contact with prospective tenants and then they can conduct their own viewings. This basically enables them to meet the people who will be living in their investment."

Nowadays Landlords feel like that pay a lot for a little - some feel they would like to save money and carry out some of the work themselves.

This is where Direct2Landlord come in - £39 to marketing your property in the most effective areas so that you do not have to pay high fees and/or rely on sites such as gumtree.

For most Landlords choosing to 'go it alone', the online letting agent soon proves to be the better and safer option. Further to this, it still gives them control over their maintenance expenses.

For more information have a look at www.direct2landlord.co.uk

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High street letting agents - are they dying?

Are we seeing the death of the high street letting agent?

Online letting agents appear to be growing in their popularity. Does this mean we are seeing the final days of the traditional methods? Most say it is unlikely.

Not everyone is happy to have this kind of transaction take place online. Many are happier to deal with someone face to face. There exists a theory here as to why this is the case, and it basically boils down to trust and local expertise. Some believe this does not exist online.

What do you think? Do you feel the high street agent is having its final days? Or will they always be there?

Next time we will look at some of the advantages of online letting agents on comparison to the traditional route.

Please have a look at www.direct2landlord.co.uk to understand more about online letting agents and how they can help the private landlord.

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Direct2Landlord - your direct relief of stress

Why use Direct2Landlord?

Are you a Landlord? Are you a property manager? Maybe you are thinking about becoming a Landlord. Whatever your reason for reading or following our blogs, today we are briefly going to highlight why you should choose Direct2Landlord.

We believe that our service goes above and beyond the 'call of duty'. Adding to this is our best in the industry price offering.

Let Direct2Landlord relieve the stress of...

• tenant referencing
• deposit allocation
• rental advice
• rent collection
• tenancy termination
• deposit resolution and much more

Why not check out www.direct2landlord.co.uk

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Guaranteed Rent?

Rent Guarantee Policy

Here at Direct2Landlord we have a Rent Guarantee Insurance in place. This is quite simply to protect Landlords against rent arrears and rent default.

Any Landlord who lets a property runs the risk of a rent default by the tenant. Even good references cannot predict a tenant failing pay when they hit hard times.

With unemployment rates where they are and our current climate, there are many landlords who are struggling with their default rates. Recovering arrears can be costly and sometimes difficult. Adding to this, there is no guarantee of success or even repayment.

We look after you

With our Rent Guarantee Insurance landlords are covered against tenants defaulting or failing to pay the rent.

The Costs

It is easy and cost effective to protect yourself against rent defaults. A Rent Guarantee Insurance Policy can provide real peace of mind and the full cost is tax deductible against rental income - saving even more money.

Our Comprehensive Legal expenses and Rent Guarantee product covering the Landlords costs for disputes between themselves and their tenants with rent guarantee insurance up to a maximum of £2500 per month. This is a 12 month policy which carries no excess and costs just £124.99 per annum (£10.41 per month).

So there you have it - Peace of Mind for Landlords.

This information and more can be found at www.direct2landlord.co.uk

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Online Letting agents instead of letting agents

Online letting agents - Where it is at

If you have looked at the different options available for you as a Landlord or Property Manager, then you will know it is somewhat of a maze out there. This only encourages us to talk and complain about the different options.

Question for you, did you know, the average cost of an online letting agent is £45? As you will know, your high street letting agent will ask for around £500 for a 'find-a-tenant' service. You will no doubt have your own opinion on the service you receive; there are different reports out there on the level of customer service received.

There are so many accounts of Landlords saving thousands when using an online letting agent, and we are constantly being praised for our service and pricing.

Fully managing your property

There are Landlords out there, who like to be involved in the complete management of their property; this would include arranging the viewings, being in control of collecting the rent and handling any maintenance issues. There are high street letting agents out there that provide this piece of mind, so that you know the above will be taken care of.

We should also mention at this point, there are also different levels of management available from online letting agents.

Vigilance is key

If you are vigilant when screening a tenant, and you will know what to look out for, if you have any future problems with them, they will be minimal. You need to have the attitude that rings true for many - it is not a case of if you are able to resolve a situation, it is a case of whether or not you can be bothered. This is your property, so hopefully you will be able to move to action when required. With this in mind, an online letting agent may be a great option for you.

There are many online resources for you to use should you need any help. For instance, LandlordZone are great for problem solving - they are very knowledgeable.

