LANDLORDS AND TENANTS ARE A WORKING PARTNERSHIP

Old style conflicts between tenants in rented properties and their private sector landlords are largely the stuff of fading legend these days – according to the country’s largest property franchise Belvoir.

Delia Thing - Lettings Manager

“In the real world, no-one achieves anything that old fashioned way,” says Delia Thing, the Lettings Manager of Belvoir Andover on Bridge Street. “The modern approach is more about tenants and landlords cultivating partnerships.

“Both have interests to protect and they can both achieve that better by working together. If they can’t, then something is wrong – and mis-matches do happen - but good relationships are more the order of today.

“The truth is that a rented property may be part of a landlord’s livelihood but it’s also home to the tenant and the ideal situation is for them to work around each other.”

A professional lettings and management agency, such as Belvoir, will always look after the interests of both parties.

Methods of creating perfect harmony include:

·           Agreeing on periodic visits so the landlord can see how a property is being looked after. That also gives a chance to see if there are any repair jobs or maintenance issues that need attention. And it gives tenants an opportunity to discuss anything that is bothering them.

·           Tenants letting landlords, or their agents, know if they are planning a holiday and the property is going to be empty. Occasional visits can be made to ensure the property and the tenant’s possessions are safe.

·           By mutual agreement neighbours can have the agent’s or landlord’s phone number so they can get in touch if anything seems wrong, e.g. a burglary, fire, flooding, intruders or unusual behaviour.

·           Along with a tenancy agreement Belvoir provides new occupiers and landlords with a video inventory to record the state of decoration, furnishings and fittings. “An honest, upfront, practice like this creates a precise record of contents and condition that is beyond dispute,” says Delia. “And that can save a lot of arguments later – especially over returning deposits.”

·           Important communications should be done by e-mail or letter - which creates a paper trail of any problem that arises. This gives both tenant and landlord a firm record instead of trying to rely on half-remembered conversations.

Phil Pinkney - Belvoir Andover Co Owner

Past conflicts in rented properties have swung from the serious to the comic.

According to official statistics, two years ago, the numbers of housing tenants growing commercial crops of cannabis was sufficiently large to lead the national Crimestoppers charity trust to publish an eight-page leaflet highlighting the issue.

While another recorded case outlined how a tenant caused irreparable damage to a washing machine at his furnished flat because he put in a house brick to “stonewash” his denim jeans.

“Whether it’s a laughing matter or an indictable criminal offence, the relationship between a tenant and a landlord is at the heart of today’s private rented sector,” says Phil Pinkney, co owner of Belvoir Andover.

“Closer relationships obviously work better for both parties and, thankfully, that’s the way things are moving. The 170 branches throughout our UK network are reporting fewer and fewer cases of serious conflict.

“The current housing crisis has turned the private rented sector into a major home provider with nearly two million landlords renting to some 10 million tenants and for them, working together means making it work.”

If you would like advise on buy to let or renting your property out, please contact Belvoir Andover on 01264 366611 or email us at info@belvoirandover.com

Barclays Buy to Let Evening 2015

We were pleased to once again be asked to present at the recent Barclays Buy to Let evening here in Andover.

If you were looking to enter the buy to let market, expand your portfolio or diversify into commercial property, this event was for you.

Barclays Bank held another of their invite only buy to let evenings earlier this month. The event was held within the bank itself and those that attended were able to mix with fellow property professionals as well as the bank staff and a tax advisor.

Light refreshments were made available as usual to snack on before and after the presentation was made. This provided investors to discuss their plans, swap ideas, ask questions and talk finance. It wasn't all hard nose discussions, there was a lot of light hearted humour too. Lots of advice given and lots of new people reviewing property to buy and let.

If you are interested in a one to one discussion on this subject, please register your interest by emailing: greg.greatbatch@belvoirandover.com or calling the office on 01264 366611


We will then be able to add you to the invite list at the next event.

Brand New Belvoir Andover Smart Phone App

We are delighted to announce the release of our very own smart phone App.

Suitable for Apple iPhone & iPad as well as all Android devices, this is the essential tool for anyone looking for residential or commercial property in or around Andover.

If you want to be the first to hear of our new instructions, download the app and you will receive notifications before ANYONE ELSE !!

