The A-Z of a landlord’s pain points (part 1)
Assetgrove has in-depth knowledge of a landlord’s pain points, from void periods to disputes with tenants over the return of their security deposit.
This is why we present the first part of an up to date alternative A-Z of running a property portfolio, together with an indication of how hard each pain point could hit you in the pocket.
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.
Assured Shorthold Tenancy The most common type of tenancy agreement. The only potential disadvantage is the right of the tenant to refer the rent initially payable to a Rent Assessment Committee, which can reduce the amount charged if it is “significantly higher” than comparable ASTs. £
Budget The amount of money you should put aside to ensure a rental property complies with a growing raft of government legislation. £££
Checks What landlords must carry out regarding a potential tenant’s immigration status in order to comply with new Right To Rent regulations. Not to be confused with the cheque’s in the post – an excuse still used by tenants to explain the late payment of rent. £££ Landlords who fail to check a potential tenant’s Right to Rent face penalties of up to £3000 per tenant
Debt Term used to describe late payment of rent. ££
Emergency Term used by tenants to justify 3am phone calls to a landlord because they have lost the keys to your property. £
Fire! The real emergency every landlord dreads. ££££
Gas As a landlord, you have a legal requirement to arrange annual Gas Safety Inspections. £££££
Housing Act 2004 Legislation that all landlords must comply with or risk significant penalties. ££££
Improvement notices If a landlord fails to carry out repair work to a rental property, the local authority can issue an Improvement Notice forcing you to take action. ££££
Joint tenancy A form of agreement used to purchase a rental property with another party. Your respective contributions to the purchase price, mortgage and maintenance will have no effect on the percentage of the property you own. ££££
Khapra beetle Although infestations by beetles are rare, all pest infestations can cost a landlord dear. ££
Leak Commonly preceded by gas or water ££
Mobile The best way of contacting tenants. Also used by tenants to make 3am calls to you £
Assetgrove knows that being a landlord can be very rewarding, but we are also aware that it can also cause a great deal of hassle, not to mention the risk of falling foul of the law.
That is why we offer landlords our rent guarantee scheme. We call this the ultimate way to get hassle free letting because it provides you with a guaranteed monthly income for five years while we take care of every aspect of managing your property. This means Assetgrove will…
- Guarantee there are no void rental payments
- Make sure the property is occupied within 48 hours – as long as it’s up to scratch
- Deal with all tenant issues directly with the tenant to save you the trouble
- Maintain the property during the term of the contract
- Take care of evictions
- Cover all utility and energy bills
For more information about Assetgrove’s Rent Guarantee Scheme, contact us immediately.