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Daniel Tannenbaum

London-city

The UK’s Second Most Expensive Home Now Up for Sale in London

By Blog, Development Finance

Headlines exclaim “Billionaire Wanted” as the second most expensive property in the UK hits the market. Priced at £185 million, this mansion sits on 1-18 York Terrace East, London, and was designed by the famous Buckingham Palace architect John Nash. Nash is renowned for his design of the capital’s royal palace as well as Brighton’s Royal Pavilion and Regent Street.

 

The firm currently pushing to sell the huge property have claimed that someone with “billions” who currently wants to find a property in the UK should inquire.

 

The mansion was built between the period of 1821 to 1826, its current owner Zenprop UK, a property investment firm, speculated to have originally purchased the property four years ago for £200 million. However, despite these claims, the chief executive of the firm has commented that the property was purchased for below the price it is currently listed at.

 

The Daily Mail reported comments made by Zenprop UK’s Derrick Beare claiming that the sale “is not for me to make a return, it’s pretty much to get my money back and move on.”

 

“The current price is a result of Brexit and the pandemic. It should be more, but I don’t think I can get more in this market. It won’t appeal to many people but we only need one person. The kind of person with billions, who wants a place in London.”

 

About The Property on 1-18 York Terrace East, London

 

This newly updated property was originally intended as 18 separate homes, however, after WWII was converted into government offices. During the war, the building was almost demolished after suffering bomb damage, however after public outcry was saved, and most of it afterwards used by the Ministry of Works.

 

In 1967, the terrace was when transformed by the International Students Trust into luxury student accommodation. The property was then used as a home for students studying around the area until it was sold in 2016 to Zenpop UK.

 

Zenprop UK are associated with the South African premier property development and investment company Zenprop Property Holdings. The firm agreed to a long leasehold extension, and have been restoring the building to residential use for over three years.

 

Beare is reported to have insisted there is interest for the property – of course, from incredibly wealthy prospective buyers – one even considering placing a bid of over £200 million. However, due to Brexit this buyer had pulled out.

 

The mansion now stands complete, Grade 1 Listed and 117,000sq ft, thought to be the first time in history that an entire Nash terrace has entered the open market.

man-signing-mortgage-application

Mortgage Application Fraud Rises in the UK

By Blog, Development Finance

Whilst mortgage application approvals have recently increased, benefiting both customers and the economy more widely, unfortunately, alongside this has been a rise in mortgage application fraud.

 

The Bank of England reports that both mortgage approvals as well as lending figures overall rose during the month of June – approvals relating to house purchases in particular rising from the record-low figure in May of 9,300 to 40,000.

 

The central bank stated throughout their Money and Credit report that “The mortgage market showed some signs of recovery in June, but remained relatively weak in comparison to pre-Covid. On net, households borrowed an additional £1.9 billion secured on their homes.”

 

Post-covid, the UK government has offered two rounds of mortgage holidays, both three-months, to offer help to homeowners. This scheme was reportedly taken up by 1.9 million households in the UK.

 

The report further claimed that whilst this was indeed higher than May’s £1.3 billion, it was still “weak compared to an average of £4.1 billion in the six months to February 2020.”

 

Furthermore, the Money and Credit report explained that “The number of mortgages approved also increased in June. The number of mortgage approvals for house purchase increased strongly, to 40,000 up from 9,300 in May” however, “approvals were 46 percent below the February level of 73,700.”

 

Whilst reports of this rise, albeit comparatively low to pre-COVID months, is welcome news to the sector during this turbulent period, SmartSearch, an anti-money laundering service, has revealed that the UK is also experiencing a rise in mortgage application fraud – up 5% during last year with a concerning 13% of adult Brits thinking exaggerating their income on an application was “reasonable”

 

SmartSearch CEO John Dobson, reported by the Express, claimed that “Applying for a mortgage can be an exciting and also daunting task, with many first-time buyers unsure of what to expect during the rigorous application process.”

 

“It is important to remember that a mortgage is a significant financial commitment, and making exaggerations or withholding any changes in circumstances may result in you being investigated for money laundering and fraud, making it more difficult to secure a mortgage or other financial products in the future.”

 

What Is Mortgage Application Fraud and How Do I Avoid It?

 

With mortgage application fraud, individuals will provide false evidence to support their application for a mortgage. SmartSearch have suggested some of the following considerations to take into account during the mortgage application process, all of which should be handled with care to prevent red, money-laundering-related flags:

 

  • Register on the electoral roll so that you can prove your identity to lenders – “If you’re not registered on the electoral roll it is just about impossible to secure a mortgage” SmartSearch claims.

