Parkview Property Sends a Big Well Done to GB’s Brilliant Paralympians

In this two-minute read, we look at the amazing achievements of our Paralympians.

The word ‘inspirational’ gets thrown around a lot these days, but when it comes to our Paralympic heroes, there really is no other way to describe them.

The grit and determination they displayed in Tokyo provided a much-needed reminder that human beings can do incredible things when they set their minds to it.

We could all learn lessons from this remarkable bunch of people about staying positive, working hard and not quitting. (Useful lessons if you’re moving home, but also for life in general.)

Here are three GB athletes who epitomise the Paralympic spirit.

Micky Yule – From Scotland, stepped on an explosive device while serving with the Royal Engineers in Afghanistan and lost his legs. After undergoing 21 operations to stabilise his injuries, Micky felt ‘good for nothing’ – until he threw his energy into powerlifting.

After years of hard graft, Micky qualified for the Paralympics and this year, won bronze in the men’s 72kg category after lifting a whopping 182kg.

Ellie Robinson – Ellie, who won gold in Rio, finished fifth in Tokyo in the S6 50m butterfly final. In a heartfelt post-race interview (check it out on YouTube, it’ll have you welling up), she explained why the result was ‘a story of triumph, not of defeat’.

In the run-up to the games, medical experts told Ellie to quit swimming due to a worsening hip condition called Perthes disease.

But Ellie pushed through the pain and made it to the final because she wanted to finish her sporting career ‘on her own terms’.

Dame Sarah Storey – The Queen of the Track and the Road, Dame Sarah has won 17 gold medals and is Britain’s most successful Paralympian.

Incredibly, she’s competed at eight Paralympic Games over a 29-year period – and hopes to be a contender in Paris in three years’ time.

The 43-year-old mum-of-two started her career as a swimmer; she won two golds in the pool in Barcelona at the age of 14.

When an ear infection forced her to take time away from swimming, Dame Sarah discovered the joys of cycling – and became a champion on the bike, too.

If you enjoyed the Paralympics, let us know your favourite performance from Tokyo.


Pros and Cons of Different Types of Tenants in Ayrshire

Landlords! Finding the Right Tenant for Your Ayrshire Property is Half the Battle

In this three-minute read, we talk about three types of tenants and the pros and cons of each.

Currently, the UK rental market is booming, with landlords finding tenants quicker than ever according to Rightmove, and demand for rentals up 3% from last year. As a landlord, this is great news, so why not maximise the opportunity by finding the perfect tenant for your Ayrshire property.

Families

As the most common type of tenant in the UK market, is your rental family friendly?

Pros: Families tend to rent for the long term and once they’re settled, they often stay put. This is a massive plus, as a long lease requires minimal input. A typical family tenant will also be keen to furnish the property themselves, saving you costs and hassle.

Proximity to a school – especially one rated Good or Outstanding by Ofsted – can boost demand for your property and command a higher yield. Similarly, if your rental offers outside space and is close to shops, you’ll see a surge in interest from the family sector.

Cons: With families comes the potential for more wear and tear. This means you’ll want to make sure your property is finished to the highest quality to protect against damage. You’ll also want to ensure that any repairs are dealt with quickly.

If a family is on a long lease, they will make the home their own by hanging pictures, decorating children’s rooms and so on. So, at the end of a tenancy, you can be pretty sure your rental property will need a spruce up.

Professionals

Often regarded as the dream tenant, working professionals want proximity to transport links or their place of work.

Pros: With professionals comes the stability of a secure rental income and less chance of arrears – a huge bonus for private landlords. Less wear and tear and reduced potential for noise makes working professionals the crème de la crème of the rental market.

Cons: Just because they’ve got a good job when they move in, you can’t guarantee your monthly rent without some sort of rent protection. As the last 18 months have taught us, jobs can easily be lost, and financial situations can change quickly.

Students

Typically, students have a bad rental reputation, but is this a fair conclusion?

Pros: If a rental property is located near a university, you have the option of renting a property room by room – maximising your rental yield.

With most students receiving some sort of finance to support their studies, your rental income is safe with a reduced risk of arrears. You may also have the backup of the ‘bank of mum and dad’ just in case funds run low.

Cons: Unfortunately, lots of students means lots of partying and could lead to a higher risk of damage. There’s also a chance that maintenance issues may not be reported promptly. You can also expect a high turnover of tenants as the academic year is only around 10 months. This means more admin, advertising, and a need for end-of-tenancy problems to be resolved quickly.

