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Under the government proposal to reform leasehold laws, leaseholders will be able to extend their lease by a maximum term of 990 years at zero ground rent. And with new rules possibly arriving within two years, investors may be setting their sights on properties with short leases buoyed by the prospect of no longer having to pay ground rent to a freeholder and much longer lease term allowances.

What are the proposed changes to the leasehold system and how does it affect current leaseholders and future homeowners buying a leasehold property?

Historically, properties with short leases have been eschewed by investors and homebuyers due to the complexity and costs involved when extending a lease. This is set to change. 

Announced in early January 2021, in one of the biggest reforms to English property law for 40 years, the government is planning to introduce reforms to leasehold property to make it easier and cheaper for leaseholders to buy their homes or extend their lease at zero ground rent by a maximum of 990 years.

For some leaseholders, these changes could save them thousands, to tens of thousands of pounds.

Under current rules, leaseholders of flats can extend their lease at a zero ‘peppercorn’ ground rent, but usually only for 90 years.

Leaseholders can also face high charges to extend their lease. Leasehold house owners, which face slightly different rules, can also face barriers when they look to extend their leases. 

Details of how changes will be implemented are yet to be clarified by the government. V&H Homes dedicated Sales team can provide advice on all matters relating to lease extensions and buying leasehold property in the UK.

 

1 BEDROOM APARTMENT WITHIN A STONES THROW TO ASHTEAD STATION 

Terms of lease

999 year lease

Managed in the first instance by Smarter Developments who are the freeholders

Ground rent £250pa

Service charge c£850pa TBC

Rental values

Approximate rental values are between £1,000pcm and £1200pcm

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Key features

 

If you are considering selling or letting your property in Ashtead, Leatherhead, Fetcham, Epsom, Bookham or the surrounding areas, call V&H Homes on 01372 221 678

 

Where our homes seemed bright and spacious during the summer while enjoying the sunshine outside, things can suddenly seem a whole lot more cramped when the colder weather forces us back inside, leading to the inevitable conclusion that we desperately need more space.

The idea of looking for a bigger home with more space often gives people concerns about how much it will cost to take on a larger property and whether the benefits outweigh this. While a higher cost is naturally unavoidable when beginning this house-hunting journey, it really can make a huge difference to you and your family’s lives, giving you all that little bit more room to grow.

Needing more room for family and friends to stay (and to escape them when needed)

Often one of the triggers that most often inspires the desire to move somewhere bigger is having guests come to stay for a visit, especially the in-laws. Suddenly, a home that once felt spacious seems that little bit too overcrowded when it has an extra person or two taking up space.

Wanting more space to create your individual ‘forever home’

Each of us have different priorities and visions when it comes to creating our true dream home. For some of us it’s a simple as wanting more storage at home while others dream of having a beautiful garden to enjoy or an extra bedroom. Often the trigger for wanting a bigger property is about giving yourself a fresh canvas to start creating that dream home for yourself.

Desiring flexible space at home that can suit every need

Having that extra bedroom is probably the most common motivation people have for deciding to upsize, mainly because of the flexibility it allows. The room can simply be left as a spare bedroom for guests or a new flatmate, but equally it could also become storage space, a room to workout in or even a dressing room.

Dreaming of a home that can grow alongside you and your family

Sometimes needing more room to grow isn’t always about moving to a ‘bigger’ house in the literal sense. It’s also about choosing a property that has the potential to grow and change as and when you need it to, whether that’s being able to extend and build onto the existing home or converting rooms to fill a different function as and when your life changes.

Is it time for you to upsize?

It’s likely that all of us, at some point or another, will start to have that niggling feeling that we are running out of space and it’s time to look for something new. While moving home isn’t a decision to be taken lightly, it’s always worth focussing on the positives and not just the worries and concerns we all have when taking that next step. 

While everyone’s motivations can be different, if some of these triggers sound familiar to you, it may be time to start thinking about whether now is the time to look for a place with a little more room to grow.

