Choosing a letting agent to manage your property in NW London can be a difficult decision. There are so many options available, and they all claim to be the best! So what should you consider when deciding who to entrust with the management of your property?

Local expertise

You wouldn’t get in a taxi with a driver who didn’t know the area, or at the very least, you’d get out quickly! You should also not entrust your property in NW London to a letting agency that does not understand the local market. Great letting agents are familiar with the local community and have a well-established database of potential tenants that they can utilise to ensure that your property gets seen and thus let as quickly as possible.

Tech savvy

Newspapers, magazines, and other forms of printed media should undoubtedly be included in your property’s marketing strategy. However, letting agents who solely use them and haven’t embraced the benefits of online marketing, such as social media, their own website, and online property portals, will put you at a disadvantage when it comes to letting your property. Research has shown that 84% of tenants start their property search online, so you need a letting agent who knows how to get your property in front of them.

Honesty

When renting out a property, you need a letting agent who will be truthful with you, especially in this market. Be wary of agents who overstate their suggested rental price for your property with the expectation of lowering it after you sign a contract with them. An honest letting agent will not hesitate to point out aspects of your property that could be improved in order to increase your chances of finding suitable tenants, and they will be honest about things that should be considered when determining the rental price.

Communication, communication, communication

The letting agent you choose will not only act as a liaison between you and your tenant, but will also be your source of information about how viewings went and the feedback from potential tenants. Choosing a letting agent who is an excellent communicator will make the entire process of letting your property much easier.

Works for you.

It is your property. While a good letting agent is able to give you advice about letting properties, a great letting agent can tailor their advice according to your needs and wishes because they will listen to them. Letting a home isn’t a one-size-fits-all experience, you’ll need a letting agent who is willing to listen and adapt to your needs.

If you are thinking of letting your property in Hampstead, then please give us a call on  020 7759 2199 or send an email to enquiries@vitaproperties.uk and we will be delighted to chat with you about the reasons we believe that we fulfil all of those criteria.

There are numerous reasons why tenants choose to give notice, many of which have nothing to do with the property or their landlord. However, there are some things that cause tenants to leave that are entirely avoidable.

The rent is too high

Annual rent increases may raise the rent over the amount which the tenant is able or willing to pay for your property. Make certain that any rent increases are in line with local rents for similar properties. If you have a good tenant, avoiding a rental void while you look for a new tenant may be more financially beneficial than an increase in rent.

Upsizing

Your tenant may require a larger property due to a growing family or having relatives move in with them for health or financial reasons. While you cannot magically increase the size of your property, if you have a larger rental property available and they are good tenants, it is always worth letting them know that you have a larger property available, especially if you have the feeling that they are outgrowing their current home.

Neighbours

If your tenant does not get along with their neighbours, you may believe there is nothing you can do. This is not the case. Sometimes just acting as a go-between for your tenants and their neighbours is enough to settle any disputes. Pay attention to both sides. The neighbours may not even realise they have upset your tenants. If that doesn’t work and they are renting, consider raising the situation with their landlord, who is likely to be just as eager for peace to return as you are. If this does not produce any results, the next step is to involve the local council. Unsightly piles of rubbish, noise disturbances, and anti-social behaviour are all things that the local council can help with.

Maintenance Problems

This is entirely within your ability to resolve. Not addressing things you promised to solve or failing to reply when a tenant contacts you about a maintenance issue could result in a rift between you and your tenant. Avoid losing good tenants due to maintenance issues by resolving them as soon as they are brought to your attention. Regular inspections allow you to identify problems before they become serious. If you live too far away or are too busy to respond to problems quickly, consider hiring a letting agent to handle your property for you. It is less expensive than having rental voids due to the loss of good tenants.

Purchasing a Home

Unless they want to buy your property and you are willing to sell it to them, this is a problem you will never be able to fix. Wish them well and ask if they have any friends looking for a place to live that they would recommend as tenants.

