Easter in Bristol

With Easter approaching, we asked our experts for their Bank Holiday top tips to enjoy Easter in Bristol. Spoiler alert, they all revolve around chocolate! So whether you’re up for fine dining or a brisk walk, we’ve got you covered.

Mrs Potts

Serving the most decadent of chocolate treats, this family-run establishment on Park Street is a must for the chocolate addicts among us. We highly recommend their famous hot chocolate with a double chocolate chip cookie sandwich chaser!

Arnos Vale Cemetery

Walk off the choc this Easter in Bristol! Set over 45 acres and full of amazing nature trails, we think, as do many others, that this Victorian garden cemetery is one of Bristol’s best-kept secrets. Grab yourself a coffee to warm the cockles as you roam around this fascinating, alternative walking route.

Brunel’s SS Great Britain

Fancy some seriously retro dining? Inspired by the menu during SS Great Britain’s voyage to Australia in 1861, step onboard this Bristol landmark to enjoy some traditional Victorian puddings in the First Class Dining Saloon.

Tobacco Factory Sunday Market

This community market takes place beside the Tobacco Factory every Sunday, and with amazing food, craft and local produce stalls, there really is something for everyone. Plus, you’re still walking around and working off the chocolate… https://tobaccofactory.com/whats-on/sunday-market/

Why are landlords setting up companies for their rentals?

Over the last few years, landlords have been hit with new tax rules and costs from additional legislation, which can really start to eat into the return on investment. A lot of landlords are looking at ways in which they can reduce some of these outgoings. More and more are creating a company rather than owning the property directly. A GetGround poll in 2022 saw 75% of UK landlords have had at least one property within a limited company. This is often to help the landlord make savings on things like tax efficiency.

landlord rentals - why are some landlords putting their rentals in companies?

Is setting up a company a good option for you?

Well, it’s not quite as simple yes or no answer. It’s certainly not something you should jump into without working out whether it’s a viable and worthwhile option for you. For some, it can make a significant difference in the return they get from their investments. Whereas others can go through all that work for no gain whatsoever, or even be out of pocket.
Landlords on higher rate tax are taxed on their property earnings before their monthly mortgage repayment (if they have one). They do get a tax credit of 20% but that’s less than half the benefit pre-2020.
Having your rental properties within a company means you can continue to pay the buy-to-let mortgage before tax is deducted.
The benefit of holding within a company will be seen even more if you recently re-negotiated your mortgage deal or are about to. With rates much higher than 12 months ago, the amount you pay back per month will be higher when spread over the same payback period.

Is it all positive?

Well, no, with a company comes additional responsibilities and costs – hence why it’s worth doing the groundwork: –

Mortgage rates – available company rates tend to be slightly higher than a standard buy-to-let mortgage available to yourself.
Stamp duty – Already own the property? Transferring it into company ownership is seen as a sale – so you’ll be subject to the 3% surcharge on top of the usual stamp duty rates.
Capital gains tax – yes, you’ll have to pay this if you are a higher rate (or above) taxpayer, and the value has gone up by more than your £12,300 annual CGT allowance (28% tax on the balance). More info on the gov website.

Jack with advise for our landlords on rentals

Our Chairman Jack’s thoughts: –

Obviously, if you don’t own the property already then you’ll avoid the last 2 providing you purchase it via the company. We asked Jack for his thoughts:-

“The Bristol rental market has changed a lot since I opened The Letting Game back in 2009. In particular, the changing health and safety requirements, changing economic climate and tightening legislation. The demands on a landlord’s finances and time have never been higher (shameless plug – we can help with this!) But, that’s not to say that it can’t still be financially and personally rewarding.

My view on setting up a company is that the more properties you own the more likely it will be of benefit to you. If you only own one rental or are turning your current property into a rental then work through the numbers. There is a good chance it won’t stack up, particularly with the stamp duty. If you own a wider portfolio, then I am seeing more and more people go down this route. I know it’s not always exciting, but I really would get a spreadsheet out and work it through before jumping in, and always consult with your accountant.”

Preparing your Bristol property to rent

Whether you’ve inherited a property, moved in with your partner, or purchased an investment property, becoming a landlord can feel daunting. There are a lot of things to consider, and a letting agency like ours can help you navigate some of these. But in the meantime, we’ve pulled together information on some of the things you’ll need to think about before it becomes a Bristol rental.

