SUGGESTED NEW YEAR RESOLUTIONS FOR LANDLORDS
Keep Up To Date With Legislation Changes
• Its possibly more important than ever to stay up-to-date with the latest landlord legislation, the increasing burden of legislation can be onerous but landlord associations are there to help.
• Read the CRLA’s monthly newsletter and participate in government consultations.
Stay One Step Ahead Of The Tax Man
• The final deadline for submitting your self-assessment and paying any money you owe as a landlord is 31st January 2022.
• We all hate paying tax and it can be beneficial to get advice from an accountant.
• John Savage offers free initial advice to CRLA members but remember he is swamped with work at this time of year so you may not get a response from him until February.
John Savage Accountancy
Tel: John on 01872 271947
Look After Your Properties
• Schedule regular maintenance and involve your tenant in the timetable.
• Keep a list of reputable tradesmen to hand for emergencies
• Check on your EPC and consider how you can improve the grading. Currently properties not on the Exemptions Register MUST have an EPC rating of E as a minimum, expect that to increase to C over the next few years.
• Make regular property inspections at a time suitable for your tenants.
• Schedule any regulatory inspections such as gas, fire and electric.
• If the property is licensed as an HMO ensure all documentation is supplied to Cornwall Council in a timely manner as specified in your licence.
Review Your Finances
• Your mortgage and loan repayments may have already risen, if not watch out for the extra payments due to come out of your account.
• Is there a better deal for you out there?
Review Your Rents
• Diarise the date for any annual rent review. You can review rents without increasing them!
• Does your rental income cover the costs of the property.
• If you are considering an increase in rent remember to give the required notice on the correct form.
• Minimum notice period is currently one month, three months gives the tenant time to consider and review his or finances.
• Is your tenant a good tenant? You may care to be prepared to negotiate regarding any rent increase.
Make Sure Your Landlord Insurance Covers All Eventualities
• Does your landlord insurance cover all your requirements? If not, when shopping around check the small print in the insurance policy VERY carefully. Two agents wo are very helpful to the CRLA and members are:
John Bateman Insurance Consultants Limited
Tel: 01926 405040 OR 01926 405882
Alan Boswell Group
Tel: 01603 216399
Stay In Touch With Tenants
• The value of regular communication with your tenants cannot be over-emphasised. Try to send all written communications by email or letter and keep a copy with your tenancy paperwork. If you have a discussion with the tenant then make a written note and perhaps send a copy to your tenant so that he or she can agree.
• Always write to the tenant with a report after a property inspection.
• Make sure you respond to any communication from a tenant in a timely manner, let’s say 14 days.
Ask For Help
• The CRLA are only an email or ‘phone call away or advice can be found on the CRLA website
Tel: 01872 554498
• If there is no-one available to answer the ‘phone please leave a message including your ‘phone number so that you can have a call back.