Tag Archives: hints for rented property landlords in Bristol

Will Mortgage Relief changes in 2017 hit buy-to-let landlords in Bristol?

The team at City Rental Services have been speaking to some concerned buy-to-let landlords in Bristol recently – and their cause for concern is over upcoming property legislation for 2017 around the subject of Mortgage Relief.

Advice for buy-to-let landlords in Bristol from City Rental Services

From 06th April 2017, the Government is introducing new legislation affecting the current mortgage relief rules for property investors and property landlords.

This measure will restrict relief for finance costs on residential properties to the basic rate of Income Tax. This will be introduced gradually from 6 April 2017.

Finance costs includes mortgage interest, interest on loans to buy furnishings and fees incurred when taking out or repaying mortgages or loans. No relief is available for capital repayments of a mortgage or loan.

Landlords will no longer be able to deduct all of their finance costs from their property income to arrive at their property profits. They will instead receive a basic rate reduction from their income tax liability for their finance costs.

Landlords will be able to obtain relief as follows:

  • in 2017 to 2018 the deduction from property income (as is currently allowed) will be restricted to 75% of finance costs, with the remaining 25% being available as a basic rate tax reduction
  • in 2018 to 2019, 50% finance costs deduction and 50% given as a basic rate tax reduction
  • in 2019 to 2020, 25% finance costs deduction and 75% given as a basic rate tax reduction
  • from 2020 to 2021 all financing costs incurred by a landlord will be given as a basic rate tax reduction

This could potentially restrict the profitability for some buy-to-let landlords in BS postcodes, leading to a slowing down of property investment in the city.

You can read more about the potential legislation and upcoming changes here.

What we would advise at this stage is not to panic, or to pull any potential property investment deals, but to instead monitor and review the legislation and make a fully-informed decision based on your existing property portfolio.

If you’re looking for advice on rented accommodation in Bristol, please call into 58 Gloucester Road to see us – as an independent letting agency in Bristol, we’re here to help.

Wavering property landlords could force up rental prices in Bristol

The team at City Rental Services came across a useful industry news article recently, and wanted to highlight the concerns in the news story for our readers.

The news article, which can be read in full here, discusses growing concerns in the PRS over hesitant property landlords feeling unsure and uncertain about the property market after the Brexit vote.

advice for property landlords in Bristol from letting agency City Rental Services

Although, according to the article, the industry overall has responded to Brexit in a calm and organized way, there are pockets of buy-to-let property landlords in Bristol and across the wider UK that are faltering on growing their property portfolios, for fear of negative financial implications post-Brexit.

As one of Bristol busy Lettings Agents we are finding that the demand for rental property continues to grow and has not in any way faltered since the leave vote.

Those buy-to-let landlords in various popular postcodes such as BS7 who have both student and professional well maintained reasonably priced properties appear continue to keep their properties tenanted all year round.

If you’re looking for advice on rented accommodation in Bristol, please call into 58 Gloucester Road to see us – as an independent letting agency in Bristol, we’re here to help.

The importance of good record-keeping for buy-to-let landlords in Bristol

This week at City Rental Services we’re taking a closer look at a subject which is very close to our hearts, and one which we spend much time on when working with our buy-to-let landlords in Bristol: namely, the importance of good record-keeping.

free advice for buy-to-let landlords in Bristol from City Rental Services

Record-keeping is critical for each property, and we stress the need for excellent paperwork management to our letting-only landlords too.

If you’re a landlord in the city with more than one rented property, it’s worth considering these hints and tips from our experienced letting agents:

Full tenant details for each tenant in your properties, including Name, Date of birth, National insurance number, Passport number, Email address, Phone number, Next of Kin, Place of work, and previous address details.

Copy of the Tenancy Agreement for each tenant in every rented property.

Rental deposit Certificate for each tenant in every rented property.

Council Tax account number, which Band each property is, how much it costs each year, a note of tenant departure dates so you can cover Council Tax payments during tenant departure dates and any related information needed.

Water Rates per month or quarter, plus account numbers for each property.

Gas and Electricity details for each property, including account numbers – this can be the hardest information of all to keep track of, so try and find out which providers your tenants are using, have copies of any account details, keep copies of any bills, and ensure that you have contact numbers, account numbers, MPAN numbers and meter numbers all in one accessible place.

The more of this information you have as a property landlord, the better: it takes a long time on occasion to deal with utility providers, but the more information you have to hand, the easier this will be for you and your tenants.

Rents – remember to check your rental incomes monthly, and keep a close eye on the payments you receive, especially if you have more than one property, and more than one tenant in each rented property in Bristol.

Service Contracts – do you have any, any equipment in any rented properties under Guarantee of Warranty? For example, when was the boiler purchased?