 

  • Disassociate from ex-partners you could still be financially linked to via the credit reference agencies.

 

  • Explain and provide evidence of where the source of your deposit has come from (particularly important when the deposit has been gifted to you, or is from inheritance).
building-construction-site

UK Construction Sees Sharpest Rise in Nearly 5 Years

By Blog, Development Finance

The building industry shows promising signs of a strong recovery after the COVID-19 pandemic, as UK builders report to have experienced the sharpest rise in monthly activity in nearly five years. This rise came during July this year, residential building reported to be the main driver for this significant boost in activity.

 

The rise comes as excellent news for the UK government, who are reported to be relying on this particular sector to help be a driving force in the country’s economic recovery – PM Johnson himself using the slogan “build, build, build” whilst describing the intentions for the post-lockdown economy’s revival.  New and upcoming “once in a generation” reforms have recently been announced to the country that will help to ease certain building restrictions.

 

However, even with these promising results, as concerns surrounding the economy still remain significantly high, the sector has experienced a decline in workers. IHS Markit’s economics director Tim Moore told the Financial Times:

 

“Concerns about the pipeline of new work across the construction sector and intense pressure on margins go a long way to explain the sharp and accelerated fall in employment numbers reported during July”

 

The Government’s Plans for Construction Post-Lockdown

 

Despite this reported decline raising concerns, the UK government has predicted that this drive in construction will create many more jobs throughout the sector, further helping to push for economic recovery following the COVID-related lockdown measures.

 

On the 21st July 2020, Parliament laid out new laws that will enable homes to be built where unused buildings currently stand, without the need for full planning applications. Alongside this, retail and commercial properties will be able to be repurposed quickly in a bid to revive town centres and high streets.

 

Housing Secretary Robert Jenrick has commented the following on the matter, stating that:

 

“We are reforming the planning system and cutting out unnecessary bureaucracy to give small business owners the freedom they need to adapt and evolve, and to renew our town centres with new enterprises and more housing.”

 

“These changes will help transform boarded up, unused buildings safely into high quality homes at the heart of their communities. It will mean that families can add up to 2 storeys to their home, providing much needed additional space for children or elderly relatives as their household grows.”

 

These new rules, set to apply from September, follow on from other measures recently announced to help support home building throughout the country, of which include the addition of £450 million to the Home Building Fund, whilst a new £12 billion programme for affordable homes will help to provide up to 180,000 brand new properties.

ground-rent

FCA Confirms Second Round of Mortgage Payment Holidays During Covid

By Blog, Development Finance

The FCA has confirmed that they will offer a second round of mortgage payment holidays, continuing to help those homeowners who may have been financially implicated during covid-19.

 

Around 1.8 million households used a mortgage payment holiday for three months from the start of thelockdown period, as a way of offsetting any financial uncertainty or loss of income due to unemployment.

 

In total, around 20% of the UK’s population benefitted from the mortgage holiday scheme, giving the average household a saving of £755. The FCA also introduced a similar scheme for other kinds of credit and financial products including personal loans, credit cards, car loans and an interest-free overdraft facility.

 

Residential homeowners and those who offer buy-to-let have until 31st October 2020 to apply through their bank or mortgage provider. The process is usually completely online, streamlined and fast-tracked, offering almost instant approval, with no evidence of financial hardship needed or affordability checks.The Financial Conduct Authority’s interim chief executive, Christopher Woolard said upon issuing a further three-month scheme:

 

christoper-woolard

Christopher Woolard explains that the three-month mortgage holiday is necessary to address the ongoing situation surrounding covid

 

“Clearly, if there are further restrictions that need to be placed for health reasons; if the situation becomes
more complicated in some way, then we’ll have to think about how we adjust to those circumstances.”

 

However, Woolard expressed his belief that half of the people who used the initial mortgage payment
holiday from March to May were now able to pay.

 

“About half of that group are people who perhaps thought they were going to lose a job or have some other kind of impact, and in fact they’re in a position where they could still afford to pay now that that ninety-day period is coming to an end.”

 

Woolard emphasised that while lenders suffered the burden in the short-term, borrowers will feel the effects when it catches up in the longer term through extended mortgages and rolled-up interest.