Firstly, are you allowed to rent the property to a tenant?

Do you own the property, or have you got a mortgage on it? If it’s a standard homebuyer’s mortgage, then you’ll need to get permission from your provider to rent it out. It’s likely that you’ll need to switch to a buy-to-let mortgage.
If the property is a leasehold, then you’ll also need to get permission from the freeholder. You should be able to get this from the building’s management company.

Legal obligations

Whilst this might not be the most exciting section, there are a number of legal requirements to meet. To begin with, it’s the landlord’s responsibility to provide a safe & healthy environment for their tenants. Not an exhaustive list but here are some things you’ll need to make sure you have in place:-

Electrical Installation Condition Report (EICR) undertaken and re-inspected a minimum of every 5 years.
Included electrical appliances and smaller plugin items regularly checked.
You must have a Gas Safety survey undertaken annually by a Gas Safety engineer (assuming you’re connected to gas mains.)
Smoke alarms and carbon monoxide detectors must be installed in the property. The alarms must be checked on day 1 of each new tenancy and replaced in accordance with the manufacturer’s guidelines.
There are new Fire Safety regulations that affect certain property types – Fire Safety Regulations 2022.
All properties require an Energy Performance Certificate (EPC) to market it. Also note that the properties can’t usually be rented out if they fall within bands F and G.
Furniture and furnishings will need to comply with Fire Safety regulations.
Licensing – If you turn your property into a ‘house of multiple occupancy’ (HMO), there will be other licensing considerations. This is something we’ll help steer Bristol landlords on, but you can find information on the properties local council website; Bristol City Council or South Gloucestershire Council.
Providing your tenants with a safe and healthy living environment is your responsibility. Making sure it’s hazard, damp and mould free, with basic amenities like clean water falls under Health and safety regulation; Gov.uk has more information.

Preparing the property physically

Is the property in a good condition?
Repairs or improvements that will affect the standard of living e.g. ventilation to reduce risk of damp/mould, are easier to do in an empty property. Are all the facilities, appliances, electrics, plumbing etc. working? – if there is a knack to flushing the toilet, it’s probably time to get it fixed!

Is the property presentable?
Clean and well-presented properties will be easier to let than one that feels neglected. In general make sure the property is of a good standard; fixtures and fittings in a good state, no dirt, mould or damp signs throughout the property is important. Making it more marketable, and the tenant is obliged to hand back the property in the same condition. Please note wear and tear will be expected.

Is it showing off the potential?
Every tenant will have their own taste. A well-decorated property with neutral colours is likely to have wider appeal than decorating to your own tastes. Clean, neutral, modern spec homes will usually rent as long as the valuation is right. We can help you with that!

Some other landlord considerations

Landlord Insurance – If you have a mortgage the provider will probably require you to have building insurance in place. Even if they don’t it’s a sensible step to protect your investment. There is also contents insurance, home emergency cover and legal expenses to consider.
Protecting deposits – we aren’t going into the tenant side in this article. However, it’s worth pointing out that you are legally obliged to protect a tenant’s deposit within a government-approved scheme.
Your legal obligations as a landlord are ever-changing, it’s important to stay on top of these.
HMRC – Yes a rental property is income so you’ll need to declare this via self-assessment.

There are a lot of things to consider when becoming a landlord, but it can be really rewarding. Plus there are people like ourselves that can make it easier for you.

Easter in Bristol

Pre-tenancy considerations: Furnished or Unfurnished?

It often feels tempting to go for a furnished option, you don’t have to fork out for a bed, sofas, dining tables…the list goes on. However, furnishing a home is much more cost-effective than it used to be. If you’re low on budget but would prefer to start your own furniture collection, you can look at local buy-and-sell sites like Gumtree to find some bargains. And, as always, you can find most staple pieces at a fairly affordable price in Ikea.

Unfurnished properties tend to be decorated in a more neutral way, so you have more scope to make it your own with decorative pieces and furniture choices. But, if you’re going for a furnished option whether due to needing a shorter tenancy or it being a student let, fear not. Keep reading for ideas on how to inject some personality without a lick of paint.

