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Good Landlording

De : Suzanne Smith and Richard Jackson
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  • A weekly podcast co-hosted by Suzanne Smith and Richard Jackson, who discuss practical tips to help you start, grow and succeed as a landlord.
    © 2024 Good Landlording
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    Épisodes
    • GL#8: What the General Election means for landlords, with guest, David Smith

      GL#8: What the General Election means for landlords, with guest, David Smith
      May 27 2024
      With the fall of the Renters Reform Bill, and the upcoming general election, Richard Jackson and Suzanne Smith pick the brain of leading solicitor David Smith from JMW to explore what the election is likely to mean for landlords. In this episode we discuss what happens to the Renters Reform Bill now, and analyse what a new Labour or Conservative government might bring for landlords. We step away from the hyperbole and catastrophising, and take an objective look at what we currently know about the policies of both Labour and the Conservatives. As always, we bring the practical perspective of landlords, and share tips on what we're doing to filter out all the noise that an election brings. We recorded this episode on 24 May 2024, shortly before parliament was prorogued ahead of the General Election on 4 July, before any of the parties have published their election manifesto. With this episode, we reached a big milestone: episode number 10! We've released 8 regular episodes and 2 on the Renters Reform Bill since we launched Good Landlording on 10 April, less than 7 weeks ago. We've also had well over 10,000 downloads, before this episode goes live! That's a fantastic achievement for a new show, run by podcast newbies. What we cover in this episodeWhat happened to the Renters Reform Bill?What we know about Labour's policies for the Private Rented SectorWhat if the Conservatives win the election?Advice for landlords in this period of uncertainty before the General ElectionCredits >> Submit a question: Click here for question form What happened to the Renters Reform Bill? The government abandoned the Renters Reform Bill in the brief wash-up period on 24 May when a few bills managed to be rushed through the House of Lords, like the Leasehold and Freehold Reform Bill. As the Renters Reform Bill fell, any new government would need to draft a new bill from scratch, with a new long title, if they want to pursue rental reform after the election. Of course, some of it would no doubt look the same, but a new Bill would have to start all over again to go through all of its stages in the Commons and Lords, which would take several months. >> Blog post: The Independent Landlord - Renters Reform Bill: What happens now? What we know about Labour's policies for the Private Rented Sector Labour has not yet published their manifesto. However, David Smith predicts the following might feature in Labour's policies for landlords should they win the general election and form a government" Abolition of Section 21 and fixed term tenancies, but with a few additional grounds for landlords to terminate a tenancy, for instance if they want to sell, or it's a tenancy for agricultural workers. Regulation of letting agents and other property agents. Some sort of rent stabilisation measures, as opposed to rent control. He does not see this as a bad thing for landlords as they would move to yearly increases in line with inflation, instead of just increasing rents when tenants change. Increased devolution of housing powers to local authorities. More regulation around management standards and quality, along the lines of Rent Smart Wales, which would bring more consistency than the piecemeal the current selective licensing approach. Landlord register. Better enforcement by local authorities. >> Blog post: The Independent Landlord - What are Labour’s policies for the Private Rented Sector? What if the Conservatives win the election? David Smith predicts that the Conservatives would not bring forward another Renters Reform Bill should they win the election. The driving force behind the Bill, Michael Gove, has stood down, along with many of the more moderate Conservative MPs. We will need to wait for their election manifesto to be certain. Advice for landlords in this period of uncertainty before the General Election Landlords are entering a period of increased uncerta...
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    • GL#7: How to manage rent arrears

