Why is it necessary to pay an application fee on the property?

Prior to the tenant being permitted to move into the property, Belvoir Sheffield will request a fee from each adult applicant in order to hold the property and for the necessary background checks to be carried out. Such background checks generally include ensuring an appropriate income, current occupancy and current employment.

How can a contract on a month-to-month basis be ended?

The notice period varies according to the contract that the tenant has agreed to, but generally the period will be one calendar month from the next payment date.

Is the payment of a deposit necessary?

Yes. The value of the deposit will vary according to the property, from a month’s rent to a month and a half’s rent. The deposit must be paid prior to the tenant moving in and will be available to cover the landlord against possible damage to the property during the tenancy.

Will the deposit be refunded?

The landlord will assess the property at the end of the tenancy for any damage or wear beyond reasonable wear and tear. Assuming that there are no problems identified by the assessment the deposit will be refunded in full.

What happens to my deposit at the beginning of the tenancy?

The deposit will be registered with and held by a government approved deposit scheme until the end of the tenancy. At the end of the tenancy the property will be inspected and any possible reductions will be discussed with the tenant prior to the deposit being returned.

Does the landlord require notice when in the last two months of a twelve month contract that is not being renewed?

Yes, if notice is not provided the contract will continue on a periodic, month-to-month basis.

What are the landlord’s responsibilities?

The landlord’s obligations and responsibilities should be clearly outlined in the tenancy agreement which should have been provided by the landlord.

What is the tenant responsible for?

As with the landlord, the tenant has particular obligations and responsibilities which are also outlined within the tenancy agreement.

Who is responsible for the TV licence?

The tenant is responsible for the provision of a TV licence.

How can it be ensured that the new tenant is not held responsible for damage caused by a previous tenant?

Many landlords provide the new tenant with an inventory which should be completed and returned to the landlord. When an inventory is not provided, the tenant can alternatively take a photo of the damage and request that it be kept on the landlord’s files until the tenancy ends.

What rights does a tenant have if the landlord acts unfairly and charges the tenant for utilities or house items which have not been previously agreed?

The tenancy agreement should be consulted in order to identify who is responsible for specific payments. Further to this, the tenant should liaise with the landlord to clarify the situation and come to some form of an agreement.

Why is it necessary to pay an application fee on the property?

Prior to the tenant being permitted to move into the property, Belvoir Sheffield will request a fee from each adult applicant in order to hold the property and for the necessary background checks to be carried out. Such background checks generally include ensuring an appropriate income, current occupancy and current employment.

How can a contract on a month-to-month basis be ended?

The notice period varies according to the contract that the tenant has agreed to, but generally the period will be one calendar month from the next payment date.

Is the payment of a deposit necessary?

Yes. The value of the deposit will vary according to the property, from a month’s rent to a month and a half’s rent. The deposit must be paid prior to the tenant moving in and will be available to cover the landlord against possible damage to the property during the tenancy.

Will the deposit be refunded?

The landlord will assess the property at the end of the tenancy for any damage or wear beyond reasonable wear and tear. Assuming that there are no problems identified by the assessment the deposit will be refunded in full.

What happens to my deposit at the beginning of the tenancy?

The deposit will be registered with and held by a government approved deposit scheme until the end of the tenancy. At the end of the tenancy the property will be inspected and any possible reductions will be discussed with the tenant prior to the deposit being returned.

Does the landlord require notice when in the last two months of a twelve month contract that is not being renewed?

Yes, if notice is not provided the contract will continue on a periodic, month-to-month basis.

What are the landlord’s responsibilities?

The landlord’s obligations and responsibilities should be clearly outlined in the tenancy agreement which should have been provided by the landlord.

What is the tenant responsible for?

As with the landlord, the tenant has particular obligations and responsibilities which are also outlined within the tenancy agreement.

Who is responsible for the TV licence?

The tenant is responsible for the provision of a TV licence.

How can it be ensured that the new tenant is not held responsible for damage caused by a previous tenant?

Many landlords provide the new tenant with an inventory which should be completed and returned to the landlord. When an inventory is not provided, the tenant can alternatively take a photo of the damage and request that it be kept on the landlord’s files until the tenancy ends.

What rights does a tenant have if the landlord acts unfairly and charges the tenant for utilities or house items which have not been previously agreed?

The tenancy agreement should be consulted in order to identify who is responsible for specific payments. Further to this, the tenant should liaise with the landlord to clarify the situation and come to some form of an agreement.

