Tenants - get the property you want. 10 top tips!

Tenants - get the property you want!

House hunting for rental properties can be very frustrating; demand is high and often houses are not on the market for very long. We often hear tenants saying they've been "looking for ages", or that the property they like won't accept pets or that agents are useless and never respond to queries etc. Well... some agents are useless actually but for the purposes of this article we'll concentrate on what you, the prospective tenant, can do. Finding your perfect home is a bit like finding your perfect job - in the same way that you need to get noticed by a potential employer then tenants need to get noticed by the agent. Follow these steps to give you the best possible chance of securing that perfect home.  

1) Keep watching the market - login every day and keep an eye on new listings. Use the well known portals such as OnTheMarket.com and Zoopla

 2) Be pro-active - target the properties you want and phone the agent direct - simply sending an email to an agent with some vague requirements will probably not work 

 3) Make sure the property is right for you before viewing! Ask plenty of questions over the phone - and be prepared to answer queries from the agent - the agent should want to know a little bit about you and who will be living in the property.

4) Don't view properties that are outside of your budget!! Understand the market you're  in and make sure you have a reasonable idea of the going rate for the type of property you're after. Also see point 10 below.

 5) Be friendly and easy going! Moving is a stressful situation and a good agent will understand this - furthermore, landlords can also find the prospect of new tenants stressful. A calm, measured, friendly and understanding approach will allow everyone to think clearly and negotiate the various requirements they each have. 

Don't delay - view as soon as you can!

6) View the property as soon as you can - the rental market place is fast-moving and waiting several days to view might mean you miss out. If you do have to wait then ask the agent if there is a deadline; often agents like to take several viewings and present several prospective tenants to the landlord and tenancies might not be offered on a first-come-first-served basis. 

7) At the viewing give feedback to the agent - if you like, love or hate the property then tell the agent, and if you like it, then ensure you know the next steps to take to start securing the property for you.
The best dog on the world.
8) Pets: if you have pets then tell the agent early on! Most landlords would prefer tenants without pets... and most tenants have pets! Every tenant thinks their pet is really well behaved and house-trained; the agent will have heard this a thousand times before! Instead, say that you are prepared to mitigate the risk through paying increased rent or a pet fee or signing a pet agreement etc. Perhaps offer to make professional cleaning of carpets or flea treatment etc a condition of the tenancy. You could also offer to restrict parts of the house (eg upstairs) to your pet.

Know the costs.
9) Money - know what the agent's fees are upfront and make sure they're reasonable. Be prepared to under go a credit check and if you have CCJs or adverse credit then this could seriously affect your chances; again, mitigate your risk - tell the agent early and perhaps offer a guarantor or 6 month's rent up front. 

10) The rental asking price: there is absolutely nothing wrong with making an offer below the listing price. However a good agent should have valued the property accurately relative to other comparable, local properties. Any offers significantly below the asking price are likely to be dismissed by the landlord - remember, there are a queue of tenants lining up to view the best properties! You may even want to offer more than the asking price if you are really keen! However, that is rare and not expected. 

Good Luck! Proudhouse Property Management are always happy to offer free advice to tenants as well as landlords. Feel free to call us 01935 388456.  

By Chris Chambers. Chris is the owner of Proudhouse Property Management and is based in Yeovil, Somerset, UK. 

Pension Or Property?

By Chris Chambers. Chris is the owner of Yeovil-based firm, Proudhouse Property Management. Chris is also an experienced landlord, and property developer, with his own portfolio of houses and flats in Cardiff and Yeovil. 

This article augments information provided at www.proudhouseproperty.co.uk

This article aims to provide information for our landlords, tenants and potential clients. All opinions are our own and do not constitute formal advice; none of the content is intended to form a contract or promise of services outside of our Service Agreement. Please feel free to browse these articles and use as an informative resource for lettings and property management. We would be delighted to discuss your needs in more detail; for Lettings in Yeovil, Sherborne, Somerset and Dorset please contact us on 01935 388456

Pension Or Property? 

Property rental as an alternative to an annuity?

This month pension rules will change - it will become easier for pension holders to draw cash out of their pension pots and it is anticipated that many people will use this opportunity to invest in property. If you're in this situation then you should be sure that you are taking the best financial decision based on your circumstances and tax situation; if in doubt then you should seek the advice of a financial or tax adviser.