      GL#7: How to manage rent arrears
      May 22 2024
      In this week's episode of Good Landlording, we discuss one of the most difficult aspects of our jobs as landlords, and that's handling rent arrears. Rent arrears are challenging, even if landlords use an agent. The essence of the agreement between a landlord and a tenant is that the landlord provides a well maintained and legally compliant property to live in. In return, the tenant pays rent. If tenants don't pay the rent when it's due, they are in what's called rent arrears. Private landlords run a business and need to be paid the same as any other business that doesn't receive government funding. Being a good landlord doesn't mean you're a charity and you need to provide the property free of charge. If we don't get paid, we can't pay our bills, and may end up going out of business. However, there's a lot landlords can do to help tenants who start to fall into rent arrears. Managing rent arrears is something that all landlords need to understand, so we can minimise the risk of rent arrears, and know what to do if our tenants fall behind with their rent. Richard Jackson and Suzanne Smith share practical tips to help landlords avoid rent arrears, what landlords should do if tenants do fall behind with their rent, and how to help tenants. We also go through options are for evicting tenants in rent arrears both now and if the Renters Reform Bill had come into force. Eviction should be the last resort for landlords, if everything else has failed. What we cover in this episode at a glancePractical tips for landlords to minimise the risk of rent arrearsWhat should landlords do if tenants are in rent arrears?Practical tips to help tenantsWhat is Breathing Space?Late payment processThe last resort: Evicting tenants because of rent arrearsUsing Section 21 Housing Act 1988Using Section 8 Housing Act 1988The new Mandatory Ground 8A in the Renters Reform BillGolden nuggetCredits >> Submit a question: Click here for question form Practical tips for landlords to minimise the risk of rent arrears Prevention is better than cure, and landlords should try to avoid tenants falling into arrears in the first place. Here are 7 practical tips to minimise the risk of rent arrears: Tenant selection. Choose tenants that can comfortably afford the rent. For more information, see Episode 1: What makes a good tenant? Choose the rent payment date carefully. When entering into a new tenancy agreement, ask the tenants when they would like to pay the rent. The best date is shortly after they are paid. You can pro-rate the first payment so that if they move in on the 15th of the month, but want to pay on the 25th of the month, they pay the extra amount in their first rent payment. After that, they'll go onto the new rent payment date. OpenRent have a facility to calculate and set this up automatically for you as part of their RentNow package. Standing order. Ask tenants to set up a standing order so they don't forget to pay the rent. You can tell if they have done this as the rent payment will come in overnight, rather than in the daytime. Track rent payments. It's important to keep track of whether tenants have paid the rent. You can check your own bank account on the payment days, or automate it with (say) Alphaletz. The Alphaletz platform can send the tenant a reminder that the rent is due, and send a chaser if the tenant doesn't pay the rent on the due date. Rent guarantee insurance. Richard recommends taking out rent guarantee insurance for the first year with new tenants. If they are good payers and are never late paying, you can cancel it in the second year. Clarity with letting agents. Make sure it is clear what your letting agents are required to do for late or missed payments, ie who's responsible for chasing it up and then actioning it. Also, ask the agents to tell you if payments are (say) more 5 days late. Don't hope it will get better by itself.
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    • GL#6: What landlords need to know about rent

      GL#6: What landlords need to know about rent
      May 15 2024
      This week's episode is about a key issue for landlords: setting and increasing rent. Suzanne Smith and Richard Jackson kick off the podcast episode by discussing what the key rent indices say about what’s happening to rents now. Then they share tips about landlords should go about both setting rent at the beginning of the tenancy, as well increasing rent once the tenants have moved in. They also talk about how the Renters Reform Bill will change the way landlords will be able to increase rent. The episode is full of practical tips to help good landlords go about setting and increasing rent in a way that complies with the law and is fair to your tenants, but also recognises we’re running a business. What we cover in this episode at a glanceWhat’s happening to rents at the moment?The Good Landlording approach to setting and increasing rentHow can landlords increase rent?1. New AST for another fixed term2. By agreement2. Using a rent review clause3. Section 13 notice (Form 4)How will the Renters Reform Bill change the way landlords increase rent?Golden nuggetsCredits >> Submit a question: Click here for question form >> Join: The Independent Landlord Community private Facebook Group (landlords only) What’s happening to rents at the moment? The 3 major rent indices (ONS, Rightmove and Spareroom) all agree that the rental growth for the 12 months until the end of March was around 9% in England. According to Rightmove, the average number of enquiries has reduced from 13 to 19 a year ago, which compares favourable to the mere 5 enquiries in 2019. Rightmove point to affordability as the problem - there's only so many rent increases that tenants can accommodate. Rightmove also report that more landlords are having to reduce rents when advertising. 22% of advertisements are ending in a price reduction at the moment, which is a five-year high for this time of year, and is up from 16% a year ago. Price reductions, on the other hand, are now around the more normal percentage of the 23% in 2019. Spareroom data shows a number of postcodes in London where room rents are dropping: SW3 (Chelsea) saw the biggest drop of -11%, followed by 7% in E20 (around the Olympic Park). The Good Landlording approach to setting and increasing rent Private landlords run a business, and not a charity or subsidised social housing. That said, we want to charge a rent that’s fair to the tenants, and fair to the landlords. Costs have increased significantly for landlords over the past few years, and keeping rent at the same level is the same as reducing it in real terms, after taking inflation into account. Suzanne charges new tenants the market rent for the property. For in-tenancy increases with existing tenants, she keeps wage inflation as a guide, and tracks the market rent, but at a discount. She has kept rent increases to under 5%, but has always increased rent every year, apart from during Covid. It's important to avoid rent shock for tenants, when the rent suddenly increases in one go. It's better to increase it little and often. >> Blog post: The Independent Landlord: How to increase rent in 2024 How can landlords increase rent? 1. New AST for another fixed term Agents usually change the rent by issuing another tenancy agreement for another fixed term period, with new rent stated in the agreement. It's simple to do and means you can keep the AST up to date. 2. By agreement Rent can also be increased by agreement, ie via an addendum which both parties sign or a letter which the tenant counter-signs. It's possible to increase rent via email if the tenancy agreement allows amendments by email. 2. Using a rent review clause Often tenancy agreements include a clause that entitles the landlord to increase the rent each year by a set percentage or by reference to an index such as the Consumer Price Index. 3. Section 13 notice (Form 4)
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    Management Finances privées Economie
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