What does this software do?

This type of software has been specifically designed to make property management easier to handle, taking the hassle out of managing your portfolio with everything you need in one central location. With so many features you’ll have the power to transform your business for the better—not only will you be able to keep track of tenants and property maintenance issues but the more sophisticated packages will even help with tax calculations and financial forecasting, streamlining processes no end.

Choosing the software that’s right for you

Luckily there are plenty of different options available to suit individual preferences, and the package that’s right for you will depend on a whole range of different factors from your budget to the number of properties you own. Here are just a few options to give you an idea:

• Property Book Work, free. This web-based package was created by landlords for landlords, with it being specifically developed to offer a simple double-entry system. It’s free if you’ve got one property but to manage a larger portfolio expect to pay for the privilege.
• Property Hawk Landlord, free. Another web-based version, it generates a lot of useful forms such as tenancy agreements and keeps track of all pertinent information.
• Property Portfolio, £49.97/month or a one-off payment of £397 (both excluding vat). Comes with a fantastic range of features including access to a legal document centre and the option to calculate income tax using HMRC guidelines.
• Landlord Manager for Sage Instant, £595 plus vat. Ideal for professional landlords with up to 50 properties, this package offers a full accounting solution that can keep track of finances, tenants and even legal obligations (safety inspections, insurance renewals etc.).

You’ll find options that cover the entire spectrum, from free software packages to the paid-for versions, but whilst you might begrudge paying for such software remember that you tend to get what you pay for. Freebies might be a great way to test the water but they won’t usually offer the level of functionality you need if your business is growing, so it’s worth viewing it as an investment in your business and one that can offer great returns in the long run.

Stay in control

It’s all about doing your research with a lot of it being trial and error, but whether you’re after something basic or more sophisticated you’ll find the right property management software can transform your business prospects. It can be ideal if you’re juggling a number of different properties as you’ll have an instant overview of your finances and performance as a whole, with the right options keeping you in control and leaving you free to grow your portfolio, maximise your revenue and take your business forwards.

Of all the life insurance policies, term life insurance makes financial sense if you’re looking for financial protection during a specified term at the lowest premium. Whether you’re looking for a 30-year term policy while paying off your mortgage, for a 20-year term policy to fund your child’s education or for a 10-year term policy to cover for your expenses until you hit retirement, term life insurance can offer you the peace of mind that comes with the certainty that your dependents won’t be left with nothing if you pass away. In the event you pass away within the term, your dependents will receive immediate death benefit as described in your contract.

Unlike other investment products, term life insurance does not build any cash value that the policyholder can recapture or borrow against, but it is purchased to cover short-term needs. But, term policies offer additional benefits including coverage against huge medical bills, coverage of hospitalization and treatment, lower medical costs, lower costs to specialized doctors and better access to routine medical checkups and health care.

One big dilemma that most people face when it comes to term life insurance is when is the right time to buy a term policy. Here are some basic guidelines for considering term life insurance in your 30s.

1. The rule of age
The younger you are, the better financial decisions you make. In your 30s you have less financial obligations and more time ahead to allocate your money properly. In your 60s you have family, mortgages, school loans and medical bills. By purchasing term life insurance in your 30s, you are able to anticipate unforeseen expenses and secure the financial future of your dependents. Moreover, over the term of your policy you will be able to lower your premium as you will have gathered liquid assets to draw money from to cover for unforeseen expenses. Also, in general, the younger you are, the lower the premium. So, why not taking advantage of that as well?

2. The rule of how much
Typically, choosing a term life insurance policy is a decision based on your current budget and individual lifestyle. For instance, if you are a single parent with a child, age six, and you want to anticipate college expenses, you may decide to buy a 20-year term policy. If college expenses would cost you £60,000 per year, a death benefit of £240,000 is adequate to fund your child’s college education in case you pass away within the 20 years. On the other hand, if you are in your 50s, you may consider a 10-year term policy to cover for the years left to retirement and a death benefit for your spouse.

