It is a sad fact of life, but nothing is 100% certain. Unfortunately, we sometimes have to deal with a traumatic change, such as a relationship finishing or a job loss. Both of these can cause both emotional and financial hardship - especially to people left struggling to make ends meet.
One solution that for those facing financial hardship may want to consider is offering a spare room to let to a student or young professional. The welcome income that comes from offering a spare room to rent can make all the difference to a cash-strapped homeowner or tenant.
Plus, if the spare room to let is in your home and fully furnished it should qualify for the Government's Rent a Room Scheme. Through this Scheme a homeowner or tenant can currently earn up to £4,250 of rental income tax-free, although they will need to pay tax on any rental income above this threshold.
How the Rent a Room Scheme works
The Government's Rent a Room can be of help to homeowners and tenants that want to take in lodgers and boost their income. Here are the Scheme's main rules:
• The room to let must be fully furnished and part of your main residence.
• A separate self-contained flat will not qualify as part of the Scheme.
• You don't have to be the homeowner to take advantage of the Rent a Room Scheme. A tenant can also take advantage of the scheme providing they have the landlord's consent.
• You can offer a room to rent in either a flat or a house, providing that it is fully furnished and part of your main residence.
Income tax and the Rent a Room Scheme
Whether you'll benefit from offering a room to rent under the Rent a Room Scheme will depend on your particular circumstances. Bear in mind that if you offer a room to let in your home under the Scheme you can't claim expenses, such as utilities bills, repairs, council tax or insurance.
So, before you decide to opt into the Scheme with your spare room to rent you should look at all your expenses (including council tax) and the total rental income to see if you are better off in or out of the Scheme.
If your costs are fairly hefty, then you may be better off declaring all your rental income and claiming your expenses, so that you are only taxed on the net income.
If you don't usually file for income tax and decide to opt into the Scheme, and your income is below the tax threshold (currently £4,250) the income tax exemption will be automatic and won't require any actions on your part.
If want to opt in and the amount you earn is above the tax threshold, you will need to inform your tax office. This can be done by filing in a tax return and claiming the tax-free allowance.
If you think you are better off claiming expenses you can opt out of the Scheme by simply completing a tax return, making sure you declare all the earnings and expenses from renting your spare room on the relevant pages.
If you are finding it hard to make ends meet because of a change in your circumstance, becoming a live-in landlord through the Rent a Room Scheme may be a good way to help get a bit of extra income to help pay the household bills. Offering a spare furnished room to rent may give you that financial cushion you need.
For more information about marketing rental property contact to vibha@u-rooms.com or to list your property contact u-rooms.com
Article Source: http://EzineArticles.com/?expert=Samul_Swan
Showing posts with label lodger. Show all posts
Showing posts with label lodger. Show all posts
Friday, 15 October 2010
Tuesday, 15 June 2010
Discover Two Ways to Get Rents Paid Early
The problem of getting rents paid early, or at all in some cases, is an age-old problem for landlords, but there are at least two solutions. Every landlord has heard unbelievable stories of why tenants can't pay their rent on time and many seem to be willing to pay a penalty instead of just paying on time.
Some landlords might view these late payers as a benefit because they are actually getting more rents that they planned on when they rented the apartment. However, the next step is for the tenant to pay later and later and eventually stop paying. This leads to an eviction which ultimately costs more than the few extra dollars of late payments the landlord received.
The cost of filing an eviction varies greatly from state-to-state but can easily be from $190 to $500+, and this does not include attorneys' fees. A shrewd landlord will process his own eviction notice and process the case himself through the court system. This works well, especially with practice, until the tenant gets himself an attorney who only represents tenants and who "murders" the landlord in court. Many states allow the tenant to be paid many times their monthly rent plus attorneys' fees if the court rules in their favor. If you haven't heard this already, "Tenants have more rights than landlords", so be careful out there!
So let's look at the problem and two possible solutions. First, the landlord should heed the warning signs of late payments - something is wrong and it may be resolved short-term, but the end result will likely be an eviction. If the tenant is always paying late, work out a bi-weekly or weekly payment plan so the tenant pays as he goes. This generally keeps him from spending his money as quickly as he gets it, and it will give the landlord an early warning signal if there is trouble in paradise. This method actually takes a great deal of stress off the tenant because he doesn't have as much time to be irresponsible as when he only pays every 30+ days.
The other option to get the tenant to pay timely is to give him a discount for paying early. This is a more common practice when investors do lease options, but the rent payment concept is identical. With a lease option, the tenant gets a credit at closing of the purchase of the property for paying timely, or early every month - if he exercises his purchase option AND he has paid timely every month. This money is actually given as a reduction in the purchase price or as a seller credit at closing.
However, when a landlord gives a tenant a rent credit or reduction, the funds come off the amount of the rent due each month. For example, if the rent you want is $850 and due on the first of each month, then your discount program should charge $900 with a $50 discount for early payment, but only if the tenant pays by the 25th of the previous month. If the tenant pays by the fifth of the month the rent is due, he loses his discounted rent completely and starts paying $900 for the rest of his lease. Most tenants like the idea of saving the money more than they worry about paying a late fee or a higher rent.
If you find that an incentive program isn't working and the tenants are paying late, try re-working their payment frequency because they may have a problem with when and how often their employer pays them. If this re-scheduled payment plan isn't working, start serving them with eviction notices as soon as the rent is one day late. Above all else, get any new payment program in writing because the tenant should be evicted if he violates the new terms of the lease addendum and should be evicted.
