Property Refurbishment

Taking on New Properties to Let

To begin, a landlord may consider property refurbishment options before they rent their property.

Sometimes landlords may be provided a property by a landlord that needs a refurb before the property is let.

Consequently, a landlord may not have the money to carry out a refurb.

Fortunately, there are options out there that can assist landlords.

property refurbishment
Refurbishing A Property

Property Refurbishment Costs

As previously stated, it may become quite costly to refurbish a property to an acceptable standard.

The following refurbishment issues may need attention:

  • painting
  • new carpet/flooring
  • kitchen refurb
  • bathroom refurb
  • plumbing maintenance
  • electrical maintenance
  • gas maintenance

Maybe it is one of these issues or a combination of them, but there is always a property maintenance issue on the horizon.

Refurbishment Options

So, there are property refurb options that are available to landlords. Some are obvious.

A landlord can choose the option to take on the full cost of the works and contact the contractors.

A good place to find contractors to refurb your property is a site called MyBuilder.

Anyone can find local tradesmen in your area and find out who will provide reasonable quotes.

Alternatively, a landlord can do the work themselves if they can do so.

The works can be done this way quickly or slowly depending on the landlord’s lifestyle.

Another option is to split the cost with a reputable property management company.

If so, carry out your due diligence and request quotes from them for the works.

A final option would be to allow the property management company to take on the full cost of the works.

Again, carry out your due diligence and request quotes from them for the works.

There may be an option to deduct the cost of the works to be paid off over time.

Conclusion

To conclude, know your property refurbishment options and do your research.

Call us Metropolitan and Crown Estate Agent Ltd on 0207 538 8887 to find out more.

 

Joint Sole Agency

Comparing Sales Agreements

To begin, we have discussed the difference between Sole Agency vs Multi Agency, but what about a joint sole agency?

Let’s briefly recap about sole agency vs multi agency.

A sole agency agreement is when a vendor chooses only one agent to market and sell their property.

A multi agency agreement is when a vendor chooses more than one agent to market and sell their property.

Simple. Now let’s understand the basic meaning behind the third agreement option.

joint sole agency
Splitting the commission

Joint Sole Agency Explained

This sale agreement is when 2 separate property sales agents split the commission to market a property.

Two agents for the price of one.

Therefore, if there are 2 agents willing to split the commission, then there are 2 agents actively looking to sell your property.

Simple.

Things to Consider

It may be beneficial to choose this sale agreement to have 2 separate agents helping you to sell your property.

However, it is important to note the following;

If an agreement states “sole selling rights”, it means that you owe the agent commision.

This is within the set period of the contract, regardless if the agent introduced the buyer or not.

Make sure you read any contract before you sign it.

Although this can be a bit time consuming, you will be happy if you do your due diligence.

It always pays in the long run to ensure you are not getting stung with unnecessary fees.

Doing Joint Sales

Metropolitan and Crown Estate Agent Ltd have been involved in all 3 of these property sales scenarios.

Sole agency, multi agency and joint sole agency agreements.

We can always help to sell your property, so feel free to give us a call on 02075388887.

In a future post, we will discuss the benefits and disadvantages of this option.

 

HMO Licensing

Understanding HMO Licensing

To begin, HMO licensing is required for Landlords with properties that offer multiple tenants in the same dwelling.

It used to vary across the UK in both England and Wales.

Now, a HMO License is the typically the same throughout the UK.

HMO stands for “House in Multiple Occupation”.

So, a Landlord needs a HMO License for each property that requires one.

Also, if a Landlord has more than one property requiring an HMO, each property must have a license.

A HMO license is valid for a maximum of 5 years.

Check with your Council for details.

A Landlord can be fined an unlimited amount if they do not have the correct license in place before they rent a property with multiple occupation.

hmo licensing
HMO Licensing

HMO Overview

According to the Government website, your property is defined as a large HMO if;

  • it’s rented to 5 or more people who form more than 1 household
  • it’s at least 3 storeys high
  • tenants share toilet, bathroom or kitchen facilities

Even if your property is smaller and rented to fewer people, you may still need a licence depending on the area.

HMO Conditions

A Landlord must make sure that;

  • the house is suitable for the number of occupants (eg size and facilities)
  • the manager of the house – you or an agent – is considered to be ‘fit and proper’, eg no criminal record, or breach of landlord laws or code of practice

The Landlord must also;

  • send the council an updated gas safety certificate every year
  • install and maintain smoke alarms
  • provide safety certificates for all electrical appliances when requested

Each council may add their own conditions to the HMO License.