In general, two important factors that need to be taken into account when considering term insurance is protection and cost. Once the term expires, the policy is no longer in force. This means that your beneficiaries will collect the death benefit only if you pass away within the term. Otherwise, the premiums have been paid in vain. The cost of a term insurance policy is the lowest compared to other insurance policies, but you should always have in mind that the premium is a product of age, health condition, and length of term. This justifies why the earlier you buy term life insurance, the better.

Thomas Sterlin is an independent author, whose review articles aim to help consumers make an educated choice of an insurance plan. Read his latest overviews of Bright Grey life insurance and Friends Life insurance products.

1)                  To do lots and lots of paperwork

2)                  To find friendly tenants to hang out with

3)                  To destroy your property slowly over time

4)                  To enjoy being in the front lines of the fluctuating property market

That first one in particular is never going to be anyone’s reason to do anything, with the exception of maybe a professional secretary or personal assistant, and even then, they probably didn’t get into that gig specifically for that factor.

It’s much more likely that you became a landlord to either play the property market as an investor or that you had a spare property kicking around that you didn’t really want to sell. For this reason, you do not want to find yourself bogged down in paperwork and general administration.

Even if you only rent out one property, there will be some moments where keeping your tenants happy and the venture ticking over becomes a demanding job. Keeping on top of paperwork is one thing with important aspects like your landlord insurance or your tenancy agreements often becoming overwhelming and once you start expanding with multiple properties, the workload in terms of satisfying tenant demands understandably also begins to scale rapidly.

Delegation for fun and profit

If you are renting out multiple properties, you have stopped becoming a casual landlord and are moving closer towards a more traditional business model and just like any traditional business model, delegating more routine yet time consuming tasks is a must.

If you offload all of the grunt work that you find yourself increasingly engaged in to someone, then you are going to find whatever you pay them to do this a very worthwhile investment as it frees you up to take command of the bigger picture.

Losing the tedious admin work leaves you with the broad strokes research of looking for new properties to buy, deciding which properties you might consider selling or even investigating other investment ventures entirely. If you are a landlord of multiple properties, it is often a safe bet to say that your talents are not best used by time consuming administration.

Sense checking

Obviously it is important to make sure that your operation can support administrative staff before putting out an ad for an assistant. It might be that a more cost effective route would be to investigate going through a lettings agent if you don’t mind surrendering some of the control and paying a regular fee to them.

You want to be making money from your investment and not wasting your life chasing around fiddly paperwork issues when you could be looking into new ways to make money.

YOUR Insurance specialises in providing landlord insurance for landlords of single and multiple properties.

In a recent report from Professor Micheal Ball, tasked to investigate and report on the possible issues and options for regulating letting agents, he dealt with the growth of the letting agency market and the issue of whether it should be regulated in the same way as estate agency. In fact, many would say that regulation should be stronger than for estate agency as letting agents handle a significant amount of client and tenant money, and it is perhaps an anachronism that lettings is not regulated in England but is in Scotland & Wales.

Market size

According to the report, letting agents fees are now estimated to be in the region of £1 billion a year, a rapid rise from an OIFT estimate of the market size in 2007 of £145 million. Agents are also estimated to deal with 500,000 members of the public each year, which clearly demonstrates this is a sizeable and important market with public policy consideration. Letting agents/property management agents of residential properties are estimated to deal with £14 billion of client money a year.

Regulation based on complaints needed ?

At present letting agent complaints generally go to The Property Ombudsman but there is no compulsory requirement for letting agents to be members of the Ombudsman Scheme. Some 60% are members, so the available data only relates to that proportion.

The figures given in the report are :-

• There were  just over 7,600 complaints in 2011
• The average compensation awarded was £300.00
• 55% of complaints were made by landlords, 45% by tenants

On the face of it the numbers are not huge but this could be due to the fcat serious issues are taken elsewhere or landlords and tenants are unaware of their legal rights or even unaware of wrongdoing or conflicts of interest.