Dave Dinkel has been a real estate investor since 1975. Dave's focus in the past few years is educating the public in a manner that doesn't' amount to paying for a master's degree. Dave's recent contribution to this end is his e-course called "48 Ways to Create a Massive Buyers List" which can be seen at http://www.MakingaBuyersList.com
Article Source: http://EzineArticles.com/?expert=Dave_Dinkel
Some landlords might view these late payers as a benefit because they are actually getting more rents that they planned on when they rented the apartment. However, the next step is for the tenant to pay later and later and eventually stop paying. This leads to an eviction which ultimately costs more than the few extra dollars of late payments the landlord received.
The cost of filing an eviction varies greatly from state-to-state but can easily be from $190 to $500+, and this does not include attorneys' fees. A shrewd landlord will process his own eviction notice and process the case himself through the court system. This works well, especially with practice, until the tenant gets himself an attorney who only represents tenants and who "murders" the landlord in court. Many states allow the tenant to be paid many times their monthly rent plus attorneys' fees if the court rules in their favor. If you haven't heard this already, "Tenants have more rights than landlords", so be careful out there!
So let's look at the problem and two possible solutions. First, the landlord should heed the warning signs of late payments - something is wrong and it may be resolved short-term, but the end result will likely be an eviction. If the tenant is always paying late, work out a bi-weekly or weekly payment plan so the tenant pays as he goes. This generally keeps him from spending his money as quickly as he gets it, and it will give the landlord an early warning signal if there is trouble in paradise. This method actually takes a great deal of stress off the tenant because he doesn't have as much time to be irresponsible as when he only pays every 30+ days.
The other option to get the tenant to pay timely is to give him a discount for paying early. This is a more common practice when investors do lease options, but the rent payment concept is identical. With a lease option, the tenant gets a credit at closing of the purchase of the property for paying timely, or early every month - if he exercises his purchase option AND he has paid timely every month. This money is actually given as a reduction in the purchase price or as a seller credit at closing.
However, when a landlord gives a tenant a rent credit or reduction, the funds come off the amount of the rent due each month. For example, if the rent you want is $850 and due on the first of each month, then your discount program should charge $900 with a $50 discount for early payment, but only if the tenant pays by the 25th of the previous month. If the tenant pays by the fifth of the month the rent is due, he loses his discounted rent completely and starts paying $900 for the rest of his lease. Most tenants like the idea of saving the money more than they worry about paying a late fee or a higher rent.
If you find that an incentive program isn't working and the tenants are paying late, try re-working their payment frequency because they may have a problem with when and how often their employer pays them. If this re-scheduled payment plan isn't working, start serving them with eviction notices as soon as the rent is one day late. Above all else, get any new payment program in writing because the tenant should be evicted if he violates the new terms of the lease addendum and should be evicted.
Dave Dinkel has been a real estate investor since 1975. Dave's focus in the past few years is educating the public in a manner that doesn't' amount to paying for a master's degree. Dave's recent contribution to this end is his e-course called "48 Ways to Create a Massive Buyers List" which can be seen at http://www.MakingaBuyersList.com
Article Source: http://EzineArticles.com/?expert=Dave_Dinkel
Friday, 21 May 2010
Ensure Tenancy Agreements Are Not a Source of Disagreement
Renting any home means entering into a legal agreement - a tenancy agreement setting out the rights, duties and responsibilities of both tenant and landlord.
Nowadays, (since introduction of the Housing Act 1988) most tenancy agreements are what are known as assured shorthold tenancy agreements (ASTs for short). These 'assure' the landlord that he or she can, if desired or necessary, regain the property at the end of the agreed rental period. They also assure the tenant or tenants that unless there is a serious breach of the tenancy agreement, he, she or they, can remain in residence at the very least for six months.
For this reason assured shorthold tenancy agreements are most commonly for six month periods only. Tenants can then be asked to leave at the expiry of the six months.
Alternatively, when the fixed term expires, the landlord may grant the tenants a further fixed term tenancy agreement, or simply allow them to stay on under the same terms. In such circumstances there is no need for a new tenancy agreement; the tenancy simply becomes a 'periodic tenancy'. Tenants can quit periodic tenancies by giving the landlord one month's notice, and may be required to leave on receipt of two months' written notice.
Tenancy agreements provide landlords and tenants with both the express rights and obligations spelled out in the tenancy agreement (always provided these are not at odds with the Housing Acts, with common law rights, or could be deemed 'unfair'. So, for example, a landlord may not require tenants to give longer periods of notice than is laid down in law, or claim the right to give shorter notice than required).
Irrespective of what the tenancy agreement says, tenants are entitled to the 'quiet enjoyment' of their home and landlords may not demand access without notice or enter the premises when the tenants are not present. Landlords have a duty of care towards their tenants, and tenants have a duty of care towards the property they are renting.
Tenants are also entitled to feel safe in their rented home and to be assured of this by being given a copy of a current gas safety certificate, and (if the property is furnished) knowing that all the furniture provided has appropriate fire safety labelling.
This does not mean that there is one standard form of tenancy agreement, and landlords and tenants have scope to agree a considerable number of the terms included. Perhaps the most important are the rent to be paid, when it is payable, whether in advance or in arrears, whether a deposit is paid, and whether furnishings are provided or not.
Unless stated otherwise, private sector tenancy agreements entered into since February 1997 are automatically shorthold assured tenancy agreements.
But there are exceptions - holiday lets, where no rent or a very low rent, or a rent in excess of 25,000 GBP is charged, where the tenant is a company, or where the accommodation is shared with a resident landlord. For these exceptions, different types of agreement are needed - 'common law' tenancy agreements which stand on their own merits outside the restrictions and protections of the Housing Acts.