By keeping on top of issues that may cause your tenants to leave, you can reduce tenant turnover and rental voids, leading to a better rental experience for both you and your tenants. If you would like to discuss how we can help you manage your property, please give us a call on 020 7759 2199 or send an email to enquiries@vitaproperties.uk.

Many prospective homeowners are oblivious to many things that can derail their home purchase. Here is our list of 7 things not to do if you are trying to purchase a property.

Underestimating costs
In addition to the purchase price of your property, you need to take into account the cost of conveyancing fees, the price of surveys, and moving costs. Don’t forget that when you move in, you will need to pay for buildings and contents insurance and council tax as well.

Not checking your credit score
Your credit score is your financial CV, and lenders use it to assess whether you are able to keep up with repayments. Check your credit score and have any errors rectified before applying for a mortgage to ensure you minimise the chance of your application being rejected.

Choosing the wrong solicitor
Check that your solicitor is on your mortgage lender’s list of approved solicitors to avoid additional costs or even having to change solicitors. Most mortgage lenders have an approved list of solicitors that they will work with. Your solicitor will be required to complete the legal work for your lender during the conveyancing process. However, if your solicitor is not on their approved list, they will not be able to act for your mortgage lender, leading to the expense of a second solicitor’s firm, who are on that list, needing to be employed to act on behalf of your lender.

Not being on the electoral roll
One of the easiest ways for lenders to verify your identity is to check the electoral roll. If you are not registered, it may cause your application to take longer to process, and your credit score may be affected as well.

Not getting an agreement in principle
The housing market is competitive. Sellers may choose to accept an offer from someone with an agreement in principle rather than wait for you to contact a mortgage company.

Running up lots of credit
Taking on new debt may alter the state of your credit, which may prevent you from getting approved for your mortgage.

Changing jobs
Never change jobs in the middle of purchasing a property. It can make your employment look unstable, which makes you a weaker candidate for lenders.

If you are looking to purchase a property in Hampstead, please give us a call on 020 7759 2199 or send an email to enquiries@vitaproperties.uk and we will add you to our early bird list so you can be one of the first people to hear about our new listings.

A popular alternative to a pension and an attractive method of accumulating wealth is buy-to-let investment property. Buy-to-let investments are unquestionably wise investments, but they also involve a long-term commitment, labour, and careful money management.

It is definitely worthwhile to weigh up the benefits and drawbacks of becoming a landlord if you’re wondering whether to go ahead and purchase your first buy-to-let property. We have outlined some of the main pros and cons below. 

PRO  – Rental Income

This is the main motivation for people to purchase a buy-to-let property. The thought of having a consistent income that not only covers the mortgage on their buy-to-let property but also provides some extra cash each month is very alluring.

CON – Rental Void

However, if your tenant misses a rent payment, you will be responsible for paying the mortgage until they catch up, and if your property is unoccupied for a period of time (a rental void), you will be liable for paying all costs during that time as well.

PRO – You’re your own boss

You may fully control both your income and your own time if you are fortunate enough to be able to live off the income from your rental properties. Many landlords are motivated to expand their property portfolio because it gives them the flexibility to work the hours they choose, make all the decisions, and feel totally in charge of their lives.

CON – Responsibilities

As a landlord, you have both legal and moral responsibilities towards your tenants, and no-one can choose or predict when urgent maintenance issues such as a leak may occur. Many people find the responsibility of managing their buy-to-let properties while working a full-time job to be too much. A letting agent can manage your properties for you, helping to reduce the stress, but this can cut into your profit.

PRO – Allowable expenses

When calculating your taxable rental profit, you may subtract expenditures from your rental income. Maintenance charges, utility bills, agency fees, and insurance premiums all fall under the category of “wholly and exclusively for the purposes of renting out the property” expenses.

