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How to Handle Lease Extensions and Renewals: A Landlord’s Guide

How to Handle Lease Extensions and Renewals

Whether you’re managing a single property, or you have a larger portfolio, knowing how to handle lease extensions and renewals is one of the simplest ways to protect your income, avoid legal trouble, and keep good tenants in your rental property.

Yet many landlords overlook this area until the last minute, leading to avoidable stress, gaps in income, or unintended rolling tenancies. Our guide breaks it all down in plain English, so if you’re a landlord in Peterborough, our team at PTL Lettings is here to help you stay ahead with how to handle lease extensions and renewals like a pro.

What’s the Difference Between a Lease Extension and a Renewal?

Before you decide how to move forward with your tenant, it’s important to understand how lease extensions and renewals differ. It’s easy to mix them up, but there are key legal and practical differences between the two, and choosing the right one can make a big difference to how smoothly things go.

  • A lease extension keeps the current tenancy agreement (AST) in place and simply updates the end date. The original terms and clauses continue.
  • A lease renewal ends the existing agreement and replaces it with a new one, often updating the rent, responsibilities, or fixed term.

Understanding the difference helps you choose the best option for your property strategy, especially if you’re planning a rent review or thinking about selling soon.

When Should You Start the Process?

Timing is everything when it comes to how you handle lease extensions and renewals. Leave it too late and you risk falling into a periodic tenancy (rolling monthly) by default. Worse still, your tenant might feel rushed or uncertain about their living situation. Ideally, start the conversation three to four months before the tenancy end date. This gives both sides time to consider the options, negotiate any changes, and get the paperwork sorted without pressure.

This forward planning helps avoid:

  • Unexpected periodic tenancies that limit your control
  • Unnecessary voids or tenant turnover
  • Legal issues due to short notice or unserved documents

A clear timeline shows tenants that you’re professional and helps build a positive landlord-tenant relationship.

Key Legal Considerations for Landlords

Lettings laws shift regularly, and this year is no exception. As a landlord, you have specific legal responsibilities when handling renewals and extensions. Staying compliant protects your income and avoids disputes down the line. The main areas to watch include tenancy type, notice periods, and deposit protection.

  • Most tenancies are still classed as Assured Shorthold Tenancies (ASTs). Any changes need to stick within the rules for ASTs.
  • You must give the correct notice if you plan to end the tenancy – usually two months under a Section 21 notice.
  • The tenant’s deposit must stay protected in a government-backed scheme, even through renewals or extensions.
  • Rent increases or updated terms should always be agreed in writing.

These legal details can be easy to miss if you’re managing things solo, which is why many landlords choose to work with a trusted letting agent in Peterborough like us.

Why Should Landlords Consider Lease Extensions or Renewals?

If your current tenant is reliable, pays rent on time, and looks after the property, then renewing or extending their lease is often the best option. It saves you the time and cost of re-letting, gives your tenant more security, and helps you plan your income more accurately.

Here’s why many landlords opt to extend or renew a tenancy rather than start fresh:

  • You reduce the risk of empty periods between tenants
  • You secure your income for the months ahead
  • You create a better working relationship with tenants, which often leads to fewer issues
  • You get a natural chance to review terms, increase rent, or clarify responsibilities

It’s a win-win when managed properly.

Negotiating a Lease Renewal: Tips for Landlords

Not all negotiations need to be awkward. When handled professionally, tenancy renewal discussions can help set expectations, retain a great tenant, and even boost your income. It’s your chance to reflect on how the tenancy has gone and whether any changes are needed.

Here are some tips for making the process straightforward:

  • Check current rents for similar rental properties in Peterborough so you’re confident in your pricing.
  • Factor in tenant history because a respectful, prompt-paying tenant is often worth holding onto, even if you could get slightly more rent elsewhere.
  • Offer options , such as a six-month or twelve-month renewal, to suit different needs.
  • Be transparent about any rent increases or changes to terms, and give tenants time to consider

Good communication here can make renewals quicker and easier, without misunderstandings.

The Role of Letting Agents in Lease Management

Staying on top of lease expiries, tenant communication, and legal paperwork is time-consuming – especially if you own more than one property. That’s where a property management company in Peterborough like PTL Lettings can step in. We handle the admin, keep everything compliant, and ensure nothing slips through the cracks.

Here’s how we help:

  • Preparing and issuing new tenancy agreements or extensions.
  • Serving Section 21 or Section 13 notices correctly.
  • Reviewing rent levels in line with local market trends.
  • Managing signatures, deposit updates, and storing records.

If you’d rather spend your time on other priorities, outsourcing your property management is a good move.

Common Mistakes to Avoid

Even experienced landlords can make errors when it comes to lease renewals and extensions. These slip-ups can lead to disputes, legal problems, or even lost income. Here’s what to watch out for:

  • Not putting renewed terms in writing.
  • Forgetting to update the deposit protection scheme if the tenancy technically ends.
  • Assuming the tenant agrees to new terms without getting confirmation.
  • Letting fixed-term tenancies roll into periodic ones by default.

These mistakes are easily avoided with a little planning and the right advice.

Lease renewals and extensions don’t have to be complicated, but they do need your attention. Stay proactive, stay organised, and don’t be afraid to get help when you need it.

Contact our team at PTL Lettings today on 01733 555183 or email info@ptl-lettings.co.uk. As a trusted letting agent and property management company in Peterborough, we’re here to help you get the most from your investment.

In the meantime, we’ve answered some of your common questions about lease extensions and renewals.

FAQs

Can I extend a lease without creating a new contract?

Yes but always put it in writing. Even simple date extensions should be documented to protect both sides.

Do I need a property management company?

It’s not mandatory, but it’s often worth it. A local expert like PTL Lettings can save you time, prevent mistakes, and ensure compliance.

What happens if I don’t act before the lease ends?

The tenancy becomes a rolling periodic agreement, which gives less security and control over future changes.

Can I choose not to renew a lease?

Yes – but you must give the correct notice and follow current legal procedures.

How much notice do I need to give to change the lease terms?

Usually two months’ written notice is needed for rent changes or other major updates.

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How to Market a Rental Property in Spring

How to market a rental property in spring

Should you market a rental property in spring in Peterborough? Yes! The days are longer, natural light floods inside, and gardens begin to bloom, making properties look more appealing than at any other time of the year.

Tenant demand also tends to rise in spring, as people prefer to move when the weather is milder and before the summer holiday season begins.

However, with more properties becoming available, competition increases, so standing out from the crowd is essential to securing the best tenants quickly and avoiding void periods.

Making your property feel fresh, bright, and inviting when you market a rental property in spring is key to attracting interest, but there’s more to it than just taking good photos. Every aspect of marketing – from how the property is presented to how it is advertised – plays a role in securing tenants efficiently.

Here’s how to ensure your property to rent in Peterborough grabs attention and attracts high-quality tenants this spring.

1. First Impressions Start Outside – Make Kerb Appeal Count

The exterior of a property is the first thing prospective tenants see, and when you market a rental property in spring, outdoor spaces can be a huge selling point. A property that looks well-maintained from the outside gives tenants confidence that the interior will be just as inviting.

