It’s finally happened: the Bank of England raised interest rates from 0.5% to 0.75%…

In November 2017 the Bank of England increased interest rates for the first time in 10 years from 0.25% to 0.5%.

Now, nine months later, they’ve risen again to the highest rates since 2009.

Those landlords on fixed mortgages will not be affected until the end of their fixed-term. Those on a variable mortgage will see monthly payments will go up. The average homeowner on a variable rate with £200,000 left to pay on their mortgage will see repayments increase by £300 over a year.

There are more than three million people in the UK on variable mortgage rates who could see an immediate, direct financial impact from the rate rise.

This is also likely lead to increases in rent, and the condition of property as landlords seek to recover lost income. It is also likely to encourage landlords in the future as the return from their investment  property is reduced.

The impact on the housing market remains to be seen. A likely outcome is however for many more households, unable already to get a foot on the property ladder, to be faced with unaffordable rents.

Now may be a good time to review your mortgage and see if you can get a better deal.

To protect yourself from future rate rises, look into locking in rates with fixed rate mortgage.

You can see what other deals are available online, or talk to a financial adviser.

Our Estates & Block Management Team at Butlin Property Services in Leicester have been providing estate and block management services since 1998. We provide services in Leicester and throughout the East Midlands.

The majority of our clients are Resident Management Companies that own the freehold interest of their development. The residents management companies we manage are primarily made up of the owners of the flats.

For further details visit our Estate & Block Management website www.butlinls.co.uk .

Many of our leasehold clients in Leicester, Nottingham and Derby are landlords. Landlords that sublet their flats appreciate the services we provide.

We understand it is important to provide cost effective services and maintenance solutions. We also understand that tenants are attracted to well maintained, high standard properties. Butlin Property Services apply these principles to our developments in Leicester, Nottingham and Derby.

In this way our aim is always to maximise the rent return for our landlords and those that rent flats in the developments we manage.

Landlords buildings insurance is one of a number of crucial aspects for our property investors in Leicester and throughout the East Midlands. Landlords buildings insurance is there to protect their investment. It will also provide suitable alternative accommodation for tenants in the event of a major incident.

Butlin Property Services provides high standard buildings insurance policies for their clients. Through UK Landlord Insurance Services Landlords in Leicester, Nottingham and Derby benefit from discounted, high standard landlord insurance policies. The insurance policies are provided by leading insurance companies such as AXA and AVIVA.

For further details visit www.landlordinsurance.uk.net

The savings for our Leicester, Nottingham and Derby landlords can be up to 20% due to the size of our nationwide block insurance policy. This is just one of the savings we negotiate on behalf of our landlords which largely offset out management fees.

If you are a landlord looking to let your property, or you’re keen to rent in the bustling and historic city of Leicester, Butlin Property Services are here to help.

Butlin Property Services is the largest independent local lettings agency in Leicester. If you have a property to let, or you are looking to rent a home in Leicester, our friendly and professional team can help.

Leicester is a vibrant and multicultural city in the East Midlands. It’s the largest economy in the area and its population has boomed in recent years. Considered one of the top places to live and work in the UK, Leicester has a wide range of bars, restaurants, shops, markets and more. Train and road links connect you to London, Birmingham, Cambridge and beyond.

The Highcross is Leicester’s shopping and entertainment hub, with 100 stores, restaurants, bars and a multiplex cinema. There’s also the New Walk Museum & Art Gallery, and the award-winning National Space Centre. There’s even something for history buffs. In 2012 the body of King Richard III was found under a car park in the city. A new visitor centre close to the site tells his story with impressive effects.

So whether you’re a landlord looking to let a property, or you want to rent a high standard home in Leicester Butlin Property Services can help.

We can help you let or rent property in Leicester

Whether you are letting or renting a property in Leicester, our specialists have the market knowledge and services to suit you:

• Free rental valuations
• Ever changing database of prospective tenants
• Extensive choice of properties to rent

We use rightmove.co.uk and our own website www.butlinps.co.uk to market properties. We also advertise in local newspapers and across social media.

Butlin Property Services provides services from 2 well placed offices in Leicester and Birstall. The office is open Monday to Friday.

Butlin Property Services cover all areas throughout Leicester and Leicestershire from the University town of Loughborough in the North to Market Harborough in the South.

LE1, LE10, LE11, LE12, LE13, LE14, LE15, LE16, LE17

LE18, LE19, LE2, LE3, LE4, LE5, LE6, LE7, LE8, LE9

Leicester Landlords and letting agents need to be aware of the new licensing scheme

The licensing scheme is part of a plan to reduce the number of dangerous and sub-standard homes in Leicester.

Landlords that do not comply with their statutory responsibilities will be barred from renting out properties in Leicester through a planned licensing scheme.

Nearly a quarter of the 135,000 homes in the city are privately rented, and Leicester City Council officials say cases of dangerous and sub-standard living conditions, overcrowding and unethical behaviour by some landlords have prompted them to take action.

Full details of the scheme have yet to be drawn up but it is likely to be similar to the one that came into force in Nottingham in August, where a licence to rent out a property costs £2 per week and will only be granted if the applicant is deemed to be ‘a fit and proper person’ by the council.

Licences can be rejected if homes are not maintained to certain standards, if they are not insured or if the applicants has a criminal record.

It makes sense for all landlords to provide the best possible living conditions for their tenants and to give them the piece of mind that they live in a safe and secure environment. Staff at Butlin Property Services will assess the potential of a property for the landlord and advise them where they can increase their rental income by making cost effective improvements. Butlin Property Services will also ensure landlords meet the minimum safety requirements.

Why Landlords in Leicester Should Use Regulated Managing Agents with Accessible Offices and Staff

Finding a good tenant and managing the tenancy effectively are essential parts of being a professional landlord.

Why should landlords and property investors use a managing agent to manage a property?

Many landlords are perfectly competent to let and manage their property with the minimum of assistance. The purpose of a letting agent is to provide the professional assistance to landlords to ensure that the rent return for their property is maximised. If the landlord has a substantial portfolio or even just one property but also works, time can be a constraint. Letting agents are a valuable resource. They can deal with checking rental payments, renewing tenancies, visiting the property and dealing with any maintenance problems or issues that may arise directly with the tenant. This is particularly useful if the landlord is living out of the area or even abroad, as a local, accessible contact is imperative.

Landlords need to fulfill their obligations to tenants. Many landlords don’t live locally but need to act without delay if something goes wrong, such as stopping leaks and carrying out other emergency repairs. Even for landlords who live locally it can still be difficult to respond quickly enough.

What should landlords expect from a good letting agent?

You should also use an agent that is a member of a regulatory body that provides regulation of their members, ensuring the company members are properly qualified and providing client money protection.

ARLA Propertymark also require their members to be fully insured and to be part of the government Property Ombudsman Scheme.

The regulated agent will have a full understanding of critical matters such as the deposit schemes and regulations, statutory landlord obligations and tenancy law and enforcement procedures.Landlords should also expect an agent that offers excellent customer service and provides exceptional communication to ensure a seamless experience. This also relies on appropriate knowledge, qualifications and access to resources. Agents must be flexible and tailor services to their clients’ needs to ensure that all landlords are getting the best possible service and resources. The agent is the eyes and ears of the landlord and should be looking after their investment.

How can agents help landlords comply with the ever-increasing amount of legislation for the sector?

Butlin Property Services Leicester’s leading independent letting agent keep up to date with all changes in regulation and good practice advising landlords and protecting them from non-compliance.