This year marks the biggest ARLA conference to date, as the 25th event in the conference’s history is taking place in London on the 24th of March.
As one of the most important property events in the calendar of professionals working in the private rented sector, we’re excited to be there flying the flag for our network of property inventory experts.
Find out what the event has to offer…
What is the ARLA Propertymark Conference and Exhibition?
The ARLA Propertymark conference is an annual event dedicated to the private rental sector. In 2019, attendees reached the 1000 mark and this year is set to be even bigger.
This year’s keynote speakers include:
- Mary Portas, High street retail expert
- Dido Harding, Digital business leader
- David Cox, ARLA Propertymark chief executive
- Julian Worricker, Conference moderator and BBC broadcaster
In addition to insightful talks and presentations, there is a full agenda of debates, property industry roundups, exhibitions and the chance to network with fellow professionals.
When is the ARLA Propertymark Conference Taking Place?
The ARLA conference 2020 is taking place in London’s Excel on the 24th March.
Why attend ARLA Propertymark Conference?
If you’re an estate agent, letting agent or supplier wishing to network, this event provides an essential opportunity to network with the best in the business.
The conference is the place to catch up on the latest innovations in the sector, debate important industry issues and hear from some of the leading figures in lettings.
The event also provides the opportunity to explore new products and services that could help your business thrive.
No Letting Go at the ARLA Conference
As the exhibition celebrates 25 years, you’ll find us at stand D13 where we’ll be sharing our franchise offering and specialised services.
Find out about our:
- Property inventory services to landlords, letting agents and property professionals
- Property visits
- Property conditions reports
- Check in/check out services
- Estate and block management audits
- Our cutting-edge property technology and software
- Becoming a franchisee
- And lots more…
Other ARLA Events to Watch Out For
ARLA Propertymark put on several regional and national events throughout the UK, including:
- Northern Ireland National Conference
- Scottish National Conference
- South Coast
- South West
- Welsh National Conference
- East Anglia
- North West
Other annual events include the NAEA Propertymark National Conference which is dedicated to estate agents.
Tailored Property Inventory Services
Need some help streamlining your property business? We’re the UK’s largest provider of inventory management services with over 65 offices across the UK.
Spanning residential and commercial property, our extensive list of services are all designed with you, the client in mind.
Get in touch today or start browsing our full list of property inventory services.
There are plenty of women in property who are making a splash in the rental and property sectors.
Last year, to celebrate International Women’s Day, we turned a spotlight onto some of our most successful female franchise owners. This year, we’re showcasing the breadth of female talent we have across our network.
Let’s get to know some of our female franchise owners….
Virginia Chrapkowski, Edinburgh
“We visited the Aberdeen franchise show, did lots of investigative work and eventually decided on No Letting Go due to lower start-up costs and great support”
For Virginia Chrapkowski and her husband, becoming a No Letting Go franchisee provided an exciting opportunity to escape their busy and demanding jobs and allow them to work together.
Since becoming owners of No Letting Go Edinburgh, the business has been going from strength to strength. While learning to run a business first came as a big change, with our support, they were soon managing hundreds of properties.
Sam Botha, Crawley
Having worked in the entrepreneurial industry for 15 years, Sam and her husband decided to take on the No Letting Go Crawley branch in 2017.
Thanks to Sam’s auditing background, she had the skills needed to produce highly detailed inventory reports and takes pride in providing flexible customer service to clients in the local area.
Rachel Farr-Drejer & Sarah Goessens, Bristol North
The No Letting Go Bristol North branch is head up by Rachel Farr-Drejer and Sarah Goessens.
Rachel originally worked as an independent inventory clerk in Bath before coming across No Letting Go and made the switch in 2014 thanks to our user-friendly software. By 2016 she was running No Letting Go’s top performing office, delivering over 200 property reports every month. She even became a finalist in the Woman Franchisee EWIF Awards in 2017!
Rachel now co-runs the Bristol North branch with Sarah Goessens.
Marcelle Ingrouille, Milton Keynes and Bedford
Marcelle Ingrouille is the owner of the No Letting Go Milton Keynes and Bedford. She combines an ‘old fashioned’ approach to customer service with the latest property technology to deliver robust and comprehensive reports.
Leading a team of highly trained inventory clerks, Marcelle is experienced at minimising tenancy disputes and ensuring the moving process goes smoothly.
Claire Parfitt, Portsmouth
Claire has been running No Letting Go Portsmouth with her husband since 2017.
After working as an inventory clerk for a large estate agent in London, Claire made the move to self-employment after moving to Hampshire with her family. With 13 years of experience in the industry, including working for local agents, Claire has made the Portsmouth branch a great success.
Samantha Wilkinson, Preston
Samantha has an impressive 14 years in the property industry and identified the need for a premium inventory service in Preston several years ago. She now runs No Letting Go Preston, providing quality services to landlords, letting agents and tenants in the area.