You will also find useful tools in the app like:

• Making voice notes when doing viewings
• Read national property news stories
• Request a valuation
• Upload documents to us like ID & references
• Request a viewing
• A QR scanner
• Links through to our social media sites
• Learn about Belvoir and the owners that run the business
• Get exclusive notifications of promotions and exciting competitions
• And much more..............

To download our app for FREE, please click on the picture opposite.

Job Vacancies (Andover) - Negotiator, Senior Negotiator & Maintenance Co-Ordinator

BELVOIR Andover has been a high performing Lettings Specialist since 1997. Andover is a bustling market town and a property hot spot for Buy-to-Let investors. BELVOIR is part of a national network of over 160 independently owned offices, of which Andover proudly sits at number 5, with only cities such as Sheffield, Lincoln & Peterborough etc ranked above us.

We are focused on not only providing award winning customer service for our clients, but also to our staff. We are constantly investing in the business and we have seen significant growth (particularly over the last 12-18 months). We like to keep our business at the forefront of modern technology, presentation and lead the town for innovation.

With a significant market share and an increasing portfolio, we have the requirement for a Lettings Negotiator, Senior Lettings Negotiator & a Lettings Maintenance Co-ordinator. Each of the roles are crucial to the continued success and customer satisfaction that has been the foundation of our business. We are looking for people who are keen to develop their career and join our enthusiastic team of property professionals.

We are offering attractive packages to suit the successful individuals including; competitive salary, bonuses, possible car, pension & private healthcare.

Would you be open to a confidential discussion?

 If any of the above is of interest, please forward a CV to greg.greatbatch@belvoirandover.com or contact us on 01264 366611 to arrange an informal chat.

We understand that it could be a scary prospect moving jobs but we are confident that you would be joining a dynamic and forward thinking agent that values their staff and are always looking to develop their careers.

Costly waiting game as nine out of 10 buyers not willing to compromise on first choice location

Despite rising prices and highest ever consumer confidence - 79% expect prices to be higher in 12 months - only one in 10 prospective buyers are willing to compromise on their chosen location

Finding their dream home is a challenge – while a third (32%) say they have found a home in their ideal location, 58% are still looking or waiting

Downsizers are the least willing to settle for second best (92%) and while first-time buyers are more willing to compromise, 85% still wouldn’t look elsewhere

As national asking prices hit the biggest annual rise in over six years, looking a little further afield could give buyers a better chance of finding their dream home at a more affordable price

Despite more people than ever expecting rises in asking prices over the next 12 months, the vast majority of potential buyers (90%) say they are not willing to compromise on their chosen location.

Rightmove’s Quarter 1 2014 Consumer Confidence Survey of over 45,000 respondents found that nearly eight out of 10 (79%) expect house prices to be higher in one year’s time. However, against this backdrop of rising prices, only one in 10 is willing to look beyond their first choice location for a suitable home.

Miles Shipside, Rightmove director and housing market analyst comments:
“There’s a real mismatch between buyers’ no-compromise stance on their most favoured place to live and the rising tide of prices.  Playing a waiting game and holding out for the right property in the right location could prove risky as, with prices in some locations rising by the month, buyers may discover that the one they’ve been waiting for is over their budget.”

With buyer demand exceeding available property supply in some areas, and the market momentum gathering pace in most locations, buyers are faced with limited choice.  Achieving the goal of the right property in the right location, and at an affordable price, is a considerable challenge.  Some success is being achieved, but currently for only around one third of buyers. While 32% say they have found a home in their ideal location, 58% are still looking or waiting.

Shipside adds:
“It’s still early in the year, so there is some encouragement that one third say they have found their first or next home where they wanted it to be. There needs to be more property coming to market however, to make sure that the needs of those still looking are met. People who want to sell and buy again are sometimes nervous of putting their house on the market if they cannot see much for them to buy.

“However, once you have a buyer lined up for yours, you are in a much better position to pounce and close the deal on the property you want.  If it takes time for you to find your next dream home, your buyer will often wait. There is no legal obligation to move out, so just keep the buyer warm and it will put you in a much better negotiating position when you find somewhere, as you can then offer your sellers a quick move.”

Perhaps unsurprisingly, downsizers are the least willing to settle for second best (92%). While first-time buyers are more willing to compromise, 85% still wouldn’t look elsewhere. These are still startlingly high percentages, given the challenges of raising finance and rising prices.