 

The announcement of a third national lockdown was difficult news for many to hear at the start of this new year, but hopefully the following information will put you at ease with what you can expect from us during this difficult time. We have always, and will always take the steps needed to ensure the safety of our staff and clients – it’s our number one priority. Within the new guidance, you can still move home and attend viewings, and our teams continue to work in a Covid-safe manner.    

Before the property viewing:  

• V&H Homes employees will check that everyone involved in the visit is feeling well, and if anyone has been experiencing Covid-19 symptoms in the last 14 days, the visit will be postponed

• It will be requested that a maximum of two people (from one household) plus a V&H Homes representative are present at viewings 

• V&H Homes will ask the occupant or owners to ensure the property is well ventilated and door are open prior to a visit

• V&H Homes will not be able to provide transport to or from the property

During the property viewing:

• V&H Homes representatives will maintain a 2m distance during the visit with everyone present 

• If the property is not large enough to maintain two metres distance, a ‘one in one out’ policy will apply

• Antibacterial gel will be used on arrival and during the visit 

• V&H Homes will provide disposable gloves and face covering for our staff and any customers visiting the property

• If there is a need to open doors or cupboards, the V&H Homes representative will do this. Customers will be asked not to touch any surfaces inside the property or any pets present 

If you are considering selling or letting your property in Ashtead, Leatherhead, Fetcham, Epsom, Bookham or the surrounding areas, call V&H Homes on 01372 221 678

The following information is taken from Rightmove...

 

"The property market has experienced a mini boom in 2020, and the big question many of you want answered is: will prices continue to rise in 2021?

Whilst we don’t have a crystal ball, we do have the biggest home-hunting audience in the UK, as well as unique insight into future demand for property.

So armed with all that data, we’ve produced a forecast of what we think will happen to property prices in 2021.

Our main prediction is that the recent surge in average asking prices will continue into next year, as the nation’s housing needs are likely to outweigh any economic uncertainty.

Specifically, we forecast a robust 4% national average house price growth in 2021. However, we think that the price rises will be at a slower pace than this year, which finished 6.6% up on 2019.

 

What can we expect from the property market in 2021?
It will be a busy start to 2021. The New Year is typically a time for resolutions for the year ahead, and many will see it as an opportunity to draw a line under 2020, which may well include a fresh start in a new home for those who have not already acted.

Many of you have already done so this year, and many more are continuing to do so despite the seasonally quieter run-up to the Christmas period and the declining chance of completing a purchase before the stamp duty deadline in March.

Despite the clock ticking, around 130,000 sales were agreed over the last month, up by a remarkable 44% on the same period in 2019.

However, there remains a processing logjam and some completions are already projected to be delayed until April next year, especially where there are search delays, legal issues or complex mortgage applications.

What will happen when the stamp duty holiday ends?
It will be a slower second quarter once the stamp duty holiday is over, though even with the average price in Britain up by 6.6% this year, cheap mortgage rates that are available for some leave scope for further modest price growth – despite the loss of the tax saving.

What do the experts say?
Rightmove's resident property data expert Tim Bannister explained that it may be quieter in the market in the spring.

He said: “2021 has a lot of variables, and so is not an easy one to call, but with Rightmove’s unique leading indicators of buyer and seller behaviour we are confident that the housing market will continue to outperform general expectations next year as it did this.

“Our 2021 forecast of a 4% price rise is more conservative than the unsustainable 6.6% national average seen this year. There’s likely to be a lull in quarter two unless the stamp duty holiday is extended, but for many buyers its removal will not be make or break, though may lead them to reduce their offers to a degree to compensate for the higher tax, and indeed many sellers may be prepared to help to mitigate their buyer’s financial loss.

“First-time buyers will remain largely exempt, so in most cases will be no worse off. The maximum savings of £2,450 in Wales or £2,100 in Scotland are considerably less decisive than the £15,000 available in England for a house costing £500,000 or more, which does however only apply to a small part of the market.”

 

If you are considering selling or letting your property in Ashtead, Leatherhead, Fetcham, Epsom, Bookham or the surrounding areas, call V&H Homes on 01372 221 678

Traditionally, spring and autumn are the most popular times to sell your house. But this year has been anything but ordinary and with the stamp duty deadline looming, many sellers have put their house on the market already.

