Revised key brochure

KEY

the

In association with

The definitive guide to property

THE BUYING PROCESS Step-by-step guide to procuring a property

PRIVATE LETTING The growing trend to specialise in particular tenant markets Summer 2016 | www.thekey-propertyguide.co.uk

What we can offer As the UK’s leading supplier of sustainable timber and building materials, we offer a huge range of products. From your everyday trade essentials through to the latest sustainable solutions, our products help to ensure that your properties are fit for your tenants.

We offer quality as a standard and our employees have a wealth of knowledge and experience, guaranteeing you leave Jewson with products to meet all housing regulations.

KITCHENS

BATHROOMS

TOOL HIRE

PAINT MIXING

ROOFING

DOORS & JOINERY

jewson.co.uk

KEY

the

The definitive guide to property

Contents www.thekey-propertyguide.co.uk

3

Foreword Brian Schubert, Head of Marketing Communications NFoPP, welcomes you to the Key

6

12

The buying process All set to get your foot on the property ladder but unsure what’s involved? Relax as we guide you through the integral parts of the buying process, including the key players to help you on the road to completion

12 Choosing a mortgage With an infinite array of mortgages to chose from, finding the right one can seem a daunting prospect. We look at the different mortgage options and the support that’s available to help you find a deal that’s right or you

34 Health and safety advice for landlords

18 Get covered Before you complete on your property purchase, you need to protect your new abode by arranging the appropriate insurance cover. We highlight why it’s so important to insure your property and choose the

06

As a landlord, health and safety should be a crucial element of your business portfolio as without it you could risk a hefty fine or even prosecution. We offer some advice to help you keep on the right side of your health and safety responsibilities

right level of cover for your home

42 What’s your speciality?

28 Tax obligations We provide a run through of the different property tax obligations for landlords and homebuyers as well as the new stamp duty surcharge for

Richard Lambert, CEO of the National Landlords Association (NLA), explains how landlords are displaying a trend of reducing the variety of different tenant types in

landlords and second-home buyers

their portfolios

01

KEY

the

Contents

The definitive guide to property

www.thekey-propertyguide.co.uk

48 Achieving a smooth move Moving is stressful enough without having to sort through everything you own before you go. We explain how you can make the move a less stressful experience by preparing early for

70

moving day

54 Clean as a whistle With just a little planning and careful guidance, we show you how you can get that home back to its brilliant best with ease, regardless of whether you are moving in or renting out

60 Perfect living spaces Whether you’re a landlord or a homebuyer, we have some great tips and advice to help you plan the layout of each room in your new property in order to maximise the space, create a relaxed atmosphere and help avoid costly mistakes

82 Energy saving for your home

70 Property makeover

Saving energy at home is easier than you think, as we highlight some of the things you can do to increase the energy efficiency of your home and

Is your new property in need of a revamp? We look at ways to transform a new house into a home with tips for renovating the décor of the walls, dressing the windows and choosing the

reduce your bills

right flooring and lighting

90 Student renting guide

76 DIY home tips We provide some easy to follow DIY tips to help you add some perfect touches to your new home and list the basic items

54

to include in your tool kit

02

Are you a student about to enter the world of private rented accommodation? If so, check out ARLA’s student guide to renting a house, packed full of useful information and advice

Foreword KEY

the

The definitive guide to property

Managing Editor Sharon Lock Senior Designer Stephen Beerling Head of Publishing Operations Andy Roberts Production Manager Sema Demir Financial Controller Amanda Honeyfield Head of Consultancy Warren Hayward Published by Alchemis Communications 3rd Floor, 3 Upper St London N1 0PQ Tel: 020 3137 3783 Printed in Spain by Rivadeneyra, S.A. Tel: +34 91 208 91 50 Colour origination by F1 Colour Tel: 020 7620 0644 Cover image iStockphoto

© 2016 Alchemis Communications Alchemis Communications does not guarantee the accuracy, completeness or timeliness of any information contained in this publication, and shall not be liable for any loss, damage or commercial consequence directly or indirectly caused by or resulting from such information or its use.

Dear Reader It is with great pleasure that I welcome you to this first issue of the ‘Key’ magazine.

This really is a landmark event with the launch of a new consumer magazine covering the residential sales and rental sectors and supported by the National Association of Estate Agents (NAEA) and the Association of Residential Lettings Agents (ARLA), the two leading property professional organisations in the UK. Property issues, of course, affect our lives in a variety of ways and housing has an intimate impact on our lives – buying or renting, decorating or renovating, extending or downsizing – different aspects in different phases of our lives. But housing is always present, and whilst there are a multiplicity of factors always affecting housing, ultimately we live not in just a house, but in a home.

The ‘Key’ will in this and future issues be addressing all aspects of how we shape the haven we call our home. You will find the magazine is packed with amazing articles covering items like advice on mortgages and finance to tenants and tax advice.

From cleaning tips to interior ideas, and pretty much everything in-between.

The style, format and visual approach will take you on a journey – one that you will enjoy – so get set to enjoy a great read, and benefit from expert advice and some fantastic insights to make the most of your home.

Brian Schubert Head of Marketing Communications NFoPP

03

Greenwich Ivory kitchen

Making space more valuable Howdens Joinery is the UK’s largest manufacturer and supplier of fitted kitchens, appliances and joinery products, all of which are available to the trade from local stock.

Established over 20 years ago to serve the needs of small builders undertaking routine joinery and kitchen installation work, Howdens has grown to more than 620 depots nationwide. Last year it supplied over 400,000 kitchens, 2.4 million doors and 750,000 appliances to UK homes.

Howdens operates within the trade kitchen market, with a core customer base comprising small builders and skilled professionals. It believes that project management by local builders is the best way to install a kitchen, and helps the builder manage their business by guaranteeing product availability from local stock, with high quality rigid cabinets that come with a

25 year guarantee and are ready to install. This saves both you and your builder time and money, and allows you to plan more effectively.

With the UK’s largest integrated kitchen range available from local stock, Howdens offers a choice of over 50 kitchens to suit all styles, price points and types of property – from private rentals to small commercial lettings. The product range also includes appliances, accessories, worktops, handles, sinks, taps, flooring, doors, joinery, stair parts and hardware – everything you need to complete your property.

The Lamona range of appliances, sinks and taps is exclusive to Howdens Joinery. Manufactured to the highest standards to ensure durability and reliability, Lamona appliances come with a 2 year manufacturer’s guarantee and are excellent value for money.

Howdens also offers a range of affordable Inclusive kitchens and accessories designed for disabled people or those with limited mobility, developed by working closely with the UK’s leading charity for disabled people, Leonard Cheshire Disability, for over 11 years.

Howdens is a local business that runs local customer accounts, with employees that are engaged locally, and trade account holders that rely on its products and services to ensure the growth and prosperity of their own local businesses. As a locally driven business, staff at all sites support and engage with their local communities, and take an active part in giving something back.

Local depot managers are entrepreneurs with a high degree of autonomy and responsibility for the performance of their own depot. They pride themselves on building relationships with their local account holders, and can offer locally negotiated prices. Account holders have the flexibility to manage their account and make payments in depot, online, or by using an automated payment line.

4 Panel Shaker smooth door

Howdens is committed to providing the best service to its trade account holders. Account holders have the convenience of nationwide availability from over 620 depots, with all products available from local stock. This is particularly useful for replacement product that needs to be installed quickly. Howdens offers a free home survey and design service – trained designers will work with your builder to make the most of the available space in your property.

To find out more about what Howdens has to offer for landlords or to open a trade account, contact your local depot by visiting www.howdens.com/ about-us/contact-your-local-depot or call 0800 6888 167.

Lamona single conventional oven

PROPERTY LADDER: THE BUYING PROCESS

The BUYING PROCESS 06

PROPERTY LADDER: THE BUYING PROCESS

All set to get your foot on the property ladder but unsure what’s involved? Relax as Claire Muffett-Reece explains the integral parts of the buying process, including the key players, to help you on the road to completion

Without a doubt the biggest outgoing when buying a property is the mortgage you will have to take out to purchase it.

It’s a lengthy affair, with most mortgages averaging over 25 years, however, this can be extended in some cases to help your finances stretch further.

Getting approved for a mortgage before searching for a property is advised, to ensure you are in a better position than other potential buyers The amount is determined by a number of factors, such as your age, credit history and employment status, with any lender looking at your income and outgoings to see what funds you have available each month.

It’s therefore wise to save as much as possible for a deposit before you buy a home.

Whatever the outcome, getting approved for a mortgage before searching for a property is advised, to ensure you are in a better position than other potential buyers. Just remember 07

to account for a few extra costs along the way, which you may or may not choose to add to your agreement. A mortgage arrangement fee, which averages at around £1,000, is standard practice, as is the valuation survey, undertaken by the mortgage provider to ensure the property is worth the amount you are paying. Then there’s the possibility of a higher lending charge of 1.5% of the mortgage – usually only required if you have a small deposit – which pays for the lender’s insurance if you can no longer afford the payments and they sell your home at a loss.

The type of mortgage you choose is also something to consider before searching for your property, and again depends on your finances. You can read more about the different types of mortgage available in our Choosing a mortgage article on page 12.

iStockphoto

The Mortgage

PROPERTY LADDER: THE BUYING PROCESS

THE ESTATE AGENT Now that you’ve got your mortgage pre-arranged, it’s time to find that perfect property, using an estate agent to help you with the hard work. Responsible for negotiating with the vendor, they also liaise with your solicitor and look after the paperwork. The good news is you don’t have to pay a penny as a buyer – the seller is the one who has to stump up the costs – so if it’s your first property there’s no hidden fees to fork out for.

You should also make sure you use your agent to your full advantage, making sure they inform any vendors that you have a

pre-arranged mortgage and are without a chain to make you more appealing. Once the seller has agreed to your offer get your estate agent to take it off the market – then ask for a letter from them confirming the acceptance.

The last thing you want is another buyer offering a higher amount, which the vendor is legally within their right to accept!

The solicitor The next step when it comes to buying a property is to ensure you have the correct legal representation in place. A solicitor or conveyancer – a specialist property lawyer – is essential to transfer the legal ownership of property from one person to another.

Responsible for handling contracts, dealing with the Land Registry, organising funds, carrying out council searches 08

and giving any legal advice, you should approach at least three companies to see which is the most affordable for you. Ensure each quote includes a full breakdown and includes all charges, as well as including VAT and any additional work including areas such as postage. As for the cost, expect to pay around £500-£1,500 including VAT, as well as an additional £250-£300 for the local searches.

PROPERTY LADDER: THE BUYING PROCESS

Stamp duty

THE SURVEY

Stamp Duty Land Tax applies to anyone who is purchasing a property over the value of £125,000 in England, Wales and Northern Ireland, and is another factor to consider when sorting out your finances. Put simply you only pay the proportion of the property that falls within each band – nothing up to £125,000, two per cent between £125,001 and £250,000, five per cent above £250,001, 10% above

Surveys are an integral part of buying a home and something you should also account for when it comes to your budget. A valuation survey, a requirement by your mortgage lender and undertaken by them, ensures the property is worth the price you offered to pay for it.

Usually billed to you and averaging between £150£1,500, it’s worth asking your lender whether they will waiver the fee, as this can depend on the mortgage you select.

Next on the list is a property survey – totally separate from the valuation search, most homebuyers choose this to ensure they

Bear in mind this won’t be a fast process, with it taking anywhere between six to 12 weeks from your offer being accepted to the day you complete – and that’s without a chain! £925,001 and 12% over £1,500, 001. However, from April 2016 new law states that this fee increases by a further three per cent on top of current rates if you purchase additional residential properties, such as a second home or buying a house to rent it out. Payable within 30 days of completion and usually handled by your solicitor, it is worth bearing in mind it is still your legal responsibility to ensure it is sent in on time – so make a note in your diary to avoid a potential fine.

09

PROPERTY LADDER: THE BUYING PROCESS

don’t discover any costly problems down the line.

Broken down in to three main types, a Condition Report is the cheapest, however, it offers basic ‘traffic light’ indications and no further advice, with green being OK, orange as a cause for concern and red equating to serious repair. Many buyers choose a HomeBuyer Report instead, a more in-depth survey that

looks in and outside the property and points to major problems such as rot and subsidence. Costing around £450 on average, it also includes a valuation, however it is still nonintrusive, meaning they can’t see any problems hidden behind walls or

The final countdown As soon as you’ve found your solicitor or conveyancer it’s wise to give them a date you would like to exchange contracts and complete. Bear in mind this won’t be a fast process, with it taking anywhere between six to 12 weeks from your offer being accepted to the day you complete – and that’s without a chain! Until the day the contracts are exchanged both you and your vendor are still legally able to pull out of the process, so keep up with all paperwork to ensure the minimum of delays.

Now’s also the time to source a removals company – if you are unable to do the

under floorboards. For that you’ll need a Building or Structural Survey – the most expensive between £600-£2,000 – which provides you with a detailed report and gets in every nook and cranny, meaning you should be covered if you are considering an old or listed build or are planning to undertake extensive building works.

move yourself – factoring in the distance involved and choosing a mid-week day for a cheaper option. Getting your insurance sorted is also wise, hunting for good buildings and contents policies and searching for the best landlord insurance if you’re planning to rent your property out.

Until the day the contracts are exchanged both you and your vendor are still legally able to pull out of the process, so keep up with all paperwork to ensure the minimum of delays After the contracts have been exchanged you are legally bound to buy the property. The duration between exchange and completion varies but is usually around two to four weeks, with you actually getting the keys to your new home on the day your solicitor arranges the money to be transferred to the vendor’s solicitor.

