Tag: surreyproperty

Posted on

Checklist for a Smooth Home Sale Progression

Selling your home is a significant milestone, and while it can be an exciting process, it also comes with its challenges. At Fisher and Partners, we believe that a well-organised approach can make all the difference. Once you’ve accepted an offer, ensuring a seamless sale progression is crucial to avoiding delays and unnecessary stress. To help you navigate this stage with confidence, we’ve put together a checklist to keep you on track.

1. Choose a Solicitor or Conveyancer

The first step is to appoint a solicitor or conveyancer who specialises in property transactions. Having an experienced professional in place early on ensures that all legal documentation is managed efficiently. Look for someone with a strong track record, excellent communication, and proactive case management. Your managing partner at Fisher and Partners can recommend trusted professionals if you need guidance.

2. Prepare for Buyer Inquiries

Buyers will have questions about your property, from structural details to utility costs and local amenities. Anticipating these queries and providing prompt, accurate responses can help maintain momentum. Your agent will assist in handling these conversations, ensuring buyers have all the information they need to proceed with confidence.

3. Reviewing and Accepting Offers

Once offers start coming in, your agent will keep you informed and provide expert advice to help you make the best decision. Beyond price, consider factors such as the buyer’s position—are they chain-free? Do they have mortgage approval in place? Once you accept an offer, your property is typically marked as ‘Sold Subject to Contract’ and the legal process begins.

4. Drafting the Contract

Your solicitor will prepare a draft contract outlining the terms of the sale, including fixtures and fittings, completion timelines, and any conditions agreed upon. During this period, the buyer may conduct surveys and searches. If any issues arise, your agent and solicitor will work to resolve them swiftly, keeping the sale moving forward.

5. Exchange of Contracts

Once both parties are satisfied and all conditions have been met, contracts are exchanged. At this point, the sale becomes legally binding, and a completion date is set. You’ll need to finalise your moving arrangements and prepare for handover.

6. Completion Day

On the agreed completion date, the remaining funds are transferred, and ownership of the property officially changes hands. You’ll hand over the keys, settle any outstanding mortgage balance, and finalise payments to your estate agent and solicitor.

Congratulations, you’ve successfully sold your home!

If you’re looking to sell your property, we’d be delighted to provide you with a free market appraisal. Contact your local managing partner at Fisher and Partners, and we’ll arrange a time to chat. We look forward to hearing from you.

Posted on

Maximising Your Outdoor Space for a Successful Sale

When selling your home, first impressions count and that includes your outdoor space. A tired-looking garden, weathered paintwork, or a neglected patio can leave potential buyers questioning how well the property has been maintained overall. With outdoor space now high on buyers’ wish lists, ensuring yours is well-presented can make all the difference.

Fortunately, small improvements can have a big impact, and they don’t have to cost a fortune. With a little attention to detail, you can create an inviting and appealing exterior that helps buyers picture themselves living there.

Doors, Walls, and Windows

Start with the basics: does your home’s exterior need a refresh? A fresh coat of paint on doors and windows can make an immediate difference. Choose classic, neutral colours to appeal to a wider audience. Check for any cracks in the plaster or masonry and get them repaired to ensure your home looks well cared for.

Small details matter too, sparkling clean windows, polished door handles, and well-maintained window frames can subtly enhance your home’s overall appeal. These little touches help create an impression of a property that has been well looked after.

Roof and Guttering

While a full roof replacement isn’t usually necessary, minor repairs can go a long way. Loose tiles or missing slates should be replaced to avoid raising concerns for potential buyers.

Likewise, don’t overlook your gutters. Broken or clogged guttering can suggest deeper maintenance issues, so ensure they are clear and in good working order. If your gutters have accumulated moss or even sprouting grass, a quick clean will improve both function and appearance.

Gardens, Patios, and Balconies

Outdoor space is a sought-after feature, whether it’s a garden, patio, or even a compact balcony. Whatever space you have, showcase it to its full potential.

For gardens, keep the lawn neatly trimmed, hedges tidy, and flower beds free from weeds. If you have a patio or deck, make sure it’s clean and in good repair, pressure washing can make a world of difference.

If you have a balcony, simple additions such as potted plants, a small bistro table, or outdoor lighting can help buyers visualise how they might use the space. A well-maintained outdoor area signals that the property has been cared for and allows potential buyers to imagine themselves enjoying it.