If you are selling your home over the coming winter months, here are some tips to help make sure your property stands out.
 

 

 

If you are considering selling or letting your property in Ashtead, Leatherhead, Fetcham, Epsom, Bookham or the surrounding areas, call V&H Homes on 01372 221 678

As we come to the end of the second lockdown, the government has announced a few changes to the three-tier system that was in place previously in England.

This means that there could be different sets of restrictions that apply depending on where you live.

You may be planning on moving home soon, or perhaps are right in the middle of a move, and would like to know if or how you can still carry on with your plans.

Read on for the latest lowdown, but the short version is that the housing market remains open across all of the UK. 

How do local tiers affect my move?

The good news is that the housing market is open and operating irrespective of what tier you’re in.

This means you’re totally free to move homes if you want to – as long as you’re not self-isolating or quarantining.

There are some guidelines for home-moving that apply everyone across the country. Here’s a quick recap of some of the most important ones to keep in mind:

Viewings

Try to do a virtual viewing first, if it’s an option. It’ll reduce the number of viewings agents do, which also minimises the spread of germs.

It could also save you time, because you’ll have a better idea of whether a house is worth seeing or not.

When viewing a property in person, make sure you wear a face mask, avoid touching surfaces, and wash your hands or use sanitiser before and after.

There shouldn’t be more than two households within the property at any one time, and viewings should only be arranged by appointment, so ‘open houses’ aren’t happening at the moment.

If you’re selling your home and are having interested buyers come around to have a look, open all the inside doors beforehand so they don’t have to touch the door handles.

It’s recommended that you’re not in the property during the viewing, and that you disinfect all surfaces after.

Offers through to completion

You’re free to make or accept an offer or reserve a property as normal.

But it’s possible that in some areas the conveyancing process will be slower than usual, as some solicitors and agents may be operating at limited capacity, or are very busy working through deals that have stacked up since earlier in the year.

If you are about to enter into a legally binding contract, you should discuss the possible implications of one of the parties being affected by having to self-isolate or quarantine.  Ask your legal representative if they can include provisions to manage these risks in the contracts.

If someone in your household – or the other party’s – began to show any flu symptoms just as you’re about to complete, you’ll probably need to postpone things by a few weeks.

The government says we should all remain flexible in this sort of scenario, so it would be ideal if your contracts can reflect that.

Moving

Removal firms are able to carry out work, as long as all the usual procedures that ensure everyone’s safety are in place.

Try to do most of your packing yourself, if possible. And if you can, give your belongings a quick spray or wipe-down with a disinfectant before they’re handled by someone else.

When the removals’ team is around, do your best to maintain distance and wash your hands regularly.

We also recommend that you book your removals company as early as possible. In many areas they are very busy and if may be a challenge for you to find one available at a short notice.

 

There are more details within the guidance, but the government has said that the three most important rules, irrespective of what tier you’re in, continue to be:

 

If you are considering selling or letting your property in Ashtead, Leatherhead, Fetcham, Epsom, Bookham or the surrounding areas, call V&H Homes on 01372 221 678

The government has announced that the new Help to Buy Equity Loan scheme in England, which is due to begin in April 2021, will be open to new applications from the 16th of December.

This may come as good news for first-time buyers struggling to save up for a deposit of more than 10%, at a time when mortgages with a loan-to-value higher than 85% are hard to find.

The new scheme, which is replacing the current one, is set to run for two years, until March 2023.

Here’s a quick overview of what it is, and who it’s for.

What is the Help to Buy Equity Loan scheme?

Back in 2013, as a way to help more people get on to the property ladder, the government launched a scheme which makes it possible for buyers to buy a home with as little as a 5% deposit.

Close to 300,000 new homes were bought using the scheme in the seven years since its launch, and as it comes to an end, the government has created a new, and similar, one to replace it.

If you’re eligible for the scheme, and can prove you have enough saved to cover a 5% deposit, the government will provide a low-interest loan of 20% of the house price (or up to 40%, if you’re in London), and the mortgage provider will lend the remaining balance.