10

NEW nds offer e st ugu 15th A 2016 HomeCare Two includes: Boiler and central heating repairs Annual boiler service

+ FREE Gas Safety Certificate Just £13.50 a month (£60 excess for each repair) We look after most things, but there are a few things we don’t. For more about our cover, visit britishgas.co.uk/homecare-terms

britishgas.co.uk/landlordoffer 0800 316 6087 QUOTE: LLCP12PO You can speak to us Mon-Fri, 8am-8pm, and Sat 8am-6pm.

It’s free to call us from mobiles as well as landlines. We record calls to improve our service to you.

If you are hard of hearing or speech impaired and use a text phone, please call 18001 0800 316 3772.

Things you need to know: Offer of a free Gas Safety Certificate is available to new Landlord customers (1-9 properties) who purchase HomeCare Two-Four between 3rd May and 15th August 2016. Offer may be withdrawn at any time and is available for the first year only. Excludes HomeCare One and new or existing Landlord customers with 10 or more properties. Price available to customers paying by Direct Debit.

British Gas is a trading name of British Gas Services Limited which is authorised and regulated by the Financial Conduct Authority.

Registered in England & Wales (Registered No. 03141243). Registered office: Millstream, Maidenhead Road, Berkshire SL4 5GD. britishgas.co.uk

PROPERTY LADDER: MORTGAGES

Choosing a mortgage iStockphoto, Superstock

With an infinite array of mortgages to chose from, finding the right one can seem a daunting prospect. Claire Muffett-Reece runs through the different loan options and the support that’s available to help you find a deal that’s right for you

W

ith UK house prices continuing to soar, it’s never been more important to seek out the best mortgage deal while being fully aware of any terms and conditions you sign up for. Remember – for most a

mortgage involves a term of monthly payments over a number of years, so it’s wise to take time when searching to ensure you can keep up with the repayments, preventing the lender from repossessing your prized property.

12

PROPERTY LADDER: MORTGAGES

Looking online Google the word ‘mortgage’ and you’ll be faced with millions of links on a whole host of different loans. A fairly daunting prospect, it can easily be avoided thanks to comparison websites, which do all the hard work for you. By keying in your situation, the valuation of the property, the amount you wish to borrow and over what timeframe, you’ll be inundated with instant quotes from a variety of lenders. It seems too good to be true, minimising the amount of time and effort you’d otherwise have to account for, however, it doesn’t necessarily show the best deals, with many companies choosing not to associate with comparison websites whatsoever.

You could also try your own bank or building society when it comes to seeking out a good deal, however, you’ll still undergo the same amount of checks as anyone not banking with them – and are unlikely to be offered any special ‘loyalty’ deals, too.

13

PROPERTY LADDER: MORTGAGES

MORTGAGE BROKER Another solution many homebuyers look in to involves speaking to an independent mortgage adviser. Typically known as a mortgage broker they are experts in the field, giving you an unbiased view of the market and helping you choose from a range of lenders and products. The good news is you’re protected when using a broker, and can complain and be compensated if you discover their advice to be untrue. In the majority of cases you’ll have no such cause for concern, with your broker dealing with lenders every day to search for the best deals, as well as helping with life insurance and any building and contents insurance worries you might have. There

is a fee involved with using one, however, in many cases this is on a commission basis, with lenders and insurers paying the broker themselves for putting your business their way. If, however, the mortgage broker asks you for payment, then you should typically allow around £500 to cover their fee.

Fixed term A mortgage is a long-term loan like no other, so it’s vital you don’t take it lightly when searching for the right

With UK house prices continuing to soar, it's never been more important to seek out the best mortgage deal deal. If you’re a first time buyer a fixed rate mortgage is usually the best bet, where you agree to repay the same amount over a period of 14

PROPERTY LADDER: MORTGAGES

around two to five years. The advantage is knowing exactly how much you have to shell out for each month, however, these deals tend to be slightly higher and you won’t benefit should interest rates fall. Just make sure you start searching for a new deal towards the end of your fixed term, to prevent you being moved on to your lender’s variable package which can, in many cases, be a higher rate.

VARIABLE DEALS Another option is to take out a variable rate mortgage, which offers a lower rate than a fixed loan but can also change depending on a rise or fall in the base rate set by the Bank of England. Giving you the option to leave your lender at any time, a standard variable rate (SVR) also lets you overpay on your mortgage – if you’re lucky enough to be feeling flush! There is, however, always the worry that your provider may increase your repayments depending on the current interest rate, so if you think a variable mortgage is right for you there’s also the option of a tracker loan. Working in a similar way to variable rate mortgages, this instead tracks the Bank of England base rate rather than the lender's SVR, ensuring you can fully benefit from any interest rate cuts. Alternatively, why not look in to the many discount mortgages flooding the market right now? Another variable deal, they offer an interest rate ‘discount’ that’s lower than the lender’s SVR for a set period of time.

Other loan options Looking after your finances is a worry for any homebuyer, with many anxious to get on the property ladder but worried about covering costs should interest rates rocket. The best option is to have a large deposit behind you, cutting the amount you have to borrow and keeping repayments as low as possible.

After even more security but don’t want to be tied in to a fixed rate? A capped loan is another option – although usually higher than other variable and fixed rates, it gives you peace of mind that it can never rise above a certain level, regardless of how high the interest could potentially go.

15

PROPERTY LADDER: MORTGAGES

Interest only mortgages are also available – whereby you only pay the interest on the loan each month, rather than the capital – however, you should think long and hard before committing to this idea, as at the end of the term you will still owe the full amount borrowed and

The best option is to have a large deposit behind you, cutting the amount you have to borrow and keeping repayments as low as possible need to come up with the sum at the end of the term.

A far safer way of cutting costs is by looking in to a shared ownership mortgage, a government scheme helping

lower income households get on to the property ladder. Also known as ‘part buy part rent’, you split the purchase of the property with your housing association, buying a percentage with a mortgage and deposit and then renting the remaining share.

LANDLORDS - BUY TO LET LOAN If you’re planning on purchasing a property with the purpose of renting it out, then it’s wise to remember that you cannot take out a standard residential mortgage. Instead landlords have to apply for a Buy To Let (BTL) loan, specifically with the rental market in mind this usually involves putting down a bigger deposit – think around 25% – and you’ll also find the interest rates are higher, too. The majority of BTL loans are interest-only, meaning you again have to pay off the lump sum at the end of your agreement, with most landlords putting aside the additional rent money they receive towards this cost, or selling the property at the end of the term. Due to the risk involved you’ll find most companies insist on an annual rental income at least equal 125% of the annual mortgage interest payments, and you’ll also find yourself subject to a series of financial checks to assess how much you can borrow.

16

Save up to £300* on your gas and electricity when you switch to PfP Energy.

Get a quote today!

Don’t know your new home’s annual energy costs? Don’t worry! Get a quote on our website and we will estimate your energy consumption, and show you our best tariffs.

Energy made simple We keep things simple so our prices stay low and our customers stay happy.

Ev hom er y new e a ne deser ve w supp energ s y only lier, and tak it minu es a few te swit s to ch!

Simple switch It only takes a few minutes to switch and save with Places for People Energy. * Excludes Northern Ireland. Up to £300 saving is based on an annual average cost of £752, and annual average usage of 12,500 kWh gas and 3,100 kWh electricity.

See if you could save. Visit pfpenergy.co.uk

YOUR PROPERTY: INSURANCE

GET COVERED

iStockphoto, Superstock, Alamy

Ensure you’re covered with the right type of insurance for your property for peace of mind when you need it most, as Claire Muffett-Reece explains

18

YOUR PROPERTY: INSURANCE

B

efore you complete on your property purchase, it’s important to ensure that you have protected your new abode by arranging the appropriate insurance cover – there to protect you should the

Vital for all types of property, from a one-bedroom studio to a block of flats purchased specifically to rent, it's important to have adequate cover should the worst happen are the different types available? Put simply, it’s there to protect your property from most mishaps life decides to throw at you, from burst pipes, fire and subsidence to burglaries, flooding and accidental damage. Vital for all types of property, from a one-bedroom studio to a block of flats purchased specifically to rent, it’s important to have adequate cover should the worst happen.

unthinkable happen to your home, possessions – or both.

So why exactly is house insurance essential – and what

Building insurance There are a variety of home insurance policies available to buy on the market, meaning research is very much needed when it comes to choosing the correct type for you.

Buildings insurance is the first port of call. Most mortgage companies insist you take buildings insurance out as part of their agreement to protect their investment, meaning it’s pretty much a given requirement for most.

Covering the structure of your home 19

YOUR PROPERTY: INSURANCE

– think roof, walls and windows – it also includes permanent fixtures such as fitted kitchens and bathroom suites from events usually including fire, storm damage, flooding, subsidence, burst pipes, theft and falling trees.

However, it’s worth reading the small print before you select a particular provider to ensure you’re not missing out on any particular cover.

Many policies like to offer ‘added extras’ to their standard buildings insurance, with accidental damage a popular choice – think unintentionally hammering a nail in a water pipe and the

Many UK homes underestimate the correct value of their possessions, so to adequately protect yourself it’s wise to write up a detailed list of what you own in every room damage that can ensue.

Legal expenses cover is another extra that may or may not be included, covering boundary disputes, problematic neighbours, squatters and even jury service.

Whatever additional extras you choose, make sure your buildings insurance covers

CONTENTS INSURANCE Just as it’s vital to cover the main ‘frame’ of your home, so, too, should you look out for its contents. From loss and damage, to fire, theft, flooding and more, looking after your home with adequate contents insurance should be just as important – so start tallying up what you want to cover. Many UK homes underestimate the correct value of their possessions, so to adequately protect yourself it’s wise to write up a detailed list of what you own in every room – think technology, high-tech appliances, antiques, jewellery,

20

the rebuild cost of your property, which you can often find on your mortgage valuation. By keeping it insured at the right amount you’ll prevent yourself from paying for cover you don’t need, as well as making sure you have enough should you ever have to actually rebuild.

d irec t l ine Underwritten by U K Insurance Limited

SAVE 35% WHEN YOU PURCHASE OUR HOME INSURANCE ONLINE 35% Introductory offer for combined Buildings & Contents Cover which excludes optional covers.

Minimum premiums apply.

HOUSEHOLD ITEMS DAMAGED OR STOLEN? WE’LL GIVE YOU CASH OR BRAND NEW REPLACEMENT WHERE AVAILABLE... YOU CHOOSE! Items must be stolen of damaged beyond repair. Cash limited to the cost of the replacement to Direct Line. Cover limits apply. Delivery available UK mainland only. Excludes jewellery.

CAN YOUR HOME INSURANCE DO THAT?

GET ON TO DIRECT LINE FOR A QUOTE directline.com

YOUR PROPERTY: INSURANCE

insurance – in case someone is injured on your property – and contents cover, which is necessary if your property is part or fully furnished. Yes, you may have the ideal tenants, but that’s not to say accidents don’t happen, from them accidentally leaving the bath running to leaving a window ajar – which a thief then uses as a form of entry. Whatever you do it’s vital you choose a policy that is fully aware of your landlord status – you’ve invested a lot of money in your property and the last thing you need is for your cover refusing a claim through failing to update your insurer of changes.

You should also look at what else is covered under your proposed policy, with many optional extras including legal protection, rent compensation and the ability to cover the cost for any emergency repairs that arise. It’s also a good idea to search for a policy that replaces your belongings on a ‘new for old’ basis – not a standard agreement on all buy to let insurance schemes – and remember it’s only your responsibility to insure your own possessions, and not that of your tenants’.

power tools, clothing and more. Again, ‘add-ons’ are a popular extra such as accidental damage – a great choice for clumsy adults and even better when you add mischievous children in to the mix. From knocking a large glass of red over your pristine carpet, to discovering your toddler has helpfully added your iPhone to the spin cycle, it’ll help make those daily dilemmas a little easier to bear.

Buy to let insurance If you’re a prospective landlord eager to rent your property, it’s essential you protect yourself with the right cover.

Buy to let insurance is aimed specifically at landlords, and usually includes buildings insurance, liability

22

A HIRE CAR FROM WHEN YOURS IS OUT OF ACTION. AS STANDARD. GOOD ENOUGH?

d irec t l ine Underwritten by U K Insurance Limited

Direct Line fix problems. That’s why when your car is stolen or meets with an accident, our comprehensive cover offers you the benefits of our Guaranteed Hire Car: - You don’t have to wait until your car goes into repair.

- You’ll get an Enterprise® hire car, so you don’t have to rely on a courtesy car being available.

- You keep the hire car until your car is fixed when you use one of our approved repairers.

- Want to use your own repairers? Good.

The hire car’s yours for up to 21 days in a row.

- Car written off or stolen?

You’ll get a car for up to 21 days in a row.

Keep in mind, this is for cars that are too damaged to be driven and doesn’t include windscreen or customer delayed claims. Understood?

CAN YOUR CAR INSURANCE DO THAT?

GET ON TO DIRECT LINE FOR A QUOTE directline.com

YOUR PROPERTY: INSURANCE

Stipulations As with all insurance policies there are often stipulations that can see the price of your premium suddenly inflate, so it’s worth bearing in mind when starting your search for a property. For a start look at the Environment Agency’s record for the

You may have the ideal tenants, but that’s not to say accidents don’t happen, from them accidentally leaving the bath running to leaving a window ajar – which a thief then uses as a form of entry area to see if your house is at risk of flooding, while also checking reports of the property surrounding subsidence, all of which can force you to pay higher premiums. Listed buildings, thatched roofs and homes not built of a standard construction are also grey areas to watch out for – and all due to the proposed risk involved with each.

EXCLUSIONS The final area to consider when searching for the right home insurance is to realise there are always going to be some exclusions you simply won’t be able to claim for. Acts of war or terrorism are classic examples, while leaving your home unoccupied for more than 30 days during the year can also invalidate your policy.

