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Good Landlording

著者： Suzanne Smith and Richard Jackson
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  • A weekly podcast co-hosted by Suzanne Smith and Richard Jackson, who discuss practical tips to help you start, grow and succeed as a landlord.
    © 2024 Good Landlording
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  • GL #10: Tips to help landlords self-manage their buy to lets

    GL #10: Tips to help landlords self-manage their buy to lets
    2024/06/12
    In this episode of Good Landlording, Richard Jackson and Suzanne Smith share lots of practical tips to help landlords manage their buy to lets successfully themselves, without using letting agents. Richard and Suzanne are both very well qualified to talk about this subject. Suzanne has always self-managed her properties, even with her first as an accidental landlord, and Richard self manages many of his properties. They discuss what self-managing involves, whether landlords need training or accreditation, what the benefits of self-managing are and lots of practical tips for landlords. What we cover in this episodeOverview of self-managing rental propertiesWhat does self-management involve for landlords?Do landlords need accreditation to manage their own rental properties?What are the benefits for landlords who self-manage rental properties?Tips for self-managingGolden nuggetCredits Overview of self-managing rental properties There's a lot of scaremongering on the part of letting agents, to try and put landlords off managing their properties themselves. They make out that it's really complicated, and something best left to agents. For some landlords, using a letting agent might be the right approach. They might not have the time or inclination to do it themselves. For guidance on how to choose good letting agents, you can listen to the Good Landlording episode GL #3: Guide to selecting good letting agents . However, if you're considering self managing your properties, it's really not as difficult as you might think. There are lots of useful tools that landlords can use to automate much of the day-to-day tasks, or you can do it manually, using spreadsheets and calendar reminders. Also, self managing doesn't always mean you have to do it yourself. Many landlords with larger portfolios use property VAs (virtual assistants). VAs aren't AI, but are specialist admin assistants who provide remote support to landlords. Some landlords employ family members to help, which can be a good way to bring the next generation into the business. It's possible for landlords to start by using letting agents to find tenants on a "let only" basis and set up the tenancy, and hand over management as soon as the tenants move in. This is what Suzanne did when she first started as an accidental landlord. She didn't start finding tenants herself for three years. Self-management is the opposite of the "passive income" mindset, that some landlords strive for. It's also something that landlords need to go into with their eyes open, and make sure they understand all their legal and practical obligations. >> Blog post: The Independent Landlord - How to Self-Manage your Buy to Let What does self-management involve for landlords? Self-management means different things to different landlords. However, these are the three key aspects of managing your own property portfolio yourself: Property management. Looking after the property, which means doing or arranging repairs, maintenance, general upkeep and inspections. This includes arranging the annual gas safety certificate, boiler service, the 5-yearly EICR, PAT testing and managing suppliers, esp the trades. Financial. Keeping tabs on the various costs that the landlord incurs, and the income due, ie rent. (See Good Landlording episode GL#7: How to manage rent arrears for tips on what to do to minimise the risk of rent arrears. Tenant management. Looking after tenants after they move in, good communications, annual rent increases (See Good Landlording episode GL#6: What landlords need to know about rent Some landlords outsource repairs and maintenance to third party suppliers, others do a lot themselves and landlords with large portfolios often employ a team to do repairs, maintenance and even cleaning, in the case of HMOs. This may lead to them setting up a property maintenance company. Suzanne has recently done courses at Able Skills in Kent...
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  • #GL9: Flats versus houses for landlord investments