 

“It’s everyone’s best interest to actually get back towards payment wherever that is possible or even partial payment, but we have to recognise that there’s an ongoing situation here,” he said.

 

Homeowners get access to a three-month mortgage holiday, whereby payments are deferred until a later today or carried onto the end of the mortgage term. Applying or using a mortgage holiday through the Government’s scheme will not impact your credit score or ability to access finance from elsewhere.

 

During the coronavirus period, the Government and FCA have also confirmed that no repossessions by mortgage lenders or banks will take place, giving property owners breathing space if they need it.

 

ashley-ilsen

Opinion: Ashley Ilsen Discusses The Latest EY Report

By Blog, Development Finance, Opinion

It says a lot about the rapidly changing face of our market that the data produced by Ernst & Young,
changes significantly year on year. Now in its third year, the annual EY Bridging Market Study is one
of the widest data samples that we have for the short-term lending industry. It is also unfortunate
that the survey was conducted just before the Coronavirus pandemic started to hit the UK and I’d
implore the good people at EY to perform a follow-up study on their short-term findings later this
summer.

We have undoubtedly entered a period of short-term uncertainty and the true impact of
the Coronavirus on our market will not become completely apparent for some time. We can,
however, look at their long-term results with great interest and we can also look back at what
lenders and brokers have reported about 2019. Here are two key areas:

A crowded space

Interestingly, 67% of those surveyed reported that they have found competition increased in the
bridging market in 2019. Similarly, an increase in competition was cited by lenders as the biggest
challenge ahead for 2020. At Magnet Capital we have also seen a proliferation of lenders moving
into development finance, which I suspect is an overflow from what is now a very crowded bridging
sector.

From my own experience I’ve noticed from conversations I’ve had with other lenders that an
overcrowded space has been on everyone’s minds for some years now, and yet every year we seem
to be adding new entrants. A growing market should allow for more capital deployed (not
necessarily more lenders) but considering the effects of Coronavirus, surely we’ve now reached a
point where lenders will either need to exit or merge?

I did also spot a brave new face entering the bridging market just earlier in April 2020 and my hats off to them! Competition has historically pushed lenders to lower rates and higher up the risk curve. Respondents confirmed that average monthly interest rates were lower in 2019 than in the previous year, and LTVs were higher. Having reached the peak it will be interesting to see on what other battlefronts lenders will compete. For me there is one clear area that stands out.

Are we bit old fashioned?

One of the biggest trends seen from last year’s survey is the continued prominence of technology in
our sector. Some 39% of respondents now believe that open banking would significantly improve the
obtention of new business, and this is in addition to the use of AVMs and further automating of the
underwriting process. It’s somewhat apt that in the current crisis use of technology is now a
necessity rather than a luxury and I expect the pandemic to accelerate the need for lenders to invest
in their tech.

At Magnet Capital we focus heavily on our internal technology in order to streamline
the underwriting process and this has been a primary source of focus since our inception.
Conversely, I’ve always been a big champion of old fashioned lending practices and there is
ultimately no replacement for face-to-face to meetings with clients and a first-hand inspection of a
project or a property (no matter how much we’re all enjoying Zoom conference calls at this time).

This is also taking into account that 52% of lenders noted refurbishments as being the primary use
for bridging loans. This inherently raises the challenge of bridging lenders needing to be even more
hands on in a business environment that is still learning how to remain socially distant.

What is Regulated and Unregulated Development Finance?

By Blog

Understanding what is regulated and what is not in the development finance can be sometimes be a little tricky.

Typically, the rule is:

  • Any residential development finance is regulated
  • Any commercial development finance in unregulated

 

Regulated Activity

When borrowing against a residential property (such as a flat or home), the FCA enforces various rules and regulations to protect consumers, especially if the property is their primary form of residence and ultimately they want to avoid the borrower losing their home and finding themselves on the street.

As a rule, any development finance applications become regulated if 40% or more of the property is used as a residence or dwelling. Examples include buying a plot of land in order to build a new home or if you are building a property in the garden of the customer’s home.

As a consumer or borrower, you know that you have protection in place with your lender should something go wrong – although the application process is usually a lot more thorough. For any mortgage brokers and consumer credit providers, senior managers must be approved by SMCR (Senior Managers and Compliance Regime) to ensure accountability and responsibility for any decisions, risks and action taken.

Regulated activity includes:

First charge – As a first charge mortgage which is the individuals main mortgage and the first thing that is ‘charged’ each month from their bank account.

