tag:blogger.com,1999:blog-373083699846770057.post7121592244972610997..comments2017-12-26T02:35:24.177+00:00Comments on Blog Sin Jamon: My plans they are a-changingEmhttp://www.blogger.com/profile/17327376265492188965noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-373083699846770057.post-38920981425971321272010-09-03T14:59:47.818+01:002010-09-03T14:59:47.818+01:00I vaguely know the next door neighbours, but occup...I vaguely know the next door neighbours, but occupancy in this building changes so often, it's hard to keep track. I think I'm the only person who's been here more than a year, if you don't count the very strange elderly couple in the other half of the house (the guy I call "Pokey-boobs" and his wife).<br /><br />I don't know if the rental agent set-up included monitoring but since I'm almost certainly not going to be using them, it doesn't really matter!<br /><br />The girl I'm hoping will move in is a mature student who seems very sensible and reliable.Emhttps://www.blogger.com/profile/17327376265492188965noreply@blogger.comtag:blogger.com,1999:blog-373083699846770057.post-87040359838365198692010-09-03T09:33:23.014+01:002010-09-03T09:33:23.014+01:00I agree it is difficult to monitor occupancy. Do y...I agree it is difficult to monitor occupancy. Do you know someone else in the building that would help or does your 'partially managed' contract include monitoring every 2 months (say)?<br /><br />The reason I mentioned it in the first place is that, as you know, Brighton is a university town and students will sleep anywhere they can.Jeremynoreply@blogger.comtag:blogger.com,1999:blog-373083699846770057.post-54172307928953014942010-09-02T13:34:33.286+01:002010-09-02T13:34:33.286+01:00Buildings insurance is part of the monthly fee I p...Buildings insurance is part of the monthly fee I pay to the property managers. Think Direct Line said to get landlords' insurance on top of own contents insurance, which I already have obviously.<br /><br />Am gradually making inventory though till some stuff has gone to mum's new garage, I won't know exactly what I'm leaving. Will video too!<br /><br />Blimey, if anyone managed to have visitors here for longer than 14 days, given the lack of space, I'd be amazed, but yes, contract will say rent goes up if more than one person living here. Not that I'll know, of course!<br /><br />Am working on the actual rental amount, though I had to give the prospective tenant a ballpark figure already.<br /><br />My brain hurts!Emhttps://www.blogger.com/profile/17327376265492188965noreply@blogger.comtag:blogger.com,1999:blog-373083699846770057.post-3677849042464751902010-09-01T09:04:58.673+01:002010-09-01T09:04:58.673+01:00WHen I mentioned insurance I was talking about Bui...WHen I mentioned insurance I was talking about Building and Contents Insurance. IMHO insurance to cover 3 months default rent is probably not worth it. It can easily take a year to evict a non-paying tenant (if they know the system). The law is definitely on the side of the tenant.<br /><br />£125 to register, then 7% + VAT for partially managed is a good deal. I must mention it to my agent.<br /><br />Make sure you have a full and complete inventory of the property. Don't forget to list the items and areas of walls/doors/floors/windows etc. that are in good condition as well. Video evidence of the whole flat would be a good supporting document.<br /><br />If you rent to a single person, make sure that there is a clause in the contract to cover an increase in rent if someone joins them. Basically, dilapidation increases the more people there are in the flat. I put in a clause that says that they can have friend(s) and relative(s) stay for a maximum of 14 consecutive nights without any increase in rent. This allows the tenant to have people to stay for a visit but makes it clear that the intent of the contract is that there is a specified number of tenants.<br /><br />Don't know what your specific fugures are but a good guideline is that the rent you charge should assume that 2 months in the year the property could be unoccupied.<br /><br />Rent > Total Costs / 10<br /><br />where total costs include but not limited to agent fees, mortgage, insurance, ground rents etc. and also the fixed charge part of Gas/Water/Electricity during the two months voidage. Plus, of course, any money you want for yourself.Jeremynoreply@blogger.comtag:blogger.com,1999:blog-373083699846770057.post-55948805467170149322010-08-28T10:33:25.908+01:002010-08-28T10:33:25.908+01:00Thanks Jeremy. Contacting the mortgage provider an...Thanks Jeremy. Contacting the mortgage provider and the freeholder are on my very long "To Do" list! Fingers crossed. I have a great quote for landlord's insurance already.<br /><br />I did have a local independent agent round, whose charges didn't seem astronomical. £125 to register, then 7% + VAT for partially managed (if I remember rightly). There was a renewal fee but it only applied to the tenant, not the landlord.<br /><br />However, if things pan out as they appear to be, I won't need an agent. I've been put in contact with a local lady who has already been round to see the place and loves it. A friend in London is renting her place out and did it all herself, using a contract that she downloaded from a sort of "DIY landlord" website. The protected deposit scheme is open to anyone, whether you have an agent or not and apparently I can get an insurance policy that covers me for at least three months' rent if the tenant defaults.<br /><br />It's a learning curve but I'm going to really try and do it myself. The rent I'll be charging is reasonable but if I then take off agent's fees and bloody tax, there won't be much left over!<br /><br />Thanks for the website hint - I'll have a look.Emhttps://www.blogger.com/profile/17327376265492188965noreply@blogger.comtag:blogger.com,1999:blog-373083699846770057.post-3697564374159402552010-08-25T17:02:02.153+01:002010-08-25T17:02:02.153+01:00You also need to do...
a) Ensure that the mortgage...You also need to do...<br />a) Ensure that the mortgage company agree to you letting the property. Best Option for you will be a 'Right to Let' clause as this will allow you to return to UK and use it ase your main residence again. Companies are usually more agreeable to this type of codicil.<br />b) Ensure that your building and content insurance allows you to let. Normally, 'hotel' insurance is required.<br />c) If you let to strangers (especially through an agent) then the rental is declarable to HMRC.<br />d) Find a tenant who will take the property 'as is'. Modification/Repairs etc. prior to first letting are not reclaimable as a tax expense.<br /><br />Also...<br />1. Don't get caught with fees for renewals (or extensions to first contract). The Foxton's High Court ruling makes it clear that agents can only charge for renewals/extensions etc. if you agree to it when the contract between you and the agent (not between you and the tenant) is first signed. I don't know what the going rates are in Brighton but in London I pay <br />7% of 1st year rent for a 'find a tenant' service<br />10% of 1st year rent for a 'fully managed property' service<br />0% for second and subsequent years<br />2. Suggest you go to www.propertyhawk.co.uk for free and useful adviceJeremynoreply@blogger.comtag:blogger.com,1999:blog-373083699846770057.post-80289423605377780192010-08-25T07:40:38.672+01:002010-08-25T07:40:38.672+01:00Wow. Now you'll have to live vicariously thro...Wow. Now you'll have to live vicariously through those of us living in (or going back to) Madrid. <br />That must have been a difficult realization, having to stay longer than expected.<br />Best of luck to you, though, and I hope to see you in January as a happy and at least partially established resident of Madrid.Anonymousnoreply@blogger.com