There are regulations that govern the responsibilities you have regarding smoke alarms and CO2 alarms for your tenants, so we’ve put this article together to help you understand what it is your duty as a landlord to provide to ensure the safety of your tenants.

Keeping your tenants safe should be the utmost priority for any landlord, not least of all because it’s a legal responsibility to provide a safe home in which people can live. If you rent out homes in the private rental sector, here is an essential guide to your responsibilities as a landlord and that of your tenants once the tenancy is underway.

Understanding the Importance of Smoke and CO2 Alarms for UK Landlords

Ensuring the safety and wellbeing of tenants is a paramount responsibility for landlords in the UK’s private rental sector. Among these responsibilities, the installation and maintenance of smoke and carbon monoxide (CO2) alarms are of critical importance. This guide aims to shed light on the legal requirements and best practices concerning these life-saving devices, targeting property managers, landlords, and tenants keen on upholding safety within their properties.

The Legal Landscape for Smoke and Carbon Monoxide Alarms

In England, the regulations set forth under the Smoke and Carbon Monoxide Alarm (England) Regulations 2015, provide a solid foundation for the responsibilities of landlords regarding fire and carbon monoxide safety. These rules stipulate that landlords must:

1. Install at Least One Smoke Alarm on every habitable storey: Every floor of the property being used as living accommodation must be equipped with a working smoke alarm. This ensures early detection and warning to occupants in case of a fire.

1. Install a Carbon Monoxide Alarm in any Room close to an appliance that burns fuel to provide heat. This includes rooms with coal fires , wood-burning  and solid fuel stoves, together with gas boilers where gas is burnt to provide heat. Gas cookers are excluded.

1. Ensure Alarms are in Working Order at the Start of Each New Tenancy: Initial testing is the landlord’s responsibility and this should be recorded, but on-going testing should be encouraged among tenants.

It’s worth at this point also highlighting the difference in legal requirements across the UK, as regulations in Scotland and Wales have their nuances, generally requiring carbon monoxide and interlinked smoke detectors in a broader range of scenarios together with a heat alarm in the kitchen. In Wales the requirement is for interlinked hard-wired alarms.

Contact Bricknells Rentals 01709 365584 for more details on the specifics of your area.

Strategic Placement of Alarms

Understanding where to place smoke and CO2 alarms within a property is key to maximising their efficacy:

• Smoke Alarms: Ideally, these should be installed on the ceiling, in the middle of a room, or in hallways and landings to ensure the sound carries throughout the property. Avoid installing smoke alarms near kitchens or bathrooms as steam can trigger false alarms.

• Carbon Monoxide Alarms: These should be placed at head height, around 1 to 3 meters away from potential sources of carbon monoxide, such as boilers and stoves. Do not place them behind furniture, curtains, or in enclosed spaces that could hinder detection.

Maintenance and Testing

Routine maintenance is crucial for ensuring alarms remain functional:

• Monthly Testing: Encouraging tenants to test alarms monthly can help identify and rectify any issues promptly. It is worth taking the time when checking in your tenants to outline the importance of this task and that they do not remove the batteries.

• Battery Replacement: While many modern alarms have long-life batteries, those that do not should have their batteries replaced annually, at the very least.

• Regular Inspections: Visual inspections during property maintenance visits can help ensure alarms are not obstructed and remain in good working order.

Compliance and Penalties

Non-compliance with these regulations can expose landlords to significant penalties and fines. Therefore, it is in the best interest of landlords to not only complying with the minimum legal standards but to exceed them where possible to ensure the utmost safety of their tenants.

Conclusion

Smoke and CO2 alarms are more than just legal requirements; they are critical components of tenant safety. By understanding and adhering to the regulations, and adopting a proactive approach to alarm maintenance, UK landlords can provide safer living environments, protect their investments, and foster positive relationships with their tenants. For a safer future, the importance of these devices cannot be overstated.