CON – Costs

You must legally notify HMRC as soon as you begin to make a profit from your buy-to-let property. You may need to file a tax return so that HMRC can determine how much income tax you need to pay. Higher stamp duty rates apply to buy-to-let property purchases. Additionally, you must pay Capital Gains Tax on the amount by which the property has increased in value during the time that you have owned it. Remember to account for expenses like the deposit, survey and conveyancing fees, refurbishment expenditures, and administrative expenses for inventories, deposit protection, gas safety certificates, and EPCs.

Being a landlord certainly requires more time, effort, expense, and planning than most people think it does, but for those willing to put in the work, it can be a highly profitable endeavour.

If you are considering becoming a landlord in Hampstead and would like to know more about how Vita Properties has helped hundreds of landlords in NW London to maximise their profits and minimise the stress of owning a buy-to-let property, then please do give us a call on 020 7759 2199  or send an email to enquiries@vitaproperties.uk and we will be happy to discuss how we can help you.

It is a big decision to decide to sell your home.

It entails relocating your family from a home they probably adore to a brand-new, strange one. Even if you only move locally, you will still be moving away from friends, neighbours, and familiar surroundings. There is always a compelling reason for making this life-changing decision, but studies have shown that it still takes an average of two years from the time you first consider selling to the time you finally decide to sell your home. Below are the top five reasons that people decide to sell their homes. 

Relocating

People need to relocate for a variety of reasons. They may have been offered a better job in a different part of the country; they may need to move to a catchment area for a better/more suitable school for their children; they may need to move closer to elderly parents; or they may need to move to reduce the length of their commute to work.

Upsizing

As families grow, they may simply outgrow the size of their home. They may have more children, or if their children share a room, they may decide that they need to have their own space as they get older.

Downsizing

The opposite occurs as children start to leave home. Paying to heat and maintain a home larger than they need may spur empty nesters to move to a property that is a better size for their needs.

Lifestyle

The most common lifestyle change is a move from the city to the countryside. It is most commonly associated with couples starting families and moving from a busy city to an area where their children can have a bigger garden to run around in and where the money from the sale of their compact city property can purchase them a much larger property. However, it is not only young families that make this move. Older couples at the end of their careers may choose to move away from the busyness of city life in order to have a more peaceful retirement, and others may even choose to do the reverse, moving to the city once their children are grown and flown.

Equity Release

This can be done by selling and then buying a cheaper home. This is a big motivation for selling for downsizers, who get the benefit of a more manageable home and a lump sum of cash to spend enjoying life. It can also be a motivator for people who love to renovate properties and then move onto the next project, investing the equity they have released into their next property.

If you are considering moving in Hampstead, please do give us a call on 020 7759 2199 or send an email to enquiries@vitaproperties.uk and we will be happy to help you decide on the best option for your family.

Letting agents and landlords always talk about the importance of finding good tenants, but do you know how you can make sure that you are one?

Pay your rent on time
This one is obvious. If you are late paying your rent, then your landlord may have to delay paying their mortgage. This is not going to endear them to their mortgage lender or you to them. Think about how you would feel if your boss started paying you late. Wouldn’t you feel less inclined to work hard for them?

Not paying your rent for two months can also give your landlord grounds to evict you, so it really is important that you keep on top of your rent payments.

Communication
While paying your rent on time is the most important thing that a tenant can do, we all know that sometimes something even more important can arise that means you have no choice but to pay your rent late. I am not talking about the release of a new games console or a weekend away, but if a legitimate reason arises, such as a medical emergency or a redundancy, then let your landlord or letting agent know.

If you are able to give them notice that your rent payment will be late, then it gives them a chance to figure out a plan. Remember, landlords and letting agents are humans too. Keeping the lines of communication open and updating them about when they will receive their rent will make them much more likely to be understanding.

Tell your landlord
Many tenants are nervous about reporting problems to their landlord as they do not wish to be labelled as difficult, but landlords and letting agents really appreciate honesty and openness from their tenants. Small problems can quickly grow if not promptly attended to, so if there is a problem, tell your landlord or the letting agent!

