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Inside The Jolly’s Refurbishment

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The perfect property to rent in Bath?

Milsom Street is the beating heart of central Bath, shoppers busily flowing down the thoroughfare and its various tributaries. It is dominated on the western side by a department store which has become synonymous with the city, Jolly’s. Jolly & Son has, in one form or another, been a staple of the Bath shopping scene since 1823. Its immediate future is sadly uncertain, as current owner House of Fraser seeks to agree a new lease with the council, following a buy-out by Sports Direct.

Above Jollys’ crowded aisles, a rejuvenation of a different kind has taken place. A highly regarded Bath-based developer, Longacre, has converted ten run-down apartments into fourteen exceptional and exclusive studio, one and two bedroom apartments. Not that you would know, standing on the street – the building’s Georgian facade remains unchanged.

An Uncompromising Finish

The development is accessed by a heavy wrought iron gate, behind which lies a painstakingly restored peacock mosaic bearing the name of the department store. A large hallway with a cantilever staircase leads to a landing lined with skylights. The apartments vary in size and shape, but not in quality. Engineered timber flooring, granite kitchen counters, and stainless steel integrated appliances are universal, as are the views over the city front and back.

Secure Investments & Happy Tenants

Such a high quality of finish, paired with the most central location in the city, made for the perfect Bath property investment opportunity. Working closely with the selling agent, Knight Frank, we were able to inform our landlords of the development at an early stage, and have since brought several of the apartments to the rental market. As far as property to rent in Bath goes, these apartments are ideal: clean, contemporary, central and high quality – ultimately, very appealing to tenants.

Each apartment that came to the rental market let very swiftly – within just a few days in most cases. With tenants happy and landlords confident of a secure and reliable investment, these apartments have been a real success story.

If you are looking to expand your property portfolio and would like some expert advice, or if you simply have a property to rent in Bath, contact us on 01225 445777 or info@localhost. We would love to help.

Government Announces New Electrical Safety Regulations

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Subject to approval by both Houses of Parliament, landlords and letting agents will need to ensure electrical installation inspections and testing are carried out for all new tenancies in England from 1st July 2020, or from 1st April 2021 for existing tenancies.

The Government has laid The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020, which require landlords to ensure that every fixed electrical installation is inspected and tested at least every five years by a qualified engineer. The Regulations also state that a landlord is required to obtain a report of the results of the inspection, supply it to each tenant within 28 days and retain a copy until the next inspection is due.

“We are supportive of this concept and believe it will create a level playing field for all agents and landlords as well as ensuring improved safety standards for tenants. Mandating inspecting and testing of every fixed electrical installation should have a limited impact on good professional landlords and agents in the market, many of whom already voluntarily undertake these inspections.”
– David Cox, ARLA Propertymark Chief Executive

The landlord or their agent must supply a copy of the latest report to any new tenant before occupation, or within 28 days if requested by any prospective tenant. The Regulations require local housing authorities to enforce the rules, with landlords obliged to provide a copy of the report to the local authority within 7 days if requested.

Proven breaches of the Regulations can result in the local authority imposing a financial penalty of up to £30,000.

Professional Management

The government’s drive to raise standards in the private rental sector means that there are now nearly 150 pieces of law affecting tenancies. It has never been more important for your tenancy to be managed by a knowledgeable, professional and regulated agency.

For guidance on all aspects of tenancy management, or if you are considering letting your property in Bath, contact us on 01225 445777 or info@localhost.

New Year, New Letting Agent?

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A Landlord’s Biggest Decision.

A very Happy New Year from us all at Reside! Some people’s 2020 resolutions will involve exercising more, eating less or – heaven forbid – both; however, many take this as an opportunity to review contracts and working relationships – who to bank with, or which lettings agent should manage their investment properties.

When letting a property a landlord has two vital decisions to make, both of which can have huge implications on their health, wealth and quality of life.