Here’s what to do:

  • Tidy up the front garden: Mow the lawn, trim hedges, and add colour with seasonal flowers in pots or hanging baskets.
  • Refresh the front door: If it’s looking tired, a fresh coat of paint can make a big difference.
  • Clean windows and pathways: Sparkling windows let in more light, while swept pathways create a tidy, well-kept feel.
  • Declutter driveways and entrances: Remove bins from view and ensure there’s no unnecessary clutter.

These small improvements make your property look inviting and well-cared for, making a great first impression on prospective tenants.

2. Let the Light In – Bright Spaces Sell Themselves

Spring’s natural light is one of the best selling points for any rental property. A bright and airy home not only looks more spacious but also feels more inviting. Maximising this natural light can significantly improve how a property is perceived by prospective tenants when you market a rental property in spring. A well-lit property feels more spacious, clean, and welcoming.

  • Clean all windows inside and out to remove winter grime and allow as much light in as possible.
  • Use lighter curtains or blinds instead of heavy drapes to let in more daylight.
  • Position any mirrors strategically to reflect light and create an airy, open feel.
  • Check all light fixtures to ensure they work, replacing bulbs with bright, energy-efficient ones where necessary.

3. A Thorough Spring Clean Makes a Lasting Impact

No matter how beautiful your property is, if it isn’t spotlessly clean, tenants will notice. A deep clean goes beyond the usual quick tidy-up – it’s about ensuring every inch is pristine and fresh. A clean property reassures tenants that it has been well cared for, making it more attractive in a competitive rental market.

  • Kitchens and bathrooms should sparkle: These are the most important rooms for tenants, so limescale, grease, and grime must be removed.
  • Fresh carpets and flooring: Steam-clean carpets, mop hard floors, and remove any stains to create a fresh and well-maintained look.
  • Declutter where possible: Clear worktops, remove unnecessary furniture, and create open, welcoming spaces.
  • Fresh scents add appeal: Light citrus or floral scents can make a property feel clean and inviting.

4. Refresh Décor with a Light and Airy Touch

Spring is a great time to make small updates to interior décor that make a big difference. Dark, wintery tones can make rooms feel small and less inviting, while light, neutral shades create a fresh and spacious feel. Subtle changes can make a home feel much more inviting and appealing to tenants looking for a fresh start.

  • Repaint where needed: Light, neutral colours like soft greys, whites, or creams appeal to a wider range of tenants.
  • Update soft furnishings: Swap heavy throws and dark cushions for light, pastel shades that reflect the season.
  • Introduce fresh plants or flowers: A vase of fresh flowers or a few houseplants can make a property feel homely and vibrant.

5. Highlight the Garden or Outdoor Space

If your property has any outdoor space – whether it’s a garden, patio, or balcony – now is the time to show it off. When you market a rental property in spring and summer, tenants will be looking for properties with pleasant outdoor areas where they can relax. For properties without private gardens, mentioning nearby parks or green spaces in your listing can make the property more attractive.

  • Mow the lawn and trim hedges to make the garden look well-maintained.
  • Add some outdoor furniture to help tenants visualise how they could use the space.
  • Power wash patios and paths to remove dirt and make the area look fresh.

6. Photography – The Key to a Great First Impression

Many tenants will search for a property to let in Peterborough online, meaning the photographs need to be outstanding. Poor lighting, cluttered rooms, or blurry images can lead to potential tenants skipping past the listing. High-quality images help your property stand out, leading to more enquiries and viewings.

  • Take photos on a bright, clear day to maximise natural light.
  • Capture wide-angle shots to show the rooms effectively.
  • Ensure rooms are tidy and staged to make them look their best.

7. Price It Right to Attract Serious Enquiries

Setting the right rental price is crucial. Overpricing can lead to fewer enquiries, while underpricing may result in lost income. Researching similar rental properties in your area provides a good benchmark for what tenants are willing to pay and attracts the best tenants.

A professional property management company in Peterborough like PTL Lettings can offer valuable insights into pricing, ensuring your property is competitively positioned in the market.

If you’re looking to market a rental property in spring, PTL Lettings can help you find the perfect tenants quickly. Get in touch today on 01733 555183 or email info@ptl-lettings.co.uk to start the process.

In the meantime, we’ve answered some of your common questions about marketing a rental property in spring.

FAQs

Why is spring a good time to market a rental property?

Spring is a popular moving period for tenants, and properties naturally look more appealing due to better weather and longer daylight hours.

How can I make my rental property stand out from others?

Focusing on kerb appeal, maximising natural light, refreshing the décor, and ensuring high-quality marketing photos can make a significant difference.

How important is professional photography?

High-quality photos are crucial for attracting interest online. Well-lit, professionally taken images can lead to more enquiries and quicker lets.

How do I determine the right rental price?

Comparing similar properties in the area and seeking advice from a letting agent in Peterborough ensures the rental price is competitive.

Should I stage my rental property for viewings?

Yes, simple staging techniques – such as fresh flowers, soft lighting, and minimal clutter – can make your rental feel more welcoming and desirable.

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Landlord Lessons: 9 Steps to a Stress-Free Tenancy

Landlord Lessons 9 Steps to a Stress-Free Tenancy

Being a landlord can be a rewarding investment, but it also comes with its fair share of responsibilities. From ensuring a steady rental income to keeping your property well-maintained, there are many factors that can impact your experience. The key to a stress-free tenancy is preparation, good communication, and staying on top of your legal obligations.

At PTL Lettings, we have years of experience helping landlords successfully let their properties. As a trusted property management company in Peterborough, we understand the challenges landlords face and know how to avoid common pitfalls.

Here, we share the essential lessons every landlord should follow to create a smooth rental experience, helping you navigate common challenges with confidence.

1. Find the Right Tenant – It’s Worth the Effort!

The tenant you choose will have a huge impact on your experience as a landlord. Attracting a reliable, responsible tenant can mean consistent rental income, minimal property damage, fewer disputes – and a stress-free tenancy! However, a poorly chosen tenant can lead to late payments, property neglect, or even legal action.

To minimise risk, ensure you carry out thorough tenant screening and referencing before agreeing to a tenancy. This should include:

  • Credit checks
  • Employment verification
  • References from previous landlords

As a professional letting agent in Peterborough, we can handle this process for you, saving you time and ensuring you select a tenant you can trust. Call us on 01733 555183 and speak with one of our property experts.

Tip: When marketing your property to rent in Peterborough, highlight features that attract responsible tenants, such as a well-maintained interior or a quiet location.

2. Create a Clear and Comprehensive Tenancy Agreement

A well-drafted tenancy agreement protects both you and your tenants by clearly outlining expectations from the outset. Without a clear agreement, disputes over rent, maintenance, and responsibilities can quickly arise.

Your tenancy agreement should include key details such as:

  • Rent amounts
  • Payment due dates
  • Maintenance responsibilities
  • Specific rules – such as whether pets are allowed

It should also outline what happens if rent is late or if the tenant wishes to leave early. We can provide legally compliant agreements tailored to your needs.

Tip: Before signing, go through the agreement with your tenants to ensure they understand all clauses. This helps prevent misunderstandings down the line.

Learn what is an AST here.