Final Touches

If you have a shed that’s on its last legs, consider removing it rather than leaving it as an eyesore. For larger gardens with mature trees, it’s worth having them checked and trimmed where necessary, this not only enhances the space but also reassures buyers that they won’t be dealing with falling branches in the future.

Ultimately, preparing your outdoor space for sale is about helping buyers envision their lifestyle in your home. Even if you haven’t made the most of your exterior space, a little effort now can make all the difference in attracting the right buyer and achieving the best possible sale price.

Thinking of selling your home? We’d be delighted to offer you a free market appraisal. Contact your local managing partner today to arrange a time to chat – we’d love to hear from you.

Posted on

Is Your Property Overpriced, or Is It Just the Market?

Are you trying to sell your property but not getting the interest levels you hoped for? Are viewing numbers down? When you first launched, did you expect a surge of interest but were instead met with silence? If you’re unsure whether your property is overpriced or if it’s just the current market conditions, keep reading.

Why Isn’t Your Property Selling?

Selling your home is a significant decision, often after months of consideration and research. So, it can be incredibly disheartening to finally take the plunge, only to see little to no interest.

When a property is first launched, it’s promoted heavily through alerts, mailouts, and matches to potential buyers. This initial push is typically the busiest time, so it can be disappointing when all that promotion leads to no viewings.

You might wonder, “Surely there’s someone out there looking for a home like mine?” While agents and property websites are getting your property in front of potential buyers, the issue is often closer to home, quite literally.

Could It Be the Price?

If there’s little to no interest from the initial launch, it’s often due to an overestimated asking price. This issue usually goes back to the initial valuation before you even chose your agent.

Overvaluing properties is surprisingly common, and it’s not always a deliberate act of deception. Here’s why it happens:

  • Competition Between Agents – When you invite multiple agents to value your home, they’re competing for your business. Some may quote a higher price to win your listing, knowing full well that they can suggest a price reduction later. Unfortunately, this tactic can lead to your property staying on the market longer, often resulting in a lower final sale price.
  • Flattery – It’s never easy for an agent to suggest a price lower than what a homeowner expects. Some agents might try to soften the blow by giving an optimistic valuation. While this may feel good initially, it doesn’t help when it comes to actually selling.
  • Optimism from Sellers – It’s natural to want the best possible price for your property. If you receive a range of valuations, the temptation is to list at the highest figure quoted. However, this price is often at the very top end of your property’s value range, and the market may not support it.
  • Changing Market Conditions – Between your valuation and the launch date, the market may have shifted. Economic factors, seasonal trends, or local market changes can all impact buyer demand and price expectations.

What Should You Do Next?

If your property isn’t getting the attention you expected, it might be time to reassess your pricing strategy. Consider the feedback from the market so far, this is valuable information that can guide your next steps.

A price adjustment doesn’t necessarily mean undervaluing your home; it’s about finding the right price point to attract serious buyers. By relaunching your property with a new strategy, you can generate renewed interest and improve your chances of a successful sale.

Need Help Figuring It Out?

If you’re unsure why your property isn’t selling, we’re here to help. At Fisher and Partners, our experienced managing partners specialise in your local market and can provide a no-obligation assessment of your current strategy. We’ll help you get to the bottom of the issue and offer tailored advice to maximise your property’s value.

If you’re looking to sell your property, we’d be delighted to give you a free market appraisal. Contact your local managing partner, and we’ll set up a time to chat. We’d be delighted to hear from you.

Posted on

Action Steps to Get Your Home on the Market Quickly This New Year

With the decorations packed away and the kids back at school, now is the perfect time to focus on selling your home. If moving house is one of your New Year’s resolutions, follow these steps to get your property on the market quickly and effectively.

1. Declutter, Stage, and Style

As you tidy away the remnants of the festive season, take the opportunity to declutter and reorganise. Removing excess items will not only make your home feel more spacious but also create a clean slate for staging. Consider how your property will look in photos, buyers are drawn to bright, open spaces. A well-presented home helps buyers envision themselves living there, which can increase interest and even boost offers.

2. Tackle Those DIY Jobs

Loose door handles, peeling paint, or unfinished DIY projects can give buyers the impression that your property isn’t move-in ready. These small issues can lead to tougher negotiations and lower offers. Use a weekend to tick these tasks off your list, giving your home that polished and well-maintained look that attracts serious buyers.

