Landlord Insurance: A five minute guide

A 5-minute guide to insurance for landlords

Insurance is one of the most complicated and time-consuming tasks that, as a landlord, you may have to do. It is also one of the most important. In the event of an accident, it is insurance that can help you out.

Landlord insurance types

There are different types of insurance available for landlords with different needs. Three most common types are:

  • Landlord insurance
  • Landlord energy cover
  • Rent guarantee insurance

Landlord insurance explained

Landlord insurance is technically made up of 3 different types of insurance. This provides you with flexibility as to what level of cover is right for you. This is especially important with a buy to let mortgage as there is a minimum level insurance needed for the duration of the mortgage.

Whilst it is not a legal requirement to have landlord insurance, it is wise to have it. Especially considering that the average landlord insurance price in the UK is around £230, meaning it shouldn’t break the bank, but not having it could.

Buildings insurance explained

Buildings insurance covers the structure of the building itself in the event of a catastrophic event where it is completely destroyed.

Something important to note is that the insurance will only pay out the cost to rebuild the property and not the market value of the house.

A way of understanding what is covered in this type of insurance is if it is fixed and cannot be picked up. An example would be cabinets which cannot be picked and are fixed.

Buildings insurance is required by most lenders as a minimum for buy to let mortgages.

Contents insurance explained

If building insurance covers the permanent fixtures of the house then contents insurance covers the impermanent. Examples include electronics and furniture.

Though it should be made clear to tenants that contents insurance will only insure the landlord’s property, not the tenant’s property. In the event of a break-in, the tenant and landlord will have to make a separate claim through their own insurance provider.

Need more information on landlord insurance?

If you need more information on landlord insurance, talk to the team at our letting agents in Nottingham. You can call us on 0115 924 3304 or email info@waltonandallen.co.uk.

Nottingham Selective Licensing Training Course

We are preparing Nottingham Selective Licensing training courses for Landlords

Walton & Allen are very pleased to announce that we have submitted over 250 Nottingham Selective Licensing applications to the City Council. This is on behalf of our Landlord clients and means they are all now fully compliant. As a result, we will continue to monitor compliance over the 5 year period for those properties where we are acting as Licence Holder.

We are now preparing training courses for Landlords who have opted to be the Licence Holder themselves. This is for both our current clients and those who have not had dealings with Walton & Allen before.

Why do I need Selective Licensing training?

There are many licensing stipulations and rules set by Nottingham City Council. As part of the 5 year licencing scheme, Landlords must have relevant training. This ensures they are legally prepared to let out their property. They must also provide evidence to Nottingham City Council.

We are preparing Selective Licensing training which will cover:

  • Tenancy agreements
  • Inventories
  • Registering deposits in a legal scheme
  • Right to Rent checks
  • Referencing
  • Ensuring a landlord has relevant safety certificates
  • Property inspections
  • Managing maintenance issues and any tenant problems
  • Tenant safety
  • The process of ending a tenancy
  • A recap on responsibilities as a Selective Licence Holder

The training course will last half a day and will take place at a venue in Nottingham city centre.

How do I apply for training?

Walton & Allen are currently accepting enquiries from those who are interested in attending Selective Licensing training. Please fill in the form below where we will update you when we have some available dates.

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Need to know more about Nottingham Selective Licensing

If you are yet to get a Selective Licence for your investment property then you can read more about the scheme on our Selective Licensing Hub. It was introduced on 1st August 2018 and applies to most properties which are rented out within the Nottingham City Council boundaries. Secondly, the licensing cost is £780 and it lasts for 5 years. If you do not have a Selective Licence for a property which requires one then you could be fined.

About Walton & Allen

Established in 2000, Walton & Allen are estate and letting agents in Nottingham. We provide property sales, lettings and mortgage advice. We manage approximately 400 buy to let properties for our Landlord clients. In addition, we provide a tenant find only service if Landlords prefer to manage a buy to let property themselves. Talk to us today on 0115 924 3304 if you would like to find out more about any of our property services.

 

 

Nottingham Property Prices Winter 2018

Nottingham Property Prices

As we enter Autumn and look towards Winter 2018, we analyse current Nottingham property prices.

At the time of writing, the impact on the UK economy of a hard or ‘no deal’ Brexit has been a huge topic of debate. Despite the uncertainty, property prices are still growing, with plenty of potential further growth too.

Nottingham Property Values

Property prices have continually grown throughout the last 4 months and this month is no different. Nottingham property prices are up 1% since August and up 3.4% on the last 3 months. Prices have risen 6.9% over the last year which puts Nottingham in third place across the whole of the country for UK property price growth. If your house or flat was worth £150,000 a year ago, it could now be worth over £10,000 more!

Other cities around the UK performing well are Oxford at 1.3% growth over the last month and Belfast at 1.2% growth since last month. Birmingham also sits neck and neck with Nottingham at 1.0%.

This data is according to Hometrack.