The government loan is interest-free for the first five years. After that, a monthly interest fee of 1.75% will apply, and will increase each year in April in line with the Consumer Price Index (CPI), plus 2%.

Who’s eligible for it?

The new scheme is only available if you meet all of the following requirements:

Is there a limit to the price of the property I can buy using the scheme?

Yes, the government has introduced price caps for each region in England, so the maximum property price will depend on where you are buying.

There are the new regional price caps:

 

If you are considering selling or letting your property in Ashtead, Leatherhead, Fetcham, Epsom, Bookham or the surrounding areas, call V&H Homes on 01372 221 678

 

The asking prices of property coming on to Rightmove increased in our last two monthly reports, but this month they’ve seen a dip of around £1,500.

Is this something for sellers to worry about? We don’t think so, as there are a few reasons for the slight drop.

Firstly, the stamp duty holiday on homes up to £500,000 is due to end on 31st March, and so sellers putting their property up for sale now are perhaps pricing a bit more realistically so that they have a better chance of a quick sale.

Secondly, asking prices usually drop at this time of year, and this month’s drop is actually lower than we’ve seen over the past few years.

The good news if you’re a new seller is that buyer demand is staying strong despite the second national lockdown in England. We saw an initial, temporary dip after the new restrictions were first announced, but demand was still up by 28% on the same days last year during the three days between the announcement and the lockdown.

The first six days of lockdown saw demand jump back up to being 49% higher than this time last year, as the market is still open and agents can still operate.

The temporary stamp duty savings that can be made vary a lot depending on the price of the property you’re buying.

We had a look andfound that demand and activity compared with October last year are strongest in the price bands and regions where buyers are set to make the biggest stamp duty savings.

For example, the number of sales being agreed for properties priced between £100,000 and £200,000 is up by only 16% on this time last year.

Whereas the number of sales being agreed in the £400,000 to £500,000 price band has more than doubled (+106%).

In terms of how quickly homes are finding a buyer, the national average is now at a record low of 49 days.

However, homes priced between £400,000 and £500,000 have seen a big drop of 23 days to secure a buyer, compared to the £100,000 to £200,000 band seeing a drop of just eight days.

Regionally, the south is performing best relative to last year for the number of sales being agreed, up by 72% in the East of England, and up by 69% in the South East.

But we now estimate that there are around 650,000 sales going through, which is up by a massive 67% on the same time in 2019, and we know there are delays in the process so communication is key for people trying to get their sale over the line.

What are the headline figures?

What do the experts say?

Our resident property data expert Tim Bannister explained that sellers are much more likely to find a buyer if their first asking price is realistic, rather than setting the bar too high to begin with and having to reduce the asking price at a later date.

He said: “Given the ongoing mini-boom, prices might have been expected to rise again this month, but instead we have a slight dip which could be a result of some new sellers pricing more realistically to have a better chance of agreeing a sale in time to benefit from the stamp duty savings on their onward purchase.

“We know from a recent Rightmove study that sellers are twice as likely to sell if they agree a sale based on the first price at which their property goes on the market, something that’s even more important now as we move towards the end of March and the end of the stamp duty holiday. 

“If your initial asking price is too high then you’re less likely to get an offer even after you’ve cut your price back to a more realistic level. Our revised prediction of a 7% annual increase in prices in 2020 looks to be on track, since the annual rate has jumped to 6.3% with a month to go.”

What are estate agents seeing?

Bruce King, Director of Cheffins in Saffron Walden, said: “Sellers are taking a realistic view on pricing in the current market. By competitively pricing their homes they’re looking to entice buyers and agree a deal ahead of the stamp duty deadline, whilst also being able to benefit from stamp duty savings on their onward purchase.

“Transaction levels have gone through the roof in comparison to the past couple of years due to the monumental backlog of people looking to move. Political uncertainty, Brexit and the first lockdown period caused many who were considering moving to sit on the fence, however the announcement of the stamp duty holiday was the trigger for many of these to bite the bullet and get on with moving house.