For more advice about what type of tenants are attracted to rental properties in Ayrshire, contact me. My name is Janice Molloy from Parkview Property 01292 442888  


Reasons Why You Should Invest In A Holiday Rental

In this two-minute read, we look at the advantages of buying a holiday rental property.

Planning a foreign holiday over the last two years has taken a lot of patience, caused a lot of frustration, and has seen lots of Brits opting for a staycation.

With amber and green lists changing frequently, mandatory PCR tests, and the dreaded threat of hotel quarantine, the demand for UK holiday rentals has gone through the roof. But are they really worth the investment?

Here are five reasons why buying a holiday rental property may work for you.

  1. Expect a higher rental yield

In peak holiday season, holiday rentals can earn more in a week than a buy-to-let can in a month.

A decent holiday property can earn as much as an 11% rental yield (according to which.co.uk) compared to a buy-to-let which normally earns around 4 – 8% per annum. Be sure to do your sums before investing and subtract any agency or mortgage fees before working out your potential yield. It’s also worth remembering that more expensive destinations offer lower yields.

  • Holiday home for you

One of the most obvious benefits of a holiday rental property is a ready-made staycation home for you and your loved ones. Keep in mind, to earn the highest income from your rental property during peak seasons, you’ll want it rented out rather than staying there yourself.

  • Higher capital appreciation

If you’ve got your eye on a holiday rental that requires some TLC, you could enjoy an increase in property value over time and as the destination becomes more sought after. However, if you’re buying in a popular location, you might be paying a premium where prices have already peaked.

  • Less wear and tear

Buy-to-let landlords often have to pay out for maintenance and repairs at the end of a long tenancy. However, holiday rental properties are typically occupied for one to two weeks – so there’s less time for day-to-day damage.

The downside of lots of short-term guests is the need for a management agency to take care of housekeeping and general maintenance. Alternatively, you can manage the holiday let yourself and help guests with any issues during their stay.

  • Tax advantage

HMRC considers holiday rentals to be a business rather than an investment, so a landlord can enjoy more tax benefits than a buy-to-let owner. If the property is a Furnished Holiday Let (FHL), you might also be able to claim (limited) mortgage relief.

Always speak to a property/finance professional to find out about other tax advantages such as inheritance and capital gains tax and business rates instead of council tax.

For more information about buying a holiday rental property, contact us at Parkview Property 01292 442888


Tenant Eviction Process

When Evictions Are the Only Option

Getting to the stage where you have to evict your tenants is difficult for everyone involved and should always be considered as a last resort. It might be deemed necessary when:

  • The tenant isn’t paying the rent
  • The tenant has abandoned the property
  • The tenant has broken a term of the tenancy

Due to the pandemic, the rules have changed as to when you can start eviction proceedings and also how much notice you need to give.

There is a very specific process you must follow in order to carry out an eviction. If you don’t, you can be found guilty of harassing or even illegally evicting the tenants.

If you are owed rent but the tenant claims Universal Credit or Housing Benefit, you may not have to evict them. Instead, you can speak to DWP or the local council, respectively, to have the rent paid straight to you. This is called ‘managed payments’.

In Scotland, if your tenants have a Private Residential Tenancy, the following steps are necessary:

  1. To end a tenancy, you have to give the tenants a Notice to Leave. This must also have supporting evidence as to the reason why you’re asking them to leave.
  2. If the tenants don’t leave by the specified date, you can then apply to the First-tier Tribunal for Scotland (Housing and Property Chamber). This is often referred to as ‘The Tribunal’.
  3. You must also advise the local housing authorities’ homelessness team that you have serviced notice.

In normal (pre-pandemic) times, the amount of notice you must give the tenant can be 28 days’ notice or 84 days’ notice, this depends on the length of the tenancy.

It can be easy to get one or more steps wrong throughout these processes. It’s very important that you seek the correct legal advice from appropriate professionals. The cost implications of getting it wrong can be significant, so it’s worth doing it correctly in the first instance.

In England and Wales, if your tenants have an assured shorthold tenancy, the following steps are necessary.

  1. First, you have to issue a Section 21 notice if you want the property back after a fixed term ends. If the terms of the tenancy have been broken, you must issue a Section 8 notice.
  2. After the correct paperwork has been issued, you can apply to the court for a standard possession order. This is only appropriate if your tenants haven’t left by the specified date on the notice and they owe you rent. If you’re not claiming for unpaid rent, you can apply instead for an accelerated possession order.
  3. If the tenants still won’t leave, you can apply for a warrant for possession. This allows bailiffs to get involved to remove the tenants from the property.