In today’s economic climate it can be very difficult to choose a business venture which is low risk in nature and therefore guaranteed success. With an ever increasing rise in unemployment it is currently particularly attractive to be self-employed with much person control over income. One example of self-employment that has proven to be particularly successful is that of renting property. There is always and will always be a demand for housing and the demand for rented property is particularly high due to decreased levels of income. Once the decision is taken to rent property as a source of income, the primary decision that remains to be made is should the landlord manage the property himself or use a letting agent to manage the property on his behalf?

There are a number of benefits for each option but the overall decision must be taken as to how much involvement the landlord wants to have in the renting of the property. If the landlord purely views the property as a source of income and nothing more, perhaps choosing to use a letting agent to manage the property is a wise course of action as all of the regular decisions and tenant interaction are handled by the letting agent leaving the landlord free to pursue other activities. However, if letting the property is more than simply a source of income and the landlord has great interest or passion for the business, perhaps self-management is a more attractive option.

Of course by using a letting agent the landlord forfeits a percentage of the rent from the tenants as agreed with the letting agent. For this fee the letting agent will manage both the retrieval of the deposits when new tenants arrive and the return of deposits on their departure. Moreover, the letting agent will promote the property to the best of their ability to ensure that the property is occupied for the greatest proportion of time possible. The letting agent has a vested interest in ensuring that the property is occupied, together with extensive resources refined to promote property letting.

On the other hand, however, if the landlord is to manage the property himself, he would of course receive the full value of the rent paid by the tenants. The landlord would also be responsible for the care of deposits and the associated legal issues which this entails. Moreover, the landlord would have to advertise the property privately and complete checks on potential tenants himself. Without the resources of a large organisation and without the collective experience, this can be a very difficult and time consuming process.

For the services provided by a letting agent the landlord would pay a relatively small commission on all of the rent paid by the tenants. For such a fee the process of renting the property is simplified extensively for the landlord, allowing him to enjoy his spare time or pursue further employment. This is particularly attractive for first-time landlords who are new to the business and wish to take advantage of the agent’s considerable knowledge and experience.

In light of new figures demonstrating that the private rented sector is in fact increasing, Rick Flay from Belvoir Sheffield, the leading letting agent in Sheffield is advising landlords UK-wide to gear up for changes heading their way.

Expanding by around 50 per-cent in the last nine years, the private rented sector is increasing beyond all recognition, forcing landlords to rethink their tactics and reassess their competition.

Rick Flay, Director at Belvoir Sheffield, who offer a wide range of property to rent in Sheffield, said, “In the last few years the property market has seen a cultural shift away from home ownership and this increased demand has lead to a lack of rental properties in ‘good’ locations.

“Due to the desire for flexibility, the lack readily available mortgages and the high deposits required, people holding off purchasing their first home.

“It is highly likely that to meet such demand, the rentals market will move to a more continental model seen in countries like France and Germany, where leases are offered on a five or ten year basis as opposed to the six and twelve month leases currently offered in the UK.”

As the population in the UK is expected to increase from 60 to 70 million by 2029, commentators are estimating that the amount of people looking for good rental properties will also increase, leaving a supply and demand imbalance.

Rick, from the Sheffield letting agents added, “Traditionally the rentals market was aimed at 20-35 year- olds, but we are now finding that the older generations are also looking for rental properties.  It is highly likely that that there will eventually be a housing shortage, which makes it a great time for landlords.

“Rental properties are very much in demand and will continue to be so.  I would advise any would be landlords to take the plunge as there has never been a better time to invest in the buy-to-let market.”

As Capital Gains Tax is increased to 28 per-cent for high rate tax payers in the UK, opinion is divided on the effect this will have on the buy-to-let market.  Now Rick Flay from Belvoir Sheffield, leading letting agent in Sheffield offers his thoughts on this recent budget announcement.

According to Rick, from Belvoir Sheffield, who specialise in letting out properties in Sheffield, the new rise is a ‘non issue’ for the long term investor.

He said, “The new report has seen Capital Gains Tax increase to 28 per-cent, but it was heavily trailed in advance, leaving little or no surprise for investors when it was ‘officially announced’.

“In reality this rise really is a ‘none issue’ for the housing market, despite initial fears that it would spark a sudden sell off of second homes and investment properties, because the new rate came into force within hours of Chancellor George Osborne’s announcement.

Briefing the Cabinet on what he called a ‘tough but fair’ emergency Budget, Chancellor George Osborne is in effect taking the UK back to a similar rate to the pre-2008 rules, when Capital Gains Tax was increased to 24 per-cent.  In light of this, property remains a good investment and Capital Gains Tax still compares favourably with income tax set at 40 per-cent.