3. Protect the Deposit Properly

Tenants in the UK have a legal right to have their deposit protected in a government-approved tenancy deposit scheme (TDP). This safeguards their money and ensures fair handling of any disputes when they move out.

Failure to protect the deposit correctly can result in severe financial penalties for landlords, including having to return the full deposit even if deductions should have been made. Deposits must be lodged within 30 days of receipt, and tenants must be provided with details of the scheme used.

Tip: Keep a detailed inventory with photos at the start of the tenancy to avoid disputes when returning the deposit. If you’re unsure how to do this, PTL Lettings can arrange this for you.

4. Keep Communication Open and Professional

Many landlord-tenant issues arise due to poor communication, so setting clear expectations from the start and maintaining a professional but approachable relationship with your tenants can prevent minor issues from escalating.

Make it easy for tenants to report maintenance issues, and be responsive to any concerns they raise. Tenants are more likely to respect your property and stay longer if they feel heard and valued.

Tip: Use email for important communications so there’s a clear record of any agreements or discussions. If you prefer a hands-off approach, a property management company in Peterborough like PTL Lettings can handle tenant communications on your behalf.

5. Stay on Top of Property Maintenance

Regular property maintenance reduces expensive emergency repairs and keeps tenants happy. A well-maintained property is also more likely to attract high-quality tenants.

As a landlord, you are legally responsible for maintaining the structure of your property, as well as crucial systems like heating, plumbing, and electrics. Regular checks on the boiler, roof, and appliances can prevent unexpected issues.

Tip: If you own multiple rental properties or live far away, hiring a property management company in Peterborough can ensure maintenance issues are dealt with promptly. Need advice? Contact us on 01733 555183 for an informal chat to see how we can help.

6. Be Fair But Firm with Rent Payments

A steady rental income is key to a stress-free tenancy, so it’s essential to have a system in place for rent collection. Most landlords set up a standing order so that rent is automatically transferred each month.

If rent is late, you should follow up immediately with a polite but firm reminder. Consistently late payments should be addressed quickly to prevent arrears from escalating. If you feel unable to deal with this, a letting agent in Peterborough like us can handle rent collection and chase arrears professionally for you.

Tip: Include a clause in your tenancy agreement stating that late rent may incur a small charge. This can encourage tenants to pay on time.

7. Know Your Legal Responsibilities

Landlords must comply with several legal obligations to ensure their property is safe and legally let. These include:

  • A valid Gas Safety Certificate, renewed annually
  • An Energy Performance Certificate (EPC) rated E or above
  • Electrical Safety Checks carried out every five years
  • Right to Rent checks to confirm tenants have the legal right to rent in the UK

Failure to meet legal requirements can result in fines or even prosecution. We understand that this can be daunting, but we can help you with full compliance for a stress-free tenancy.

Get in touch on 01733 555183 for more information.

Tip: Keep all certificates and legal documents in a safe place so they’re easily accessible when needed.

8. Carry Out Regular Inspections

Routine inspections allow you to spot potential maintenance issues and ensure your tenants are keeping the property in good condition. Inspections should be carried out every three to six months, with at least 24 hours’ written notice given to the tenant.

During inspections, check for:

  • Signs of mould or damp
  • Leaks
  • Damage
  • Unauthorised subletting

PTL Lettings can conduct inspections for you and provide detailed reports.

Tip: Be friendly and professional during inspections to maintain a good relationship with your tenants.

9. Use a Letting Agent for Stress-Free Management

If managing a property feels overwhelming, or you prefer a fully hands-off approach, outsourcing to a property management company in Peterborough can make the process stress-free. We can handle everything from tenant sourcing and rent collection to property maintenance and legal compliance.

Tip: When choosing an agent, look for one with a strong reputation and positive landlord reviews.

What Next?

If you’re looking for expert support with managing your rental property, PTL Lettings is here to help. Whether you need assistance with tenant sourcing, rent collection, or full property management, our experienced team can make the process hassle-free.

Get in touch today to see how we can help you achieve a stress-free tenancy. Call us on 01733 555183 or email info@ptl-lettings.co.uk to speak with one of our property experts.

In the meantime, we’ve answered some of your common questions about landlord responsibilities.

FAQs

How can I ensure my tenant pays rent on time?

Set up a standing order, send reminders, and act quickly if a payment is missed. A letting agent can help manage this for you.

How often should I inspect my rental property?

Quarterly inspections are ideal, with at least 24 hours’ notice to tenants.

Do I need a property management company?

If you lack the time or expertise to manage your property, a professional service can handle everything from tenant sourcing to legal compliance.

What are my legal responsibilities as a landlord?

You must ensure gas, electrical, and fire safety, protect the tenant’s deposit, and comply with Right to Rent laws.

How can I attract good tenants?

Ensure your property is well-maintained, market it effectively, and carry out thorough tenant referencing.

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How Outdoor Space Can Increase Rental Income

How Outdoor Space can Increase Rental Income

If you’re a landlord in Peterborough, you’re probably always looking for ways to increase rental income while ensuring your property stands out in a competitive market. Many landlords focus on interior upgrades, but outdoor living spaces can be just as impactful – if not more so.

Did you know that a well-maintained garden, patio, or balcony can significantly enhance the tenant experience, making your property more desirable and justifying a higher rental price?

At PTL Lettings, we’ve seen firsthand how outdoor improvements can help our landlords attract quality tenants, reduce void periods, and command higher rents. So, if you’re looking for a cost-effective way to increase rental income, investing in your property’s outdoor space could be the solution.

Why Outdoor Living Spaces Matter for Landlords

When tenants search for property to rent in Peterborough, many prioritise outdoor areas, particularly those with private gardens, balconies, or even a small courtyard area. The ability to enjoy fresh air is important, especially as more people now work from home and are seeking additional outdoor spaces for relaxation.

Outdoor Living Spaces Attract Renters

Providing a well-designed outdoor area can make your rental property in Peterborough more appealing to a wider range of tenants, including professionals who enjoy socialising outdoors, families looking for safe play areas, and pet owners in need of secure outdoor space. Properties with attractive gardens can often increase rental income than those without, making outdoor improvements a worthwhile investment.

Tips for Maximising Outdoor Appeal:

  • Create a Functional Space : Tenants are more likely to pay extra for a property with a practical outdoor area. Consider adding comfortable weather-proof seating, a BBQ area, or a firepit to create a space for relaxation and entertainment.
  • Keep it Low Maintenance : Many renters prefer an ‘easy to care for’ garden. Artificial grass, gravel, or decking can reduce upkeep while maintaining a stylish appearance.
  • Enhance Privacy : Outdoor spaces feel more valuable when they offer privacy. Adding fencing, hedges, or trellises can create a secluded retreat, making the area more attractive to potential tenants.

You Can Extend Living Space Without Planning Permission

One of the key benefits of investing in outdoor areas is that you can effectively expand the living space of your property without needing to build extensions or get planning permission. Even a small outdoor improvement can make a rental property feel larger and more accommodating.

A simple patio or decking area can serve as an outdoor dining space, while a covered pergola or awning allows tenants to enjoy the area all year round, even in our unpredictable British weather! Adding a garden studio or summer house can create extra storage space or a dedicated workspace, which is particularly appealing to tenants who work remotely.

