Category: Uncategorized

If you’re thinking about renting a property, you may find the process a little overwhelming; lengthy contracts, difficult to read paperwork, not to mention the confusing language – what does it all mean? We have put together a list of common terms that will help you beat the jargon.

Tenant: That’s you!

Landlord: The owner of the property that is being rented out.

Tenancy agreement: A tenancy agreement is a contract between a landlord and a tenant that sets out the legal terms and conditions of a tenancy. A tenancy can either be periodic (running on a week-by-week or month-by-month basis) or for a fixed term (running for a set period).

Assured Shorthold Tenancy (AST): Assured Shorthold Tenancy is the most commonly used tenancy agreement and is usually for a fixed period of six to twelve months. This agreement sets out you and your landlords rights and responsibilities during your tenancy.

When an Assured Shorthold Tenancy ends, provided the tenant remains in the property, it will continue as a periodic tenancy unless the tenant signs a renewal agreement.

Renewal: At the end of the fixed term tenancy, tenants and landlords can choose to renew the tenancy for another fixed term, although it is not essential. It does, however, provide long term security for both the landlord and tenant. Landlords may ask a tenant to sign a renewal if they want to change the terms of the tenancy agreement, which could include raising the cost of rent.

Break Clause: A provision that is built into a tenancy agreement which enables either the landlord or the tenant, or both, to end the tenancy early.

Absent landlord: When a landlord is described as “absent”, it means they cannot be contacted directly. In this case, the managing or letting agent would be the first point of contact.

Credit Search References: Before signing a tenancy agreement, you will be referenced by your letting agent or landlord. Many agents and individual landlords use external companies who will undertake a credit and affordability check along with employee and landlord references to confirm your employment details and salary.

PW: This means per week. This refers to the frequency of rental payment.

PCM: This means per calendar month. This refers to a rental occurrence.

Guarantor: Someone who agrees to sign the tenancy agreement, effectively guaranteeing that they will undertake the full obligations of the contract on your behalf if you default on your obligations under the agreement. If for some reason you cannot pay the rent, the guarantor will be responsible for making the payments.

Deposit/Security deposit: Landlords will ask new tenants to pay a tenancy deposit to cover any future damage to the property or unpaid rent. The deposit can be equal to up to five weeks rent in England, landlords in Wales, Scotland and Northern Ireland may charge more.

Holding deposit: A refundable sum of money paid to the landlord, or letting agent, to reserve a rental property before signing the tenancy agreement. If you decide to withdraw your application for the tenancy, this is normally non-refundable. If the tenancy goes ahead, the amount of the holding deposit is usually deducted from the first month’s rent.

Inventory and Schedule of Condition: This is a checklist of the current contents and condition of a property which is undertaken to ensure that the property is left in the same condition in which it was originally let. It can cover cleanliness and the state and age of fixtures and fittings such as plug sockets, furniture, windows etc.

At the start of the tenancy, there should be an inventory to “check in” and then again at the end of the tenancy to “check out”. Agents and landlords may use an ARLA Inventories member to carry out the inventory.

Client Money Protection (CMP): A scheme that protects money paid by a tenant to their letting agent or landlord. It is important to note that CMP is a legal requirement and all agents and landlords must be covered. By using an ARLA Propertymark Protected member, you can guarantee that your money will be safe.

Tenancy Deposit Protection (TDP): Your landlord must register your deposit with one of the three Government-authorised schemes (Deposit Protection Service, MyDeposits or Tenancy Deposit Scheme) within 30 days (14 days in Northern Ireland) of you paying it. They must also give you the details of which scheme is used, your Tenancy Deposit Protection Certificate and additional information (known as Prescribed Information) which explains how to get the money back at the end of your tenancy and what to do if you and your landlord or agent disagree on the amount to be returned.

Redress: If you have a dispute with your landlord, the case can be referred to a neutral expert to resolve – this is known as redress. All letting agents are required to sign up to a property redress scheme, so make sure to note down which scheme your agent is registered with. ARLA Propertymark Licensed members in England and Wales will belong to either The Property Ombudsman, Ombudsman Services Property or the Property Redress Scheme. ARLA Propertymark Licensed members in Scotland fall under the remit of the First-tier Tribunal for Scotland (Housing and Property Chamber).

