T1Property https://t1property.com/ T1Property HMO Multilet Lettings Management Experts - Providing House Share Accommodation in Portsmouth Fri, 13 Apr 2018 08:24:16 +0000 en-GB hourly 1 https://wordpress.org/?v=6.1.1 Renting advice for exchange students https://t1property.com/renting-advice-for-exchange-students/ Fri, 13 Apr 2018 08:24:16 +0000 https://t1property.com/?p=8720 Whether you’re a landlord or tenant, finding the right service for your individual requirements can be time-consuming and frustrating. With over thirty years of combined industry experience, our team is the leading force in room to rent Portsmouth has. Our team’s vast industry knowledge regarding rental accommodation means we are able to answer any queries you might have quickly and...

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Whether you’re a landlord or tenant, finding the right service for your individual requirements can be time-consuming and frustrating. With over thirty years of combined industry experience, our team is the leading force in room to rent Portsmouth has. Our team’s vast industry knowledge regarding rental accommodation means we are able to answer any queries you might have quickly and efficiently.

Support for exchange students:
For exchange students, finding a place to rent is one of the most crucial tasks you’ll face when you arrive for your studies, and it doesn’t always have to be a struggle finding somewhere suitable to live. To help make things easier for you, we’ve produced several tips about house hunting for your reference:

1. Searching for a property once you have arrived in-country isn’t always the best option.
Firstly, please rest assured that it’s entirely possible to safely rent somewhere other than your home country. We have dealt with countless students who believe that it’s more practical to wait until their arrival before searching for somewhere to rent, and most also want to view the property before making a final decision. While this approach does make logical sense, it doesn’t always work. This can be for a number of reasons, perhaps the most important being that the vast majority of the highest quality properties will have already been rented out by the time you arrive in-country, meaning you’ll need to spend more money on a hotel or B&B while searching for somewhere to live.

2. Learn about your potential house mates before you arrive.
It’s always a good idea to get an idea of who you will be living with, and how many other people you’ll be living with before you arrive in-country. Your house mates will be like your second family, so it’s a good idea to know what they are like as people! You’re likely to share numerous anecdotes, parties, meals, and memorable moments with them and this will all add to your experience of living abroad.

At T1property, we oversee a myriad of single and multi-let properties throughout Portsmouth. The professional and friendly service we provide has proven invaluable to countless clients. As a result of this, numerous tenants have recommended us to their friends and family, continuing to strengthen our respected reputation.

We are one of the best providers of room to rent Portsmouth tenants and landlords can work with. If you’d like to find out more, call our friendly office today to see how we can help you.

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Am I making the most of my HMO? https://t1property.com/i-making-hmo/ Tue, 20 Feb 2018 09:00:56 +0000 https://t1property.com/?p=8640 We are an independent lettings agency who work on our client’s behalf to secure unrivalled deals. As one of the foremost businesses excelling in HMO management Portsmouth has, there’s nothing we can’t accomplish. Dedicated and efficient, we are the team to trust. Individuals frequently ask us what areas they should be concentrating on when it comes to HMOs. To assist...

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We are an independent lettings agency who work on our client’s behalf to secure unrivalled deals. As one of the foremost businesses excelling in HMO management Portsmouth has, there’s nothing we can’t accomplish. Dedicated and efficient, we are the team to trust.

Individuals frequently ask us what areas they should be concentrating on when it comes to HMOs. To assist them, we have taken it upon ourselves to produce some tips on the subject. By taking advantage of our extensive market knowledge, it will be easier for you to make informed investment decisions.

Our approach to HMOs:

Our first piece of advice would be to avoid blending different HMO tenant types. The preferred kind of tenant for HMOs is the professional. It’s sometimes the case that local housing allowance (LHA) tenants are trickier to house. Damage to the premises and bad debt can make such tenants more difficult to work with. When demand is high, brilliantly maintained student HMOs can also prove lucrative.

Once every fortnight, it would be wise to instruct a cleaner to clean the communal areas of the property. Keeping corridors, living spaces, kitchens and other communal spots clean is imperative to guaranteeing that everyone has a pleasurable experience. Usually, tenants won’t take responsibility for such chores. Whilst carrying out their routine cleans, the cleaners can also check the condition of the fire alarms so that you don’t have to. They can also see just how well the tenants are caring for the property themselves.

If you can, opt for refined HMO rooms. By creating top-notch properties with ensuites and wonderful finishes, you can attract greater rent. For HMO rents, you can increase them by as much as 50% with the right finish and decoration.