This additional functional space can make your property more desirable and justify an increase in rental value, particularly in areas where outdoor space is limited.

Tenants May Stay Longer – Reducing Void Periods

Void periods are one of the biggest concerns for landlords, as they lead to lost rental income and increased costs for property upkeep. A well-designed outdoor space can encourage tenants to stay longer, reducing turnover and the associated costs of finding new tenants.

Why Do Tenants Stay Longer?

  • A private garden or patio gives tenants a greater sense of ownership and connection to the property.
  • Families with children benefit from a safe, enclosed outdoor space where youngsters can play.
  • Tenants with pets are more likely to renew their lease if the property includes a pet-friendly garden.

Investing in an attractive outdoor area can help ensure long-term tenancies, providing landlords with a more stable and predictable rental income.

Outdoor Features: How to Target The Right Tenants

Tenants value outdoor spaces in various ways. So, by tailoring your outdoor improvements to suit your target market, you can increase the appeal of your rental property in Peterborough and attract tenants willing to pay a premium for specific features.

Ideal Tenant Groups for Outdoor Spaces:

  • Young Professionals : A stylish decked area, outdoor lighting, and modern seating arrangements can enhance the appeal for tenants who enjoy entertaining.
  • Families : Secure fencing, play areas, and low-maintenance lawns make outdoor spaces more suitable for those with children.
  • Pet Owners : Enclosed gardens, pet-friendly grass, and shaded areas can attract tenants who own dogs or cats.

If you’re marketing your property to let in Peterborough, be sure to highlight the outdoor features in your property listing to attract the right tenants.

Boosting Kerb Appeal for Faster Lettings

First impressions are crucial for your property to let in Peterborough. A well-maintained front garden or driveway can significantly impact tenant interest, making your rental feel welcoming and well-cared-for from the outset.

4 Simple Ways to Improve Kerb Appeal:

  • Paint fences, gates, and front doors
  • Add outdoor lighting to enhance security and aesthetics
  • Keep pathways, flower beds and potted plants well-maintained
  • Ensure clear access to a neat, clutter-free front garden

As an experienced letting agent in Peterborough, we recommend ensuring that your property looks inviting to attract high-quality tenants quickly.

Increase Rental Income with Simple Outdoor Upgrades

A well-designed outdoor space can lead to a significant increase in rental income. For example:

Outdoor FeatureEstimated Cost (£)Potential Rent Increase (£/month)
Patio/Decking£1,500 – £3,000£50 – £100
Artificial Grass£1,000 – £2,500£30 – £70
Garden Studio/Office£5,000 – £15,000£150 – £300
Outdoor Seating & Firepit£500 – £2,000£20 – £50

*Zoopla / Checkatrade / Homebuilding & Renovating

Please note that these figures are approximate and can vary based on factors such as location, materials used, and your specific property characteristics. While costs vary, even minor upgrades can help landlords justify a rent increase and improve overall tenant satisfaction.

Are You Ready to Enhance Your Property to Rent in Peterborough?

At PTL Lettings, we specialise in helping landlords maximise their rental income. Whether you’re looking for expert advice, full property management in Peterborough, or help in finding the right tenants, our experienced team is here to help.=

Call us today on 01733 555183
Email us at info@ptl-lettings.co.uk

Let us help you make your property work harder for you!

In the meantime, we’ve answered some of your common questions about rental properties with outdoor spaces.

FAQs

Do tenants really pay more for outdoor space?

Yes, many tenants prioritise properties with outdoor areas and are willing to pay extra for well-designed gardens, patios, or balconies.

What are the best low-maintenance outdoor features for rentals?

Artificial grass, gravel, and decking are excellent choices as they require minimal upkeep.

Can I charge more rent if I add a garden office?

Yes, properties with home office space are in high demand, particularly among remote workers.

What’s the best way to market outdoor spaces in my property listing?

High-quality photos and detailed descriptions of outdoor features will attract more tenant interest.

Can outdoor improvements reduce my property’s void periods?

Yes, a well-maintained outdoor space encourages longer tenancies, reducing the risk of vacancies.

Would you like tailored advice on improving your rental property? Contact PTL Lettings on 01733 555183 today!

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A Landlord’s Guide to Changing the Locks on a Rental Property in Peterborough

A Landlord’s Guide to Changing the Locks on a Rental Property in Peterborough

As a landlord, ensuring the safety and security of your rental property in Peterborough is paramount. Changing the locks on a rental property can be a crucial step in maintaining this security, especially between tenancies. This guide will walk you through why, when, and how to change the locks on your rental property. We will provide practical tips and highlight legal considerations.

Why Change the Locks?

Security Enhancements: The most obvious reason for changing the locks on a rental property is to enhance the security of the rental property. This ensures that only the current tenant and authorized people have access.

After a Tenant Moves Out: Once a tenant moves out, it’s wise to change the locks to prevent unauthorised entry. This is especially important if the previous tenant made copies of the keys.

Lost Keys: If a tenant loses their keys, changing the locks can prevent access by someone who finds the lost keys.

Damaged Locks: Wear and tear or damage can compromise a lock’s integrity. A replacement is necessary to ensure the property’s security.

When Changing the Locks on a Rental Property Should be Done

  • At Tenancy Turnover: The best time for changing the locks on a rental property is between tenancies. This practice ensures that new tenants start fresh, with no concerns about previous tenants having access.
  • After a Break-In: If the property has been broken into, changing the locks is critical to securing the premises. This also gives peace of mind to your tenants.
  • Upon Tenant Request: If a tenant requests a lock change for security reasons, consider their request seriously to maintain trust and ensure their safety.

Legal Considerations

Before changing the locks on a rental property, it’s essential to understand the legalities. Landlord-tenant laws are strict so it’s wise to check the AST (Assured Shorthold Tenancy Agreement).

  • Notice Requirements: Landlords will need to provide notice before changing the locks on a rental property, if a tenant is in situ.
  • Tenant Rights: Ensure that changing the locks does not violate tenant rights. Tenants are entitled to access their rental at all times.
  • Emergency Situations: In emergencies, immediate lock changes might be permitted. In this case it’s crucial to follow up with proper notice if required.

How to Change the Locks

Changing the locks on a rental property in Peterborough can range from a simple DIY project to hiring a professional locksmith. Here’s how to approach it:

  • DIY Lock Change: If you’re handy, changing the locks yourself can be cost-effective. You’ll need to purchase the new lock sets that match the door type and follow the manufacturer’s installation instructions.
  • Hiring a Locksmith: For more complex locks and to ensure the job is done correctly, hire a professional locksmith. They can also provide advice on the best types of locks for your property.

Choosing the Right Locks

  • Quality and Durability: Opt for locks that meet industry security standards and are known for their durability. BS3621 is the thief-resistant standard required for all external ground floor locks on residential properties.
  • Type of Locks: Consider deadbolts, electronic locks, or smart locks, depending on the level of security and convenience you want to offer your tenants.
  • Key Control: Look for lock systems that prevent unauthorised key duplication, adding an extra layer of security.