3. Understand Your Home’s Value

While the festive season may not have been the ideal time for a full property valuation, January is perfect for getting started. Start by getting an instant online valuation to get a ballpark figure. It’s quick, easy, and gives you a good starting point. At Fisher and Partners, our online valuation tool provides an accurate estimate in less than 60 seconds, giving you insight without the need for an in-person appointment.

4. Define Your Next Step

As you prepare to sell, take some time to consider what you’re looking for in your next home. Is it a family-friendly community with excellent schools? A cosy space for retirement? Register your preferences on our website and set up tailored “Heads Up” alerts. You’ll receive notifications about new properties that match your criteria, ensuring you don’t miss out during this active time in the property market.

5. Book Your In-Person Valuation

Once you’ve organised your home and gathered initial information, arrange a professional in-person valuation. At Fisher and Partners, our experienced managing partners offer a bespoke, one-on-one service. They’ll provide a thorough understanding of your property’s value, giving you the confidence to move forward. January is a particularly busy time for buyers, so launching your home on the market now ensures it will be seen by motivated house hunters.

Ready to Begin?

If selling your home is on your to-do list this New Year, let us help you get started. Visit our website to get your instant property valuation or register for personalised Heads Up alerts to find your next dream home. When you’re ready, contact your local managing partner to book your in-person valuation.

We’d be delighted to assist you with every step of your property journey, get in touch today!

Posted on

Understanding AML Checks: What Every Homeowner Should Know

Buying or selling a property is an exciting milestone, but it can also come with a few hurdles, such as navigating Anti-Money Laundering (AML) checks. While it might feel like unnecessary red tape, these checks play a vital role in ensuring the security and integrity of property transactions.

Here’s everything you need to know about AML checks and why they’re essential in today’s real estate market.

What Is AML?

AML stands for Anti-Money Laundering, a set of regulations designed to prevent criminals from using property transactions to launder money. According to UK legislation:

“Money laundering is how criminals change money and other assets into clean money or assets that have no obvious link to their criminal origins.”

In the property market, this could involve:

  • Purchasing property with illegally obtained money, then selling or letting it to create legitimate funds.
  • Using complex company structures to obscure ownership or the purpose of a transaction.
  • Fraudulent transactions such as ghost lettings or staged mortgage scams.

Estate agents are legally required to carry out AML checks to validate buyers, sellers, and transactions. These checks protect the property market and give you peace of mind during your move.

What to Expect During AML Checks

For most people, AML checks are straightforward:

  • Identity Verification: You’ll need to provide a piece of photographic ID (e.g., a passport or driving licence) and a document confirming your address (e.g., a recent utility bill or bank statement).
  • Source of Funds: If paying with cash, you’ll need to show proof that the funds are in a recognised banking system.

Estate agents must also assess whether you could be vulnerable to coercion or fall under the category of a Politically Exposed Person (PEP). PEPs are individuals in positions of influence who could be at a higher risk of being targeted by criminals. If this applies to you, additional checks may be required.

Why Do AML Checks Matter?

Although it might seem like an inconvenience, AML checks are crucial. They help safeguard the property market from being exploited for illegal activities. While the likelihood of encountering money laundering in your property chain is low, these checks provide an added layer of protection for all parties involved.

What Do You Need to Do?

Every person named on the title deeds, or those who will be named if purchasing, must comply with AML regulations by providing:

  1. Photographic ID: Such as a passport or driving licence.
  2. Proof of Address: Such as a recent utility bill or bank statement.

Some estate agents conduct these checks manually, while others use digital services, which can be more convenient and may involve a small fee.

What Happens Next?

Once your AML checks are complete, you can proceed with your property transaction. However, note that your solicitor will likely repeat the checks during the legal process, even if your agent has already completed them. While this may feel redundant, it’s a necessary step to ensure compliance at every stage.

Ready to Make Your Move?

If you’re planning to buy or sell a property, understanding AML checks is just one part of the process. At Fisher and Partners, we’re here to guide you every step of the way. Get a free property valuation here, or book a a personalised sales strategy that includes recommendations on how to make your next move seamless and stress-free.

Alternatively you’re welcome to contact your local managing partner to discuss your unique needs:
Ascot | Maidenhead | Sunningdale | Virginia Water| Windsor | Winkfield

Posted on

Why reducing the price of your property could be a good thing

reduce your pricing

Many years ago, it was thought to be terrible to have to reduce the price of your property. What would people think? No one wanted to buy your home; there must be something wrong with it! It would seem like desperation, and you would have no chance of getting a decent offer as buyers would zero in on your need for a sale and offer eye-wateringly low prices. If you were, in fact, desperate for a sale, you would be left with no choice but to accept these offers, selling your home for less than you had hoped for. They would have you over a barrel, and you’d have to accept defeat.