Withdrawing money to invest in Property
The first 25% of a pension pot can be withdrawn tax free; the remainder can be withdrawn and you will be taxed at your marginal rate. So if you have a £400,000 pension pot then you can withdraw up to £100,000 tax free. The rest of this article will concentrate on how you could invest this money in property. If you have multiple income streams, or do not understand the tax implications then you should consult a financial adviser.

Investment Strategy
If you have never invested in property then you maybe wondering where to start; is property investment as simple as buying a house and renting it out? You may be thinking you want to buy a property outright, with no mortgage, and enjoy a monthly income of several hundred pounds a month. Perhaps you are considering a mortgage but don't know whether a repayment mortgage or an interest-only mortgage is best for you. Lets look at some examples based on a cash fund of £100,000 and an annual increase in value of 3%:

• A. Outright ownership: £100,000 should be enough to purchase, outright, a reasonably modern 2 bedroom flat. Advantages: 1) no mortgage therefore no mortgage fees/interest, 2) protection from changes in interest rates, 3) If you have the time, are local, and fully understand your role as landlord, then you could probably manage the property yourself. Disadvantages: 1) Bad tenants or empty periods will provide you with no income, 2) A poorly chosen property (ie not in demand by tenants) in the wrong area could leave you with no income, 3) We're assuming value will increase but it must be borne in mind that your capital is invested in one concentrated asset which could go down in value or, in extreme cases become worthless should an unforeseen event happen eg; subsidence, fire, etc. Value increase after 1 year: £3000

• B. £100,000 deposit on a large house: It's tempting to think bigger is better - £100,000 used as a 33% deposit on a 66% LTV mortgage of £300,000 could purchase a quality 4 bedroom house. Is this a better option than outright ownership as in example A? See the paragraph below on rental yield. Value increase after 1 year: £9000

How to spend money?

• C. 2 x £50,000 deposits on 2 flats at £100,000 each: Advantages: 1) As long as void (unoccupied) periods do not co-incide then some income, if not all, can be expected every month, 2) Better chance of protection from value decreases, 3) Capital gains could be made on 2 properties. Disadvantages: 1) Interest rates can change, 2) More management work. Value increase after 1 year: £6000

• D. 4 x £25,000 deposits on 4 flats at £100,000 each: This approach involves leverage of the £100,000 fund across several assets in the hope of increasing gains. This approach would put you into portfolio landlord territory. Advantages: 1) Good redundancy against void periods, 2) Good redundancy against price decreases (assuming the properties have been purchased in different locations), 3) Good chances of capital gains. Disadvantages: 1) Workload - you will almost certainly want to use the services of a managing agent and will incur their fee (of course, using a good agent, such as Proudhouse Property Management, will ensure you can sit back and enjoy your investments without the day-to-day burden!), 2) Mortgage fees and interest rates start to increase at high LTV, 3) High administration burden - even if you are using an agent, you will still need to be organised with administration and keep track of costs, fees, interest payments etc in order to take best advantage of allowable expenses in the context of tax and self-assessment. This applies to all of the examples, however, more properties requires more work. Value increase after 1 year: £12,000 

The above examples are very simplistic but I hope they show the broad strategies that could be followed. There are many, many more variables to take into account; ground rents, service charges, mortgage fees, arrangement fees, maintenance costs, insurance and not least rental income - on the subject of rental income you should have a basic knowledge of rental yield.

Rental Yield

It is useful to have some sort of financial reference to gauge how well a property rental is performing in terms of income versus investment. That reference is called rental yield. However, it is not as simple a calculation as some agents and advertisers would have you believe - calculation of a true rental yield needs to take account of running and maintenance costs and this can only be calculated once a property has been acquired and been let for a period over which the actual costs can be ascertained. However, a simple rental yield calculation for use as a very basic measure for comparing properties at the buying stage is:

(Annual rental income divide by purchase cost) multiplied by 100

So for example; a £100,000 flat will rent for £600 pcm

(600 x 12) / 100,000 = 0.72

0.72 x 100 = 7.2%

If you use an agent then ensure they
are ARLA registered.

The higher the percentage the better! Anything at 6% or above would be considered to be a good rental yield. However; do the calculation again but this time subtract agents fee, insurance costs, 1 month rent (assuming one void period), accountants fee, anticipated maintenance costs, gas safety check fee etc from the annual income. The percentage will be a lot lower! Bear this in mind at the purchase stage and use this method of rental yield calculation with caution.

But what about capital gains tax?

CGT is only payable when the equity is released - furthermore there is a £11,000 allowance before CGT taxation takes effect. And this is your pension plan - you're probably investing for the long term, or even until death! 