Best Practices

  • Keep Records: Document when locks are changed and keep a secure record of key distribution.
  • Regular Maintenance: Regularly check locks for signs of wear or tampering and address any issues promptly.
  • Tenant Communication: Communicate clearly with your tenants about lock changes. Provide them with new keys and ensuring they understand any new features or instructions.

Finally

Changing the locks on your rental property in Peterborough is a straightforward yet critical aspect of maintaining security and tenant safety. By understanding the why, when, and how, along with legal considerations and best practices, you can ensure that your property remains secure and that your tenants feel safe and valued.

Remember, the goal is not just to protect your property! You also want your tenants to trust you. Confidence will allow them to make your rental property a place they’re happy to call home.

For no-obligation advice on rental property management in Peterborough please contact our expert property team at PTL Lettings on 01733 555183 or email info@ptl-lettings.co.uk.

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8 Essential Tips for Finding the Best Tenants in Peterborough

How To Attract The Best Tenants For Your Rental Property

Finding the best tenants for your rental property in Peterborough is one of the most crucial aspects of being a landlord. Good tenants ensure timely rent payments, treat your property with respect, and leave it in excellent condition when they move out. But how do you attract reliable tenants who will make your life as a landlord easier? In this article, we’ll cover eight essential tips for finding the best tenants in Peterborough.

1. Define Your Target Tenants

The first step in finding the right tenants is defining who your ideal renters are.

  • Are you targeting students, professionals, or families?
  • Would you prefer a long-term tenant or short-term arrangement?

Identifying your target audience is critical because it affects how you market the property. Your property management company or letting agent can help tailor your marketing strategy to attract the right demographic.

For example, young professionals may be interested in proximity to transport links and nightlife, while families will likely prioritise schools and parks. Taking the time to clarify this upfront will make the entire process smoother.

2. Market Your Property Well

Effective marketing is essential for ensuring your property stands out, especially when competing with numerous other rental property listings in Peterborough.

Key Tips for Marketing:

  • Professional Photos: Invest in high-quality photos that highlight your property’s best features.
  • Clear Descriptions: Use concise and engaging descriptions aimed at your target tenants.
  • Highlight Key Features: For professionals, focus on transport links and local amenities; for families, emphasise nearby schools and family-friendly spaces.

Pro Tip: Hiring a local letting agent like PTL Lettings can give you an edge. We have the expertise to showcase your property effectively and help you attract high-quality tenants.

3. Don’t Restrict Yourself

To find the best tenants, cast a wide net. The more exposure your property gets, the greater your chances of securing the right tenants.

Expand Your Reach: Ensure your property is listed on major property portals, share it on social media, and consider advertising on online marketplace websites or local forums to broaden your search.

At PTL Lettings, we use social media marketing to give every property maximum visibility.

4. Entrust Viewings to Your Letting Agent

Meeting potential tenants in person during viewings allows you to assess whether they’ll be a good fit. If you’re using a letting agent, they can handle the viewings and provide feedback on the applicants.

Key Questions to Ask Your Letting Agent: Will they conduct individual viewings, group viewings, or an open house session? How will they evaluate potential tenants? If possible, attend the final viewing to get a personal impression before making your decision.

5. Carry Out Comprehensive Tenant Checks

Carrying out thorough screening on prospective tenants is crucial to avoid future problems.

Here’s what you need to focus on:

  • Right to Rent checks confirm whether a tenant is legally allowed to rent in the UK. Failing to perform this check can result in a hefty fine.
  • Credit checks and references verify their financial stability.
  • Employment verification ensures the tenant has a stable income to meet rent obligations.

Tip: Partnering with an experienced letting agent like us ensures all these checks are completed properly and legally.

6. Present the Rental Property Properly

A well-presented property attracts better tenants. Before listing your rental, take the time to prepare it by fixing any small maintenance issues like broken fixtures or peeling paint, giving it a deep clean, and applying a fresh coat of paint. First impressions matter! A tidy, well-maintained property encourages tenants to treat it with respect.

7. Improve Your Property’s Kerb Appeal

First impressions aren’t just about the interior – kerb appeal is equally important. Weed the front garden, add some greenery like plants or hanging baskets, and check external fixtures like outdoor lights and gates to ensure they’re in good condition. When prospective tenants see a well-maintained exterior, they’re more likely to be responsible tenants.

8. Showcase a Blank Canvas

Before you photograph the property or conduct viewings, remove any personal items or clutter. A blank canvas helps potential tenants imagine themselves living in the space. This means clearing out unnecessary furniture, keeping décor neutral, and highlighting the property’s spaciousness and natural light.

PTL Lettings are local experts in residential lettings and property management in Peterborough. We’d love to help you find the right tenants for your rental. Call us on 01733 555183 or email us at info@ptl-lettings.co.uk to get started!

In the meantime, we’ve answered some of your common questions about finding the best tenants for your rental property.

FAQs

How do I find reliable tenants in Peterborough?

Define your target tenants, market your property effectively, and carry out thorough tenant checks. Working with a trusted letting agent can also help.

What checks should I perform on potential tenants?

Ensure you carry out the Right to Rent check, credit checks, and verify employment and rental references.

Is it better to manage viewings myself or use a letting agent?

Using a letting agent can save you time and effort. They have experience in assessing tenants and will handle the logistics, ensuring your property is shown in the best light.

How can I improve my property’s kerb appeal?

Simple steps like tidying the front garden, adding plants, and repainting external fixtures can make a big difference.

Why is it important to present the property well?

A well-maintained property attracts better tenants who are more likely to respect the space and meet your expectations.

Should I advertise my rental property on social media?

Yes! Social media can help you reach a broader audience and connect with potential tenants quickly.

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What is an AST?

What is an AST?

An AST, or Assured Shorthold Tenancy, is the most common type of tenancy agreement between landlords and tenants in the UK. It is a legally binding contract between a landlord and a tenant that outlines the terms and conditions of renting a property.

At PTL Lettings, we believe that understanding what is an AST is crucial to protecting both renters’ and landlords’ rights and obligations, ensuring a smooth rental experience.

Whether you’re a first-time renter or an experienced tenant, navigating the details of an AST can sometimes feel overwhelming. That’s why PTL Lettings is committed to breaking down the complexities of these agreements, so you can approach your tenancy with confidence.

By knowing your rights and responsibilities upfront, you can avoid common pitfalls and ensure you have a positive relationship with your landlord from the start. Let’s explore the key features of an AST and how they affect tenants.

Key Features of an AST

Fixed-Term vs. Periodic Tenancy

An AST can be set for a fixed term, typically six months or a year, or it can roll on a periodic basis (usually monthly) after the fixed term expires. During the fixed term, both the landlord and tenant are bound by the terms of the agreement. After this period, the tenancy can continue unless either party gives proper notice. At PTL Lettings, we can help you navigate these terms, whether you’re dealing with a fixed-term or periodic tenancy.

Rent and Deposit Protection

The AST agreement will specify the rent amount, when it’s due, and how it should be paid. Additionally, any deposit taken must be protected in a government-approved tenancy deposit scheme, such as the Tenancy Deposit Scheme (TDS), Deposit Protection Service (DPS), or MyDeposits. When working with PTL Lettings, we ensure that all deposits are securely protected in line with legal requirements.