Rick added, “The increase to 28 per-cent is in reality, better than first expected.  I think that this new rate will offer some comfort to investors and they will be less likely to desert the buy-to-let sector.

“If you are a long term investor, now could be a great time to buy because if you take a ten year view, Capital Gains Tax could be back down again by the time you intend to sell.  Many of our landlords in Sheffield believe in the long term value of buy-to-let – and when you look at the alternatives, it isn’t difficult to see why bricks and mortar retain their appeal.”

Over two million people in the UK now own a second home, with one million of these being buy- to- let landlords looking to secure their financial future. In light of this, journalist Tina Clough spoke to Belvoir Sheffield, the leading letting agent in Sheffield, to discover if second homes really are the cash spinners they appear to be, or a lost profit waiting to happen.

Rick Flay, Director at Belvoir Sheffield, who offer a wide range of property to rent in Sheffield, said, “There are two main ways to make money from your second home, which include either purchasing a second home as a long term investment, or purchasing a home as a renovation project to sell on at a later date.”

“Second homes can certainly be cash spinners, but it all depends on your chosen letting agent and which option you decide to go for. One of the most popular financial ways of looking at a second home is to purchase it as an investment, renting it out and keeping hold of it for a considerable length of time.

“This method means that you would usually gain through capital growth as the price of your property increases, yet your mortgage remains at a fairly stable rate. In this situation, it is also possible to make money from the rent itself, but this depends on your initial outlay, the rental return and finding a reputable letting agent who can provide you with both the expert knowledge and support.”

One tenant, 32-year-old Robert, knows more than most, the benefits of renting out a second home as an income booster, he said, “When I moved away from my home town three years ago, I decided to keep my house and let it out. As I was moving I didn’t want the hassle of finding a tenant and managing the property myself.

“The property was only empty for a week and my tenant has been there ever since. The whole transition was very smooth, and they take care of everything for me.”

Rick, from Belvoir Sheffield, who specialise in letting out properties in Sheffield, added, “Now is a great time to invest in a buy-to-let property because the demand for rental properties far outweighs the supply, resulting in much shorter void periods.”

Also increasing in popularity over the last few months is undoubtedly the ‘fixer-upper’. Renovation projects can create a tidy profit, providing that you have the time to carry on the necessary work and have great contacts within the trade industries. This method can also be slightly more risky, as changes in the house buying market over shorter periods are less radical, so you may end up putting in a lot of work for very little return.

Rick added, “Whilst renovation projects can be lucrative, it is not the easiest market in which to sell. Here at Belvoir Sheffield, we provide a fully rounded service for those looking to do up and sell on a property.  If this is your goal, do not be put off if you lack the contacts as we can help.

Belvoir Lettings Sheffield are the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances

For more information, please visit www.belvoirlettings.com/sheffield.

With the number of tenant disputes on the increase, Belvoir Sheffield the leading letting agent in Sheffield city centre, is offering advice on nurturing the landlord-tenant relationship as a means of avoiding undue stress.

Rick, from Belvoir Sheffield, the leading Sheffield letting agents, said, “Being a good landlord isn’t always about making those necessary repairs and collecting the rent. Your relationship with your tenants starts the moment they move in and it is essential that you get things off to a great start.

“As a landlord, it is important to understand that tenants no longer need to tolerate bad landlords or agents. It is therefore very important that you employ an agent who will make an impression on move in day and set the tone for things to come. Here at Belvoir Sheffield, we provide a welcome pack with the tenants’ lease and we often provide them with a gift which could be anything from free pizzas to wine and chocolates.

“Your agent should also provide tenants with a guide to the utilities found inside the property and even local information, including a list of local schools, doctors and restaurants. At Belvoir Sheffield, we give tenants an office number and a 24-hour emergency line, along with an email address, in case they have any problems during the course of their stay. We specialise in fast response to tenant requests and maintenance issues, to keep tenants happy for the duration”

Landlords should also ensure that their agent takes the time out to explain the house rules to tenants face to face, along with what is expected of them. This ensures that any questions can be answered as they arise on move in day and not be forgotten or ignored.

Rick from Belvoir who offer a wide selection of houses to rent in Sheffield, added, “Here at Belvoir Sheffield, we advise all of our landlords to invest in an inventory report which is a report into the condition and contents of a property at the time of moving.  By benchmarking this at the start of a tenancy, it reduces the number of disputes when the tenants move out.”

