Financial Pressures for Landlords

The current economic crisis is having an adverse impact on both landlords and tenants. Rising levels of unemployment and the increasing number of people facing redundancy means that many tenants are having difficulty in paying their rent.

The knock on effect is that landlords may then struggle to pay the mortgage. A tenant in arrears could lead to potential repossession of a landlord's buy-to-let property which in turn could mean possible tenant eviction. Three-quarters of landlords have reported being affected by tenants who are unable to pay their rent.

What can you do to minimise the risk?

Before the tenancy begins

• Take up a reference from a potential tenant's employer.
• Perform a credit check on the would-be tenant.
• Take out appropriate Landlord Insurance cover:
  • Rent guarantee insurance (loss of rent cover).
  • Legal expenses insurance.

During the tenancy

• Be alert to early warning signs such as late payment of rent, a request for a rental holiday or a request to change the rental terms.
• Be aware of a tenant's silence as this may indicate a problem.
• Keep channels of communication open and consider negotiating if your tenant is facing financial problems.

What can you do if faced with financial difficulties?

• Contact your mortgage provider before you default and request a payment break or seek to renegotiate the payment terms.
• Obtain independent financial and legal advice.
• Consider seeking debt counselling:
  • National Debtline: www.nationaldebtline.co.uk
  • Consumer Credit Counselling Service: www.cccs.co.uk
  • Citizens Advice: www.citizensadvice.org.uk

Financial security is essential for landlords so ensure that you take steps to minimise your exposure to, and the impact of, defaulting tenants and vacant properties. Additionally, arm yourself with information as to what you can do if you find yourself in financial difficulty.

Find out more about landlord insurance from Direct Line for Business. View original article Financial Pressures for Landlords

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Energy-saving Tips for Landlords and Tenants

As a landlord you're probably extremely interested in increasing the returns on your investment. This guide gives you some simple tips which should enable you to save money, save energy and help save the planet. Plus, by following the suggestions it could mean reduced bills and warmer homes for your tenants.

From 1 October 2008, landlords are required to have an energy performance certificate. The certificate rates a property's energy performance from A to G. Additionally it provides information regarding a property's energy use and carbon dioxide emissions and includes a recommendation report with suggestions as to how you can reduce your energy use and carbon dioxide (CO2) emissions.

???Did you Know???

If you make energy saving improvements to your buy-to-let property then as a landlord you may be entitled to a tax allowance called Landlord's Energy Saving Allowance. Find out more at: www.hmrc.gov.uk

What you can do as a landlord

1. Exclude draughts
   • Doors - fit a brush or PVC seal to external doors.
   • Floorboards and skirting - fill gaps with beading or sealant.
2. Insulation
   • Fit a jacket around your hot water tank, and ensure that lofts and wall cavities are insulated.
3. Other
   • Switch to a high efficient condensing boiler.
   • Use appliances with the Energy Saving Recommended logo.
   • Fit double glazing.
   • Use energy saving light bulbs.
   • Fix leaking taps.

Encourage your tenants to go 'green'

1. Kettles - only boil as much water as is needed.
2. Reduce the temperature on the thermostat.
3. Use a shower rather than a bath. Cut down on shower time. If the bath is used then use the water for watering plants.
4. Turn off lights.
5. Don't leave appliances on standby.
6. Make sure washing machines, dishwashers and tumble dryers are full before using them. Wash at 30°.
7. Don't unnecessarily charge laptops and mobile phones.
8. Close curtains at dusk to avoid heat escaping out of the windows.
9. Use the correct size pan when cooking and put the lid on.
10. Defrost food in the fridge rather than in a pan or in the oven.
11. Use a microwave for reheating food.
12. Clean the over door so you can see in rather than opening the door and losing heat.
13. Use a compost caddy.
14. Avoid having left over food.
15. Reduce, reuse, recycle.
16. Use concentrated cleaning products.
17. Wash fruit and vegetables in a bowl instead of running the tap.
18. Refrigerate tap water so you don't have to run the tap for a long time to get cold water.
19. Turn off taps when brushing teeth.
20. Fit a 'hippo', 'save a flush' or other displacement device in the toilet cistern.

By carrying out these energy saving tips not only will you and your tenants be doing your bit to protect the environment but you could be saving yourselves money as well.

Find out more about landlord insurance from Direct Line for Business. View original article Energy-saving Tips for Landlords and Tenants

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Sixty five is the new twenty five, as the recently retired increasingly take time out to travel the world, says Age Concern Enterprises.

Last year, sales of Age Concern Enterprises annual worldwide Travel Insurance increased by 41%*, demonstrating that not only are the over 65s travelling further afield, they are planning multiple trips to long-haul destinations. The number requesting winter sports cover also shot up 20%* as more and more older people plan adventurous winter pursuits.

2009 saw record take up of both annual European and worldwide multi-trip policies, with fastest year on year growth in the 65 to 74 (16%) and 75 to 87 (40%) age groups*.

Mature Brits have also become far savvier when purchasing travel insurance. Not only are they watching the pennies by purchasing annual policies when going on multiple trips**, they are also increasingly using the internet to shop around before buying. Supporting Ofcom research, which found there has been considerable growth in internet take up by the over 65s***, web sales of Age Concern Enterprises Travel Insurance increased by 35%* last year.

Joe Young from Age Concern Insurance Services says, “Globe-trotting is no longer the reserve of the young. Over 65s are as likely to be travelling the world as younger generations as they search for ways to bring excitement to retirement. And as the population ages, we predict a travel boom which will see even more mature people exploring far flung destinations.

“We are delighted that so many older people are fulfilling their travel dreams in later life. Our Travel Insurance was specifically designed with the mature traveller in mind, as appropriate products for this market were not previously available. With no age limits, we look forward to providing travel insurance to customers of all ages.”

Age Concern Enterprises Travel Insurance, provided by Fortis, offers single or annual multi-trip insurance, no upper age limit and is designed especially for the mature customer, but its benefit levels make it an attractive proposition for travellers of all ages.

ENDS

* All Age Concern Enterprises sales figures are from 1 January to 30 September 2008 and 1 January to 30 September 2009

** If you travel abroad several times in a year you could save money with Annual Multi-trip cover - customers aged over 57, with no medical conditions, travelling to Europe, including Spain, 3 or more times in a year. Excludes winter sports cover. Actual premium will depend on destination, individual circumstances and medical history. Information collected November 2009.

*** ‘UK Adults’ Media Literacy’ interim report (2009). Since 2007 there has been above average increase in household take-up of the internet among older adults aged 65 and over (41%) http://www.ofcom.org.uk/advice/media_literacy/medlitpub/medlitpubrss/uk_adults_ml/

**** If you call the 0845 number you will be dealing with Fortis Insurance Limited, which provides and manages Age Concern Enterprises Travel Insurance. Registered address: Fortis House, Tollgate, Eastleigh, Hampshire SO53 37A, England. Registered number 354568.

For more information on travel insurance go to http://www.ageconcern.org.uk/AgeConcern/travel_insurance.asp.