General wear and tear is another factor to address, remembering to maintain your home to a good standard to ensure you don’t fall foul of a rejected claim. Most insurance companies will reject weather damage if it was your responsibility to replace broken tiles on the roof in the first place, so address any repairs as soon as they become apparent to prevent such a scenario occurring.

24

YOUR CAR’S INSURED

BY DIRECT LINE? THEN I COULD MAKE 40% OF YOUR HOME INSURANCE BILL DISAPPEAR WHEN YOU BUY ONLINE. That means, for your loyalty, you get 5 Star Defaqto rated home insurance for less. Introductory and online offers only on combined building and contents cover. Excludes optional covers.

Minimum premiums apply. Underwritten by U K Insurance Limited.

CAN YOUR HOME INSURANCE DO THAT?

Search direct line together

PROMOTION

O2 Home

M

oving home is often cited as one of the most stressful life events we experience. On top of saving for a deposit and stamp duty, we have to factor in the ongoing expenses of household bills and insurance, which are largely unknowns. With more being spent on a new home in the first six months of occupancy than in the five years that

follow, a new dream home often represents a significant proportion of our personal expenditure.

O2’s aim is to make life in the home simpler, easier and more efficient, giving people the ability to save time and money, gain greater control over their homes and achieve all-important peace of mind thanks to the digital technology now available.

Digital innovation has

benefitted a great many areas of our lives; from the way we communicate, our health and wellbeing to the way in which we conduct our daily work. However, until recently our homes have remained largely analogue, but this is starting to change very rapidly.

The global Smart Home market is expected to grow to a phenomenal USD $122bn by 2022 according to Research and Markets’ Smart Home Market report.

Evidence shows that the increased take up of smart home technology results in significant reductions in household bills; up to 20% savings on home energy spend and 15% on insurance premiums through the use of smart energy management appliances, and devices which allow for closer monitoring of the home.

And O2 aims to play a significant role in this market.

Through one easy to use app which controls all of the smart home devices, O2

PROMOTION

Home allows homeowners to take their home with them, allowing them to control heating, lighting, locks and more on their phones from wherever they are. They can benefit from real-time peace of mind through devices such as cameras streaming events at home directly to their phone, or smart plugs which tell them whether they’ve left the iron on when they left the house – and gives them the ability to switch it off if they have, from wherever they are. O2 Home gives increased flexibility and control over energy use through the Tado smart thermostat which drives up to 31% savings on energy bills.

Homeowners can provide tradespeople and deliveries

access to the home via a one-use access code to the smart doorlock, so they don’t need to wait in all day for those new purchases and installations. O2 Home can even help prevent any nasty new-home surprises by monitoring for water leaks, ensuring they don’t turn into a significant and expensive issue. This continued evolution of smart home technology gives homeowners the ability to personalise their home and to make it work for them, freeing them from the concerns and constraints that owning a family home can sometimes bring.

Over the past 18 months, we have been trialling O2 Home to better understand

1. http://www.researchandmarkets.com/research/vhj78m/smart_home_market

how our solutions can truly improve peoples’ lives with our customers telling us that energy control and savings and increased peace of mind offer the greatest benefits.

With a team of dedicated O2 Home instore advisors, installers and customer service representatives, we’ve made it easy and simple for people to get the most out of their O2 Home, right from the very first day.

Our homes are incredibly special to us and should be part of the technological revolution. We want to see more digital and smart technology making everyone’s life easier. O2 Home is just the first step in enabling a more personalised and connected home life.

O2 Home will be available to buy from July at www. home.o2.co.uk or from the O2 stores in Kingston Bentall Centre, Watford Harlequin Centre, Tottenham Court Road or Westfield White City (first floor store)

YOUR PROPERTY: TAX

Since 1 April 2016, if you’re purchasing a second holiday home or a buy-tolet property, then you have to pay a new further flat rate three per cent surcharge

Tax obligations When you buy and sell property, it’s important to be aware of your property tax liabilities so that you can budget accordingly and, of course, don’t fall foul of the tax man. Nat Barnes provides a run through of the different tax obligations for landlords and homebuyers as well as the new stamp duty surcharge for landlords and second-home buyers 28

YOUR PROPERTY: TAX

B

enjamin Franklin, one of the founding fathers of the USA, famously said, “In this world nothing can be said to be certain, except death and taxes”. His quote might be more than 200 years old, but the same is true today, especially if you own, or are looking to own, some property.

Unfortunately, property ownership and taxes seem to go hand in hand from Stamp Duty and Capital Gains to Income Tax and Council Tax, it can seem a veritable minefield of outlays with plenty of fines if you get it wrong for both homebuyers and landlords.

However, the reality is that by listening to your solicitor and with a little homework beforehand, it’s easy to avoid any mistakes.

If you’re moving from an existing property or buying a home for the first time, your main concern will be with Stamp Duty (or in Scotland, Land and Buildings Transaction Tax). This is a graduated tax based on a percentage on the purchase price of the property but only applies for those costing more than £125,000 (or £145,000 in Scotland).

Since 2014, this tax is now only paid on the amounts that fall into the particular bands rather than on the full amount

29

Alamy, Superstock, iStockphoto

Homebuyers

YOUR PROPERTY: TAX

as before (see table on page 31). So a buyer of a home costing £500,000 will pay nothing for the first £125,000, then two per cent for the portion between £125,000 and £250,000 (£2500) and then five per cent for the remainder (£12,500) giving a total of £15,000.

Although you can pay your Stamp Duty bill yourself, usually your solicitor will deal with submitting the return and payment for you, although it must be submitted within 30 days of completion. If not, you will be charged a £100 fine plus interest. The only times that Stamp Duty is not due is when you transfer a

There are different tax allowances for residential properties, holiday lettings and commercial properties and all are constantly changing, so the advice of an expert is money well spent proportion of your home to someone else either when divorcing or as a gift in a will.

Since 1 April 2016, if you’re purchasing a second holiday home or a buy-to-let property (see the upcoming section for landlords), then you have to pay a new further flat rate three per cent surcharge – see boxout on page 32.

30

If you’re moving to an entirely new area, you should also consider your future Council Tax bill too. England, Scotland and Wales have slightly different systems, but effectively each property is given one of eight band ratings depending on its value from April 1991. Although nationally some 68 per cent of properties fall into the cheapest band A, in London only 3 per cent do so which can see a big difference in your monthly outlay. The seller’s estate agent should be able to tell you which band your new property falls into and you can then find out how much your monthly bill will be.

Landlords Unlike those buying a home, for most landlords looking to buy their first property rental or expanding their current

YOUR PROPERTY: TAX

portfolio, buying property is strictly a business proposition.

When you start renting out a property, you must tell HM Revenue and Customs as you may have to pay tax. If you rent out more than one property and being a landlord is your main job, then you might also have to pay Class 2 National Insurance payments as it may constitute running a business.

Landlords will be hit the hardest with the latest changes in Stamp Duty too (see earlier and boxout on page 32), which will see a surcharge levied for any extra property purchases.

Tax rules and regulations for landlords are constantly changing, so it’s a good idea to ask the advice of a specialist accountant. Yes, this will incur an extra expense, but they should be able to save you that same amount simply by knowing what you can and can’t legitimately claim as expenses.

This latter point is crucial too as making your property as tax efficient as possible and crucial to avoid any unnecessary outlay. There are different tax allowances for residential properties, holiday lettings Stamp Duty rates – England, Wales and Northern Ireland 0-£125,000 – 0% £125,001-£250,000 – 2% £250,001-£925,000 – 5% £925,001-£1.5m – 10% Over £1.5m – 12% Land and Buildings Transaction Tax rates – Scotland 0-£145,000 – 0% £145,001-£250,000 – 2% £250,001-£325,000 – 5% £325,001-£750,000 – 10% £750,001+ – 12%

31

YOUR PROPERTY: TAX

and commercial properties and all are constantly changing, so the advice of an expert is money well spent. What you might have been able to claim for last year, might not be valid the next year and vice versa and the last thing you want to do is fall foul of HMRC. If you think you’ve made a mistake though, call and ask them – it’s far better for you to be honest and raise it with them than if they find out about it at a later date.

Since April this year, the tax relief rules on mortgage relief have changed for higher-rate tax payers too. Whereas before the relief used to be at the landlord’s rate of income tax (i.e. up to 45 per cent), it will now only be available at 20 per cent thus seeing a big increase in income tax for those in the higher-rate bands.

When any landlord comes to sell their property, they will also often be

liable for Capital Gains Tax. There are special reductions if it has been your home at any point, but there are future changes regarding how long you have before you need to pay it.

While previously you could have had up to 18 months in which to pay, from 2019 any Capital Gains Tax will be payable within 30 days.

STAMP DUTY SURCHARGE FROM 1 APRIL 2016 Anyone now buying a second property either as a holiday home or buy-to-let in the UK is now liable to the Government’s latest Stamp Duty surcharge introduced on 1 April 2016. This effectively acts as an extra three per cent in addition to the normal Stamp Duty you might pay.

Acting as a surcharge

on the entire property price (rather than the usual graduated system of Stamp Duty), this means that a £300,000 property will now attract a bill of £14,000 compared to

32

£5000 before. If you’re moving home and temporarily own two properties, you have three years to apply for a refund from HMRC. The only good news is that if you pay Capital Gains Tax on the sale profits from an additional home, you can offset the cost of the surcharge against your tax bill.

PROMOTION

Water sports paradise

H

ave you ever fancied learning to waterski or wakeboard? Or perhaps you already can. Whether you are an absolute beginner or a pro then Xtreme Gene is the place for you.

Since opening in 2002, Xtreme Gene has become one of Europe’s most popular wakeboard and waterski destinations for skiers and boarders wanting a holiday with world-class coaching in a sunny climate on amazing water while enjoying a relaxed and fun environment.

Our popularity is due to a number of factors, but mainly because whatever your level, you will have world-class coaching as our team includes some of the best skiers and riders in Europe. Learning correctly from the beginning, with the right tuition behind the best boats makes a huge difference to your progress.

However, the coaches also ensure you have a fun and relaxed holiday at the same time.

The camp is situated on a stunning lake in the heart of Andalucía, Spain with full on-site facilities including lakeside log cabin

accommodation, bar and restaurant with a terrace (the absolute perfect location for a cold cerveza after a hard day on the water) and views to take your breath away.

Very close by is the town of Almodóvar Del Río, a lovely traditional Spanish town where you can experience the real Spain. It has lots to offer for tourists, with many traditional restaurants, great ice cream and coffee shops and plenty of bars catering for all tastes and budgets. It is also made extra special by being set at the foot of an amazing castle, the Castillo de Almodóvar.

As if that is not enough, only 20 minutes away is the city of Córdoba with

everything a city can offer, including its beautiful old town of cobbled streets leading to the MosqueCathedral of Córdoba, a must see while there.

Packages range from weekend and day courses to week-long camps. We can tailor courses to suit your needs and also have additional accommodation options for those preferring an apartment, villa or hotel.

To get a better idea of what Xtreme Gene can offer, have a look at our website, and our videos of the stunning surroundings: www. xtreme-gene.com.

For bookings please contact Debbie@xtreme-gene.com

Alamy, Superstock, iStockphoto

YOUR PROPERTY: HEALTH AND SAFETY

Health and Safety advice for landlords 34

YOUR PROPERTY: HEALTH AND SAFETY

As a landlord, health and safety should be a crucial element of your business portfolio as without it you could risk a hefty fine or even prosecution. Nat Barnes offers some advice to help you keep on the right side of your health and safety responsibilities Gas Landlords should make sure maintenance and annual safety checks on gas appliances are carried out by a Gas Safe registered engineer. By law landlords must make sure: ☛ Pipe-work, appliances and flues provided for tenants are maintained in a safe condition ☛ That all appliances and flues that

they provide for tenants use have an annual safety check ☛ That maintenance and annual safety checks are carried out by an engineer registered with Gas Safe Register ☛ All gas equipment (including any appliance left by a previous tenant) is safe or otherwise removed before re-letting ☛ A gas safety record is provided to the tenant within 28 days of completing the check or to any new tenant before they move in ☛ They keep a copy of the gas safety record for two years Although access to the property should be written into your contract, if the tenant is refusing to allow you access, you should ensure that you make all reasonable steps to do so and also keep written records of the steps you have taken (see page 38).

35

YOUR PROPERTY: HEALTH AND SAFETY

Electrics In a similar way to the gas fittings, all the electrics in your property such as sockets and light fittings must be in a safe condition and maintained to that standard. The same goes for any appliances supplied by you as well such as the cooker, fridge or washing machine which should have the CE European conformity mark to show that they meet European law.

If the property is a House in Multiple Occupation (HMO), an electrical safety inspection must be

It is your responsibility as a landord to ensure that your property is safe and healthy for your tenants to live in carried out every five years. If the property is not an HMO, a landlord is not legally obliged to do this (except in Scotland where it became law on December 1, 2015), although it's certainly recommended.

It is important that when ordering an electrician to carry out any work in your property that you use one registered with an approved, government scheme such as NICEIC or ELECSA. NICEIC and ELECSA recommended you get a full electrical inspection and test carried out by a registered electrician on rental properties every five years or at change of occupancy, and that landlords carry out a visual check of the electrics every 6 months.

36

FIRE SAFETY As well as following safety regulations, you must ensure that smoke alarms are fitted on every floor of the house as a minimum. It’s recommended that they are also fitted in every room where people sleep and also any rooms that a chimney flue runs alongside. You must also fit a carbon monoxide alarm in rooms with a usable fireplace or woodburner and all other rooms with a gas appliance.

All of these alarms must be tested and working at the start of each tenancy and checked regularly. In Scotland these

YOUR PROPERTY: HEALTH AND SAFETY

must be mains-powered and interlinked, while elsewhere in the UK this is merely recommended. If battery-powered alarms are used, the tenants are responsible for checking them regularly and notifying the landlord if there are any problems.