Sublet: Subletting is where a tenant lets part or all of their rental property to someone else. You must get permission from your landlord before subletting a property, otherwise, you could be in breach of your rental agreement and your landlord can take legal action against you.

House in Multiple Occupation (HMO): HMOs are properties which house tenants from two or more households with shared facilities such as the kitchen or bathroom. Large HMOs (more than 2 floors and more than 4 people) need to be licenced.

Common parts: Any part of the property, land or premises which are part of a shared facility (for example, a shared entrance or garden).

Managing Agent: An agent or company who is responsible, under an agency agreement, for the maintenance and management of the property. Not all properties are professionally managed so your landlord may be responsible for the maintenance of the property.

Fixtures and fittings: Items that are usually included in a rental property such as curtains, carpets, blinds, light fittings, kitchen units and appliances. In some cases, it may also include furniture. It is advisable to check what is provided prior to signing the letting agreement.

Dilapidation: Damage to a property or contents that is considered to go beyond acceptable wear and tear.

Notice period: The period of time that a tenant or landlord must give to end the tenancy agreement.

Arrears: Unpaid rent that is overdue or outstanding.

You’ve found your dream home, but how much should you pay for it? Deciding what offer to make on a property can be tricky.

If you pitch your offer too low, you may miss out on the property. But if you make it too high, you could be left wondering if you got the best deal possible.

We look at the different factors to weigh up when calculating your offer.

1. How long has the property been on the market?

Finding out how long a home has been on the market is a key factor to bear in mind when calculating your offer.

If a property has only just been put up for sale, the owners will be unlikely to accept an offer significantly below their asking price.

By contrast, if it was first listed several months ago but has still not sold, it may have been priced too high. The owners may be more likely to consider accepting an offer under the asking price as a result.

2. How much interest has there been in it?

Gauging how much interest there has been from potential buyers is another good way of assessing how open sellers will be to an offer.

Sellers are more likely to hold out for the full asking price if there have been a lot of viewings, rather than if it has been sparsely viewed.

While you can ask the sellers or their estate agent how much interest there has been, it’s good to do your own homework to double check.

Look at the number of views the property has received on our website. The listing page will include the number of views since it was first listed and in the last 30 days, giving you a sense of whether interest has tailed off or if other buyers keep looking at it.

3. What’s going on in the housing market?

Housing markets are typically either buyers’ markets or sellers’ markets.

A buyers’ market is characterised by supply exceeding demand, meaning those purchasing a property generally have the upper hand. In such cases, you are more likely to have a low offer accepted.

By contrast, in a sellers’ market, there are more buyers than there are properties available, increasing competition for homes.

If the market is very hot, sellers may receive several offers for their property and they are unlikely to accept one that is significantly below their asking price.

With a few months left until the Chancellor’s stamp duty holiday ends in March 2021, you may want to place an offer that the seller will readily accept so that you can kickstart the conveyancing process.

4. What’s going on locally?

It is also important to pay attention to what is happening to house prices in the area you wish to buy.

If property values are currently enjoying strong increases, sellers are likely to be happy to sit tight if they don’t get an offer close to their asking price in the belief that their home is rising in value.

If house prices are stagnant, or even falling, they are much more likely to accept an offer. It’s also worth researching any major local building developments, major road or transport plans that might impinge on the location in the short term.

5. What do similar properties go for?

The best way to judge a fair price for a property is to see how much similar properties in the same area have recently sold for or are currently listed for.

If the asking price is significantly above these prices, it gives you a good idea of what your offer should be.

6. How much did the current owner pay?

Another indication of the offer a seller may be willing to accept is to look at how much they paid for the property themselves.

The ‘Price History’ section on the property’s listing on our website includes Land Registry data on when the property last changed hands and how much it sold for.

There are no hard and fast rules here, but generally speaking if someone has only owned a property for two or three years and the asking price is only slightly higher than the price they paid, they may be less likely to accept a lower offer than someone who has lived there for more than a decade, during which time the value of the home has doubled.