The major areas of complaint were found to be :-

• Difficulty in contacting the letting agent
• Delays in repairs being undertaken
• Poor money protection
• Additional unexpected charges

Checklist of tasks a good letting and management agent should commit to

• Arrange convenient helpful viewings
• Help choose tenant, take up references, consider and advise on rent guarantees and insurance
• Arrange pre-letting visit to property & advise on repairs, etc.

• Explain legal rights & responsibilities to both landlord & tenant

• Complete suitable tenancy agreement

• Arrange condition & contents schedules and agree with both landlord & tenant

• Respond to calls & requests promptly

• Provide details of utilities & local authority

• Collect rent, regularly pay to landlord, provide statements to tenants and keep records of any outgoings

• Explain separate client accounts & client money protection

• Have professional indemnity insurance

• Arrange safety checks and provide safety certificates to tenants

• Periodically visit & inspect property

• Arrange for routine maintenance and arrange any repairs promptly

• Record any rent or other arrears and report to Landlord promptly and seek to find out reason from tenant

• Serve notices in good

• Check condition at tenancy end and seek to agree with Landlord & Tenant

• Return deposit less any costs

• Arrange repairs at tenancy end
• Collect keys & sign-off property

For additional help and advice on any residential property legal issues, we would be happy to help at Darlingtons Solicitors. You can also visit our specialist lease advice website.

Arrange a boiler service

With the temperatures set to plummet over the next few months, arranging boiler cover should be at the top of your to-do list. An engineer will check that everything’s working properly and will repair your pilot light, or control settings if necessary. They will also inspect all ventilation routes and make sure you are not at risk of carbon monoxide poisoning which affects hundreds of people each year.

Insulate your water pipes

If a part of your water pipes freeze, it can create a burst that might cause extensive damage to your home. This can be disastrous – particularly if you have no-one to help you out – so you must insulate your waterworks. To do this, buy some high-quality foam from a nearby DIY store and wrap it tightly around each and every pipe. This will lock the warm air in and prevent the liquid inside from turning to ice.

Thaw out your condensate pipe

The condensate pipe carries condensation from your boiler to an outside drain and is prone to freezing – particularly if it’s exposed to the elements. If this happens, the blockage can cause your central heating shutdown, so it must be thawed as soon as possible. Pouring hot water over the pipe should do the trick, but if that doesn’t work fast enough, you can also use a hot water bottle or heat pack. If this doesn’t solve the problem, heating engineers are on hand to help.

Keep an eye on your thermostat

If your boiler thermostat is off or is set too low, you will have problems heating your house. Your radiators won’t get warm and there will be no hot water to take a bath or shower. This can be very inconvenient when there’s snow on the ground, so keep an eye on your temperature settings and check that the pilot light is lit. If you can’t detect the problem, call for help before your lips turn blue.

Bleed your radiators

Your central heating system should warm your house quickly, so if you’re not feeling the benefits there may be an airlock in the system. Pockets of gas often get trapped in the radiators, so learn how to bleed them and see if that solves the problem. If things still don’t improve, check that your timers and programmers are working, before calling for professional help.

A boiler breakdown or heating hiccup can be embarrassing if the in-laws are round, so know how to make basic repairs and organise a gas safety check.

Whilst investing in liability insurance can help protect you from accident claims, it is important that you take necessary action to protect your tenants. This means providing them with a safe place to live and communicating with them regularly.

You also need to know a few facts surrounding accident claims and landlords. If you have liability insurance then any compensation will usually be taken from this policy – so you won’t necessarily be out of pocket.

 Accident claims solicitors

Accident claims solicitors are there to help make everything easier for the claimant. Some accident claims solicitors specialise in certain areas of accident claims. This may be medical claims or criminal injury claims and may affect the way in which they handle any cases against you.

Whilst people were often worried about filing an accident claim due to concerns over cost, this is now largely removed.

Many solicitors now operate on a ‘no win no fee’ policy .If they win their case against you then their fees are usually covered by your insurance, so the claimant pays nothing.

Staying safe

Whilst there is little you can do to prevent an accident claim against you once it has been filed, it is important that you continue to provide a safe environment for your tenants – regardless of whether they are claiming damages against you.