You also need to check that

your tenants have access to escape routes at all times and must also provide fire alarms and extinguishers if the property is a large House in Multiple Occupation (HMO).

Furthermore, since 1997 any upholstered fixtures and fittings that you

EPC If you are renting out a property to tenants, you must provide an Energy Performance Certificate for it. You will need to know the EPC rating of the property and also include this in any advertising.

Other While not specified, there are some common sense elements too regarding your property. It is your responsibility as a landlord to ensure that your property is safe and healthy for your tenants to live in.

In practice that means that the property should be adequately heated and insulated and that the building is generally in an acceptable state of repair. As well as the gas and electricity supplies, the sanitation, water heating and water supply (sinks, 37

supply as part of the tenancy must also be fire safe. Furniture will often have a square or rectangular label on it to show that it is fire safe, so if you’re not sure, check underneath.

If the furniture does not have this label, then it probably will not comply with these regulations. The only exceptions are any antique furniture or that manufactured before 1950.

YOUR PROPERTY: HEALTH AND SAFETY

toilets, basins, baths) should be in good working order and the property should be free from damp. There should also be no potential trip or falling hazards.

While no tenants will be expecting to live in an immaculate museum, remember that the better condition your property is in when you start, then the chances are that most reasonable tenants are more likely to keep it that way. Also, the better relationship you have with them, then the more likely they are to call you when problems occur rather than let them continue, get worse and potentially cause more damage.

though that you have a key don’t just let yourself in – always knock or ring the bell and then wait to be invited in.

Retaining and maintaining a good relationship with your tenant will mean that they’re happier and more likely to stay for longer.

Accessing your property

HOME OWNERS

If you need to inspect your property or carry out repairs, you must legally give your tenants at least 24 hours’ notice as per the 1988 Housing Act, although immediate access is possible in the case of an emergency. Your tenants have the right to remain in the property while any repairs are carried out.

It helps if you can be flexible about the time you can visit and do not visit the property more than is necessary. Although you do own the property, remember that this is still the home of your tenants and treating them fairly and with respect will lead to a better relationship on both sides.

Unless there’s an emergency,

While home owners obviously don’t have the same responsibility for tenants as landlords, much of the above still has some bearing when it comes to their property.

It’s in your and your family’s own interests that the gas and electrical supplies are safe and regularly serviced and inspected by registered engineers.

The same goes for

38

any other elements of your home, including fire safety and ensuring your property has smoke alarms and carbon monoxide alarms fitted and that they are tested regularly.

ONLINE EDITION

VIEW 'THE KEY' ONLINE PUBLICATION www.thekey-propertyguide.co.uk

Deposit Protection and You! Having been introduced in 2007, Tenancy Deposit Protection is one of the cornerstones of the Private Rented Sector, yet many landlords aren’t clear about their responsibilities, or how The Deposit Protection Service (The DPS) can help them. Deposit Protection legislation requires you to protect your tenants’ deposit within 30 days of receiving it, in a Government approved scheme such as those The DPS operates. You also need to provide your tenant with Prescribed Information, informing them of things such as who the deposit is protected by and how to contact them. It’s the law and failure to do so can result in you being penalised and having to pay your tenant up to three times the value of the deposit!

Two types of schemes There are two types of scheme: a free Custodial scheme, where the deposit is held by the scheme provider for the duration of the tenancy; and Insured schemes, where you retain the deposit and pay a fee to protect it.

The DPS has operated a Custodial Scheme since 2007 and an Insured Scheme since 2012, protecting and repaying over 4.2 million deposits. The Custodial scheme appeals to landlords as it’s completely free, and the fact we hold the deposit on your behalf means we take care of the administrative burden of repaying the deposit at the end of the tenancy. We understand the importance of repaying deposits quickly, which is why we release deposits held in our custodial scheme within 2 days of receiving an authenticated request. You can rely on our speed of service!

In most cases, landlords and tenants discuss deductions together and agree how the deposit should be split between them, making the repayment process straightforward.

However, a small percentage of tenancies do end with landlords and tenants unable to reach a settlement they’re both happy with, and that’s where our free dispute resolution service comes in. All deposit protection schemes must provide a free Alternative Dispute Resolution (ADR) service. ADR was introduced at the same time as deposit protection, to reduce the number of deposit disputes going through the Court system.

Now, if you and your tenants can’t agree on who should receive part or all of the deposit, our expert impartial adjudicators will review the evidence provided by both parties to determine if you have a genuine claim, and if so, what amount should be awarded.

A free dispute resolution service

We’ve improved our ADR service

It’s a fact of life that sometimes you may need to retain part of the deposit to cover reasonable costs incurred during a tenancy.

We’ve introduced a number of improvements to our ADR service over the years, including speeding up the process for evidence

Our customer focus, your satisfaction!

Our customers are at the heart of everything we do, and their feedback drives improvements to our service.

We’ve made a number of changes as a result of what customers told us, including extending our opening hours to cover weekends, and sharing regular updates with our members about changes happening in the Private Rented Sector that affect landlords. We’re determined to keep innovating, and are investing heavily in our online service to deliver an unmatched experience for landlords and letting agents.

We regularly ask callers to our Customer Service team to rate their experience.

Here’s what they told us in January:

10/10

Over half the callers gave their advisor top marks

9.4/10

The average score for helpfulness

9.2/10

submission and visibility. If you use a managing agent, you’ll be pleased to know that we’ve also started integrating with suppliers of inventory and repair management services such as Imfuna and Fixflo which speeds up the process for providing evidence for dispute resolution.

It’s not always easy to understand how our adjudicators reach their decisions, so we’ve created a series of interactive ADR case studies that put you in the adjudicator’s chair and allows you to work through real examples of disputes we’ve resolved. An archive of our “Be the adjudicator” series is available at www.depositprotection.com.

Ultimately, we don’t want to see landlords and tenants in dispute, and many of the issues we see through ADR could be avoided by better communication and improvements in tenancy management. The majority of disputes happen over differences of opinion about the condition of a property at check-out. By recording a clear and detailed inventory at check-in, using date-stamped photographs that show the condition of the

“Very, very helpful and I got everything I needed. A ten from me as they say on Strictly” “Call was excellent. Helped me with everything. What a very good service the DPS gives" “Zero waiting time and finished the call within minutes . Fantastic efficient service.”

How fully questions were answered

property at check-in and check-out, keeping records of correspondence with tenants, and receipts for repairs or replacements, you can build a portfolio of evidence. It will support any claim you need to make against the tenant’s deposit, and improve your likelihood of success. We’ve used our experience to prepare a range of useful best practice tools for you, including top tips on creating a strong inventory, how to perform a great check-out, and guidance for tenants on how to conduct themselves during their tenancy so they avoid problems that could cause them to lose part or all of their deposit. These can all be found on our website.

Here at The DPS, we want to make Tenancy Deposit Protection clear and easy to understand and provide you with a speedy, efficient service that reduces your burden, allowing you to get on with the business of managing your property. You can find out more about our services, including our free Custodial deposit protection and our Insured protection on our website at www.depositprotection.com, or call us on 0330 303 0030.

Did you know…

We’ve protected over 4.2 million deposits since 2007 Over 400,000 landlords have registered with us We repay most deposits within 2 working days www.depositprotection.com

LETTING PROPERTY: TENANTS

What’s your speciality?

Richard Lambert, CEO of the National Landlords Association (NLA), explains how landlords are displaying a trend of reducing the variety of different tenant types in their portfolios 42

LETTING PROPERTY: TENANTS

I

t may not have been a question that many landlords would have given any thought to answering before, but it’s becoming more and more relevant to letting property and you may not have even realised it. In fact, the recent damaging announcements from the current Chancellor which will undoubtedly squeeze the sector in the future make the notion of specialising ever more crucial. Let me explain.

Does it matter who you let to?

While some landlords have always specialised in letting to a particular tenant market, the average landlord commonly lets to a mixture of different tenants – young professionals, benefit recipients, blue collar workers, retirees, etc – especially if they have more than one property.

After all, if the rent is being paid and your tenants are taking good

care of the property, then why should it matter who you rent to? For the majority, the most important aspects are stable long term tenancies and, of course, to be making money.

However, this could be changing.

Take a look at the graph below that

The proportion of landlords letting to every different tenant type has fallen over the past four years charts the proportion of landlords letting to the various different tenant markets over the past four years.

90

53 51 51 46

54 49 47

57

54

51

51

49 48

43

42

30

36 32

19 15

0

49

34

Families with children

LHA claimants

Young singles

Retired

52

51

51

51 45

46 42

40

50 46 41 41

21

27 22 18

49 48 42

48 45 44 40

35

34 28

18

White collar / professionals

17

15

49 48 37 35

24 21 12

12

47

47

47

46 38

36 33

34

18

20

23 13 9

10

50 49 41 34

49

52 48

47

42

50 49 39

39 30

33

34

18

20

19

20

11

11

10

12

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15

43

Alamy, Superstock

60

Young couples

LETTING PROPERTY: TENANTS

Let me draw out the trends: ☛ Young couples: A drop of one per cent ☛ Families with children: A drop of three per cent ☛ Retirees: A drop of seven per cent ☛ White collar: A drop of 12 per cent ☛ Young singles: A drop of 14 per cent ☛ LHA/ housing benefit recipients: A drop of 16 per cent So, the proportion of landlords letting to every different tenant type has fallen over the past four years. In some cases this may only be by a percentage point or so, but in the case of housing benefit tenants for example, the reduction has been dramatic. What it seems to suggest is that over time

The trend seems to suggest that landlords are moving towards specialising in particular tenant markets, and this is undoubtedly down to the P word… Profit landlords are displaying a trend of reducing the variety of different tenant types in their portfolios.

It’s important to point out that the number of tenants reliant upon the PRS has 44

grown over the last four years and will continue to do so. This means that the trend can’t be explained by a reduction in volume or demand from tenants.

The trend seems to suggest that landlords are moving towards specialising in particular tenant markets, and this is undoubtedly down to the P word...

Profit At the NLA, we don’t shy away from discussing profitability, because we recognise that it is the fundamental reason that everyone is in business.

However, it might surprise you to know that not all landlords turn a profit. On average, 17 per cent –

LETTING PROPERTY: TENANTS

cash when you sell. However, the Chancellor’s recent decision to slash capital gains tax for everyone except landlords hardly incentivises this.

The best way to really maximise profits in the future, without having to hike rents, lies in really understanding your business and your market; what it needs and how you can best meet those needs How well do you know your market?

Often the type of property you let, or where it is located, will largely determine which tenants will be attracted to the home you offer.

But with modest yields and an increasingly bleak outlook for the sector, the best way to really maximise profits in the future, without having to hike rents, lies in really understanding your business and your market; what it needs and how you can best meet those needs.

that’s approximately 255,000 – manage only to break even, or worse still, make a loss on their lettings activity. This figure rises to more than a quarter of landlords who operate just a single property.

Furthermore, the average net rental yield is approximately 5.5 per cent, which belies the popular perception that landlords enjoy the luxury life. Of course, seasoned buy to let critics will point to the vast profits building up through capital appreciation, but even if you make significant capital gains on the properties you own – and let’s not forget that one in seven landlords (over 200,000) have property in negative equity – you only get your hands on it as cold hard 45

LETTING PROPERTY: TENANTS

We understand the importance of letting to the right tenants and finding the right market for you, and there are a number of specialist sub-markets for you to consider. The recent Budget underlined that the Chancellor is determined not to be swayed from the course

Tenant type

Typical rental yield

he’s set, which means it could well be time to re-evaluate your business.

There seems to be a natural shift afoot in private letting, so get on board. If you haven’t already thought about what your tenant speciality should be, perhaps it’s time you did.

Key considerations

Students

6.2%

Students provide a high rental yield but may be trickier to manage as often it’s their first time living away from home.

You can also expect to spend more on refurbishing between tenancies.

Shared housing

6.4%

Letting to multiple tenants offers one of the strong yields, but is often more complicated to manage with more rules and regulations that govern houses in multiple occupancy (HMOs).

5.4%

Families tend to want greater stability and are likely to stay in the property for a longer period, meaning more sustainable tenancies. However, location and proximity to amenities and schools is usually a high priority.

5.5%

Professionals are often seen as the most sought after tenants and they form a large part of the market. This means that competition will be high and things like proximity to transport, leisure facilities and restaurants tend to figure high.

6%

Tenants in receipt of benefits represent more of a ‘risk’ for new landlords but provide a stronger yield than other tenant types.

However, you must do your research on the current rates of benefits and what rent levels are accessible by this part of the market before you can be certain to make it work for you.

Company lets

4.7%

Company and commercial tend to be fairly low maintenance tenants as they typically tend to stay for shorter periods of time.

However, this means greater churn and hassle so it may be wise to seek the assistance of a professional agent or speak with a landlords association when agreeing terms.

Older households

5.6%

Tend to stay for longer which means less churn and more stability, but accessibility will be important and property specifications may also be necessary.

Families

Professionals

Housing benefit recipients

46

MOVING ON: PREPARATION

Achieving a smooth move Moving is stressful enough without having to sort through everything you own before you go. Claire Muffett-Reece explains how you can make the move a less stressful experience by preparing early for moving day

Alamy, Superstock

Declutter Moving home is the perfect chance to face that inner hoarder and get rid of items that don’t serve a purpose. Try to allocate a period of time each day prior to your move, going through your possessions a drawer at a time and looking at the contents before you. Items that hold real sentimental value should be stored to one side, while others should be looked at with regards to when you last used them and the likelihood you’ll do so at your new home. The more you offload the better financially you’ll be, selling old items via boot sales or auction sites to put towards that new sofa you’ve already got your eye on.

