What’s the best way to handle a vacant rental property? From Waterloo to Wapping, a void property can fill any South East London landlord with dread. It’s not easy to watch your apartment in Shad Thames or Elephant & Castle sit empty when it could be generating £2,500 pcm or more. On top of that, you have to cover additional costs until a new tenant is found.
But it’s not all doom and gloom. There are ways to manage void periods more effectively, ensuring you don’t store up problems for the future. Landlords can also try a few tips and tricks to reduce void periods to a minimum.
Whether you are currently managing a void property, or just planning ahead, read on for our advice on how to effectively manage void properties.
Being a landlord in London can be confusing. There are over 170 Acts & Regulations to consider, so, how do you know if you are compliant?
A void period means a time when your rental property is empty while you wait for a new tenancy to begin – perhaps if you have had to evict a tenant who has damaged your property or not paid rent. Not only do you have to handle the lack of rental income and cover the costs of marketing to potential tenants, as the landlord you are responsible for bills and maintaining your property’s condition.
Want to be a more informed landlord? Voids hit your income directly, so consider whether rent guarantee insurance is worth it and how furnished vs unfurnished lets affect how quickly you re-let.
A good agent who understands the local market can help you reach your target market. Discuss your property’s features and local amenities, and arrange professional photography.
Empty properties can become a target for burglars, so check that all the windows and doors are secured, and consider setting lighting timers to make it less obvious that there’s nobody home. Ensure your alarm system is set, and consider affordable CCTV cameras as an extra measure.
Notify your insurer that your property is vacant – many landlord insurance policies cover empty properties for 30 or 60 days. You should ensure that that your landlord insurance covers you for common situations like burst pipes while the property is empty.
Landlords have to pay council tax when the property is empty, but each council operates different rules. Your council tax bill could depend on whether it’s furnished or unfurnished, and if you’re actively marketing to tenants, as per Lambeth Council rules. Lambeth and Southwark landlords could face a higher council tax bill if the property is vacant for a year or more.
If the void period lasts longer than your policy covers, contact your insurance company to arrange unoccupied house insurance. It’s designed for longer vacant periods, often 12 months.
Tenants appreciate a property that’s in good condition, so be honest with yourself and carry out essential repairs and updates. A neutral but a well-presented property with fresh paintwork and up-to-date features can be more attractive to tenants.
Not all landlord insurance policies cover vacant periods, so find out. If your policy doesn’t, consider arranging it for peace of mind.
Manage void periods financially by setting aside funds to tide you over – one month in twelve is a typical starting point. You can also synchronise larger maintenance work and upgrades to fall within upcoming void periods.
Anyone’s circumstances can change, but tenant referencing and checks can help you to find reliable tenants who are likely to be settled, pay on time and treat your property with care. Your estate agent can help you to arrange it.
Setting a competitive rent could make your property more attractive to tenants. Recent ONS research found that one of the most common reason for landlords to reduce the rent is fill a void property more quickly. It’s tempting to charge the best possible rent, yet you won’t bring in any rental income if your property is sitting empty.
Instead of worrying about managing void properties, guaranteed rent schemes offer rental payments whether the property is rented or vacant. You’ll receive a fixed rental income for the duration of the agreement,
Maintaining a good relationship with your tenants could encourage them to stay on, so be professional in your communications and responsive to maintenance issues. As well as preventing a void period, you may avoid the uncertainty of losing reliable tenants and finding new ones.
A good agent can help reduce void periods – see how to choose a letting agent and how much it costs to rent out a property overall.
If you have any further questions about empty property management, contact us. We will be happy to discuss the services we offer landlords in South East London such as Borough, Lower Marsh, Surrey Quays and Vauxhall. Contact us today to talk it over.
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Lee Whitelock
Director
Being a landlord in London can be confusing. How do you make sure you are compliant?