All properties which you own should be inspected regularly and you should keep a detailed inventory of any damages already present on the property. Any damages caused by your tenants can be billed to them but any structural issues or other problems are your responsibility to sort.

Having had the occasional glimpse into other people’s lives through various house parties and seeing what people tend do to their rented accommodation, it’s fair to say that sometimes there’s no guarantee that the walls will still be there. At this point, even if you don’t have any landlord insurance, you can at least take solace in the fact that there is a nice juicy security deposit that you can dip in to if needs be, but what exactly can you take out of that?

 Damage:

If the property is damaged, you can take money out of the deposit to cover this. What you can’t however take money for is normal wear and tear which is a frustratingly ill defined term.

What will classify as reasonable to take out of a deposit is best established by you putting yourself in the shoes of the tenants. Slightly scuffed carpets or faded curtains might not be a fair thing to complain about, but a gaping hole in the ceiling on the other hand might be.

 Missing items:

If there’s anything on your inventory that has mysteriously disappeared, this is one to flag up.

Sometimes there might be a good reason for it. I once had to throw away a wardrobe that came with my flat because it was missing a door making it structurally unsound and the inside was a blotchy blue/green colour with mould. It was also soggy. Even in this case however, the landlord got a phone call to not necessarily ask for permission, but to explain that I was saving him the bother of calling out a hazmat team, so it certainly wasn’t a surprise when it came time for us to leave the property.

 Cleaning:

There are two times that you can take cleaning fees out of the deposit. The first is if you have already agreed to take professional cleaning fees out of the deposit at the beginning of the tenancy, which is not uncommon. The second is if the property is truly filthy and been left in no fit state. This is not the same as “well it could use a bit of a vacuum” but covers a real sense of grime and squalor.

 Unpaid rent:

Any unpaid rent can be taken out of the deposit. Although they really shouldn’t, some tenants assume that the deposit is there to cover their last month.

 Advertising and agency fees:

If tenants have broken certain clauses of the tenancy agreement or haven’t exited from it properly, you might be able to cover agency and advertising costs for putting the property back on the market. This is not however the norm and it’s worth taking advice before you launch into this. It normally is only if the tenants have messed you around that you can do this.

 Some things to bear in mind:

To make your life a little bit easier, bear the following three things in mind. 

1) Don’t look for things to take out of the deposit and don’t try and pull a fast one if the damage isn’t really all that bad. If you’re not careful you could find yourself taken to a small claims court and as you are probably aware, the law sides very heavily on the side of the tenants. If you feel that there is a little bit of damage that isn’t entirely fair for you to put up with, it can sometimes be worth cutting your losses and taking the hit financially.

2) You can only claim for actual financial loss. You can’t impose a punitive fine on your former tenants if they have done something that you told them they couldn’t, like having noisy neighbour-aggravating parties, or keeping a dog. If that dog caused damage on the other hand, that’s a different matter.

3) Legally, you must return the deposit to the tenants within 14 days of them asking for it, so you shouldn’t hang around when deciding what to take out of it.           

Summary

Renting out your property is a daunting process, as is being on the other side of the rent equation and everyone has stories of terrible tenants, shifty letting agents and greedy landlords. The best thing you can do is make sure you are not the latter, but make sure you are not taken advantage of by the former two.

 Written by David Hing, YOUR Insurance blog editor. YOUR Insurance specialises in public liability insurance for small businesses as well as landlord insurance.

At the same time, the record-low base rate means there are good buy-to-let mortgage deals out there.

We’ve put together a list of the latest buy-to-let deals from our panel of lenders, to show you what’s out there. These are some of the buy-to-let mortgages listed on Your Mortgage Deals – who supplied this article – on 9^th October 2012. We’ve ordered them by rate, showing the ones with the lowest interest rates first.

Latest buy-to-let deals

At the top of the list, there’s a two-year tracker from Abbey, with a rate of 2.75%. You’ll need a deposit of at least 40% to qualify. Overall cost for comparison: 4.24%.