If you would like to talk about your different options, feel free to contact us today - www.direct2landlord.co.uk

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We hope you have found this interesting and helpful.

Why would you use Online Letting Agents?

Benefits of Online Letting Agents

For those of you who have are not familiar with us, here at Direct2Landlord, we have a wealth of knowledge, experience and advice that we are willing to share.

The world of Letting properties can be challenging, the options you have to go through to ensure your property is marketed properly can be viewed as hurdles within themselves.

When it comes to Online Letting Agents, however, it is actually very easy. Your only job here is to understand how the Online Letting Agents work, and we can help you with that.

You can save yourself money by using online letting agents rather than going down the traditional route of the High Street letting agents.

Many who are looking to Let a property, or even looking to rent a property, will use online letting agents because they know they will get the same service, if not better, at a fraction of the price. Nowadays, the internet rules this market. There have been some great changes in the way we can buy and sell property, and in the letting and renting of property.

Using online letting agents will help you to get maximum exposure for the property you want to rent out. Needless to say, the more people who see your property, the more likely you are to find a suitable tenant.

There are many online letting agents that offer different levels of service, we are well aware of that however, there will be that one that suits your every individual need. You may want the online letting agents to do all of the work in finding you a suitable tenant or you may actually want to be more involved. This is one of the advantages of using online letting agents - you get to choose how much involvement you want and then the fees are decided accordingly.

Two of the main benefits

The two main benefits from using online letting agents are:

1 - the money you save - your fees are much lower than a traditional High Street letting agents

2 - you can be assured that your property will get the exposure it needs

At Direct2Landlord we not only advertise for £39, but we also give the properties left with us on all of the major sites, such as Rightmove, Primelocation, Zoopla & Letting Search.

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Your Guide to becoming a Landlord

Becoming a Landlord

Landlords really do have the upper hand in our current marketplace. We have a fairly fragile economy, ever-growing population and at the same time, we have a shortage of affordable housing. With all this in mind, Landlords can really take advantage of the time in which we are currently living.

Become a Landlord

Becoming a Landlord is not quite as simple as finding a tenant and then letting your property to that person. There are a few things that need to be carried out first.

Ensure safety of gas supply

You, as  the Landlord, have to ensure that it is gas safe. A Gas Safe Engineer has to check the property and provide a satisfactory Gas Safety Certificate. You then have to organise the annual check up to ensure it stays this way.

Energy Performance Certificate (EPC)

This is a legal requirement - you have to provide the tenants with an EPC - this will verify that the property is energy efficient. These cost around £100 and they can be obtained through www.uk.epc.co.uk - failure could lead to a fine.

Fire Protection

Efficient fire alarms have to be fitted and these have to be checked regularly.

Shared facility license

If you plan to let the house to more than one household then it may be classed as a house of multiple occupation (HMO). You may need to register with your local authority and obtain a license. Failing this could lead to a rather large fine.

Protect the deposit

It is very important to have the deposit secured, which stands to reason the fines issued if not placed in a Government-approved protection scheme.

Tax Declaration

You must declare any income from tenants as it may well be taxable.

Obtain Landlords insurance

This can be complicated - you need to ensure you purchase the right policy as it could mean that you are not 100% protected.

If the accommodation is furnished in anyway, then the Landlords contents insurance would provide cover for these items if they were to be damaged.

Buildings cover would provide cover for things that will happen to the property, incidents such as burst pipes, fallen roof or broken window. The Landlords insurance will also cover unfortunate events such as floods, fire or theft.

Contructaquote.com is an experienced panel of commercial advisors who can tailor policies to meet your needs.

Now you need to find your tenant

You will need a good tenant - reliable, trustworthy and responsible.

How to find one

• References are a must - employers and previous landlords
• Arrange a meeting - Meet the potentials before offering the property - see the kind of person they are
• Credit check - if permission is granted, perform a credit check to check how responsible they are with their finances

Protect yourself with a tenancy agreement

This is a contract between the tenant and yourself, as a Landlord. It gives the tenant the right to occupy the accommodation and you the right to receive rent for letting the accommodation.

These can be obtained online or via a solicitor.

Be sure to include:

• The address of the property
• The landlords and tenants name
• Date the tenancy will begin
• Duration of the tenancy
• Tenants and Landlords responsibilities - maintenance, repairs etc
• Deposits and fees payable
• Cost of rent
• The length of notice required if the contract need to be cut short.