7. Why is the property being sold?

Finding out why the property is being sold can give you a valuable insight into how likely the owners might be to accept an offer.

Talk to the people selling or ask the estate agent. If they have already put in an offer on another property themselves, they are more likely to be in a hurry to sell.

By contrast, if they have listed their home to test the water but don’t yet have another property lined up, chances are they will be happy to hold out for a higher offer.

Other factors that may mean people are in a hurry to sell include needing to relocate for a new job, a loss of income, getting divorced or having children/outgrowing their current home.

8. Is anything driving the price higher?

A final thing to pay attention to is whether any other factors may be driving an asking price higher.

For example, is the property in the catchment area for a particularly sought-after school or is it within walking distance of a railway station to a major city.

If you click on the ‘Map & Nearby’ tab in the listing, you can see whether there are any schools, railway stations or other notable amenities in the vicinity.

If you’re coming to the end of your tenancy and want to move out, you might be wondering what to do next. To help make sure your rented property is in order before you pack up and move onto your new home, we’ve put together this handy guide.

Give notice to end your tenancy

If you are on a fixed-term tenancy then be sure to read through your AST and check the terms of ending the tenancy early and what notice you need to give. This will be found under the Break Clause. If you are on a periodic tenancy, then you need to give your landlord one month notice to leave the property.

Always check the terms of your agreement as some contracts may ask for different lengths of notice you have to give.

Getting started

Once you’ve notified your landlord or letting agency that you do not wish to renew your tenancy, you should first make sure you have all your paperwork in order. Check that you retained a copy of your tenancy agreement and dig out any other written accompanying documents, including your move-in inventory report, a copy of the EPC and the Gas Safety Certificate.

You should have been given these at the beginning of your tenancy, however, if you don’t have them, you can request new copies from your landlord.

If you’re unsure of your responsibilities as a tenant, then check back over your original agreement, where these should be clearly listed.

Do a deep clean

Cleaning is the number one reason for landlord/tenant deposit disputes, so the cleaner and tidier you leave the property, the more likely you are to get your full deposit back.

If you don’t fancy getting your hands dirty, you can always arrange for a professional, end of tenancy cleaning, prior to your check-out appointment. The upholstery, carpets, windows, curtains, appliances, gutters and outdoor areas will all need to be returned to the same state they were in at the start of your tenancy.

If you do a hire a professional company to clean the property, then make sure you keep any receipts from them as proof of the clean and to avoid any disputes over your deposit.

All rubbish or personal belongings should be removed. Any decorative damage, such as holes caused by picture hooks etc, must be repaired before the inventory check-out is conducted.

Take photos

Once you have tidied the property, cleaned everything, repaired any damage and removed your belongings, then it is highly recommended that you take pictures of every room in the property and close-ups of any furniture or appliances, preferably with a time stamp.

If any parts of the property were damaged or stained when you moved in, then be sure to take pictures of these when you leave as well.

The more pictures you take the better, as they can be used as evidence for any deposit disputes that arise.

Check-out inventory

Much like when you move into a property, an inventory should also be completed when you move out. This allows your landlord to identify any deterioration in the condition of the property during the tenancy and inspect the general cleanliness.

Your landlord or letting agent will contact you to arrange the inventory check-out, but it usually takes place a couple of days prior, or on the day of departure. However, we recommend taking your own photos of every room and making comprehensive notes of any faults before this.

TOP TIP: when moving into a new rental home, make sure to take pictures of the property’s condition, which you can then refer back to once your tenancy ends.

Your check-in inventory can be a great tool when moving out, so make sure to go through the original report well in advance of your departure and put back any items that have been moved or put into storage during your tenancy.

Remember to check your tenancy agreement for references to fair wear and tear – this is the process of general wear that landlords must take into account when a tenant leaves a property. Your landlord must make allowances for:

• the age, quality and condition of any item at the start of the tenancy;
• the average useful lifespan of the item;
• the reasonable expected usage of such an item;
• the number and type of occupants in the property; and
• the length of tenancy.

If any further maintenance is required at the end of your tenancy, it’s advisable to get your own repair cost estimates and forward them to your landlord in order to kick-start the process of necessary work taking place.