“This, coupled with the change in lifestyle which has been caused by the coronavirus outbreak, has created a pressure cooker in the market which has resulted in activity which couldn’t have been foreseen around a year ago. The market in the £400,000 – £500,000 bracket is certainly the most busy, mainly made up of second-steppers and upsizers.

“First-time buyers are continuing to struggle, as the level of deposit needed has increased and this, combined with a lack of job security for many, has meant that mortgage agreements have been harder to come by as banks change their lending criteria.  Demand has remained strong in lockdown 2.0. Mid-November usually brings with it the pre-Christmas slowdown in the market; however, this doesn’t appear to be the case this year as buyers still look to get a sale over the line before the stamp duty deadline.”

Andy Shepherd, CEO of Dexters, added: “London remains a huge draw for investment and city living, and we currently have over 100,000 people registered looking for a new home or investment property, up 25% compared with this time last year.

“The recent reductions in stamp duty have coincided with a busy property market and they are motivational to buyers. However a stamp duty holiday isn’t the main reason for people buying property in the capital.

“Sellers and buyers will most likely share the extra tax burden when it returns next year and although the amounts are not insignificant, we don’t expect them to impact on the market greatly in 2021, arriving as they will in the spring which is the start of the busiest time of the year for moving home. Additionally the potential roll out of a vaccine in the new year could see a greater number of overseas buyers, increasing demand in prime central London especially.”

 

If you are considering selling or letting your property in Ashtead, Leatherhead, Fetcham, Epsom, Bookham or the surrounding areas, call V&H Homes on 01372 221 678

Newly released data from Halifax has revealed that during October, average house prices across the UK topped £250k for the first time ever following the strongest growth in over four years.
Halifax data shows that on a monthly basis, house prices in October saw a 0.3% rise against September and between August and October, saw a 4.0% rise against the preceding three months. Driven by the mini-boom, research shows that house prices in October were 7.5% higher than in the same month a year earlier – the strongest growth since June 2016.

Russell Galley, Managing Director, Halifax, comments: “The average UK house price now tops a quarter of a million pounds (£250,547) for the first time in history, as annual house price inflation rose to 7.5% in October, its highest rate since mid-2016. Underlying the pace of recent price growth in the market is the 5.3% gain over the past four months, the strongest since 2006. However, month-on-month price growth slowed considerably, down to just 0.3% compared to 1.5% in September.

“Overall we saw a broad continuation of recent trends with the market still predominantly being driven by home-mover demand for larger houses. Since March flat prices are up by 2.0% compared to a 6.0% increase for a typical detached property. In cash terms that equates to a £2,883 increase for flats compared to a £27,371 rise for detached houses.

“This level of price inflation is underpinned by unusually high levels of demand, with latest industry figures showing home-buyer mortgage approvals at their highest level since 2007, as transaction levels continue to be supercharged by pent-up demand as a result of the spring/summer lockdown, as well as the Chancellor’s waiver on stamp duty for properties up to £500,000.

“While Government support measures have undoubtedly helped to delay the expected downturn in the housing market, they will not continue indefinitely and, as we move through autumn and into winter, the macroeconomic landscape in the UK remains highly uncertain. Though the renewed lockdown is set to be less restrictive than earlier this year, it bears out that the country’s struggle with COVID-19 is far from over. With a number of clear headwinds facing the housing market, we expect to see greater downward pressure on house prices as we move into 2021.”

Anna Clare Harper, CEO of asset manager SPI Capital and author of Strategic Property Investing, says: “According to Halifax, house prices were 7.5% higher than in the same month a year earlier. On the face of it, this feels like positive news amidst much that is negative – economically, politically, and socially – at least for property owners. It’s not as simple as this, and this pace of growth is not forecast to continue at the same level.

“Right now, prices are being buoyed up by the temporary Stamp Duty reduction, the release of pent-up demand and supply, and the desire to improve surroundings following lockdown. For example, growth in detached properties was 6%, due to many families understandably seeking more space. Another important factor is that in times of uncertainty, there is a ‘flight to safety’: many people prefer to invest in tangible assets like property.