Alison Hardy, Swindon
Since Alison Hardy and her husband took over No Letting Go Swindon, the branch has one of the lowest percentages of national contract work and the team have won several marketing and customer service awards.
Alison attributes this success to “immense pride in the No Letting Go brand, a lot of flexibility, adaptability, resilience and hard work”.
For Alison, her favourite thing about her job is being responsible for generating her own workload, as well as having the opportunity to work with diverse properties on a daily basis.
Ann Ennis, Walthamstow
With over 45 years’ experience in the property sector, property is a serious passion for Ann. She prides herself on her can-do attitude and professional conduct when representing clients in the marketplace.
Ann became the owner of No Letting Go Walthamstow in 2009, providing highly detailed reports to the local community of property professionals.
Chinthi Ranaweera, Leicester
Chinthi came to property after 20 successful years working in commercial and marketing roles. Ever since completing business school, it was her ambition to one day own her own company.
And as the joint owner of No Letting Go Leicester with Greg Mason, she has achieved her goal!
Chinthi brings her managerial experience to her role, providing professional property services to the surrounding area.
Female Franchisees at No Letting Go
The women mentioned above are just a small selection of the wider pool of female talent No Letting Go is proud to call franchise owners.
Here are the rest of our female owned franchises across the country:
- Joanne Wilsdon, Cambridge
- Debbie Penn, Chelmsford
- Dominique Hall, Bradford
- Gabriella Walters, Barnet
- Margaret Rymill, Basingstoke
- Yosha Hussain, Fulham
- Wendy Yost, Gloucestershire
- Shewana Zaffar, Greenwich
- Moira Hendrickx, Hertford
- Rizwana Rasab, Reading
- Mundeep Grewal, Newham
- Julie Skipp, Tees Valley
- Tracey Hinds-Shelford, Watford and Harrow
Become a No Letting Go Franchisee
Interested in becoming a No Letting Go franchisee? Join the men and women across the country taking control of their career, and find out what our franchise programme could offer you:
- Training and support
- Cutting edge software
- Backing from a well-established brand
- UK wide support network
Take the first step towards career independence and become a No Letting Go franchise today.
If you’re a letting agent or landlord, it pays to stay ahead of the latest news and trends in the property sector. One of the best ways to do this is to attend an industry event.
We’ve rounded up some of the best London property events coming up in 2020 for letting agents and landlords to help you organise your calendar and plan for a year of success.
Why Should I Attend an Industry Event?
Not only are property events insightful, they can even offer exciting opportunities to grow your business. Here are some of the most important reasons to attend an event;
- Network with peers and industry leaders
- Gain fascinating insights and ideas from others in your sector
- Discuss current challenges and find solutions
- Make new business contacts
- Find trusted partners and service providers
Let’s get stuck into the best upcoming events;
NAEA Propertymark National Conference
Where: 133 Houndsditch, London
Who for: Estate agents
Tickets: £195 + VAT for non members
Advertised as ‘The UK’s biggest and most reputable estate agents’ conference’, NAEA Propertymark’s National Conference gathers industry leaders for a day of exhibitions, keynote talks and networking opportunities.
NAEA is the most prominent professional and regulatory body for estate agents in the UK and their annual conference attracts over 500 delegates.
Highlights from this year’s event include talks; ‘behind the headlines of the property market’ from Knight Frank and legislative and industry updates from the chief executive of NAEA.
IPF Inaugural Property Investment Conference
Where: Hilton London Tower Bridge
Who for: Estate agents
The theme of this year’s IPF Inaugural Property Investment Conference is ‘People, politics and purpose – changing themes in UK real estate’. From the impact of changing UK demographics to new innovations in the sector, this event is helpful for estate agents looking to get the bigger picture.
Property investment leaders such as Savills and ING Real Estate Finance are providing speakers, making it a great opportunity for those seeking property investment advice.
National Landlord Investment Show
Where: Olympia London, Kensington
Who for: Landlords & Letting agents
The National Landlord Investment Show invites participants to network with peers and meet industry suppliers to gain valuable advice and services. Ideal for those interested in the buy-to-let industry, this event is tailored to landlords and property investors seeking maximum return on investment.
At the show you can;
- Learn about your local property market
- Meet local suppliers and businesses
- Attend industry seminars
ARLA Propertymark Conference and Exhibition
Where: ExCel London
Who for: Anyone operating in the private rental sector
This year marks the 25th edition of the ARLA Propertymark conference.
The conference offers attendees the chance to stay updated on changing legislation in the private rental sector and take part in roundtable discussions. One focus this year will be on the changes to section 21 and headline speakers include retail expert Mary Portas and digital business leader Dido Harding.
We’ll be exhibiting in 2020 at stand D13 where we’ll be explaining how our inventory management services could fit into your business.
The Property Investor & Homebuyer Show 2020
When: April 2020 (TBC)
Where: ExCel London
Who for: Property investors, estate & letting agents, landlords and suppliers to the property industry
The Property Investor & Homebuyer Show 2020 brings together a wide range of stakeholders in the property sector to network and share ideas. For London letting agents, this event offers the chance to hear from property service suppliers that could develop and strengthen your own service package.