48

MOVING ON: PREPARATION

MEASURE UP Lucky enough to have a perfect place for everything in your old property? This can soon change when you move in to your new home, meaning an appointment with the current owner to revisit the house is a great idea.

Arrange a convenient time and measure all relevant areas – including the width of doorframes – making sure your sofas, units and even bedroom furniture fits in with your new surroundings. You can even use the time to take measurements for future wallpaper, carpets and even to assess whether that family photo will look as good hanging by the front door as it does in your current abode.

Granted, you’ll never know for sure until you’ve actually moved in, but it certainly helps give a clearer picture and addresses any potential concerns.

Moving home is the perfect chance to face that inner hoarder and get rid of items that don’t serve a purpose

49

MOVING ON: PREPARATION

Find a removal firm It’s also wise to start sourcing a potential moving company as soon as your offer has been accepted in writing to see what one works best for you. Look for recommendations online and ask family and friends who they’ve used in the past, searching for companies ideally under the British Association of Removers for added peace of mind. Discuss the costs of moving, remembering weekends are more expensive but that on weekdays you’ll encounter more traffic on the roads – and ask about the insurance they have and exactly what that covers. You might instead prefer to undertake the move yourself, hiring a van and remembering essential equipment to make the process easier, such as a moving dolly for transporting white goods in and out.

Labour is another essential, asking friends and family to lend a hand and remembering to ply them with plenty of tea and good-quality biscuits whenever possible!

Get informing Get organised when it comes to your main providers, informing your gas, electricity, water, internet and TV companies of your moving date and giving them at least six to eight weeks notice to

Start sourcing a potential moving company as soon as your offer has been accepted in writing to see what one works best for you switch across to your new address. Your buildings and contents insurance is just as vital – ideally accounting for damages and breakages that 50

MOVING ON: PREPARATION

Start packing early Begin the task of packing as soon as you can, starting with the loft and working your way down room by room. Again, be ruthless when it comes to discarding long-forgotten items, and remember it’ll always take more time than you think, with an hour soon lost reminiscing over old photos and memorabilia. When looking for packing it’s always a good idea to ask at supermarkets or large furniture stores for any discarded boxes, keeping read newspapers and

magazines to help wrap delicate items. Keep smaller boxes for heavier items to prevent injury by over packing, and make sure the boxes containing items you need the least are loaded up first. It’s also a great idea to pack an essentials box with all the items you’ll need over the first couple of days in your new home, such as toiletries, clothing, phone chargers, your kettle, basic food stuffs and a few utensils. The rest of the boxes should then be labeled clearly on a room basis and can be tackled more leisurely when you have the time.

CHILDREN AND PETS

can occur during the move, it needs to commence from the day of completion. Last, but by no means least, is the importance of getting your mail redirected. Even the most organised person can overlook one or two contacts, so speak to Royal Mail as soon as you get your proposed completion date about setting up a redirection service.

Don’t forget the impact moving has on the rest of your family, with children and pets finding the move just as unsettling. You may be moving to an entirely different area, with new schools and new friends to make as a result, so try to encourage your kids to voice any concerns and reduce those last minute nerves. It also helps to stick to a routine wherever possible, making sure their bedroom is one of the first areas to tackle and unpacking familiar belongings to bring an immediate feeling of comfort. Pets, too, will benefit from familiarity, with a bed or fluffy blanket tucked away in a quiet room apart from the hustle and bustle of moving in. Offer reassurance at the end of the day with lots of strokes and cuddles, and remember to keep cats inside for a few days so they don’t attempt to return to your former home.

51

MOVING ON: PREPARATION

Moving in day

MAKING CONTACT There’s nothing more time-consuming than informing all your contacts of a change of address, however, it’s vital to keep things above board and prevent identity theft in the process. Here’s our round up of who you need to let know…

PERSONAL Family Friends UTILITIES Council Tax Gas Electric Water TECHNOLOGY Telephone Mobile Phone Internet Sky TV Licence FINANCES Bank Accounts Building Societies Credit Cards Store Cards Loans HP Agreements National Savings/ Premium Bonds Pension Schemes Solicitor INSURANCES Home

Life Pet Car Travel GOVERNMENT Electoral Role Passport DVLA Vehicle Registration Inland Revenue Benefit Providers HEALTH Dentist Doctor Gym Membership Opticians Vets MISCELLANEOUS Breakdown Recovery Newspaper/ Magazine Subscriptions Milkman Window Cleaner Gardener Work Schools Library Loyalty Cards

52

The day has finally arrived, and – if you’re properly prepared – should go without a hitch!

Make sure the movers have your mobile phone number and a full address of where they have to get to, and mark up any items that have been included in the sale and are therefore staying put. Once loaded up have one final scour of your old property, looking on top of cupboards, around the garden and anywhere else you might have overlooked, before leaving the new owners a helpful note explaining how the basics of your old house works. Upon arriving at your new home it’s all systems go, ideally marking different rooms with signs so the movers know exactly what box goes where, while watching out for fragile items to prevent them getting broken. Once unloaded, it’s time to work on the absolute basics, rebuilding and making beds, sorting the heating and hot water and then ordering a takeaway – you won’t feel like cooking!

PROMOTION

Spice up your dinner with Nom Noms two-course meals

I

f you want to enjoy authentic international food without extra salt, sugar, additives and preservatives, Nom Noms World Food offer five healthy ready meals. There’s a Veggie Tagine from Morocco, Chicken Laksa from Malaysia, Fish Thali from Southern India and two Tiffins – Lamb and Chicken - from Northern India.

Mega Nom Noms meals (400g) for grown-ups have two courses with a main and an appetiser, and a dip or chutney, plus an extra

Masala or Spice Mix sachet to stir in to tingle your taste buds. Each dish is naturally boosted with fresh fruit and vegetables. Sprinkle the added spices for that extra burst of flavour. There are Mini Nom Noms meals (250g) for kids too, so everyone in the family can enjoy a Nom Noms healthy dinner.

And for every Nom Noms meal bought here in Britain, Nom Noms World Food offer a meal for a hungry

child in India through the Akshaya Patra Foundation.

Nom Noms meals are currently available exclusively through Ocado.

Find more at www.nomnomsworldfood.com and follow us on Facebook and Instagram @nomnomsworldfood, on Twitter @nomnomsmeals.

healthy world cuisine

YOUR PROPERTY: CLEANING

Clean as a whistle Ensure your property is as clean as can be, regardless of whether you’re a first time buyer or a landlord with a daunting mess to address as Claire Muffett-Reece explains

54

YOUR PROPERTY: CLEANING

I

It’s wise to focus your attention on cleaning the property once the tenant or yourself gives notice, with the amount of cleaning to be done having an impact on the amount of deposit returned to them with cleaning costs often being deducted from deposits due to tenants failing to leave the property in a clean condition. For many it can seem a daunting prospect, however, with just a little planning and careful guidance you can get that home back to its brilliant best with ease.

Take responsibility Under UK law the seller is under no legal obligation to leave their old property in a 55

clean state, meaning all you can do is hope for the best upon opening your new front door. They should, however, have emptied the house of their furniture and belongings, leaving behind only what was stipulated in the terms of the sale – so don’t be afraid to ask them to remove any extra items they’ve ‘accidentally’ left behind. If they refuse it’s down to you to remove them, attempting to get any fees incurred back from the seller, if you think it’s worthwhile.

If you’re a landlord it’s important to realise that just

Alamy, Superstock, iStockphoto

n an ideal world your new home would be pristine from top to bottom for your arrival, complete with sparkling floors and immaculate surfaces. In reality, a combination of the vendor’s last-minute packing and confusion over the removal company’s arrival has resulted in abandoned boxes, leftover breakfast dishes and a carpet that looks like it hasn’t seen a clean in months. It can be a similar picture for landlords,

YOUR PROPERTY: CLEANING

as you’re expected to provide a property fit for habitation, the tenant, too, must keep that home in a reasonable state of cleanliness and decoration, usually written in to most agreements as the tenant using your property in a ‘tenant-like’ way. Having said that, it’s important to remember that you cannot ask them to clear up just because it doesn’t keep up with your own version of

Try to negotiate a completion date that’s a couple of days – or even a week – later than your new property, to prevent an in-flood of boxes and furniture getting in the way of your cleaning regime cleanliness – so any such matters should only be addressed if you feel there is serious cause for concern, and one that affects the building and its surroundings.

Instead it’s wise to focus your attention on cleaning the property once the tenant or yourself gives notice, with the amount of cleaning to be done having an impact on the amount of deposit returned to them.

As a landlord at one time or another it’s inevitable a tenant will wish to move out, meaning it’s important you 56

STAKE YOUR CLAIM Around 30% of tenancies end with some amount of deposit deduction, proving as a landlord you are well within your right to seek cleaning costs should you

YOUR PROPERTY: CLEANING

know your rights when it comes to checking and cleaning up the property. For this you’ll need the original tenancy inventory, which was compiled when the tenant first moved in and includes the state of the property at that time. It might be wise to subtly remind your tenant of their responsibility to ensure the property is returned back to its original condition, giving them two week’s notice prior to the checking-out inventory so they can use the time on cleaning. As a rule, this includes the most obvious, such as cleaning bathrooms and kitchens thoroughly – think inside ovens, fridges, cupboards and even washing machine drawers – as well as tending to any gardens and cleaning the carpets and floors. However, as a landlord you should be fair about this process and account for any general wear and tear, depending on the period of their tenancy and the age of particular items.

the Tenancy Deposit Protection scheme. Reviewed by an impartial adjudicator, they will look at the evidence and come to a decision, which once determined cannot be disputed.

find your property in an unfit state.

Try to ensure the tenant is at the end inventory with you, writing up a full list of the problems in comparison to the original – which can then be shown to the tenant within 10 days of requesting their deposit if they chose not to attend. Remember that as a landlord you have to prove what is owed to you and that many tenants may wish to dispute your claim – so be fair and make sure everything is done in writing, to prevent lengthy debates. You cannot deduct fees from their deposit until the matter has been legally resolved, so try to reach an agreement you are both happy with. If, however, reaching an agreement is proving fruitless, your tenant may wish to seek legal advice, initially using the free dispute resolution service in accordance with

57

YOUR PROPERTY: CLEANING

Operation clean up Regardless of whether you are moving in or renting out, it’s a great idea to give your property a thorough clean before anyone moves in.

Landlords should leave a period before the new tenant

Regardless of whether you are moving in or renting out, it’s a great idea to give your property a thorough clean before anyone moves in arrives to give them the time to do a proper job – however, this isn’t as easy when moving home, with completion days usually falling on the same day that

58

the previous owner moves out. With this in mind try to negotiate a completion date that’s a couple of days – or even a week – later than your new property, to prevent an in-flood of boxes and furniture getting in the way of your cleaning regime. You then have the perfect window of opportunity to get all those jobs out of the way, washing carpets and kitchen cupboards effectively, as well as freshening up walls and doors with a lick of paint.

Rebecca McLean, Marketing & Product Director at EnviroVent, looks at how landlords are recognising the need to take action against mould.

“We recently carried out a national survey involving over 1,000 people, with almost 400 living in rented accommodation. The survey revealed that mould was by far the least appealing factor for people viewing a home.

44% of people said they would be put off buying or renting a house if they noticed on a viewing that it had mould. 96% said they would view mould in a home they were viewing as bad or extremely bad. Mould was ranked far higher than the next worst factor, which was animal smells – at 32% and garish decoration – at 13%.

This research should be interesting to landlords who are looking to make their properties more appealing to tenants as it shows the importance of good ventilation.

Although a house may be thoroughly cleaned prior to viewing with mould wiped away, there is still no hiding the fusty smell that goes hand in hand with poor indoor air quality that may greet prospective tenants as they walk through the door. What is clear through the research is that people are less prepared to put up with condensation and mould than they ever would before.

The survey also revealed an interesting statistic that 13% of people nationally would rather move out than deal with issues with mould in their home. This was highest in the 16 to 24 age group at 21%, the majority of which are renters.

So what’s the answer?

Landlords are increasingly recognising that low level background ventilation to a property is the best solution to significantly reducing condensation and high humidity levels, which result in mould growth. At the very least, ventilation should be fitted in kitchens and bathrooms, but as moisture spreads to bedrooms, occupants can often find spores growing on walls, around windows and in cupboards and wardrobes.

These systems work by drawing in fresh, filtered, clean air from the outside and gently ventilating the home from a central position, usually in the loft, above a landing in a house, or a central hallway in a flat or bungalow. They dilute moisture laden air, displacing it and replacing it to control humidity levels between 45% and 60%, where condensation does not form.

The aim with the Mr Venty® systems is to deliver adequate whole house ventilation rates, rather than simply meeting minimum standards. Where landlords choose to invest in ventilation systems, the direct results have been less call-outs to their maintenance teams, better relationships with tenants and a positive impact on people’s health.

Some tenants have taken court action against their landlords because of failure to deal with dampness and mould growth. The recently introduced Retaliatory Eviction legislation has taken this a step further by firmly putting the emphasis on landlords carrying out appropriate remedial work to prevent issues with condensation and mould.

Condensation and mould growth is not something that can be treated retrospectively with sprays or redecoration – it will simply continue to occur. Without preventative action being taken, this situation only gets worse, causing damage to the fabric of the building and harm to the health of occupants. The new Retaliatory Eviction Regulations relating to Section 21 mean that the onus is on landlords to improve ventilation within a property to prevent issues escalating and with today’s affordable and highly effective ventilation technology, there really is no need for tenants to live in damp and mouldy conditions.”

