landlord resources

Lettings & property rentals in London

Why choose us?

We are completely committed to providing a full lettings service to rental investors and looking after your buy-to-let property should you require us to manage it for you. Our success is only when we let your property and we are 100 per cent dedicated to achieving the optimum rental - always.

Our experience

Established in 1958, we have six decades of experience at letting and managing property throughout London. Our track record and localised experience has helped overseas and home-grown investors prosper in the peaks and the lows of the rentals market.

Realistic valuations

Securing a quick let to the best possible tenant is always our aim. This is only possible when a property is marketed at a realistic, achievable local rental. Through decades of experience, our advice is unbiased and tends to be accurate.

London-wide branches

Our current network of branches are highly visible and strategically placed in the most popular rental locations including Beaufort Park Colindale, Canary Wharf, the City, Ealing, Greenwich, Fulham Reach Hammersmith, Hampstead, Highgate, Hyde Park, Imperial Wharf Fulham, Kensington, Kew, Knightsbridge, Nine Elms, Surrey Quays, the West End and Wapping.

International offices

We’ve been operating in South East Asia since 1995 and following expansion, we now operate out of five international offices in China, Hong Kong, India, Malaysia and Singapore. Each office employs local staff with experienced, dedicated property managers providing a convenient and personalised service in your time zone. And, you receive the same level of service as our UK clients.

Attracting tenants

Our network of high traffic websites including brlets.co.uk ensure our properties are seen by a constant flow of prospective tenants. We also list with the main property portals including Rightmove, Zoopla and Onthemarket. We are very active on social media and across the Google network. We also do e-marketing and use signboards - all dedicated to attracting tenants 24 hours a day. Once instructed, a property can be online within minutes and images and a virtual tour of your property will be taken by our in-house photographers to give it maximum exposure.

Peace of mind property management and accounts

Run by a fully qualified solicitor, our property management department can look after everything from organising repairs with trusted contractors; give advice on legal issues, carry out inspections and generally making sure everything runs smoothly. Our accounts centre is managed by a chartered accountant and offers a full range of financial management services including 24hr access to our online accounts providing you with secure, real-time information when you require it.

Our memberships

Governance and compliance are important to us. Benham and Reeves are founder members of ARLA Propertymark (the Association of Residential Letting Agents) and full members of The Property Ombudsman for Lettings and the Tenancy Deposit Scheme. As estate agents in London, we are also members NALS (the National Association of Estate Agents). You can learn more about this by going to our membership page.

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Top 10 things to watch out for in London property in 2020

Landlords have faced some major issues over the last few years – new lettings regulations and property taxes as well as the impact of Brexit. And 2020 is likely to deliver more challenges, from a proposed increase in Stamp Duty for overseas buyers to changes to Capital Gains Tax. It’s certainly not an easy time to be a landlord but some preparation now should help keep things running smoothly in 2020. So if you’re a buy-to-let investor or are thinking about buying a rental property in London, take a look at our 12 top tips for what to look out for in 2020 – and how to prepare for them.

Lettings fees ban

Lettings agents in England and Wales are now banned from charging fees to tenants and in England deposits are capped at the equivalent of five weeks’ rent. The Tenant Fees Act aims to enable tenants to see exactly what fees will be involved when renting a new property, with no hidden costs, but it means landlords must now pay for services such as referencing and inventory checks. One way for landlords to reduce costs is to negotiate with current tenants to encourage them to renew their tenancy, rather than finding a new tenant when the lease ends. This has the double advantage of eliminating voids. Renewing an existing tenancy at only a slightly higher rent or even the same rent as before can give a higher yield than letting to a new tenant, even if they pay a higher rent. More information on the new fee structure can be found at https://www.gov.uk/government/collections/tenant-fees-act

Tax relief on mortgage interest completely phased out

The Government has been phasing out tax relief on mortgage interest since April 2017. By April 2020, landlords will no longer be able to deduct mortgage interest from rental income to reduce their tax bill but instead will receive a tax credit of 20% of their mortgage interest payments.There isn’t much landlords can do about this. One option is to incorporate/set up a business in which to own their properties but this could work out more expensive. This is a complex area so consult an accountant who can advise on the pros and cons.