The ESTAS Estate & Letting Awards 2020
Where: Grosvenor House Hotel in Mayfair
Who for: Estate & letting agents, mortgage advisers and suppliers to the property industry
The annual ESTAS awards celebrate customer service by awarding the very best players in the lettings industry. The awards are based on real-life customer feedback, making them a trusted and prestigious achievement.
The final awards ceremony is a glamorous affair, and in 2020 is being hosted by property TV star Phil Spencer. You might even see us there!
What Type of Event Should I Attend?
Industry events are packaged differently depending on what’s on offer. Here’s a quick guide to the different event types;
A large event gathering members of a particular sector with a shared interest. They usually include talks, seminars and exhibits.
A show can feature talks and exhibits and usually has ‘celebrity’ headliners or speakers.
The focus of a property exhibition is the businesses attending who are looking to share their products or expertise to gain new business.
Usually smaller events centred around one specific theme or question.
Celebrating achievement in the industry.
Make 2020 Your Year of Success
It’s time to start planning your upcoming year and make 2020 a year of learning, growth and business success.
And we can help with our range of professional property services tailored to meet the needs of individual letting agents, landlords and property businesses.
From comprehensive inventory reports to property inspections and appraisals, our property services for letting agents are designed to streamline reporting and help you keep on top of current legislation.
Thinking of investing in Build to Rent but not sure how to go about it or if it’s right for you? Our guide on why to invest in Build to Rent explores the risks and rewards of getting involved in the sector.
Build to Rent developments are growing across the UK thanks to higher demand for quality, purpose-built rental accommodation among young professionals and the over 50s. This burgeoning sector has great potential for property investors and commercial landlords, as long as you do it right.
What is Build to Rent?
Build to Rent, or (BTR) describes the process by which residential properties are purpose built for the private rental sector. In most cases, this is done by large property development companies, investors and commercial landlords.
Build to Rent developments commonly contain 50 homes or more, all managed by one landlord. They often feature desirable perks such as in-house gyms, entertainment facilities and sophisticated security systems.
The Build to Rent Trend
The Build to Rent sector in the UK is on the rise. According to property experts, Knight Frank, £50 billion will be invested into the sector by 2020 to accommodate for the growing demand in the private rented sector.
We’re now well aware that the rental sector is growing. Rising house prices and new working trends have resulted in a wider pool of tenants looking for suitable, long-term rental properties.
The demise of home ownership has resulted in a slightly older, professional tenant group looking for quality rented accommodation, complete with all of the modern conveniences.
How Does Build to Rent Work?
Typically, a Build to Rent development is owned by a large institution, such as a bank or pensions company and managed by a lettings agency.
Funding comes from investors keen to take advantage of reliable rental returns and long term growth. Some Build to Rent Schemes are also being supported by the Government to help with the building process and supporting infrastructure.
The main players in the Build to Rent process are;
- Build to Rent investors
- Build to Rent developers
- Build to Rent letting agents
- Commercial landlords
To invest in Build to Rent property, there are a few routes to go down, one of the easiest being through one of the large private rental developers.
The Benefits of Build to Rent Properties
According to Savills, Build to Rent investment came to £2.6 billion in 2018, suggesting that it can be a lucrative option for commercial landlords. There are many exciting opportunities for landlords investing in Build to Rent. Here are some of the benefits;
- Longer tenancies are common (3 years +)
- High tenant demand
- Higher rent rates (around 11% higher than standard rental accommodation)
- Reliable rental income and likely growth
- Landlords retain control over their investment
- Long term investment rewards
There are also many benefits for tenants which will make advertising and filling vacant rental properties much easier;
- Greater choice of housing
- Quality, purpose-built buildings with special amenities such as gyms and entertainment facilities
- Access to convenient services such as security, laundry and concierge
- Modern, sustainable buildings
- Bills usually included
- On-site management
- Encourages regeneration in surrounding areas
The Risks of Build to Rent
With all investment comes potential risk. Before going ahead, it’s important to understand what these risks are and how to manage them.
Construction is a risky business, and all sorts can go wrong or take longer than planned, leading to greater financial costs.
Planning Permission Issues
As a relatively new phenomenon, planning permission for Build to Rent can take longer, resulting in growing costs and a reduction of rental income.
As the landlord, you may experience delays in receiving the full rental income as the development fills up. To avoid long void periods, you could implement a tenant sign-up scheme while the building is still in progress. Alternatively, you could plan the development in stages to ensure some rental income is coming in throughout the process.
Drawbacks for Tenants
It’s also important to consider the disadvantages for tenants when it comes to Build to Rent, as this will help you determine your target tenant and mitigate any risks.
Some drawbacks for tenants include;
- Many Build to Rent developments target elderly tenants or young professionals and may not appeal to families or lower income renters
- This type of accommodation can be more expensive for tenants
Homes UK Event
From incorporating affordable housing into your Build to Rent project, to attracting institutional investment, Homes UK: The Future of Living will be answering the pressing questions in the sector today.