Contact Us

If you are a landlord looking to find out more about any of our services, please get in touch. You can call us to request a free landlord’s pack or to further discuss our property management services, investment opportunities and more. Email us on enquiries@bricknells-rentals.co.uk or call us on 01709 365584.

If you are unsure of the rules on security deposits and what you can and cannot do with the money you are holding on behalf of your tenants, we’ve put this guide together to lay it all out clearly.

Managing tenant deposits is a crucial component of being a landlord in the UK. It’s not only about holding money securely but also about ensuring fairness and transparency throughout the tenancy. Read on for the full guide.

Guide to Deposit Management for UK Landlords

If your tenancy is an Assured Shorthold tenancy with a rent less than £50,000 per annum then the maximum limit of a security deposit is 5 weeks’ rent.

Adhering to the best practices we’ve laid out in this article, can help you avoid legal pitfalls and maintain a positive relationship with your tenants. Here’s a comprehensive guide to handling deposits as a UK landlord.

1. Use a Government-Approved TDP Scheme

The first step in managing deposits correctly is to ensure they are protected in a government-approved Tenancy Deposit Protection (TDP) scheme. There are three schemes in England and Wales: the Deposit Protection Service, MyDeposits, and the Tenancy Deposit Scheme. Scotland and Northern Ireland have their own approved schemes.

Using a TDP is not just best practice; it’s the law. The scheme safeguards the deposit for the tenant and helps resolve disputes if any arise at the end of the tenancy.

2. Provide Prescribed Information

Prior to the tenancy starting you need to issue the tenant a copy of the Energy Performance certificate, a valid Gas safety certificate, and a copy of the ‘How to Rent’ guide. You then need to provide the tenants with the prescribed information. This includes details about the TDP scheme where the deposit is to be held, how to apply to get the deposit back at the end of the tenancy, and what to do if there is a dispute over the deposit.

Failure to provide this information can result in a fine, and you may be prevented from evicting your tenants using the ‘no fault’ Section 21 eviction process. Further you need to ensure that within 30 days of receiving the deposit you must register it in the chosen TDP scheme and issue the tenant with the deposit certificate.

3. Conduct a Thorough Inventory Check

Before the tenants move in, conduct an inventory check and create a detailed schedule of condition. This document will list the contents of the property and their condition, as well as the overall condition of the property itself. Having both parties sign this document ensures that there is a clear benchmark against which the property’s condition can be compared at the end of the tenancy. This can be invaluable in settling disputes over deposit deductions.

4. Communicate Clearly About Deductions

If deductions from the deposit are necessary at the end of the tenancy (for example, for property damage beyond normal wear and tear), communicate these to your tenants clearly. Explain the reasons for the deductions and provide supporting evidence (such as photographs or receipts). You should do this within 10 days of the tenancy ending. Transparency here can help maintain a good landlord-tenant relationship and reduce the likelihood of disputes.

5. Stay Informed About Legislation

Deposit protection legislation can change, so it’s important to stay up-to-date to ensure you remain compliant, this is where Bricknells Rentals can help, if in doubt contact 01709 365584 where we will guide you through the process.

Remember letting a property is much more than collecting rent. Ignorance of the law is not considered a valid defence, and failing to protect a tenant’s deposit can lead to significant legal and financial consequences.

6. Keep Detailed Records

Finally, keep thorough records of all communications and documents related to the deposit, including the tenancy agreement, inventory checks, any reports of damages or repairs, and correspondence about the deposit. These records can be crucial if a dispute over the deposit arises and needs to be settled by the TDP scheme’s dispute resolution service.

By following these best practices, you can ensure that you manage and handle deposits in a way that’s fair, transparent, and compliant with UK law. This not only protects you as a landlord but also reassures your tenants that their deposit is in safe hands.

7. Finally an exciting alternative

Under the traditional cash security deposit scheme detailed above, the maximum amount of cover is 5 weeks’ rent.