“Landlords should ensure that they employ an agent who chooses their tenants wisely as this will improve the likelihood that you have a good landlord-tenant relationship, so it is important to screen all prospective tenants.  Here at Belvoir Sheffield, we carry out in-depth credit reports, and request references from previous landlords and current employers, on behalf of the landlords of our managed properties.

“You will also have good landlord tenant relations if you take care of your property. If your tenants see that you care about the condition of your property and it will also encourage them to take pride in the condition of the house.”

Belvoir Lettings Sheffield are the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances

For more information on creating a healthy landlord-tenant relationship, please visit www.belvoirlettings.com/sheffield

With 52 per-cent of UK landlords being forced to deal with void periods in the last 12 months, Belvoir Sheffield, the leading letting agent in Sheffield city centre, is offering impartial advice to those faced with this costly predicament.

Although the latest figures from the National Landlord Association indicate that incidences of voids have leveled off, over half of the landlords questioned have experienced voids in the past year, with a staggering 43 per-cent being forced to use personal savings to pay their mortgage repayments.”

Rick Flay, director at Belvoir Sheffield, who offers a wide range of property to rent in Sheffield, said, “Generally speaking, a ‘void’ period is any landlord’s worst nightmare.  The cutthroat market conditions we are now experiencing mean that open channels of communication between agents and tenants is becoming even more important as landlords aim to avoid the dreaded ‘void period’.

“As a value add to landlords of our managed properties, Belvoir Sheffield contact tenants over two months prior to the end of their lease to try and find out whether they are intending to stay and where they are not, we start to remarket the property, maximizing the time to find a re-let before the existing tenant has moved out.”

“Here at Belvoir Sheffield, we are inundated with enquiries from landlords keen to avoid such ‘void periods’ so we are offering our top five tips set to help those most in need.”

1. Update kitchens and bathrooms

With so many new build and newish properties saturating the current marketplace, the need to modernize both kitchens and bathrooms is becoming increasingly important. If you are on a tight budget, it is possible to give a kitchen a mini facelift by merely replacing the kitchen cupboard doors, or by repainting door frames and skirting boards in brilliant white. The same goes for bathrooms. If you are working to a restricted budget, why not repaint the room or invest in some new tiles for an instant mini makeover.

2. Make a good first impression

First impressions are without a doubt the most important, so make sure that your property looks great both inside and out. Setting the tone for the rest of the property, the exterior of your property should be neat and tidy. Make sure that driveways are clean, any fencing is freshly stained and that any garden spaces have been looked after.

3. Rental expectation

When landlords come to us with their houses rent Sheffield, we tell them to make sure that they make realistic rental expectations and ensure that their property is on the market for a price which is in line with comparable properties in the area. It is much better to rent your property out at a slightly reduced price than for it to be empty for a month because you are holding our for those few extra pounds.

4. Go Natural

When painting your property in a bid to attract tenants, be sure to use a neutral colour scheme. It is always best to play it safe to avoid putting off any potential tenants, plus using a neutral palette will make the rooms look bigger whilst drawing in more light.

5. Double Glazing

Double glazing reduces heat loss and it will make it much more energy efficient. It can also reduce noise and will give make the property seem much more private, especially if it is based in a busy built up area.

Belvoir Lettings Sheffield is the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances

For more information on avoiding void periods, please visit www.belvoirlettings.com/sheffield

Rick Flay, managing director of Belvoir Sheffield the leading letting agent in Sheffield, today called the new Governmental reforms a ‘mixed bag’ for the rentals market.

Indicating four key areas which will affect the rentals market, Rick recognizes that changes to capital gains tax, mortgage availability, EPC’s and stamp duty, will all have a significant effect on the market as we see it.

With capital gains tax on non-business assets set to be imposed at rates close to income tax, the expected changes to the legislation will impact more so on investors paying the higher income tax rate and second home owners. For these groups, the rate of tax could potentially rise from 18 per-cent to 40 per-cent.

Rick, from Belvoir Sheffield, who specialise in letting out properties in Sheffield, added, “It is the likely assumption that capital gains tax will increase and I think that there are two schools of thought surrounding this.  One is that people will be tempted to sell their properties to beat the rise and the second school of thought is that investors will tough it out.

“I personally believe that property investors will not be selling because they will take a long term view. It is important to into account the rental that can be achieved and how that rent can be increased as the years go by. Even if tax rates increase and remain high the asset class still makes it an attractive investment. I would certainly advise any potential investor to seek help from a professional letting agent that will offer them with impartial advice.