If you’re a landlord or a tenant in Ayrshire and are concerned about possible eviction, please don’t hesitate to get in touch on 01292 442888

https://www.youtube.com/watch?v=ufae5PGXG0A

IS YOUR LETTING AGENT LEGIT?

The lettings sector used to be the Wild West of the property market, with a small group of unscrupulous agents giving the industry a bad name.

Thankfully, the introduction of stricter regulations in recent years has sent many cowboy agents riding off into the sunset. 

But no industry is perfect, and landlords and tenants still need to be wary of rogue operators.

If you’re looking to do business with a letting agent, one of the first things you should check is that they are a member of a client money protection scheme (CMPS).

By law, all letting agents in Scotland who handle ‘client money’ – in other words, hold rent, maintenance funds or holding deposits on behalf of customers – must be a member of a CMPS. (Note: this is different to a tenant deposit scheme, which agents should also utilise.)

A CMPS is basically an insurance policy. It means that if an agent goes bust or does a runner while holding funds on behalf of clients, the landlords and tenants affected receive compensation. (This didn’t always happen in the old days.)

How can I tell if an agent is a member of a CMPS?                                        

There are six approved CMPSs: Client Money Protect, Money Shield, Propertymark, RICS, Safeagent (previously NALS), and UKALA Client Money Protection.

For the record, here at Parkview Property Ltd, we’re members of Client Money Protection.

Agents must display details of their CMPS membership on their website and in their office. 

Always verify an agent’s membership claim by cross-checking with the relevant CMPS (you can do this online in minutes).

It’s good practice

If an agent gives you a blank look or the run-around when you ask about their CMPS membership, alarm bells should ring.

A good letting agent will have no trouble answering the question (and be impressed by your industry knowledge).

An agent who isn’t a member of a CMPS can be fined up to £30,000. Local authorities, through their Trading Standards operations, enforce these rules.

From all of us here at Parkview Property, stay safe and thanks for reading


Could the Next Olympic Champ Come from Ayrshire? Let’s Nurture Local Talent

Where Are Olympic Heroes Made? Look No Further Than Your Local Sports Clubs

In this three-minute read, we look at where three GB Olympic stars started their sporting journey.

Eleven thousand elite athletes will converge in Tokyo next week for the 32nd Summer Olympic Games.

Each of them will have put in tens of thousands of hours in practice and shed blood, sweat, and tears to get there.

But as you marvel at the rippling abs and razor-sharp mental strength of these sporting Titans, pause to consider where their careers started.

Most will trace their success back to a local sporting club that introduced them to the joys of competition and fostered their prodigious talent.

In the UK, there are 151,000 sports clubs. The majority get by on shoestring budgets and the goodwill of volunteers; many are the lifeblood of communities.

In Ayrshire, we’re lucky to have Ayrshire Athletics Arena in Kilmarnock. and Newmilns Snow and Sports Complex where I spent many a winters night with my fanatical snowboarding son! It was worth it though, he was selected for the British Snowboard Cross Home Nations Academy. 'proud mum moment'.

So, as we cheer on Team GB, let’s also pay credit to the grassroots clubs nurturing the Olympians of tomorrow.

Here are three Olympic stars who got their start at a local club.

Jade Jones

At the age of eight, Jade attended a Taekwondo taster session at the Flint Pavilion Leisure Centre in her North Wales hometown. She was quickly hooked on the sport and became a star performer at Flint Taekwondo Club.

Jade has gone on to win national and European titles and took gold in London and Rio. Look out for her at Tokyo, where she’s pushing for her third title.

And if you ever visit Flint, you’ll notice that the leisure centre has a new name: the Jade Jones Pavilion.

Shirley Robertson

Scottish sailor Shirley Robertson won gold in Sydney and Athens. These victories made her the first woman to win consecutive gold medals in different Olympic sailing events.

Shirley learned to sail in a homemade dinghy at the Loch Ard Sailing Club, located in the Loch Lomond and Trossachs National Park. (Surely, one of the most picturesque sailing venues in the UK.)

After several years away from competition, Shirley recently hinted at a return. She’s eyeing up Paris 2024.

Sir Bradley Wiggins

Sir Bradley was 12 when he joined the Archer Road Club – so named because its original members met above a cycle shop in Archer Road, Westbourne Grove, London. Heavy traffic in West London later saw the club move its road racing activities to Hillingdon Cycle Circuit.

During his career, Sir Bradley won five gold, one silver and two bronze Olympic medals.

From all of us here at Parkview Property, stay safe, stay active and support your local community.