Landlord’s Responsibilities

Under an AST, landlords must maintain the property in a good state of repair, ensure it meets health and safety standards, and provide necessary certificates, such as the Energy Performance Certificate (EPC) and Gas Safety Certificate. Our team at PTL Lettings ensures that all landlords meet these responsibilities, safeguarding your living conditions.

Tenant’s Obligations

As a tenant, you are expected to pay your rent on time, keep the property in good condition, and adhere to the terms of the agreement. This includes not causing nuisance to neighbours and seeking permission before making any alterations to the property. PTL Lettings assists tenants in understanding their obligations and ensures that communication between landlords and tenants is clear and effective.

What Happens When the Tenancy Ends?

When your AST reaches its end, there are a few possible outcomes:

Renewal of the Tenancy

If both parties are happy, the tenancy can be renewed for another fixed term, often with the same terms or with new conditions agreed upon. PTL Lettings can handle the renewal process, ensuring everything is in order for both parties.

Rolling Tenancy

If no action is taken, the tenancy automatically becomes periodic. This means that it continues on a month-to-month basis until either the tenant or landlord decides to end it. PTL Lettings provides clear guidance and support during this transition.

Ending the Tenancy

If you wish to end the tenancy, you must provide written notice to your landlord, usually one month for a periodic tenancy or as stated in the agreement for a fixed term. Similarly, landlords need to give at least two months’ notice if they want to regain possession, usually through a Section 21 notice. PTL Lettings is here to assist with the notice process, making it stress-free for both landlords and tenants.

Can the Rent be Increased During a Fixed-Term AST?

Rent increases during a fixed-term AST are usually only allowed if both parties agree or if the contract includes a rent review clause. In periodic tenancies, landlords can increase rent annually by providing the tenant with proper notice, usually one month in advance. At PTL Lettings, we ensure that any rent adjustments are fair and compliant with current regulations.

What Rights Do Tenants Have Under an AST?

Protection from Unlawful Eviction

Under an AST, tenants are protected from unlawful eviction. Landlords must follow the correct legal process, and you cannot be forced out without a court order, even after your tenancy ends. If you’re renting a property in Peterborough, PTL Lettings ensures your rights are fully respected.

Right to Peaceful Enjoyment

You have the right to live in your rental property without unwarranted interference from the landlord. While landlords can inspect the property, they must give you at least 24 hours’ notice and visit at a reasonable time, unless it’s an emergency. PTL Lettings liaises between tenants and landlords to ensure that this right is upheld.

Repairs and Maintenance

If something breaks down, such as the heating system or plumbing, it’s the landlord’s responsibility to fix it in a reasonable time. Always report any issues promptly and in writing to ensure they are addressed. We provide a reliable maintenance service for all properties to rent in Peterborough, ensuring that repairs are handled quickly and efficiently.

What Are the Consequences of Breaking an AST?

Breaching the terms of your AST, such as by failing to pay rent or damaging the property, can lead to serious consequences, including eviction. However, landlords cannot simply evict you for minor issues without following the proper legal process. If there’s a dispute, we can help resolve it through mediation or by guiding you through the legal process.

Understanding your Assured Shorthold Tenancy (AST) agreement is key to a successful and stress-free renting experience. At , PTL Lettings we’re here to guide you through every aspect of your tenancy, from understanding your rights to managing communication with your landlord.

Whether you’re renting for the first time or looking to renew your tenancy, we’re committed to making the process as smooth as possible.

Please enquire here.

Looking for a property to rent in Peterborough? PTL Lettings is here to support you every step of the way.

Landlord looking for help with property management? With our expert services, you can trust us to handle everything from AST agreements to maintenance and legal compliance.

Contact us today at PTL Lettings and let us take the stress out of finding or managing a rental property in Peterborough.

Call us on 01733 555183 or email info@ptl-lettings.co.uk to find out how we can help you.

In the meantime, we’ve answered some of your common questions about AST’s.

Frequently Asked Questions About AST’s

1. Can I leave my AST early?

Yes, but only if your landlord agrees or if there’s a break clause in your tenancy agreement. Otherwise, you may be liable for rent until the end of the agreed term. We can assist you in negotiating an early termination if necessary.

2. What should I do if my landlord isn’t protecting my deposit?

You can raise a dispute with a tenancy deposit scheme or take legal action. It’s a legal requirement for landlords to protect your deposit. PTL Lettings ensures that all deposits are correctly handled, providing peace of mind for tenants.

3. Can my landlord enter the property without permission?

No, your landlord must give you at least 24 hours’ notice and visit at a reasonable time unless it’s an emergency.

4. What happens if I can’t pay my rent?

Speak to your landlord immediately. They may offer a payment plan or some leniency. Persistent non-payment could lead to eviction, but this should be the last resort.

5. What is a Section 21 notice?

A Section 21 notice is used by landlords to regain possession of the property at the end of an AST without having to provide a reason. They must give you at least two months’ notice.

6. Can I make changes to the property?

You usually need written permission from your landlord before making any alterations, even minor ones. Check your AST for specific clauses related to changes.

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The Landlord’s Dictionary: Important Terms to Know

the landlords dictionary

Are you considering investing in a rental property in Peterborough? If so, understanding the various terms and jargon associated with property management is crucial for your success. From legal terms to property management lingo, our landlords dictionary is your go-to resource. It provides clear explanations that can help you feel more confident in managing your investment. In fact, having a reliable landlords dictionary at your fingertips can make all the difference when it comes to keeping things organised and manageable.

Whether you’re inheriting a family property, starting fresh with a new buy-to-let investment, or expanding your portfolio, navigating the complexities of rental agreements, tenant relations, and property maintenance can often feel overwhelming. This is exactly where our landlords dictionary proves invaluable.

Our guide will help break down the essential terms, ensuring you fully understand the jargon so you can manage your properties with ease. With the right knowledge, you’ll be better equipped to handle any situation that may arise.

At PTL Lettings, we like to make your life as a landlord as simple and stress-free as possible. With our landlords dictionary, you’ll have everything you need to stay informed and prepared.

Read our guide, keep it handy, and take the guesswork out of property management.

The Landlords Dictionary: Jargon Explained

Allowable Expenses

Allowable expenses are expenses that are “wholly and exclusively for the purposes of renting out the property.” These expenses are deducted from your rental income, therefore reducing the amount of taxable profit you’ll need to pay tax on.

Annual Percentage Yield (APY)

This term refers to the total return you expect to receive on your investment over a year, expressed as a percentage. It factors in the rent you receive and also any appreciation of the property. Additionally, understanding potential yield allows you to compare different rental properties in Peterborough and assess their profitability.

Assured Shorthold Tenancy (AST)

This is the most common type of tenancy agreement in England and Wales. ASTs typically last for six or twelve months and offer flexibility for both landlords and tenants. Tenants also have the right to ‘quiet enjoyment’ of the property and must give two months’ notice before leaving the rental.

Deposit Protection Scheme (DPS)

Landlords in England, (Wales, and Scotland) are legally required to protect tenant deposits using a government-approved scheme. The purpose of this is to safeguard the tenant’s money in case of any deductions for damages beyond normal wear and tear.

