Why use us?
Ten Reasons to use UPP Property
- We treat your property as if it were our own
- Expert advice on property investment
- Accurate market valuation
- Property preparation advice
- Market leading promotion of your property
- We are a magnet for tenants
- Comprehensive property management once your property is let
- Our competitive fees
- Experienced, qualified and trained team
- Professionalism and strict code of practice (ARLA Licensed Members)
We have developed tried and trusted processes from start to finish, ensuring the letting process is as smooth as possible and, most importantly, we can maximise the financial return on your property.
Our Director, David, will meet you at the property to ascertain its rental valuation. Using his local knowledge of Oakham, Uppingham, Stamford and surrounding counties including Rutland and with access to comprehensive market data, will discuss and agree a rental price with you. Price is critical – don’t over value and have your property empty or under value and not maximise the annual revenue.
Property Preparation Advice
We will share our experience with you on the best way to prepare your property for viewings to ensure a quick let, but working to a realistic budget.
First impressions count; the presentation of your property is critical to a successful let. Consider addressing any DIY jobs you have been meaning to get done, add a fresh coat of paint, professionally clean the carpets and oven, and try to 'de-clutter' to make rooms appear larger and brighter.
Full Management or Let Only?
Do you want to be “hands on” and take care of your property once let? Or, would you prefer to make use of our experienced and qualified property management team where we take the “hassle and headache” away from you? We will send you details of what is included in each service and ask you to complete a simple questionnaire so that we are 100% clear on how you would like to work with us.
Marketing Your Property
To ensure we find you the perfect tenant, we give your property maximum exposure across a wide range of media; you will automatically receive a full marketing package to include promotion on our website and the leading property websites including Rightmove and Zoopla, your property will be matched to our highly targeted database of qualified tenants who are actively searching for their next home, features within The Rutland and Stamford Mercury newspaper, property details displayed in our offices, distinctive TO LET boards and promotional activity using social media such as Twitter and LinkedIn.
Our longer opening hours, including Saturdays, are essential to maximise viewing opportunities for your property. Accompanied viewings also mean we can use our expertise to let your property as well as ensuring the security of your property.
Receiving an Application and Referencing
Once we have received an application, we will ensure you are happy to proceed to referencing. We use a dedicated independent reference agency called 'Homelet' to conduct the background checks, optimising the most comprehensive service they offer.
Preparing Your Property to be “Tenant Ready”
Prior to your tenant moving in, we will write to you with a very useful check list and discuss preparing your property for new tenants with you. It is part of our service to arrange cleaners, plumbers, electricians etc if you wish.
Signing of Tenancy Agreement and Collection of Rent & Tenant Deposit
Once you have agreed and approved the tenancy agreement we will arrange for the tenants to sign the agreement and we will collect the tenancy deposit and first month’s rent.
Included in Full Management Service only -
Inventory and Schedule of Condition
Using leading industry software we produce a very detailed inventory and schedule of condition including comprehensive photographs. This document is critical in the case of any dispute either during or at the end of a tenancy.
Notifying Utility Companies and Council Tax Departments
We will write to the utility companies (gas, electricity, water) to notify them of your new tenants and the meter readings. We will also notify the council tax office of your new tenants.
Registering the Deposit
It is a legal requirement to lodge the tenant’s deposit with an approved deposit scheme for the duration of the tenancy.
Property Management Once Let
Day to day contact for the tenant
The tenant will have only have our contact details ensuring you don’t get bombarded with calls at all times of day.
Regular property inspections
We will conduct regular inspections of your property and report our findings to you in writing. The initially inspection is after three months and then six months thereafter. Further inspections carried out if required.
Collection of monthly rent
We collect monthly rent into our client (money protected, 0% interest) bank account and forward to you via BACS with a statement. We will also provide you with annual accounts if required.
We will arrange any maintenance issues in accordance with your approval, including renewal of gas certificate if required.
Rent review and tenancy renewal
We will ensure that your rent and tenancy agreements are reviewed and actioned by the required dates ensuring you are maximising your financial return.
Move out inspection
If your tenant gives notice to vacate we will conduct a full move out inspection and determine the return of their deposit. You are invited to attend this, and we recommend you do so.
Why Buy to Let Investment?
Our Director, David, is a landlord himself and went through this very process when he purchased his first investment property. David is available to discuss what makes a good property investment based on what your objectives are. This is David's concise guide of things to consider;
Why the huge growth in letting demand and will it continue?
The UK has a housing crisis. With a growing population, house prices have become out of reach for many people and this is no exception in Stamford and Rutland. With no option but to rent, these people have the opportunity to 'save before they buy'.
In the past 5-10 years there has been a huge increase in people re-locating for work or family reasons. This is especially prevalent in Stamford and Rutland as people chose to move to the area for lifestyle reasons. With an excellent choice of state and private schools, beautiful countryside, low crime and good transport networks, families are choosing to live in Stamford, Oakham, Uppingham and Rutland villages yet perhaps work in the nearby towns/cities of Peterborough, Corby, Leicester, Nottingham - and with many people commuting daily to London.