Firstly: Communicate with your landlord or lettings agency

Most rental agreements have rules in place and you should not carry out alterations to the property without your landlord’s permission. However, many landlords are quite happy for long-term tenants to replace things like curtains and light fittings providing they are replaced with the original fittings when you move out.

Some landlords are happy for you to paint rooms a different colour, especially if it improves the overall look of the property or the colour you use remains neutral for future tenants – but always get permission before cracking open the tins and brushes!

Storage

If you need extra storage but your landlord doesn’t want you to drill into the walls, you can work around it.

There are plenty of freestanding storage units like bookshelves, TV units and even coffee tables with drawers for the living area. For your bedroom, you could add a blanket box or trunk. Any local or national DIY/homewares store will have a multitude of storage solutions, so if you’re a keen shopper, take a day out to explore and find your best option.

Artwork, Wall Hangings, Mirrors, and Stickers

If the property has existing picture hooks, get some artwork or wall hangings to personalise the space – just be wary of heavy items! This can be a great opportunity to visit markets and different areas of Bristol – finding cool pieces that local artists have created can also help you feel more like you belong in your new area, and supports the local community.

A great way to liven up plain walls is to apply removable wall stickers which can be easily removed at the end of your tenancy without leaving a mark on the walls.

Moving rental jargon explained

We like to keep the language as straightforward as possible but from time to time there is unavoidable rental jargon. Here we explain some of the most common rental jargon associated with moving into or out of a Bristol rental. From inventories to check-out.

Inventory

Picture this—documenting every nook and cranny of a rental property’s condition and contents. This detailed document serves as a handy reference, helping us avoid any disputes by capturing the state of things right from the get-go. We use a 3rd party to ensure confidence in the impartiality.

Inventory Clerk

Our meticulous wizards! These skilled professionals conduct thorough inspections, documenting every detail of the property’s condition and contents to create a comprehensive inventory.

Check-In

The grand moment when we hand the tenants the keys to their new Bristol home. Making sure that everything is as it should be, IDs have been checked and any final details have been ironed out before the move-in.

Check-Out

The farewell, where the tenant moves out and we assess the property’s condition against the initial inventory. We aim for a smooth transition and ensure both landlord and tenants are dealt with fairly.

Inventories and Check-In/Check-Out Reports

Capturing the details, protecting all parties! Inventories and check-in/check-out reports document the condition of the property at the beginning and end of the tenancy. We conduct thorough inspections and provide detailed reports for the benefit of both landlords and tenants.

Fair Wear and Tear

Fair wear and tear refers to the natural deterioration of a property or its contents that occurs over time through normal usage, exempting tenants from responsibility for repair or replacement.

Dilapidations

Wear and tear or something more? Dilapidations refer to damages or disrepair to a property beyond normal wear and tear, which the tenant may be responsible for repairing or compensating the landlord.

End of Tenancy Cleaning

A fresh start for everyone! End-of-tenancy cleaning involves a thorough cleaning of the property. We can facilitate professional cleaning services, ensuring the property is left in good condition for the next occupants.

Professional Cleaning

Gleaming homes for happy tenants! Professional cleaning involves bringing in experts to ensure the property sparkles before new tenants move in or after they vacate, creating a fresh and welcoming environment.

Void Period

A void period is the time between tenancies when a property is unoccupied. We work tirelessly to minimise void periods and ensure a smooth transition from one tenant to the next.

Easter in Bristol

South West Australia reforestation

South West Australia is one of only 35 globally significant biodiversity hotspots. These are classed as regions that have a high number of plant and animal species found nowhere else in the world. These account for 90% of all species on earth. It’s important these areas are protected to ensure their survival and restoration; the South West Australia project is located within a biodiversity hotspot.
It’s a reforestation project that is grown on degraded land that no longer supports viable farming practices. In a region where over 90% of the land has already been cleared, this project is helping to return the environment to its origins, planting more than 60 native tree and shrub species which are matched to the environment.

Biodiversity and Wildlife

This project encourages native animals and plants that have vanished or been pushed to the brink of extinction in the region to return and breed, such as Malleefowl, Bush Stone-curlew, Carnaby’s Cockatoo, Western Spiny-tailed Skink and the Woylie (Brush-tailed Bettong), as well as over 30 species of conservation-significant native plants.