We can help you to find the right tenant - www.direct2landlord.co.uk the most competitive prices and packages await you.

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Letting Agents - the Right One

Letting Agents - the Right One

It is not rare to hear of a Letting Agent receiving publicity due to their hidden fees. Here at Direct2Landlord we believe in transparency. We hope you enjoy this article as we are trying to help those in your position as Landlords and those involved in property management.

A Letting Agents primary purpose is simple, reduce stress. They are not there to increase it, so, we want to help you to avoid selecting the wrong option.

What starts the relationship with the Letting Agent?

There is usually a written contract/formal agreement.

Using a Letting Agent

There are some good reasons to select a Letting Agent, however for a Landlord, selecting the right one is as important as selecting the right tenants. We advise reviewing all of your options, whether they include asking several letting agents to review your letting or conducting extensive online research to decide which online letting agency you should use.

Professional agents will give you an idea of the lettings rental value, a copy of their contract to review and then they'll advise on all the necessary aspects of letting. Get their fees and valuation in writing at an early stage.

Key points to establish

- Letting Fees

- Management Fees

- Rental valuation

- Check for hidden fees or additional charges -admin fees, finding fees, bank processing fees, contract preparation fees, additional charges for inventories and inspections, emergency call out fees etc.

- Renewal fees - if the tenant wishes to renew

- deposit details - do you take one? Who holds it? What scheme is to be used?

- Rent payments - how long before they reach your account? BACS should be no more than 7 days

- Repairs and emergencies - how much is the letting agent authorized to spend without your consent

- How is the property to be marketed? Internet? Shop window? local papers?

- How does the agent deal with rent arrears?

Agents - problems and complaints

If a problem does arrive, do not mess around. Contact the senior person in the agency and demand some immediate action - keep up the pressure until something is done and do not take excuses as answers. If there is no satisfaction you can contact their professional association and/or the local trading standards people. Follow everything up in writing to record exactly what happens and what has been promised.

We hope you found this enjoyable and informative. Feel free to subscribe for our next article of advice.

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Energy Performance Certificate

Energy Performance Certificate - EPC

We are happy to share our knowledge, advice and experience with any that are in a similar position to us. We just like to make it easier for you to find the relevant information that you need.

Something you, as a Landlord, will need, is an Energy Performance Certificate or EPC. Put simply, before you even market your property, you must order an EPC for potential buyers or tenants.

What is an EPC?

This certificate contains information regarding your property's energy efficiency. Recommendations are made on how to reduce the amount of energy used and thereby save money.

The EPC is valid for 10 years, however, we recommend carrying out another certification being carried out if you make alterations to the property, only because things may have changed.

How do I get my EPC?

You will need a accredited assessor - for England, Wales and NI click here - for Scotland click here.

What will happen next?

You will receive a visit to the property in question. Data will be collected regarding the energy features, and then, using Government approved software, an Energy Performance Certificate will be produced.

An EPC will give the property an energy efficiency  rating from A (most efficient and desirable) through to G (least efficient).

I have my EPC - now what?

If there are potential buyers or tenants, depending on what you are doing, you need to have a copy available. If the property is being advertised, it will be necessary to leave a copy with the advertisers as well.

We hope you have found this helpful - Information is from Direct2Landlord - the competitive online letting agency, please check our site where you can Advertise a property for £39.

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10 Things Every Landlord Should Know before choosing a Letting Agent

We are keen to help out every Landlord; we offer what we feel to be the best solution on the market. Coupled with our solution, is our knowledge, experience and advice. We would like to share this with you.

We will be releasing blogs over the coming weeks around the topic - '10 Things every landlord should know before choosing a letting agent'.

Below are the 10 topics:

1. Is the Lettings Agent a Landlord themselves?
2. How often does the Lettings Agent network and share knowledge and strategies with other active property investors?
3. How systemically streamlined is the Letting Agent's back office administration?
4. How much quality time can the Lettings Agent devote to you?
5. How Transparent are the Lettings Agent's services?
6. How digitally and socially connected is the Letting Agent?
7. What kind of structured advice does the Letting Agent offer?
8. Can the Letting Agent deliver a consistent nationwide service?
9. How easy is it to make contact with the Letting Agent?
10. Are they affordable?

Over the next few weeks, we will look at each of these topics. If you know anyone who this may be of interest to, please share this with them.

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