Second charge – This is a second mortgage on an existing home or different property – it is second in the list of priorities to be paid, hence it is the ‘second thing that is charged’ from your bank account. You can typically borrow less than the first charge mortgage, because the lender is now a second priority – so if you struggle to keep up with payments, your first charge is paid first, and then your second.

 

construction

Unregulated activity

With more than half of development finance deals being unregulated, they are used for commercial properties including:

  • Offices
  • Factories
  • Shops
  • Gyms
  • Garages/Stations
  • Business purposes

Being unregulated, the FCA has no protection or supervision in this area. There are of course regulatory guidelines for lenders and brokers such as the Mortgage Credit Directive and other rules that lenders must adhere to.

Loans are typically by way of second charge or they are formed as loans for limited companies, rather than individuals. (Source: WageDayAdvance)

The amount you can borrow through unregulated activity is usually higher than with regulated and they are able to take a view on adverse credit histories – which may suit some businesses and developers more so.

ground-rent

What is Ground Rent?

By Blog, Development Finance

Ground rent explained

The ground rent is the monthly fee that a homeowner pays to the holder of the leasehold property. So if the property you are living in has a leasehold, you can expect to pay a ground rent every month for essentially living on that land.

This is different to if you are freehold, because them you essentially own the land. But you are required to pay ground rent even if you have a mortgage and own the property.

How much ground rent will I need to pay?

The exact amount you need to pay will be specified in your lease, but you can expect this to be around £370 per year. In the majority of cases, ground rent is an amount of money paid either in one instalment or can be asked for on a quarterly or half-yearly basis.

If there is more than one leaseholder, then regardless of whether or not they own the property as tenants in common or joint tenants, every leaseholder has the responsibility to pay the ground rent.

Any details regarding your responsibilities to your freeholders, such as ground rent or other potential liabilities are detailed in the lease. To make sure you are fully aware of the responsibilities you have and to avoid problems at a later date, it is important that you make sure you have the asked a leasehold qualified solicitor to look over the lease before moving in.

How can I avoid ground rent increases?

Making sure you have taken on a qualified solicitor is one way to avoid the potential increase, or at least be aware of them and factor them into consideration when purchasing a house, as many buyers can get caught out, being unaware that it is possible for ground rent to potentially double every few years. This has become very hot in the media recently.

It is vitally important that you know about ground rent increases before trying to purchase a property or trying to gain access to development finance, as it could impact your ability to get a mortgage or other kinds of funding.

What is meant by fixed or escalating ground rent?

There are two different types of ground rent, and these are known as fixed and escalating.

Fixed means that the amount you will be required to pay will not change for the duration of the lease, whilst escalating ground rents mean it will increase over the course of the lease. Whether the ground rent is fixed or escalating will be confirmed in the lease.

What is a ground rent review?

A ground rent review is when the freeholder is looking to increase the ground rent. If a ground rent review is requested, then it mostly works in the way mentioned below:

  • The freeholder informs the tenant that they would like to increase the ground rent, whilst stating what they want this rent to be. It is necessary for the lease to designate how long before the new rent will then become payable if the notice is served (for example 6 months or 12 months).
  • The leaseholder can either agree to new rent or suggest a different offer.
  • If the leaseholder and freeholder fail to make an agreement it will usually be passed onto an arbitrator that has been appointed by the Royal Institution of Chartered Surveyors (RICS).

When is the ground rent paid?

Unless it has otherwise been stated in your lease, this is usually paid at the end of the year or bi-annually.

What happens if you do not pay the ground rent?

There are two scenarios that may result in you not paying the ground rent. This is either because you cannot afford to pay the rent, or you have not been asked by the freeholder of the property to pay the ground rent.

lease-ground-rent

If you cannot afford to pay ground rent and the freeholder demands it, it is possible for them to take legal action to settle the cost.

What do I do if the freeholder has not asked for the ground rent?

Unless your freeholder asks for the ground rent, it is not required for you to reach out and pay. This is because any demand for ground rent by the managing agent or freeholder needs to provide notice. This will need to include:

  • The duration that the ground rent demand covers
  • The name of leaseholder
  • The name of freeholder and address
  • Amount of ground rent required for a period
  • Name of the managing agent if applicable
  • When payment is required

Is it possible to reduce your ground rent?