Taking place at Excel in London 27-28 November 2019, the event is a great place to meet important players in the industry.
Protect Your Investment
Keen to take advantage of this fast growing sector? Here at No Letting Go, we supply a specially designed range of Build to Rent services to ensure compliant reporting, no matter the size of the development.
- Inventory management
- Property visits
- 360 virtual property photography for use in marketing, reporting and Build to Rent projects
- Check in and right to rent
- Legionella risk assessment and water testing
- Central account management for national, corporate or large regional clients
- Fully insured, qualified and professional clerks, surveyors and inspectors
- 24 hour turnaround for reports
With our national and local services you get consistency, accuracy and efficiency delivered by our 65 offices across the UK.
Find our full list of Build to Rent services here.
With Brexit looming, it’s unclear what the state of the UK economy will look like in a few months’ time, let alone the private rented market.
While it’s right to be wary, Brexit doesn’t necessarily spell disaster for landlords. In fact, there may even be some positive developments. Here, we look at how Brexit will affect the rental market, what it might mean for landlords and how to protect your investment in this unsettling period.
Will Brexit Affect Right to Rent?
Since February, 2016 it has been a legal requirement for landlords to ensure that their tenants have the right to rent in the UK. If landlords are found to be letting to an illegal immigrant, they could face fines of around £600 per tenant.
However, Brexit brought new uncertainties as guidance on the new regulations after leaving the EU were unclear, particularly in regard to the status of EU national renters.
For now, the Home Office have confirmed that during this transitional period, EU nationals will still have the right to remain in the UK and will be able to use their current passports or ID as proof of legal status. According to the Home Office, the European Union settlement scheme will provide legal EU citizens with digital documents to make these checks easier for landlords.
However, longer term this could cause issues, especially if longer term tenancy agreements are signed, as the legal status of some tenants may change post-Brexit.
The most recent update from the government confirms that the right to rent check regulations will stay the same until January 2021, regardless of whether a deal is made. Similarly, the requirements for Irish citizens will not change.
How to Stay Protected
One of the easiest ways to stay on top of essential document checks is to enlist the help of a professional reporting service.
No Letting Go clerks can verify right to rent documentation at check in, to determine whether they match the tenant’s appearance as part of our right to rent service. This is particularly helpful for landlords who aren’t able to meet with tenants personally.
Unstable House Prices: Good News for Buy-To-Let Landlords?
Brexit uncertainty has caused the UK housing market to slow down, with average UK house prices falling by £5000 at the beginning of this year.
This could be seen as a positive for buy-to-let landlords who can take advantage of this lull in the UK property market. For landlords looking to expand their portfolio, it could be your chance to buy for less.
However, a lack of stability is understandably putting some people off;
- Recent changes to stamp duty have meant that landlords have to pay an extra 3% on each band on new buy to let properties, significantly increasing outgoings.
- While the reduction of tax relief for buy-to-let mortgages means landlords will be paying more in tax by 2020 and may even find themselves in a higher tax bracket.
Combined, these changes are making landlords think twice about investing in buy-to-let as it may be harder to enjoy the same rental yields as before.
How to Improve Your Rental Yield
If you do decide to take the plunge, you may find a real buy-to-let bargain!
To minimise the risks, it’s worth doing your research to find the best place in the UK for rental yields.
Brexit and Mortgages
Depending on what happens to Bank of England interest rates, mortgages could be affected by Brexit. It has been suggested that the base rate may rise after Brexit, which could make buy-to-let mortgages more expensive. One way around this could be to re-mortgage your property now, before the economy shifts.
Nonetheless, if this is the case, mortgages will be equally difficult to obtain for prospective house buyers, adding to the increase in those looking to rent.
The Impact of Brexit on the Rental Market
The instability of the UK housing market could put off potential home buyers from taking any risks in the near future. With less people buying, this could be good news for letting agents and residential landlords, as more people will be looking to extend their lease.
Shortages in social housing could also result in a rise in rental demand, placing landlords and property professionals in the private rental sector in a good position.
Bearing this in mind, it looks like the rental market should stay secure for the foreseeable future.
One thing to think about is that the location of your rental property could have an impact on the number of prospective tenants looking for housing. For example, some No Letting Go regional branches in which a higher level of EU nationals reside experienced lulls after the referendum due to uncertainty surrounding legal status.
How to Stay Protected
Providing quality rental properties that people want to live in will help minimise the risk of any void periods as we prepare for this transition. Staying on top of essential property maintenance and providing an appealing home for tenants will help to ensure you don’t lose out.
Property Renovation and Build to Rent
If you’re thinking of renovating your rental property or building property to rent, Brexit could make things a little difficult.
As much of the construction materials and labour resources used are imported from around the EU, tariffs and ease of supply could be affected. So, if you’re thinking or extending or renovating, you may need to save up more than you originally planned for to be on the safe side.
