Leeds Lettings guides and articles

http://www.leedslettings.biz – flat to rent in leeds – agents. Consider phase 1 buying: ie buying off plan before the property is built. Aim to buy in this phase, before the prices go up. If you have a long lead in time, then you can aim for capital growth. A standard amount to put down is 10%. It is a good idea to research transport, local services, and the overall rental market situation.

Not just yet! House prices are apparently (20/10/2007) unaffected by recent financial concerns.  The recent financial concerns (especially the Northern Rock debacle) have not affected the UK housing market in September and prices are still rising in the month.  Different surveys from different sources indicate conflicting conclusions, though. For example, Halifax claim that the house prices are still on the increase whereas other sources are now more certain that the long awaited slowdown in house prices has already started this summer. Earlier this week, Barratt published up to a 10% fall in its property sales over a week following on from the Northern Rock difficulties. Many market experts are now forecasting that the Bank of England will start cutting the base rates before the end of the year in order to help the economy. This should certainly help existing borrowers.

Article by Peter: http://www.leedslettings.biz
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Freeholder - With leasehold property, there is be a “superior” landlord and/or a freeholder who owns the land on which the building stands AND who has final responsibility for the building itself.

Grounds For repossession – The reasons for applying to the Courts for repossession of a property.

Guarantor – A third party who is responsible in whole or part for the obligations of a Tenant.

Handover – When Tenants are allowed occupation of a property.

Head Landlord – A person or organisation that own the freehold of a property which has been let out.

Housing Act Tenancy – Currently applied only to tenancies which fall within the scope of the Housing Act 1988 & Housing Act 1996.

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WHAT SHOULD I DO BEFORE THE TENANCY?
It is important for your property to be in good structural and decorative condition, with all machines, fittings and appliances in working order: -

DECORATION
All decoration should be fairly neutral in style, giving a wider appeal. Bathroom fittings should be modern, clean and in good working order. To prevent any water leakages, which may be costly, always ensure installation is sound and check seals around baths, basins and showers.

The minimum requirements for an unfurnished kitchen should include a cooker. All appliances should be clean and in good working order. Ensure that you have copies of all instruction manuals for all appliances including boilers, storage heating and showers.

SECURITY
It is advisable to fit security locks to windows and ensure alarms are in working order. Building regulations state that – in all new homes built since 1992 – smoke detectors must be fitted. We suggest that a smoke detector should be installed in all properties together with fire blanket and extinguisher.

GARDENS
Gardens should be left in a tidy condition. It is the tenants’ responsibility to maintain the garden during the tenancy and you should leave gardening equipment as necessary, usually a lawnmower as a minimum.

TAXATION FOR OVERSEAS LANDLORDS

As a landlord overseas you are still required to pay income tax on rent from letting. Since 1996 you are also required to declare such income on a self-assessment tax return. Up until the law change, your agent was responsible for the payment of income tax on your rental profits. Providing that you complete a tax exemption form (NRL7) your agent can pay rental income to you gross of tax.

A.S.T – Assured Shorthold Tenancy

Arrears – Money unpaid by the tenant in whole or in part after the due date specified in the tenancy agreement.

Break Clause – A clause in a tenancy agreement allowing either party to follow a set procedure to break the agreement.

Buy to let – A scheme for investment Landlord’s to finance and purchase a property to be let.

Common Household – Where a residential property is self contained and shared as a whole house by two or more tenants. The tenants are usually jointly and severally liable under the tenancy.

Contractual Obligation – A binding obligation imposed on a party to a contract and which, if not complied with, breaches the contract.

Contractual Term – A fixed period of time stated in a contract or agreement as being the time for which the contract will last.

Corgi Registered – ‘Corgi’ is the trade organisation for registered gas fitters.