But is that still the case today?

No, not really. Since the last recession in 2008, thoughts about price reductions on properties have relaxed considerably. The property market changes quickly, so getting everything right from the outset is almost impossible. Deciding on a marketing price for a property is an estimate; there is no concrete guidance and no crystal ball, simply an estimate of what the seller and agent think they can sell the property for. Adjustments have to be made sometimes, and with the introduction of technology, a price reduction can actually have a positive impact on your sale. 

It’s no longer taboo and will not bring negative thoughts about the property. Buyers may notice that the price has dropped, but they don’t see that as a bad thing; rather that you are serious about selling, but the first thought is not that you are desperate.

Perhaps it’s because we are used to the High Street shops always offering sales, shopping at designer outlets that clearly identify the RRP on the tag and the discounted outlet price. We don’t like the clothes any less or decide not to buy them because no one else purchased the items from the high street shop; we simply take it for what it is, something you like and want to buy at a lower price than its total value.

Maybe this readjustment of our buyer psychology works the same way for property. We don’t look at a property that has corrected its pricing and assume it is bad or the sellers are desperate. We simply consider it to be a discount, a bargain. And this can encourage a buyer that is on the fence to jump in with an offer when perhaps they might not have done otherwise. It could be the gentle nudge that they needed.

Reducing your price, if necessary, can be a great thing and could be the way to clinch the deal.

1. Reinvigorating the property’s marketing and promotion, allowing mailouts and matches with buyers again, like bumping a post on social media. 

2. Introduces the property to a new price bracket, with new buyers searching within it. These buyers may not even know your property is for sale as it might have been out of their budget.

3. Buyers who saw the property at the old pricing will know that you’ve reduced the price, which might now align with their opinion of the value.

A price reduction can be the key to securing a sale, particularly if you’ve been on the market for a few months without success and have tried everything else.

If you’re trying to sell your home and are struggling to get viewings, contact the Managing Partner in your area for a review of your marketing and advice on finally getting those offers rolling in. 

Posted on

Are you making these mistakes when trying to sell your property?

troubles selling house

When the time has come to sell your home and move on to pastures new, it’s likely that you haven’t sold a property for quite some time. The average time a person lives in one property is 7-10 years, and if you cast your mind back ten years, our world today is almost unrecognisable; AI and cryptocurrency are now part of our lives, but it’s possible that you’d never really heard of either of those things ten years ago and they certainly weren’t in our everyday conversations. 

So it’s fair to say that, unless you are moving house far more frequently than the average person, you might not be considered an expert in selling property. With this in mind, it’s easy for a homeowner to fall foul of these common mistakes as they attempt to sell.

Overvaluing

Planning your move is as much about the property you want to move in to as it is about selling your current home. The more money you can sell your home for, the higher the available budget for the onward move. Many sellers make the mistake of marketing their property for sale at a price that is simply too high, falsely believing that the higher the starting price is, the higher the end sale price will be. Instead, a discerning homeowner should market their property for a competitive price, reasonable and researched based on factual evidence collected from the current market. You may think a buyer will negotiate with you when they view, but unfortunately, that is often not the case. Buyers will simply discount the property altogether, and you’ll find the number of viewings so low that a sale becomes quite unlikely, meaning that you’ll most likely have to reduce the price.

Bad pricing strategy

Many sellers mistakenly think that they need to factor in wiggle room to their pricing strategy to allow for negotiation. This often results in advertising prices being quite unconventional and are placed ever so slightly above a round figure. In fact, this has an adverse effect on the marketing of a home as almost 99% of all property searches begin online, and properties are filtered using price brackets. If you market your home at £255,000 to allow £5000 negotiation, any buyer that cuts off their search at £250,000 will not even see your property in their search and might never know that your home is available. Instead, opt for round figures that align with the price brackets in online advertising to maximise the coverage and exposure of your marketing.

Being inflexible

The ultimate mistake sellers make is being rigid and uncompromising in their plans. Not allowing viewing appointments at a time that suits the buyer could result in that buyer not viewing at all. Setting a fixed price in your mind could mean you’re unsuccessful in your negotiation. Being very restrictive on your moving timescale could result in a buyer choosing a different property that suits their circumstances over yours. Being as flexible and accommodating as possible will ultimately increase your chances of selling your home.