Give your property away! (and make a will)

Think about what will happen to your property when you die - one huge advantage of property over an annuity is that your children can inherit property. Take legal/tax advice on this but it may be that you can gift your property to a child and, as long as you don't pop your clogs inside 7 years, your children should not be liable for inheritance tax. You would not be able to claim any rental income if you did this. An alternative could be to part-gift to a child; annual part-gift increments could be managed in such a way that the value of the gift is below the recipients annual CGT allowance of £11,000. Part-gifting would mean you could still benefit from the property and receive rent.

Summary

Attempting an article on property investing in one blog post is pretty much impossible! There are whole books devoted to it - but I hope this has scratched the surface and provided some basic fundamentals. As an alternative to a pension, rental properties can be an excellent option. There is much research to be done - don't rush in; start looking early, get a feel for the market and feel free to approach us for a lettings consultation. We of course would be delighted to offer you advice which is completely free. We have an excellent lettings and property management service and would love to hear from you. 01935 38845

email: chris@proudhouseproperty.co.uk 

  

Preparing a property for letting

By Chris Chambers

This article augments information provided at www.proudhouseproperty.co.uk

This article aims to provide information for our landlords, tenants and potential clients. All opinions are our own and do not constitute formal advice; none of the content is intended to form a contract or promise of services outside of our Service Agreement. Please feel free to browse these articles and use as an informative resource for lettings and property management. We would be delighted to discuss your needs in more detail; for Lettings in Yeovil, Sherborne, Somerset and Dorset please contact us on 01935 388456

A question I often get asked, especially by first time landlords, is "what do I need to do to prepare a property for letting?". Well, there is all the objective stuff: gas safety certificate, electrical safety check, energy certificate etc. But what about the subjective stuff? Eg; standard of decorations? New carpets? Often the landlords who ask me this have a property which is already in great shape! They tend to be letting their former home and want to do the very best but they also run the risk of over preparing. Of course, I experience a few landlords who are the total opposite and underestimate the required standard. So here is a summary of some of the most common situations:

Get the little jobs done.

1) Finish all the unfinished jobs! Many tenants have taken a life-style choice to rent and therefore expect quality homes which are well maintained. You must bear this in mind when preparing - don't expect tenants to have the same approach to you when it comes to living with dripping taps, toilets which don't flush properly, lights which don't work and doors that are not closing/opening freely etc. Walk around the property and be super critical and make a list of all the things that need doing. Get them done!

Mould in cupboards - a sign of poor ventilation

2) Water, damp and condensation. Damp ingress, condensation and water damage can become a long term problem if not properly managed. Often damp problems are caused by condensation - give your tenants every opportunity to alleviate damp issues by ensuring extractor fans are installed in bathrooms/WCs, ensure your double-glazed windows have trickle vents installed (they can often be retro-fitted if required), fix any sources of penetrating damp (such as poor guttering/roofing) and ensure the wet areas of bathrooms and showers are adequately waterproofed/sealed (you may even need a professional specialist survey to identify sources of damp). Often tenants will no have awareness whatsoever of these issues - as an agent we regularly advise and check these aspects on our quarterly inspections. Some properties have damp issues as inherent problems (although this is rare), in which case dehumidifiers or specialist positive pressure systems can help.

3) Decorations. It is often the case that professional landlords and developers will fully decorate a property and present it to the rental market in a newly decorated state. However, for a first time landlord I advice you strike a balance; there is no need to fully decorate the whole property unless really needed so don't gobble up several months worth of rent by being a perfectionist. If the property has been decorated in the past 3 - 5 years then it is probably OK. If the decor is very garish, or of a specific taste, or is from a previous era (and distastefully dated) then definitely decorate and bring the interior up to date. Bear in mind that gloss paints can take several days to dry so don't use them the day before the tenancy starts! Also, allow sufficient time for skirting boards to dry before fitting new carpets (otherwise you'll get furry skirting boards!). It's a good idea to decorate in neutral colours - it's cliched but it works - it is also very easy to touch up/repaint when required.

...it doesn't have to be this sparce!

Remove the clutter...