If you need help with something in the property, then talk to your landlord or letting agent. They want you to be happy in the property just as much as you want to enjoy living there.

Good communication has mutual benefits. Many disputes between tenants and their landlords arise from an initial miscommunication, so being open and honest is vital.

Be flexible
Make sure that you don’t delay safety inspections, routine maintenance, or repairs by being difficult to reach or inflexible about the times that people can enter your home. If you feel uncomfortable about people being in your home while you are out, then provide a list of suitable days and times that work can be carried out, rather than just proposing one day and time.

Look after your home
It may not be your property, but it is your home. Ensure that you keep it clean and tidy and stay on top of general maintenance tasks such as mowing the lawn, bleeding the radiators, replacing light bulbs, testing the fire alarms, and ensuring the property is well ventilated.

Tenancy agreement
A survey by Direct Line Landlord Insurance revealed that 1 in 7 tenants break the terms of their tenancy agreement. Usually, this is because they either haven’t read it or they haven’t understood parts of it. Make sure that you take the time to thoroughly read your tenancy agreement before signing it. If there are any parts that you don’t understand, then ask your landlord or letting agent to explain them to you. Then simply make sure that you abide by the agreement that you have signed.

If you do want to do something that isn’t permitted, then discuss it with your landlord or letting agent. If you have a good enough reason, they may give their consent.

If you are looking for a property to rent in Hampstead then give Vita Properties a call on  020 7759 2199 or send us an email to enquiries@vitaproperties.uk to find out about our available properties and how we can help good tenants find their perfect home.

A recent survey revealed the top six things that can put potential buyers off of your <<LOCATION>> property, and they are not all as obvious as you might think.

Clutter

Clutter can make rooms feel smaller and is very off putting to buyers, especially if they have to step over or go around it. Take some time to declutter your property. If you cannot bear to let go of items, then consider renting a storage unit to put some of your things in until you move.

Dirt

You cannot clean too much when you are preparing your home for a viewing. Potential buyers are trying to imagine whether they can see themselves living in your property. Yes, dirty properties can be cleaned, but most people find it hard to conjure up an image of what something can look like. So make sure that the image that you provide for them is a clean and welcoming one.

Clingy Sellers
Of course, you are anxious to know how a viewing is going and want to make sure that the potential buyers are shown all of the most charming parts of your property. However, sellers who loiter during a viewing are more likely to put buyers off than encourage them to make an offer. This is because potential buyers need to have the opportunity to visualise themselves living in your property, and that is much harder if the current homeowner is standing right in front of them, constantly reminding them of the life that they are living in the property.

Smells
Unpleasant odours are a big no-no for potential buyers. Make sure that you take the time to find the source of any unpleasant odours and deal with them. While you may be tempted to burn your favourite scented candle, be aware that no scent, however strong, can mask an unpleasant odour. Instead, you end up with a mix of the two scents, which can be very unpleasant. Fresh air is the most attractive scent to buyers, so make sure that your property has been well-aired before any viewings.

The Goldilocks Effect
If a potential buyer feels too hot or too cold, it will affect their perception of your home. You don’t want them to think of your property as ‘the cold house’ or ‘the hot house’. You want them to be as comfortable as possible during the viewing. 21°C is an ideal temperature, so consider adjusting your thermostat accordingly a couple of hours before each viewing.

Your estate agent
Rude and unhelpful agents don’t only annoy potential buyers; they may put them off purchasing your property completely. Take some time when selecting your agent to talk to them about the local area and their experience selling similar properties like yours. If you don’t find them to be knowledgeable and approachable, then your potential buyers won’t either, and it is important that when you leave them alone with your potential buyers during viewings, that they have the social skills to be able to turn a potential buyer into an offer.

If you would like more advice on what you can do to present your property in NW London in its best light during viewings or are considering selling your property in NW London and would like a free, no-obligation valuation, then please don’t hesitate to give us a call on 020 7759 2199 or send an email to enquiries@vitaproperties.uk.