Yes, there are two ways to decrease the amount of ground rent you pay. You can either extend the lease under the formal process or by collective enfranchisement.

eviction notice

How to evict a tenant

By Blog, Landlord

How to properly, and legally evict a tenant will depend entirely on the factors of your current situation; including whether they have broken the tenancy terms and conditions or not and whether you live with them. Each different set of circumstances will come with a different course of action to take ensuring that your eviction is in-keeping with its relative legalities.

It is of the utmost importance that you follow the UK’s rules and regulations for eviction of a tenant, as failure to follow these laws could result in considerable penalties, and will also significantly reduce the chance of the tenant actually being evicted. If you have failed to comply with the UK’s regulations for evicting a tenant, you may be found guilty of such crimes as harassment, resulting in an illegal, and further invalid, eviction.

Through this piece, Magnet Capital will be taking you through the legal process of evicting a tenant.

How to evict a tenant with an assured shorthold tenancy?

There are two different types of assured shorthold tenancies out there, these being as follows:

  • Fixed-term tenancy – as the name suggests, a fixed term date is a tenancy that runs for a set, or “fixed”, period of time.
  • Periodic tenancy – this type of tenancy has no set end, and is ran and renewed every week or every month dependent upon the specified contract.

As with the eviction of any tenants, those who are under an assured shorthold tenancy must be evicted in a set legal process. If you want your tenants to leave after the end of their fixed term, you must provide them with a Section 21 notice. You can use a Section 21 notice on those with any type of assured shorthold tenancy, these being either a fixed-term tenancy or a periodic tenancy.

If a tenant has gone against the terms and conditions of their tenancy, you can also provide the tenant with a Section 8 notice. With this notice, you can give a tenant a time period of anything from two weeks to two months in which to vacate the property. The length of notice given will depend entirely on the extent to which they have broken the terms and conditions of the contract.

How to evict a tenant with an excluded tenancy

An excluded tenancy is a type of tenancy in which the tenant will be living/sharing the same accommodation as the landlord. With this type of tenancy, you will not have to take your tenants to court to legally evict them. You will only have to give your tenant reasonable notice. Reasonable notice is usually measured as period of the routine rental period; e.g. if the tenant pays their rent monthly,  a reasonable notice period would be one month long.

What to do if tenants refuse to leave

If the tenant(s) refuse to leave by the eviction date, the next step should be to apply for a standard possession order. This will also help you to get back any money owed in rent that the tenants have failed to pay. If you tenants still refuse to leave even after a court standard possession order has been implemented, you can then get a warrant for possession.

With a warrant for possessions, bailiffs can legally visit to remove the tenants from the premises of your property. To find out more about warrant for possessions and how to apply, please click here.

So long as you adhere to the rules and regulations of the UK’s laws surrounding tenant eviction, it should be a quick and simply process to evict a tenant if needs be. Follow our site for more tips relating to property management and development finance in the UK.

money-saving-property-development

How to save money when developing a property

By Blog, Development Finance

There are many different ways that you could save money when developing a property, each one contributing to the overall cost-efficiency of the project. The development of a property of any scale is always still a considerably large undertaking, that can have a significant impact on your finances.

Therefore, whilst saving money in different areas can help with the overall cost, it is still vital to ensure you have more than enough financial security to go through with a project. Through this piece, we will be exploring some effective ways that can help to save you money whilst developing a property.

At Magnet Capital, we aim to help you get the best value for money when developing a property. In addition to offering development finance, we will be able to provide professional advice including ways to manage your costs and cash flow as effectively as possible.

Saving money when developing a property

One of the main areas of this process that you can save money on is through the building of the property. By trying to cut back where you can through the property’s physical development, you can save considerable chunks of money. Below is a list of some of the main areas to the building process you can save money through:

  • Contractors
  • DIY
  • Reuse salvageable materials
  • Sourcing your own materials

These four areas are vital stages to developing a property, and can collectively contribute a sizeable amount to the costs of this developmental process. By knowing where and how to save on these vital areas of construction, you could save a considerable amount of money on the development of a property as a whole.

Contractors

A contractor is someone who helps in this development by providing the building equipment, materials, and workers needed to construct a property. As a contractor controls many of the major aspects that go into this physical development of the property, it is important to pick one who not only understands your budget, but will also help you to make the most out of your money.

contractors

It is always good to compare different contractors, helping you to get someone who meets your required standards, understands both your budget and your vision for the property, whilst also working for a great price.