“The truth is, the housing market is not one market. If you’re thinking about buying a property in this fast-changing environment, one of the best things you can do is to detach from the emotional dimension, so that you are able to analyse whether you are getting a good price and ‘value for money’.”

 

If you are considering selling or letting your property in Ashtead, Leatherhead, Fetcham, Epsom, Bookham or the surrounding areas, call V&H Homes on 01372 221 678

“Amidst the chaos and uncertainty, the property market is a positive beacon and a sign that people are finding ways to get on with their lives.”

Lockdown part 2 will not include a second lockdown of the UK housing market.

Within hours of the announcement by the Prime Minister, Secretary of State for Housing Communities and Local Government; Robert Jenrick confirmed that renters and homeowners will be able to move; removal firms and estate agents can operate; construction sites can and should continue; and tradespeople will be able to enter homes.

RICS also confirmed that, where appropriate, professional surveying services can continue, in a safe and secure manner, and that all activities must be done in accordance with existing government guidelines. In short, it’s business as usual!

When the property market reopened in May after the first lockdown, RICS provided detailed guidance for surveyors carrying out property inspections. I was involved in helping to draft the guidance, which was based on practical first-hand knowledge of what would be required. The full details are available here: https://www.rics.org/…/covid-19-guide—rics-physical-inspe…, but the main points require surveyors to wear appropriate PPE, maintain distance from any occupiers of the property, aim for minimal amount of contact with surfaces and sanitize equipment. In the heightened atmosphere of a second lockdown, there will clearly be greater emphasis on surveyors exercising caution, but the detail of this guidance remains.

Today’s business as usual is, of course, very different to standard trading environments we have known in the past. The property market has been turbo-charged since the easing of the first lockdown and announcement of the stamp duty holiday and it has exhibited some very particular trends.

The second lockdown is likely to entrench those trends of people looking for houses with more space, both inside and outdoors, and will most probably encourage even more people to move out of large cities and suburban areas. I recently spoke to someone from a removal firm who said they are used to providing 160 quotes a month. At the moment they are averaging more than 300 quotes a month and most of these were for people leaving London and heading to the sea and countryside.

It will be interesting to see what stance the government takes regarding the end of the stamp duty holiday for properties valued up to £500,000, which is scheduled for the end of March. There are already delays in the system, leading to speculation that many current transactions may not complete in time to beat the deadline, and the property industry has called upon the government to take action to avoid a cliff edge. This second lockdown adds weight to those calls. It may well slow activity in the market, which could help to clear the backlog being experienced across the chain from mortgage lenders through to surveyors, conveyancers and local councils carrying out searches, but will also provide added considerations and potentially more delays.

It’s business as usual as it can be at the moment. People continue to be driven to move home, motivated by personal and lifestyle reasons and there is still no sign of this activity softening. Amidst the chaos and uncertainty, the property market is a positive beacon and a sign that people are finding ways to get on with their lives.

 

If you are considering selling or letting your property in Ashtead, Leatherhead, Fetcham, Epsom, Bookham or the surrounding areas, call V&H Homes on 01372 221 678

The housing market is to remain open during the second lockdown in England.

Uncertainty over whether estate and letting agencies will be classified as essential services under Thursday’s lockdown rules, has been clarified.

In a statement to the industry, the Government says: “Buying, selling and renting a home can continue, in a COVID-secure way, as it has in recent months. Estate and letting agents can operate, show homes and sales suites can remain open and property viewings, mortgage valuations and surveys can take place.”

Subject to approval, the regulations specifically state that activities relating to the sector are allowed to continue under exceptions to leaving home to undertake any of the following activities in connection with the purchase, sale, letting or rental of a residential property:

V&H Homes have been operating under the Covid-19 Secure Guidelines since May and will continue to prioritise the saftey of our clients and staff whilst we remain fully operational.

We cover property sales and property lettings in Ashtead, Leatherhead, Fetcham, Epsom, Bookham and the surrounding areas.

If you are looking to sell, let, buy or rent a property, or if you are just looking for some advice, please call us on 01372 221 678.