In England and Wales, unless the tenancy agreement is to be for a fixed period in excess of three years, the tenancy agreement could be verbal (even so, certain information - about deposits, gas safety and energy performance - must be provided by the landlord in writing). However, a written tenancy agreement is strongly advisable in all cases since verbal agreements are notoriously difficult to enforce.
Tenancy agreements may be between the landlord and one tenant or a number of tenants - for example a couple living together as partners. From the landlord's point of view, two or more signatories to the AST are better than one since each will be 'jointly and severally' liable for the full rent - meaning that if one does not or cannot pay, the other tenant is responsible in law for the entire amount.
Houses can also be divided into multiple tenancies where each tenant has exclusive use of a particular part of the property (say a bedroom) specified in the tenancy agreement, with access to and use of common areas. It makes sense to have multiple rather than joint tenancies where the tenants are not related and may intend to live in the property for different periods.
Tenancy agreements are important documents, enforceable in law, and both landlords and tenants should take great care before signing such agreements. They must be satisfied that the agreement contains only terms with which they are able and content to comply.
Residentiallandlord.co.uk provides a complete online resource for all UK buy to let investors. As well as comprehensive and up to date information there is also a document download centre which includes our much praised downloadable tenancy agreement.
Article Source: http://EzineArticles.com/?expert=Karl_Hopkins
Nowadays, (since introduction of the Housing Act 1988) most tenancy agreements are what are known as assured shorthold tenancy agreements (ASTs for short). These 'assure' the landlord that he or she can, if desired or necessary, regain the property at the end of the agreed rental period. They also assure the tenant or tenants that unless there is a serious breach of the tenancy agreement, he, she or they, can remain in residence at the very least for six months.
For this reason assured shorthold tenancy agreements are most commonly for six month periods only. Tenants can then be asked to leave at the expiry of the six months.
Alternatively, when the fixed term expires, the landlord may grant the tenants a further fixed term tenancy agreement, or simply allow them to stay on under the same terms. In such circumstances there is no need for a new tenancy agreement; the tenancy simply becomes a 'periodic tenancy'. Tenants can quit periodic tenancies by giving the landlord one month's notice, and may be required to leave on receipt of two months' written notice.
Tenancy agreements provide landlords and tenants with both the express rights and obligations spelled out in the tenancy agreement (always provided these are not at odds with the Housing Acts, with common law rights, or could be deemed 'unfair'. So, for example, a landlord may not require tenants to give longer periods of notice than is laid down in law, or claim the right to give shorter notice than required).
Irrespective of what the tenancy agreement says, tenants are entitled to the 'quiet enjoyment' of their home and landlords may not demand access without notice or enter the premises when the tenants are not present. Landlords have a duty of care towards their tenants, and tenants have a duty of care towards the property they are renting.
Tenants are also entitled to feel safe in their rented home and to be assured of this by being given a copy of a current gas safety certificate, and (if the property is furnished) knowing that all the furniture provided has appropriate fire safety labelling.
This does not mean that there is one standard form of tenancy agreement, and landlords and tenants have scope to agree a considerable number of the terms included. Perhaps the most important are the rent to be paid, when it is payable, whether in advance or in arrears, whether a deposit is paid, and whether furnishings are provided or not.
Unless stated otherwise, private sector tenancy agreements entered into since February 1997 are automatically shorthold assured tenancy agreements.
But there are exceptions - holiday lets, where no rent or a very low rent, or a rent in excess of 25,000 GBP is charged, where the tenant is a company, or where the accommodation is shared with a resident landlord. For these exceptions, different types of agreement are needed - 'common law' tenancy agreements which stand on their own merits outside the restrictions and protections of the Housing Acts.
In England and Wales, unless the tenancy agreement is to be for a fixed period in excess of three years, the tenancy agreement could be verbal (even so, certain information - about deposits, gas safety and energy performance - must be provided by the landlord in writing). However, a written tenancy agreement is strongly advisable in all cases since verbal agreements are notoriously difficult to enforce.
Tenancy agreements may be between the landlord and one tenant or a number of tenants - for example a couple living together as partners. From the landlord's point of view, two or more signatories to the AST are better than one since each will be 'jointly and severally' liable for the full rent - meaning that if one does not or cannot pay, the other tenant is responsible in law for the entire amount.
Houses can also be divided into multiple tenancies where each tenant has exclusive use of a particular part of the property (say a bedroom) specified in the tenancy agreement, with access to and use of common areas. It makes sense to have multiple rather than joint tenancies where the tenants are not related and may intend to live in the property for different periods.
Tenancy agreements are important documents, enforceable in law, and both landlords and tenants should take great care before signing such agreements. They must be satisfied that the agreement contains only terms with which they are able and content to comply.
Residentiallandlord.co.uk provides a complete online resource for all UK buy to let investors. As well as comprehensive and up to date information there is also a document download centre which includes our much praised downloadable tenancy agreement.
Article Source: http://EzineArticles.com/?expert=Karl_Hopkins
Thursday, 6 May 2010
Advice For Landlords Going To A Court Of Law Against A Tenant
Landlords should see going to court as a landlord's last resort. Unfortunately though, a court appearance is a fact of life for many landlords who are looking at regaining possession of their buy-to-let investment property, or are simply trying to retrieve rent & other monies owed to them by their tenant.
It is almost certain that any case that does go to court involving a landlord will end up in one of the 218 county courts in the country which deal with all but the most complicated civil law proceedings. Each court has Bailiffs who enforce court orders and seek to collect money if a judgment has not been paid.