DIY

Whilst contractors are there to help you build up your property, by picking and choosing various tasks to construct yourself, you could help to shave off hundreds, and even thousands of pounds from the overall cost of development. Although this can be quite a long and tedious process, by doing a sizeable portion of the handy work yourself, you can help to save money when developing your property.

diy

Whilst this is a great and effective way to save money, it’s worth mentioning that DIY should only be done when you have full confidence in your abilities for each task. Ensure that all projects done around the property that are DIY are done effectively and with the greatest of care.

Reuse salvageable materials

Some materials your contractor will have to order in, however, when developing a property on land that already has building structures on it, it may be good to inspect these structures and see if any of the materials are salvageable for reuse. This can help to cut the cost down of the amount of materials ordered in for the development of your property, and therefore the overall cost of the property’s development.

Sourcing your own materials

Whilst the contractors will, in some circumstances, know where to get you the best materials for the best prices, doing some digging yourself is only going to improve the cost-efficiency of the project. By helping the contractor to look around on the best deals on all materials and features to the property, you can help to improve the cost-efficiency of your property’s development.

See also, typical costs when developing a property.

being-a-good-landlord

How to be a good landlord

By Blog, Development Finance

Tips for being a good landlord

If you are renting out a property that you own to people, it should be one of your top priorities to make sure that you are keeping your tenants happy. This is important for a number of reasons. Why? If you keep those who are living in your property satisfied, you can increase tenant retention, reducing the need for you to spend time as well as money finding new tenants to replace the existing ones. Furthermore, being a good landlord also creates mutual respect, increasing the likelihood of your building being kept in good condition.

But how exactly do you keep your tenants happy? As property development finance specialists, we have a lot of experience in this field, so we have created this guide to talk you through the main things you should keep in mind when renting out a property to people.

Give tenants space

One thing that no tenant likes is to feel as if they are being hassled by their landlord. Do not attempt to try and become their friend or neighbour by regularly visiting unannounced to the property. Not only is this likely to annoy your tenants, but it will also leave them feeling on edge. In addition, it is illegal to turn up as a landlord to a rented property unannounced, without providing 24 hours notice beforehand.

Maintain the property

One of the best ways of being a good landlord is to make sure that things that need to be fixed in the house you rent are quickly dealt with, and properly. Making sure that you regularly maintain the property is a surefire way to keep your tenants happy.

Put safety first

If you are a landlord, you are legally obliged to make sure that the property you rent out adheres to health and safety standards. This means making sure that all electrical and gas equipment has been safely installed and checked on an annual basis by a registered engineer.

Furthermore, you should ensure that there are fire alarms and carbon monoxide alarms fitted in the house, and make sure that batteries are regularly replaced.

Not only does this make you a good landlord, but it also helps you too: if you do not comply with health and safety regulations, you run the risk of not only putting your tenants at danger but also invalidating your landlord insurance entirely.

Make sure your tenant’s deposit is protected

An additional one of you rights as a landlord is that you need to keep your tenants’ deposit in an approved deposit scheme so that both you and the tenant are fully protected.

Based on the rights of the agreement, if you fail to choose one of the three main approved deposit schemes in the UK,  then you could face severe financial consequences: you could end up having to face legal proceedings, as well as a potential fine which is the equivalent of three times the amount of the deposit in question.

Don’t do things cheaply

If you have great tenants and want to keep them, don’t try to cut corners by refusing to do things such as upgrade necessary appliances or refusing to repaint when it is needed.  If you fail to reasonably maintain the property for the good tenants you have already, then its worth remembering this work will still be needed to be carried out when you need to replace them.

Think carefully about raising the rent

Another thing you should think very carefully about is increasing the rent, as you could run the risk of your tenants upping sticks and leaving completely. It is worth remembering that change-overs can be considerably expensive if they do decide to leave when you think about the cost and the inconvenience of arranging new tenancy agreements, viewings and credit checks.

Be easily contactable

There is nothing worse for many tenants of finding it almost impossible to contact their landlords when they need to, therefore, making sure you give them your mobile number and an email address so that your tenants can contact you if required. It is worth noting that tenants are only likely to contact you in an emergency only.

Do an inventory

Whilst writing up an inventory can take a long time, it is absolutely worth doing it if you want to be a good landlord. This is because it provides you with details of the contents and condition of the property on the day the tenants move in, meaning that in the event that there are disagreements regarding damage during the tenancy, you have evidence to fall back on. You should make sure that the inventory is as thorough as possible.

See also Gov.uk for more information being a landlord.