Being a property owner in London can be a rewarding venture, but it presents its own difficulties. At Cribs Estates, we recognise the distinct requirements of London property owners. We aim to ensure that your property letting and management is as seamless and profitable as possible. Here, we provide helpful tips and knowledge to assist you in managing your property as a landlord.
Landlords need to fulfil several duties, such as:
1. Ensuring Safety:
Making sure that the property meets safety requirements, including fire doors, firelocks, smoke and heat detectors, CO₂ alarms in case of gas appliances, fire-regulated furniture as per furniture and furnishing, and safety regulations 1988, which will protect the tenants from injury and death in case of fire.
2. Maintaining the Property:
Keeping the property well-maintained to prevent minor issues from turning into costly repairs. Different types of property maintenance intend to keep a property functional and in its best condition. In property maintenance, following is the responsibility of the landlord to follow:
Failure to meet these obligations can lead to tenants' legal action; in some cases, landlords may be required to pay damages.
At Cribs Estates, we help landlords stay compliant by effectively managing their responsibilities and ensuring all maintenance tasks are carried out on time and to a high standard. Our support helps you avoid legal complications and maintain a safe, comfortable property for your tenants.
Addressing tenant queries promptly and professionally to maintain a positive relationship with tenants.
Property compliance refers to the laws and regulations governing property construction, use, and maintenance. These regulations are implemented to ensure the public's safety and well-being, protect the environment, and preserve the country's cultural heritage. Ensuring legal compliance also helps prevent legal disputes and potential financial penalties.
To let the property, we must ensure that it is fully and legally compliant. This includes obtaining the necessary safety certificates, following local council licensing requirements, and adhering to tenant rights and responsibilities. Cribs Estates supports landlords in meeting these legal obligations efficiently and professionally.
Cribs Estates Limited has vast experience in dealing with troubled tenants.
If you are experiencing any of these issues, then Cribs Property Management Services will be the right choice for you.
There are a few strategies for the tenant’s eviction, which are mentioned below:
A Section 8 notice is a warning that the landlord seeks possession of their property due to a desire to change its use or a breach of the tenancy agreement. Although a Section 8 notice asks a tenant to vacate the property, they will only need to do so after a notice period.
This process may take up to 6 months, depending upon the availability of the courts and bailiffs. During this period, it’s crucial to maintain proper documentation and communication records to support your case.
At Cribs Estates, we offer expert guidance through this process, ensuring all legal steps are correctly followed and minimising stress for landlords.
Section 21 states the landlord can evict a tenant for no reason as long as they do it within a valid period of their tenancy agreement, after 4 months, in a break clause or at the end of the contract of one year.
Next, landlords can only wait until they expect the tenant to move out at least two months later. After this date, the landlord will have 4-6 months, depending on the type of tenancy agreement, to legally repossess the property while the Section 21 notice is still valid.
If the tenants fail to leave the property at the end of the notice period, the landlord must take the next legal step by applying to the court for possession. The court will then review the case and, if the landlord’s claim is justified, issue an order requiring the tenants to vacate the premises.
If the tenants refuse to follow the court's instructions and leave, the landlord must hire court bailiffs. The bailiffs will visit the property, enforce the eviction, and ensure the tenants vacate with their belongings. At this point, the landlord can also change the locks to secure the property.
It’s important to note that the new Labour Government in 2024 is considering abolishing Section 21, which could provide tenants with greater security and make the eviction process more complex for landlords.
Landlords need to have a good grasp of their tax responsibilities. Here's what you should keep in mind:
1. Taxation of Rental Income
Earning rental income means paying taxes on it. We can help you understand your tax obligations.
2. Deductible Expenses
Certain expenses like repairs and maintenance can be subtracted from your taxable income.
3. Capital Gains Tax
You might be liable for capital gains tax when selling your rental property. We give guidance on how to handle this.
The real estate market and regulations are continuously evolving. It is crucial to stay well-informed. Here's how we ensure you are kept in the loop:
1. Consistent Communication
We regularly update you on market trends and legal revisions.
2. Informative Materials
Our blog and newsletters furnish valuable tips and perspectives for property owners.
3. Customised Guidance
Our team is always accessible to address your inquiries and offer personalised recommendations.
At Cribs Estates, we are committed to supporting landlords in achieving success. Our wide-ranging services ensure effective management and profitability of your property. Here's why you should select us:
Ready to maximise the potential of your rental property? Contact Cribs Estates today.
Call us at +44 2034 4115 71 or email us at info@cribsestates.co.uk. Let's collaborate to achieve your property objectives.
By adhering to these recommendations and teaming up with Cribs Estates, you can confidently navigate the challenges of being a landlord in London. Count on us for all your property needs.
We eagerly anticipate the opportunity to work with you!