The A-Z of a landlord’s pain points (part 2)
Assetgrove knows that being a landlord can be a very rewarding experience. But we are also aware it carries the risk of falling foul of an ever-increasing amount of legislation – including the recently introduced Right To Rent rules – not to mention a significant degree of hassle.
We published the first part of our A-Z of running a property portfolio, together with an indication of how hard each pain point could hit you in the pocket, earlier this month and now bring you the second part.
Key £ Little cost, just inconvenience; ££ Up to one month’s rent; £££ Up to six months’ rent; ££££ Up to a year’s rent; £££££ The penalty could mean imprisonment.
Noise One of the most common reasons for the residents of neighbouring properties to complain about your tenants. If a landlord wishes to evict a tenant because they’ve caused a nuisance or annoyance, you will need to apply to the court for a possession order. Before applying to the court a landlord must first serve the tenants with a correctly written Section 8 Notice specifying the grounds you have for regaining early possession. £££
Overstay One of the reasons to serve a Section 21 notice on a tenant. £££
Prescribed information If a landlord issues a Section 8 Notice that fails to comply with prescribed information rules, a court will rule it is an invalid eviction application £££
Quit (Notice to) To end a shorthold tenancy, a landlord must give at least two months’ notice under Section 21 of the 1988 Housing Act. £££
Rent The source of a landlord’s greatest amount of hassle. ££
Sub-letting In some cases, private tenants renting an unfurnished property have a legal right to sub-let the property to lodgers without having to ask the landlord’s permission. £
Tenant rights A landlord cannot limit or otherwise interfere with a tenants right to live in their accommodation or they could be found guilty of harassment. £££££
Under-occupation A landlord’s worst fear. If a property is not let out for a full 12 months of the year. £££
Void period The technical term for the period of time a rental property is not let out. £££
Water See leak. The problem with water leaks is they can come from adjoining properties, and not as a result of poor maintenance on your behalf. ££
X-rated A non-technical term to describe nightmare tenants. ££££
Yield Rental yield is the annual net income that a property generates, divided by the purchase price of the property. In January 2016, the gross yield on a typical rental property in England and Wales was 4.9%.
Zone* London’s public transport system is divided into zones. Rental properties in zones 1 and 2 typically command the highest rents.
*This term is only applicable to landlords with properties inside the M25
Imagine a world with no voids, no late night calls from tenants and no dealing with viewings or lettings.
Assetgrove’s Guaranteed Rent Scheme takes care of everything, and we provide you with a fixed guaranteed rental income for up to five years. This means you can get on enjoying your life, leaving us to look after your property as if it were our own.
To learn more about all the services that Assetgrove offers landlords, contact us today.