However, there is another scheme on the market that Bricknells Rentals is pleased to offer, this is called Reposit scheme which gives 8 weeks of cover for the landlord.

To learn more, watch the video below, or contact Bricknells Rentals on 01709 365584.

Contact Us

If you are a landlord looking to find out more about any of our services, please get in touch. You can call us to request a free landlord’s pack or to further discuss our property management services, investment opportunities and more. Email us on enquiries@bricknells-rentals.co.uk or call us on 01709 365584. 

It’s more than just another thing to do, regular property inspections help landlord and tenants in equal measure, so make sure you keep a regular schedule of visits to promote a good relationship with your tenants and to nip any problems in the bud.

Regular property inspections of residential properties are of significant value to landlords and tenants alike. These inspections serve as a proactive measure to identify maintenance issues early, preventing minor problems from escalating into major, costly repairs. They also facilitate open communication between landlords and tenants, building trust and ensuring that the property is cared for properly.

By making regular visits and conducting inspections, landlords can ensure compliance with health and safety regulations, ultimately protecting their investment and enhancing the property’s value over time. For tenants, regular inspections can provide reassurance that their living environment is safe and well maintained, contributing to a more satisfactory tenancy experience. Overall, regular property inspections promote a healthy landlord-tenant relationship and help maintain the overall condition of the rental property.

You can’t just turn up at the property and let yourself in with your copy of the key though. It is essential to establish a schedule for these inspections and communicate it clearly to tenants, making sure to respect their privacy and give proper notice before each visit.

Effective communication between landlords and tenants is crucial in all aspects of rental property management. In particular, discussing maintenance and repair issues should be done openly and promptly. Tenants should feel comfortable reporting any problems they encounter, and landlords should respond promptly to address these concerns. By addressing maintenance issues in a timely and transparent manner, landlords can maintain good relations with their tenants and prevent small problems from turning into larger ones.

Another important aspect of maintaining rental properties is staying compliant with property laws and regulations. Landlords must adhere to all relevant laws and regulations, such as building codes and safety standards, to ensure the safety and well being of their tenants. Staying up-to-date with these requirements can prevent potential legal issues down the line.

At Bricknells Rentals we inspect all our properties under management on a regular basis to ensure tenants are safe and that landlords remain compliant. So if you are a landlord overseas or live a distance from your property and you need the services of an ARLA registered letting agent get in contact with Bricknells Rentals.

Contact Us

If you are a landlord looking to find out more about any of our services, please get in touch. You can call us to request a free landlord’s pack or to further discuss our property management services, investment opportunities and more. Email us on enquiries@bricknells-rentals.co.uk or call us on 01709 365584.

Have you found yourself dealing with rent arrears and feel like you aren’t getting anywhere fast? Read on for our tips on how to make rent recovery for landlords a smoother process that will seek to maintain a good relationship on both sides.

As a landlord one of your biggest causes of concern is when tenant stops paying the agreed rent. And when that happens, dealing with rent arrears can be a complex challenge for landlords, requiring a delicate balance of empathy and practicality.

Firstly, establishing an open line of communication with your tenant is key to uncovering the root causes behind the payment delays. By understanding the reasons behind the arrears, landlords can tailor solutions to better support tenants in resolving their outstanding debts. This may involve offering flexible payment arrangements or exploring available government aid programs to provide tenants with the necessary assistance to address their arrears.

Whatever the solution or interim agreement might be, it is advisable for landlords to maintain thorough documentation of all interactions and financial transactions to ensure transparency.  Good documentation that shows a timeline of events and communications will also facilitate any potential legal actions if needed.

In cases where the situation does not show signs of improvement, seeking advice from a reputable letting agent such as ourselves is a prudent step to comprehend the legal options available, including the possibility of initiating eviction procedures through a section 8 notice.

