It’s important to let your mortgage lender know if you’re planning to rent out your property. Most lenders will ask you to change your existing mortgage to a Buy to Let mortgage, or to pay extra interest. We strongly advise that you inform them about your plans, as failure to do so is perceived as a breach of contract.
This depends on what you’re offering your tenant! Factors that affect rental rates include – how many bedrooms / reception rooms the property has, what condition the property’s in, where it’s situated, and the local market. If required, we can provide you with a free valuation. This will give you a realistic idea of how much rent you can expect to generate each month.
When letting a property, there are a few costs you need to be aware of. For example, Buy to Let mortgages are typically a bit more expensive and if you’re planning to work with us we obviously charge a fee based on the range of services that we provide to you. We are very flexible and aim to customise our services to suit our client’s requirements. To find out more about our competitive letting management rates, get in touch with us today.
Being a landlord can reap big financial rewards, but the job requires a lot of time and effort. When you work with Stadium Residential we will take on the hard work for you. That means you won’t have to worry about marketing the property, sourcing / vetting tenants, or collecting the rent. Also, if we manage your property and any problems arise, your property manager will be the person to deal with them, not you.
It’s now a legal requirement to hold the tenant’s deposit in a government-backed tenancy holding deposit scheme. We can arrange this on your behalf, or alternatively, you can handle it yourself. Once the tenancy is complete, the deposit must be returned to the tenant, minus any money required to repair damage to the property etc.
The legalities involved with being a landlord change regularly and can get complicated. As your property managers, we’ll keep you informed about changes to the law that might affect either you or your tenant.
Your rights (along with the tenant’s) should be clearly outlined in the tenancy contract. You have a variety of rights as a landlord. For example, if you need to gain access to the property, you’re allowed to do so, as long as you let the tenant know in writing. You also have the right to withhold some of the tenant’s deposit to address issues such as damage to the property, or unpaid rent. To find out more about your rights, contact our team today.
When you work with Stadium Residential, you can rest easy knowing that we’ll deal with any issues relating to damage. Our first step is to communicate with the tenant and then arrange repairs, if required. We’ll also get them to cover the costs if the damage is due to their actions. If the tenant refuses to comply, we’ll deal with the situation in the appropriate manner, and keep you updated throughout the entire process.
In most cases, a polite reminder is all that’s needed to get the tenant to pay their rent. If an informal chat isn’t enough to resolve the issue, we’ll send them a formal letter, in accordance with the law’s recommendations. We carefully vet all tenants at the start of the tenancy, which greatly reduces the risk of the rent not being paid.
If you want your tenants to leave your property, you need to give them formal notice. The exact nature of this notice is dependant on what sort of tenancy agreement you have with them. To learn more, visit the GOV.UK website.