The Letting Game supporting carbon offsetting projects like South West Australia reforestation

Uruguay reforestation on degraded land

Located in the heart of Uruguay, this project turns land that has been used as beef cattle grazing for over 300 years, into sustainably managed forests. About 80% of Uruguayan land is used for cattle ranching and this has contributed to the degrading of the natural vegetation.
This project converts some of this land into forest plantations, for obtaining high-value, long-life timber products and for capturing and storing large amounts of carbon dioxide.
Planted forests will remove carbon dioxide from the atmosphere and store it. Over the 60-year initial lifespan of the project, it aims to remove 7,644,973 tonnes of carbon dioxide from the atmosphere.

Natural Forests and Bio-diversity protected

About 8.6% of Uruguay is forested. According to the World Conservation Monitoring Centre, Uruguay has 659 known species of amphibians, birds, mammals, and reptiles, 2.3% of which are only native to the area and 5.6% threatened. To achieve its climate goals and preserve its valuable habitats, Uruguay must take measures to preserve and grow the country’s forests. It has to keep the balance between the demand of the industry for wood, climate and environmental protection. Projects like this can help Uruguay successfully master this challenge.

The Letting Game supporting carbon offsetting projects like reforestation on degraded land in Uruguay

Nicaforest reforestation project

If you want to read about another of the Carbon Neutral projects we’ve supported then why not have a read of our previous Nicaforest reforestation blog.

The Letting Game supporting carbon offsetting projects like the Nicaforest reforestation program

Bristol Student property letting expert, Hope

Hope joined The Letting Game in April 2022, having worked in the property industry for just over 5 years. She worked in various roles across the industry; from sales and lettings negotiator to a valuer. Hope also developed a passion for the property admin side which includes progressing tenancies, referencing, right to rent checks. Her passion, knowledge and experience make her an excellent Student Lettings Manager!

Hope Maddison - Student Lettings Manager - Bristol expert

Meet Hope, Student Lettings Manager

“I moved to Bristol in 2011, from Devon, after going to school in Bath. I very quickly fell in love with the vibrant and relaxed city; it’s easy to see why so many move to this beautiful city and never leave! Bristol has so much to offer; from the stunning countryside to the bustling city centre, there truly is something for everyone.

I’ve always been passionate about property, so working for a company that challenges the way letting is done is great. I’ve always strived to offer the best service to both tenants and landlords, and The Letting Game makes this possible. It’s a Bristol Independent and it really does embody our city, particularly the people who are Bristol letting market experts.”

What does a Student Lettings Manager do?

“I’m responsible for managing the end-to-end student tenancy process. From expert valuations to writing professional property descriptions and working with my colleagues to find fantastic tenants for our landlords. I’ll then undertake the referencing and checks, get tenancies in place and arrange deposits/rents – it keeps me busy, but I really enjoy it.

It has been extremely important to me to ensure that all departments have a good working relationship, to ensure that the entire process, for both tenant and landlord, is as smooth as possible. But for me, it’s more than that, since being in the role I’m really enjoying building and maintaining relationships with the landlords so I can offer that personal experience. Whilst also getting a lot of satisfaction in helping students find a rental.”

What are you working on at the minute?

“December right through to March is the peak season for advertising and letting student properties, so the team and I are busy with that. We have a large portfolio of student lets and it is my priority to make sure that I work with our other departments to make the letting process as smooth and hassle-free as possible.

All the time there is always the need for that personal touch – working with students there is never going to be a dull moment, whether I’m helping anxious parents whose children are leaving home for the first time or final years who are about to start their first jobs. I love helping our landlords, tenants end even their parents!”

Easter in Bristol

Bank – Totterdown

A firm favourite amongst our team, Bank’s delicious small plates and tasty tipples are perfect for an evening with the other half, swooning over a four-course meal and paired wine flight, or on your own!

Trylla – Bedminster

Fancy a private pottery wheel class for one, or two? Perfectly placed to enjoy the fruits of North Street after, depending on how bad your pot is, Bedminster’s Trylla is a must for a fun, yet romantic evening. Think ‘Ghost’, but in Bristol, definitely one of Bristol’s best Valentine’s Day activities!