For more information on effective ventilation solutions, contact EnviroVent via the website:

YOUR PROPERTY: ROOM GUIDE

Perfect

living spaces

"If you’re a landlord letting a furnished property, including a few carefully placed pictures, lamps and soft furnishings will help to make it look like a home, rather than a sterile space"

60

YOUR PROPERTY: ROOM GUIDE

Whether you’re a landlord or a homeowner, it’s important to take the time to plan what each room in your new property will be used for. This will help to maximise the space and could help avoid costly mistakes, as Michelle Higgs explains

The living room should be a cosy, welcoming place for relaxing and unwinding after a hard day’s work. In the best layout, the furniture is arranged around a focal point of the room. This could be a beautiful fireplace or wood-burner, or even an eye-catching work of art, mirror or coffee table.

For a large living area, try dividing it up into zones, for instance, for seating, dining or study. You can delineate the areas easily by placing the sofa in a particular position or using a bookcase or other low level furniture. In a family living room, good storage is vital. Consider installing bespoke cabinets or bookshelves in the alcoves either side of the chimney breast. For lighting, use wall lights, table and floor lamps, or uplighters to supplement light from a central pendant.

Positioning radiators can be problematic and if you desperately need wall space, it’s often best to put them under a window. Add interest to the walls with things that mean something to you, for example, favourite photographs and pictures, display cabinets with treasured mementoes, and quirky holiday finds. If you’re a landlord letting a furnished property, including a few carefully placed pictures, lamps and soft furnishings will help to make it look like a home, rather than a sterile space.

61

Alamy, iSotckphoto

Relaxing living areas

YOUR PROPERTY: ROOM GUIDE

Sociable kitchens

BLISSFUL BEDROOMS

Nowadays, open-plan kitchen-diners are the norm as they suit modern lifestyles. A family-friendly ‘heart of the home’ kitchen like this needs a table large enough for dining, entertaining or for the kids to do their homework at. However, don’t try to squeeze one into a tiny corner as guests may not be able to move the chairs in and out.

A successful kitchen is planned around the classic work triangle: the paths between your sink, cooker and refrigerator should be direct and free from obstacles. Don’t forget you’ll need efficient task lighting above the worktops and in the study or computer area if you have one, in addition to general recessed lights. If you have the space, try to include a quiet area for chilling out in

A bedroom should be a restful sanctuary away from the stresses and strains of daily life. The bed is the focal point so position it so it’s the first thing you see when you enter the room. To create a relaxed atmosphere, use neutral tones of pale cream, cool greens

A successful kitchen is planned around the classic work triangle: the paths between your sink, cooker and refrigerator should be direct and free from obstacles

62

YOUR PROPERTY: ROOM GUIDE

or blues, or warm yellows and oranges. You can also add texture and colour by including lots of tactile fabrics on cushions, throws and bedspreads.

If you don’t want your sleep interrupted by the sunrise, install blackout blinds or shutters to control the light. Cut the clutter and make the most of the available space by

using tall chests of drawers, wall to wall fitted wardrobes and hidden storage such as an ottoman or a lift-up window seat. If you’re renting out a furnished house, it’s vital to include plenty of wardrobe space in all of the bedrooms.

Divan beds with drawers can be a practical option.

Use three or four

your kitchen. Put a small sofa or armchair in a cosy corner and add some shelving for books, CDs and games.

If you’re considering replacing an existing kitchen, bear in mind that the houses in your street will have a defined ceiling price. The amount you should spend on fixtures and fittings should reflect this value. Equally, if you’re a landlord, the type of kitchen you need to install will vary depending on the tenants you’re targeting, for instance, a higher spec kitchen will be expected if you’re trying to attract young professionals rather than students. However, sufficient storage and work surfaces are usually high on the wish list of most people.

63

different kinds of lighting in the room, such as table lamps on the bedside table, spotlights above the wardrobe or mirrors to help with dressing in the morning, and perhaps a floor lamp near a chair.

The lighting should also be dimmable so that you can alter the mood at the flick of a switch.

LUXURY Redefined Rare, Limited Edition, Designer Must-Haves.........

BUY YOUR HEART’S DESIRE FOR UP TO 90% OFF THE RRP Bags | Shoes | Clothing | Jewellery/Watches Check out our online store:

www.shushatthewellington.com ALL ITEMS ARE NEW OR NEARLY NEW

Shush @ the wellington

Tel: 020 7483 0688 Mobile: 07801 598578 Email: shushatthewellington@hotmail.com 1 Wellington Place, St Johns Wood, London, NW8 7PE

YOUR PROPERTY: ROOM GUIDE

Stunning bathrooms Bathrooms are often the most neglected rooms in the house, but it pays to get the layout right. Ideally, there should be space for a bath and a separate shower unit, but in smaller rooms, a shower bath or a shower over a bath is a good compromise. Whether you’re a landlord or a homeowner, think long-term; a classic, white suite will never date.

If you don’t need to replace the whole bathroom, you can update it simply by replacing the taps, installing a towel radiator or changing the tiles. For bathrooms that are on the small side, use clever space-saving fittings. As the smallest room in the house, it’s easy for bathrooms to become cluttered.

Installing a vanity unit under a basin is the best use of this often under-used space, while fitted furniture throughout creates a sleek, streamlined look.

Wall tiles can really help to add colour and set the theme of the bathroom, but floor to ceiling tiles can appear clinical and cold. Try tiling halfway up the wall, across the splashback area of a basin or behind the shower instead. Soft,

white light is best for bathrooms so opt for halogen or LED lighting and plan carefully where to place it, for instance, over mirrors or in a recessed area. With flooring, choose the most practical, slip-resistant option your budget will allow. From rubber, vinyl and tiles through to linoleum and stone, there’s plenty to choose from. If you’re a landlord, your priority will be to find attractive flooring that’s easy for tenants to keep clean and for you to maintain.

65

PROMOTION

Wow your tenants with the help of Dulux Trade Property Professionals and Landlords around the country are seeing how Dulux Trade goes the extra mile to help them deliver beautiful living environments that exceed the expectations of tenants and leaseholders.

F

rom lifting a mood or raising a smile to creating that warm feeling of being home, a beautiful living environment can help make each day brighter for your tenants. At Dulux Trade, we’ve always been passionate about colour and the positive impact it can have on the way people think and feel. Now we want the opportunity to help you unlock the potential of the living spaces in your care.

Providing all the support you need The range of products and services from Dulux Trade is designed to meet the needs of all managers and owners of property, and help you provide the service your tenants are looking for. There are three critical project tasks to get right and Dulux Trade can help with all three:

PROMOTION

1. Getting the right products 2. Creating an inspirational colour scheme 3. Finding a quality decorator or painting contractor Getting the right products Superb products, backed by the latest online specification tools, perfect for property management projects: Selecting the Right Products Product Selector and Paint Specification Creator help you identify exactly the right product to use. For small projects, the Dulux Trade Product Selector identifies the right products for the right situations. For larger projects, Paint Specification Creator is the definitive tool to help build professional and thorough painting specifications to include in tender documentation.

Dulux Trade Diamond Range Diamond durability can deliver lower costs and longer maintenance cycles. When you need a finish that can take everyday wear and tear, shrug off stains, withstand constant cleaning and stay looking good for longer, trust the ultra durable Diamond range from Dulux Trade to deliver.

PROMOTION

The range includes Dulux Trade Diamond Matt which, with its enhanced formulation, delivers even greater durability and stain resistance, keeping that just painted look for longer, even when wiped repeatedly - ideal for stairwells and hallways.

For wooden floors, Dulux Trade Diamond Glaze is ideal in interior environments, maximising durability and optimising aesthetic effect with its beautiful clear finish.

Dulux Trade Quick Dry Gloss and Satinwood With the new Dulux Trade Quick Dry trim paints, you are now able to achieve quicker recoat times and enhanced durability while creating a finish that mimics the high sheen and smooth flowout properties of traditional solvent-based products.

Weathershield for Exteriors The Weathershield range is all about protection from the elements, ensuring that building exteriors look good and stay looking good long into the future helping to extend maintenance cycles. Weathershield masonry coatings, trim paints and woodcare products are made to withstand every combination of rain, snow, hail, wind and frost (along with the occasional burst of sunshine) year after year after year.

Creating an inspirational colour scheme Bring your colour scheme to life on-screen using the range of Dulux Trade colour tools designed to help you transform tired uninspiring spaces into beautiful living environments.

Digital Colour Palette With over 2000 colours our Digital Colour Palette helps property professionals like you explore the full range of colour possibilities.

Visualizer The Dulux Trade Paint Expert App for professional Specifiers incorporates the new and exclusive ‘Dulux Trade Paint Expert Visualizer’ functionality – helping you to see colours in situ, live. Using unique augmented reality

PROMOTION

technology, you can see realistic Dulux Trade paint colours appear on wall surfaces with just a tap of the screen. Experiment with bolder colours or narrow down your colour choices with confidence. Our Colour Experts also provide a choice of colour schemes to go with your chosen paint colours or existing furnishings.

Finding a quality decorator or painting contractor When you need a project completed right first time, on time and there is no room for error – you can rely on the professional members of our approved applier networks.

For smaller projects, the network of Dulux Select Decorators provides the finest decorating professionals, delivering the highest standards in domestic environments.

For larger projects such as communal spaces in apartment blocks, Dulux Trade

Contract Partnership is our exclusive network that provides fast, convenient access to quality-assured painting contractors who provide great service and amazing end results.

If you would like to purchase the paint yourself, you can take advantage of a special discount rate by phoning our Dulux Decorator Centre Priority Order Line on 0845 600 2400 and quoting The Key Discount. The Priority Order Line will take your order with payment details and arrange for delivery.

For more information about all of our products, tools, services and apps please visit duluxtradepaintexpert.co.uk, call our Technical Advice Centre on 0333 222 70 70 or email duluxtrade.advice@ akzonobel.com.

YOUR PROPERTY: INTERIOR IDEAS

Property makeover Is your new property in need of a revamp? Michelle Higgs offers some tips and advice to help you transform a new house into a home Decorate the walls When you first move in to your new home, try to live with the existing dÊcor for a few weeks or months; you’ll quickly find out which rooms are dark and light, and which ones seem poky or spacious. This will help determine the colours you use in your new scheme. While most colours suit large, light rooms, cool shades such as blues and greens will make a

70

YOUR PROPERTY: INTERIOR IDEAS

small room seem larger. Paint is the easiest way to decorate your walls but whether you’re a landlord or a homeowner, washable paint surfaces are advisable if there are young children or pets living in the house.

Alternatively, wallpaper allows you to add colour, texture and pattern all in one.

If you’re not brave enough to use large patterns on all your walls, don’t worry; try it on a feature wall instead. This is also a trick you can use if you’re a landlord and you want to add a designer touch to your rental property and make it stand out from the crowd.

Splashback areas and walls in bathrooms, as well as kitchens, are usually tiled – and for good reason. Wall tiles provide a practical and durable surface that’s also very attractive. However,

While most colours suit large, light rooms, cool shades such as blues and greens will make a small room seem larger Alamy, Superstock, iStockphoto

maintaining the grout can be a headache. You may prefer to use waterproof panels which can be fitted over existing tiles; there is a higher initial cost but they are much easier to maintain.

71

YOUR PROPERTY: INTERIOR IDEAS

Window dressing

If you’re a landlord, you’ll need to make sure that the curtains or blinds are easy to clean, and that any blinds are fitted with a child safety mechanism. In kitchens and

Natural light is a great asset in a property, making it feel bright, spacious and welcoming. It makes sense to dress your windows in a way that maximises this light. As a general rule, the smaller the window, the simpler the dressing should be. Don’t swamp it with a curtain; just use a blind or shutter instead. Larger windows can usually carry off more elaborate arrangements.

Curtains are the classic choice and are great for adding drama to a room with pattern and colour. Shutters are a stylish alternative, creating a minimalist, streamlined look. If you think curtains are too fussy, try a Roman blind in a beautiful fabric. You can also use window dressings to solve the issue of an ugly view or a lack of privacy. Shutters are ideal in this situation, as are ‘bottom-up’ roller blinds that go up rather than down.

LIGHT IT UP The right lighting can do wonders for your property, especially if it’s lacking in natural light, so don’t make it an afterthought. It’s likely that some of the rooms will need to be multifunctional, for example, a living room can be a place for relaxing, for watching television, for reading or study, or for dining. Lighting needs to meet all these different requirements so a combination of ambient, accent and task lighting works best.

Ambient lighting illuminates a whole room, usually via a central pendant.

This can be

72

YOUR PROPERTY: INTERIOR IDEAS

bathrooms, choose a blind specifically designed to cope with humidity and to repel mould.

supplemented with wall lights, table and floor lamps, downlighters and uplighters.

Generally speaking, you will need more supplementary light in a north or east facing room than in one that faces south or west.

You’ll need task lighting to illuminate specific areas of a room used for particular tasks, such as a desk in a study or a kitchen work surface. For this, you can use directional desk and floor lamps, rise and fall lights, or subtle lighting under cabinets.

Accent lighting such as spotlights and wall lights helps to highlight features such as pictures and architectural details.

Floor and table lamps can be moved to wherever they are needed so they are the most versatile form of lighting. Make sure the bulbs and shades are appropriate for their use, for instance, a tall table lamp with a wide coolie shade will give the best light for reading in bed.

If you’re a landlord, you have specific obligations to ensure the electrical system is safe, including all the light fittings. It’s best not to have trailing leads everywhere so fit

The right lighting can do wonders for your property, especially if it’s lacking in natural light, so don’t make it an afterthought a generous number of power sockets to avoid this problem.

73

YOUR PROPERTY: INTERIOR IDEAS

Floor show The flooring in your property should be practical, durable and attractive to complement your design scheme and to complete the overall look you’re trying to create. If you’re a landlord or you’re a

Always spend as much as your budget allows on high quality flooring which will last for years to come homeowner with children or pets, you’ll need flooring that’s hardwearing and easy to clean. Always spend as

74

much as your budget allows on high quality flooring which will last for years to come.