Safety – keep your Gas Safety Certificates and dates of when this was completed, PAT tests, NICEIC Certificates, fire alarm Certificates, and what systems are in each rented property – plus, when they were last checked.

Having all of this information to hand will make your life easier as a property landlord in Bristol, as well as giving your tenants added confidence that you’re a property professional who ensures their full safety when renting from you.

If you’re looking for advice on rented property in Bristol, please call into 58 Gloucester Road to see us – as an independent letting agency in Bristol, we’re here to help.

April Fool delights – the top landlord jokes of all Time

This week the team at City Rental Services have decided to celebrate April Fool’s Day by scouring the internet to find the very best landlord jokes out there – and sharing them with our letting-only landlord Bristol readers.

advice for landlords in Bristol from letting agency City Rental Services

So, in no particular order, here’s the best landlord jokes on the internet which made our team chuckle in the office – we hope you like them too!

If you dropped a slug and a landlord off the Clifton Suspension Bridge, which one would hit the ground first? Who cares!

What do you get if you cross a landlord with a weasel? No change whatsoever!

What do you have if you see a landlord buried neck-deep in concrete? A good start!

What do landlords do for fun? I don’t know, I haven’t seen mine in months!

What’s the definition of a perfect tenant? One who the landlord doesn’t know what your name is!

A housewife called up a pet store and said “Send me 30,000 cockroaches”. “What in the world do you want with 30,000 cockroaches?” asked the pet store owner. “I’m moving out of my flat in Bristol today, and I want to leave it exactly as I found it for the landlord,” she answered.

Some fantastic April Fool’s Day landlord jokes – but rest assured, they do not relate to any of our property landlords who are all well-trained, and care about their tenants!

If you’re looking for advice on rented property in Bristol, please call into 58 Gloucester Road to see us – as an independent letting agency in Bristol, we’re here to help.

Bristol Landlords – are you aware of new rules on tenant evictions?

At City Rental Services we’ve been carefully monitoring a raft or recent legislation affecting Bristol landlords and buy-to-let investors in various BS postcodes.

And the latest series of property sector-related legislation concerns what private property landlords can do around the thorny subject of tenant evictions.

lettings sector insights in Bristol from City Rental Services

The legal changes – which are part of the Deregulation Act 2015 – have been criticised by some buy-to-let landlords in Bristol for choking the average private landlord with mounting rules and regulations to comply with.

The new changes, however, make it more straightforward for Bristol property landlords to evict a tenant where they are legally allowed to do so.

Landlords can face high costs when taking a tenant to court to seek possession of their property – and technicalities and minor errors in applications for section 21 evictions can be thrown out by the court.

Tenancies entered into after 01st October can utilise a newly-produced form from Bristol City Council, designed to reduce mistakes and help save time and money for private landlords – as well as enabling them to get their properties back as soon as possible.

Landlords need to adhere to the new legislation around tenant evictions, particularly around the information which must be provided to tenants before landlords can serve the new Section 21 form and guidance notes.

To find out more, Bristol landlords should contact Julie Norris, Landlord Liasion Officer at Bristol City Council, on Julie.norris@bristol.gov.uk.

To find out more about our letting agency services in Bristol, simply call into 58 Gloucester Road to see us.

The Pros and Cons of written inventories for rented properties in Bristol

Here at City Rental Services, we came across an industry article outlining the importance of written inventories for rented properties – and thought it was worth highlighting further.

advice for rented property landlords in Bristol

The article looks at some of the dangers in using modern technology and devices such as tablets and phones to itemise for inventories in rented properties.

Although the article isn’t in favour of bought-in Inventory packages, much of the rented property industry now uses them for ease and convenience.

We wanted to confirm how important a well-prepared Inventory is, with Tenancy Deposit Schemes in use.

With the possibility of a dispute it is vital to have a clear and precise record of the contents and condition of rented accommodation.

Some of our top tips for rented property inventories include:

* Backing it up with photographs is good practice, but some way of dating the photos is necessary.

* Include readings of the gas and electricity meters if possible.

* Don’t forget to inventory the front and rear gardens of rented properties.

* Several Inventory packages or apps can be bought to make the job easier – it is a simple matter then to update the Inventory after each check in or out.

* If you do have any issues that you want to deduct money for at the end of the tenancy you must advise your outgoing tenants first, and get their agreement – or you could well end up with an indefensible dispute on your hands.

* A clear and FAIR presentation of any potential costs usually prevents disputes.

* Tenants are entitled to know that the reasons why a deduction needs to be made – and this should be presented with a clear record of what and why.

To find out more about our letting-only landlord service in Bristol, get in touch today: simply call into 58 Gloucester Road to see us.