Whilst it is, of course, still possible to sell your home if you market for a little more than it is truly worth, add a little extra for negotiation and stick rigidly to your own agenda and timescale, you are simply reducing your available market to sell to which could result in a slower sale or a lower sale price. 

If you’re on the market and wondering why you haven’t sold yet, or are thinking of putting your property on the market, contact the Managing Partner for your area to ensure that you don’t fall foul of any common mistakes and maximise the value of your home. 

Posted on

Could this be the magic solution that will help you to sell your property?

feng shui to sell your home

If you’re about to put your home on the market, you might be considering ways to make a few changes here and there that will help guarantee a sale, particularly if you’ve already set your heart on a property to buy. Read more to see if you can use Feng Shui to hack your way to a speedy sale this summer.

Originally practised in China, the ancient art of Feng Shui involved arranging an environment to achieve harmony and balance. Often believed to change the flow of energy in a property and be able to ward off evil spirits and bring good luck, could it be the secret to achieving a sale of your property?

Open up the spaces

Ensure there is open flow in a room and you are not closing off the area with furniture. Ideally, you wouldn’t want a door to be blocked off by furniture, but also, you might want to ensure that there are no rooms that you need to edge around the furniture to get in. 

Pay attention to the ‘feel’

This may be a bit airy fairy, but the feel and atmosphere of your home can have an immense impact on your potential sale. If you get it wrong, you could scupper your plans to move completely. Buyers are looking for a welcoming feel that is comforting and calm. Ensure the property is well-lit by opening all blinds and curtains and turning on every lamp. It is also essential that the home smells nice, so let the property air before viewings by opening the windows and perhaps use wonderfully scented candles and air fresheners.

Don’t horse around!

Bring a metal horse ornament into the home in a running position. This is a Feng Shui method that can detach the energy of the occupants as it declares their intention to move on to somewhere new. If you decide to sell your property, the chances are that you’ve fallen out of love with your home for whatever reason. Position your running horse so that it is running towards the front door, symbolising your move towards your new life and home. The running pose is apparently very important; a static horse would suggest you’re staying put and may hinder your sale.

There is, of course, no scientific evidence to back up the art of Feng Shui, but some of the principles make great interior design sense, regardless of their ability to ward off evil. And if you want to move, there can’t be any harm in giving these tips a go to help encourage a buyer to fall in love with your property. 

Contact the managing partner in your area to take the first step towards moving into your new home.

Posted on

Will our children ever be able to buy a home of their own?

ascot estate agents kids own their own home

We have somewhat of an obsession with buying property, getting our foot on the ladder and owning a little house of our own. But with rising living costs, interest rates and house prices, will this be possible for our children?

In generations gone by, a home would often be purchased shortly after a couple got married, a little home to raise a family. Working diligently for 25 years to pay off the mortgage would result in total property ownership and peace of mind that we’re set for life with a solid roof over our heads. 

But as years have passed, this ideal path to property ownership eludes many of us. Dubbed ‘Generation Rent’, the average age of a first-time buyer in the UK is now around 33. Resigned to living in a rented property for the long term, many younger people feel that the dream of owning their own home may never be possible for them. 

Historically, a purchase of a first home used mortgage funds, possibly without any deposit needed. This mortgage would be three times the household income, which, although much lower than today, would be sufficient to buy a nice little starter home for you and your family. 

It’s a very different picture for first-time buyers today. In almost all cases, a deposit is required of at least 5% of the purchase price of a property. And whilst mortgage lenders would like to keep the multiples at less than five times the annual household income, this still falls well short of the average house purchase price in the UK, which is currently reported as £285,000 (as of March 2023). 

A 5% deposit of this price is £14,250, meaning the remainder would need to be a mortgage, meaning that the required household income to purchase a property would need to be a whopping £90,250! 

With a current minimum wage of £10.42 per hour in this country and an average salary of £21,673, it is clear that owning your own home could be nothing more than a pipe dream for most young adults in the UK. 

Sadly, house prices continue to rise year on year, and salaries are not following suit. With an increased cost of living and rising property rental costs, saving up the deposit funds required to buy a home could be virtually impossible, even if you had a salary high enough to support the mortgage, no matter how frugal your lifestyle.

Does it seem that the current and emerging generations of young adults in the UK, the Millenials and the GenZ’s, are destined to live in rented property forever? 

