08-05-2012
Further to our previous article the EPC rules have now changed making it mandatory for all Landlords and Lettings agents to include an EPC in the marketing particulars for a property with 28 days of the commencement of marketing.
This includes uploading an EPC to property portals and including a hard copy with written particulars.
However, there was still vast uncertainty in the industry as to how the EPC should appear. The original guidance issued last month stated that the full EPC must be included without amendment. This means that all Letting Agent website will need to be altered to allow for the 4 page document to be uploaded and making it difficult to send property particulars in e-format.
However, new guidance has been issued which now states that rather than the full four-page document, the first page of the EPC can be used and agents or landlords can now upload the first page from the EPC register. However, the EPC must not be altered in anyway so as to sustain the integrity of the document. The document must also be kept in its PDF format rather than being changed into J-Peg.
These rules therefore make it easier on landlords and agents to send the EPC with email particulars. However, they do mean that Agents may still have to make alterations to their websites to accommodation the need for the full first page of the EPC.
There are still many landlords out there who are not aware of the new changes to the Law regarding the need for EPCs and the need to have obtained one within 28 days of marketing. Failure to obtain a certificate within this time frame could result in the landlord or letting agent being subject to a fine of £200 by Trading Standards.
If you need an EPC, Harringtons Lettings have a contractor on standby who charges very competitive rates. Please feel free to give them a call on 01273 749169 if you have any questions.
30-04-2012
10% OFF DURING MAY!!
Whilst the rain seems to have abated, we seem to be far from summer time yet. Let iInsure365 brighten up your finances with our May madness 10% discount!
We are pleased to announce that for the month of May we will be offering a 10% discount for all new policies placed with us. If your cover is due please call iInsure365 now, for your Landlord Building Insurance Quote, to take advantage of our discount and low flat rate across the country*.
Don’t forget our MAY MADNESS would be an even greater saving with a 10% DISCOUNT CLICK HERE TO SEND US YOUR DETAILS FOR YOUR DISCOUNT!
Residential
Commercial
Alan Boswell
£320.52
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£445.74
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£308.27
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£314.52
£275.95
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£288.20
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£206.70
£267.12
Occupancy: Professional Tenants
Saving: £69.25
Average Saving: £94.85
Occupancy: Retail Store
Saving: £21.08
Average Saving: £82.36
Our policy includes Loss of rent up to 30% sum insured, £5 Million Property Owners Liability, £5,000 Landlords Contents Cover, Malicious and Accidental Damage Cover as standard. We also have the added benefit of a dedicated, excellent, claims service based in Sussex.
We are able to agree cover and issue policy documentation immediately and we have carefully considered the scope of our policy cover and premium terms. Whilst we do not seek alternative quotations for you, we consider that your requirements will be met by our policy, with quality and fairly priced cover.
Minimum premium £159, terms and conditions apply. Low flat rate subject to postal code check. Offer valid on new policies only. Valid from 1st to 31st May 2012. All Quotes are illustrations based on £150k rebuild cost with no claims and in an area free of flood and subsidence, based on a typical quotation for similar landlords property cover including accidental and malicious damage, £5m property owners liability and £5,000 worth of contents cover. Loss of rent (up to 30% of the sum insured, residential only). Quotes were obtained on 2nd March 2012 and are inclusive of 6% IPT.
23-04-2012
Research carried out this week by iInsure365 suggests some landlords may not have the appropriate cover in place to protect their buy-to-let investment. The rapid growth of the rental sector has seen numerous new landlords insurance products appear on the market. However it is advised that statements such as “All the cover a landlord requires” and “We guarantee to beat your renewal premium” should be treated with caution.
Perhaps the most worrying of our findings is the exclusion of malicious damage cover in 83% of the policies we looked at. Malicious damage is defined as intentional physical damage done to a property. Claims relating to this have been steadily increasing since 2007, with damage caused by cannabis factories accounting for a large share of these as we reported last year. Those landlord insurance policies that do include often carry a large excess.
We also found that many insurers opted to exclude contents as standard in their cover, despite the growing demand for furnished rental property. Those that do, often limit the amount to £5000 while iInsure365’s all risk policy can extend to £25,000*
If you would like a landlord’s insurance quote which includes all the key features we feel a landlord would require please contact us now on 01273 827090. Alternatively, if you policy is not due for renewal yet, please click here and submit your details.