They will let the Landlord know when they are applying for the license.

Help with Your HMO

Metropolitan and Crown Estate Agent Ltd can help you with your HMO Licensing.

Obviously, if you choose our company to manage your property, we can assist you should you need it.

Find out more about how we can help you by calling us on 0207 538 8887.

Free Evictions – Problem Tenants

Free Evictions

To begin, landlords can benefit from free evictions for tenants that are making life hard.

Landlords need to ensure that they are receiving their rent each month to pay for their livelihood.

So, if a tenant is not paying their rent, Landlords need to be aware of how they can legally evict a tenant.

A tenant can not pay rent for various reasons:

  • They don’t feel like paying
  • Loss of job
  • Overspending
  • Terminal illness
  • Change of circumstances
evicting a tenant - free evictions
Evicting a Tenant? Eviction service available

Metropolitan and Crown offer an accelerated evictions procedure to Landlords.

As a result, a smooth transition for providing Landlords to evict tenants is available.

Eviction Process

Each case varies due to waiting for the courts initial response, which can last from 3 to 4 weeks.

Initially, the Landlord will need to wait for the initial response from the courts.

The initial response will depend on two variables:

  • whether the tenant’s contract has expired, or
  • their is an issue of an 8 weeks (or more) rent arrears being owed to the Landlord

The occupier must be in rent arrears for the second option to be possible.

An expired contract can sometimes be quicker than an issue with rent arrears.

On average, the eviction process can take up to 3 to 4 months.

Based on rental arrears, the Landlord will be able to file for CCJ (County Court Judgment).

As a result, a CCJ could affect the tenant’s future credit scoring, which can help the eviction process.

Please note that all the details provided is a guideline for information purposes only.

The information provided is not intended to be used as legal advice.

Metropolitan and Crown Estate Agent Ltd can offer a free service for evictions to their Landlords.

Conclusion

In conclusion, Landlords are always at risk of a tenant not paying rent.

It is always good to know how to tackle evictions effectively.

Having a an evictions service available can help.

Call us on 0207 538 8887 for more information.

Terms and Conditions apply.

Sole Agency vs Multi Agency

Sole Agency vs Multi Agency for Selling Your Property

To start off, sole agency vs multi agency are two options when deciding to sell your property.

Vendors are given these options before they commit to selling.

As a result, fees can range from 1% for sole agency to 3.5% for multi agency, sometimes more.

Do not forget to add VAT to the fee, as some agents forget to mention this.

There are benefits and disadvantages from both choices, but you will end up choosing one option.

Before you choose any options, thoroughly read the terms and conditions in the contract.

You can always negotiate the fees when discussing the agreement terms and conditions.

sole agency vs multi agency
Which will you choose?

Choosing Your Options

To begin, a vendor can choose 2 options for selling their property.

There are benefits and disadvantages to consider when considering one agent or more than one agent to sell your property.

We will go into more detail in another blog post.

Therefore, we will simply explain both options.

So, let’s start with the first option.

Sole Agency

Sole agency is when a vendor chooses only one agent to market and sell their property.

Therefore, this means that no other agent can be instructed under contract.

When sales prices went high in London in 2015 , many agents brought their fee down to 1%.

As a result, Metropolitan and Crown Estate Agent Ltd did as well. This was due to the competitive sales market.

Discuss the terms and conditions of a sole agency sales contract with the agent to understand the agreement before committing to it.

Moving on, let’s simply explain the second option.

Multi Agency

Multi Agency is when a vendor chooses more than one agent to market and sell their property.

This means that more than one agent are competing to sell your property, which can have its benefits and disadvantages.

This option typically comes with a higher fee, which can go as high as 3.5%.

It is important to discuss the terms and conditions with each agent to know the stipulations of each contract.

Again, we will get into more detail in a future post.

Conclusion

In conclusion, there are two options a vendor can choose to sell their property.

Sole agency or multi agency.

It is important to discuss these options with the agent to help with your decision to move forward.

Also, it is important to understand the benefits and disadvantages of each option, which will be added in more detail in a future blog post.

If you are considering to sell your property, contact Metropolitan and Crown Estate Agent Ltd for more details.