Whilst a section 8 notice informs the tenant that you intend to take them to court if they do not pay, be aware that to achieve a successful outcome then your paperwork and documentation needs to be perfect, as any error will be highlighted in the courts and your eviction will fail which will ultimately prove costly.

Try to view legal action as a last resort, prioritizing amicable resolutions through effective communication and mutual understanding whenever feasible is often a better solution for all concerned and enables a positive relationship to be maintained afterwards, whereas section 8 notice action will almost always end the relationship on a sour note.

To avoid falling into this situation, we advise you make steps at the outset of any tenancy and look to mitigate the consequences of a tenant falling into rent arrears. In the current climate it is so easy for the perfect tenant to lose a job, be made redundant or something worse. Therefore, we are great believers in “prevention is better than the cure.”

As a landlord you can take out an insurance policy to protect your asset against insurable events so why not consider from the outset of your tenancy a “rent guarantee insurance” policy?

Whilst we cannot sell you the insurance here at our lettings agency, we always recommend to our landlords that at the start of the tenancy you take out this particular insurance. If the tenant defaults and you have made sure that your paperwork is in order, the cover ensures that your rent is continued to be paid, and all legal costs to effect an eviction are also covered within the policy. This will soften the blow of undertaking an eviction by ensuring you don’t have an undue gap in rental payments until you take repossession of your property.

At Bricknells Rentals we are always here to help with advice. If you need assistance in auditing your situation then do not hesitate to give us a call on 01709 365584.

Contact Us

If you are a landlord looking to find out more about any of our services, please get in touch. You can call us to request a free landlord’s pack or to further discuss our property management services, investment opportunities and more. Email us on enquiries@bricknells-rentals.co.uk or call us on 01709 365584.

As the colder weather is on its way and energy costs are rising faster than ever before, it’s never been more important to know how to keep your home warm this winter. Whether you own your property in Rotherham or whether you’re renting, finding ways to reduce your costs couldn’t be more vital this year. With this in mind, the team here at Bricknells have 6 helpful tips for you to put into practice so that you can stay toasty without breaking the bank.

1. Bleed Your Radiators

Check your radiators to see if they feel colder at the top than at the bottom. If so, there may be some cold air trapped inside which is stopping hot water from filling the radiator and preventing it from heating up. You can fix this problem by bleeding your radiator to release the trapped air. The hot water will be able to start flowing inside again, and that will allow even heating of the radiator to heat the room more effectively.

2. Keep The Top Of Your Radiators Free

It can be tempting to put your damp laundry on your radiators to dry, but if you allow the top of your radiators to become covered with clothing (or indeed, any other items), the warm air won’t be able to flow, and that will stop the heat from circulating. Use a clothes airer instead or dry your laundry outdoors whenever possible.

3. Add Effective Draught Proofing

Make sure to draught-proof any areas where cold air could be creeping into your rooms. Draught excluders can be purchased for use with your doors, and you can buy foam self-adhesive tape to apply to your windows. Think about your keyholes and letterboxes too. You can buy items in DIY stores that will block out any cold air coming through these small gaps.

4. Consider Furniture Positioning

Move furniture items such as sofas and beds away from your radiators so that the flow of warm air won’t be blocked. Whenever possible, put thermal curtains up at your windows and doors too. This will help keep the warmth in your rooms.

5. Insulate Your Property

If you own your own home in Rotherham, make sure you have sufficient insulation in your loft, under your floors and in your external walls as well as around the hot water cylinder. If you’re a tenant, it’s worth speaking to your landlord about insulation.

6. Service The Boiler

If the boiler in your property is inefficient, your energy bills can take a serious hit, so make sure you’re getting it serviced once a year and that your thermostats are frequently checked too. If the thermostat is old, it can sometimes delay the heating up of your home, or alternatively, could heat it to a higher temperature than necessary.

Follow our tips, and you should find that your home feels warmer this winter. If you’re interested in buying or renting a more energy-efficient property, get in touch with the Bricknells team today on 01709 365584.

