Being a landlord can be challenging and you need to be able to wear many hats, salesperson, handy man, negotiator, inspector etc. While it can be lucrative it can be tiresome. One key aspect landlords should be well in control of is their paperwork. Being on top of this means one less thing to worry about.
Each year landlords need to prepare and return self-assessment tax returns. They need to have a good handle on their finances so they can correctly submit the right figures and declare the right income and expenses. Is this a painful process? For most it is. Finding the paperwork and then trying to calculate what the loan interest, rates, insurance, rent, ground rents, legal, management and other professional fees were can be a tough job.
In general, not having easy access to the paperwork can cause you trouble. By the time you find it you may discover that your landlord insurance has expired, gas / electricity checks are out of date or even your tenants agreement has matured. Not only having easy access to this information is a must, but also a means to be sent an alert to inform you when they need renewing.
This is where BeeMyMinder can help landlords. Allowing them to upload key information on the buy-to-let mortgage, landlord insurance, tenancy agreement and all the regular bills like management fees, letting agent fees, ground rent, health and fire safety, gas and electricity checks.
Being on top of your planned expenses makes it all that bit easier to budget for those unplanned events (which no doubt arise). For those lucky enough to have multiple rental properties then this is even more important. So consider how organised you are and whether there is room for improvement.
Moving away from being dependent on paperwork and using to a secure, online and free system is now that much easier. BeeMyMinder was designed to allow people to save secure documents online, simply choose the policy e.g. landlord insurance, add key information, upload the policy (optional), set a friendly reminder and even share it with some e.g. joint landlord. Done in 5 minutes (we have timed it). Add as many necessary bills and agreements as required and sit back knowing that you’ll be reminded when you need to take action.
BeeMyMinder is pleased to have partnered with The Tenants Voice to support tenants and landlords with better renting experiences. Our service allows you to save secure documents online for both landlords and tenants.
We hope you found this article useful. Any questions, you can contact us here
Disclaimer
This article is provided as a guide. Any information should be used for research purposes and not as the base for taking legal action. The Tenants' Voice does not provide legal advice and our content does not constitute a client-solicitor relationship.
We advise all tenants to act respectfully with their landlords and letting agents and seek a peaceful resolution to problems with their rented property. For more information, explore the articles in our Rights and responsibilities category.
The Tenants' Voice works in conjunction with Deposit Recovery Claims to assist tenants.
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