Selling Property in the East Midlands

The East Midlands property market is still one of the strongest in England. It is the second quickest for selling time, an average of just 54 days and just behind Birmingham at 49 days. The average property price in the East Midlands is currently £224,707 according to Rightmove. Prices throughout the whole of the East Midlands area rose 4.7% over the last year, so Nottingham is well above average in the area!

How much is your Nottingham property worth?

As house prices continue to rise, how much is your property now worth?

Find out for free, with no obligation to sell. Just fill in the below form or call 0115 9243304 to talk to our Estate Agents Nottingham.

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Mortgage rates

Mortgage rates are still very low despite a rise in the Bank of England interest rate. Are you on one of the best deals possible? Compare the whole of the mortgage market for free by using the mortgage advice form below.

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A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

How long does it take to save for a house?

Data suggests that it now takes up to 8 years to save up for a house.

The average deposit at 20% is now around £20,000 across the UK and is as much as £80,000 in London. This data is according to the Nationwide Building Society.

The Nationwide have analysed their mortgage data for the cost of a typical first time buyer home, based on four times their income, and took 20% from that figure.

The BBC have produced a chart to show how each area of the UK compares. The East Midlands sits right in the middle, with the average deposit just under £30,000. As you can see, prices haven’t changed that much since 2007.

how long does it take to save up for a house

The Nationwide also calculated how long it would take to save for the average deposit, based on saving 15% of a monthly income. This works out at around 8 years to save for a house deposit and approximately 10 years in London. The East Midlands ranked at around 9 years to save for a house.

Many first time buyers are now turning to parents to help them save for a house more quickly, although the recent cut to stamp duty should help affordability.

Find out how much you can afford to borrow

Walton & Allen offer free mortgage advice to compare the whole of the mortgage market. You may be able to afford to buy a house sooner than you think. Get in touch for advice today.

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Estate Agents Clifton

Estate agents Clifton and property for sale in Clifton

Walton & Allen are estate agents, Clifton. Why not book a free property valuation with our estate agents?

Walton & Allen have been ranked as one of the top 3 estate agents in Nottingham by ThreeBestRated!

Welcome to Clifton, Nottingham, a southern suburban town with fantastic transport links and a university campus.

We outline here why Clifton is a great place to buy or rent a property.

Clifton Property

Clifton was originally built in the 1950s by the council although most property in the area is now privately owned. Due to this, house prices are lower than in other surrounding parts of Nottingham and property is in high demand, particularly with first time buyers. House prices can start as low as £50,000 for a 1 bed maisonette. Property prices are continuing to rise in this area.

Education

There are many Clifton schools in the area. The main secondary school is Farnborough Academy which is part of the Trent academies group. The University of Nottingham also has a campus in Clifton which includes a large sports village and frequent public transport links.

Retail and Leisure

Clifton has a whole host of shops throughout the town centre including many well known high street brands. There is also a large leisure centre which includes a large gym and swimming pool.

Clifton Transport

Clifton is linked via the Nottingham NET Tram Network which connects the town with Nottingham city centre and futher afield including Hucknall and Bulwell. Nottingham City Transport also run a large amount of bus lines to and from the town, linking the shops, university campus, the city and Nottingham City Hospital. Trent Barton also connect Clifton to East Midlands Airport through the Skylink service.

estate agents clifton

 

Why not book a free, no obligation valuation to see how much your property is worth?

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We also offer free mortgage advice to residents of Clifton and anyone else in Nottinghamshire.

Walton & Allen Estate Agents Hucknall: Ethelbert Avenue

Walton & Allen Estate Agents Hucknall are pleased to announce their latest success story – Ethelbert Avenue.

Ethelbert Avenue, Hucknall, went to market on 12th October 2017. The property is a semi-detached house which had recently been fully refurbished. It has three bedrooms, a large lounge, parking for several cars, a garage and a south facing garden. The road is also a quiet cul-de-sac in Hucknall with open countryside almost on the doorstep.

Estate agents Hucknall Ethelbert Avenue Hucknall Estate Agents Ethelbert Avenue

As soon as the property was advertised for sale it gained a lot of interest. It almost instantly had 15 viewings and 5 offers were made. The Walton & Allen Estate Agents team are pleased to announce that they sold the property within 5 days, and at above the asking price!

Do you have a property to sell in Hucknall? Enter your details below for one of the Estate Agents sales team to get in touch with you as soon as possible.

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Did you know? Walton & Allen Estate Agents also offer mortgage advice in Hucknall and the surrounding areas of Nottingham.

You can receive a free of charge mortgage chat to find out how much you can afford to borrow, or to find one of the best deals for you at this moment in time.

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Nottingham Property Prices Report

The latest Hometrack property prices report is out and it’s more good news for Nottingham home owners!

In short, the new figures from both HomeTrack and property portal Righmove suggest:

  • Nottingham top of the country for property price growth in the last 3 months
  • Huge Nottingham price increase of 6.9% across the last 12 months
  • Midlands performing better than most areas in the country
  • Buyer demand massively outweighs properties on the market – More property needed to sell!