If your landlord hasn’t arranged a check-in or check-out inventory, then they will struggle to dispute any deposit deductions with you. In this case, make sure you have as much evidence on the state of the property before you move out so that you are in a better position.

Return your keys

When you leave a property, it is essential that the property is locked up, and all copies of the keys are returned.

Keys are usually required to be given back by the move out date (although we recommend checking this with your landlord) and when you hand them over, make sure they are clearly labelled with your name and the property address.

They are best returned in person; however, some letting agents or landlords may allow you to return them by post. If you do choose to mail the keys to your landlord or agent, you will be responsible should they go awry during delivery.

It’s worthwhile asking your letting agent or landlord for a receipt or written confirmation that they have received the keys, which we would recommend holding on to until you have had your security deposit back.

If you fail to return your keys by the specified date, your landlord or letting agent may deduct the cost of replacing the locks from your deposit.

Get your deposit back

Your City Realtor letting agent or landlord will contact you directly to discuss any estimated costs for damage following the check-out report. In most cases, a full refund of your deposit will be given provided there is no damage to the property.

Where the agent holds the deposit, the agent will need written confirmation from both you and your landlord in order to pay deposit monies to either party. Your tenancy agreement detail provisions relating to the return of the deposit.

Your house will almost certainly be more attractive to buyers with some general sprucing up and cleaning. Larger projects such as loft conversions, converting a garage or adding a conservatory may reap high rewards if you have the time and money. But small things can make a surprising difference too.

Redecorate and complete easy upgrades

Redecorating is the most popular home improvement and giving your home a lick of paint and doing some general maintenance can be done at a very low cost. Fresh paint in modern colours can go a long way to giving your home a new lease of life, so do not be afraid to pick up the paintbrush.

It’s also best to fix all superficial defects. While unlikely to be the clinching factor in a house sale, small problems and defects can create an impression of a house being run down or not well cared for. Things to look out for include:

• Peeling paint
• Dirty walls, especially near doors frames and around switches
• Dripping taps
• Squeaky floors, doors or stairs
• Mouldy sealant in kitchens or bathrooms
• Limescale built up on kitchen and bathroom fittings
• Badly fitted laminate flooring
• Broken lightbulbs

Bigger issues such as damp should not be covered up. It will show up on a survey and is likely to come back to haunt you later on.

Replace doors

First impressions count. Make sure the outside of the house is welcoming the front door of your home can say a lot about the rest of the house to viewers seeing it for the first time. If you cannot afford to replace the door, make sure it looks new by giving it a power wash or a fresh lick of paint. Even a new doorknob, house number or name sign can help.

Try to make your front door look smarter than your neighbours’.

Makeover the kitchen

Kitchens are often the focus for many buyers, so it may be the first thing they look to replace if they can’t imagine living in yours. It’s no surprise that 65% of homeowners have renovated their kitchens before selling up. You may not be able to afford a whole new kitchen, but there are many smaller ways to improve what you already have.

For a relatively small budget painting units or replacing cupboard handles or doors are a cheaper way of refreshing kitchens. Good lighting and clutter-free, clean surfaces will make a big difference to the feel of the house

Buyers may be willing to pay more to save themselves the hassle of buying a new kitchen.

Adding or updating a bathroom

In the bathroom, re-grouting, eliminating all limescale and replacing taps are a good option. Bathrooms need to be fresh and hygienic looking, so paint the walls a neutral shade, and ideally replace a shower curtain with a new one or a simple glass screen.

Garden appeal

An attractive, tidy, well-designed garden can add a great deal of value to a property. It is essential to trim borders, clear pathways and cut back any overgrown trees or bushes.

The garden should feel like an extra space for entertaining or relaxing, rather than an expanse of grass.

Here is our top 5 tips to help you to be a model landlord. Whether you’re letting a studio apartment or a 10 bed mansion, this guide will help you stay on the right side of the law.

Find out if you need a landlord licence

Before you look for prospective renters, check with your local council to see if you need a landlord licence to earn rental income from your property. Legislation was introduced in 2006 and some areas have implemented selective licensing to clamp down on rogue landlords.