As the housing landscape continues to evolve, it is essential for renters and landlords alike to stay informed about significant legislative changes. One such development is the Renters Reform Bill, which aims to bring about substantial reforms in the rental market.

On the 17th May 2023, the government introduced the Renters’ (Reform) Bill to parliament. MPs will have the opportunity to debate the bill at a Second Reading.

In this blog post, we will cover the main points of the Renters Reform Bill, exploring its key provisions and the potential impact it may have on renters and landlords.

Background:

The Renters Reform Bill is a piece of legislation designed to address the concerns and challenges faced by renters in the UK. Introduced as part of the government’s commitment to improving the rental sector, the bill aims to modernize renting and provide a fairer balance between the rights and responsibilities of tenants and landlords.

Abolishing ‘No-Fault’ Evictions:

One of the significant aspects of the Renters Reform Bill is the abolition of ‘no-fault’ evictions, also known as Section 21 notices. Currently, landlords can evict tenants without providing a specific reason, leading to insecurity and vulnerability for renters. Under the new bill, landlords will be required to provide a valid reason for eviction, ensuring greater protection for tenants.

Introducing Open-Ended Tenancies:

The Renters Reform Bill seeks to introduce open-ended tenancies, bringing an end to fixed-term tenancies and the subsequent uncertainty of renewal. Open-ended tenancies would provide renters with the security of knowing they can remain in their homes for an extended period, subject to the necessary legal procedures.

Rent Increases and Caps:

To prevent excessive rent hikes, the bill proposes the implementation of stricter regulations on rent increases. It aims to give tenants more control over their housing costs by limiting rent hikes to inflation or a prescribed percentage. This provision aims to strike a fair balance between protecting tenants from excessive increases while allowing landlords to make reasonable adjustments based on market conditions.

Improving Tenant Rights:

The Renters Reform Bill places a strong emphasis on strengthening tenant rights. It proposes the establishment of a new regulator responsible for ensuring that all landlords meet specific standards of accommodation and safety. Additionally, it seeks to streamline and simplify the process for tenants to address concerns and report issues, ensuring a more efficient resolution of disputes.

Enhancing Health and Safety Standards:

The bill recognizes the importance of maintaining high health and safety standards in rental properties. It proposes mandatory electrical safety checks, ensuring that all rental properties are regularly inspected to prevent potential hazards. Furthermore, the bill seeks to improve standards for energy efficiency, contributing to sustainability and reducing utility costs for tenants.

Increased Access to Justice: To address the issue of access to justice for renters, the Renters Reform Bill includes provisions for the establishment of a new housing court. This specialised court aims to provide a more accessible and efficient platform for resolving disputes between tenants and landlords. The introduction of this court would streamline the legal process, ensuring quicker and fairer outcomes for both parties involved.

Conclusion

The Renters Reform Bill presents a significant opportunity to reshape the rental market, aiming to provide greater security and rights for tenants while maintaining a fair balance with landlords’ interests. The abolition of ‘no-fault’ evictions, introduction of open-ended tenancies, and stricter regulations on rent increases are notable provisions that will shape the rental landscape in the UK.

Furthermore, the bill’s emphasis on improving tenant rights, enhancing health and safety standards, and establishing a dedicated housing court highlights the government’s commitment to creating a more transparent, efficient, and equitable rental sector.

As renters and landlords navigate the evolving rental market, it is crucial to stay informed about the changes brought by the Renters Reform Bill. By understanding its provisions and implications, both parties can adapt and make informed decisions that foster a more balanced and fair rental environment for all involved.

This article is intended as a guide and does not constitute legal advice. Please visit gov.uk for more detailed information. 

Since Christmas, Rotherham first-time buyers and savvy Rotherham buy-to-let landlords have been more active than expected in the Rotherham property market.

Rents in the Rotherham area have soared in the last two years, with the average Rotherham rent increasing to £689 a month, an increase of 18.8%.

