- Institutional property landlords generally adopt a rigorous approach when sweating their assets, but unfortunately that is not the case for many private landlords.
- Whether you own a single property or a portfolio, there are many benefits from periodically carrying out a property health check.
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- Employing a Property Manager such as Loveitts will ensure properties are inspected at least once a year and all upcoming and even overdue lease events are actioned.
- Inspections can identify tenants failing to carry out repairs and decorations, unauthorised alterations, unlawful changes of use and unauthorised sublettings, to name just some of the common breaches found.
- Getting services delivered adequately through a well-structured service charge regime and having annual accounts produced, helps tackle repairs to multi-let properties and makes them more attractive to existing and future tenants and buyers.
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- Far too often, we encounter the adverse impact of a lax attitude to asset management and when we have taken steps to address the problems, the benefits can include:
- • Increased property value
- • Increased net income
- • Better security for a lender
- leading to a larger potential loan to value ratio
- • More saleable
- • Greater appeal to tenants
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- Now the worst impacts of the pandemic are hopefully behind us, we are seeing an increased appetite from landlords to implement rent reviews and lease renewals. In addition to the scheduled events for our management clients, there has been an encouraging start to the year in terms of requests for rental valuations/reviews and lease renewals to be progressed for non-Management clients.
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- I support our Management Department with various lease advisory work and carry out work for private and corporate clients, including valuations, sales, and lettings. Since joining Loveitts in January, I have already provided formal Market Rent valuations for landlords and tenants and am progressing rent reviews and lease renewals. I am also progressing lease variation and regear negotiations.
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- As a successful multidisciplinary practice, we aim to offer a cradle to grave service, and if we can’t help, we usually know someone who can.
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- If you have any specific concerns about your property holdings, or want an informal conversation to see how I can assist you in maximising the value of your asset, please contact Geoff Solman at Loveitts Commercial Tel 024 7622 8111 (Option 2) or email geoff.solman@loveitts.co.uk