Thankfully, the government has confirmed that those with EEA qualifications, such as EU architects will still be able to work in the UK, even in the event of a no deal Brexit. Therefore, there shouldn’t be any disruption to ongoing work.
Brexit for Landlords: Stay Protected
To sum up, Brexit may not be the blow some private landlords thought it might. Although it’s hard to predict what might happen in the coming months, unstable house prices and rising mortgage rates could even drive the demand for rental properties.
To make sure you don’t miss out when the time comes, it pays to have a solid plan in place. And that’s where we come in.
Our professional property inventory services provide you with the essential reports you need to stay on top of the latest legislation. Covering everything from right to rent to property appraisals, our teams of experts are here to help protect your investment and give you peace of mind.
Browse our full list of property services to find out more about our individually tailored services.
We’re delighted to announce that one of our franchise owners has recently won gold at the AFA franchisee Annual Awards.
By injecting a youthful energy into his business, Dan Procter has built up a strong team who have been impressing their clients with their professional, yet personal property inventory services.
Find out what the award means for this up and coming franchise;
Dan Procter: Outstanding Young Franchisee
At the first AFA awards ceremony this September, the Outstanding Young Franchisee category was won by our very own Dan Procter!
Dan has owned the No Letting Go Gravesend, Dartford and Medway franchise since 2016 and has been busy working out how best to support his customers and put them at the heart of his business. With strong business planning and effective decision making, Dan has grown his business, becoming the network’s top performer in 2018. At the tender age of 25, this is no mean feat.
Dan attributes his success to a deep understanding of his customer’s needs and the support of the wider No Letting Go team;
“I quickly recognised where my customer pain points were and focused on delivering a service that would make their day to day lives easier. Not only do I get great support from the Head Office team, but the team within my business strive to deliver excellent service, even when we are all flat out during our peak business periods.”
Dan’s team includes co-owner Sophie Holden, who has been working in the property industry for over 2 years and clerks Rhiannon, Abby and Caroline.
The AFA Awards
The AFA recently held their first annual award ceremony, celebrating excellence in the franchise sector.
This black-tie event welcomed leading figures in the franchising community to network and share their business success.
Who Are the Approved Franchise Association?
The Approved Franchise Association (AFA) was established to support the growing UK franchise industry and provide accreditation to organisations of any size.
Their values include;
- Ethical franchising
- Open communication
- Quality accreditation
No Letting Go Achievements
Fortunately, we’re no stranger to awards. Many of our hardworking franchisees have been awarded with impressive accolades over the years.
For example, Rachel Farr who heads up our Bath branch is the proud recipient of; No letting Go Best Regional Office, Busiest Office, Customer Service, Franchisee of the Year and a nomination for the Woman Franchisee 2017 EWIF awards.
Why Choose A Franchise?
If you’re thinking of taking your career into your own hands and becoming a Franchisee, we’re on hand to help.
A franchise with No Letting Go offers;
- A ready-made start-up
- Training and support from day one
- Low start-up costs
- Continued learning and development
You don’t need any prior experience to become part of our multi award-winning business, just time and dedication.
Become a No Letting Go Franchise
Want to work with us? To kickstart the process, apply on our website so we can invite you in for a chat to discuss your needs and goals.
Apply to become a No Letting Go franchisee today, and you could find yourself being awarded in front of a panel of judges!
It’s a common question among new or soon-to-be landlords – do I need landlord insurance?
The short answer is yes. In addition to healthy investment returns, being a landlord comes with a lot of added risks and responsibility. To minimise this risk, investing in reliable insurance is essential.
Protecting your investment is paramount, but the jargon around landlord insurance can make it tricky to keep your facts straight.
We’ve curated a simple, yet comprehensive guide for landlords to help you get your head around landlord insurance and work out which type is best for you.
Here’s what it is, how it works and how to get it.
What is Landlord Insurance Cover?
Landlord insurance is a type of home insurance, specifically designed for rental properties. This broad term can include anything from contents insurance to rental protection.
Your policy could cover;
- Damage to the property
- Loss of rent
- Damage to or loss of contents
- Legal claims made against you by tenants
Is Landlord Insurance a Legal Requirement?
While landlord insurance isn’t a legal requirement, standard home insurance will not cover you for rental properties and going without could cost you dearly in terms of money, time and hassle.
Do You Really Need Landlord Insurance?
Often, you will need permission from your mortgage provider in order to let your property to tenants who will most likely require specialist insurance.
Legal issues aside, it’s always a good idea to protect your property as comprehensively as possible to protect both yourself and your investment.
What’s the Difference Between Home Insurance and Landlord Insurance?
Home insurance is designed to protect private homes from damage and loss. A rental property comes with a whole host of different issues. For example, as a landlord, you are less able to keep an eye on the day to day happenings in the property and have to rely on tenants to update you on any problems that occur.
Here’s a few of the differences between home and landlord insurance;
- Home insurance only covers the owner/occupier if they are in need of alternative accommodation. Landlord insurance covers tenants in this situation.