Because of these growing Rotherham rents, it has made homeownership more cost- effective for younger Rotherham buyers and more lucrative for Rotherham landlords.

On the back of this, house prices are rising in Rotherham.

But how can I say house prices are rising when the Land Registry and other indices from the banks state they are falling?

The Land Registry figures published this month will be from sales completed (i.e. keys and monies handed over in February 2023). Yet, as everyone knows, it takes on average, 19 weeks from agreeing on a sale to a completed sale in the UK, so those Land Registry house price figures are from house sales agreed upon in September or October 2022.

If only there were a more up-to-date way of calculating what is happening to house prices.

Well, there is!

By measuring what houses sell for at the sale agreed date by their square footage.

The measure of £/sq. ft is not a particular great way to judge the value of an individual property. However, when looking at a national and regional level, its accuracy is excellent (98% accurate on a national level and around 95% accurate on a regional level).

The average price per square foot at sale agreed matches the Land Registry and Nationwide House Price Index to a very high tolerance/accuracy level, albeit 7 or 8 months before the Land Registry/Nationwide publish their data.

So by tracking the regional £/sq. ft figures for Yorkshire, it will give us an excellent idea of what is happening to Rotherham house prices now.

The top of the property market was in August 2022 when the average £/sq. ft achieved for all house sales agreed in Yorkshire was £239.93/sq. ft.

By December 2022, this had dropped to £229.42/sq. ft, a drop of 4.58% (for Yorkshire homes sold stc in December ’22).

By this April, the average £/sq. ft achieved for all house sales agreed in Yorkshire had risen by 5.27% to £242.18/sq. ft.

Let’s put it another way.

House prices in Yorkshire (including Rotherham) are 5.27% higher than at Christmas.

Just for interest, these are the £/sq.ft figures split down by property type:

• Detached Yorkshire homes – £315.69/sq. ft
• Semi-Detached Yorkshire homes – £249.44/sq. ft
• Town Houses/Terraced Yorkshire homes – £202.06/sq. ft
• Apartments/Flats Yorkshire – £221.41/sq. ft

Before I move on to what the future holds, as a good comparison, currently Rotherham houses are selling for an average of £206/sq. ft.

There are several issues which could upset the ‘apple cart’.

One is the recent Bank of England base rate rise.

The recent decision by the Bank of England (BoE) to raise the Base Rate by 0.25% has only led to a negligible increase of 0.04% in average rates for two-year and five-year mortgages.

This rise in BoE interest rates is primarily attributed to their forecast that inflation will not decrease as quickly as initially anticipated.

Consequently, the underlying costs of lenders’ fixed-rate deals, known as swap rates, have risen slightly, resulting in an adjustment of lenders’ mortgage rates, but not that much.

To provide some perspective, current average mortgage rates (late May) are like those observed at the beginning of April, with some rate fluctuations in those seven weeks. 

I also have concerns about the cost of living persisting among many Rotherham households, which may continue to impact sentiment and activity in the property market. 

Additionally, the gradual impact of higher interest rates on those existing homeowners should not be underestimated. There are millions of homeowners whose existing sub 1% to 1.5% interest fixed mortgages are set to end in the coming three years. 

Some of those Rotherham homeowners would rather sell up and trade down market to reduce their mortgage outgoings than cut their household budgets regarding entertainment, holidays, etc.

However, as I have explained before in my Rotherham Property Blog, my message to those homeowners is to speak with a qualified mortgage arranger. You will be amazed how extending the term of your mortgage will reduce your monthly payments, enabling you to stay in your existing Rotherham home. Of course, you must weigh the pros and cons by talking to a qualified mortgage arranger.   

Yet, if lots of Rotherham homes get put on the market in the coming year or so (i.e. what happened in 2008), then we will have too much supply and probably not enough demand – meaning Rotherham house prices will drop again.