Carpets are the traditional choice as they provide warmth and they’re soft underfoot. However, high traffic areas like hallways, stairs and living areas require more robust flooring than, say, a bedroom. Look for an 80% wool, 20% nylon mix labelled as ‘heavy domestic’ or ‘extra heavy domestic’ for these areas. Kitchens and bathrooms need moisture-resistant flooring such as tiles, stone, linoleum or vinyl.

Remember that stone and tile floors will need sealing properly before use.

If you’ve torn up an old carpet and discovered lovely wooden floorboards underneath, why not sand and varnish them and let the beauty shine through? If you like the look of wood but you’re on a budget, laminate flooring is fairly simple to install if you’re competent at DIY; however, the cheaper laminates do mark and scuff easily. You can warm up wooden floors and laminates by adding a few colourful rugs.

LANDLORD INSURANCE WHAT YOU NEED TO KNOW Whether it’s a house, flat or commercial building, any landlord has a duty of care to make sure the property is safe and habitable for tenants. In addition, landlords are responsible for dealing with any repairs to the property, so it makes sense to have insurance that covers you.

Taking a regular home and content insurance policy on your property won’t cut it. Landlords insurance is specifically designed to cover rental properties, so comes with a whole host of additional features you don’t get with regular home insurance policies, including:

PROPERTY OWNERS LIABILITY

LEGAL COVER

ACCIDENTAL DAMAGE

This ensures you’re covered for any costs and damages that may be awarded to either a tenant or other visitor to your property if they suffer an injury whilst at your property. This could be something as simple as a piece of torn carpet causing someone to trip and injure their leg for example. MORE TH>N covers you for claims of up to £2 million.

Evicting a tenant is a worst-case scenario and hopefully it won’t come to that, but it’s good to know that you have access to legal advice if you should need it. MORE TH>N offers a 24 hour legal helpline for any legal, health and safety queries you may have.

This covers you for accidental damage that may occur within the property, from broken windows to a red wine spill. This cover is automatically included in every MORE TH>N landlord policy (certain exclusions apply).

MORE TH>N’s landlord policy expert, Anthony Taylor says that by far the most common claim made by landlords is for water leakage or leaking pipes: ‘The cost of fixing a leak is often quite expensive as it usually takes a while for the tenants and the landlord to even be aware of a leak, by which point substantial damage may already have been done.’

There are other things to consider too though. Anthony says that one of the most common mistakes people make when it comes to covering a property with landlord insurance is not providing the correct value of the property to their insurer. It’s important to let your insurer know the re-build value of the estate, not the market value. Anthony gives this example: ‘If a storm hits your property and there is nothing left but a pile of bricks: How much would it cost to completely rebuild the property, exactly how it was before? Quite often, it differs from the market value.’

Finally, the good news is that providing a safe home for your tenants and protecting yourself doesn’t have to cost the earth. MORE TH>N provides landlord cover from £11 a month (based on 10% of new customers, MORE TH>N data Mar-Aug 2015). You can choose to pay annually, or spread the payments over 12 months at 0% APR.

Find out about our 5 Star rated landlord insurance: www.morethan.com/landlord-insurance or call 03301 023 373

FOR BUSINESS

YOUR PROPERTY: DIY

Alamy, Superstock, iStockphoto

DIY ho m e t i p s 76

YOUR PROPERTY: DIY

Is your new property in need of a revamp? Nat Barnes provides some easy to follow DIY tips to help you add some perfect touches to your home and lists the basic items to include in your tool kit

W

Don’t feel you need to splash out on an entire toolbox immediately or buy the most expensive tools on the shelf. If you buy what you need when you need it, you’ll soon build up your collection

hile there’s unquestionably some household jobs that you shouldn’t take on yourself, the reality is that with just a handful of tools and a bit of patience, many DIY jobs are a lot easier than you might at first think.

So where do you start? Perhaps easiest is to explain what you definitely shouldn’t be doing without the right qualifications. The two biggest ones of those are anything concerning the gas supply for the cooker, the boiler or fireplace and anything to do with your household electrical systems. Both are potentially very dangerous and are best left to the professionals.

That does however, leave many other areas that you are free to tackle and the best advice is to start your knowledge base slowly and build your confidence from there. Decorating, small home improvements and other minor jobs can be surprisingly simple – it’s just a matter of taking things slowly.

Your first stop will need to be your local DIY store. Don’t feel you need to splash out on an entire toolbox immediately or buy the most expensive tools on the shelf. If you buy what you need when you need it, you’ll soon build up your collection. A good drill and a drill-bit set are both worth spending money on though.

Rechargeable drills are obviously more portable, but they’re unlikely to have the same level of power as a plug-in version if you’re planning any heavy-duty drilling.

77

YOUR PROPERTY: DIY

HOW TO PAINT A WALL TOOLS NEEDED – paint kettle, brush set, sugar soap or detergent, brushes, roller set, dust sheet, small step-ladder, masking tape, filler and filler knife If you’re also painting the ceiling, then it’s best to start with that first and then do the walls afterwards. Wash the walls down

It’s best to start painting the edges with the brush first before using the roller. Using the roller, work in a ‘W’ shape and try not to put too much paint on the roller at one time first with detergent or sugar soap to rid them of any grease and help the paint to adhere to the wall.

Use the filler and knife for any holes or marks and allow that to

78

H a n dy hi nt:

Wrap a plastic bag around the roller tray before starting, then when you’ve finished, you can throw that away and the tray is clean.

dry before sanding it down, then mask off any fixtures and fittings such as plug sockets and switches.

Ensure you’ve covered the floor with a dust sheet and pour some paint into your kettle or roller tray.

It’s best to start painting the edges with the brush first (called cutting in) before using the roller.

Using the roller, work in a ‘W’ shape and try not to put too much paint on the roller at one time.

YOUR PROPERTY: DIY

usually run vertically. If you’re in any doubt you can buy small machines that can check behind the walls for you.

Hold the shelf up to the wall, make sure it’s level with a spirit level and then mark each of the drill points with a pencil. Remove the shelf and drill the first hole into the wall. If it needs to be a large hole, then consider drilling a smaller hole first to provide a guide.

Push a rawl plug into the hole and then screw the shelf lightly in place.

Holding it up with one hand, hold the shelf into position until it is level and double-check your original pencil-points.

Once they’re correct, remove the shelf and drill the other holes into the wall.

Lightly screw all of the screws into place and use the spirit level to check once more before securing it fully.

How to put up a shelf TOOLS NEEDED – drill, drill set, screwdriver, spirit level, screws, rawl plugs

TOP TIPS FOR DIY

Decide exactly where you want the shelf to go and what it’s for. Is it for books that will need be at an accessible height? Is it likely to hold anything heavy such as a vase or television? You should also check if the wall is brick or plasterboard – if it’s the latter, it may not be able to hold anything heavy.

Once you’ve decided on the position of the shelf, check the surrounding Tape an open envelope area for any on the wall just below the potential wires drill holes to catch or pipes the majority of the behind the drill dust. wall which will

☛ Don’t buy all your tools at once, only as and when you need them to avoid unnecessary expense. ☛ Be brave – a lot of household jobs are easier than you think. ☛ Go slowly and allow plenty of time. If you’re not under pressure, you’re less likely to go wrong. ☛ If in doubt, go surfing. Helpful advice and how-to internet videos are often easy to find. ☛ Leave anything to do with the gas or electrical systems to the professionals.

H a n d: y hi nt

79

YOUR PROPERTY: DIY

HOW TO HANG WALLPAPER TOOLS NEEDED – foldaway table, paper smoother or brush, seam roller, wallpaper adhesive, pasting brush, wallpaper scissors Measure the height and width of the walls you want to wallpaper to work out the area size you need.

Most wallpaper rolls have their full size quoted on the packaging, but it’s good to get an extra roll just in case.

When papering into corners, give yourself some overlap and don't be tempted to work around the corner as it might not be square Start from a focal point such as a fireplace, main wall or window and work away from that around the room. Measure the wall and add 5-10cm to give you space for trimming.

80

H a n dy hi nt:

When pasting the paper, always brush away from the centre to avoid paste collecting on the edge.

First draw a vertical pencil line down the wall you’re about to start papering to ensure it’s square. Once you’ve pasted your first length, line the edge of the paper up with this line then smooth the paper down working from the centre outwards to ensure there’s no bubbles and the paper stays aligned. Crease the top and bottom against the ceiling and skirting board, cut them and then brush the edges back into place.

Match the next length of paper against this one, ensuring that you have a seamless join and then use the roller gently on the joins.

When papering into corners, give yourself some overlap and don’t be tempted to work around the corner as it might not be square.

SOCIAL MEDIA

plus.google.com/ +CWPGLondon

FOLLOW US ON GOOGLE PLUS Daily updates on the things we do Healthy eating advice with BBA's Eating Well, Living Well Staying finance savvy with NASMA'S Student Money Matters Helping you find the right finance with BBA's Financing Growth

YOUR PROPERTY: ENERGY EFFICIENCY

50

90

50

70 8 0 60

60 70

80

90

iStockphoto, Superstock, Alamy

ENERGY saving for your home 82

YOUR PROPERTY: ENERGY EFFICIENCY

Looking for ways to make your property more energy-efficient? Nat Barnes highlights some of the things you can do to increase the energy efficiency of your home and reduce your bills

T

he benefits of increasing the energy saving efficiency of your family home are obvious: preserve energy, reduce bills, save money. But landlords across the country needn’t worry

Heating accounts for about 60 per cent of our annual energy bills, so a decent boiler makes a big difference about the energy efficiency of their rental properties as they’re not paying the bills, right?

Wrong. From 2018 all landlords will be legally required to upgrade their Energy Performance Certificate (EPC) rating to a grade E or higher. What’s more, from this April tenants will have a legal right to request consent from their landlord to carry out energy efficient improvements, with the landlord only able to

refuse if the request is considered ‘unreasonable.’

Savvy tenants with choice will become increasingly choosy about what they rent, looking for properties with higher EPC ratings. So increasingly, private landlords will need to provide more energy effecient homes.

Green Deal Both landlords and home owners need to get energy efficient. So where do you start? The first thing to consider is paying for an official assessment from government agency Green Deal (www.gov.uk/greendeal). A Green Deal assessor will visit your property and decide what modifications could make it more energy efficient. You will be provided with a Green Deal Advice Report containing an estimate of the

83

YOUR PROPERTY: ENERGY EFFICIENCY

Fit energy saving light bulbs; they’re more expensive to buy, but less expensive to run and last longer Boiler

84

60

70 8 0

50

90

Your first port of call when looking at energy efficiency is the boiler.

Heating accounts for about 60 per cent of our annual energy bills, so a decent boiler makes a big difference.

Modern condensing boilers are more efficient than old style boilers and replacing an old G rated boiler with a new A rated condensing boiler in an average detached house could save £350 per year. If you have a mains gas connection this is likely to be the cheapest fuel option when factoring in installation costs, but it’s worth considering that based on current prices (as of spring 2016), oil is currently the cheaper fuel.

The size of your home and water consumption should also be taken into consideration. Larger households using lots of water are likely to be

better off with a regular boiler, whereas smaller households (particularly where space is an issue) may benefit from a combi boiler.

If you don’t want to replace your old boiler then make sure you get the old one serviced once a year to ensure it’s operating as efficiently and safely as possible. Poorly maintained boilers not only mean higher heating bills and potentially more expensive emergency repairs further down the line, but could also lead to carbon monoxide poisoning.

Book a Gas Safe registered engineer to service your boiler and keep your bills down and your home safe (all boilers – whether old or new – should be serviced annually by a Gas Safe registered engineer). It’s worth considering that most people opt to have this done in winter when the heating’s on, so it may be cheaper and

50

savings you could make on your annual energy bills and a statement on whether the suggested improvements will pay for themselves through reduced energy costs. Unfortunately, applications for government grants to carry out improvements are now closed as funding has been withdrawn, but the assessment is still available and could still be a good place to start.

60 70

80

90

YOUR PROPERTY: ENERGY EFFICIENCY

HOW TO BLEED A RADIATOR

1

Turn the heating on and identify which radiators need bleeding by checking for cold spots.

Turn off the heating and let the radiators to cool which will allow you to handle them without burning yourself or soaking the floor.

in the centre. Using a cloth to hold the radiator key in one hand and another cloth to catch drips in the other, gently unscrew the valve. You will hear a gentle hissing as the air escapes. When all the air has gone, a stream (sometimes a jet) of water will spill out. At this point you quickly need to re-screw the valve.

3

4

2

You will need a radiator key (available from all hardware stores.) At the top of the radiator on one side there will be a valve with a square bit

Turn the heating back on to confirm that all cold spots have disappeared.

5

It’s also worth getting your radiators flushed

– a deep clean that eliminates any sludge that has built up over the years. This must be done by a professional company and will typically set you back a few hundred pounds, but makes a significant dent in your annual bills.

easier to book a service during the summer months.

Once the boiler is performing efficiently, look at your radiators. Over time, air can get trapped in them causing cold spots. To allow the hot water to circulate around the radiator and heat the room efficiently, the air needs to be ‘bled’ out regularly (see boxout above).

Insulation When you’ve got the heating circulating nicely, you need to make sure it doesn’t escape – time for some insulation.

Both roof and cavity wall insulation measures have the best return of all efficiency investments. How much you could save depends on a variety of factors, but according to www.uswitch. com, based on an average semi-detached house loft insulation could save you £150 per year in bills and cavity wall insulation could save you £145 per year with a payback time of three years or less.

85

YOUR PROPERTY: ENERGY EFFICIENCY

Draught proofing With your walls and roof well insulated, the only exit route left for heat is via the doors and windows. Replacing old draughty windows with new double glazed alternatives is never going to be a cheap option but consider the benefits.

