Posts filed under ‘Renting & Letting’
After it was revealed last week that Britain’s smallest £1m property offered less space than a London Underground tube carriage, Zoopla looks at what other properties of a similar size are currently on the market to buy or rent.
A one bedroom property offering a living room and a bedroom – both measuring 2.8m by 2.6m each – is being offered for sale in South East London.
For £125,000, it also comes with a kitchen, shower room and sole use of a patio garden.
Similar ‘tube carriage sized’ properties are also available on the rental market.
An unfurnished studio flat in New Malden is available to rent for £650 a month. With only an electricity bill to pay, it is described by the agent as being in a ‘great location and priced to let quickly’.
A more luxurious rental is available in Roehampton at £1,200 a month. The property is brand new and includes a breakfast bar, high gloss kitchen and porcelain tiles in the bathroom.
It is described by Carringtons, the agent handling the sale, as being in a peaceful and quiet, affluent area with plenty of free parking and close to all amenities. It is 10 minutes by car to Putney town centre. Gas, water and council tax bills are included in the price.
If you are looking to rent a house for £1,000 a month, what is on offer? Zoopla finds 10 properties that fit the bill.
1. Four bedroom semi-detached house in Hebden Bridge, near Bradford
2. Two bedroom terraced house in Henley on Thames, Oxfordshire
3. Three bedroom detached house in Corbridge, Northumberland
4. Four bedroom semi-detached house in Billingham, near Middlesbrough
5. Four bedroom house in Looe, near Plymouth
6. Four bedroom detached house in King’s Lynn
7. Three bedroom cottage in Macclesfield
8. Three bedroom house in Dorchester, Dorset
9. Three bedroom detached house in Penrith
10. Four bedroom detached house in Winchcombe, Cheltenham
Before contemplating whether to buy a property or rent a property, it is vital to do as much research as possible and consider whether the long-term financial commitment of home-ownership is for you or whether renting would better suit your lifestyle. There are a number of elements that need to be taken into account. This month I am going to explore the things to bear in mind when renting a property and next month I’ll focus on buying.
Most of us will rent at some point in our property journey. Although renting is often seen as a short-term or temporary solution before getting on the property ladder, for some it will be a long-term lifestyle choice. When renting, there are various factors that can make or break enjoyment of a property.
Tenants face a multitude of potential pitfalls when it comes to finding the right property, just as prospective buyers do. It’s important to go through the all the elements with a fine toothcomb to make sure you’re clear where the responsibilities lie.
A tenancy agreement is legally binding, and while landlords may make allowances beyond what is in the paperwork, they can also use it to enforce the law rigidly. So make sure you’re happy with the rental agreement and not just the bricks and mortar!
Here are some top tips to ensure you have a happy rental.
Before you start the process work out what you can afford. It’s not just a case of the monthly rental payments. You can expect to typically have to come up with a deposit of at least one-month’s rent as well as paying one month in advance. When you know your budget, make sure you thoroughly research the area as well as what is available to rent. A good place to start is the to rent section on Zoopla.
2. Hidden costs
The agent, working on behalf of the landlord, will probably ask you to pay for a credit search and other admin fees which could be in the region of £40-£100. Make sure you also consider how you will move your worldly belongings from your current property to your new one and the costs involved. You may also need to store some items, which is when the costs can start to mount.
3. Terms & Conditions
It is essential that you go through these with a fine tooth comb and understand all your obligations and those of your landlord such as upkeep and maintenance of the property, respective liabilities, renewal processes and costs. When raising and queries it is always helpful to do so via email, so that you have a record.
4. Maintenance of the property
Make sure you’re aware where the responsibilities lie. Who will react to any maintenance issues? If you think the property needs any work before you move in, make sure you request it to be done before you sign, or at the very least ask for it to be written into the contract with an agreed completion date or perhaps negotiate less rent until the issues is resolved. Often overlooked are the boiler and the windows. In summer these are rarely an issue but a few months later, when the temperature drops, you want to make sure you have a fully working boiler, so ask to see any maintenance certificates. Similarly if you’re starting you’re rental in winter a few months later when summer is here, you don’t want to find that the windows don’t open!
5. Renewal costs
Some agents will charge renewal costs for extending / taking out a new contract so ask the questions and make sure you understand the liabilities up front so you are not caught out down the line.
Look at who is providing the utilities and what the process is to take over these services. Try to ensure where possible that the services are all still running thereby avoiding set up and/or and reconnection fees.