The consistent rise in Rotherham house prices over the past few years can be primarily attributed to a shortage of supply of properties to buy. The opposite will be the case if we get an excess supply of many homes on the market.

So that is what could go wrong in the Rotherham property market; what about the potential good news?

Contrary to expectations back in late 2022, I stated a few weeks ago, Rotherham first-time buyers in 2023 have been more active in the housing market despite prevailing uncertainty. 

I attribute this trend to the rising rental costs, which have made homeownership in Rotherham comparatively more cost-effective. 

This, in turn, has attracted new Rotherham landlords into the market to invest. I am aware some highly geared (i.e. they have high percentage mortgages on their buy-to-let properties) Rotherham landlords have been battered with the section 24 taxation changes from a few years ago.

Yet, there are lots of new landlords coming into the buy-to-let market. They had their fingers burned on crypto and the stock market and are now looking for another investment vehicle for their savings.

The simple fact is the UK doesn’t build enough homes to satisfy the demand, meaning in the medium to long term, rents and house prices go up.

Buy-to-let is an excellent hedge against inflation (do ask me for my article from late last year about that).

The British housing market, which experienced a surge during the pandemic due to the demand for more space, has yet to experience the anticipated decline that some commentators predicted last year. The resilience of the UK economy, the strength of the labour market and the expected decrease in inflation throughout the remainder of the year are all factors that only add strength to the Rotherham property market.

Tell me your thoughts on the matter – I would love to know them.

Are your potential tenants able to afford their rent?

The UK is in a cost-of-living crisis, and it’s having a knock-on effect on landlords in Rotherham. More tenants are struggling to pay their rent, and landlords, therefore, are having to take action to protect their rental income during these difficult times.

At Bricknells, we are experts in the rental property sector, and we’re bringing your our six best tips to help you make sure your rental income is well-protected.

1. Always Carry Out Checks On Tenant Affordability

You should ensure that any prospective tenant is able to afford their rental payments. A lettings agent like Bricknells will be able to carry out these affordability checks on your behalf to ensure the applicant has sufficient income to cover the rent.

2. Keep The Rental Property In Good Condition

As times are tough, you’ll want to get as much rental income as you can for your property, and the best way of doing this is by ensuring the property remains in excellent condition so that it appeals to prospective tenants. Threadbare carpets, dated fittings and dirty paintwork are a turn-off for tenants. Remember, too, that the cost of repairs has increased in the current financial climate, so regularly keeping your property in a good state of repair will help you avoid any large repair bills in the long run.

3. Consider Offering “No Deposit” Contracts

Finding a large deposit can be difficult for prospective tenants, so you may want to consider offering an option for a “no deposit” contract which will give you access to a wider pool of possible tenants who may have sufficient income to cover their rent, but insufficient savings to cover an upfront deposit.

4. Carry Out Rent Reviews Regularly

You should review your rents regularly to make sure you’re maximising your investment while avoiding overstretching the affordability of your tenant. In many cases, landlords decide they won’t increase their existing tenants’ rent when they stay in the property for several years. You should weigh up whether you are happy to leave the rent as is in return for reliable tenants and on-time payments, or if you can maximise the yield further. Our experienced rental team can discuss your options with you if you are unsure on the best course of action.

5. Take Out Landlord Insurance

It’s possible to protect your rental income as well as your rental property itself should a problem arise in the future. Rental insurance is a cost-effective way to recoup your losses should the worst happen. Problems like fire, flood and theft as well as property damage caused by your tenants can all be covered by a landlord insurance policy, and you may even be able to get contingency cover that will protect you against tenants’ non-disclosure.

6. Take Some Tax Advice

You should always take the time to check that you’re paying the correct tax. Property taxation is a complex subject so seeking out expert advice regarding your tax liability as a landlord is essential if you’re keen to reduce your tax bill by as much as you can.