So as a landlord you have filed court proceedings and the day is fast approaching when you will have to appear. What does a landlord need to do?
Justice
Firstly, a landlord should dispel any romantic notion that a landlord's court appearance is a mechanism to bring about justice after months of suffering at the hands of a bad tenant. One landlord neatly summarised the legal system governing the renting of property:
"it's got sod all to do with who's right and who's wrong, just who's filled in the proper bits of paper and knows their bundle of papers really thoroughly."
This means that even when you as a landlord know that you have done the right thing, this will count for nothing in the eyes of the law. Landlords should realise that going to court is case of proving a set of events against a list of very specific criteria. It is nothing to do with justifying that you the landlord are a good person and that your tenants are bad.
A landlords preparation for a court appearance
Careful preparation is definitely the key to any landlord's court appearance, particularly if the landlord is representing themselves. A landlord really needs to know what the Civil Procedure Rules (CPR say about the area of law they are taking action over. For example, the repossession of a landlord's buy-to-let property following a period of non-payment of rent. Civil Procedure Rules (CPR for those landlords that haven't come across them before are the procedural code that sets out how the court deals with cases in a just manner. Landlords before going to court should be aware of it and in particular the first few parts of the Civil Procedure Rules (CPR that deal with how court business is run in respect of paperwork, dates of service, etc.
It's all about the evidence a landlord can present
As I mentioned previously the secret for any landlord who wants to obtain justice is providing sufficient evidence. Before going to court a landlord will have to submit a pile of documentary evidence. This folder of documentary evidence is known in legal parlance as a "bundle" and it should contain all the evidence that a landlord refers to in their statement. This might be letters that have been exchanged between the landlord and tenant, rent statements, the tenancy agreement, etc. A landlord should prepare their table of contents carefully, giving the date, a name for the entry (e.g. e-mail from defendant to landlord) and a one-line summary of the important point in the document. (For example a defendant states that they have no money available to pay rent). It is important that the landlord numbers the pages in the bundle and that they know what is where in case the judge decides to ask a question about it. A landlord should put post-it notes on the edges of their own copy so that they can find things quickly and simply. A landlord should present the court's bundle in a ring-binder folder so the judge can easily get to the pages that the landlord refers to (this is a requirement of the Civil Procedure Rules (CPR anyway.)
A landlord should establish a clear timeline of everything that has happened to assist the judge in their determination. The landlord should also endeavour to give precise dates and amounts of money.
Finally, in preparing their statement, where a landlord makes reference to letters, e-mails etc, a landlord should make a note in their statement of the exact page number where this bit of evidence occurs in the landlord's bundle. This will help the judge when referencing the evidence and is also a requirement in the Civil Procedure Rules.
Most importantly a LANDLORD SHOULD BE WELL PREPARED. More importantly, they should be better prepared than their opponent, THE TENANT.
Tips for landlords on the court appearance
1. Firstly, a landlord should try and stay calm. A landlord should present their case in a dispassionate and calm manner. Getting worked up or annoyed will not help a landlord's case but getting across the facts and evidence will.
2. Court appearances are often brief. Landlords shouldn't expect an epic appearance. Where the defendant (the tenant) fails to show which is quite common and the evidence provided to the court is clear cut, the whole thing could be over in 5 minutes.
3. It is always useful for the landlord to have the basic facts on a single piece of paper as an 'aide memoir' and for easy reference listing the page or paragraph reference in the landlord's bundle of evidence (the landlord should bring the full details as well just in case)
If for example, the landlord is seeking possession under section 8 grounds the landlord might have the following information to hand:
* Tenancy start date
* Date the Section 8 Notice was served and how (proof of postage if the landlord has it)
* Arrears figure worked out to the set date. I normally do a large print spreadsheet for the judge to see.
4. A landlord should keep their answers to any questions short (yes / no). A landlord should be clear and concise. Landlords will probably find that the tenant will waffle on annoying the judge and digging a deeper and deeper hole for them selves. Remember a landlord can never prove a negative. For instance, that a tenant has not paid rent. Instead, a landlord should ensure that they lodge whatever evidence they hold and then claim that a tenant has not paid the rent; they should let the tenant prove that they have.
Remember all the evidence that a landlord has produced in court should have been submitted beforehand within a landlord's witness statement. The judge and the defendant will get a copy of this before the hearing.
5. Landlords should be aware that courts and even judges are not infallible. Therefore a landlord should always check any judgement carefully to ensure that the law has been correctly applied. If in doubt a landlord should always seek clarification from the court, or if a landlord is still unsatisfied they should seek professional advice. There have been cases for where the admin staff working at the court have not been clear on the judgement and issued an incorrect judgement or even that a judge has misinterpreted the law!
Chris Horne is an experienced landlord and property professional who now runs the website Property Hawk, a site aimed directly at UK Landlords. The site incorporates free property management software that enables landlords to track all their financial data relating to their portfolio. It allows users to print tenancy agreements and other forms FREE FOREVER. The site generates a real time rent book for each property as well as calculating a landlords tax liabilty. The service is totally free to use at propertyhawk.co.uk
Article Source: http://EzineArticles.com/?expert=Chris_Horne
It is almost certain that any case that does go to court involving a landlord will end up in one of the 218 county courts in the country which deal with all but the most complicated civil law proceedings. Each court has Bailiffs who enforce court orders and seek to collect money if a judgment has not been paid.
So as a landlord you have filed court proceedings and the day is fast approaching when you will have to appear. What does a landlord need to do?