7. Break clause
Check if there is a break clause. It’s important to understand whether it can be activated by either the tenant or the landlord. You don’t want to be caught out with a week’s notice! A month or longer is the standard notice period for both the tenant and landlord, but these periods can vary.
8. Insurance/Tenant Deposit Scheme
Tenancy deposit protection (TDP) schemes ensure that money paid by tenants (as deposits) is kept safe. Landlords must use a government approved scheme. Whilst the letting agent may process the deposit finds, it is the Landlord’s responsibility to ensure that the funds are held in such a scheme and you will want to see evidence that that this has happened.
Is the landlord insuring the contents or is it your responsibility as the tenant? It is unlikely the landlord will pay for all contents and more likely that they will cover any items of furniture that they leave at the property. Check what is covered. At the very least the landlord’s policy should cover the building. As with most advice it pays to find out the answers before signing your contract.
10. Inventory/moving in
Go through the inventory thoroughly. It should schedule what is the landlord’s property and it will be used at the end of the tenancy to attribute responsibility for any loss or damage and ultimately, who should pay for the replacement costs. This is where many tenant disputes arise. Don’t be afraid to take pictures of walls, rooms, carpets, etc. to record the state of them when you move in. If you do this make sure you email them to the agent so they can be kept on file.
Check out Phil’s previous tips on the Zoopla blog:
One of London’s most expensive penthouse apartments went up in smoke last night after a serious fire gutted the property, which earlier this year was up for sale at £8.75 million.
The apartment, which features a swimming pool, huge fish tank, private parking, four bedrooms, a cinema and two roof terraces, had been rented out to the ‘Rain on my parade’ singer Duffy while she records her new album in London. The Welsh warbler had, last night, been about to vacate the penthouse on the 10th floor of Abbot House off Kensington High Street when the blaze broke out.
Duffy, along with around 20 other residents, had to evacuate the building late in the night as some sixty fire fighters tackled the blaze, which ripped through most of the penthouse before being doused in the early hours of the morning.
Two songs of Duffy’s point prophetically to the fire (well sort of) including ‘Smoke without fire’ and ‘Big flame’ but what many will lament are the penthouse’s now lost interiors, created by artist and architect Francis Machin who modelled many of London’s landmarks including Ransomes Dock on Battersea Embankment. His father, a designer, created the current Queen’s heads featured on UK postage stamps.
While the blaze is a blow for design, luckily the apartment’s interiors were preserved within the property history section of Zoopla and after a bit of digging we found these. We can only hope they can be stored to such a wonderfully former glory (pictured above and below).
This is a legacy post from the findaproperty.com blog which is now maintained as an archive within the Zoopla blog. Links have been preserved.
How much do you spend on your monthly rent? And if you’re no longer a renter, how much did you pay the last time you had a landlord or letting agent to keep happy? Unless it was a very long time ago, you probably spent a pretty penny and certainly more than you wished you had. So spare a thought for those who rent now, especially the growing numbers of single-person households living in small homes.
That’s because the latest FindaProperty.com Rental Index reveals the cost of renting a flat has reached an all-time high. Rental asking prices for studio flats have increased by nearly 7% in the past year to reach an average £718 a month, while one-bedroom flats increased by 2.5% to a record £660 per month.
Overall, asking rents have increased in the first quarter of 2012 and are now at £868 per month, 1% up on the same time last year, but below the record high of £890 in September 2011.
But it’s the proportion of take home income spent on letting a home that brings the renting story to life.
Tenants are now spending on average 38%, or £10,416, of their typical £27,242 net salary on rent. In London, it’s even more – households spend 71%, or £25, 824, of their average £36,384 net income on paying rent. Or think about it another way – the average rental household in London spends nearly as much on their rent in a year as the average UK household takes home as income.
There’s an important regional story here too. Renters in South East England spend the next highest proportion with 42% of take-home income going on rent; in the South West it’s 39%; in the East of England it’s 33%; and in the West Midlands, Wales and the North East it’s 32%. Those in Scotland spend 31% of their take-home income on rent; in the North West and Yorkshire it’s 29%; and in the East Midlands it’s 28%.
But what’s causing this? Quite simply, rents have risen because of stricter lending rules which have made it harder for aspiring buyers to get a foot on the property ladder. As a result, less of us are buying, more of us are renting and the increased demand for homes to rent have forced asking prices up. The good news is that mortgage lending was 30% up in March compared to January, according to the Council of Mortgage Lenders.
And while some of that increase is down to buyers scrambling to complete their sales before the end of the stamp duty holiday for first-time buyers, it’s still a good sign. Let’s hope we don’t have to wait too long for the trickle down affect on rents.