The RX-8

Above: Linda Lovell - Lettings Manager Pittis, Newport.
rent and by the time the claim is processed it can be two months since
you last received rent. This can obviously lead to financial hardship
for you as a Landlord.
What we are offering you as a Landlord is a Rent and Legal Protection
Policy with a difference and we believe the only one of its kind on the
Island. The cover provided is
a) For up to 12 months rent due but not paid by the tenant
b) Cover for up to £50,000 of legal expenses arising in respect of any
material breach of the tenancy agreement by the tenant
There are other policies available which offer the same sort of cover
but what they don’t offer you is
a) Rent NOT PAID by the Tenant is paid by US direct to the Landlord’s
account within 15 working days of the rent due date. This means that
the Landlord will know that his rent will be paid by a particular date
regardless
b) The is NO EXCESS payable by the Landlord
c) When vacant possession occurs in breach of a Tenancy Agreement
cover will continue for up to one month after possession has been
obtained provided we are re-marketing the property for letting on a
sole agency basis
This Rent and Legal Protection Policy is being underwritten by our
parent company Arun Estates which means that we have a greater
interest in ensuring that the tenants are carefully selected and that the
tenancy is carefully monitored. We would of course inform you if a
proposed tenancy would be unacceptable for inclusion in the scheme.
It is our aim to take the worry and the strain away from you the
Landlord. We can also advise on all aspects of the tenancy be it legal
or financial so why not give Linda Lovell a call on 01983 526670 to
discuss your personal requirements.
Island Life - www.islandlifemagazine.net
More and more people are
considering a rental property as a
long-term investment. Thanks to
the buy-to-let scheme, a joint
venture of letting agents and
mortgage lenders, the whole
process has become far more
attractive and achievable. But
there are mistakes to be made.
Here are some of the most
common mistakes for first-time
investors.
Buying a single house or flat:
All it takes is for your property
to sit vacant for a couple of
months, or a tenant to run out
on the lease, to put you in a
financial bind. Experts advise
that first-time investors look at
houses with the ability to
convert to maisonettes. This way
you can either live on one side
and receive rent from the other
side to pay your mortgage or rent
out both sides and give yourself
some breathing room in case one
tenant moves out in the middle
of the night without paying his
rent.
Buying to suit your own tastes
and needs: You need to stop
thinking like a homeowner and
start thinking like a business
owner. Just because you love
large gardens doesn’t mean that
tenants will have the same
preferences. Large gardens just
spell a lot of maintenance for
some busy people. Think about
the needs of your tenant, which
could be a child-safe home near a
school for families or a modern
flat in a convenient location for a
single young commuter.
Not doing your homework: An
inspection of both the property
and area is crucial but you
should also make a thorough
investigation of the current
rental market. Tenants are
looking for a value for money
deal, which means they are
looking around and comparing
what other properties offer for
the same cost. This means you
need to stay ahead of the game,
finding out what is on offer too.
If tenants can get a similar home
PROPERTY FEATURE
Top mistakes for
buy-to-let property
Be careful, dont buy a run down
building thinking you have
found a bargain...
to the one you offer but with
white goods included, they are
going to go for the best deal for
them. Buying cheap white goods
and throwing them into the deal
may prove to be an attractive
package for tenants.
Investing long-distance: Keep
your rentals very close to home,
say experts, unless the property
is located in an area you visit
regularly, otherwise you will eat
up your profits by driving back
and forth to manage the property
or by paying someone to make
repairs for you.
Underestimating home
improvement costs: Like any
home improvements, it will
probably take three times the
money and twice as long as you
estimate to get your buy-to-let
ready to rent. You need to
account for those extra costs.
Breaking your own rules: As a
landlord, you need to establish
policies and stick to them. Don’t
ever let someone move in
without a security deposit and
always establish clear ground
rules for the rented property, like
no pets or decorative changes.
Always set up direct debits or
standing orders for the rent.
Being underinsured: Insurance
on rental property goes beyond
insuring the building against fire
or damage. You need to look at
your own coverage for liability. If
someone falls down the stairs
because of a loose stair rail, you
could be liable for accident
claims.
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