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Property Insurance: Buy-to-Let Landlord from jml Insurance Services

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Although properties to let out have been purchased in the UK over the past thirty years, the increase in popularity has come about following the rental legislation and the Housing Act of 1988 that deregulated the rental market with the introduction of the Assured Shorthold Tenancy. The term "Buy-to-Let" came into fashion following the initiative with ARLA and certain mortgage providers.

Over the last ten years people have been purchasing property in the UK and overseas. Some have purchased as part of their pension arrangements, others because they want additional income.

It is always best to seek professional advice in each instance before deciding on a property. There are a host of factors that may influence the type of property that is acquired as well as the geographical area that is chosen.

You should also take into consideration the following:

  • Length of lease, if leasehold
  • Service charge and consents to let from freeholder - Some freeholders in blocks of apartments charge for every consent to let and this can be expensive and although you might be able to offset this against Income Tax, it could eat into your rental income.

Check out the lease before purchasing.

  • You should also check out the level of service charges for an apartment. If the propertyhas a lift you will have to pay an equal share of maintenance, even if the apartment you are thinking of buying is on the ground floor.
  • Developments with indoor pools and saunas might appear attractive, but you might not necessarily achieve a higher rental than in a comparable that does not have those facilities.
  • Location of property
  • Floor level if you are purchasing an apartment
  • Many modern apartments offer a living room, kitchen, double bedroom with en-suite shower room, family bathroom and a small single bedroom. This immediately cuts down the rental potential for two people sharing who want nearly equal size bedrooms.
  • Some developments do not provide parking. Even if a tenant walks or takes public transport to work, from experience the majority of tenants still have cars that they use for leisure and food shopping etc.
  • Property type - 4 bedroom property should have at least two bathrooms etc.
  • Bungalows might not always be such an attractive proposition as they have often have long gardens and these have to be maintained. Tenants these days do not generally like gardening, so you have to provide a garden service.
  • Amount to be spent on the property - New bathroom & Kitchen, decoration levels


Buy-to-Let Landlord Products:

Landlords' insurance from HomeLet for Landlords in England, Scotland, Wales and N.Ireland logo
Landlords' insurance from HomeLet for Landlords in England, Scotland, Wales and N.Ireland

HomeLet Landlord Insurance — for Landlords in England, Scotland, Wales and N.Ireland...

HomeLet Landlord and Tenants logo
HomeLet Landlord and Tenants
HomeLet Landlord and Tenant Rental property insurance
Intasure offering an extensive range of Commercial Insurance Products logo
Intasure offering an extensive range of Commercial Insurance Products
For any business it is vital to have the correct insurance in place to meet its statutory requirements

Andrew Copeland International Property Insurance logo