Letting Agents Liverpool - Landlords Seek Advice, You're Not Alone!
Saturday 3rd July 2021
Letting Agents Liverpool - Landlords Seek Advice, You're Not Alone
The rental and buy-to-let market in Liverpool is starting to reignite after the past 18 months of the Covid-19 pandemic. The phones and e-mails have been hot this week with buy-to-let Liverpool property investors from home and overseas seeking advice and assistance, particularly with new acquisitions and property management. Letting agents in Liverpool are very busy, not just Tuna Fish.
One thing which struck me, is that there are many very well-meaning Liverpool property investors out there, some of whom have entered the Liverpool property investment sector with their eyes wide shut. This is not a criticism, as I wouldn't know my way around their professions or businesses, but property investment and management does require professional advice to avoid the many potential trip hazards. This is even more vital if you do not live in Liverpool or Wirral.
New carpets do not make a refurbished property!
I viewed one such property on behalf of an buy-to-let investor from the Midlands (of England) who proudly told me on the telephone it was renovated and tenant ready. Well, not to my standard and no doubt many other lettings and property management agents in Liverpool or anyone for that matter reading this.
Making statements with feature walls is all very well if its your choice or taste, but can be completely overwhelming for someone else. Poor finishes on the paintwork, non-compliant lighting in the kitchen and bathroom and a lack of adequate smoke and heat detection, left a lot to be desired. On a positive note it had an up-to-date EICR and Gas safety certificate, but new carpets do not make a refurb!
I had a list the long as your arm for snagging and further works by the contractor that the investor found in the Yellow Pages, not even a recommendation, but suffice it to say, he's been paid in full and now too busy on other jobs.
Self-Management is fine, until something goes wrong
Often we get calls from buy-to-let property investors in Liverpool and Wirral who self-manage; they live here, elsewhere in the UK or even overseas (Non-UK resident landlords). It is very difficult to self-manage when you live in Liverpool, but from afar is even more difficult when things go wrong:
1. What if the tenant stops paying the rent?
2. What if Housing Benefit or Universal Credit stops paying the rent?
3. Property maintenance and management issues?
4. Property inspections?
5. Void periods?
6. Deposit disputes
7. Legal compliance
The list is endless and this week we have gained two new landlords who are having difficulties. Remember, seek advice, you're not alone, we are just a call or e-mail away and nothing surprises us.
Tuna Fish recently assisted a new landlord, an overseas national, but living in the UK with what I would call a rogue agent. I would emphasise that this agent is not a high street name, recognised by anyone reading this and not a member of a regulatory body such as UKALA. The 'letting agent' in question didn't protect the tenant's deposit, didn't apply for a landlord selective licence and didn't pay over the rent which was not held in a client account! Yes, in 2021 this still happens.
Thankfully, we sorted the entire dreadful situation and the landlord and property is now legally in the private rental sector, deposit protected, licence applied for and tenant paying rent which is then paid to the landlord. The landlord will not be facing a criminal trial with a fine up to £30,000.