    #GL9: Flats versus houses for landlord investments
    2024/06/05
    This week's episode of Good Landlording discusses one of the first questions that landlords ask themselves when they're looking for a buy to let: should they buy a flat or a house? Richard and Suzanne go through the pros and cons of both flats and houses, drawing on their own experiences as landlords, with Suzanne only now investing in houses, and Richard having only ever bought flats as rental investments. Suzanne explains the difference between "leasehold" and "freehold", service charge, ground rent, and practicalities, before going through what the new Leasehold and Freehold Reform Act 2024 promises to bring now it is on the statute book. What we cover in this episodeWhat's the difference between leasehold and freehold?Ground rent and when it becomes a problemWhat does it mean when a flat owner has a share of the freehold?Service charge - top tips for leaseholdersThe advantages of flats as investments for landlordsThe downsides of flats as investments for landlords?The advantages of freehold houses as investments for landlordsWhat makes a good house for landlords?What makes a good flat for landlords to let?Golden nuggetCredits What's the difference between leasehold and freehold? For leasehold properties such as flats and some houses, the building itself and/or the land it sits on are owned by someone else called the "freeholder". The freeholder may be the original developer, or, they might have sold it onto another company. Each leaseholder enters into a lease with the freeholder to own the flat or leasehold house for a fixed period of time. And so this is currently typically 99 years or 125 years for residential properties. The length of the lease decreases each year until it eventually runs out, unless the parties agree to extend the lease. A lease is therfore an asset that will that goes down in value the closer it gets to the end of the term. When someone buys a flat, the leaseholder transfers the lease agreement to the new owner. This is called "assignment", and the freeholder is likely to need to give consent to the assignment. And during the the lease agreement, the term of the lease, the leaseholder pays ground rent and a service charge to pay for repairs and maintenance. A leaseholder is a long-term tenant, and a freeholder is a type of landlord. However, to avoid confusion, it is good practice to use the word "leaseholder" to refer to somebody who holds a long term lease, and keep the word "tenant" for someone who has a a tenancy agreement with a landlord. When someone buys a lease, they pay a "premium" for the lease, which is an upfront payment for the right to occupy the property for the term of the lease. Ground rent and when it becomes a problem Leaseholders also pay ground rent, which may be a "peppercorn" (a nominal amount which the freeholder does not collect), or a more substantial sum. Over the last few decades, some developers and freeholders have seen ground rent as a profit centre, and have included onerous ground rent clauses into their leases, which increase over time. Sometimes ground rent doubles every 10, 15, 20 or 25 years. Onerous ground rent provisions are a big problem as many mortgage companies refuse to lend money on properties which have them. Ground rent above a peppercorn was abolished for new leases a few years ago, and it was supposed to be restricted in the Leasehold and Freehold Reform Act, but it got dropped at the last moment, when the election was called. >> Blog post: The Independent Landlord - The latest news on the reform of ground rent What does it mean when a flat owner has a share of the freehold? Sometimes the owners of flats in a building (who are leaseholders) club together and set up a company to buy the freehold, which the flat owners have shares in. These leaseholders are said to have a "share of the freehold" in addition to their lease. However, do be careful,
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  • GL#8: What the General Election means for landlords, with guest, David Smith

    GL#8: What the General Election means for landlords, with guest, David Smith
    2024/05/27
    With the fall of the Renters Reform Bill, and the upcoming general election, Richard Jackson and Suzanne Smith pick the brain of leading solicitor David Smith from JMW to explore what the election is likely to mean for landlords. In this episode we discuss what happens to the Renters Reform Bill now, and analyse what a new Labour or Conservative government might bring for landlords. We step away from the hyperbole and catastrophising, and take an objective look at what we currently know about the policies of both Labour and the Conservatives. As always, we bring the practical perspective of landlords, and share tips on what we're doing to filter out all the noise that an election brings. We recorded this episode on 24 May 2024, shortly before parliament was prorogued ahead of the General Election on 4 July, before any of the parties have published their election manifesto. With this episode, we reached a big milestone: episode number 10! We've released 8 regular episodes and 2 on the Renters Reform Bill since we launched Good Landlording on 10 April, less than 7 weeks ago. We've also had well over 10,000 downloads, before this episode goes live! That's a fantastic achievement for a new show, run by podcast newbies. What we cover in this episodeWhat happened to the Renters Reform Bill?What we know about Labour's policies for the Private Rented SectorWhat if the Conservatives win the election?Advice for landlords in this period of uncertainty before the General ElectionCredits >> Submit a question: Click here for question form What happened to the Renters Reform Bill? The government abandoned the Renters Reform Bill in the brief wash-up period on 24 May when a few bills managed to be rushed through the House of Lords, like the Leasehold and Freehold Reform Bill. As the Renters Reform Bill fell, any new government would need to draft a new bill from scratch, with a new long title, if they want to pursue rental reform after the election. Of course, some of it would no doubt look the same, but a new Bill would have to start all over again to go through all of its stages in the Commons and Lords, which would take several months. >> Blog post: The Independent Landlord - Renters Reform Bill: What happens now? What we know about Labour's policies for the Private Rented Sector Labour has not yet published their manifesto. However, David Smith predicts the following might feature in Labour's policies for landlords should they win the general election and form a government" Abolition of Section 21 and fixed term tenancies, but with a few additional grounds for landlords to terminate a tenancy, for instance if they want to sell, or it's a tenancy for agricultural workers. Regulation of letting agents and other property agents. Some sort of rent stabilisation measures, as opposed to rent control. He does not see this as a bad thing for landlords as they would move to yearly increases in line with inflation, instead of just increasing rents when tenants change. Increased devolution of housing powers to local authorities. More regulation around management standards and quality, along the lines of Rent Smart Wales, which would bring more consistency than the piecemeal the current selective licensing approach. Landlord register. Better enforcement by local authorities. >> Blog post: The Independent Landlord - What are Labour’s policies for the Private Rented Sector? What if the Conservatives win the election? David Smith predicts that the Conservatives would not bring forward another Renters Reform Bill should they win the election. The driving force behind the Bill, Michael Gove, has stood down, along with many of the more moderate Conservative MPs. We will need to wait for their election manifesto to be certain. Advice for landlords in this period of uncertainty before the General Election Landlords are entering a period of increased uncerta...
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A weekly podcast co-hosted by Suzanne Smith and Richard Jackson, who discuss practical tips to help you start, grow and succeed as a landlord.
© 2024 Good Landlording
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