(*Conditions apply, Ecclesiastical policy only)
16-04-2012
Having the wrong type of insurance can be a costly mistake. When insuring your buy to let property it is vital that you opt for landlords insurance. Household insurance is often mistaken for being adequate, and in the unfortunate event of a claim will not be sufficient.
Buildings insurance is specific to the people that reside their. A homeowners policy would assume the policy holder is living at the property while this is not the case. A landlord’s insurance policy such as iInsure365’s can cover you for various occupations such as professionals, student and those in receipt of housing benefit.
Landlord insurance also offers valuable extras that would not be covered in a homeowner’s policy. For of example, loss of rent is included to cover the landlord costs of alternative accommodation should the property become uninhabitable through a fire or flood for example.
If you are unsure what type of insurance is right for your property, speak to one of our experienced advisors today on 01273 827090. We specialise in Landlords Buildings Insurance but also work alongside a company which can provide homeowners insurance.
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26-03-2012
THIS AFFECTS YOU IF YOU HAVE NEVER PROTECTED THE TENANTS DEPOSIT!!
The already complicated Deposit Protection rules are due to change on 6th April 2012 following the introduction of the Localism Bill. These changes will have a dramatic impact on landlords and letting agents with many people still unaware that changes are imminent.
The new rules could catch unaware landlords by surprise and result in them being left with sitting tenants or being liable to pay back to the tenant three times the amount of the deposit!
The main changes that are to take effect from 6th April 2012 are as following:-
1) Deadline for Registration
Under the current rules landlords/agents must register a deposit within 14 days from the commencement date of the tenancy.
THE NEW LAW - The Localism Bill has proposed that this be amended to 30 days giving Landlord/Agents a little bit more time to fulfil the registration requirements. However, it will also mean that Landlords can no longer rely on “administrative oversight” for a delay in protection.
2) Prescribed Information
THE NEW LAW - Landlords/agents must complete and supply to the tenant(s) a Prescribed Information Form within 30 days of receipt of the deposit. This may require tenant signature and asks for contact information and details of the Landlord and deposit paid.
3) Late Registration
If a Landlord/Agent does not register the deposit within the prescribed 30 day deadline, then the loophole supplied in Universal Estates v Tiensia will no longer be available. The Landlord/Agent will not therefore be able to register the deposit after the 30 day deadline.
THE NEW LAW - This is a dramatic change and has rather serious effects for a landlord/agent:-
a) The tenant will be able to bring a claim against the Landlord/Agent for failure to register the deposit and under the new rules the court may fine a landlord/agent up to three times the amount of the deposit.
b) Without the deposit being registered a valid Section 21 notice for possession cannot be issued on a tenant and a landlord cannot therefore take back possession of their property. This basically leaves a Landlord with a sitting tenant and with very limited circumstances in which they can get them out.
The rule changes therefore affect any new Tenancy and also any current Tenancy where the deposit is not registered (such as tenancies which started before the introduction of the Deposit Schemes) and will mean that the deposit will need to be registered on EVERY SINGLE TENANCY within 30 days of 6th April 2012. There are still hundreds of landlords out there who have either forgotten to register the deposit or thought they can register the deposit on request by the tenant who could be affected by the change in law.
If you are one of these landlords, do not fret! We recommend you speak to Kim at Harringtons Lettings who can register your Tenant’s deposit for you within the required deadline for a fee of £100 plus vat into our own scheme with the Deposit Protection Service. Is it not better to pay £100 now than three times the amount of the deposit?
If you have any questions or are worried about your Tenant’s deposit, Kim will be happy to assist you and can be contacted on 01273 749169. The above administration charge is for putting in the deposit to the Deposit Protection Scheme and serving a notice on your tenant only. All postage charges for recorded delivery are extra.
19-03-2012
As part of the UK government’s ongoing commitment to reducing carbon emissions, stricter guidelines are to be put in place regarding Energy Performance Certificates (EPC’s). EPC’s detail information on the actual and potential energy efficiency of a property. All properties put up for sale or rental must have one in place and so stricter enforcement will have a significant impact on landlords throughout the UK.
