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Joint tenancies can be fun and a great way to expand your social circles. They also help reduce your monthly outgoings and spread the financial risk for landlords.More people are renting in the UK than ever before. Tenants are looking at exploring various rental agreements that suit their needs. A joint tenancy, where multiple tenants rent a property together, has benefits, drawbacks, and legal implications, so here are a few things to consider.

What is a joint tenancy?
A joint tenancy is a rental agreement that involves two or more tenants sharing a single tenancy agreement for a property. Each tenant is equally responsible for the entire property, including rent and any obligations outlined in the tenancy agreement This arrangement is ideal for professionals, groups of friends, students, or couples who wish to live together and share the responsibilities and costs associated with renting a property.

Pros of joint tenancies

• Shared bills
  Sharing rent, utility bills, and other living expenses makes life easier. This frees you from a larger financial burden, giving you a higher disposable income. So, whether you are saving to buy a property or want to enjoy life, you can. 
  
  
• Less administration
  With a joint tenancy agreement, administrative processes become more straightforward. With only one agreement, any correspondence with your landlord or letting agent can be carried out together.

• A good social scene
  Sharing a tenancy agreement is often a great way to live with your friends and enjoy a more full social scene. And if you don’t want to live alone, it could also create the opportunity to make new friends or companions. 
  
  

Cons of joint tenancy

• Shared responsibility
  The downside is that if one or more tenants fail to pay their share of the bills or break the terms of the tenancy agreement, the others may be held responsible. This can cause friction among housemates.
  
  
• Damage to the property
  In a joint tenancy, all tenants are collectively liable for each other's actions. If one tenant damages the property or breaches the agreement, all tenants could be held accountable for the costs.
  
  
• Disagreements
  Potential issues can include disagreements over chores, noise from music or guests, and respecting each other's space, to name a few.. Disagreements can arise, and this may cause arguments or a fallout.
  
  
• Legal considerations
  It’s vital that you know where you stand legally.
  
  
• Ending your tenancy
  If one tenant wishes to leave the property, the tenancy usually continues for the remaining tenants. However, arrangements can sometimes be made to replace the departing tenant or end the tenancy altogether.
  
  
• Deposits
  The deposit provided by tenants is often held collectively. When the tenancy ends, the deposit is returned to all tenants jointly, which could cause issues if there are disputes over damages or cleaning costs.

Tips for tenants to consider when entering a joint tenancy:

• Communicate
  Discuss important issues with your housemates.. You may not like to set ground rules, but a quick chat about who is responsible for what can prevent friction.
  
  
• Your tenancy agreement
  It's crucial for all tenants to understand the terms and conditions of the agreement, as it is legally binding.
  
  
• Prepare for the unexpected
  It’s important to plan and ensure that your housemates can cover the rent in case of unexpected circumstances.. Be prepared for unexpected circumstances, like one of your housemates leaving unexpectedly.
  
  
• Exit Strategy
  If one tenant wishes to leave the property, the tenancy usually continues for the remaining tenants. However, arrangements can sometimes be made to replace the departing tenant or end the tenancy altogether.
  
  
• Choose a property through a letting agent
  A shared tenancy has many advantages, but if you want to safeguard yourself from the pitfalls of this kind of living arrangement, a good letting agent is the way to go. From replacing a tenant, understanding your agreement to maintenance, you will be in a better place using an agent. If you're a landlord, opting for a fully managed letting service can significantly simplify your responsibilities..
  
  

Contact us today, whether you are renting or letting, to see how we can help

 

There are some amazing properties to rent in the UK today. Whether you are a successful business owner, a student, or a young professional, there is no end to the possibilities when it comes to property. Renting offers the freedom from mortgage responsibilities and being tied down, making it a great way to experience everything from flats in the city and suburban homes ideal for raising a family to country retreats.

The necessary steps to take

• Think about how much you can afford
  Do the math and consider not only monthly rent but also additional costs like utility bills, council tax, and energy bills.
  

• Property search
  This is a legally binding document outlining the terms and conditions of your tenancy. Read it carefully before signing and ask for clarification if needed. The agreement will include details like the rent amount, duration, notice period, and responsibilities of both the tenant and landlord.

• Book property viewings
  Going on viewings is exciting. Your agent will guide you through all you need to know while showing you properties in your desired location that best suit your needs.

• Tenancy agreement
  This is a legally binding document outlining the terms and conditions of your tenancy. Read it carefully before signing and ask for clarification if needed. The agreement will include details like the rent amount, duration, notice period, and responsibilities of both the tenant and landlord.

• Deposit
  Your deposit is held in a government-backed tenancy deposit scheme to ensure fair handling and will be paid before you move in; typically, it’s about one month's rent.

• Bills
  These may be included; if not, get in touch with utility companies when you move to ensure a smooth transition. Remember, if you pay for your utilities, you can change suppliers. Check when your council tax payments and rent are due and set up a direct debit.

Top tips for renting

• Take care of your home
  your new home in good order. Clean it, avoid causing damage, and follow any rules outlined in the tenancy agreement. Talk to your agent or landlord about decorating, find out what’s permitted, and enjoy where you live.
  
  
• Report any issues
  Resolving a problem before it becomes expensive is important. If your property is managed by an agent, all you have to do is call, and their maintenance team will sort it out swiftly.
  
  
• Get insured
  It’s always a good idea to get insured in case your belongings get damaged or stolen. Your agent will be able to recommend a good insurance broker. Another advantage of renting is you do not have to insure your home.
  
  
• Plan for the future
  Your landlord could be more than happy if you decide to renew your tenancy. This can provide stability and save you from the hassle of searching for a new property.
  