- Landlord insurance can cover you for loss of rent.
- Landlord insurance can cover any legal costs needed as a result of your actions as a landlord.
Types of Landlord Insurance
Here, we provide a brief overview of the different types of landlord insurance available;
Landlord Buildings Insurance
Buildings insurance covers any damage caused to the building itself. This could mean damage from fire, flooding or even malicious damage caused by the occupants. Every insurance provider is different, so you’ll have to check which type of damage this covers.
We highly recommend getting buildings insurance, especially if you are the freeholder.
Landlord Contents Insurance
Contents insurance protects against loss or damage of goods and furniture within a property. So, if you are renting a furnished property, it could be a good idea. However, this type of insurance does not protect against normal wear and tear.
Different insurance plans offer various cover and allow you to insure different parts of your property. For example, communal areas in flats or shared accommodation. It won’t protect items belonging to tenants.
Accidental Damage Insurance
Accidental damage insurance comes under contents insurance and can cover the cost of anything from spills and stains to broken windows.
Landlord Rent Guarantee Insurance
Otherwise known as rental protection insurance or loss of rent insurance, this type of cover protects you if you are unable to rent out your property as a result of an insured event like a fire or flood.
Tenant Default Insurance
Tenant default insurance covers you if your tenant fails to pay rent for two months, covering the cost for up to eight months. You will need to conduct the proper credit checks at the start of the tenancy to be eligible.
Commercial Landlord Insurance
If you let to a third-party business, you will need commercial landlord insurance. Commercial buildings have different designs and purposes, meaning there are different risks attached.
Commercial landlord insurance can cover accidental damage, vandalism and rental income protection.
Landlord Liability Insurance
Also referred to as property owner’s liability cover, this type of insurance covers legal defence costs and expenses in the event your tenant has an accident and considers it your fault.
With this type of insurance, you’re looking at high limits, usually upwards of £1 million.
Legal Expenses Insurance
This covers legal expenses such as court costs when chasing up late tenant payments and gives you access to legal expertise.
Employers’ Liability Insurance
If you employ anyone else to work at one of your rental properties, say as a gardener or cleaner, you are required by law to have this insurance. Employers’ liability covers legal defence costs and awards made for any injuries, accidents or illness as a result of your negligence.
HMO Landlord Insurance
If you rent out an HMO property, the terms of your insurance cover will differ slightly from single occupancy homes.
Finding an insurance plan tailored to HMO properties could help you get the protection you need.
Alternative Accommodation Insurance
If your property becomes uninhabitable due to an insured event and the tenancy agreement requires you to provide alternative accommodation for your tenants, this type of insurance is a good idea.
Unoccupied Property Insurance
Unoccupied property cover can help during void periods or if you need to make renovations to your property. To qualify as unoccupied, a property usually has to be vacant for 30 days.
You will also need to arrange for regular vacant property inspections.
Multi-House Landlord Insurance
If you have several properties in your portfolio, it is probably worth taking out multi-property landlord insurance.
By including all of your properties on one policy, you could save money and time on paperwork and other processes.
Landlord Home Emergency Insurance
Boiler breakdown or serious leaks are a surprisingly common occurrence. Landlord home emergency insurance provides you with 24/7 access to emergency cover for plumbing, heating, power and security issues.
What Kind of Insurance do I Need for a Rental Property?
The type of insurance you’ll need depends on the type of property you rent and your specific needs as a landlord. We answer some common questions;
Do I Need Landlord Insurance If I Have Buildings Insurance?
In most cases, you will need to take out a specific insurance when renting out a property in addition to your home buildings insurance.
Some policies may allow you to amend your existing home buildings insurance to cover your activities as a landlord, however you may also want to take out extra insurance to cover all bases.
Do I Need Landlord Insurance if Renting to Family?
Yes. It is just as important to have insurance when renting to family members. You will need to draw up a tenancy agreement for legal purposes, even if it’s just a casual arrangement.
Renting to offspring or siblings may feel informal, but if they are paying you rent, you are legally regarded as their landlord and standard home insurance won’t cover you.
Do I Need Landlord Insurance If I Live in the Property?
Even if you live in the property, standard home insurance won’t protect you. Make sure you tell your lender that you live in the rental property when you take out the insurance. Again, you will need a tenancy agreement in place.
Do I Need Landlord Insurance for a Flat?
Renting out a flat is the same as renting a house when it comes to insurance.
The only difference with renting a flat is that you may not need buildings insurance if there is a freeholder arranging this. Be sure to inform them that you are renting out your flat so they can make any adjustments to their insurance policy.
Do I Need Landlord Insurance if Renting a Room?
Again, standard home insurance is unlikely to be valid when renting out a room in the same property you live in.
If you have a lodger, you will need a tenancy agreement in place for your landlord insurance policy.
What Does Landlord Insurance Cover?
Landlord insurance can cover a variety of different risks and situations, depending on your needs. The basics are buildings and contents cover, but you can add extra policies as you see fit.