Hometrack compares property price growth throughout the whole of the UK and has recently put Nottingham in the top 3 for growth.  Nottingham property prices have risen by 0.9% in the last month and by 6.9% over the last 12 months. This firmly places Nottingham in third position across the country, just after Manchester with 7.1% and Birmingham with 8.0%.

The other interesting figure to note is Nottingham comes out in first place for total growth over the last 3 months at 4.0%. This tops Glasgow with 3.3% and Leeds and Manchester with 3.2%.

The last year has also seen a huge slow down in in London property prices although July has finally seen a small increase at 2.8%.

For the full set of information, view the chart below.

nottingham property prices

Rightmove have also released figures for August property prices within the East Midlands as a whole. They state the average price has risen from £207,378 to £208,254. This is an average monthly change across the region of 0.4%. The average property price in August 2016 was only £194,908 for the East Midlands.

Rightmove also confirm that the Midlands are outperforming the rest of the country. As a whole, most property prices elsewhere are dropping at a rate of 0.9%. They believe the reason for the defiance in Nottingham and the surrounding areas is because there is a huge buyer demand with a limited supply of houses.

What does this mean for you?

If you’re looking to sell your property in Nottingham then now would be a great time. Property prices have risen considerably and you could make some money from your sale. If you were to put your property on the market it should sell very quickly since buyers currently outweigh the limited supply of property.

Find out how much your property is currently worth by using the below form.

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Mortgage lending is also up

Property portal Zoopla has reported mortgage lending is also up. Mortgage lenders have approved a total of 41,587 mortgages last month. This is the highest it has been for 5 months.

If you’re looking to gain approval for your own mortgage, whatever your financial circumstances, book an appointment with a broker as soon as you can. You can chat with our mortgage adviser who will compare the whole market for you. Book an appointment below.

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Nottingham Property Valuations

Find out how much your home is worth

Are you looking to see how much your property is worth? Book a FREE valuation today.

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Why choose Walton & Allen?

  • We’ll use our local experts to value your property at the best possible price
  • There’s no obligation to use us to market your property
  • We will advise on how to achieve the most interest in your property sale
  • Walton & Allen will advise you every step of the way

Find out how Walton & Allen estate agents can sell your home.

 

Estate Agents Gedling – Property of the week

Estate Agents Gedling

The village of Gedling, Nottingham was featured in the Doomsday book as a ‘distinct settlement’ but, due to expansion, it now merges with nearby Carlton.

A short drive from Mapperley, Gedling is also the name of the local borough council with their offices in Arnold.

Gedling is a thriving village with great transport links and local shops, including a small Sainsbury’s and Co-operative supermarket. The local church, All Hallows Anglican church sits almost in the centre on Arnold Lane. Gedling has a population of approximately 6,800 people.

Gedling Property

The average house price in Gedling is currently £166,348, which is up 1.03% on last year. The average flat sold for £87,272 and terraced houses for £111,193. This is according to Zoopla.

Our latest Gedling property on the market is a semi-detached house with 3 bedrooms, located on Bentink Road. This property has a driveway, garage and no onward chain.

estate agents gedlinggedling estate agents

Since going to market, this property has had 25 viewings booked in just 3 days! This could be partially due to location, being close to The Carlton Academy and a short drive from Gedling Country Park. The property is also close to Mapperley Golf Club.

The guide price is at £120,000 which is also ideal for first time buyers. With mortgage rates at an all time low, this makes this property very affordable for almost any first time buyer. Why not book to gain some independent mortgage advice with our in house mortgage broker?

gedling property

Gedling Property Valuations

If your property is based within the Gedling, Carlton or Nottingham area, find out how much it could be worth using the form below.

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Gedling Mortgage Advice

We also offer mortgage advice for residents in Gedling, Arnold, Netherfield and surrounding areas. Enter your contact information below to have our Gedling mortgage adviser give you a call or email.

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A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

Property in The Park, Nottingham

The Park, Nottingham has always been a prestigious estate. Access is limited to residents and their visitors only, with restricted parking and local amenities such as the local tennis courts.

The Park is overlooked by Nottingham Castle and was once filled with deer, before it was built on in 1809.

The average flat price in The Park is around £245,000, with semi-detached fetching around £654,000.

Recently, Walton & Allen Estate Agents sold a property on Tattershall Drive, with a selling price of well over £400,000. It was a fairly unusual property in that it was situated above the garage and almost built into the hill itself. As you can see, the views from the property were also stunning.

 

the park nottingham tattershall drivethe park nottingham

Interestingly, residents in The Park estate have to pay a ‘Park Rate’ as well as local council tax. This covers area maintenance and a very unique gas lighting system, thought to be one of the largest within Europe.

One of the most unique and unknown features in the estate is The Park Tunnel – A large path carved through the cliff which was initially created to allow horse drawn carriages to flow into the area.

the park tunnel

There are many hidden secrets to the private estate, some of which are listed in our video below.

Look at our property for sale within our estate agent offices, or book a free valuation.