It’s really no exaggeration to say that if a landlord chooses the wrong letting agent and compounds that error by renting their property to a tenant who has not been properly vetted, one thing is usually guaranteed – trouble. And often a lot of it.

Poorly referenced tenants cause the most problems and letting agencies that don’t have stringent checks in place leave their landlords vulnerable.

At Reside, we’ve always believed that one of the most important parts of our role as letting agent is to ensure the right tenants are placed in the right properties. So how do we ensure we get good tenants for our landlords? Well, during our years in the property lettings business we’ve learned (sometimes the hard way) what to look out for.

So what makes a good tenant?

Simply someone who pays their rent on time, respects the property, is reasonable to deal with and gets on with the neighbours. These are all factors which can contribute to a successful long term let.

The next part of the process is one where less well-equipped or experienced agencies often fail.

A good quality referencing agent is vital for ascertaining credit history, as well as ensuring the tenant has the means to pay the rent. Our referencing covers employment, credit and previous rental history.

While proper referencing is very important, it’s sadly not a 100% guarantee that the tenant will be a good one. But, when done properly, it is usually a very good indication of the calibre of the person applying to rent your property.

Once a tenant has been selected it’s important for the property to be professionally and ethically managed. Keeping a tenant waiting for an unreasonable amount of time for a washing machine or boiler repair could lead to problems for the landlord, such as claims for compensation. It’s important for any prospective landlord to apply a vetting process to their agency. Are they a diligent, conscientious and regulated letting agent? This is where Google reviews are particularly useful, as they give a genuine insight into the experience of a company’s clients. You can also check what professional affiliations your agent has; here at Reside, we are regulated through our memberships of ARLA Propertymark, SafeAgent and The Property Redress Scheme.

“The amazing team at Reside have let and managed our property in Bath for the last two years. I cannot tell you how incredible their level of service is… above and way beyond any estate agent we’ve dealt with in the past.”
– Google review from Betsy Huggins, Landlord

Equally, a landlord should not always be swayed by the agency who places the greatest value on their property. If a lettings agent overprices a property’s rental value, it could lead to extended void periods. These costly episodes put pressure on the landlord and the letting agent to fill the void as quickly as possible and this can mean the vetting process is not rigidly carried out. Which, as we said at the start of this article, can lead to a lot of trouble.

If you want to let your property in Bath quickly, professionally and cost effectively call Reside on 01225 445777 or email: info@localhost for honest, expert and friendly advice.

Charity Donation & Christmas Opening Hours

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Charity donation to VOICES.

We are very proud to be long-term members of the Bath Percent Club, a group of over 180 companies and individuals committed to giving back to the local community. As part of our commitment to the Percent Club, we donate a percentage of our profits to charities and worthwhile causes – of which there are many in Bath.

This year, our staff chose to donate to VOICES, a Bath-based charity founded in 2014 by women who have experienced domestic abuse. They provide community-based recovery and empowerment programmes for women who have experienced domestic abuse, as well as raising awareness of the nature and impacts of abuse.

The work VOICES perform in the area is vital to many, and December and January can be the toughest of times for those experiencing abuse and other types of hardship. We are delighted that we have been able to support their work.

Christmas Opening Hours.

We would like to wish you all a very Merry Christmas, and look forward to speaking with you in 2020.

General Election 2019

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WHAT IT MEANS FOR THE PRIVATE RENTAL SECTOR

Heated debates over Brexit and the future of the NHS may have dominated headlines in the run-up to this year’s snap General Election, but when voters go to the polls on 12 December they will also have their say on a broad spectrum of policies which will plot the direction of the United Kingdom for the foreseeable future. Flagship housing policies have been announced by all of the main parties, each of which would mean significant changes for the private rental sector. Change is coming for landlords and tenants alike, regardless of who has the Downing Street keys come the New Year.

Armed with a strong brew and a highlighter, we trawled the manifestos to bring you a summary of the main partys’ plans for the sector.

