Overview of Landlord Repossessions
The UK’s private rented sector has faced significant challenges in recent years, with economic pressures driving many Landlords to the brink of financial crisis. A combination of rising interest rates, inflationary pressures, changes in tax regimes, and legislative requirements have lead to an increase in Landlords being repossessed by mortgage lenders.
For Landlords operating on minimal profit margins, additional costs have become unsustainable. Even those with fixed-rate mortgages are not immune, as they faced higher rates when deals come to an end. The inability to refinance at affordable rates has left some Landlords with no choice but to sell their properties or face repossession.
For some, the cost of compliance has outweighed the potential returns, leading to decisions to exit the market altogether or default on mortgages due to financial strain.
The numbers of landlord repossession actions for all court stages have increased compared to the same quarter of last year (July to September 2023).
The Importance of Effective Communication with Landlords
In the United Kingdom, renting a property is a common living arrangement for millions of people. Whether you’re a student, a young professional, or a family, renting often means that you are reliant on your landlord for many aspects of your living conditions. Effective communication between tenants and landlords is essential for maintaining a positive and functional relationship.
Building Trust and Rapport
One of the primary reasons for maintaining open lines of communication with your landlord is to build trust. Trust is the foundation of any healthy relationship, and the tenant - landlord dynamic is no exception. Regular, honest communication helps to establish rapport, making it easier to resolve issues when they arise. When tenants communicate their needs and concerns respectfully and promptly, landlords are more likely to respond in kind, fostering a cooperative relationship.
Resolving Maintenance Issues Promptly
Maintenance is a key area where communication plays a critical role. From a leaky tap to a malfunctioning boiler, rental properties can encounter a variety of issues that need timely attention. Reporting problems to your landlord as soon as they arise not only ensures that repairs are carried out quickly but also helps prevent minor issues from escalating into costly repairs. Landlords appreciate tenants who are proactive in reporting issues, as it helps them maintain the property’s condition and avoid larger expenses in the future.
Student Lets - What to Look for
The academic year for most universities and colleges begins this week and it won’t just be Freshers’ Week that consumes students’ energies.
Most first year students will never have lived away from home before and the likelihood is that the majority will be resident in first year halls, however, many students will be living in properties owned by private landlords, properties that they viewed and chose a year ago, but many students will have forgotten what the property looked like, some may not have even been present, leaving the decision making up to their friends.
The first thing which you to establish before looking for a place to live for second and third year, is finding a solid group of friends that you will enjoy living with. You do not have to be best friends but at least get on with them well enough that you can commit to living with them for the next couple of years.
ONS - Index of Private Housing Rental Prices, UK: February 2023
Over the last 12 months there has been a lot of discussion surrounding rent increases on the private rented sector. Many landlords took the decision not to increase rent during the Pandemic or post Pandemic, however, due to the cost living crisis, the cost of energy and increases in interest rates, landlords took the decision to increase rents.
Landlords are permitted to increase rent at the end of every 12-month term. This can be done by relying on the rent review clause found in the tenancy agreement. If the tenancy is periodic and the tenancy is silent on rent increases, the landlord must serve a Section 13(2) notice (Form 4).
Importantly, a discussion with the tenant before increasing rent would be sensible as this allows both landlrod and tenant to negotiate on an increase which suits both parties.