Property Investment in Leeds
Renting property, particularly for the first time, can be tricky and you need to make sure that not only is the property correctly presented for the rental market, but that all the legal and legislative requirements have been met. Don't worry though, we're here to help!
Buy to let investments have become very popular in recent years and, with the right property, can offer great rewards for their owners. We look after many buy-to let clients with portfolios of varying sizes and can also help assist with the property selection and buying process. Property investment should ideally be viewed as a medium to long term investment rather than a quick fix. We are happy to offer advice to landlords who are looking to buy property for this purpose via good links with local estate agents and access to private vendors. We also work with a number of mortgage brokers who can help you find the best market rates and walk you through what has recently become a much more complicated process. As well as those choosing to hang onto their old home for investment reasons, we are now seeing an increasing number of “accidental landlords;” people choosing to rent out their own properties which they have struggled to sell. If you’re wishing to rent out your own home, then you need to make sure that any mortgage on the property allows this in order to avoid any nasty surprises down the line. We can also give you some advice on any minor alterations and works required prior to renting as well as advising on what furniture etc. the new tenants will require.
We have a reputation for having great properties and providing great service to our tenants. These are two of the main reasons why we get so many enquiries from prospective tenants. We strongly urge you, in the interests of preserving a lower-risk investment and attracting a better calibre of tenant, to go that extra mile when getting your property ready to market. Whilst the lettings market is generally pretty buoyant for rentals, there are always lots of properties available for prospective tenants to rent so make sure yours is going to stand out!
- Is the property clean, well presented, in a good state of repair, well decorated and, if required, adequately furnished?
- Try and keep the property looking bright, modern and neutral. Saying that, a bit of flair can often help; magnolia overload may not necessarily separate your property from the competition. For some design advice we’re only a phone call away
- Have you arranged a suitable mortgage on the property or advised your current mortgage provider that the property is to be rented?
- Do you have adequate landlord insurance?
- Do you have a gas certificate, electrical certificate (or confirmation that the electrics are safe) and energy performance certificate?
- Does any furniture supplied meet legal requirements?
- If the property is being rented to five or more people living on three or more levels do you have a HMO license?
- Have you taken meter readings and, where applicable, redirected any personal mail?
- Have you done a basic risk assessment?
Any property that has five or more unrelated occupiers is likely to require a council issued license to run a larger House of Multiple Occupation. These HMO Licenses place various conditions on the owner, managing agent and property in terms of amenities, safety requirements and management. If you are buying a property that is currently of this specification then you should ensure that you receive a copy of the current HMO licence prior to exchange of contracts. This copy should include all of the pages of the original document including the ‘Schedule of Works’ which details any improvements that should have been carried out to make the property compliant. Licensable HMO properties will require more investment due to the requirements of HMO licensing as well as the additional wear and tear caused by multiple occupiers. The Licence itself will also need to be renewed every five years.