At T1property, we see to it that our customers are well looked after whilst they are with us. In order to provide a unique service to all of our clients, we add a personal touch to each project. With such tailored services, meeting your specifications will be our pleasure.

We are pleased to be the first and only team to specialist in HMO management Portsmouth has to offer. To find out more about what we can do for you, contact our friendly team today.

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Who to inform about a new lodger? https://t1property.com/8619/ Tue, 13 Feb 2018 09:00:37 +0000 https://t1property.com/?p=8619 It can be difficult finding somewhere to live, especially if you don’t have the money to buy. That leaves few options, one of which is to rent. As one of the most experienced businesses working in room to rent Portsmouth has, we are more than capable of locating suitable accommodation for our tenants and securing a great deal for our...

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It can be difficult finding somewhere to live, especially if you don’t have the money to buy. That leaves few options, one of which is to rent. As one of the most experienced businesses working in room to rent Portsmouth has, we are more than capable of locating suitable accommodation for our tenants and securing a great deal for our clients. With a team that consists of landlords and investors alike, you can rest easy in the knowledge that your investments are being well looked after.

You may believe that renting a room out is as simple as handing over a spare set of keys, however, there’s considerably more to it than just that. There are a number of individuals who must be informed if you are going to be renting out a room, with the first being your home contents insurer. If your home insurance provider has not been informed that you will be renting a room, your entire policy could be voided.

As well as your insurer, your mortgage lender must also be informed if you will be renting out one of your rooms. A large number of mortgages include a clause that demands you seek the proper permissions prior to renting out any area of the premises. If you happen to be a leaseholder, you must talk to your landlord first before renting out any areas of the property. Your landlord will either grant you permission to rent out the room or not. It’s likely that such details are written into your lease agreement, so it’s worth checking there first.

The local lettings authority must also be informed of any plans to rent out rooms to lodgers. If the owner/landlord of the property previously lived in the premises alone and received a single person discount from their council tax, it is possible for them to keep this discount (provided the new lodger only stays in the property from Monday to Friday each week). In this situation, the single person discount will only stand if the new lodger is still paying council tax at a different address where they are registered to be living. If they are not paying council tax on any other property, or they live in the property 7 days a week, the single person discount that the owner/landlord used to receive will be revoked by the council.

At T1property, we oversee an impressive portfolio of single and multi-let properties throughout the Portsmouth area. We are happy to evaluate any property portfolios free of charge and notify all parties of any changes to be made to meet the latest legislative requirements. We are proud to be one of the best for room to rent Portsmouth has, supporting our clients professionally and effectively.

If you would like to find out more about the services we can offer you, contact us today to speak to a friendly member of the team.

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The value of research before you buy a HMO as an investment https://t1property.com/value-research-buy-hmo-investment/ Tue, 06 Feb 2018 09:00:10 +0000 https://t1property.com/?p=8617 Ours is an agency with employees who possess over three decades’ worth of amalgamated experience in both property management and the lettings industry. Using their knowledge, our team members are able to manage single and multi-let properties all over Portsmouth. We have become one of the most dedicated businesses specialising in HMO management Portsmouth has, allowing us to provide you...

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Ours is an agency with employees who possess over three decades’ worth of amalgamated experience in both property management and the lettings industry. Using their knowledge, our team members are able to manage single and multi-let properties all over Portsmouth. We have become one of the most dedicated businesses specialising in HMO management Portsmouth has, allowing us to provide you with the best service possible.

The return on investment for HMOs can be illustrious, but the fact remains that not all of them are guaranteed gold mines. There are a series of critical errors landlords make that prevent them from reaping the rewards of their efforts. So that you don’t end up wasting your own time and resources, we are going to discuss one of the most common mistakes landlords with HMOs.

One thing some landlords fail to do is check the demand for rooms and houses in an area. To be specific, they don’t examine whether there is a high enough volume of potential tenants to make the HMO investment worthwhile. This is a dangerous oversight and can result in long void periods and extensive income loss for the landlord.

Typically, HMOs are exhibited as being wonderful income generators. We constantly hear about their supreme cash flows and rental yields (this is all factual), however, you can’t simply assume you will be successful without putting in the due diligence beforehand to check. Most importantly, you need to look at demand and the type of tenants who would be interested in the property.

At T1property, our friendly and helpful service ensures that everyone’s needs are properly attended to. When we work with landlords, we take the steps necessary to protect their investments. This includes exploring feasibility from the outset and looking at legal requirements.