Justice
Firstly, a landlord should dispel any romantic notion that a landlord's court appearance is a mechanism to bring about justice after months of suffering at the hands of a bad tenant. One landlord neatly summarised the legal system governing the renting of property:
"it's got sod all to do with who's right and who's wrong, just who's filled in the proper bits of paper and knows their bundle of papers really thoroughly."
This means that even when you as a landlord know that you have done the right thing, this will count for nothing in the eyes of the law. Landlords should realise that going to court is case of proving a set of events against a list of very specific criteria. It is nothing to do with justifying that you the landlord are a good person and that your tenants are bad.
A landlords preparation for a court appearance
Careful preparation is definitely the key to any landlord's court appearance, particularly if the landlord is representing themselves. A landlord really needs to know what the Civil Procedure Rules (CPR say about the area of law they are taking action over. For example, the repossession of a landlord's buy-to-let property following a period of non-payment of rent. Civil Procedure Rules (CPR for those landlords that haven't come across them before are the procedural code that sets out how the court deals with cases in a just manner. Landlords before going to court should be aware of it and in particular the first few parts of the Civil Procedure Rules (CPR that deal with how court business is run in respect of paperwork, dates of service, etc.
It's all about the evidence a landlord can present
As I mentioned previously the secret for any landlord who wants to obtain justice is providing sufficient evidence. Before going to court a landlord will have to submit a pile of documentary evidence. This folder of documentary evidence is known in legal parlance as a "bundle" and it should contain all the evidence that a landlord refers to in their statement. This might be letters that have been exchanged between the landlord and tenant, rent statements, the tenancy agreement, etc. A landlord should prepare their table of contents carefully, giving the date, a name for the entry (e.g. e-mail from defendant to landlord) and a one-line summary of the important point in the document. (For example a defendant states that they have no money available to pay rent). It is important that the landlord numbers the pages in the bundle and that they know what is where in case the judge decides to ask a question about it. A landlord should put post-it notes on the edges of their own copy so that they can find things quickly and simply. A landlord should present the court's bundle in a ring-binder folder so the judge can easily get to the pages that the landlord refers to (this is a requirement of the Civil Procedure Rules (CPR anyway.)
A landlord should establish a clear timeline of everything that has happened to assist the judge in their determination. The landlord should also endeavour to give precise dates and amounts of money.
Finally, in preparing their statement, where a landlord makes reference to letters, e-mails etc, a landlord should make a note in their statement of the exact page number where this bit of evidence occurs in the landlord's bundle. This will help the judge when referencing the evidence and is also a requirement in the Civil Procedure Rules.
Most importantly a LANDLORD SHOULD BE WELL PREPARED. More importantly, they should be better prepared than their opponent, THE TENANT.
Tips for landlords on the court appearance
1. Firstly, a landlord should try and stay calm. A landlord should present their case in a dispassionate and calm manner. Getting worked up or annoyed will not help a landlord's case but getting across the facts and evidence will.
2. Court appearances are often brief. Landlords shouldn't expect an epic appearance. Where the defendant (the tenant) fails to show which is quite common and the evidence provided to the court is clear cut, the whole thing could be over in 5 minutes.
3. It is always useful for the landlord to have the basic facts on a single piece of paper as an 'aide memoir' and for easy reference listing the page or paragraph reference in the landlord's bundle of evidence (the landlord should bring the full details as well just in case)
If for example, the landlord is seeking possession under section 8 grounds the landlord might have the following information to hand:
* Tenancy start date
* Date the Section 8 Notice was served and how (proof of postage if the landlord has it)
* Arrears figure worked out to the set date. I normally do a large print spreadsheet for the judge to see.
4. A landlord should keep their answers to any questions short (yes / no). A landlord should be clear and concise. Landlords will probably find that the tenant will waffle on annoying the judge and digging a deeper and deeper hole for them selves. Remember a landlord can never prove a negative. For instance, that a tenant has not paid rent. Instead, a landlord should ensure that they lodge whatever evidence they hold and then claim that a tenant has not paid the rent; they should let the tenant prove that they have.
Remember all the evidence that a landlord has produced in court should have been submitted beforehand within a landlord's witness statement. The judge and the defendant will get a copy of this before the hearing.
5. Landlords should be aware that courts and even judges are not infallible. Therefore a landlord should always check any judgement carefully to ensure that the law has been correctly applied. If in doubt a landlord should always seek clarification from the court, or if a landlord is still unsatisfied they should seek professional advice. There have been cases for where the admin staff working at the court have not been clear on the judgement and issued an incorrect judgement or even that a judge has misinterpreted the law!
Chris Horne is an experienced landlord and property professional who now runs the website Property Hawk, a site aimed directly at UK Landlords. The site incorporates free property management software that enables landlords to track all their financial data relating to their portfolio. It allows users to print tenancy agreements and other forms FREE FOREVER. The site generates a real time rent book for each property as well as calculating a landlords tax liabilty. The service is totally free to use at propertyhawk.co.uk
Article Source: http://EzineArticles.com/?expert=Chris_Horne
Tuesday, 20 April 2010
Tenancy Deposit Regulations - The Facts for Landlords
As a landlord you need to be certain about the best way to protect yourself against the financial impact of having tenants who damage your property. These can be the very people who either fail to pay all the rent they owe you, or fight to get their deposit back - even though this is required to cover the cost of damage - costing you time and money.
As you will know, since April 2007, any deposit taken from a residential tenant under an assured shorthold tenancy agreement needs to comply with new legislation.
In effect this means that any deposits taken must be placed within a government approved scheme either by placing the monies in the hands of an approved third party, or by having the deposit insured for the benefit of the tenant.