The Conservative Party

Before an election had even been called, the Conservatives outlined their intention to abolish Section 21, or ‘no-fault’ evictions; their manifesto follows through on this promise. It is expected that Section 21 of the Housing Act will be replaced by a reworked version of Section 8, which would allow landlords to take back possession of their property if they had a valid reason, for example a breach of contract or to sell. The government sold this as a fairer solution for both tenants and landlords by promising greater security to tenants, and a simpler, faster eviction process for landlords with a genuine reason for seeking possession.

We will bring in a Better Deal for Renters, including abolishing ‘no fault’ evictions and only requiring one ‘lifetime’ deposit which moves with the tenant.

The Tories’ manifesto also plans to introduce a ‘lifetime’ deposit which moves with the tenant from property to property, also known as tenant deposit passports. In practice, this will allow a tenant to port their existing security deposit to their next tenancy; it is not yet known how deposit deductions or tenancy overlaps will work. A working group formed of the various deposit protection schemes had been due to report back to the government in the autumn, but the election has forced the Conservatives’ hand.

The only other reference to the sector in the Tory manifesto is an allusion to a policy introduced in 2015, protecting tenants from ‘revenge evictions’. We can only assume that legislation and enforcement of this issue will be tightened to give tenants greater protection against unscrupulous and ill-informed landlords.

The Labour Party

Jeremy Corbyn’s manifesto says that the UK’s 11 million tenants are ‘at the sharp end of the housing crisis’, and promises urgent action to protect private renters. Plans for open-ended tenancies will mean an end to no-fault evictions, echoing the Conservatives’ intentions to scrap Section 21, whilst rent increases would be capped at inflation. Labour would also give local authorities powers to introduce rent caps, should rents locally be deemed excessive against the national average.

We will take urgent action to protect private renters through rent controls, open-ended tenancies, and new, binding minimum standards.

An annual property ‘MOT’ would replace current landlord safety requirements, with hefty fines, landlord licensing and renters’ unions in place to hold sub-standard homes and rogue landlords to account. One of the party’s more radical policies is the introduction of national licensing for landlords.

Labour would abolish the Conservatives’ contentious Right to Rent policy, which in March 2019 was found to be in contravention of human rights law. This would remove the burden on a landlord to check the immigration status of their tenant before and during their tenancy.

The Liberal Democrats

Jo Swinson’s most eye-catching policy for the private rental sector is the introduction of a Help to Rent scheme, which would provide government-backed deposit loans to first-time renters under the age of 30. This has drawn criticism from some who believe the government should be supporting the younger generation into home ownership; however, Swinson maintains that increasing numbers of young people require state support in order to break into the rental market.

To reform the private rental sector, we will help young people into the rental market by establishing a new Help to Rent scheme to provide government-backed tenancy deposit loans for all first-time renters under 30.

The Liberal Democrats complete the triumvirate of major parties who have pledged greater security to tenants in the form of longer-term tenancies. Whilst they have not explicitly pledged in their manifesto to remove Section 21, the party voted in favour of doing so at their Bournemouth conference last September. They would also introduce a cap on annual rent increases, linked to inflation.

The Lib Dems’ final flagship rental policy is the mandatory licensing of all private landlords, in order to improve enforcement of current regulations.

What does it all mean?

Regardless of your political inclinations, landlords should accept that changes will be made to the sector after the 12th of December, but behind the dramatic headlines are policies which will have little impact on most conscientious landlords.

Section 21 evictions are going to be abolished, regardless of who holds the keys to Number 10, but landlords should find succour in the fact that reforms to Section 8, if done correctly, may actually simplify the eviction process for landlords with a legitimate reason to seek possession of their property.

Proposed rent controls will restrict annual rent increases to inflation, however most standard tenancy agreements already cite RPI as the bellwether by which to gauge rent reviews.

All three parties are seeking to make life more difficult for ‘rogue landlords’, their message being that dutiful landlords with a keen awareness of their obligations should have nothing to fear. Proposed landlord licensing or tightening of legislation is intended to clamp down on those landlords with little care or knowledge of the law.

