Being an Accidental Landlord within the UK Property Market is not always (Financial) Doom and Gloom - says Top British Estate Agent , Mrs Vicky Keyworth , from LetzMove.com (of Sheffield).

Welcome to the 2nd Episode of the LetzMove.com Property Masterclass ; where Mrs Vicky Keyworth of LetzMove.com (expertly) delivers Sound Professional Tips in relation the current happenings within the UK Property Market (and beyond).

Before We Start , We would Like to publicly send out our Sincere Prayers (and Best Wishes) to (Much-Beloved) Sarah Beeny (who has been Rather Unwell of Late).

We would also want to publicly apologise to (Most-Beloved) Kirstie Allsopp - for erroneously referring to Her , Yesterday , as Kirsty Allsopp.

Finally : We would also like to publicly reassure the Wonderful Mister Keyworth that our previous reference to His (Absolutely Fabulous) 'Missus' as Miss Keyworth , (instead of her Proper , Hard-Earned , Title of Mrs) , was Totally Unintentional - and Will Never Ever (Ever) Be Repeated (Again).

According to Top British Estate Agent , Mrs Vicky Keyworth , from LetzMove.com (of Sheffield) : Accidental Landlords are Increasing Exponentially within the UK Property Market.

Accidental Landlords (Did She Say) ?

(Oh) Yes , She Did !

So - What Exactly is an Accidental Landlord ?

 
You may have often heard the phrase 'Accidental Landlord' - and wondered exactly what it means.

According to Mrs Keyworth : An 'Accidental Landlord' is term which is frequently used to describe someone who finds Himself (or Herself or Themself) desperately placing their Property onto the Rental Market ; not necessarily through Choice - but rather through Necessity.

 

Sometimes you may be looking to move (or need to move) - whether it be for a new job , or a change in circumstances - or (simply just) needing much more room for an expanding family.
 

Depending on the (precise) Property Market situation , and your very own personal circumstances , (for example - the time of year etc) , the timing may not just be right for you to sell at a Profit - So this could make things rather difficult for you in terms of profitably selling your property.

(Or) Maybe (perhaps) you are a Serial Investor who thriftily feels the need to move on (rather quickly) from one particular property to another - in order to financially secure the next (lucrative) deal.

Any of these aforementioned scenarios may sometimes lead you to having no other option but to rent out your property ; and use the (generated) rental income to pay off your mortgage or other loans , while also enabling you to (securely) move on.
 

Of Course : Renting Out your Property , (instead of Selling It) , may not have actually been part of your Original Plan - hence why you have now become an 'Accidental Landlord'.

Thankfully : You are Not Alone. Mrs Keyworth (Herself) has also become an Accidental Landlord (too) - notably when the Global Property Crash suddenly 'Took Hold' , Worldwide , about a decade (or so) ago.

She was (Blissfully) in the process of doing a (Substantial) Property Refurbishment , with a view to Selling it on - when the Worldwide Property Market literally crashed overnight.

As no one was (seriously) Selling or Buying at the time , She therefore had to rent the Property Out until the Market had gained back it's Lost Confidence.

She was then able to Successfully Sell the Property - and it did make quite a Nice Profit , in the end (far much more than it would have made if She had sold it earlier).


However : Please bear in mind that when you are dealing with the Property Industry , (certain) Things may not always go according to plan.

So you will still always need to have an Exit Strategy ; or a Plan B (in addition to a Very Good Set of Advisers).

 

There are various factors which may need to be considered ; if this is where you eventually find yourself.

LetzMove.com (Of Sheffield) is very able to help you throughout the whole process ; as it's Staff have often come across this particular kind of Scenario so many times before - both Professionally and Personally.

 

If you ultimately do find yourself in such a similar situation - the first thing to do , if applicable , is to contact your Mortgage Lender and discuss the various options with them.

If you have a mortgage on the property, inform them exactly what your plans are.

If you are considering renting the property out , (either) short to long-term , you will (very likely) need to speak to your mortgage lender , or your broker , who will then advise you on the various options that are available to you ; most especially if you need to move over (or upgrade) to a Buy-To-Let (BTL) Mortgage. 

BTL Mortgages are generally much more expensive , as there is a greater risk involved.

So the (BTL) interest rate will often be much higher.

There will also be an arrangement fee for the new BTL Mortgage (too) ; and you may need to additionally have a minimum salary level.

Of Course : The Loan-To-Value (LTV) Figure for your reclassified 'BTL Property' will obviously be much lower.
 

You will furthermore need advice in order to change your Insurance Policy ; as you will need much more than the standard policy buildings cover - just to protect you if the tenant damages the property.

There is a much higher risk of damage with Tenancies ; so the Insurance Premium will also be much higher (too).

 
You will also need to inform your accountants , so that they can advise you about any Tax Payments on the rental income which you will be receiving.

Thankfully, there will definitely be expenses such as commission, general repairs, insurance, etc - all of which can easily be offset against this income.

There is also some Tax Relief for mortgage interest ; although the rules on this are no longer as generous as they used to be - So do find yourself a Jolly Good Accountant !

 
There are a number of legal obligations which you need to comply with as a landlord.