There is sufficient evidence both locally and nationally that this shift to the rented sector is set to continue for many years.
Tenancy law changes in 1988 now means pitfalls such as sitting tenants are avoided and the introduction of 'buy to let' mortgages has made it much easier and straight forward for landlords to enter the market.
Rental Yield and Capital Growth
These are the two ways you will make money from your property investment.
Capital Growth is the increase in value of the property over time. In the towns and villages of Oakham, Uppingham and Stamford this has been excellent over the years and will always be a solid investment due to the popularity of the area and the quality of the housing stock.
Rental Yield is the annual rental return you get for your property. The simple calculation to work out the gross rental yield is:-
Annual rent divided by the purchase price of the property
Choosing The Right Property
I get asked by many potential investors “what makes a good investment property”? This really depends on what your objectives are:-
Set your objectives - Are you looking for the highest rental return, the highest capital gain, a project to do up, a low maintenance property or a property to move into eventually yourself? I expect a combination of these factors, but which are the most important to you?
Property search – Once the objectives are set, begin searching using the property portals such as www.rightmove.co.uk and www.zoopla.com. These sites provide additional information such as a useful house price index and you can also get an idea of rental values. Registering with the local estate agents means they will forward you any new properties that come onto the market.
There is demand for all types of property, but within this area, I believe the greatest long term demand will be for 2 and 3 bedroom modern properties within the towns of Oakham, Stamford and Uppingham. Other important (but not critical) factors are – parking, gas central heating, double glazing and bathroom with shower. Don’t choose a property that is necessarily attractive to you i.e. a remote chocolate box thatched cottage might be idyllic to you, but will it have the highest rental demand and lowest maintenance costs?
FREE PROPERTY CONSULTATION– Why not book an appointment with David to discuss in more detail? Click here to request an appointment.
Buy-to-let mortgages are similar to an ordinary residential mortgage and these days the interest rates and arrangement fees on buy-to-let mortgages are only slightly higher than on ordinary residential mortgages.
When considering whether to give you a buy-to-let mortgage, as well as looking at your own credit history and the property's value, the lender will also do an assessment of the likely rental income from the property. The lender's valuation report will give them this information and they will usually expect the rent to be at least 20% more than the interest payable on the mortgage (this is called "the rent to interest ratio").
Most buy-to-let lenders will only lend up to 80% of the property's value as a mortgage (this is called the "loan to value" ratio) - it means you will have to put in the other 20%. These percentages do vary greatly between lenders - as do the types of property they will lend against - so it pays to shop around a bit for the best deal. If you haven't arranged your mortgage yet, we can put you in touch with a local broker.
The key thing is to be comfortable with what you have borrowed and to be happy that if the property was empty for a month or two with no rent coming in or if interest rates went up, that you would still have enough money to pay the mortgage plus other expenses. And remember - if you are thinking of letting out your former home you must contact your mortgage company as you'll need to convert your residential mortgage to a buy-to-let one.
Viewings and Making An Offer
Use the property portals to gather as much information as possible and then arrange viewings on potential properties. Once you have found the ideal property make an offer considering the following factors:-
Make your position clear - If you have your mortgage in place and as you are not in a chain, this will be favourable to the seller.
Your budget – Set your limit based on your sums. Remember not to get emotionally attached, if the buyer won’t accept your offer it might be time to look elsewhere.
Sellers position – are they in a hurry to sell or has the property been on the market a long time? If so they might accept a reduced price?
The market – Is it a sellers or buyers market? This will affect what your seller will accept.
What Are My Costs?
Ensure you budget accordingly; here is a simple list of potential costs
- Purchase Price
- Stamp Duty (if applicable)
- Solicitor’s fees
- Mortgage payment
- Building insurance
- Agent management fees
- Annual gas certificate (if applicable)
As a landlord, you'll have to declare your income and costs - whether you make a profit or not - and keep all records, invoices, receipts and statements for up to six years.
Request and complete the “Land & Property Supplementary” pages for your tax return and the easy to follow notes from HMRC.
A large number of running costs can be offset against your rental income, including the interest payments on your mortgage, agent’s fees, maintenance etc.
Where you make a loss on your buy-to-let property, you can carry forward and set it off against rental profits in future tax years (but you cannot set it off against other income).
If you aren't resident in the UK and use a letting agent for management you can get an exemption from HMRC so that the rent can be paid over to you as a gross amount.
When you come to sell, there are a number of reliefs that are available that reduce the amount of tax you may have to pay on any capital gain you've made on the property, including 'Letting Relief' and your Capital Gains Tax Allowance.
This can be a bit more complex, so if you need to know more, we advise you to contact the Inland Revenue or your accountant.
We offer a very straight forward, simple and effective proposition to let your commercial property. Using our marketing expertise and local knowledge we will promote your property to our targeted database of clients, our website and the leading property portals such as www.rightmove.co.uk. We will carry out viewings and negotiate the deal and then pass to the landlord to arrange the lease agreement or we can arrange at an additional cost.
We cover all commercial property such as retail units, offices and industrial units.