4) Tidy up, and de-clutter. At the stage of marketing the property the aim is to get prospective tenants through the door and viewing - the key to this is excellent photographs. Photos of a cluttered and "lived in" property will not excite tenants. Declutter the rooms - it's of course completely understandable that people live in their houses and have often accumulated possessions, souvenirs, photo-frames, toys, trinkets, ornaments, fridge magnets, appliances etc etc. If you have lots of stuff then prioritise the premium rooms in the property (kitchen, main reception, master bedroom, bathroom) and temporarily decant your stuff into the other rooms. You are aiming for tidy, uncluttered, organised rooms with a

simple arrangement of furniture - some rooms can be "dressed" - perhaps the kitchen can make some use of bread bins, tea caddies, spice racks, cookery books etc to suggest a homely feel but use them sparingly! We use high-end equipment to get quality photos and then keep the photos on file for re-letting at a later date if needs be. The effort put in for photo preparation and also viewings is well worth it.

5) Clean! This is a no brainer - a dirty house won't appeal to prospective tenants. A dirty house at tenancy check-in will also get the tenancy off to a very bad start... the level of cleanliness needs to be very, very good. Everything needs cleaning - we provide a full check-list of all areas. If you don't like cleaning then get a professional service. To give you an idea of the level of work involved, our professional cleaners require one whole working day, with 2 people, to clean all areas of an average 3 bedroom property (with average levels of dirt, grime etc - a "deep clean" might be 1-2 days). If you are not prepared to put in the equivalent effort then you will be unable to expect the tenant to leave the property in a high state of cleanliness. Cleaning can be a contentious and emotive subject - and it's required to be done at one of the most stressful times (moving house!). Make early plans and allow time for it.

Frayed and tatty carpets should be replaced

6) Carpets and flooring. There is no need at all to provide new carpets and flooring - a well fitted carpet in good condition and clean is fine provided there are no tears, rips, frays etc. If you're thinking it's not worth replacing carpets because "we're only renting the house" then you're probably in the wrong mindset - damaged carpets can be a trip hazard and create an unsafe home. As a general rule, ensure underlay is of a good quality - budget carpet can be replaced every few years and the underlay reused.

There are many areas to be considered - Part 2 of this article will be published soon and cover other areas such as curtain poles, appliances, furnishings etc

Finding Tenants

By Chris Chambers

This article augments information provided at www.proudhouseproperty.co.uk

This article aims to provide information for our landlords, tenants and potential clients. All opinions are our own and do not constitute formal advice; none of the content is intended to form a contract or promise of services outside of our Service Agreement. Please feel free to browse these articles and use as an informative resource for lettings and property management. We would be delighted to discuss your needs in more detail; for Lettings in Yeovil, Sherborne, Somerset and Dorset please contact us on 01935 388456

Finding Tenants

At Proudhouse Property Management we believe that tenants are our greatest assets. Without them, there would be no landlords, letting agents, rental properties or Buy-To-Let mortgages. Yet we are amazed at how poorly some tenants are treated within the industry. Our policy is to get our landlords the best tenants, in a home where the tenants want to be. A tenant who is not in the right home for them will end up leaving or possibly not respecting where they live. Similarly, a poorly sourced tenant who ultimately fails the landlords expectations also represents a failed letting process - if the landlord asked for no pets and this requirement has not been met then the happy love-triangle of agent-tenant-landlord is going to fall apart!

Vetting: We vet tenants - by this, we mean short-listing tenants to those who are suitable for the property and who meet the landlords reasonable requirements. We do not however, discriminate - we will not work for landlords who wish to select tenants based on sex, race, religion, sexual orientation, disabilities or age. However, tenants who smoke, have pets or have other activities which may have an adverse affect on the property can be deselected if the landlord wishes.

Referencing and Credit-Checking: We use specialist and comprehensive credit checking and referencing services to ensure that tenants are able to afford the rent; we also check the tenant has no history of arrears, disputes or poor tenancy with previous landlords or agents. Sometimes a great tenant may fail the initial round of checks - we'll continue to try and find a solution, eg; could a guarantor help the tenant with the rent? Can we find alternative references etc? Sometimes however, a tenant is simply not suitable in which case we'll politely but truthfully manage everyone's expectations and then continue the search.

ID: We take photocopies of tenants' passports and take reasonable steps to ensure applicants are who they say they are. There is a new requirement this year for landlords to comply with the Immigration Act and check tenant's rights to be in the country and taking up residence. We undertake these checks as part of our letting process.

Financial Considerations: Not all tenants can pass a credit check - but that does not necessarily mean they are bad tenants. We will always help a tenant if we can - perhaps rent can be paid upfront in a lump sum, or perhaps a guarantor is needed. We will help and provide guidance with this when we can.