  
• Find a great agent
  Using a letting agent to find your property has many advantages. If the property is managed by them, they will always be just a phone call away. If you have a maintenance issue or want to look for a new property, the process is easy. Moving into your new home is exciting, and it’s comforting to have an expert to take care of everything for you, from your deposit, references, and any queries about your agreement to finding your ideal property in the first place.
  
  

Looking for a great property to rent?

 

The demand for rental homes is incredibly strong, with national average asking rents outside of London reaching a new record of £1,231 per calendar month in the second quarter of 2023.* More people are renting than ever before, so your property won’t stay vacant for long when you are in between tenants. In fact, if you use a letting agent, they likely have a list of prospective tenants ready to move in. This means that if your property is in need of redecorating, you don’t have much time.

Inspect your property
Before your tenants move out, inspect your property. Document any pressing issues with notes or photographs using your phone. Planning is crucial and will save you time. Therefore, it's always advisable to have your team prepared well in advance of your tenant's move-out date. This proactive approach ensures you won't be delayed while waiting for highly sought-after tradespeople.

Choose a neutral colour palette
Opting for a neutral colour palette doesn't have to be dull. Neutral colours tend to create a sense of light and space, making it easier for your tenants to coordinate their furniture with your property. If your property is furnished, adopting the same neutral approach is advisable, as it broadens your property's appeal.

Be practical
It might be tempting to cut costs by using budget-friendly products, selecting high-quality paint and materials ensures the longevity of your hard work. Fixtures and fittings that are of good quality will make your property more appealing and increase its desirability. This helps to attract responsible tenants who are more likely to care for their home.

Functionality
Put yourself in your tenant's shoes. Consider how you can make the property more user-friendly whether it's improving storage, enhancing the kitchen or bathroom, or adding modern, energy-efficient appliances and lighting. Sometimes, small changes can make a significant impact.

Less is more
Create space with ample lighting, bright neutral colours, and minimal clutter. A good deep cleaning and fresh paint can make your property appear spacious and modern. This allows your tenants to personalise each room. Well-presented flooring, perhaps refreshed to remove imperfections, and attractive blinds all contribute to making your property a more inviting home.

Improvements
Time is of the essence, but if you choose to make improvements, they will add to the value of your property. Focus on key areas like the kitchen and bathroom, as these have the most significant impact. Whether you decide on a total refit or simply choose to paint the tiles to give them a new lease on life, it all contributes to a happy home and more content tenants.

Don’t overlook the outdoors
Outdoor areas have become increasingly important for many people. Elevating an outdoor space can significantly boost your property's demand. Painting the decking or adding a covered, all-year weather-proof seating area is like adding another room to the house. Keep the garden simple but well-maintained to make a positive first impression and enhance the property's curb appeal.

Consider a managed letting service
A fully managed letting service handles tenant placement, deposit management, references, and, after your property's redecoration, ongoing maintenance. This helps to protect your hard work and investment in both the long and short term. Being a landlord today is demanding, and it’s becoming increasingly important to follow new legislation. A managed service frees up your time and ensures your property investment remains on track.

Interested in optimising your property investment with a managed letting service? Contact us today.

Rightmove*

 

 

 

 

 

 
Furnishing your property can be expensive. And with so many increasing costs to face, you want to transform your property into a home with as much impact as possible for the least amount of money. If you enjoy creating great interiors, it's important not to get carried away.. If you find it confusing when choosing furniture for your property, don't be intimidated; it can be fun.

Get creative
From restoring furniture to building it yourself from scratch, there is no end to the things you can do to create your own furniture. Reupholstering dining room chairs and repainting tables can really add to the quality of your property. It may even be less time-consuming than waiting for a new table to be manufactured and delivered, so there's no reason not to. And while it may take more effort, restoring your own furniture is rewarding and kinder to the environment.

Be resourceful
Facebook is full of great furniture available for free or at a very affordable price. Charity shops, antique stores or Gumtree will have what you are looking for. You could make some great finds and add real character to your property. Weathered and rustic furniture is on trend, and in modern settings, it works wonderfully to add a sense of quality and personality that’s universal in its appeal.

Finer details
The impact that finer details can create is uncanny. The cracked tile that drags down a nice bathroom. Decent towel racks or some shelving in the kitchen, bathroom, or bedrooms create the opportunity to add more personality with flowers, pictures, candles, or collectables. Updated, energy-efficient appliances can breathe new life into a kitchen and make it more appealing to tenants.

Consider finance options
If you insist on buying new, timing can be key to getting a good bargain. January sales or end-of-line special offers can save thousands. There is also the option of 0% financing, so whether you are letting or renting your property, you can pay for your furniture over time, alleviating larger financial burdens.

Plants and pictures
Plants add so much vibrancy to any property, but if you are letting a property, you can't exactly fill it with high-maintenance plants. Opt for a few dried flowers and plants here and there that do not need much TLC can add a homely touch. The same goes for prints or pictures. Your tenant will have their own tastes, but you could get the ball rolling with something small.

Lighting and mirrors
Mirrors and good lighting will instantly make your property more appealing because it will look bigger and feel more modern. LED lighting will keep tenants happy by being more energy-efficient and will keep your tenants happy. Mirrors are not expensive and can magically transform a small room into a large room.

In summary
The first rule to remember is that there are no rules. Furnish your property using a blend of methods, from sourcing online, restoring to buying new. Do it your own way; use your contacts and creativity to make your property as appealing as possible.

Considering growing your buy-to-let property portfolio?