Clifton Observatory – Clifton

Cocktails, live music and dinner at one of the most romantic spots in Bristol? With views across the Avon Gorge and the iconic bridge, £50 per person will get you a delicious three-course meal as well as a glass of prosecco on arrival whilst a live band serenade you, you can’t go wrong!

Bristol Light Festival – City Centre

Running for ten days from the 3rd of February, this famous festival brings colour, light, and play to iconic city centre spaces with commissions for both international, and local artists. Cultured romance for free, you’re welcome!

Her Majesty’s – Whiteladies Road

Tucked away near the train station, HM’s is home to creative cocktails with a vintage vibe. Walk-ins are always welcome, but we recommend booking to bag yourself a spot for the evening. Our favourite? The ‘Twister’. Why? You get a free ice lolly in your drink!

Easter in Bristol

Renter’s reform

It feels like it’s been on the government’s agenda for a while now, but we still await further detail. The government originally committed to introducing the reform within “this parliamentary session”. With Michael Gove returning to his Levelling Up, Housing and Communities role, we’d expect this to be debated soon.

Key elements likely to still include abolishing Section 21s – putting an end to the so-called “non-fault eviction”. Another proposed shakeup could be the removal of fixed length tenancies. We do believe any changes are likely to take at least 6 months to come into effect. There could be many amendments along the way, but most sides of the House are expected to push for reform.

Rental values

Rents have been in flux, with increases particularly over the summer months as the cost-of-living hits both tenants and landlords. With uncertain times, increased costs, and a competitive rental market, more and more tenants are choosing to stay in their Bristol rental for longer.

With tenants sitting longer it’s important to make sure that rental values are regularly checked. The cost of living continues to increase and therefore so do landlord costs; for our managed landlords we find that around 15 to 18 months is a good balance between not making your tenants feel their rent is constantly being hiked (and risk having to find new ones) and ensuring you’re getting the best return for your investment. That said we’re always willing to undertake a rental valuation for our landlords.

Easter in Bristol

Where to start?

The best piece of advice we can give is to get yourself prepared. There are a few pieces of information a letting agent, or landlord will need to proceed with your tenancy, including documents that confirm your identity, immigration status (if you’re a non-UK-Citizen you’ll require a right to rent code), credit history and possibly employment status. The sooner you have these documents sorted, the easier the application should be for you when you find your Bristol rental property.

£££ Budget and deposits

When you’re looking at your affordability, it can be tricky to work out your monthly budget, especially when you consider bills etc. Industry standards require you to earn 2.5 x the monthly rent to be able to secure your chosen property. Depending on the deficit of your earnings, the managing agent of the landlord may ask for a Guarantor to be put in place. This person will earn the required amount and will be responsible for paying the rent if you are unable to.

You will be required to pay 1 week’s rent in advance to secure your property. Since the tenancy fee ban came into effect in June 2019, there is a cap on the deposit that tenants are required to pay at the start of the tenancy. If the total annual rent is less than £50,000, the maximum deposit is 5 weeks’ rent. If the annual rent is £50,000 or above, the maximum deposit is 6 weeks’ rent.

Finding your home

Once you’ve worked out your budget, with so many options available across our city with regards to property types and locations, the best thing to do is think about what sort of property best suits your needs and lifestyle. For example:

Do you have a lot of furniture? If so, unfurnished is for you!
Do you have a car and need parking?
Is a garden a must?
Would you prefer city living or country life?

These, along with your budget and ideal location should help you whittle down your search criteria!

When you find ‘the one’

You’ve found it, your temporary dream pad. So what’s next? This is where that preparation comes in useful, the Bristol rental market can be fast-paced, so once you’ve found your home be prepared to make an offer quickly. We have a handy application form on our website, so once you’ve viewed it and decided to make an offer, it couldn’t be easier. Once your offer is accepted, you, along with any other tenants and guarantors will need to go through referencing, as well as provide ID documents. This can take up to two weeks.

Once you pass referencing, the countdown is on! If you’re renting a Letting Game property, you’ll be invited to our office to collect your keys before heading to your new home to get settled!

Our top tips

Ask questions if the information isn’t clear.
Get your documents and information prepared before you start viewing.
Follow us on Instagram and set alerts for a first look at all of our properties before they go to market!