Shipside observes:
“The by-product of the credit-crunch years is that fewer are willing to compromise on location, and are staying put until a property in their chosen area comes along.  Yet if people were willing to widen their location criteria even within a few miles, they might find they can find the type of property they want, but at a more affordable price.  Furthermore, the down-sizers who are least willing to compromise might run the risk of leaving moving too late and have less energy to fully embrace the freedoms of moving into a smaller home and a new community.”

* Source: Rightmove Blog

RENTAL YIELDS ARE AN EFFECTIVE PROFITABILITY BAROMETER

New investors to the buoyant, residential buy-to-let sector enter for one of two reasons. Either they’re investing for small rental returns in an area with large capital growth or they’re investing in an area and property known to produce a high income. Either way, 'rental yields' are crucial to measuring their success and need to be fully understood and properly calculated.

They come in two forms – gross and net – and whilst neither are 100% accurate, they are the most useful barometer a landlord can have.

Phil Pinkney of leading UK lettings specialist Belvoir, which has an office on Winchester Street in Andover says: “Newcomers to the buy-to-let market must be prepared to look in detail at the expected 'yield' from a property and have realistic expectations for the return on their investment."

“Whilst we acknowledge that some property purchases will always be made by the heart, it is essential to be ruled by your head. Quick and easy rental yield calculations will provide just that and at Belvoir, our staff are always happy to advise landlords on how to formulate them,” he added.

Belvoir has a structured investment advice plan which it presents to all prospective landlords and offers the following public explanation of rental yields:

Gross Rental Yield:

What is it? In short it’s the expected annual rental income of a property expressed as a percentage of the total property value.

Why is it useful? Whilst not being wholly accurate in terms of what you receive, it is easy to formulate before purchase, provides a good yardstick for comparison and increases the likelihood of a successful venture.

How is it calculated? In four simple steps.

1. Establish the probable monthly rent – this can be done by looking at similar properties in the area. If you’re unsure, ask at your local Belvoir office or visit www.belvoirlettings.com

2. Establish probable yearly rent – Very easy, just multiply the monthly rent by 12

3. Divide the yearly rent figure by the sale price of the house

4. Multiply by 100 to get a percentage. This is your gross rental yield.

What do I do now? Once you’ve calculated the gross rental yield for a property look at how its yield compares with other properties in the area, the area average and the national average.

“We advise all landlords to conduct gross rental yield calculations on a number of properties before making a purchase. The first property you see may have been the one that tempted you into the sector but it may not always be the best investment. Buy-to-let can be very profitable but only if treated like any other business opportunity,” added Phil.

Net rental Yield:  

What is it? In short it is a post-purchase calculation of the total rent received minus the expenses the property incurs expressed as a percentage of the total property value.

Why is it useful? If the figures for expenses are correct this is a very easy way to monitor the profitability of your purchase.

How is it calculated? In seven simple steps

1. Establish the monthly rental amount – this should be listed in the tenancy agreement.

2. Multiply by 12 to establish a yearly income.

3. Subtract the percentage of the year that the property is unoccupied – if applicable

4. Add together the yearly outgoing costs - insurance premiums, replacement of fixtures and fittings, periodical property redecoration, maintenance, ground rent if the property is leasehold and the lettings agency fee (for a very competitive fee and service contact Belvoir).

5. Subtract the total outgoings from the yearly income to get your net income

6. Divide your net income by the total property value.

7. Multiply by 100 to get a percentage – this is your net rental yield.

What do I do now? Once you’ve calculated your net rental yield you need to compare it with the initial target you set. If it’s higher, you need to analyse why in order to be confident the trend will continue. If it’s lower, the root cause needs to be identified. If you cannot reconcile them, you should seek expert advice to help resolve the issue.

“A landlord is more likely to be successful if they adopt a professional approach. At Belvoir, we recommend all our landlords conduct regular rental yield calculations and store their results on an excel spreadsheet for year on year analysis. It is good practice and something we are happy to help with and advise on,” added Phil

“In this current economic climate, buy-to-let investors have the potential to achieve much higher returns than by putting their funds into a traditional bank account with very low interest rates.

“At Belvoir we always strive to achieve the best return for our landlords and we can offer friendly and expert advice on how to maximise yields,” he added.

If you’re a prospective landlord keen to know more about rental yield information or any other aspect of buy-to-let investment, then please call Belvoir on 01264 366611 or email andover@belvoirlettings.com. One of our team will be happy to assist you.