Whilst it is not included in any manifestos, it is still widely expected that all letting agents will be required to comply with the recommendations of the RoPA Report, which proposed mandatory qualifications and licensing for all professional agents; something which Reside already complies with by virtue of our ARLA Propertymark membership.

With changes to the sector undoubtedly coming soon, and strict enforcement of housing legislation being proposed, there has never been a better time for landlords to employ a qualified, knowledgeable and regulated letting agency.

If you are a landlord with property to rent in Bath, please don’t hesitate to contact us – we would love to help.

Beware Black Friday

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…or: why you should be wary of cheap letting agents!

On the 29th of November the phenomenon that is Black Friday will sweep the USA and, more increasingly than ever, the UK.

Online giant Amazon has already started a countdown in the run up to the day which sees prices slashed, shoppers go bonkers and sales rocket.

It’s not just Amazon who believe that going cheap is a good way of gaining business – we’ve seen some lettings agencies do it too. Although not themed around Black Friday, we’ve come across several agencies whose fees are so low it leaves us thinking, “how can they charge that and still give a good level of service and expertise?”

The trouble is they can’t and a Black Friday approach to lettings and property management doesn’t work. Over the 11 years we’ve been managing rental properties in Bath we’ve seen agencies try this cheap and cheerful route but become unstuck.

It’s an unsustainable business model.

You get what you pay for

Landlords and tenants both suffer from ridiculous low fees, as something has to give. It could be the calibre of staff working in ‘pile-them-high-and-let-them-cheap’ outfits, or the level of property management, inventory or inspections that is provided.

The old adage you get what you pay for is particularly true in the world of property.

We have always been about charging a fair fee but delivering a superb, personal service and we like to think our track record and positive Google reviews prove that approach works for the landlords we serve.

Reside have been fantastic in letting out our property – very professional, friendly and pro-active. After the first meeting with Ben we knew that Reside was the Agency we wanted to work with. The company has many years of experience and knowledge of the Bath rental market and we like the fact that they specialise in lettings only. We were impressed with how quickly our house was let and would highly recommend them to other landlords.
Joey Snowdon, Landlord

Our management fee allows us to offer guaranteed rents to landlords, regular property inspection reports sent by email, professional photography and much more. Most crucially, it also allows us to hire the best staff who can offer our landlords sound, informed advice whenever needed.

We love a good bargain like everyone else, but some corners are not worth cutting.

Thanks for reading and if you have any other property related questions please don’t hesitate to get in touch with us – we’d love to help you.

Why it pays to choose a licensed Letting Agent

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We’re proud to be a member of several organisations which represent the property lettings and management industry, including the Association of Residential Letting Agents (ARLA), Safeagent and The Property Redress Scheme.

Surprisingly, there is currently no mandatory regulation of letting and property management agents in the UK, although this is currently under scrutiny by the Regulation of Property Agents Working Group (RoPA), who have recommended to the government that all residential property agents should be regulated and licensed.

Although not currently compulsory, we choose to be licensed because it’s a great way to keep up with changes to rules and regulations affecting our ever-changing industry. As membership of ARLA requires industry-specific qualifications, it also means that we access regular training and development courses to improve our knowledge.

But more importantly it has big benefits for our clients, and that is why we believe you should always choose a licensed agent. For example, ARLA has a strict code of practice which its licensed agents must follow.

ARLA provides us with expert legal advice if needed. Whenever we’ve had to call on this service in the past, it has helped our clients to fairly and legally resolve their concerns.

Being licensed by ARLA means our clients know that we comply with its professional standards. You can be confident that we take the business of managing your property seriously and will work to a professional, principled and honest agenda.

We are big believers that licensing should be mandatory for all agents, but it is currently not. With the results of the RoPA report appearing to receive cross-party support, it seems to be only a matter of time before all agents will be subject to the standards to which we at Reside already subscribe. Using a licensed agent such as Reside not only protects landlords against the issues of today, but also from the changes that our coming to the industry soon.

