The latest property bulletin from Your Move

The updated 'how to rent' guide for tenants and landlords

 

As a landlord, there are a number of legal requirements to be complied with prior to letting out a property.

One of these is to provide a copy of the Government issued 'How to Rent' checklist to all tenants when entering into and renewing an assured shorthold tenancy, which is the most common type of contractual letting agreement.

The Government has recently released an updated How to Rent guide, which can be found at: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/

attachment_data/file/942503/6.6642_MHCLG_How_to_Rent_v5.pdf

The guide is designed to help tenants understand their rights and responsibilities under an assured shorthold tenancy both before the tenancy starts and during the term of the agreement.


What additions or changes have the government made to the guide?

There are some noticeable differences with the latest version, which now provides answers to tenants' frequently asked questions, including the level of deposit and its protection, necessary documentation and length of term.

Another important addition is the reference to a landlord's obligations regarding mandatory electrical testing, and a review of the permitted fees under the Tenant Fees Act, which was introduced in 2019.

The Government's latest guide also sets out the information that must be provided by a landlord to tenants, as well as a summary of what each party must and should do during the tenancy.

Importantly, it gives advice to tenants on what to do if things go wrong, whilst clearly setting out what should happen at the end of the tenancy.


Why is it so important landlords provide this guide to their tenants?

Landlords need to bear in mind that giving tenants the How to Rent guide is a legal requirement.

Without doing this, it hinders your ability to later serve a valid Section 21 notice and regain possession of your property, if required to do so.

This is due to the fact that the How to Rent guide is one of the statutory pre-conditions for serving a Section 21 notice.

We will always ensure on behalf of our landlord clients that their tenants are provided with a copy of this guide and that all other landlord requirements on the grant of an assured shorthold tenancy are complied with.

If you want any further information about the How to Rent guide or landlord and tenant requirements on the grant of an assured shorthold tenancy, please call our lettings team who will be happy to help.

 

 

Which room in your home is the best value for money?

 

Faced with a third lockdown, how are you maximising your time to your advantage?

Whilst it might be the furthest thing from your mind right now, making home improvements is the perfect way to spend all of that extra time indoors.

So that you know where to concentrate your energy, we've outlined the rooms considered 'best value'.

Perhaps unsurprisingly, the best-valued room has been revealed as the master bedroom, where we spend an average of 2,482 hours a year.

A recent study from comparethemarket.com has shown that Brits spend £308.51 each year on renovating the main bedroom, which makes sense when we consider just how much the room is used.

The average person spends about 26 years sleeping in their life, which equates to 9,490 days. We also spend seven years trying to get to sleep, totalling 33 years or 12,045 days spent in bed!

With the pandemic forcing more of us than ever to work from home, it is no surprise that the home office follows the bedroom for the room most used within our households.

Since March, an average of £213 has been spent on sprucing up the office room or area where we're working.

In the last five years, over £10k has been spent on improving our homes on average, with just under a quarter of that going on our kitchen.

It seems we enjoy improving our culinary skills as well as our homes, with Brits spending just under 800 hours a year in the kitchen.

If you are thinking of making changes to improve the value of your property, it is best to start with the kitchen or bathroom.

When buyers view a property, nothing grabs their attention more than a stunning kitchen or a modern bathroom. These improvements don’t have to break the bank to go a long way to impressing prospective owners.

If you’re improving your house for your own purposes only, it’s best to start with the room you would notice changes in the most.

 

To get your home valued or browse our latest properties, visit our website.

 

 

Positive property market developments from 2020

 

Looking back on 2020, it’s easy to focus on the negatives. However, the impact last year had on the property market was definitely overall positive.

 

What is in store for the sector this year?

Government schemes

2020’s COVID crisis gave rise to the stamp duty and mortgage holiday to support property homeowners and landlords through their financial hardship.

 

The stamp duty holiday began on July 8th and will remain in place until March 31st this year, giving buyers and investors the opportunity to see savings of up to £15,000.

 

Due to the scheme, house sales rose by a huge 21.3% in September.*

 

Whilst it's been reported that an impressive 140,000 more people are waiting to complete on their house purchase since this time last year.**

Similarly, the mortgage holiday was initially introduced in March 2020 and has been extended various times with a current end date of July 2021.

 

This scheme was announced to help households who had been financially impacted by the pandemic and can be taken for up to six months.

For more information, please speak to your lender directly on whether a payment holiday is the right solution for you.

House price surges

With property priorities changing to favour gardens, large living spaces, rural locations, home offices and dining rooms, prices for these properties has increased massively.

 

Similarly, with the aid of the stamp duty holiday, many buyers have been able to push themselves financially and purchase a larger property than they first thought possible.

With so many positive elements to take away from 2020, and a bright future for the property market ahead, now is a great time to evaluate your options.

 

If you’re thinking of buying, selling or letting this year, contact us.



*GOV.UK
**Property Wire
 

 

Your guide to understanding your property's value

 

If you are planning to sell or rent your property, then it’s important to get an accurate estimate of how much the property could be worth.

To give you an agent's perspective of what that involves, we've provided some of the key take-away points below.


Market value

Firstly, knowing how much your property is worth is more commonly known as its 'market value', which relates to the price a buyer is willing to pay when considering local and national market conditions.

 

What impacts the value of your property?

The value of your house can be determined by a variety of factors, such as any recent changes to the property or your neighbourhood.

Some of these factors may also include the size, location, amenities, condition and the asking price of similar houses nearby, so it's always beneficial to talk to a local agent with familiarity selling in your area.

The difference between market value and asking price

Valuing your house accurately is one of the most important parts of the process.

 

Bringing your home onto the market with an asking price that is too low could mean you receive offers below market value.

Whereas if the asking price is too high, you may not receive any offers at all, causing time delays and market stagnation as the ideal buyers are put off a home that falls outside of their price bracket.

 

So, whilst it can be tempting to instruct an agent based on who is offering the highest value, the risk of this is that you may need to gradually reduce your price anyway to reflect the property's actual market value.

 

How much could your house really be worth?

The best way to see how much your house is worth is through a combination of tried-and-tested methods.

 

Over lockdown, it would be advisable to begin by referring to online house price calculators and valuation tools, as these will provide a guide based on Land Registry Data. 

 

However, it's important to bear in mind that for the most accurate and up-to-date valuation, you should organise time with an agent, as an in-person appraisal will guarantee any recent developments to your home are taken into consideration.

If you’re thinking about putting your property on the market, book a valuation with our team today.