Proudhouse Property Management strive to provide excellent service. We are an ARLA licensed firm and members of The Property Ombudsman Scheme. For a letting agent in Yeovil, Sherborne, Somerset or Dorset then please call us - we would be delighted to help you.

Emergency, urgent or just maintenance?

By Chris Chambers

According to recent research 250,000 tenants a year in the UK are withholding rent to pay for urgent repairs which their landlords have not acted on. Usually tenants have a right to do this - so landlords: act on those repairs quickly - it's in your interest.

However, many landlords will have experienced the tenant that requests a repair that is an "emergency" or instructs tradesman to act on tasks that were not emergencies or even very urgent at all! However, a balance needs to be struck - you don't want a tenant to be completely inactive and ignorant of major problems that are quickly going to worsen and be a danger to both the tenant and the property.

Give your tenants advice - if you are using an agent they should do this for you. Here are some extracts from our advice booklet which we give to our tenants:

Emergency repairs and callouts
Remember; what may seem like an emergency to you may not be seen as an emergency by your landlord. So think carefully about the situation, especially if the landlord is going to be expected to pay an emergency call out fee. To be treated as an emergency the fault must carry the risk of immediate injury to people or major damage to property. We consider the following to be emergency repairs:

• Escape of gas or fumes 
• Electrical fittings in contact with water 
• Live or bare electric wiring 
• Sewage overflowing into the home 
• Outside doors that need secured 
• Burst storage tanks, cylinders or pipes 
• Failure of all lights or all power 
• Failure of heating systems in severe weather and where no alternative is available 

Emergency repairs can be initiated by the tenant by contacting the relevant tradesman from the list of preferred tradesman detailed in the next chapter. You must inform Proudhouse Property Management (if we are your managing agent) or your landlord without delay and include details of the emergency/defect/malfunction, the name of the tradesman/emergency organisation that you contacted and any fees that have been incurred. Any other requirement for repairs should be raised with Proudhouse Property Management (if we are your managing agent) or with your landlord.

Maintenance
This is a much debated subject and can become emotional! It is best to clarify at an early stage who is responsible for what. As a general rule, for short leases (eg an AST) the landlord/freeholder will be responsible (ie pay for) for upkeep of the external parts of the property. He/she will also be responsible (ie pay for) for provision of equipment for heating and services. If he/she has provided any goods or appliances which were present at the commencement of the tenancy then he/she is responsible for ensuring that they remain in working order. However, a tenant should never expect a betterment on what was present at the start of the tenancy (unless the object concerned is a snag, hazard or danger) - so as an example, if the washing machine breaks down and is beyond repair then the landlord is obliged to replace it only with something of similar quality and functionality as the original - this could even be comparable second-hand item assuming it was safety checked.

Tenants are expected to take reasonable care of the property, irrespective of any expressed terms in the tenancy agreement.

...you must be vigilant to emergent defects that can cause damage over time - eg a slowly leaking pipe which is causing a damp patch on a ceiling: do not ignore this! Inform the landlord or agent and ensure that it gets rectified - otherwise you could be guilty of something known as “permissive waste” (ie allowing the property to fall into disrepair).

Chris Chambers is the owner of Proudhouse Property Managament - we are an ARLA licensed firm and members of the Property Ombudsman Scheme. We provide property management and lettings in Yeovil, Sherborne, Somerset and Dorset.

Who can you trust?

By Chris Chambers
30 Dec 2013

Would you entrust a cherished and valued item to someone that knows absolutely nothing about how to look after that item? Let's say it's a vintage car - you would want your chosen custodian to know when and where to take it for a service; how to top up the oil; make sure it is taxed and insured etc. You wouldn't dream of giving it to someone that didn't know or care about cars.

Well it seems to be a different story with houses. The boom in the rental market has led to a proliferation of property management and letting agents and in an unregulated industry this has meant an inevitable rise in the number of unscrupulous agents. And there are plenty of unwary landlords willingly handing over their properties to agents in exchange for low rates of commission and getting a poor service in return.

Landlord & Tenant law and the Housing Acts are complex subjects riddled with points of law waiting to trip up the uninitiated; the statutory requirements placed on a private landlord are not for the faint-hearted; houses need maintenance and an agent really needs to know about property in order to correctly diagnose problems and ensure he/she calls out the appropriate tradesman (eg; the boiler is leaking and the electrics have tripped off - is an electrician, plumber or gas engineer required??); tenants go into arrears and breach tenancy agreements; the list of pitfalls is long but a robust and knowledgeable agent will foresee and prevent many of these issues and will act quickly to safeguard a landlords interest.