We answer some common questions about landlord insurance cover;
Does Landlord Insurance Cover Accidental Damage?
Yes. If you want your insurance policy to cover accidental damage such as dodgy DIY or carpet stains, opt for accidental damage insurance to protect your property.
Does Landlord Insurance Cover Appliances?
Yes. Contents insurance covers white goods and appliances provided by you in the rental property.
Does Landlord Insurance Cover Tenant Injury?
Yes. To protect yourself against legal claims made by tenants, landlord liability insurance will provide legal defence costs and expenses.
Does Landlord Insurance Cover Unpaid Rent?
Yes. Tenant default insurance covers you if your tenant fails to pay rent for two consecutive months.
How Does Landlord Insurance Work?
Your first step in purchasing landlord insurance is to decide what type of cover you need. It’s possible to find a tailored policy suited to your individual needs and requirements. Whether you opt for basic cover (building, contents and liability) or go for comprehensive cover, make sure you read the fine print to find out exactly what’s included.
What is Sum Insured?
The sum insured is the amount an insurer will pay out for a claim. The higher the value of your rental property, the larger this amount will be. Make sure the sum insured is enough to rebuild your property, rather than focusing on its market value.
Calculating your rebuild cost accurately will ensure you don’t overpay for your insurance. There are online rebuilding cost calculators to help, although keep in mind, this will only provide you with an estimate rather than exact values.
Levels of Excess
You will also need to think about the amount of excess you are able to pay if you need to make a claim. Higher excess reduces the cost of your insurance and different claims can come with different levels of excess.
Before you buy you will need to know;
- Your rental property’s rebuild value
- The level of excess you can pay
- What type of cover you need
How to Claim Landlord Insurance
If you ever need to make a claim, make sure you do so as soon as possible. You will need to provide as much evidence as you can to get the best pay-out. This could include receipts, invoices and photographic evidence.
How Much Does Landlord Insurance Cost?
The cost of your landlord insurance will be dependent on a variety of different factors;
- Location – Local crime rates and the probability of severe weather in a certain area will affect the cost of your insurance.
- Type of tenants – Students, tenants with pets and those on housing benefits are deemed more of a risk by some insurers, meaning higher insurance costs.
- Size of property – More tenants means higher costs.
- Number of properties – Naturally, more properties mean more costs. Look for an insurer who offers portfolio property discounts.
- Sums insured – Your insurance will cost more the larger your sums insured
Which is the Best Landlord Insurance?
To compare landlord insurance and get a landlord insurance quote, there are plenty of price comparison sites to reference.
Here are some popular landlord insurance providers;
- AXA Landlord Insurance
- Aviva Landlord Insurance
- CIA Landlord Insurance
- SAGA Landlord Insurance
- Direct Line Landlord Insurance
- Hamilton Fraser Total Landlord Insurance
Makes sure you shop around and do your research to get the best deal for you.
Protect Your Investment with No Letting Go
We understand the importance of protecting your rental property for the long-term success of your business.
A detailed property inventory is one of the best ways to secure your property by providing the critical evidence you need to recuperate costs. Find out more about our professional, unbiased property inventory service to get started.
The way you do your taxes is changing.
Say goodbye to piles of paperwork, the tax system is having a digital makeover.
Although changes to routines can be worrying, these alterations are being implemented to make life easier for businesses and self-employed individuals. The proposed scheme to completely digitise the tax system by the end of 2020 aims to make taxes more accurate, efficient and easier to manage.
As a landlord, you’ll need to be aware of these changes and how they affect you, in order to prepare for digital taxes becoming mandatory in April 2019. Here’s everything you need to know about making tax digital for landlords.
What is MTD?
Making Tax Digital, or MTD, is a government scheme to overhaul the tax system to make it completely digital by the end of 2020. This means that from April 2019, VAT tax records and VAT returns will be managed online.
Will MTD Affect Me?
Any VAT-registered business with a taxable turnover above the VAT threshold will have to make these changes.
So, if you are a landlord with an annual rental income of over £10,000, then the MTD changes will apply to you from April 2019. With UK rental prices rising, this is likely to affect most landlords in the UK.
The Making Tax Digital timeline commences on the 1st April 2019, when the changes will become mandatory for all customers, excluding a small number of customers with complex requirements which are being deferred until October 2019. (These types of customers include trusts, non-profits and public sector groups).
The new process will require self-employed individuals and landlords to:
- Use specific software or apps to keep track of their records
- Update HMRC every quarter through a new digital tax account
- Provide a full annual declaration at the end of each year
Further information can be found in the Finance Act, 2017.
The Income Tax Pilot Scheme
The government already has an income tax pilot scheme in place, which self-employed businesses or landlords can use voluntarily.
This scheme allows users to test out the MTD compatible software to store their digital records and send income tax updates to HMRC in place of filing a self assessment tax return.
