This year has been a challenging one for everyone, including landlords as the Covid-19 pandemic has had a significant impact on the rental market.
Tenants' finances have been affected, causing arrears to rise. This led to many landlords requesting a buy-to-let mortgage payment holiday to help manage their finances.
In the second half of this year, the property market has bounced back from the spring lockdown with exceptionally high demand for rental properties.
However, the lettings industry has had to contend with various levels of Covid restrictions and operate under a new normal of virtual viewings, increased health and safety measures and limited contact.
For landlords who self-manage their portfolios, the challenges of 2020 may have become overwhelming at times. If this is the case, have you considered letting your properties with a professional agency like Kings Group?
The services we provide protect your most valuable assets and are extremely valuable at the best of times, but even more so now in the new post-Covid-19 market.
Here's an overview of how we can help you to let your properties with minimum stress and maximum success…
Latest eviction rules - are you up to speed?
When a landlord needs to regain possession of their property, they may have to pursue an eviction through the courts as a last resort.
For much of this year, as a result of the pandemic, court evictions have been unable to go ahead as normal. They were banned on March 27 - a moratorium which was set to last until the end of June, but was subsequently extended until September 20.
Once the ban was lifted, the government introduced new eviction rules, including extending the minimum notice period to six months except for in the most serious cases of rent arrears, anti-social behaviour, fraud or domestic violence.
What's more, any landlord seeking possession through an eviction is now required to provide additional information on how the pandemic has affected their tenants.
Since the second national lockdown started on November 5, the government asked bailiffs not to enforce possession cases effectively creating a further ban on evictions.
During this time, however, the government has confirmed that evictions for cases of severe rent arrears can still go ahead.
As England moves into a new tiered system of Covid-19 restrictions, it's likely that the same or similar rules will apply. Over the Christmas period, the government has called for an eviction truce running from December 11 to January 11 2021.
The situation around evictions is currently very complicated and landlords need to stay up to date with the latest government guidance. A professional letting agency will be able to keep you informed of the latest developments and help you manage the evictions process effectively if required.
Professional inventories can reduce disputes
As a landlord, you'll want to reduce deposit disputes at the end of a tenancy as they can be time-consuming, stressful and costly.
You'll also want to make sure that you have the processes in place to protect you from property damage and broken or stolen items.
A professional inventory details the condition of your property at the beginning and end of the tenancy. This allows you to make any fair deductions from the tenant's deposit at the end of the tenancy.
If a tenant disputes your deductions, a professionally compiled inventory can provide you with all the documentation and evidence you need to prove your case.
A professional letting agency can organise inventory reports on your behalf to make sure deposit disputes are kept to a minimum and provide you with all the information you need if third-party Alternative Dispute Resolution is required.
Rising arrears - why you need rent protection
As already mentioned, the financial impact of the pandemic has prohibited some tenants from paying their rent, leading to a rise in rent arrears.
Arrears cause a host of problems for landlords, not least putting pressure on buy-to-let mortgage payments and putting property refurbishment and portfolio expansion at risk.
Thankfully, there are a range of insurance products available which can protect landlords against rent arrears and cover legal fees should you need to pursue an eviction through the courts.
Rent guarantee products can protect your cashflow and provide you with the peace of mind you'll still be receiving regular income even if your tenant is unable to pay.
Without this kind of protection in place, you could lose thousands of pounds in lost rent and then have to spend a significant amount of money on the eviction process.
Professional letting agencies will be able to advise you on the best products for your circumstances and give you the opportunity to benefit from the best deals from insurance providers.
As you can see, letting agents can provide landlords with an all-in-one management package. We understand that landlords want to save as much money as possible, but when things go wrong self-managing could cost a lot more than employing an agent in the long-run.
Here at Kings Lettings, we are ARLA Propertymark-qualified and provide our clients with Client Money Protection. To find out more about how we can manage your rental property in North London, East London, Essex or Hertfordshire, get in touch with us today.
You can find out how much your property could be worth on the local rental market by requesting a free and instant online valuation.