So who can a landlord trust?

Firstly; look or ask for an agents fees - agency fees have come under the spotlight in recent months: lettings and property management have become known as the "Wild West" of the property industry due to countless examples of agents charging unfair fees, having hidden fees or not disclosing their fees up-front. Get this information; ask for their terms of business and make sure that you sign up to an agreement that, should you need to, you can get out of on reasonable terms.

Check if your chosen agent is a member of a redress scheme; the main one in the UK is The Property Ombudsman Scheme. Membership of this scheme shows that the agent is bound by a Code Of Practice and follows managerial and customer-focused standards and practices. Our firm Proudhouse Property Management is a member of this scheme.

Secondly, find an agent that is actually trained and qualified! The National Federation Of Property Professionals (NFOPP) oversee the education, examination and qualification for a range of services within the Property Industry - holders of their qualifications are then permitted to become members of various licensing/accreditation bodies. Membership of ARLA (Association of Residential Letting Agents) means that your agent has gained a minimum of a Level 3 qualification and is qualified to practice within the industry. It also means they are a member of a redress scheme. Furthermore, ARLA licensed-firms have had their accounting practices verified by an accountant, have client money protection and will have the appropriate indemnity insurance cover in place. Proudhouse Property Management provide lettings and management in Yeovil, Somerset and are ARLA members.

There are other bodies out there - most notably NALS - they provide redress, assurance and require agents to have client money protection in place. However, a landlord shouldn't just assume an agent is trained or qualified simply because there are some fancy looking logos in the agents window. Do your homework and ensure that, whether it is your cherished former home or a buy-to-let investment, your property is placed in safe hands.

Chris Chambers is a member of ARLA and owns and runs Proudhouse Property Management who provide lettings and management in Yeovil, Sherborne, Somerset, Dorset and the South West. Proudhouse Property Management also conduct energy assessments and Green Deal advice.

Energy prices... up, up and away. Genuine tips for using less.

By Chris Chambers

So energy prices are going up again!! Do you think there is nothing you can do about it? The best and most satisfying thing you can do is to use less energy - here are our energy saving tips and we promise we won't advise putting on a jumper and turning your thermostat down!

1) Light bulbs - I've banged on about this one in several of my blogs - get rid of all your old incandescent light bulbs (the classic old shaped ones) including any GU10 / MR16 bulbs which are not LED or CFL. They are only about 90% efficient! That means for every pound you give an energy company for powering an incandescent bulb you're only getting 10 pence of useful energy in return!! LED maybe more expensive (and more so for dimmable ones) but you'll never have to replace them (when it comes to LED spots you want a bulb that is at least 250 lumens to be equivalent to a typical 40w GU10). CFL bulbs have got better - they don't take very long to warm up and they're no longer the horrible white harsh colour they used to be. Check out this calculator below for some revealing stats on inefficient light bulbs.
http://environment.nationalgeographic.co.uk/environment/energy/great-energy-challenge/light-bulb-savings-calculator/

2) Draft excluding: if you have a 1mm gap all around an average sized external door then that is equal to a square that is getting on for about 7cm by 7cm - if you actually had a visible hole in your front door which was that that size then you'd soon cover it up!! Gaps around doors, letterboxes and windows are frequently bigger than 1mm so get some draft-proofing installed.

3) Loft insulation: the recommended depth for mineral wool insulation is 270mm. Check your loft - chances are you don't have enough! And don't compress it as this reduces its insulating properties. Boarding lofts and using them for storage is unfortunately not very energy efficient - can you create a simple raised section in your loft space to store items on with room for insulation underneath?
http://www.energysavingtrust.org.uk/Insulation/Roof-and-loft-insulation

4) Change your hob for an induction electric hob? This is an especially good option if you are in the process or thinking of upgrading your kitchen. Induction hobs are brilliant - very efficient, no wasted heat and very controllable. If you thought you'd never want an electric hob over a gas one then think again!

5) Boiler replacement: This is a bit pricey but the cost of replacement of a very old and inefficient boiler will be returned in energy savings over only a few years. Check your boiler's efficiency here: http://www.boilers.org.uk/

6) Get an energy assessment done - most people associate energy assessments with selling or letting houses but they provide very useful information and advice bespoke to a particular property.

If you're in Somerset or Dorset and whether you're a homeowner, landlord or tenant, Proudhouse Property Management can conduct an energy assessment for you and also advise on how to access the Government's "Green Deal" or ECO schemes.