Next, there’s a two-year tracker from Principality Building Society. The rate’s slightly higher, at 2.99%, and again, you’d need a 40% deposit. Overall cost for comparison: 4.99%.

Third in the list, another two-year deal from Abbey – a fixed-rate mortgage this time, with a 3.09% rate. Again, you’d need at least a 40% deposit. Overall cost for comparison: 4.24%.

A buy-to-let mortgage from Godiva Mortgages comes next. At 3.15%, it’s a two-year fixed-rate mortgage that requires a lower deposit (35%). Overall cost for comparison: 4.74%.

Then there’s another mortgage from Godiva Mortgages: a two-year fixed-rate deal with a rate of 3.3%. This one’s also available to landlords with a 35% deposit. Overall cost for comparison: 4.74%.

If you’re looking for something with a higher LTV, Abbey offers a two-year tracker with a maximum LTV of 75%, so you’d need to put down just 25% of the property’s value. Overall cost for comparison: 4.24%.

Economists don’t seem to be expecting any increase in the Bank of England’s base rate anytime in the next few years, so a lot of people who’ve always gone for a fixed rate might now be considering a tracker mortgage. If you’re one of them, just bear in mind that if the base rate does go up, it’ll take your rate up with it…

Your home may be repossessed if you do not keep up repayments on your mortgage.

Subject to status. The actual rate available will depend upon your circumstances. Please ask for an illustration.

You should purchase specialist landlord-insurance, but different insurers offer different levels of cover for different risks. Additional policies can be purchased, depending on the level of cover that you feel comfortable with, and based on what you need.

Some additional insurance for-landlords to consider includes public liability insurance, rent guarantee-insurance, legal expense cover, or unoccupied cover, which we’ll tell you more about here:

Public liability insurance

This kind of insurance protects you in the event you were sued for damage to your tenant’s property, or if your tenant suffered personal injury or illness as a result of living in your accommodation.

Rent-guarantee insurance

Redundancy, illness, divorce – unfortunately these things could happen to almost anyone, including your tenants. If they aren’t able to pay their rent, rent-guarantee insurance could help you to cover the cost until the matter is resolved. This is especially important if you’re still paying the mortgage on the rental property.

Legal expenses cover          

If you became involved in a dispute with your tenant over unpaid rent, damage to the property, a deposit dispute or eviction dispute, legal expenses cover could help you cover costs in the event of a tenant dispute of this nature.

Other things to consider

Some basic landlord policies may cover these things or part of these things or could include additional extras such as cover for the cost, or repairing malicious damage.

You may need a lower level of cover if the property is unoccupied – which may be relevant if you’re doing up the property, or you rent to students who are away for part of the year.

This article was provided by Home & Life.

Both experienced landlords and first-time buyers will always be looking for the best landlord insurance policies available. A quick Internet search should deliver you with a series of quotes and potential deals for you to compare. However, what should you look for in a good landlords insurance policy?

Naturally, you will want a policy that provides the cover you need for a price you can afford. When you are shopping online for your policy, make sure you take into account the entire cost rather than the initial charges. Too few excess charges will increase the overall premium, so it is important that you negotiate all the features you want from your policy first.

The best landlords insurance policies should include a loss of rent insurance. If your property should be damaged to the extent that you are losing the income of rent that you would normally take. A good policy will provide you with the financial support to get you through any difficult times.

Similarly, a good landlord insurance policy should give you cover for any accidental damages. Even if you are taking great care of your building as the landlord, you can’t control the accidental damages inflicted by tenants or the weather conditions. Having this sort of cover is a great way of putting your mind at ease about accidental damages.

The best landlord insurance policies should ensure that you are covered for all types of tenant. As a landlord, you don’t get to control who wants to rent your property, so it’s good to have a policy that is prepared to cater for all types of people from all walks of life; making sure that you can get the income no matter who is paying the rent.

When shopping for your quote, remember that the best landlord insurance policies should offer overall cover for each potential problem you could face as a landlord.