If you want to work with the most dedicated team for HMO management Portsmouth has, we are here for you. Contact us today to find out how we can help you make your property dreams a reality.

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Avoiding voids https://t1property.com/avoiding-voids/ Wed, 31 Jan 2018 09:00:03 +0000 https://t1property.com/?p=8609 Buying your own home is a great achievement, but it’s not the route everyone wants to take, and that’s where we come in. T1property offer rental accommodation all over Portsmouth for all kinds of tenant demographics. As we are one of the most celebrated businesses excelling in room to rent Portsmouth has, you can depend on us to find you...

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Buying your own home is a great achievement, but it’s not the route everyone wants to take, and that’s where we come in. T1property offer rental accommodation all over Portsmouth for all kinds of tenant demographics. As we are one of the most celebrated businesses excelling in room to rent Portsmouth has, you can depend on us to find you the perfect home.

For a landlord, buy-to-let can initially seem like a guaranteed way of making a profit. The rise in house prices means more individuals are renting, offering more opportunities to find the right tenants, however, it’s likely that there will be some bumps along the way. Lengthy void periods in particular are something to watch out for.

This might seem obvious, but a property typically only generates income for a landlord once it’s tenanted, and void periods can severely damage a landlord’s ability to keep up with the mortgage payments. One way to reduce void periods is to ensure that when tenancy agreements are being drawn up, they are as water-tight as possible, reducing the possibility of voids dramatically.

If a potential tenant only wishes to live in the property for a short amount of time (for example, less than 6 months), then it might be worth considering others for the room/property. After all, the empty period won’t do you any favours. If students will be living in the property for a mere nine to ten months and not the full year, it might be in your best interest to offer a seasonal worker or a foreign student a short-term summer let deal instead.

At T1property, we give insightful and friendly advice to both tenants and landlords. We keep communication open at all times, informing landlords and tenants alike of any developments and letting them know about any changes to be made to the house, or contractor visits to the property etc. This attention to detail has helped us to become the best known company for room to rent Portsmouth has.

To find out more, contact us today.

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What does 2018 have in store for HMO licensing? https://t1property.com/2018-store-hmo-licensing/ Mon, 22 Jan 2018 09:00:47 +0000 https://t1property.com/?p=8597 The initial rules for licensing regarding HMOs came into force following the 2004 Housing Act, which state that every property with 3 or more storeys and 5 or more unrelated occupants, required a licence. The aim was to ensure that the landlord met the correct standards and provided safe housing for tenants. As you can see, this licensing was only...

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The initial rules for licensing regarding HMOs came into force following the 2004 Housing Act, which state that every property with 3 or more storeys and 5 or more unrelated occupants, required a licence. The aim was to ensure that the landlord met the correct standards and provided safe housing for tenants.

As you can see, this licensing was only required for a small percentage of HMOs at the time. That meant that properties with only one or two storeys or fewer than 5 unrelated tenants had more lenient obligations in the eyes of the law, which created opportunities for rogue landlords to take advantage of tenants.

In 2018, tougher licensing rules are expected to be introduced to ensure that all landlords take their responsibilities seriously. It is anticipated that these licensing changes will be revealed in April this year. Landlords should be thinking ahead to the impacts that these changes might have and preparing to make any changes to their properties that are required.

The aim with the new HMO rules is to improve standards across the lettings industry in England. Most likely the change will remove the 3 storey rule. It could also see the introduction of minimum room sizes.

To tackle rogue landlords, the new requirements could result in them having to prove they are a “fit and proper” landlord, which could include a criminal record check and landlord thorough background check of any problems the landlord has run into, to date.

The HMO rules will give local councils more power when it comes to achieving better living standards; they will be able to check properties before granting licenses and be able to pursue and punish anyone who does not abide by the rules.

T1property are happy to support all landlords to meet their legal obligations. We are a forward thinking company and keep an eye on changes to rules to inform our clients of any changes to licensing as and when they come about. This has helped us to become one of the best for HMO management letting agents Portsmouth has to offer.

If you are looking for a professional service, please contact us today. Our team are happy to help and have a personal approach to ensure every client receives the level of service that they expect and deserve.

 

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Tenancy or licence to occupy? https://t1property.com/tenancy-licence-occupy/ Thu, 18 Jan 2018 09:00:51 +0000 https://t1property.com/?p=8595 Two of the most confusing terms regarding room to rent are ‘tenancy’ and ‘licence to occupy’, and what situation falls under which heading. There are different rules for both of these terms, so it is important to know the difference and which term applies to which situation. Fortunately the T1property team can help. We are one of the best for...