Stay on top of tenant checks

That means being rigorous with tenant referencing on rental applications to make sure they are reliable and responsible tenants. This tenant screening includes checking their credit eligibility, getting references from their previous landlords and ensuring they have the right to lawfully live and rent in the UK.

Protect your tenant’s deposits

You must protect tenants’ deposits safely in a government-accredited scheme within 30 days of receiving it. And once you’ve done that, you’ll need to give your tenant the Deposit Protection certificate and Prescribed Information.

You have a choice of three schemes: Deposit Protection Service (DPS), MyDeposits or the Tenancy Deposit Scheme (TDS), who also help deal with deposit disputes over potential damage to the property.

Do your safety checks

You are legally required to have all gas appliances in the property checked by a Gas Safe-registered engineer every year – and provide tenants with a Gas Safety Certificate within 28 days of the annual check.But that’s not all. It’s is also a landlord liability that smoke alarms should be fitted on every floor of the property from the start, and carbon monoxide detectors must be in any room where solid fuel, such as wood or charcoal, is used. Test both alarms on the first day of the tenancy.

Draw up a tenancy agreement

Whilst it is not a legal requirement, having a tenancy agreement between both landlord and tenant is important so that all terms are written out clearly and there is little chance of disputing agreed terms. This helps protect both parties.

This year Abul has undertaken an opportunity for us to achieve a shared and eternal legacy.

He will be supporting the Rural Development Foundation (RDF) Global with the amazing projects launched to help the most needy people in this region of Sylhet, Bangladesh.

As part of his trip he will be visiting Bangladesh later this year to deliver your aid along with numerous activities.

The key areas of his visit will focus on:

1. Cataract camp
2. House building project
3. Maternity project
4. Sports day
5. Soup kitchen.

He has a small target of £5000 for this immense legacy project and he prays you will join him on this benevolent journey.

RDF Global is a non-profit charitable foundation established in 2006. The aim is to develop maternity and healthcare for under-privileged women living in rural areas of Bangladesh and giving hope to women in need.

Please donate generously via the link below and please Gift-aid too!

https://www.justgiving.com/fundraising/abul-muhsin5

City Realtor is urgently looking for staff to expand its dynamic team.  If you have the drive and ambition then we want to hear from you! See role available below:

**TRAINEE LETTINGS NEGOTIATOR**

Looking for a challenging and rewarding career in London’s hot property sector? Well look no further! 

We are looking for hungry, driven and goal orientated individuals. No experience needed as full training will be given. All we require is a desire to learn and a passion to succeed! Foreign speaking language skills advantageous.

Successful candidate should have the following skills:

– Excellent communication skills

– Self motivated, confident and ambitious

– Hard working, ambitious and driven

– Desire to learn new skills

– Ability to multi-task and work in a fast paced environment and organize yourself

– Good team players

We offer:

– Salary dependent on experience

– Uncapped bonus earning potential

– Ongoing training

– Long-term growth opportunities

– The chance to be part of a dynamic and growing property firm.

Send your CV now to: amina@cityrealtor.co.uk

Or call us for more information: 0207 790 7702

Well we have done it folks! We have reached our fundraising target for the London Estate Agents 10k Run to raise money for Housing for Women! A massive THANK YOU to everyone who has generously contributed to this great cause.

Yipeeeeeeeeeee!

Watch this space for how the Agents do on the day…..

You can find real estate lawyers to solve you property related legal matters

Please use the link below to donate to Abuls fund raising page

https://www.justgiving.com/fundraising/abul-muhsin4

City Realtor is urgently looking for staff to expand its dynamic team.  If you have the drive and ambition then we want to hear from you! See role available below:

***OFFICE SECRETARY***

Must possess following skills:

– Excellent communication and customer service skills

– Clear speech and a professional manner

– Computer and social media literate

– Proficient Microsoft Office user

– Ability to multi-task and work in a fast paced environment

– Good team player

We offer:

– Salary dependent on experience

– Ongoing training

– Long-term growth opportunities

– The chance to be part of a dynamic and growing property firm.

Send your CV now to: amina@cityrealtor.co.uk 

Or call us for more information: 0207 790 7702