If you’re the sort of person who enjoys watching shows like Homes Under the Hammer and thinks “I could do that!” then you’ve probably considered becoming a landlord at some stage.

But being a landlord is a tough business, and despite what some people may think, it’s not a licence to print money.

So, Rightmove have spoken to The Secret Landlord – who’s been letting, refurbishing and selling properties across the UK for almost two decades – for her top tips on what it really takes to succeed as a landlord.

An award winning landlord, as judged by the National Landlords Association, The Secret Landlord has provided accommodation for hundreds of tenants from all walks of life.

Scroll down to read their Q&A for some expert insight and hopefully you’ll learn plenty of top tips along the way!

RM: How important is budgeting as a landlord?

SL: It’s easy to get caught up and think little odds and ends don’t matter too much, but they do. Every penny of expense should be recorded and submitted. Accurate records need to be kept at all times. This will also make your life easier when they do make tax digital.

Too many investors worry about the big ticket items and don’t spend enough time thinking about the smaller spends. Money leaks out of businesses in weird and wonderful ways and you need to do your best to understand where it does to be sure you’re running an effective operation.

RM: How do you approach rent increases?

SL: Rent increases are controversial, especially when they involve long term good tenants. Rewarding tenants with no rent increases is one strategy, however another approach is to look at biennial incremental rent increases (market factors permitting). Small rises are an opportunity for you to remind good tenants they are being rewarded with a lower than market rate and allow you to build an ‘improvement pot’ to ensure your property remains in good condition.

It’s also important to understand the value of your business as a landlord where, unlike a homeowner, you will be a repeat customer for many trades and suppliers. This means you should seek out the best prices and service levels to provide the most you can for your tenants.

RM: How do you deal with things going wrong?

SL: No matter how much you try and future-proof and fool-proof a property it will always go wrong. Entropy is a fact of life. As an investor you must understand things will always decline, a roof will never fix itself and a problem will never go away until you solve it.

Solving problems always costs money and takes time and those things need to be factored in. Things will always take longer and cost more than what you initially expect, so it’s best practice to add another 10-20% to any estimate. If it comes in at price, you’ll be pleased with the ‘saving’.

RM: Is there much paperwork involved?

SL: Paperwork is a pain, but it’s also critical to ensuring you run a safe and reputable business. Records need to be kept of all ASTs, deposit certificates, gas and electrical work and ensure you diarise when things become due. Gas safety checks are annual, electrical checks are every five years, EPCs every ten years.

There are many free and low priced technical solutions available for making the headache of paperwork less stressful, which should be explored and used. Having adequate insurance is crucial, it’s best practice to also include legal expenses. Insurance is only as good as the policy small print, so it’s best to ensure you have a comprehensive one that fits your needs, not just the cheapest.

Be on top of when any guarantees, warranties and mortgage deals expire and shop around at least one month beforehand. Being prepared is key to getting the best deal.

RM: What’re your top pieces of advice for aspiring landlords?

SL: To make it as a landlord you need to be prepared for anything and everything to happen at a moment’s notice. It’s important to educate yourself and keep up-to-date with changing legislation. Landlord organisations are only a few pounds per month and offer excellent guidance along with helplines. There are also many resources available from property blogs to property forums and books. Building up a sinking fund is crucial and it’s advisable to save at least 15% of your rent for rainy days.

Like any business, buy to let has seasonal variances. Winter is worse for roof repairs, autumn for boiler problems and spring for windows and fencing. Adjust your budget so you can be ready for the year ahead. If you’re concerned by expensive boiler repairs, consider taking out a policy which protects the boiler in the event of an emergency.

Unfortunately, you cannot stop problems occurring, but the best course of action is to be prepared for when they do. If you’re going on holiday, or live far away from a property, it might be useful to take out an emergency policy to ensure repairs can be dealt with swiftly.

It’s not easy to always expect the unexpected, but planning ahead, keeping accurate records, having a good network of people and an emergency budget will help you sail through many storms.

 

If you are considering selling or letting your property in Ashtead, Leatherhead, Fetcham, Epsom, Bookham or the surrounding areas, call V&H Homes on 01372 221 678

 

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