If you would like to let your property quickly, professionally and cost-effectively, please don’t hesitate to contact us – we’d love to help you.

Awards Recognition For Reside

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Reside was crowned Bath’s best lettings agent at the Bath Property Awards, a celebration of the city’s vibrant property sector encompassing everything from property agents to interior designers. The panel of ten independent judges, comprising industry experts and local luminaries, summarised Reside as a “smart company with highly-detailed local knowledge which cleverly balances landlords’ and tenants’ needs.”

Three hundred eager property professionals descended on the Apex Hotel for the inaugural awards hosted by MediaClash, proprietors of the prestigious Bath and Bristol Life Awards.

Collecting the best lettings agent award from Homes under the Hammer’s Martin Roberts, Managing Director Ben Bower paid tribute to the Reside team’s tireless work and commitment.

 

Have A Very Independent Bath Christmas

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Milsom Street - Bath

Bath is justifiably renowned for its magical Christmas market, which sees thousands of visitors flood to the city to explore the two hundred timber chalets stocked with festive gifts and cheer.

Many local residents, however, eschew the market in favour of the exceptional independent shops which make a Bath unique shopping destination all year round. This blog guides you around some of our favourite independents, who we think will solve any Christmas shopping conundrums this year.

Rossiters of Bath is an essential starting point for anybody planning an excursion around the city’s independent shops. Situated on Broad Street for over 50 years, the department store is a treasure trove of interconnecting rooms, each filled with homewares, toiletries and fragrances. Shoppers can also cross several items off their Christmas lists at The Loft, where shelves are stacked with an array of gifts, clothes and accoutrements.

Book lovers spend many happy hours nosing around Bath’s independent book shops, but those in search of gifts for literature lovers should look no further than Mr B’s Emporium, whose Reading Spa vouchers entitle the recipient to be plied with cake, coffee and a towering stack of books handpicked by a Mr B’s bibliotherapist.

Bath is a city with a burgeoning reputation as a gastronome’s delight, with high quality independent restaurants and foodie boutiques around every corner. Many restaurants, such as Acorn Vegetarian Kitchen and Hudson Steakhouse, offer gift vouchers that would be sure to prematurely end any New Year’s diet. Richard Bertinet’s cookery school, The Bertinet Kitchen, offers classes and vouchers for cooks wishing to hone their culinary expertise.

For those wanted to stuff stockings with edible offerings, The Foodie Bugle sells delicious artisanal treats, San Francisco Fudge Factory offers decadent handmade confectionery and The Bath Fine Cheese Co. provide hampers crammed with delicious cheeses. Meanwhile, a hamper of craft beers picked from Independent Spirit‘s vast selection would quench the thirst of any microbrewery fanatic.

A locally produced piece of art makes a unique gift and Bertie & Jack, whose stall can usually be found on Burton Street, make customised colourful ‘cut-out’ wall art. For artwork with a local theme, visit Flamingo in Widcombe whose varied and imaginative gifts include prints depicting well-known areas of Bath.

Whether they have been naughty or nice, every boy and girl will be expecting to find an exciting parcel under the tree on Christmas morning. In Spotty Herberts and My Small World, Bath has two innovative independents that will certainly cater for the youngsters in the family.

No shopping trip to Bath is complete without a visit to its many boutique clothing and fashion stores. Start with Grace & Ted‘s award-winning designer re-sale store for unusual and genuine designer clothing, and then to Walcot Street stalwart The Yellowshop for authentic vintage clothing. Nearby Sisi & May offer the finest in contemporary women’s clothing, whilst you will be sure to find glamourous jewelry gifts in The Silver Shop and Alexandra May.

Bath is fortunate to be rich with high quality independent shops and boutiques. Why not treat your family to an independent Bath Christmas this year?

These locations have been added to the Reside Map of Bath, which plots all of the sites of interest that are mentioned in our blogs.