What's Going On In Ayrshire

Local Activities and Days out

Theres so much to do here in Ayrshire.  If your kids are whinging that they are bored this summer, visit Culzean Country Park.  Take a picnic and tire them out with a long walk through the woods.  There’s also Heads of Ayr Farm Park, or Craufurland Tree Top Trails for an exciting obstacle course in the trees.  For the enthusiasts, a trip over to Arran and a hike up Goat Fell is an absolute must for the spectacular views alone.  

For a less expensive day out, pack your bucket and spade and don’t forget about our beaches, Ayr, Prestwick, Troon, Croy, Maidens. 

Click onto ‘what’s on!’ Ayrshire for a full list of local events. 

Housing and Property Market

Internet searches for property must be our favourite pastime.  Apart from football and love island obviously. 

Great News!  Todays’ property market in Ayrshire is certainly in favour of the seller.  Folk from all over are relocating to our lovely seaside towns. And why not?  

Bad News! This has had a knock-on effect with the Rental Market, and as such the supply of rental properties far outweighs the demand of prospective tenants.  As a local Estate and Letting Agent, we are seeing the desperation of those who have sold their properties and at closing dates, have nowhere to go!  It’s becoming increasingly difficult to find their next home.

If you are a landlord and have a vacant property, find out why it hasn’t yet attracted the right tenant. 

Here at Parkview Property, we have at least half a dozen excellent prospective tenants to choose from each one of our advertised properties.  Unfortunately, this means we need to let several ideal tenants down. Let us know if you can help.   

Shop Local

Don’t forget to support our local businesses too.   Eat out at an independent café, bar or restaurant.  These guys have struggled and will appreciate your custom and support. We are spoiled for choice.  Balgarth Pines, Fox and Willow, The Urbanist…too many to choose from.

While you are shopping locally, why not visit the Farmers Market at The Cross, Kilmarnock.  The produce is fresher than anywhere else, and what you spend goes directly to the farmer.

  • It is important to remember that by using these venues, you are supporting the local economy and sustaining local jobs.

You can find details of local events / activity days and local businesses on Facebook and What’s on! Ayrshire.

You can also find us on FB and more property information on our YouTube Channel https://www.youtube.com/channel/UCYqKXM_WiK5qXZNVL3X90fQ


What Rules and Regulations Are Ayrshire Landlords Falling Foul of the Most?

Being a landlord is a tricky business. There are nearly 200 different pieces of legislation covering the how, why, and when of managing a rental property. Here are just four that landlords are often not getting quite right.

Deposit protection

In England, Scotland, and Wales, the deposit must be registered with a deposit protection scheme. The 2021 UK Landlord Survey found that 81% of landlords find registering their deposit difficult.

The deposit must be registered within 30 days of receiving cleared funds. The schemes are government-approved and the tenant must be informed where the money is deposited.

Energy performance certificates

Every rental property in the UK has to have an Energy Performance Certificate (EPC). They are stored on an electronic register that is publicly available. However, they also have to be included in any advertising you do for your property.

Electrical safety regulations

In December 2015, strict rules about electrical testing for new tenancies in rental properties came into force. Inspections must be carried out by a qualified person on all fixed electrical installations.

Gas safety check regulations

If you have gas going in to your rental property, all appliances, pipework, and flues must be checked annually.

As for the electrical safety tests, ensure that you use a qualified engineer and don’t plump for the cheapest. The report must be given to the tenant within 28 days as well.

TOP TIP: As with any time you need to visit, or arrange a visit to the property, make sure you give the tenant at least 24 hours’ notice. Keep a record of having given notice. If the tenant refuses access, you’ve then got the evidence that you tried.

If you’re a landlord in Ayrshire and are not 100% sure on all the rules and regulations you need to abide by, get in touch with us at Parkview Property. A free, no-obligation chat will show you what you might need to tweak or if you’re on the right track.


A Guide To Buy To Let Mortgages for Ayrshire Landlords

In this three-minute read, we compare the different types of buy-to-let mortgages.

When choosing the right buy-to-let mortgage, landlords face a key decision: go with an interest-only deal or opt for a capital repayment arrangement.

Both options have their pros and cons. Let’s take a closer look.

Interest-only mortgage

Your payments only cover the interest on the loan and have no impact on the capital. 

Pros

  1. Lower repayments

Your monthly repayments are lower than that of an equivalent capital repayment mortgage.

For example, with a 25-year interest-only mortgage of £200,000, monthly repayments would be £573 (4.45%, fixed for three years). With a similar capital repayment mortgage, you’d pay £996 a month*. That’s a difference of £423 a month.

  • Less financial stress in between tenancies 

If the property is vacant for any reason, it will fall on your shoulders to cover the repayments. Lower repayments equal less stress.