From the 6th April, the time period given to obtain an EPC once being put up to market will be reduced from 28 days to 7 days. In addition to this, tenants will be entitled to a full energy report as opposed to the basic graph that is currently deemed satisfactory.
Energy Performance Certificates give a good indication of utility bills and can advise landlords on how to reduce their outgoings and improve their rental properties. EPC’s can be obtained from an accredited domestic energy assessor and are valid for ten years. The response from buy-to-let investor has been positive so far, with 54% saying they have made energy efficiency improvements in the past 12 months.
Are you a buy-to-let landlord? Ensure your properties are adequately covered with the market leaders in Landlords Buildings Insurance iInsure365. Contact us now for a quote on 01273 827090.
12-03-2012
Research from Paragon mortgages this week suggest a positive outlook for landlords in 2012. Figures show that the average void time landlords can expect is 2.8 weeks, down from 3.3 weeks in 2009. This can be attributed to the record demand seen for rental property towards the tail-end of 2011 and beginning of 2012, fuelled by high house prices.
Jamie Simpson of iInsure365 warns that any vacant period may affect the properties buildings insurance, “Landlords should be encouraged to reduce void periods to an absolute minimum. Not only are they missing out on potential income but they are also risking invalidating their buildings insurance.” However, iInsure365 will accommodate for any short-term vacancy as he advises further, “We fully recognize that there may be times when unoccupancy is unavoidable, such as in between tenancy agreements. This is why our all risks policy includes 30 days full cover in between tenants. It is vital however that we are notified of any changes in occupancy at the earlier point”
With the demand for rent showing no signs of dropping off, void periods may even fall further. However if you are having problems letting your property, why not take a look at the tips we provided back in September on turning your buy-to-let investment into a home.
Do you require landlords buildings insurance? Contact us now for a no obligation quote on 01273 827090.
05-03-2012
One abbreviation you may of heard frequently used in the property market over the last few years is BMV. This stands for Below Market Value and is linked to the practice of buying or selling a property at lower than its market value.
Many originally labelled the term another ‘get rich quick’ scheme with little to no credentials. However, it is possible to buy properties at below their market value. The definition of market value is where many become mislead. Several queries should be raised by potential buyers when considering a BMV purchase. Firstly the market value should not be confused with the asking price. Some self-appointed BMV specialists have given the impression that the buyer is getting a property for lower than its market value when in fact it is a false discount, as the market value can only be defined as what someone is willing to pay for it. Likewise, it can be hard to calculate and accurate value if there is no benchmark available. A property can only truly be considered below market value if a property in the same area, of the same size and in similar condition has been sold at a higher price.
So do genuine BMV deals exist? In a word, yes. In some cases, sellers will be willing to take a lower price – the main factor being time. The immediate availability of funds may appeal to property sellers, and persuade them to offer a discount, even if they have had higher offers. Discounts of upto 25% can be found, but as with anything – if its too good to be true, it usually is.
Have you recently acquired a BMV property with the intention to let it out? Contact us today to discuss your insurance requirements on 01273 827090.
27-02-2012
New research last week suggested that property rents in the United Kingdom continued to accelerate at record rates. Some letting agents though have argued that landlords must be aware of the disparity between different parts of the UK.
While areas such as the West Midlands have seen strong rent increases, landlords in Sussex have not seen the same results. As one of the most desirable places to live in the country, Brighton has been known as having notoriously high rents for some time. The career opportunities, fast transport links to London and famous attractions are just some of the factors contributing to this. While in some parts rents have continued to rise, the higher priced rental properties on the market appeared to have reached their peak.
One of our landlords commented that “It seems as though I will have to reduce the rent I’m charging on some of my properties to. With so many rental properties on the market currently, tenants have gained significant bargaining power. However I am more than happy to make the required reductions in order to keep good tenants I currently have in place”
Landlords should consider the area, current rents and demand in the area before reviewing their charges for 2012.
Do you own rental property in the UK? Ensure you have the right landlords insurance cover. Speak to one of our advisors today on 01273 827090.
20-02-2012
The Christmas period is notoriously quiet for letting agents’ nation wide. The worry of complications and unnecessary headaches is enough to put the majority of tenants off the idea of moving over the festive period. However with average rents reaching record heights at the tail-end of 2011, many searching for new accommodation have attempted to take advantage of the previous trends of low Christmas demand for rental property.