By installing double glazing in an entirely single glazed semi-detached house with an EPC rating 'C', you could save £75-£85 per year in heating bills. This might not sound much against the initial outlay but new windows will give your home a smart fresh appearance, make it more marketable to tenants and increase its value. Remember, a super insulated home does need some ventilation in order to release moisture and avoid persistent condensation and mould. Either buy window frames with incorporated trickle vents, or simply remember to air the house regularly.

Compare energy deals Most importantly, shop around.

Browse comparison websites to find the best energy deals in your area – a good tip is to have your last year’s bills in front of you, so you know exactly what you use over 12 months and can properly compare deals. This should leave you happier and wealthier.

EVERYDAY WAYS TO SAVE ENERGY ☛ Fit draught excluders under doors and in window sills where necessary ☛ Ensure radiators aren’t obstructed by furniture or curtains, allowing heat to circulate freely. ☛ Fit energy saving light bulbs; they’re more expensive to buy, but less expensive to run and last longer. ☛ If you think you use less water than the average household, get a free water meter.

Contact your water supplier for details. ☛ Consider when your household typically needs to use hot water and adjust timer settings accordingly. Modern hot water storage tanks keep water hot long after it has been heated, so two to three hours both morning and early evening should provide sufficient hot water for the average busy household. ☛ Remember to switch your hot water and heating settings to ‘holiday mode’ if you are away for longer than a day, except in very low temperatures when low level heating should be maintained to avoid freezing pipes. ☛ Ensure lights are switched off in unused rooms. ☛ The Energy Saving Trust states that the average home wastes £80 per year leaving appliances on standby. So if you’re not using it, switch it off!

86

Get your mortgage sorted Buying your first home can be a difficult business. So it makes sense to choose a mortgage provider who’ll make getting your home loan sorted as easy as possible. Here are some things to think about to help you decide.

The right place for you In a busy property market, sometimes you have to move fast. That’s when having an agreement in principle can help (sometimes it’s called a decision in principle instead). Your mortgage lender checks your monthly income and outgoings and tells you how much they’re willing to lend.

It means that you can go house-hunting with a clear idea of how much you can afford – and which location, location, location is out of your price range. Then, when you find the perfect home, it’s easy to convert the agreement into your application.

The right kind of mortgage Fixed rate. Trackers. Variable rate. With so many mortgage options available and a ton of paperwork to deal with, the prospect of finding the right kind of mortgage can feel scary. As a first time buyer, you can’t be expected to know the ins and outs of buying a home, so look for a provider who’s happy to guide you step-by-step – and face to face – through the process.

Help to Buy With house prices continuing to rise in many parts of the country, it’s often hard to save for a deposit on your first home. Help To Buy could be the answer. This government scheme is aimed at helping first-time buyers with smaller deposits to get on the property ladder. Under the scheme, you can borrow up to 95% of the value of a property, including fees, up to £600,000. Ask your mortgage advisor for details.

Keeping things on track Once you’ve found your perfect home and your offer’s been accepted, the weeks that follow can seem like the longest weeks of your life. That’s when it’s important to choose a provider who’ll keep your mortgage application on track and update you regularly on its progress.

† The Awards given relate to the product range, application process and servicing, which are provided in conjunction with Bank of Ireland UK. Subject to status and lending criteria. Borrowers must be 18 or over. Bank of Ireland UK is a trading name of Bank of Ireland (UK ) plc which is registered in England no 2154540. Registered Office Finsbury dials, 20 Finsbury Street London EC 2Y 9AQ. Post Office Money and the Post Office Money logo are registered trademark

For Sale

Who to choose?

When you’re choosing somewhere to get your mortgage, have you considered Post Office®? More than three million customers trust their savings, loans or insurance to Post Office Money®. Check out their award-winning† range of mortgage products – great for first-time buyers.

Friendly expert advice You can book an appointment in a Post Office branch with an expert mortgage specialist.

It’s your chance to ask all the questions you want to ask and get a straightforward step-by-step guide through the process.

They can arrange an agreement in principle too, so you can start looking in earnest for your first home.

The whole process If your mortgage is approved you’ll get your own named Post Office Money application manager.

They’re someone who’ll get to know you and your case really well, so throughout the process there’s always a friendly voice to talk to at the end of the phone. You’ll get regular updates from your advisor. They’ll even send you texts to let you know when you hit the important steps in the process. If you applied in branch, you can still speak to the Mortgage Advisor who took you through the process face to face. The key thing is that you’re looked after – whoever you’d rather talk to.

Getting started Taking the first step to buying your first home is easy. Get in touch with Post Office Money online, on the phone or in branch.

PostOfficeMoney.co.uk Post Office Money Mortgages are provided by Bank of Ireland UK YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

d and Wales (no 07022885). Registered office Bow Bells House, 1 Bread Street London EC 4M 9BE . Post Office Ltd is registered in England and Wales. Registered ks of Post Office Ltd. 10734160527

RENTING PROPERTY: STUDENTS

Alamy, Superstock, iStockphoto

Student renting

e d i Gu 90

RENTING PROPERTY: STUDENTS

If you are a student about to enter the world of private rented accommodation, the following ARLA student guide to renting a house is packed full of useful information and advice to help you stay on top of your finances, avoid some common mistakes and understand your rights as a tenant BEFORE YOU START LOOKING MONEY Decide what you can afford before you start house hunting. Remember you will have to budget for gas, electricity, water, phone, internet and a TV licence, as well as food and general household items. One of the bonuses

of being a student is that you don’t have to pay council tax for your house. However, bear in mind that should you decide to live with a non-student you will be required to pay council tax with a 25% discount.

91

RENTING PROPERTY: STUDENTS

CHOOSE YOUR HOUSEMATES CAREFULLY This is very important, as one of the main problems in shared houses is disagreements between housemates. Conflicting lifestyles, recreational habits and personality clashes can cause misery and often come to a head during exam time.

Remember you are signing a legally binding contract and will not be able to simply walk away.

Have a think about your own lifestyle and what you would like in a housemate, for example reliability with money. If you are an early riser who prefers a quiet and tidy house, don’t choose to live with a messy party animal – a fun friend is not necessarily a good housemate.

LIST THE MOST IMPORTANT THINGS Start looking early and be prepared to compromise. As a group decide on a lead tenant and how to split and share responsibility for bills.

Consider how you will pay the deposit and who will be the guarantor for each occupier. What are the deal-breakers: number of bedrooms? Parking spaces?

Proximity to campus?

PROTECT YOURSELF & YOUR MONEY GAS SAFETY AND ELECTRICAL CERTIFICATES Ask to see a valid Gas Safety Certificate and evidence of recent inspection by a qualified electrician. Badly fitted gas appliances or electrics can be deadly, causing fire, explosion and death by carbon monoxide poisoning.

Don’t take chances – your life may depend on this.

HOUSES IN MULTIPLE OCCUPATION (HMO) Details of HMO licences vary according to local authority, search HMO licence and your town to find out what is needed in your area. Without a licence the property may not be safe or have enough working smoke alarms and fire escapes.

92

RENTING PROPERTY: STUDENTS

THE SEARCH WHEN TO LOOK

LOCATION LOCATION LOCATION

Availability varies from area to area. Get in contact with your local ARLA agent and they should be able to advise you on the best time to start looking for accommodation in your area.

Most university towns/cities have well-known student areas – ask around.

Consider proximity to campus and essentials such as shops, cash point, public transport, and safety.

CHOOSING AN AGENT Look for an agent with an ARLA Licensed logo on their website, letting boards and in their office windows. This means that they are expected to maintain standards throughout their properties, and the way that they treat deposit and rent payments is regularly monitored by the association.

Not all letting agents are regulated and rogue agents can cause students stress and loss of money.

Look for the ARLA Licensed logo and protect yourself and your money.

Search for an ARLA agent at ARLA.CO.UK/FIND-AGENT

WHAT IF YOU HAVE A SERIOUS PROBLEM WITH THE HOUSE? All letting agents are required to sign up to a property redress scheme. ARLA Licensed members will belong to either The Property Ombudsman, Ombudsman Services Property or the Property Redress Scheme.

Membership means that if you have a dispute with your landlord, the case can be referred to a neutral expert for independent redress – note which scheme your agent is signed up to.

PROTECTION FOR YOUR MONEY (CLIENT MONEY PROTECTION) All ARLA Licensed agents have to pay into a Client Money Protection scheme. This is one of several additional measures that agents have to satisfy in order to become an ARLA Licensed member.

93

RENTING PROPERTY: STUDENTS

SIGNING THE CONTRACT THE CONTRACT Read the contract carefully before signing. If you have any doubts, your Students’ Union will go through it with you. The contract will include the address of the property, the landlord and tenants’ names, relevant contact details, rental amount and date on which it is due. You might agree with a landlord that they will repair something before you move in – make sure this is added to the contract before you sign.

The most common type of contract for students is an Assured Shorthold Tenancy (AST), including the names of all tenants which will be held “jointly and severally liable”. This means that if one housemate leaves the house, the others are still responsible for paying that person’s rent; you are all legally responsible for all of the rent, not just your own. Parents will also be asked to act as guarantors and accept legal and financial responsibility should you fail to pay your rent.

THE FEES HOLDING FEE – You may need to pay a deposit to reserve the property. This is refundable but reasonable costs can be deducted. Make sure that you understand the cost and terms of this and have details recorded for the end of the tenancy.

AGENCY CHARGES – Letting agents may charge you for their service. Fees

94

vary and should be transparent. Ask for details of all fees that will or could be incurred.

DEPOSIT – You will need to pay a deposit, which will be approximately six weeks’ rent. Your landlord is required by law to register the deposit with a government approved scheme within 30 days of you paying it. They must also give you the details of where the money is being held. Find out more here: www.direct.gov.uk/en/ TenancyDeposit/index.htm The deposit is refundable unless you have damaged the house or its contents. Make sure an inventory is completed and take dated photos of damage before you move in. Get the agent to date and sign copies of the photos – this could save your deposit at the end of the tenancy!

RENTING PROPERTY: STUDENTS

MOVING IN

THROUGHOUT THE TENANCY

FILL IN THE INVENTORY Be prepared to make notes on the inventory, from small carpet holes to marks on walls. Get these amends agreed and keep a dated copy signed by the agent. If you don’t, expect to lose your deposit!

☛ Report any problems/ damage as they happen and keep copies to prove that you reported it. ☛ When you leave for breaks consider leaving heating on low to ensure that pipes don’t freeze – you will be liable for the repairs if they do. ☛ Carry your key on a lanyard around your neck, it reduces the chances of getting locked out. ☛ Don’t chain your bike to a fire escape – it may stop you getting out in an emergency. ☛ Back up your work to a safe place – if there is a break in you will not need to deal with having lost all of your studies as well.

CHANGE UTILITIES TO YOUR NAME AND BANK DETAILS, READ THE METERS Read your gas and electricity meters when you first move in, notify the utility companies of the change – give them the meter reading, your move in date and ideally the names of all the tenants. This ensures that you share responsibility for the payments.

BUY A TV LICENCE If you have a television in your house then you need to buy a TV licence, more information can be found here: www.tvlicensing.co.uk ARRANGE INSURANCE According to moneysupermarket.com, one in three university students are victims of crime each year. Gadgets such as laptops are essential for university life, so it is important to get insurance cover. Some students may be covered by their parents’ contents policy however don’t assume this is the case.

MOVING OUT It is recommended that you contact your letting agent a month prior to your moving out date.

They will be able to guide you through the process and suggest what action to take in order to reclaim your deposit. Make sure you leave the property in the same condition as the day you arrived. Club together to pay for a cleaner especially if you don’t have time to do this yourselves.

Adapted from ARLA website 95

ADVERTISERS' INDEX

Advertisers' Index ARLA AXA British Gas Residential Services Deposit Protection Service Direct Line Dulux Trade Envirovent Gnergy Limited Hassle Free Boilers Howdens Joinery Co. Jewson MoreThan Nom Noms World Food O2 Places for People for Energy Post Office Shush XtremeGene

96

IBC 47 11 40/41 21, 23, 25 66-69 59 OBC 87 4/5 IFC 75 53 26/27 17 88/89 64 33

THOUGHT ABOUT

A JOB IN PROPERTY? You could work in residential sales, lettings, be an auctioneer or work in commercial property

GET QUALIFIED

nfopp-awardingbody.co.uk The NFoPP Awarding Body offers a range of nationally recognised qualifications for the property industry

01926 417 794

SEARCH FOR JOBS

sales: jobs.naea.co.uk Lettings: jobs.arla.co.uk View the latest job opportunities across the UK

• FROM SALES TO FINANCE, A LOVE OF THE QUIRKY OR AN EYE FOR DETAIL! • SOCIABLE, AMBITIOUS PEOPLE, KEEN TO MAKE THEIR MARK • AN INDUSTRY THAT’S IN THE NEWS ON A DAILY BASIS • OPPORTUNITIES NATIONWIDE • BE YOUR OWN BOSS

O OG EL TH OR KF OO #L

THE PROPERTY PROFESSIONALS naea.co.uk

arla.co.uk

For qualification training and support through your career - join the Property Professionals

GnERGY is a new breed of community energy suppliers in the UK, providing Gas and Electricity in an open and honest way.

They offer their customers easy,

hassle free switching with no contracts to sign or confusing small print to understand.

All this plus, transparent billing and extremely competitive

prices make them an attractive choice compared to not just the big six but the majority of energy suppliers.

With a UK based customer service team who speak English, Nepali and Hindi, they are happy to answer calls or welcome visitors who wish to drop in and discuss their gas and electricity.

Managed by ex Gurkhas, you can be assured that they run their company the same way they approach life, with

efficiency, commitment, simplicity and honesty.

You can find out more about GnERGY by visiting our website or contact us directly:

01252 494 141

info@gnergy.com www.gnergy.co.uk