You’re bound to come across a ‘reinstatement valuation’ for the ‘declared value’ within the insurance policy for a property at some point.
Unfortunately, these are often ignored or glazed-over with catastrophic consequences of potential under insurance and payouts if incorrect.
Knowing what is a reinstatement valuation or rebuild cost assessment and its meaning is therefore critical.
And from a property management perspective, you often get caught in the middle of the issue.
Insurers and brokers may be coming out with information and requests on one side, and owners or occupiers forking the bill on the other.
Therefore, here are seven key pointers to not only understand what these cover but how to effectively apply then to whatever...
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Category: Rent Monies
The government released guidance in the summer of 2020 regarding landlord and tenant relationships for commercial properties and the difficulties with tenants paying rent and other due monies in the Covid-19 pandemic.
You can view this here, which is important to relate to when talks between landlords and tenants aren’t going to plan.
From a landlord’s perspective there comes the point when a tenant can assume that a reduced or no rental payment is the norm; from a tenant’s then a landlord can be perceived as still demanding monies that are simply unrealistic.
Therefore, let’s keep this simple and practical.
Here are five main issues in this guidance note that parties can highlight to each other during discussions:
1. The Lease...
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Category: Services & Compliance
In the late summer of 2020, the government released some radical changes to the planning system.
They may have been under the radar with Covid-19 changes taking the spotlight, and with further changes through the White Paper and the government’s aim to “build, build, build” it’s way through the issues and economy.
However, these two changes are potential game-changers.
The Property Management Perspective
This is a whole separate area of the property industry with tonnes of technical information to understand and apply (the main government details here).
If you’re involved in property development and even the sales and letting of properties, you will become more involved. Well, as much as you can do before solicitors and planning...
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Here are various blog resources related to the rent that is paid at properties, with sub-category information on Rents here. Whether you're a landlord receiving, tenant paying, or middle-man managing. Right through from how to correctly charge and collect to how it needs to change over time, this is often the most important factor to managing let properties, and includes simular variations such as licence fees.
Here are various blog resources related to non-rent monies and payments, with sub-categories of service charges, fees, and other monies and costs/charges. These can be directly charged or hidden away, and are important to know what you may have to pay or might be able to charge another property interest for.
Here are various blog resources related to the insurance of properties, ranging from the main building cover to ancillary ones like contents, with sub-category insurance ones here. Whether it's the premium to pay or the policy to correctly arrange, these help explain what's needed from the perspective of different property interests.
Sales & Lettings
Here are various blog resources related to the sales & lettings of a property, and all related transactions, with sub-category resources of Sales & Lettings. Whether you're involved in these directly yourself, or you're working with other sales/letting agents and interests, these help highlight important property managemnet factors to consider.
Leases & Titles
Here are various blog resources related to all forms of leases, titles, and legal documentation involved with property interests, with sub-categories for Leases and Titles resources. Whether a straight forward lease agreement or complicated legal documentation, here is help to understand what you're trying to achieve and then practically how to easily do this.
Here are various blog resources related to all the taxes involved with property interests, from VAT and SDLT, to income and capital gains, to rates and council tax - chcek out the Tax sub-category. These will help you work alongside other accounting and tax advisors to make sure you cover all bases to reduce your overall tax liabilities.
Services & Compliance
Here are various blog resources related to the services and compliance at a property, with sub-categories of Fire Safety, Security, Cleaning & Hygiene, Health & Safety, Utilities & Energy, Maintenance, Other Services, Facilities, and Planning. These range from say your fire and health and safety compliance, through to services like cleaning and utilitities. These resources help provide an overview of each area without getting too technical, so you can plan it all in at the right time and best cost.
Here are various blog resources related to any other general subjects involved with properties and their interests, including sub-categories of Procedures, Principles, and Special Occasions. So whether it's the basics of property management, or more specific property issues and queries that don't naturally fall in the other categories, you'll find them all here.
Condition & Repairs
Here are various blog resources related to the condition of a property and any repairs and alterations required, with sub categories of Condition and Repairs. Whether it's a reactive roof repair, pro-active maintenance plan, or carefully-chosen contractor - these help explain how to effectively keep properties in the right condition.