Why Now Is the Time to Review Your Options
An empty property can quickly become an expensive property. Whether you're between tenants, waiting for refurbishment work to finish or simply unsure what to do next, a period without rental income brings its own costs and responsibilities.
With the Government recently announcing changes to its powers over long-term empty homes, there is another reason for property owners to review their plans this autumn.
What are Empty Dwelling Management Orders?
On 27 September, the Government announced reforms to Empty Dwelling Management Orders (EDMOs), an existing legal mechanism allowing councils to take over the management of qualifying empty properties and bring them back into occupation, while ownership remains with the owner.
The proposed changes include reducing the qualifying vacancy period from two years to six months and simplifying the application process.
These changes do not mean councils can automatically take over any property that has been empty for six months. However, they highlight the importance of keeping properties properly maintained and having a clear plan for their future.
The hidden costs of leaving a property empty
Lost rental income is the most obvious financial consideration, but it isn't the only one.
Council tax, service charges, utilities and maintenance costs may continue during a vacancy. Insurance policies can also impose specific conditions on unoccupied properties, so landlords should check their cover carefully.
There are practical considerations, too. Without regular inspections, problems such as leaks, damp or heating faults can go unnoticed and potentially become more expensive to resolve.
If refurbishment work is delaying a new tenancy, it is worth reviewing which improvements are essential and whether the property could be brought back to market sooner.
Is your property ready to let?
Before advertising, landlords should ensure their property is safe, compliant and presentable.
A useful starting checklist includes:
● Checking relevant gas and electrical safety requirements.
● Confirming EPC status and applicable energy-efficiency requirements.
● Ensuring required smoke and carbon monoxide alarms are installed.
● Addressing essential maintenance and repairs.
● Arranging cleaning and preparing the property for photographs and viewings.
● Setting a realistic rental price based on comparable local properties.
An experienced letting agent can help identify outstanding requirements and advise on preparing the property for prospective tenants.
Could professional letting support help?
Managing a rental property involves more than finding someone to occupy it. Referencing applicants, arranging tenancy documentation, collecting rent and coordinating maintenance can all demand considerable time.
A letting agent can provide support ranging from tenant-finding and tenancy setup to fully managed services covering ongoing tenant communication, rent administration and maintenance coordination.
The appropriate level of support depends on your circumstances, although landlords should remember that appointing an agent does not remove their legal responsibilities.
Letting or selling: What's right for your property?
Not every vacant property needs to return to the rental market.
Consider the likely rental income against ongoing costs, the investment required to prepare the property, your intended ownership timeframe and how much involvement you want in managing a tenancy.
For some owners, finding a new tenant is the natural next step. Others may prefer professional management or decide that selling better suits their plans.
David Harris & Co are here to help you
At David Harris & Co we see daily the difference that accurate local advice makes. Whether you are an established landlord looking for an extra helping hand or making your way into the rental sector, the autumn market offers genuine choice. Ready to explore Finchley’s property market? Contact David Harris & Co for expert advice and a stress-free experience. Call us on 0208 346 9122 to get started. Let’s make Finchley your next home.