These obligations include dealing with the right to rent, making sure tenant deposits are protected in the correct scheme, and making sure you have all of the relevant certificates covering all required safety checks.

So please duly ensure you are always fully covered ; and also try to get yourself a very good Letting Agent - This is another area where LetzMove.com (of Sheffield) can easily help !

If a client is in such a situation where they need to move house quickly - LetzMove.com (of Sheffield) will also try to sell their property via the normal method , or via auctions , or directly to an investor ; so that the client can swiftly move on .

However this isn't always possible - as the clients may need to achieve as much money for their home as possible ; and they may need to have a minimum amount which they can possibly accept.

If Every Else Fails : Then the only other option is to rent the Property out.

LetzMove.com can carefully take anyone through the whole process , from start to finish ; and even find them a tenant ; while also advising them on all of the Legal Requirements concerning what exactly needs to be carefully put in place.

When looking for a new tenant, first impressions of the property really do matter.

A property which is well-presented, tidy and clean will definitely attract a good tenant ; and a potentially a higher rental return.

LetzMove.com (of Sheffield) always makes sure that you finish all of those DIY jobs - which you may have started but not quite finished !

In terms of furnished and unfurnished properties, please remember that everything which you leave in the house is your (sole) responsibility ; and that you will still have to (either) maintain or replace it !

So : Save yourself some money and rightfully remove any Valuable Personal Items - Long before the new tenant actually moves in.

Here is a Professional Case Study (from the Memoirs of CEO Vicky Keyworth of LetzMove.com) :

Mr R became an Accidental Landlord when he was going to sell his Property - but he wouldn't achieve the money to pay back his mortgage.

He therefore asked us for advice - as to what he could possibly do about it.

We carefully talked him through the option of getting in a Tenant ; most especially in relation to additionally putting in a New Kitchen and Fresh Carpets.

We successfully rented it out for Him ; while He then went on to purchase two other properties for Commercial Rental Purposes - after he had ultimately realized that he was generating more than enough income from Rentals.

So : It is not always Doom and Gloom .

In this particular case , Mr R then went on to be a (very) Successful Landlord.

Mrs Keyworth is a Big Believer that so many 'Things' do often happen for a reason ; and that so many 'Accidents' in Life can frequently take you to a totally different (much better) place (altogether).

In Summary :

One of the First Things to be done is to carry out a Detailed Professional Assessment into Exactly Why the particular Property (in question) is repeatedly failing to sell on the Market.

In quite a Number of cases , a very simple set of (Professionally-Guided) Improvements may be all that is required , in concert with a Slight Reduction in the (Desired) Asking Price.

Being a Landlord is not necessarily a Fragrant Bed of Roses ; most especially if you unlucky enough to have a (rather) Troublesome Tenant who is not prepared to Leave (or Vacate) Quietly.

There is of huge amount of Expensive Regulatory Requirements, Roles and Responsibilities which duly come with such Elevated Status.

Furthermore it may cost a tidy little sum to renovate the Property before a Tenant moves in - and it will also cost some money to renovate the property again when (if) that aforementioned Tenant honourably agrees to move out on time.

Expert advice is therefore needed , every Step of the Way.

A Simple Assessment is easily carried out by Email or Phone.

The Basic Information which is Generally Required , in most cases , is as follows :

* Where Exactly are you now in Terms of Selling your Property ?

* Where Exactly do you really want to be in Terms of Selling your Property ?

* How Exactly would you want Vicky to (realistically) Assist You ?

Whatever Your Situation : Mrs Vicky Keyworth is always there to Help You (Competently Supported by the whole of Her LetzMove.com Property Team in Sheffield).

The Direct UK Phone Number of LetzMove.com (Sheffield) is +44 330 122 9980.

MEDIA (PRESS) CONTACT INFORMATION :

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Real Estate (Property) Newsdesk
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https://medium.com/glamping-news

Republic of Ireland (ROI) Email Address (Global News Desk) : news.team@outlook.com

USA (North America) Phone Number (Worldwide Customer Support) Fax Number +1 646 666 7606.

ABOUT MRS VICKY KEYWORTH:

Mrs Vicky Keyworth is the Chief Executive Officer (and President) of the LetzMove.com (Sheffield) Property Empire.

Her Official LinkedIn Profile is located at https://uk.linkedin.com/in/vicky-keyworth-aba69627 , while the Official Website Address of Her Company is located at https://LetzMove.com (LetzMove of Sheffield).

The New Office of LetzMove.com (of Sheffield) is presently located at : Azilewoods Mill , Nursery Street , Sheffield ,S3 8GG , United Kingdom (UK).

Official Working Hours are (Monday to Sunday) : 24 Hours a Day , 7 Days a Week , 365 Days a Year ; most especially via email (info@letzmove.com) at Any Time of Day.

For The Record : Mrs Vicky Keyworth is Happily Married with Children and Grandchildren.

She has been Happily Married to a Handsome Young Man since the Early Age of 18. (So Please do not send out any Love Letters).

Furthermore : She has now moved Her Office to Azilewoods Mill , Nursery Street , Sheffield ,S3 8GG , United Kingdom (UK).

The Direct UK Phone Number (of LetzMove.com) is still +44 330 122 9980.

This release was published on openPR.