  • Bigger monthly income

As your mortgage repayments are lower, less of the rent goes to your lender. Instead, it winds up in your pocket.

  • More flexibility

You can spend this extra cash on the upkeep and improvement of the property or divert it to other investments.

  • Sell and make a profit

If the property appreciates in value over time, you can sell up and make a tidy profit.

Cons

  1. You won’t own the property

As you won’t be repaying the capital loan, you’ll still owe a substantial sum at the end of the mortgage. (Although you can sell the property, pay this debt, and hopefully still be ahead.)

  • The lender earns more

You pay more interest to your lender over time compared to a capital repayment mortgage. This is because you never reduce the size of the capital loan, so the interest charges never reduce.

  • Risk of negative equity

Historically, property prices have been on an upward trajectory – last year, they grew in the UK by a whopping 8.5% – so the risk of negative equity is low. 

And even if prices do drop, if you’re prepared to ride out market fluctuations, then the long-term outlook is positive.

The real risk comes if you need to sell in a hurry. If the property’s value has dropped, you could end up owing more than the property is worth.

Capital repayment mortgage

Your monthly repayments cover the interest and gnaw away at the capital.

Pros

  1. Ownership

At the end of the mortgage term, the property will be yours.

  • Less interest

You pay less interest overall because the capital loan decreases – albeit gradually – with every repayment.

Cons

  1. Higher repayments

As we mentioned earlier, the monthly repayments will be higher, and you’ll need to cover them when the property is vacant.

Choosing the right option

There’s no one-size-fits-all solution, although most landlords opt for interest-only**. 

Landlords need to weigh up their circumstances and investment goals carefully. For some, the priority is earning a monthly income; for others, it’s working towards owning a property that they can pass on to their children or even move into themselves.

For advice about making a buy-to-let investment work for you, contact us here at Parkview Property Ltd.

*Approximate figures only, based on a property worth £265,000. Always seek independent financial advice.

** National Landlords Association


How To Stay Calm Post Lockdown

Staying Cool and Calm for a Post-Lockdown Summer

This three-minute read looks at ways to ensure you don’t go from suffering with lockdown lethargy to suffering from post-pandemic pressure.

Things are starting to open up again. It turns out the light at the end of the tunnel isn’t an oncoming train. It could even be some weak UK sunshine.

Transitioning from lockdown to all your usual activities may feel like a shock to the system. Use these tips to help keep your mental health well during this new chapter.

Start the day right

If you’re waking up to a whole new schedule, the routine change can feel stressful. Try setting your alarm fifteen minutes earlier. Giving yourself just a few minutes before your day begins can help you find the inner strength you need. Try one or more of these suggestions in that space:

  • Make your favourite drink. Try to focus your whole mind on the taste and experience of every sip.
  • Follow a brief, guided meditation to focus, calm, or even motivate you. Try a free app like Insight Timer.
  • Grab a notebook. Write down how you feel, your first three thoughts for the day. Also note any negative thoughts and how you could reframe them. Finally, note three things you’re grateful for.

Don’t forget about Joe

Maybe you didn’t try Joe Wicks’ pandemic fitness videos but you get the idea. Maybe you’re going back to an office job, or the kids have gone back to school so you’re not running around after them anymore. Find time to do some movement within your day. Some ideas could be:

  • ‘@Harmonise Yoga with Ruth’ you’ll find her on Facebook.  Ruth is a local lass who is the most calming person I have ever met.
  • Go for a ten-minute walk from your house. Turn around. Walk back. It doesn’t have to be intense, although you could choose to jog or run along our beautiful seafront.  This is my favourite morning routine, it’s a great way to start your day.   Find a podcast and pop it on your smartphone for extra enjoyment.

Sleep hygiene

It’s not always possible to follow the suggestions for a great night’s sleep. Going to bed at the same time every night isn’t always practical. Choose a different tip to help you get the rest you so need, and deserve.

  • Hot baths and milky drinks before bed aren’t just for tiny tots. They can help relax you too, so you drift off easily.
  • Light a scented candle and turn off other lights. Check out @Ori or @Raymond Rose these two beautifully scented and locally handmade products are a must have.    Watching the flame in a darkened room can be soothing.
  • Try audiobooks for stories, or Insight Timer for sleep meditations. Other people like to listen to music. This can help stop your mind from churning and give you something else to focus on. You can get flat headphones or pillows with speakers in so you don’t disturb anyone else.

What are your favourite ways to keep calm and carry on? We’d love to hear from you. Email info@parkview-property.co.uk