Energy Performance Certificate (EPC)

An EPC is a document that rates the energy efficiency of a property on a scale from A (most efficient) to G (least efficient). Therefore, having a good EPC rating can attract tenants who prioritise energy-saving features and can potentially help you achieve a higher rent.

Gas Safety Certificate

This is a legal requirement in England and Wales for all rented properties with gas appliances. Crucially, landlords must ensure a qualified engineer inspects the gas appliances every year and provides a valid Gas Safety Certificate.

Guarantor

A guarantor is a third party who agrees to be financially responsible for a tenant’s rent if they default on their payments. Importantly, this can be helpful for landlords who are renting to students or those with limited or poor credit history.

Holding Deposit

This is a non-refundable fee a prospective tenant pays to reserve the property while their application is being processed. Holding deposits are typically capped at one week’s rent.

Inventory Report

A detailed record of the property’s condition at the start and end of a tenancy is crucial. Inventory reports typically include photographs and descriptions of the property’s fixtures, fittings, and any existing damage. These reports are important for resolving any disputes over deductions from the tenant’s deposit.

Inventory Check-Out

This is the process of inspecting the property with the tenant at the end of the tenancy to assess any damage beyond normal wear and tear.

Landlord Insurance

This is a specialised type of insurance designed to protect landlords against financial losses associated with their rental property. Unlike standard home insurance, landlord insurance can include buildings, liability, loss of rent and legal expenses cover.

Letting Agent

Letting agents (or property management companies) manage the rental process on behalf of landlords. This can include finding tenants, conducting viewings, drawing up tenancy agreements, and handling rent collection and maintenance issues. Letting agents typically charge a fee for their services.

Letting Fee

This is the fee charged by letting agents for finding a tenant and managing the rental process.

Maintenance

Landlords are responsible for maintaining the rental property and keeping it in a good state of repair. This includes repairs to essential services like plumbing, heating, and electrical systems. Additionally, upkeep to the structure of the property itself should be taken care of. Tenants are responsible for general upkeep and reporting any issues promptly.

Mortgage Interest Relief

With a buy-to-let mortgage, landlords can claim tax relief on a portion of the mortgage interest payments. This means that, instead of being taxed on the full rental income, landlords can offset some of the interest paid on their mortgage against their rental income, reducing their overall tax bill.

Notice Period

This refers to the amount of notice a tenant or landlord must give to terminate the tenancy agreement. The standard notice period for tenants in an AST is two months, however, landlords typically require longer notice periods for repossession.

Rent Arrears

This refers to the unfortunate situation where a tenant falls behind on their rent payments. Landlords have legal options to recover unpaid rent, however it’s always best to try and communicate with the tenant first to find a solution.

Rent Guarantee Insurance

This type of insurance protects landlords against financial loss if a tenant defaults on rent payments. Costs vary between providers, therefore it’s important to get several quotes.

Rent Review

The process of renegotiating the rent amount with the tenant is typically done at the end of a fixed-term tenancy.

Right to Rent Checks

Landlords in England have a legal duty to conduct “Right to Rent” checks to ensure their tenants have the legal right to be in the UK. This typically involves verifying passports or visas.

Section 21 Notice

A Section 21 notice is a legal document used by landlords in England and Wales to repossess a property at the end of a fixed-term tenancy agreement. This is provided they have complied with all their obligations under the tenancy agreement. The Labour government is seeking to scrap section 21 so it’s crucial to stay up to date with local developments on this.

Selective Licencing

In certain areas of the UK, local authorities may require landlords to obtain a selective licence to rent out a property. This is typically done in areas with high concentrations of rented properties to ensure proper management standards. Ask the team at PTL Lettings if you have a rental property in mind and we can advise you.

Tenancy Agreement

This is a legally binding contract between the landlord and tenant outlining their respective rights and responsibilities. It includes details such as the rent amount, payment schedule, deposit information, notice periods, and maintenance responsibilities.

Tenancy Deposit Scheme Dispute Service (TDS DRS)

If a dispute arises regarding deductions from a tenant’s deposit, both landlord and tenant can access a free mediation service offered by the TDS.

Unfurnished vs Furnished Tenancy

Understanding the difference between these tenancy types helps clarify what is included in the rent and the landlord’s responsibilities regarding furniture and appliances.

Wear and Tear

Normal wear and tear refers to the deterioration of a property that occurs through everyday use. Examples might include faded paintwork, worn carpets, and minor scratches on floors. Landlords cannot deduct from a tenant’s deposit for normal wear and tear.

What Next?

We hope our landlords dictionary is helpful! Understanding these key terms will empower you to make informed decisions as a landlord. Remember, there’s always more to learn, and the team at PTL Lettings is here to help!

With knowledge and preparation, you can navigate the world of property lettings in Peterborough with confidence and success.

Rental Property Management in Peterborough

At PTL Lettings we are your local property management experts in Peterborough. If you need expert letting or property management services to help market and manage your property, our experienced team can help.

Contact us today on 01733 555183, book a valuation or browse our letting and property management services .

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What Are Holding Deposits? A Guide for Peterborough Landlords

what is a holding deposit

As a landlord in Peterborough, you may ask what are holding deposits, and wonder how they work. Two common questions our team at PTL Lettings often answer are:

“Why are holding deposits needed?“

“When is a holding deposit returned?”

To help, the PTL Lettings team has compiled an overview so you can gain an understanding of holding deposits for landlords.

What Are Holding Deposits And Are They The Same As A Tenancy Deposit?

Confusion arises when landlords mistake a holding deposit and a tenancy deposit as the same thing. This isn’t the case. A holding fee is money prospective tenants pay when they apply for a rental property in Peterborough.

This secures the property and is made before the individual becomes a tenant. Once the deposit is paid, landlords are legally obligated to remove the rental property in Peterborough from the market. Legally, a holding deposit can only be the maximum amount of one week of rent. A tenancy deposit differs and is paid before the tenant moves into the rental property. This can be a maximum of 5 weeks’ rent in England if the annual rent is under £50,000. It’s six weeks’ rent if the annual rent is over that figure.

A tenancy deposit is placed into one of the deposit protection schemes approved by the government . If this doesn’t happen within 30 days of its receipt, landlords may face penalties. Holding deposits are not required by law to be included in one of the deposit protection schemes.

The Tenant Fees Act of 2019 introduced by the government aims to make the private rental market easier for tenants. It achieved this by removing administrative charges and high initial expenses that would often overwhelm first-time renters.

Among the reforms was the adjustment of the amount of holding deposit landlords can request from tenants.

Reference Checks And Holding Fees

Once a tenant has paid, the landlord carries out reference checks. When the tenant passes those checks, the next step is to sign the tenancy agreement and arrange a move-in date. Should the tenant fail the checks however, the amount paid as a holding deposit will come into play.

PTL lettings can help with referencing and all other aspects of letting your property.

Can A Prospective Tenant Get A Holding Deposit Back if They Fail Referencing?

Failing the referencing process doesn’t automatically give the landlord the right to withhold any sums paid. However, if the tenant has provided false or misleading information, the landlord has the right to keep the holding deposit. If the tenant doesn’t pass the affordability checks, the landlord may still offer a tenancy. In this case, the tenant would need to find a guarantor or pay rent upfront. If the landlord chooses to no longer proceed with renting a property, the tenant will receive their deposit back.