Changes to Capital Gains Tax

From April 6th 2020, CGT incurred following the disposal of a residential property must be paid within 30 days of the completion date. At present, a taxpayer would report any capital gains on their self-assessment tax return, with the resulting tax to be paid by January 31st following the year in which the gain was made. Again, there is little a landlord can do about this – tax must be paid when it is due but do consult your accountant for further advice.

Electrical safety regulations

New regulations requiring landlords to carry out regular electrical safety checks are expected to be introduced in 2020. These will include compulsory five-year checks of electrical installations in rental properties. Make sure you have a trusted and reliable electrical contractor already lined up to carry out any work necessary before the regulations are introduced so that you do not risk breaking the rules and the resulting fine. If you use a professional property management agent, they will organise this for you. More information can be found  at https://www.gov.uk/government/news/housing-minister-tightens-up-rules-on-electrical-safety-to-better-protect-renters

Energy efficiency standards

From April 2018, the Government imposed new Minimum Energy Efficiency Standards (MEES) requiring rental properties to meet a minimum EPC (Energy Performance Certificate) rating of ‘E’ or more for new lets and renewals of tenancies. A second deadline will be imposed from April 2020, meaning that a minimum ‘E’ rating will be necessary for all existing tenancies too. This means that landlords will no longer be able to continue to rent out a property with an EPC rating of less than ‘E’. Apartments in new residential buildings should already meet these requirements and you should have an EPC certificate to show this. If you own an older, period property, you may need to organise an energy assessor to carry this out.

Anti-money laundering checks

The new EU Directive on money laundering means that letting agents will have to carry out checks on landlords who earn more than 10,000 euros (approximately £8,900) a month – whether this comes from a single property or an entire portfolio. Professional lettings agents should already be preparing for this so make sure you use a reputable agent who will carry this task out for you.

Proposed new regulations for lettings agents

The Government is expected to announce plans for increasing regulation of the lettings industry. This includes a new licensing regime, a Code of Practice and training requirements for lettings agents. In our opinion, this is good news and will help to eliminate the less professional element of the industry. In the meantime, make sure you use a letting agent who belongs to ARLA Propertymark.

Letting to tenants with pets

The Government is revising its Model Tenancy Agreements (which are encouraged for use throughout England but not mandatory), to encourage more landlords to accept tenants with well-behaved pets. The Tenant Fees Act means that landlords can no longer take a higher deposit from tenants with pets but many are instead setting the rent a little higher to take into account any additional wear and tear. We have always encouraged landlords to consider renting to tenants with pets. Most are very responsible and we rarely have any problems. With so many tenants owning pets this opens up the landlord’s potential market for their property considerably.

Proposed Stamp Duty surcharge for overseas buyers

The Government has proposed a 3% Stamp Duty surcharge for non-UK residents who wish to buy UK property. No timescale has yet been set for this. If you are planning to buy a London (or UK) property in the next few months, we would suggest doing your research now and making your purchase as soon as you are able in order to ensure the transaction is completed before any new surcharge is introduced.

Buy-to-let mortgage rates at an all-time low

Buy-to-let mortgage rates remain historically very low and with the current competitive loans market, buy-to-let rates are now nearly as low as residential mortgage rates. Leveraged deals are very popular with overseas investors, who are benefiting from extremely competitive interest rates. Compare current interest rates. If you took out a buy-to-let mortgage several years ago you may find that you can now save money by remortgaging, either with your current lender or by moving to a new lender.
Sterling has had a volatile few years since the Brexit vote and overseas investors have been able to benefit from the weakness of the currency. However, the recent Conservative election win and more certainty on the outcome of Brexit means that Sterling has now started to strengthen a little. If you are an overseas investor planning to buy a property in London in the near future, consider doing so sooner rather than later as, if Sterling continues to strengthen, you could find that the property costs you more comparatively due to the less favourable exchange rate. Generally, we are more optimistic about the London property market as we move into 2020, but of course, there are plenty of challenges for landlords to face. We aim to keep you updated with all the latest news so sign up today to regularly receive our blogs.

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