Category: Non-Rent Monies
The popular service charge budget can be more confusing than you think. It’s often the main piece of information that a tenant receives regarding the service charge from the landlord, and therefore understandably taken at face value. As it says on the tin, this is just a budget and not the final costs.
This is probably best explained with a common example of your own monthly finances towards, say, eating and food.
So, if you’re going through your finances and budgeting for what you can spend every month, you might put £400 aside for this, and then break it down to perhaps £200 a month on your regular weekly main-supermarket shop, and then £120 a month for the smaller bits and bobs you tend to buy in the week from your local convenience...
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We have just finished the glossary of terms for the new Property Management Guide book, which is a helpful list of the sorts of phrases and references you come across in the world of property management.
Some of these are more obvious than others, plus some are a little more helpful, too. I have therefore just noted my personal top-ten favourite ones below in italics. These are chosen a little at face value, and be aware of what immediately comes to mind as particularly good or unusual ones; or maybe the sorts of terms that have more meaning than you first think.
1. Adverse Possession
The right of people occupying property to eventually take ownership of it. This sounds too good to be true, but if you occupy land and property long...
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With tomorrow being Valentine’s Day and people sending cards and gifts to their loved ones, why not take a moment to show some love and attention to your property interest.
It is probably a huge investment and benefit in your life, and something you would miss if it was not there, so although it may sound a little strange, here are a few ideas to show a little tender-loving care and interest to your bricks and mortar this Valentine’s season:
1. Give it a Lick of Paint
All those currently-painted parts like windows, doors, and roof fascias would not only look a lot better but reflect back in higher rents and values and if done correctly with the right preparation. This will make the base-material of, say, wood or metal last for many...
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Here are various blog resources related to the rent that is paid at properties, whether you're a landlord receiving, tenant paying, or middle-man managing. Right through from how to correctly charge and collect to how it needs to change over time, this is often the most important factor to managing let properties, and includes simular variations such as licence fees.
Here are various blog resources related to non-rent monies and payments, for example service charges, fees, and other costs and charges. These can be directly charged or hidden away, and are important to know what you may have to pay or might be able to charge another property interest for.
Here are various blog resources related to the insurance of properties, ranging from the main building cover to ancillary ones like contents. Whether it's the premium to pay or the policy to correctly arrange, these help explain what's needed from the perspective of different property interests.
Here are various blog resources related to all the different property interests, from landlords & tenants, to investors & occupiers, to all other third-party interests. These cover general factors to consider for a particular interest, to more detailed issues to resolve for a particular course of action.
Sales & Lettings
Here are various blog resources related to the sales & lettings of a property, and all related transactions. Whether you're involved in these directly yourself, or you're working with other sales/letting agents and interests, these help highlight important property managemnet factors to consider.
Leases & Titles
Here are various blog resources related to all forms of leases, titles, and legal documentation involved with property interests. Whether a straight forward lease agreement or complicated legal documentation, here is help to understand what you're trying to achieve and then practically how to easily do this.
Here are various blog resources related to all the taxes involved with property interests, from VAT and SDLT, to income and capital gains, to rates and council tax. These will help you work alongside other accounting and tax advisors to make sure you cover all bases to reduce your overall tax liabilities.
Services & Compliance
Here are various blog resources related to the services and compliance at a property. These range from say your fire and health and safety compliance, through to services like cleaning and utilitities. These resources help provide an overview of each area without getting too technical, so you can plan it all in at the right time and best cost.
Here are various blog resources related to any other general subjects involved with properties and their interests. So whether it's the basics of property management, or more specific property issues and queries that don't naturally fall in the other categories, you'll find them all here.
Condition & Repairs
Here are various blog resources related to the condition of a property and any repairs and alterations required, with sub categories of Condition and Repairs. Whether it's a reactive roof repair, pro-active maintenance plan, or carefully-chosen contractor - these help explain how to effectively keep properties in the right condition.