I’ve never done any formal or paid for training with regards being a landlord. I rely on my ability to read, question and interpret the laws, rules and regulations and I would claim to be a ‘good landlord’. Saying that, I would recommend joining an association for their legal help alone.
Thanks, I’ll find the leaflet and send it across to the tenants.
I guess that’s my worry, I may not know all the new things I need to do (as requirements change) because of the SPT status.
I get the safety requirements, yearly boiler checks and we have the British Gas package for gas, electrics and plumbing call outs. So any issues are sorted within 24/48 hours whether urgent or routine.
But some of these other procedural things
seem a bit unnecessary…Joining a LL association is a good idea.
Youve hit the nail on the head. The problem for most landlords is the unknown unknowns. Joining a landlord association and keeping up to date through them is important to avoid financial penalties.
You would be wise to serve notice of a rent increase, as stated join a landlord association as its not just training but also awareness, process and all necessary forms.
You can put the membership cost against your declared income, assuming you do rightly declare your p&l in your tax return?
If Labour freeze rents and your costs go up you are stuffed plus with inflation you need to keep up, otherwise there will be a massive gap between your rent and the market. Not a problem you say, no not until you give notice to quit ( if labour allow you), and the difference between your rent and other rents means your tenant does not want to move as they see your rent cheap. Then the expensive S8 costs start to roll in.
That’s a good point! Although we already told our tenants there would be no rent increase this year.
We are in a London and the tenant had already paid over asking rent earlier (it’s a bit of a bidding war here). So we didn’t feel right to increase the rent for this year.
But you are right, come next summer we will want to raise the rent.
Our costs have increased, new council LL registration fees of close to a grand, mortgage hike, British Gas service fee increase, other insurance increases…
Being a LL in U.K.seems to be a costly business. And it’s crazy that we cannot count mortgage interest against revenue.
You can offset finance costs against rent, but only at 20%, even if youre a higher rate taxpayer.
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