In most of mainland Europe, property ownership is not so coveted, and a far higher percentage of people of all ages choose to live in rented properties. In Sweden, there are ultra-long-term mortgages of up to 105 years, so the mortgage passes to the family. This keeps the monthly premiums very low and makes property ownership much more affordable. 

But this has not been adopted in the UK, despite Downing Street looking into offering 50-year mortgage terms last summer. So what can first-time buyers do to get that highly coveted first foot on the property ladder?

The side hustle

Many people are looking to take on extra jobs, in addition to their 9-5, to make a little extra cash in the hope of saving enough to make up a deposit. This could be an online venture or selling artisan products they make on platforms like Etsy.

Living rent-free

If you are expected to pay for rent and household bills, which usually make up most of your monthly spending, saving a substantial amount towards the illusive deposit can be almost impossible. This can mean that young adults continue to live with family for a monthly contribution to allow more saving potential. 

Bank of Mum & Dad

Perhaps the most widely reported option is for the parents to gift the deposit funds to their children to enable a property purchase. It is the fastest way to get on the ladder, but not everyone has savings to gift to their offspring. 

So, it could be the case that a large proportion of Millennials and GenZ population in the UK may be unable to buy a home of their own. But, if you are a parent, you could be expected to make a withdrawal from your life savings to help your children. 

If you have children considering buying their first property, contact our team of property experts to ensure they are registered for suitable properties so they don’t miss out. Our Heads Up alerts system means they will be the first to hear about new instructions, so they won’t miss out on the perfect property. 

Posted on

Landlords, are you charging the correct rent? Top tips to increasing your rent like a professional.

landlords pricing rent

The average tenant stays in the same property for around 2 or 3 years. But a lot can change in that time. If you’ve managed to keep the same tenants in your property for more than 2 years, have you considered whether the rental amount is still correct? Read this article to find out more.

If you employ a managing agent to look after your property and tenancy, you needn’t worry. Letting agents are at the coal face of the letting market, and so will be making sure that, as the market changes, the existing tenancies are kept up to date and all landlords receive the correct rent for their properties. 

But, if you manage your tenancies yourself, you might not be making the most of your investment. The property market has changed dramatically over the last few years, with a shortage of rental properties leading to increased rental prices. Therefore, if you have not assessed your property for a few years, you could be leaving money on the table. 

The average rental price for a property in the UK is £1190 (according to The Guardian in April 2023), which is an increase of 10% since last year.

Most self-managed landlords are either unaware of how much their property could be worth, how to increase the rent, or how to navigate the process. This could mean that most self-managed landlords miss out on potential income. So how can this income be unlocked? What is the approach to increasing the rent on your rental property?

Call in the professionals. 

The easiest option is to employ a managing agent. If your tenant is still in situ, you can outsource the management of your tenancies to a managing agent at any time, even in the middle of a tenancy, without any problem. The agent will perform a full audit to ensure everything is up to date and running correctly. They’ll be able to provide you with an accurate rental valuation, and if the rent is too low, they’ll be able to set a rent increase in motion for you. Nice and straightforward, and you will probably find that the rent increase will more than cover the monthly management fees for the agent. 

Serve a notice 

If you decide to go it alone, you’ll need to serve a Section 13 notice, in writing, to your tenants, formally informing them of the increase in rent and issuing the correct notice period. 

The key to a rent increase is to ensure you are fair. The tenants are used to budgeting for a set figure each month; if you increase by a substantial amount in one fell swoop, your tenant may not be able to afford the sudden rise in outgoings. It could cause your tenant immense distress if their monthly outgoings increase suddenly, particularly when experiencing a cost of living crisis.

If you’ve neglected to keep the rent in line with market value, you may have to take that on the chin and accept a slower rent increase process rather than a sudden jump up in price. Otherwise, regardless of the distress caused, you may find that the increase is unmanageable for the tenants, and they’re now unable to make the payments. 

You must consider that some rent, albeit at a slightly lower rate, is better than no rent and a complete breakdown of the relationship between you and your long-term tenants. 

If the increase in value is only £25 per month, you might decide it isn’t worth the upheaval and distress. After all, if your tenants move out due to the rent increase, you’ll lose more income than you would gain by re-marketing the property. But, if the rent is £100’s lower than it should be, this must be addressed promptly. Tread carefully, though and be sympathetic to your tenants.

If you need some guidance on navigating a rental increase with your tenants, contact our property experts today.