BUY TO LET INVESTMENT – AS EASY AS ABC!

There has never been a better time for investors to take full advantage of the resurgent and profitable Buy-to-Let property market.

And to help novice investors with their first step on the rung of the property ladder, leading lettings specialist, Belvoir Andover has produced its own “ABC‟ on the language of Buy-to-Let, with tips and advice on how to get started.

The current market remains buoyant, helped by George Osborne's April budget announcing wide scale changes to Stamp Duty Land Tax and the abolition of the 5% tax rate for multiple property purchases over £1m.

Independent financial research by Datamonitor indicates that Buy-to-Let mortgages will flourish more than any mortgage in the next three to four years.

To help new investors make the right decisions about their property purchase, Belvoir offers free, initial advice and guidance to anyone wanting to understand more about what and where to buy in their area, the risks and rewards of Buy-to-Let and the “mechanics‟ of property letting, such as referencing tenants, letting the property legally, on-going maintenance and protection of the property.

The four key stages for any investor are:

• Buying the investment property
• Preparing the property to let legally and for maximum rent
• Letting the property
• Cashing in on the investment, by selling or taking income

“A knowledgeable Buy-to-Let investor is more likely to be successful financially,” said Greg Greatbatch the co-owner of Belvoir Andover. “In line with other types of investment such as cash, bonds and share ventures, people interested in Buy-to-Let are generally a lot more savvy now than they were ten years ago. But the market has changed and investors need to understand fully what they are entering into and what they can expect to get out of it.”

To that end Belvoir Andover has compiled the following A-Z glossary to help future Buy-to-Let investors understand the key phrases and issues they need to be well briefed in.

Assured Shorthold Tenancy Agreement – A contract between the landlord and the tenant which provides limited security of tenure to the tenant and an absolute right for the owner to take possession.

Below Market Value – In theory this is buying a property at a price lower than it would sell on the open market. In reality a property is worth what someone can afford to pay for it at the time of sale.

Capital Growth – The rate at which the value of a property increases over a period of time. (According to Nationwide this is around 3 per cent net of inflation annually.)

Deposit – A sum of money paid by the purchaser towards property purchase. Currently averaging at around 25% for new buy-to-let mortgages (Council of Mortgage Lending).

Equity – The current market value of the property less outstanding mortgage.

Fire Safety – An essential consideration for any Buy- to-Let landlord. Definitive guidance on a landlord‟s responsibilities is provided by the Local Government body, LACORS (www.housing@lacors.gov.uk).

Gearing – Describes overall equity levels within a property portfolio and indicates the debt level against its value. If gearing is high there is very little equity in the overall portfolio. If gearing is more than 75% a Buy-to-Let investor may find it difficult to re-mortgage.

Housing Act – Lays out current legislation and standards for housing conditions and the assessment of hazards.

Inventories – Carried out at the start and end of a tenancy, they not only list all fixtures, fittings and furnishings, but also record (photographically) the condition - and any subsequent damage to - each item. Important in disputes.

Joint Application – Proposal for shared ownership of a property by two or more people who subsequently take joint responsibility for repayment.

KFI (Key Fact Illustration) – Explains all terms, conditions and features of the mortgage - cost of the mortgage, monthly payments amounts, interest rates, penalties etc.

Licenced House in Multiple Occupation (HMO) – Landlords with properties let to five tenants or more, who are unrelated and not from the same direct family, and who share facilities such as toilet bathroom and kitchen need to check with their local authority about an HMO licence, since there is a variance in the definition of an HMO by different authorities.

Monthly Repayment – Set money paid each month to the lender for the outstanding loan balance.

Net Rental Yield – This is a post-purchase calculation of the total rent received minus the expenses the property incurs, expressed as a percentage of the property‟s value.

Outgoings – Current outstanding debts such as mortgage, insurance, maintenance fees etc.

PAT Safety Testing – The Electrical Equipment (Safety) Regulations 1994 requires that all mains electrical equipment (cookers, washing machines, kettles etc.) supplied in rented accommodation must be safe. Landlords should have all equipment checked at the start and end of each let and obtain and retain test reports.

Qualified Mortgage Broker – Qualified to provide expert advice on the mortgage products available to a landlord. Some are independent whilst some are tied to a financial institution.