It would appear though, the holidays have failed to affect this years rental prices. Limited property demand has seen rents rise in January for the first time in four years. Research by LSL Property services illustrated a rise of 0.1% in UK rents, to £712 a month. The rise was felt hardest in the West Midlands, with London not trailing far behind.
Jamie Simpson of iInsure365 explains that much of the same is forecasted for 2012, “Record demand has been created from increases in the cost of living and owning a property outright. Luckily, lending conditions for would-be landlords have become more flexible allowing supply to be created”
Does your rental property need Landlords Insurance? Speak to the experts at iInsure365 now for an all risk quotation on 01273 827090.
17-02-2012
Congratulations to Ian Burnham, who successfully named Mike Williamson as the Newcastle player who deflected Will Buckleys’ shot and sent Brighton & Hove Albion in to the fifth round of the FA Cup.
Ian wins three tickets to the mouth watering clash between Albion and Liverpool at Anfield on Sunday 19th February.
Thank you for your entries, and please check our site regularly to hear about our latest competitions.
13-02-2012
Property owners who want to change their property from a dwelling house (class C3) to a House in Multiple Occupation (a small HMO – Class C4) will now require planning permission under a piece of legislation named article 4.
The legislation – with a view to improving tenants housing conditions and community relations – has been criticised by some landlords. Previously, only HMO’s with six or more unrelated tenants required a licence though this has now been reduced to three.
The legislation is however; optional with some local authority’s expected to implement it while others opt out. It is likely to be popular in areas highly populated by students, with Brighton & Hove Council already considering implementation plans. Research suggests 800 properties in Brighton will qualify for the required license with the Hanover and Elm Grove areas amongst those most affected.
Landlords who do require a licence will be required to pay around £400-£600 once their planning application is approved. Although this may seem high, and many will be opposed to it, landlords are warned not to ignore their legal requirements. Jamie Simpson on iInsure365 warns that “Failure to have the right licence can carry a heavy fine of upto £20,000, so it is vital that you consult your local authority on planning regulations”
iInsure365 can insure your HMO. Contact us now for a competitive buildings insurance quotation on 01273 827090 or visit our website http://www.iinsure365.co.uk/
08-02-2012
Last week we asked you how many appearances Mark Lawrenson made for Brighton & Hove Albion before moving to Liverpool.
The prize? Two away end tickets for the FA Cup Fifth Round tie between the two sides at Anfield.
We are pleased to announce the winner as Gary Waghorne, who correctly answered 152.
Congratulations Gary, a member of the team will be in touch to arrange delivery.
Keep an eye on our twitter page (@iinsure365) to be the first to hear about our latest competitions!
06-02-2012
One of the most threatening risks to property owners is the ever increasing problem of flooding. Last week, the commons public accounts committee published their latest report on flood risk management.
Backed by evidence from the Department for Environment, Food and Rural Affairs (DEFRA) and the Rural Payments Agency, findings show an annual cost of over £1.1 billion due to flood damage.
At present, the government has agreed to maintain current expenditure levels of flood prevention. However, as Jamie Simpson of iInsure365 warns, this may not be enough in the long run.
“Spending needs to be increased in line with growing concerns about the effect of climate change and the long-term protection of current defences.”
It is however, unknown at present where this funding will emerge from. The department has suggested local resources and private businesses in the worst affected areas will need to support their local communities.
iInsure365’s All risk landlords insurance policy protects buy-to-let investors against the threat of flooding. Contact us today for a no obligation quote and secure your investment. 01273 827090 | enquiries@iinsure365.co.uk
30-01-2012
Guy Martin owns a number of buy-to-let properties across the country. Last week, Jamie Simpson of iInsure365 sat down with him to find out more about his role & responsibilities as a landlord.
Q: So Guy, tell us a little bit about yourself…
A: I’m 55 years old, born in Liverpool, residing in nearby Chester with my wife Jackie and 3 kids. I have been in the property market for around 15 years, and have experienced first hand the rise and fall of the buy-to-let market.
Q: How did you first enter the property industry?
A: I had no experience prior to purchasing our first BTL property in 1999. My partner was eager for a change in career paths and we had inherited some money from her late partners. We took the plunge on a three bedroom house just five minutes from our own house. Today we own 11 properties, and are actively looking to purchase more.