Both these can involve the landlord in administration and lead to uncertainty over the level of protection provided. This has had a significant impact on the entire buy-to-let sector, potentially reducing the attractiveness of this form of investment. There are however, a number of ways in which the burden on landlords can be managed or virtually eliminated.
Do nothing
One of these is to take no action at all; that is not to take a deposit and to rely on tenants not damaging the property. For most landlords, this is unlikely to be an attractive option.
Use a designated deposit scheme
While this appears to be the simplest solution, it does have potential drawbacks, not least of which is that these schemes either involve cost or, if free, offer no interest on the money deposited (which is how the administration is paid for). In general, they are unlikely to provide any dispute resolution service, so there could easily be additional expense when a tenant leaves, should the landlord wish to retain any of the money to make good damage.
Use a 'combined' deposit scheme
Some deposit based schemes also include dispute resolution, but these will involve fees covering both membership and a charge per letting. Several schemes are promoted by the Residential Landlords Association and can include a combination of holding deposits and insurance in order to provide maximum protection to all parties.
A dedicated tenants deposit insurance solution
An alternative which is proving increasingly attractive to many landlords is a landlords insurance. This obviates the need for a deposit to be taken while still providing full protection for the landlord for up to £1,000 worth of damage in any period of insurance (once the damage exceeds £100 in value).
In each case, a check of the tenant is undertaken by Keysafe (UK) Ltd, giving you peace of mind of knowing that you are not taking on a tenant with a poor rental history. The insurance covers damage discovered within 14 days of the end of the tenancy period and is offered in addition to most landlords insurance policies.
Costs range from as little as £42 a year; less for members of the National Federation of Residential Landlords.
As an extra to property owners insurance, some insurance brokers also offer rent guarantee insurance, at additional cost, if required. This can indemnify you should a tenant fail to pay your rent within the terms of the agreement and you are unable to recover the arrears from the deposit.
General tips
You should always make an inventory of the property before each tenancy commences, in order to help with dispute resolution. Ideally, digital photographs taken in advance will help both landlord and tenant should the need arise.
Article Source: http://EzineArticles.com/?expert=Phillip_Green
Monday, 19 April 2010
Landlord checks
Many people with properties earn an extra income or make their income by renting out their home or establishments. The landlord usually tries to rent out their home or other establishment to known people or through people known to them in order to avoid the risk of getting tenants who may not pay the rent properly.
But, renting out the home or establishment to a known person is not always a possibility and the landlord might have to rent out their place to a person unknown to them. In such cases, it becomes necessary for the landlord to run a background check on the tenant to ascertain his credibility and the ability to bear the financial responsibility of paying the rent.
There is also the risk of the person whom the landlord wants to rent out his premises having a criminal background or being a terror suspect, etc. There are chances that the person may be a habitual sex offender. All these associated risks make it imperative for background checks by a landlord on his tenant.
Usually, such background checks for the landlord are conducted by accredited agencies that work on the guidelines from Fair Housing Laws and Fair Credit Reporting Act. As per these acts, there are certain types of landlord background checks on the tenant that require a consent to be signed by the prospective tenant before they can be conducted.
Based on data provided by the prospective tenant, the agencies will verify the information with references and also by checking various data bases. The agency will first conduct the employment verification and tenant verification by contacting the list of references provided and checks the authenticity of the information.
Once this has been completed, the agency will then continue the landlord background check on the tenant by accessing several public records such as social security number, driving motor vehicle records, etc to check the identification of the person and also to cross refer the information provided by the tenant as well as his references.
They will then conduct a search on some databases such as state or county criminal records, sex offender registers, state eviction records, etc to search whether the person has any criminal background and to ascertain whether the person has any history of violence and creating nuisance. The also access a database called the terror watch list report that has a list of terror suspects and most wanted people to eliminate the chance of the person belonging to any such lists.
If sought for, the agency conducting the landlord background check on the tenant will also run a check on credit history of the person. This is to ascertain whether the person is running any bad debts that may affect his financial standing and his capability to pay the desired rent.
Landlord Background Check
Free background checks
Background Check
Article Source: http://EzineArticles.com/?expert=James_Dean
But, renting out the home or establishment to a known person is not always a possibility and the landlord might have to rent out their place to a person unknown to them. In such cases, it becomes necessary for the landlord to run a background check on the tenant to ascertain his credibility and the ability to bear the financial responsibility of paying the rent.
There is also the risk of the person whom the landlord wants to rent out his premises having a criminal background or being a terror suspect, etc. There are chances that the person may be a habitual sex offender. All these associated risks make it imperative for background checks by a landlord on his tenant.
Usually, such background checks for the landlord are conducted by accredited agencies that work on the guidelines from Fair Housing Laws and Fair Credit Reporting Act. As per these acts, there are certain types of landlord background checks on the tenant that require a consent to be signed by the prospective tenant before they can be conducted.
Based on data provided by the prospective tenant, the agencies will verify the information with references and also by checking various data bases. The agency will first conduct the employment verification and tenant verification by contacting the list of references provided and checks the authenticity of the information.
Once this has been completed, the agency will then continue the landlord background check on the tenant by accessing several public records such as social security number, driving motor vehicle records, etc to check the identification of the person and also to cross refer the information provided by the tenant as well as his references.
They will then conduct a search on some databases such as state or county criminal records, sex offender registers, state eviction records, etc to search whether the person has any criminal background and to ascertain whether the person has any history of violence and creating nuisance. The also access a database called the terror watch list report that has a list of terror suspects and most wanted people to eliminate the chance of the person belonging to any such lists.
