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OK, so this is a particularly bad picture, and in all my years as an estate agent I haven’t witnessed property damage even remotely close to what you see here, but… having a bad tenant can devastate your investment if things turn out for the worse.
We’ve prepared this short guide to give you some pointers if you ever find the need to evict a tenants.
Don’t take matters into your own hands – breathe deeply, relax (as much as you can) – make a promise to yourself that that you’ll use the law & logic, not anger and emotion.
Don’t go all macho and try to throw them out of the property yourself, or cut of the electric or gas.
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We all know that Canary Wharf, and the E14 area in general, is going through a period of unprecedented change right now, but are you actually finding it difficult to rent your property?
Whilst we have written this article with the E14 area at the forefront of our minds, we do believe it contains advice which is transferrable across different sets of market conditions and geographical areas.
1. Excessive stock levels mean everything is taking longer to let
We’ve worked in all kinds of rental markets over the years, in different geographical areas across London, so whilst we’ll stop short of saying that we’ve seen it all, we have seen a fair bit.
When any large new development completes there are always those landlords that get ‘lucky’ and rent their property very quickly, but by the same token there are always landlords that get unlucky and it takes longer for their property to let. And often there’s no particular reason why some properties take longer than others – its purely down to over-supply of a particular unit type in a distinct geographical location.
Supply is one of E14’s biggest problems right now, particularly an over-supply of two bedroom apartments, but it will rent eventually. Let’s put some numbers behind it so you can see where we’re coming from.
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Ask most people why Canary Wharf would be good place to live and you’ll probably find that most say:
“I guess it would be convenient for work if you worked there.”
Yes, Canary Wharf is London’s key financial district and of course yes, it would be the most convenient place to live if you work there. All rather obvious really, but it’s what most people think.
However, as proper locals we know there’s a bit more to the Canary Wharf than the glass and steel that first meets the eye…
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At Proper Local we specialise in properties to rent in East London, but wherever in London you are looking to rent a property, this useful guide will help you save time.
Rental contracts in the UK typically contain two month notice periods for both landlords and tenants, although if the original fixed term of the contract has expired (and has lapsed into what it is termed a ‘statutory periodic tenancy’) tenants are only required to give one month’s notice to vacate.
You may not think that tenancy law has a bearing on when you should start your rental search, but it comes back to this: when do agents start marketing properties to let?
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We’re not the most loved of professions, estate agents, but why is that?
Is it the perception of underhand sales tactics? The unreturned phone calls and emails? Lateness to appointments? Or, perhaps, the needless flashy suits and the general ‘geezer’ image?
To be honest, we don’t care, because we’re not like that, and to be fair we don’t think there are many who fit the approve profile left (but there are a few, so be warned!)
A good estate agent should be your ‘trusted advisor’. A person who knows his or her area, knows the market, knows the ins and outs of the legalities, and isn’t afraid to pick up the phone when the news is bad (funnily enough, we all find it easy to make ‘good news’ phone calls).