Q: What are your forecasts for the, firstly immediate future and longer term?
A: I can’t see rents falling any time soon. As ever, the property market was slow over the Christmas break but I can’t see this lasting into February. With the economy recovery taking longer than expected I fully expect the trend of young professionals opting to rent continuing for many years.
Q: What advice would you give to those looking to begin their buy-to-let adventure?
A: Don’t rush anything, owning and maintaining a rental property can be time consuming. Cutting corners with be detrimental in the long run though. If you don’t have the time available, use a managing agent. Look after your tenants and they will look after you! Make sure you have the finance available and the correct insurance in place. We use iInsure365 for all our properties as they have remained the most efficient and competitively priced. I also recommend my friends who are landlords to them.
Thank you for your time Guy.
Are you a new or experienced landlord? Contact iInsure365 today for a competitive landlords insurance quotation on 01273 872090. Alternatively, do you know someone who is a landlord? Refer them to us and receive a £10 M&S Voucher if they take out a policy like Guy does.
23-01-2012
Landlords should be aware of the importance of accurate bookkeeping as the HMRC look to increase investigation into the thriving sector says Jamie Simpson of iInsure365. Over the next 12 months, it is expected that the HMRC will attempt to improve government funding by catching potential tax avoiders. The enhanced spotlight has already been tried and tested in the North West of England and North Wales and it is likely that this will be widened to the rest of the UK this year.
So what can you do to avoid possible fines for incorrect bookkeeping?
The HMRC has re-iterated that honest businesses men have nothing to fear. Many buy-to-let investors, especially those with multiple properties (who are specifically being targeted) may find it advantageous to hire a professional accountant who is experienced in the buy-to-let. Landlords often have enough matters to deal with, and any errors can be costly.
It is vital that accurate records are kept of rental income and expenditure. This is a legal obligation and such records must be kept for 6 years following the end of the tax year to which they relate.
Why not remove the headache of arranging your landlords insurance by speaking to an advisor at iInsure365 today. We can arrange for a member of the team to contact you a month before your renewal for a quotation. Simply contact us with your renewal date and we will do the rest! Allowing for more time to concentrate on your tax return.
16-01-2012
Jamie Simpson from iInsure365 advises that property investors who own buy-to-let portfolios should consider improving their current properties before adding additional ones. Re-investing income can add significant value to the property, and warrant higher rents being charged. It may also make vacant properties more desirable to prospective tenants. This may lead to landlords saving money as occupied properties attract lower insurance premiums.
Firstly, it’s vital that the ‘necessities’ are maintained to a high standard. Tenants will come to expect availability of high speed internet, regular maintenance and decoration of common areas.
Another key part of the property to maintain is the bathroom, which many letting agents highlight as ‘the biggest selling point’ of a property. Cost effective methods such as installing a new showerhead or installing a towel holder can all add to the perceived value of a property.
It’s also critical that your buy-to-let property is energy efficient. An increasingly discussed topic in the media, new legislation in 2018 will mean letting a property which does not meet energy standards will be an offence.
Cover your rented property today with iInsure365 landlords insurance. Call now for a quote on 01273 827090 or visit the website http://www.iinsure365.co.uk/
03-01-2012
Underinsurance is a rising problem in the buy to let industry. This occurs when a landlord provides an inaccurate rebuild cost of their property for insurance purposes. Not only does this threaten to affect the settlement of any potential claims, but there is also contractual conditions under the lease that require full reinstatement of the building.
“Property owners should carry out professional building valuations at least every three years. This guarantees an accurate rebuild cost and enables the insurer/loss adjuster to concentrate on settling any claims that may arise rather than having to investigate possible underinsurance issues and causing unnecessary delays.”
It is increasing likely that mortgage lenders will request a property is insured for a minimum amount. In severe underinsurance cases, failure to meet this contractual obligation could even lead to foreclosure on any loans secured against the property.
iInsure365 can not advise on your rebuild cost. The best way to calculate this is to use a professional surveyor, however you can also use the association of British Insurers rebuild cost calculator. This can be found at http://abi.bcis.co.uk/
For a no obligation landlords insurance quotation on your freehold property, contact iinsure365 on 01273 827090 or apply online