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Two of the most confusing terms regarding room to rent are ‘tenancy’ and ‘licence to occupy’, and what situation falls under which heading. There are different rules for both of these terms, so it is important to know the difference and which term applies to which situation. Fortunately the T1property team can help. We are one of the best for room to rent Portsmouth has to offer and our extensive experience has helped us to understand difficult terminology and different legal situations.

Tenancies:
A tenancy is when a landlord gives the tenant legal ownership of a part of the property for a specific time period. As a result, the landlord cannot enter a room/rooms without first obtaining permission from the tenant and giving the tenant 24 hours’ notice. Effectively, the landlord gives a piece of the property to the tenant in exchange for a right to receive rent each month. The ownership will only revert back to the landlord at the end of the tenancy, if this is not renewed.

Licence to occupy:
A licence to occupy is different because it does not include any access restrictions. There are several reasons why, in this case, access has not been restricted, such as providing cleaning services, or requiring access to all of the property for maintenance issues, etc. If providing these services can’t be limited to a specific time of day and full freedom of access is needed at all times, the agreement between the landlord and whoever is living in the property will be classed as a licence to occupy, rather than a traditional tenancy.

Another criterion of licences to occupy is around mobility. If a landlord has the ability to move the occupant(s) of the property from room to room, with no repercussions, then this is a licence to occupy rather than a tenancy.

There are a number of specific situations when a licence to occupy would be preferable to a tenancy, (for the landlord and occupant) for example: employees who live in-house, such as nannies or housekeepers. Surprisingly, if you live on a houseboat, your agreement is also classed as a licence to occupy, as tenancies only apply on land.

At T1property we understand how these two terms could become confusing, however, we are here to help and provide a full range of support via our dedicated team. We specialise in HMOs, even though this type of property can be more challenging than traditional buy-to-let arrangements, due to the increased rental returns for the landlord.

If you would like some more help or advice from a specialised team for room to rent Portsmouth, contact us today to find out more.

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Helpful advice for novice landlords https://t1property.com/helpful-advice-novice-landlords/ Fri, 12 Jan 2018 09:00:13 +0000 https://t1property.com/?p=8570 T1property are considered to be one of the finest specialists working in HMO management Portsmouth has to offer. With these types of properties increasing in popularity among landlords, securing a HMO deal can be difficult. Fortunately, we are here to help and can provide a first rate service for all parties involved. As professionals, we assist not only the HMO...

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T1property are considered to be one of the finest specialists working in HMO management Portsmouth has to offer. With these types of properties increasing in popularity among landlords, securing a HMO deal can be difficult. Fortunately, we are here to help and can provide a first rate service for all parties involved.

As professionals, we assist not only the HMO tenants, but also the landlords that own the properties too. There are a plethora of landlords who are just starting out and therefore aren’t overly familiar with how property investments works. To give newcomers a helping hand, we’ve produced some crucial information on HMOs below that highlight the key facts to consider:

The first piece of advice that we have is not to believe everything you read on the internet. Rookie landlords in particular scour online websites looking for answers to their questions to reassure themselves that their work is being conducted legally. However, not all the information you find is 100% factual. Official sources are far more reliable and should be the first point of call when searching for information.

Another thing you must remember to do is safeguard the tenants’ deposits, which will protect their interests and your own. T1property use the Tenancy Deposit Scheme to do this. With this protection, any complications that arise once the tenant has left will be dealt with by an independent third party.
The tenant’s deposit must be lodged with the DPS within thirty days of receipt in order to shelter the tenant and landlord alike. If this deposit is not lodged within thirty days of receipt, a Section 21 notice cannot be served in the event of a landlord evicting a tenant.

At T1property, our friendly team strives to ensure that every client is presented with a deal that’s appropriate for their unique circumstances. Since ours is a landlord-run company, we know all there is to know about protecting property investments for our customers, so you can trust that your investments are in safe hands.

Our reputation for offering reliable HMO management Portsmouth landlords can trust is built upon consistently offering outstanding services to our clients. We meet all of our legal standards and requirements, while offering great value in the process. If there’s anything you’d like to ask our team, contact us today to find out how we can help you manage your properties.

