We outline on this page a basic, quick guide and overview for Landlords, to explain what is typically involved with letting property. If you need any further information or advice, please don’t hesitate to contact us.
We are part of the Redress Scheme: |
The Property Ombudsman |
We are part of a Client Money Protection Scheme: |
- Request a free valuation
- Letting Only Service
- Full Management
- Inventories
- Consent to Let
- Utilities
- Tax
- Tenancy Agreement
- Legal Matters
Letting Only Service – £450 Minimum Fee
- Rental Valuation & Inspection
- Advice to landlords on furnishings, health and safety issues and any maintenance recommendations.
- Advertising & Marketing your property on our website, UK’s leading property portal such as Rightmove and On The Market, emailing details to all potential applicants along with newspaper advertising where appropriate.
- We accompany all viewings wherever possible.
- Extensive referencing of tenants who wish to rent your property, using an extensive verification checks on each and every applicant.
- We also offer a range of enhanced financial security policies for landlords if applicable.
- Preparation of the tenancy agreement/s.
- Collection of initial rent and deposit.
- Providing the tenant with the landlords banking details to setup a standing order for future rent subject to tenancy commencing.
Full Management – the fee will be discussed at the valuation
The complete service includes (all the above) plus:
- A professionally prepared detailed inventory of contents and condition.
- Arranging maintenance.
- Dealing with day to day tenant problems that may arise.
- Transfer of utility accounts, electric, gas, council tax and water.
- Closing inspection and check out at end of tenancy.
- Organising return of deposit subject to the property being returned in a satisfactory condition.
- Look to find suitable new tenants prior to expiry of the existing tenancy.
INVENTORIES/CONDITION REPORTS
We strongly advise our Landlords to carry out a full inventory/condition for each separate tenancy. The purpose of checking an inventory/condition is to establish damages which can only be done if descriptions and conditioning remarks are sufficiently detailed at the commencement of the tenancy and then at the end of the term.
Under the terms of the tenancy agreement, the tenant is required to return the property and contents at the end of the tenancy in the same condition as they were at the commencement, fair wear and tear accepted. It is almost impossible to ascertain whether damage was caused during a tenancy without a proper inventory/condition report signed by all relevant parties.
CONSENT TO LET
If the landlord has a mortgage, it is normal for mortgagees to require notification of any proposed lettings and the landlord should seek their initial consent. In the case of leasehold premises the consent of the Head Lessee of Freeholder will be required. The landlord should also advise his insurance company of the proposal to let the property as this could either invalidate the insurance altogether or increase the premiums. You should obtain written documentation of these consents prior to letting.
UTILITIES
The tenant will be responsible for the payment of gas, electricity, water, telephone, council tax and television licence. (Unless otherwise agreed and stated)
As the landlord you are still responsible for the payment of service charges and ground rent in leasehold properties and buildings insurance on Freehold properties.
TAX
Under the Taxation of income from Land (non-residents) Regulations 1995, the rent receiving agent (or where there is no agent, the tenant) will be required to deduct an amount equivalent to Basic Rate Tax from the rent (after taking deductible expenses paid by the agent into account) and pay the balance to the Inland Revenue each quarter.
However, the overseas landlord can apply to the Inland Revenue for exemption from this requirement. Provided the landlords tax history is good and tax affairs are up to date, the overseas landlord will be issued with a certificate that will be sent to his rent receiving agent. This will authorise the agent to pay the rent to you with no tax deducted.
TENANCY AGREEMENTS
Most tenancies are classed as Assured Shorthold Tenancies. Under the Housing Act 1998 (as amended 1996) landlords have more rights to possession than with tenancies commencing prior to the Acts and procedures for possession are now quicker and simpler (provided the process is carried out correctly).
We recommend a minimum period of 6 months for an Assured Shorthold tenancy; however we can offer between 6 to 36 months fixed term AST contracts.
Most initial tenancies are drawn up for a period of between six to twelve months, some have break clauses. A break clause allows either party to terminate the agreement with two months’ notice after an initial period of four months the notice may be served. We will be happy to discuss the pros and cons of different time periods with you.
