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| Tenant Referencing - We employ a specialist referencing agency to carry out detailed checks on prospective tenants, including:- |
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Credit reference check |
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Employment status and income/rent ratio |
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Previous Landlords reference | | |
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| Deposit Tenants are required to pay a security deposit (usually equivalent to one months rent) at the start of a tenancy. At the end of the letting, this is returned to the Tenant, less any deductions for dilapidations and damage, or breach of their Tenancy Agreement obligations. |
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For managed properties, we will hold the deposit, as Agent |
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Letting only service - deposit will be passed on to the Landlord to hold for the duration of the tenancy | | |
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| Inventory and Schedule of Condition - preparation of a detailed Inventory/Schedule of Condition, we consider to be absolutely essential. This may obviate disputes at the end of a tenancy and provide the necessary back-up if deductions need to be made from the deposit refund, for damages or missing items. Photographic records will also be kept. | | |
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| Rent Payments - Rent is payable monthly in advance. |
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Full management service - we will collect the rent and account to you as agreed (usually monthly). Rent is paid into your bank account or forwarded on to you within ten working days of receipt of the tenants payment. |
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Letting service only - first months rent will be collected and passed on to the Landlord less fees due. | | |
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| Tenancy Agreement & Notices - A Tenancy Agreement will be prepared for tenants to sign before moving into a property. |
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In most cases, we recommend an Assured Shorthold Tenancy, usually for a minimum of six months. If you require the property back at the expiry of the tenancy, notice must be served at least two months before the expiry date. |
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You may agree with your Tenant to allow the tenancy to continue after the initial six months. |
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| Transfer of Services - for those Landlords who opt for the full management service, we undertake to advise the various service suppliers of meter readings and changed account responsibility for: |
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Gas, electricity and water rates - these usually become the responsibility of the tenant |
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Council tax - we will advise the local authority | | |
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| Legal Action We strongly advise taking rent guarantee and legal expenses insurance cover, and we can assist you in this regard. Despite thorough referencing of prospective tenants, there is always some element of risk of tenants proving unsatisfactory and this can be due to a change in their own circumstances e.g. divorce, redundancy etc. | | |
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| Mortgaged Properties If your property is mortgaged to a Building Society, Bank or other lender, your mortgage deed will almost certainly require that the lender's written consent be obtained before letting the property. You must therefore apply to them for the their consent to let. | | |
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| Leasehold Properties We advise you to check with the freeholder:- |
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For any restrictions, preventing you from letting the property without their consent |
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For any covenants with which Tenants must comply during their tenancy | | |
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| Insurance You will need to ensure that the property and its contents (if furnished) are adequately insured. |
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Your insurance company must be advised that you propose letting your property - failure to do so could result in you loosing your cover |
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We can arrange appropriate buildings and contents cover through a specialist company, which also offers cover for possible loss of rent and Landlords legal expenses | | |
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| Income Tax |
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UK Resident Landlords Income received from letting your property, will be subject to income tax and you will need to include details of the income and allowable expenses, including any repairs, when completing your tax return. |
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Non-UK Resident Landlords If you are already resident abroad or intend residing outside of the UK, as your agent, we will be required by Inland Revenue, under the Finance Act 1995, to pay the tax liability that arises from rent collected - unless you are entitled to receive rent without deductions of tax, and your Inland Revenue approval is lodged with us. | | |
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| Mail Redirection The Post Office redirection service avoids the probable delay and possible non-receipt of redirected mail, should you rely on incoming tenants, who initially may concentrate on other issues, and we would recommend the use of this service. | | |
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| Keys We will need at least three complete sets of keys for your property - two for the incoming tenants and one for retention at our office. | | |
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The following is a brief guide to the statutory regulations pertaining to rented property. We cannot over emphasise the importance of strict adherence to these regulations, to ensure the safety and protection of your Tenants and their own property, and your peace of mind.
Fire and Furnishings (Safety) Regulations 1988 & 1993 These regulations apply to any furniture which is upholstered and which was manufactured after 1st January 1950. Each item must carry a permanent label denoting that it is fire resistant.
Gas Safety (Installation & Use) Regulations 1994 & 1996 These regulations state that Landlords must have all gas appliances and flues at their properties checked by a registered installer, approved by the Health & Safety Executive, to ensure that an appliance is maintained in a safe condition so as to prevent the risk of injury to any person.
The registered installer is currently a Corgi registered engineer.
Checks on the safety of appliances must be carried out on an annual basis and all Tenants must be given a copy of the valid gas safety certificate.
Electrical Equipment (Safety) Regulations 1994 These state that all electrical equipment must be tested by a qualified electrical engineer. Each item must be labelled to show that it has been tested and carry details of the tester. Detailed inspection records must be kept for all such equipment, and Tenants must be provided with instruction books for all appliances provided with the property.
Plugs & Sockets (Safety) Regulations 1994 require that all appliances supplied be fitted with an appropriately fixed and fitted plug. Any equipment supplied after 1st January 1997, will be expected to have the CE marking.
The above summary of information is provided as a guide. Please contact us if you require more details. | | |
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