Voluntary users can choose from a number of software options, sending a summary of income and expenses to HMRC every 3 months and sending a full report at the end of the year. You can even pay bills as you go and ask your accountant or bookkeeper to send the updates for you.
A Closer Look at the HMRC Making Tax Digital Scheme
Many landlords already choose to manage their taxes and accounts digitally through cloud based apps and software programmes.
Once the changes come in, these methods and software applications will need to follow new regulations. HMRC are not building their own software programme but will provide a list of approved software companies, some of which will be free of charge. You will still be able to use your current software system, as long as it complies with the new system.
Users will be required to communicate with HMRC via their Application Programming Interface (API) platform and submit VAT returns using information from these digital records.
This software should be able to calculate your return automatically- saving a whole lot of time and effort.
If you currently use spreadsheets to manage your taxes, it may be worth switching to a software solution now. Although spreadsheets are allowed if they comply with the new regulations, it might cost you more money to produce quarterly reports.
Your digital tax account will allow you to view and access all of your tax information in one handy place online. An agent services account grants accountants or other financial professionals you may employ access to relevant tax details.
Is the MTD Scheme Compulsory for Landlords?
Unless your annual income from your rental property and trade combined is under £10,000 or you are unable to partake in digital programmes due to disability or age, this change is compulsory.
It is expected that late fines will be implemented if you fail to file reports on time once the scheme is established.
MTD for Multiple Properties
If you are a landlord of multiple properties, you will only be required to provide income and expenditure for your investments as a whole.
However, it’s best to keep a record of individual properties to manage and assess the income of various rental properties you may own.
The Benefits of MTD for VAT
According to the latest edition of the tax gap report, there was a gap of around £33 billion in the last tax year! This clearly shows that something isn’t right and suggests that lots of people are making errors when it comes to submitting their records.
By digitising the way tax records are stored and reported to HMRC, the scheme hopes to make tax reporting far more accurate and easier for stakeholders to complete. Sending this information directly to HMRC online will hopefully minimise any mistakes that currently occur during the exchange of information.
For busy landlords who manage multiple properties, it can be hard to stay on track of receipts and invoices. Implementing a digital system which allows you to add information on the go via mobile applications will help prevent taxable claims from escaping.
The digital system will also allow you to see approximately how much tax you owe ‘as you go’ rather than waiting to find out at the end of the tax year.
By seeing all of your reports for individual properties in one place, it will be easier to manage your portfolio and determine which properties generate the best return.
Get Ready for Making Tax Digital with No Letting Go
To sum up, from the beginning of April 2019, landlords will be required to use MTD compatible software to manage their tax records, updating HMRC every 3 months and providing an annual declaration.
Although the end result aims to make managing taxes more efficient, there’s likely to be some teething problems at the start.
To prepare yourself for this shift, it’s best to start early. Make sure your current software is compatible, and if not, plan which system to use. Staying organised across the whole of your property management processes is key to ensuring a smooth transition.
No Letting Go provide professional, accurate property reports to help landlords and property professionals keep track of their investments.
To see the full range of reports we provide, browse the No Letting Go Services section on our website.
David Pulford is one of our newest franchisees. Having spent some time with Tony Mundella and going out on a few jobs with Phil Harris in the Black Country, David took the plunge and joined No Letting Go.
A highly self motivated and resourceful individual, David has past experience of running his own business. He has been self employed since 1992 and in that time has owned his own restaurant as well as white goods company with three shops. In addition to this, David has rented out the apartments on his shops as well as a HMO house which provides a relevant background for his next adventure with No Letting Go.
David has said that he learnt as much from his failures as his successes with regard to previous businesses and it excited to put these lessons to use with his latest venture. The last 18 months have been geared towards finding a viable franchise that could become a real success in the coming years and much deliberation led David to us. With changes to pension regulations, the property market is set to go from strength to strength in the coming years which was one of the factors that swung David’s decision to kick start his own No Letting Go business.
We’re delighted to welcome Garry Lockwood to the No Letting Go family as our newest franchisee who will be developing his business across Sutton and Merton. He first came across NLG having bought and renovated some rental properties in Kent. He used No Letting Go in Gillingham to inventory those properties and was so impressed with the service he decided to investigate taking out a franchise for himself.
Garry said,”I was looking for a fresh challenge and having taken the step into property, the inventory business interested me and was a natural extension of that.” Garry originally had a career in the field of PR having worked within some of the largest London agencies. He set up his own company a few years ago supporting European tech companies before getting into rental property.
Having grown up in Hull and attending University in Wales, Garry has gradually migrated south. Father to a son aged 14, he lives in Sutton with his partner. His guilty pleasure is diving including cave diving; he’s not long returned from a three week trip to Mexico indulging this passion.
On joining NLG Garry said, “I have been very impressed with the training I have received and before that, when I met Tony and spoke with other franchisees, I got an extremely positive overall impression of the company. I’m very pleased with the level of support, everyone seems very helpful. Sutton particularly has a lot of flats and rental property so I’m hoping I’m going to be kept busy.