As far as mortgages go, Rick from Belvoir Sheffield, the leading letting agents in Sheffield, states “Under the last Government, there were huge problems for those seeking buy-to-let mortgages and first time buyers hoping to get onto the property ladder. The Government should begin lending to those with smaller deposits ie by increasing the loan to value ratio (LVR) and mortgage rates will need to come down in order to stimulate the market. This has been an ongoing issue, and in my view it is something that the new Government should really focus on as increased liquidity in the market will boost the whole sector.

“Another major area for debate is certainly the rules surrounding stamp duty.  The Queens Speech claimed that it was now ‘under review’, but in my opinion the new Government should abolish stamp duty on all property purchases up to £250,000 as it would stimulate both the first time buyer and buy-to-let markets.”

In a contradictory move, the new agenda pledges to keep energy performance certificates (EPC’s) but plans to scrap Home Information Packs.

Rick from the leading letting agent in Sheffield, added, “Although an Energy Performance Certificate (EPC) is still required for a rental property, I don’t think that they add any value.  Here at Belvoir Sheffield, we find that many tenants are unaware of what an EPC is, they do not request them, and I think last year alone, only one tenant asked to see one. It would therefore be very interesting to see if they will be repealed in future.”

Belvoir Lettings Sheffield is the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances

For more information, please visit www.belvoirlettings.com/sheffield.

Tenant Demand ‘Set To Soar’ Claim Belvoir Sheffield

New figures revealed by the Royal Institution of Chartered Surveyors indicate that UK landlords are likely to see rental expectations increase as the supply of new properties falls for the second quarter.  In light of these new statistics, journalist Tina Clough spoke to Belvoir Sheffield, the leading letting agent in Sheffield, to find out how this sudden demand is affecting them.

The survey found that 23 per-cent of chartered surveyors reported a fall rather than a rise in the number of new landlord instructions for this period, up from 18 per-cent in the previous quarter, indicating that tenant demand could increase to unprecedented levels.

Rick Flay, Director at Belvoir Sheffield, who offer a wide range of property to rent in Sheffield, said, “Here at Belvoir Sheffield we are seeing proof that tenant demand is certainly increasing, to the point where we are seeking out new properties in Sheffield and the surrounding areas.

“We are urgently looking for one and two bedroom flats in Sheffield, along with one and two bed terraced houses in the S1, S2, S3, S7, S8, S10 and S11 postcodes, after a significant increase in tenant enquiries.”

With critics pinpointing the sudden upturn in the housing market as a large factor, many accidental landlords have been tempted away from the lettings market.

First time buyers unable to get a foot on the property ladder are still a major source of increasing demand for good rental properties, with houses remaining more popular than flats, causing a supply/demand imbalance which is also helping to increase rental expectations.

Rick added, “We are encouraging both seasoned and first time landlords to come to us with their properties and we will provide them with a tailored service to suit their individual requirements.  Whether you require expert help on capital gains tax, portfolio management, asset protection or pensions, Belvoir Sheffield can certainly help you.”

Belvoir Lettings Sheffield are the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances

Belvoir Sheffield is represented by Tina Clough, please direct all press enquiries to tina.clough@poppy-pr.co.uk or alternatively, call 07805716959.

The non-payment of rent is the single biggest risk for landlords, a recent survey has found. Protect yourself and your money by getting rent and legal protection from Sheffield’s largest letting agents, Belvoir! Sheffield.

Even though this is such a big problem, only half of the letting agents questioned said they considered a discussion with their landlords to protect against this and under a third said they do not even advise clients to arrange rent protection insurance to guard against loss of rent and to cover legal expenses, should the need arise.

Rick Flay, the Managing Director of Belvoir! Sheffield said: “We believe it is our moral duty to inform our clients of the risks of not getting landlord’s rent protection insurance and the best way to go about getting covered.

“It is just good practice and all our landlords are informed of this and the services we offer, so they never feel as if they were misinformed or left in the dark should anything go wrong with the tenant.”

We provide extensive rent protection services, with rent paid for up to 12 months, £25,000 worth of legal cover and handling of any claims that are made. Rick added: “It is so important that landlords are given the opportunity to either choose the services offered by the letting agent or are given details of alternative specialist insurance providers.”

Anything can go wrong with paying rent. The tenant can lose their income by either being made redundant or leaving their jobs or simply make excuses every month as to why they cannot pay. Getting rent protection insurance means you are protected against any non-payment of rent and you can rest assured that your money is safe and secure.