In a similar vein, if the tenant submits their application and progresses to referencing before backing out, retaining the deposit is often the course of action.

When Is A Holding Deposit Returned?

When the deposit is paid by the tenant, an agreement with the landlord must be reached within 15 days. If this deadline is not met and the tenant has done all they can to secure a tenancy, the landlord must refund the full deposit within 7 days. When everything goes smoothly with the tenant’s application, the tenant will receive the amount of their deposit back. This is usually in the form of a deduction from the first month of rent paid.

Are Tenant Fees And Holding Deposits The Same Thing?

Holding deposits aren’t fees that tenants are charged. Rather, they’re safety measures that protect landlords and their agents from any financial losses. A ban on tenant fees enacted in 2019 has caused some confusion. However, since tenants receive back the amount they pay, it isn’t deemed to be a fee. Therefore, it’s entirely acceptable and encouraged.

Want to Learn More About Holding and Tenancy Deposits?

To find out more, please get in touch with the lettings in Peterborough team at PTL Lettings on 01733 555183 or email info@ptl-lettings.co.uk.

Property to let? For a free valuation click here

Frequently Asked Questions

What’s the difference between a holding deposit and a tenancy deposit?

A holding deposit secures the property during the application process (maximum one week’s rent). A tenancy deposit protects against damage during the tenancy (maximum 5 or 6 weeks’ rent).

Can I keep the holding deposit if a tenant fails referencing?

Only if they provided false information. You can still rent to them with a guarantor or upfront rent.

When should I return a holding deposit?

If an agreement isn’t reached within 15 days or the landlord pulls out, the full deposit should be returned within 7 days.

Are holding deposits banned by the Tenant Fees Act?

No, because the tenant gets the money back (usually deducted from the first month’s rent). It’s not considered a fee.

Rental Property Management in Peterborough For landlords

At PTL Lettings we are your local experts for property management in Peterborough. If you need expert letting agent or property management services or advice, our experienced team can help. Contact us today on 01733 555183 or email info@ptl-lettings.co.uk.

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A Guide to Purchasing a Buy-To-Let Property in Peterborough

A Guide to Purchasing a Buy-To-Let Property in Peterborough

If you’re considering Becoming A Landlord In Peterborough, there are many elements to consider and understand before you purchase a property. The process of buying a buy-to-let property differs from buying a residential property that you will live in yourself, so it’s good to know exactly what to expect.

Of course, it’s a long-term investment that shouldn’t be made in haste, so if you’re reading this, you are probably looking for the right kind of information.

Our team at PTL Lettings are experts in buy-to-let advice, so here is our straightforward guide to purchasing a buy-to-let property in Peterborough.

What is Buy-to-Let?

First things first, the basics. Buy-to-let is a property specifically purchased with the intention to rent it out to tenants. It’s an investment property that can generate a monthly income. As long as the rent being charged is higher than the monthly buy-to-let mortgage payments that is!

A buy-to-let mortgage is different to a residential mortgage, and if you can’t afford to simply buy the property outright, you will need to apply for one.

When applying for a standard mortgage, your income is taken into consideration, whereas with a buy-to-let loan, the lender considers the potential rental income as your primary income source, and considers your personal income as secondary. The interest rates tend to be lower, but they have larger upfront fees, so keep that in mind.

Moreover, deposits on buy-to-let mortgages are also typically larger than the deposit needed for a standard mortgage, so expect to put down at least 25%.

What kind of buy-to-let property should you buy?

The right property is important and can include factors such as the location in proximity to amenities and transport, as well as the neighbourhood and the demand in the area.

Much like when you’re searching for your own place to live, you should ensure you do adequate research into the area you want your buy-to-let property to be located in.

Consider what kind of tenant you want to target and include that in your research. If you’re trying to rent to families, your best bet is to find a property in the suburbs close to good schools.

If you want to rent to students, a property near a university and with cheap restaurants and nightlife is key. Keep in mind, the type of tenants you have renting from you can affect your mortgage, as many lenders have restrictions on student rentals, for example.

Do you need buy-to-let insurance?

The short answer is yes; you should have buy-to-let insurance (also known as landlord insurance). It gives you coverage for the building and the contents inside and any landlord liabilities.

Building insurance is often required by your mortgage lender in order to secure a loan. This will compensate you if your property is destroyed or damaged. The insurance will cover the repairs or rebuilding costs so you don’t have to pay huge expenses out of your own pocket.

Contents insurance will cover any furniture inside the property. It’s a smart idea to get contents insurance even if your buy-to-let property is unfurnished. You can choose what level of cover you require, and it can protect any curtains, carpets, and other furnishings that remain at your property between tenants.

If you choose to rent your property unfurnished or furnished, your tenants will be responsible for their own contents insurance. They will also be responsible for personal belongings when they move in.

Landlord liability is mostly your choice. However, if you’re renting to students, for example, there may be a minimum level required. This covers you for any injuries or deaths of any tenants or visitors in your property.

Do you need to use a letting agent?

This answer is dependent on the budget you’re working with, how much time you have, and the level of involvement you wish to have with your buy-to-let property.

If you want to take a hands-off approach, it is a good idea to enlist the help of a professional, experienced lettings agency for your property management in Peterborough.  

Choosing a letting agent like us means we will help you carry out credit checks on your potential tenants, help you come up with a letting contract, chase late rental payments for you, help with any maintenance on site that needs to be done, and assist with mandatory safety and efficiency checks for gas and energy.

The fees to work with a letting agent typically include paying an ongoing fee to manage the property which varies. It’s always best to speak with your chosen letting agent to get a complete idea of costs.

Generally, utilising the services of a letting agent can take a big burden off your shoulders if you are a budding landlord!

At PTL lettings we offer services that are right for your individual needs. We deal with every landlord independently and our highly trained staff will help you with any concerns you may have.

What Next? Want to Learn More About Buy-to-Let Property?

For professional advice on purchasing a buy-to-let property in Peterborough, contact our expert team at PTL Lettings on 01733 555183. Alternatively, email info@ptl-lettings.co.uk, or book a valuation and we will be delighted to help. We deal with every landlord independently to meet their needs.

You may also be interested to read 8 Things Every Landlord Should Know

In the meantime, here are the answers to the most frequently asked questions about purchasing a Buy-To-Let property:

Frequently Asked Questions About Buying a Buy-to-Let Property

How much tax will I pay on my buy-to-let income?

You’ll pay income tax on rental profits (rental income minus expenses). Mortgage interest tax relief helps offset some of this cost.

What about capital gains tax when I sell my buy-to-let property?

Yes, you’ll likely pay capital gains tax on the profit you make when you sell your buy-to-let property. There’s an annual tax-free allowance to consider.

Is a buy-to-let property a good investment?

Rental yield (your annual rental income as a percentage of the property value) is a key consideration. It should cover your buy-to-let mortgage interest and other expenses.

Do I need to pay stamp duty on a buy-to-let property?

Yes, stamp duty rates for buy-to-let properties are typically higher than residential purchases as it’s not your main home. Talk to a financial advisor about the specific costs involved.

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