If sought for, the agency conducting the landlord background check on the tenant will also run a check on credit history of the person. This is to ascertain whether the person is running any bad debts that may affect his financial standing and his capability to pay the desired rent.
Landlord Background Check
Free background checks
Background Check
Article Source: http://EzineArticles.com/?expert=James_Dean
Sunday, 18 April 2010
Facts You Should Know When Renting a Property
There are many people who don't invest their money in buying a home. Instead, they prefer renting a home as it cheaper than buying a home. When you rent a home you don't have to pay for short-term lease and mortgage payments. When you own a home you also incur expenses on repair to the home and the appliances.
When you rent a home you must sign a rental agreement with the landlord. This agreement will have rules that you need to follow including when rent has to be paid and the deposit that you need to make. The rental agreement will also have rules for maintenance of the property.
Most rental agreements are usually for a period of one year. This means that a person who has agreed to sign the contract will remain in the rented home for a period of one year and pay the agreed rent for the specified duration. At times, this agreement could be for a shorter duration. Once the agreement period is over, the renter has to move to a new home if a new agreement is not signed between the landlord and the renter.
Usually most rental agreement does not require the renter to make repairs to the appliances or the home and they are not expected to pay for it. If the appliances like dishwasher is broken or requires repair, the land lord must repair it unless it is mentioned otherwise in the agreement. However, this could be a problem as the appliances may not be repaired as soon as one might want them to. At times, renters may have to wait for days or even weeks to repair appliances that are broken.
Abhishek has been writing articles online for nearly 2 years now. Not only does Abhishek specialize in writing articles on finance and credit but you can also check his website on Dracaena and Helicopter Flash Games.
Article Source: http://EzineArticles.com/?expert=Abhishek_Choudhari
When you rent a home you must sign a rental agreement with the landlord. This agreement will have rules that you need to follow including when rent has to be paid and the deposit that you need to make. The rental agreement will also have rules for maintenance of the property.
Most rental agreements are usually for a period of one year. This means that a person who has agreed to sign the contract will remain in the rented home for a period of one year and pay the agreed rent for the specified duration. At times, this agreement could be for a shorter duration. Once the agreement period is over, the renter has to move to a new home if a new agreement is not signed between the landlord and the renter.
Usually most rental agreement does not require the renter to make repairs to the appliances or the home and they are not expected to pay for it. If the appliances like dishwasher is broken or requires repair, the land lord must repair it unless it is mentioned otherwise in the agreement. However, this could be a problem as the appliances may not be repaired as soon as one might want them to. At times, renters may have to wait for days or even weeks to repair appliances that are broken.
Abhishek has been writing articles online for nearly 2 years now. Not only does Abhishek specialize in writing articles on finance and credit but you can also check his website on Dracaena and Helicopter Flash Games.
Article Source: http://EzineArticles.com/?expert=Abhishek_Choudhari
Thursday, 8 April 2010
Tennat Loans
You tenancy status making you feel agitated before applying for any loans then consider tenant loans and grab swift funds without pledging any collateral. This loan facility proves to be a great fiscal relief to all kind of borrowers especially for the tenants. This is unsecured in nature. Plus, its hassle free online proceedings make the entire loan approval process easier and swifter.
In order to avail the tenant loans you do not need to pledge any kind of collateral as security against the lender. Thus, all kind of tenants may easily grab the desired amount on feasible conditions with affordable price. It can be possible that against these loans you may charge with higher rate of interest due to its unsecured nature. Though, do not loose your hope as proper research work and comparison task may resolve this matter soon and provide you cost-effective deal.
Through backing of these loans you may fetch the funds varying from £1000 to £25000 for the fixed term period of 1-10 years. With these loans you may fulfill numerous cash requirements easily, such as:
• Unexpected household bills
• Pending monthly home rent
• Bank overdraft expenses
• Plan a wedding party
• Credit card dues
• Child higher education expenses, etc.
Under UK tenant loans all kind of credit borrowers may simply get approved for the funds as it is free from credit screening process. Hence, all credit scores like foreclosure, bankruptcy and defaults get simply approved. So, leave all your worries regarding your credit profile as this loan facility provide cash aid to all kind of credit borrowers.
If you need quick cash without facing much trouble then apply via online and grab same day funds approval. The approved cash will automatically get transit in your bank account. You only supposed to fill out an easy e-form with details like name, address, contact no, email id, employment, saving account details etc. So, get your funds soon irrespective of tenancy status.
Mathew Kenny is offering loan and financial advice for quite a long time. He is working as the senior financial consultant with Loans. To find Personal loans for tenants, tenant loans, unsecured tenant loans, Bad credit tenant loans, Tenant loans visit http://www.uktenantloans.co.uk
Article Source: http://EzineArticles.com/?expert=Mathew_C_Kenny
In order to avail the tenant loans you do not need to pledge any kind of collateral as security against the lender. Thus, all kind of tenants may easily grab the desired amount on feasible conditions with affordable price. It can be possible that against these loans you may charge with higher rate of interest due to its unsecured nature. Though, do not loose your hope as proper research work and comparison task may resolve this matter soon and provide you cost-effective deal.
Through backing of these loans you may fetch the funds varying from £1000 to £25000 for the fixed term period of 1-10 years. With these loans you may fulfill numerous cash requirements easily, such as:
• Unexpected household bills
• Pending monthly home rent
• Bank overdraft expenses
• Plan a wedding party
• Credit card dues
• Child higher education expenses, etc.
Under UK tenant loans all kind of credit borrowers may simply get approved for the funds as it is free from credit screening process. Hence, all credit scores like foreclosure, bankruptcy and defaults get simply approved. So, leave all your worries regarding your credit profile as this loan facility provide cash aid to all kind of credit borrowers.