Rent arrears – Payments received after the date due or after the services have been provided.

Stamp Duty Land Tax – Payable when land/property is purchased for more than a set price.

Tenancy deposit schemes – Since 2007 all deposits taken by a landlord must be safeguarded by one of three Government approved schemes. Landlords are free to choose which one they use.

Utility bills – Landlords must provide the essential services of gas, electricity and water, but tenants are responsible for the fuel and water they use. These utility bills can be paid by the tenant, or the cost included in the rent. Care must be taken by landlords not to be left with unpaid bills.

Voids – Any time during which a property is not let out to tenants and not producing rental income.

Wealth management – A service offered by a qualified financial advisor that helps landlords look after all their personal finances, including existing income streams, assets, insurances and finances related to your property portfolio and overall tax implications.

X-Ray Examination – When a landlord assesses all operating costs before making a decision.

Yield – Yield is the rate of return on your Buy-to-Let investment and is calculated by taking the gross or net income and dividing it by the value of the property.

Zero mortgage balance – Investors looking to maximise income should aim to fully repay the mortgage as soon as possible to achieve maximum returns.

Having predicted growth in the market throughout 2011 and into 2012, Belvoir is expecting a major influx in landlords over coming months and looks forward to preparing them for long term investment and reward.

“Buy-to-Let is and always has been, a highly profitable market for well organised, well informed landlords. We predict that in this next period of growth, responsible lending, borrowing and property management will combine to make it one of the safest and most viable investment options in the UK today,” added Greg.

BELVOIR BACKS MACMILLAN CENTENARY APPEAL

Local property lettings specialist, Belvoir Andover, is throwing its weight behind a major fund raising push for cancer support charity, Macmillan, in 2011.

The Andover Belvoir office headed by Greg Greatbatch & Phil Pinkney on Winchester Street is amongst other offices in the national Belvoir network to pledge its support for 'We are Macmillan Cancer Support', as the charity celebrates its centenary this year.

“It‟s the first time that Belvoir has adopted a national charity and after very careful consideration, we decided to help Macmillan because of its fantastic work in supporting and improving the lives of people affected by cancer,” said Greg Greatbatch.

“Throughout the year we will be staging a series of events, promotions and other fundraising activities, both as Belvoir Andover and also in conjunction with the Macmillan Fundraising Team who stage a wide range of organised events throughout the entire country.”

“I hope that our landlord and tenant clients, suppliers and friends in our local community will join with our staff in raising as much money as we possibly can in 2011".

“Cancer affects so many people, one in three people in the UK will be diagnosed at some point in their lives and there are two million people currently living with cancer.
Macmillan is expert at providing practical, medical and financial support to cancer sufferers and their families,” he added.

Belvoir Andover director, Phil Pinkney, said that the company's charity drive will be launched with a 'Go Green Day' - Tuesday 1 February 2011.

“Towards the end of last year, Belvoir Central Office set up its own charity committee to look at ways in which as many of our offices as possible could support a charity with both a strong national and local community presence,“ said Phil.

“After extensive and thorough discussion amongst people drawn from all areas of the business, they reached the unanimous decision to back Macmillan because of the type of work it does and because its support of cancer victims, their carers, families and friends knows no bounds.

“Anyone can fall victim to cancer and when, unfortunately, some people do, Macmillan, through its years of expertise and excellent network of outreach workers and carers, helps relieve some of the emotional stresses and other practical problems.

“Every Belvoir office is at the heart of its local community and they will be reaching out to raise as much funding as possible throughout the coming year,” he added.

Gemma Shaw, fundraising manager at Macmillan said, “A huge and heartfelt thank you goes out to Belvoir for choosing Macmillan Cancer Support. The help Macmillan provides, from nurses to financial aid, is funded by generous donations from the public, so each and every penny raised through this partnership really will make a difference to those who are affected by cancer. We look forward to working with Belvoir and the Go Green day is a fantastic way to start!”

If you would like to assist Belvoir Andover Lettings with raising money for this worthy charity, please contact Greg Greatbatch from Belvoir greg.greatbatch@belvoirlettings.com or contact 01264 366611

Macmillan Website Article

Property, houses, flats and apartments available in Andover

We have a large selection of quality property, houses, flats and apartments available for letting in the Andover, Ludgershall and Whitchurch areas. Please visit our website for more information: http://www.belvoirandover.com/search.html