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The importance of insurance cover during the renting process https://t1property.com/importance-insurance-cover-renting-process/ Thu, 28 Dec 2017 09:00:57 +0000 https://t1property.com/?p=8568 As you may have guessed from our company name, we specialise in providing the right property services for landlords and tenants alike. In particular, we assist landlords and tenants in their efforts to find the right letting deals for their individual circumstances. As we are one of the best businesses working in room to rent Portsmouth has to offer, people...

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As you may have guessed from our company name, we specialise in providing the right property services for landlords and tenants alike. In particular, we assist landlords and tenants in their efforts to find the right letting deals for their individual circumstances. As we are one of the best businesses working in room to rent Portsmouth has to offer, people repeatedly come to us expecting high quality services and noticeable results. Fortunately, this is exactly what we do.

Whilst preparing to rent out a room, there are many variables to consider, and arguably the most important is insurance. The legal body that insures your property must be informed if you intend to take in guests or regular lodgers. It is highly recommended to inform your insurance company of any changes before your policy requires renewing. Although there’s a small chance of this affecting your premiums, insurance establishments reserve the right to refuse a claim if you’ve neglected to tell them about lodgers.

It’s difficult to determine how your guests will treat the property; maybe they’re accident-prone, spilling things on your carpets every five minutes. They may even be heavy handed or just clumsy. When certain companies calculate insurance premiums, they will evaluate the number of tenants in the property and how these tenants use the property. Providing insurance companies with accurate data of these factors is essential to evaluating potential risks.

During the process of selecting lodgers, it’s crucial that you undertake a criminal background check on any potential tenants. If they happen to possess any unspent convictions, your insurance claims have a chance of being declined. Motoring convictions however, (like parking fines and speeding tickets), hold zero relevance to home insurance, and therefore don’t normally need to be declared to insurers.

At T1property, we strive to offer the best services for room to rent Portsmouth that tenants and landlords could ask for. Our team, using their years of experience, will guide you through the entire process from start to finish and will be on hand to answer any queries you might have, no matter how large or small they may be.

If there’s anything we can do to help, contact us today to see how we can find the right services for all your letting needs.

 

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How should you manage problem tenants? https://t1property.com/manage-problem-tenants/ Wed, 20 Dec 2017 09:00:55 +0000 https://t1property.com/?p=8566 One of the biggest challenges with HMO management is dealing with problematic tenants. There are a number of reasons for this, including the simple fact that in an HMO, there are a higher number of tenants to begin with and as they will all be coming from different households, clashes of personalities and lifestyles can cause a lot of friction....

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One of the biggest challenges with HMO management is dealing with problematic tenants. There are a number of reasons for this, including the simple fact that in an HMO, there are a higher number of tenants to begin with and as they will all be coming from different households, clashes of personalities and lifestyles can cause a lot of friction.

It is down to the landlord and managing agent to help smooth out such problems, and there are a number of things managing agents and landlords can do to reduce these conflicts. There are a number of things they can do to help with situations. As the leading provider of HMO management Portsmouth has, here are some of our best tips to reduce tension in HMO households:

• Select tenants carefully

As the landlord/managing agent, you are able to see how the dynamic shifts and changes within the property. You can use this knowledge to help you select the appropriate tenants to fit in with the different personalities in the HMO. For example, if you have a student home, it would be unwise to rent additional rooms to young families; it’s best to stick with one particular tenant demographic per property.

• Communication

Contacting tenants regularly and keeping up to date with the goings–on within the property can really help. This will allow you to respond more quickly to issues as and when they arise, leading to more satisfied tenants and potentially fewer problems in future. Mediation can be a really important step in resolving conflicts, reducing the likelihood of tenant clashes becoming personal. It is wise to make sure that the entire household is kept up to date with conflicts that escalate.

• Collect information

It is always good to keep records of your conversations with tenants, including complaints that are made. That way you have the information you need if legal action needs to be taken to resolve issues. Evidence is crucial, so ensuring all notes, letters, emails, text messages etc are recorded is critical.
• Try to compromise

If clashes do occur, having the tenants reach a compromise between themselves is usually the best option, and is much better than a tenant moving out and the landlords having to find a new tenant. You should work with the tenants wherever you can if they are considering leaving, doing whatever you can to help. It may require an investment of time, money, effort (or a combination of all three!) on your behalf, but this can help you to reduce potential voids in future.

T1property are the best for HMO management Portsmouth has because we are able to manage our properties efficiently and effectively. We have the skills and experience to deal with all kinds of tenants and work hard to ensure problems don’t arise. If you have any questions regarding our management services, please get in touch to find out more.

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