If you need quick cash without facing much trouble then apply via online and grab same day funds approval. The approved cash will automatically get transit in your bank account. You only supposed to fill out an easy e-form with details like name, address, contact no, email id, employment, saving account details etc. So, get your funds soon irrespective of tenancy status.
Mathew Kenny is offering loan and financial advice for quite a long time. He is working as the senior financial consultant with Loans. To find Personal loans for tenants, tenant loans, unsecured tenant loans, Bad credit tenant loans, Tenant loans visit http://www.uktenantloans.co.uk
Article Source: http://EzineArticles.com/?expert=Mathew_C_Kenny
Monday, 22 March 2010
Property Management
Property Management - Choosing Proper Materials For Rental Property
There are a million ways to manage property. Providence property management is similar to property management in New York, Los Angeles or Chicago. Many cities face challenges in property management, Providence, Baltimore, and Richmond being no exceptions. One of the main challenges in property management is keeping the property in good condition. There are two basic strategies for maintaining property integrity. First is careful selection of the occupants. Second is the selection of materials that go into a property.
Choosing occupants is a risky business and dangerous business. Often the owners of the property come with their own ingrained beliefs as to who might make a good tenant. These are often based in stereotypes and prejudices. It is important to avoid selecting tenants on the basis of any preconceived idea as to who might make a better tenant. Well meaning owners or managers could easily violate the fair housing act by profiling perspective tenants. Decisions should be made on occupancy rates and property use issues. While there are many ways to decide which tenant to choose, these are often fraught with either intangibles or purely clinical information such as credit score. Whole clinics exist to navigate the legalities and uncertainties of tenant selection.
The materials used in a property offer a more concrete, (pun intended) way of managing a properties integrity. There are two basic schools of thought in property maintenance. The first school of thought is to use inexpensive materials because if these get destroyed they are less expensive to replace. The other school of thought is to use more durable materials. Using flooring as an example, these choices can be better illustrated.
If a kitchen is covered in a cheap glue-down linoleum there may be an immediate savings of several hundred dollars. This is a material that can be quickly replaced when it gets worn out. Typically these products come with a 5 year warranty, which is a good way of estimating its life span. While this may seem cost effective, it could mean frequent replacement and it is often less appealing, both visually and physically, as it tends to be thinner and harder on the feet. Moving up to a thicker more durable and more expensive linoleum can be economical in that in lasts longer and endures more abuse. Moving into laminate or even engineered wood is a more expensive proposition, but these are also durable options and bring value to properties that call result in higher rents.
Most commercial or rental properties require a fine balance between inexpensive building materials, durable construction materials, and esthetically pleasing materials. It is important to approach materials with the concept of cost per year and increased return. More expensive materials can often pay for themselves in durability and increased value. The function of the property is essential to determining these choices as well. A rental for financially secure young families might use different materials then a rental for transient college students. The approach to materials requires some foresight and consideration of use and market value.
Connor R. Sullivan recently met with an expert in property management Providence area to help him find office space in the area. He found a great office with the help of a Providence property management company.
Article Source: http://EzineArticles.com/?expert=Connor_R_Sullivan
There are a million ways to manage property. Providence property management is similar to property management in New York, Los Angeles or Chicago. Many cities face challenges in property management, Providence, Baltimore, and Richmond being no exceptions. One of the main challenges in property management is keeping the property in good condition. There are two basic strategies for maintaining property integrity. First is careful selection of the occupants. Second is the selection of materials that go into a property.
Choosing occupants is a risky business and dangerous business. Often the owners of the property come with their own ingrained beliefs as to who might make a good tenant. These are often based in stereotypes and prejudices. It is important to avoid selecting tenants on the basis of any preconceived idea as to who might make a better tenant. Well meaning owners or managers could easily violate the fair housing act by profiling perspective tenants. Decisions should be made on occupancy rates and property use issues. While there are many ways to decide which tenant to choose, these are often fraught with either intangibles or purely clinical information such as credit score. Whole clinics exist to navigate the legalities and uncertainties of tenant selection.
The materials used in a property offer a more concrete, (pun intended) way of managing a properties integrity. There are two basic schools of thought in property maintenance. The first school of thought is to use inexpensive materials because if these get destroyed they are less expensive to replace. The other school of thought is to use more durable materials. Using flooring as an example, these choices can be better illustrated.
If a kitchen is covered in a cheap glue-down linoleum there may be an immediate savings of several hundred dollars. This is a material that can be quickly replaced when it gets worn out. Typically these products come with a 5 year warranty, which is a good way of estimating its life span. While this may seem cost effective, it could mean frequent replacement and it is often less appealing, both visually and physically, as it tends to be thinner and harder on the feet. Moving up to a thicker more durable and more expensive linoleum can be economical in that in lasts longer and endures more abuse. Moving into laminate or even engineered wood is a more expensive proposition, but these are also durable options and bring value to properties that call result in higher rents.
Most commercial or rental properties require a fine balance between inexpensive building materials, durable construction materials, and esthetically pleasing materials. It is important to approach materials with the concept of cost per year and increased return. More expensive materials can often pay for themselves in durability and increased value. The function of the property is essential to determining these choices as well. A rental for financially secure young families might use different materials then a rental for transient college students. The approach to materials requires some foresight and consideration of use and market value.
Connor R. Sullivan recently met with an expert in property management Providence area to help him find office space in the area. He found a great office with the help of a Providence property management company.
Article Source: http://EzineArticles.com/?expert=Connor_R_Sullivan
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