If you’re considering marketing your property for rent in Rotherham, our team at Bricknells is on hand to help you find suitable tenants and manage all aspects of your rental. Call us today on 01709 365584 or drop us an email to enquiries@bricknells-rentals.co.uk to learn how we can help.

Whether you’ve just bought your very first property in Rotherham or your fifth, being a landlord is a role where you can continually keep learning new things and facing new challenges. Other than keeping abreast of what’s happening in the property market, you also need to ensure that you’re following all the latest rules and requirements for landlords.

Here at Bricknells we’ve got years of experience working with landlords and dealing with the property market, so we’ve pretty much seen it all! To help you keep on top of all that you need to be aware of, we’ve created a handy list of the eight most essential things that every landlord should know.

1. Remain aware of what’s happening in the property market

The conditions of the Rotherham housing market are continually changing. First and foremost, a good landlord should keep an eye on property market conditions. This will help inform you on how to market your property, as well as give you an idea of what price you should be expecting for it. You’ll also have a much better idea of the competition if you regularly do your market research

2. Understand the facilities in your property’s location

Knowing the local neighbourhood that your property is located in can significantly affect how well you position your property. For instance, here in Rotherham there are some excellent schools in the area, so you may want to market your property as a family home. Likewise, if it’s located on the commuter belt, you could think about converting it into separate flats to accommodate four individual tenants instead of just one household.

3. Ensure that your Rotherham property is up to scratch

When you rent out a property, you need to ensure that it meets certain requirements. You must ensure that it is a liveable space with a safe environment for any tenants that move in.

• Does it have the necessary smoke alarms?
• Are there any safety hazards?
• Is it wheelchair accessible?

Ask the team here at Bricknells, as we can help you understand all the requirements your property needs to meet before you can rent it out.

4. Short on time? Bricknells will be a huge help

Want someone else to take on the load of the actual property management? Hire Bricknells to look after your rental property and your tenants. Here are some of the many ways that we can help you:

• Advise you on rental property prices based on market conditions
• Market your property, online and offline
• Arrange and conduct viewings on your behalf
• Draw up tenancy agreements
• Property maintenance and repairs (no late night calls about broken boilers for you!)
• Collect rent every month and chase up late payments

5. Work out your taxes

Before you start getting rent paid into your bank account, you should register with HMRC to ensure that you’re taxed accordingly. You’ll be taxed on all rental income after the first £1,000.

It’s important to mention too that there are different tax rules for landlords depending on the type of property you own. Look into this on the HMRC website to make sure you’re doing all that’s legally required.

6. Set aside some money for emergency funds

As a landlord, you should always be prepared. To remain within your budget, set aside a small amount in case anything goes wrong. For example, if your property is unexpectedly vacant for a short period, you should ensure that you can cover your mortgage payments without rental income. Work out how long this period would be.

Set some money aside for any unexpected issues as well. No matter how new a property is, wear, tear, and weather may lead to the need for maintenance and repairs.

7. Comply with all legal requirements

There are many legal requirements that you must follow as a landlord to ensure the safety of your tenants and to avoid fines and penalties. These include:

• Gas Safety (Installation and Use) Regulations 1998 and Subsequent Amendments. These state that all gas appliances must be safe and checked annually.
• The Smoke and Carbon Monoxide Alarm (England) Regulations 2015. The landlord is responsible for ensuring that their property is fitted with working smoke alarms and carbon monoxide alarms.
• The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020. Under these regulations, the landlord is required to make sure that all electrical appliances in the property are safe to use.
• EPC (Energy Performance Certificate) & MEES (Minimum Energy Efficiency Standards). These state that all landlords must provide a valid EPC certificate to their prospective tenants.

8. Check whether your local council requires any specific licences

Contact your local council to check whether any other licenses are needed before you rent out your property. Some councils will have specific mandatory regulations above and beyond the ones mentioned above.

Need expert advice?

If you need any advice on renting out your property, please get in touch with our team at Bricknells on 01709 365584 and we will be delighted to help you.