When it comes to letting your property you want reassurance that your investment is in safe hands. We offer a complete, cost-effective property management service for landlords and as specialists we manage property effectively and efficiently, ensuring smooth running tenancies and compliance with the various landlord/tenants laws. Our list of services includes: - Visiting you at the property and providing you with a rental valuation and any other advice in regards to letting out your property.
- Using various methods (advertising, tenant's waiting list, to let board etc...) we will locate a suitable tenant for the property and accompany them to the viewing.
- Carrying out the necessary credit checks, obtain and evaluate references.
- Prepare the tenancy agreement and arrange the necessary signature(s) from the tenant.
- Collecting a deposit which will be treated in accordance with the current legislation.
- Prepare a schedule of condition and an inventory of the property.
- Check the tenant in to the property and agree the inventory.
- Assist with the transfer of utility services (gas, water, electric & council tax) in to the tenant's name.
- Receive rental payments in advance from the tenant and make prompt payment to you together with a detailed statement.
- Carry out an inspection of the property on a regular basis and report any issues to you.
- Arrange with you any maintenance or repairs to the property where necessary using our comprehensive list of tried and tested contractors or, alternatively, you may prefer us to use a contractor already known to you.
- Maintain contact with the existing tenant and arrange renewals of the agreement as and when necessary.
- When the tenancy ends, we will arrange check out, where the inventory is checked and schedule of condition made.
- We will make arrangements to re-let the property with the minimum vacant periods to ensure you receive the optimum return from your property.
Getting the property ready for rental
Now that you have decided to rent out your property you'll want to maximise the letting potential by making sure you address the condition, the quality of the presentation and attention to detail. The most important thing to remember is that you are not going to be the one living in the property, so your personal taste should take second place to what the market demands. Better properties tend to attract better tenants and yield the highest rents.
Exterior
The first thing that a potential tenant sees is the front of the property, so the exterior should be in good, fresh decorative order. Any pathways and driveways should be cleared of weeds and should be tidy, presentable and rubbish free. Trim hedges, mow the lawn, repair any cracks, holes or blemishes or walls, give the windows a lick of paint and make sure the house number is clearly visible. If you are letting a garage with the property, this should also be cleared and made ready for use. The garden should also be tidy and presented in an attractive manner, dig up any dead or unsightly plants and if possible add some new ones. Utility Services
Ensure that all available utilities are connected to the property including, telephone line, gas, water and electricity. Where provided, check any LPG/OIL tanks are in working condition and full and that any septic tanks attached to the property are emptied. Furnishings, Carpets, Curtains & General Interior
Your property can be let fully furnished, part furnished or non-furnished, this will be entirely up to you. We can advise you at the time on whether to furnish or not, and to what level. If you are letting a student property, these should generally be provided furnished, with each bedroom containing a desk and chair on top of the usual items. You'll find that most tenants prefer plain, neutral colours for decoration and you will also need to take in to consideration wear and tear, especially on carpets. Carpets should be good quality, practical and hard wearing, it may also be appropriate to fit wooden floors in some of the rooms. Whatever you decide, it should be good enough to last. Bathrooms should have a good quality shower, and Kitchens, ideally, will be well equipped and functional. Again, good quality is important in these areas. ALL electrical, plumbing, waste, central heating and hot water systems MUST be safe, sound and in good working order. Any instruction/operating manuals for any appliances and electrical equipment should be left in the property. Details of any maintenance contracts should also be supplied. Before the commencement of a tenancy the whole property should be made clean throughout. Do you have a mortgage on the property? - If you have a mortgage on the property that you intend to let then you will need written permission from your mortgage lender. Depending on who your lender is will determine whether they want to include extra clauses within the tenancy agreement. Is your property held on a Lease? - If you are the leaseholder of the property then you will need to check the terms of the lease and prior to letting obtain any necessary permissions. Insurance - You should advise the insurance company that you are letting out the property and you should make sure that you have adequate insurance cover for buildings, content and public liability in place. Failure to notify your insurer may invalidate your policies. If you need further advice on Landlords Legal Protection, Rent Guarantee Cover or Contents and Building Insurance, please feel free to ask. The Cost of Letting Your Property
While your thoughts maybe leaning towards how much you can get by letting your property, you must consider and budget for any costs that could arise, for example: - Monthly mortgage payments due on the property
- Expenses for bringing the property up to the required standards, physically and interms of safety
- Solicitors fees
- Letting agent and management fees
- Insurance fees
- Contingency budget for ad hoc maintenance and repairs
Post - If you are renting out a property where you no longer live (e.g.: you are moving and want to let the property) then you will need to arrange to have your mail re-directed to your new address. We also generally advise that, in order to maintain the competitiveness of your house in the ultra-competitive student housing market, that you retain up to 10% of your income as a maintenance and decoration contingency. Generally those that look best, rent best. Income Tax - It you are currently residing in the UK, it is your responsibility to inform Revenue and Customs of any rental that you receive and to pay any taxes due. Gas
As a landlord of a property equipped with gas appliances you need to understand and comply with the law relating to gas safety. - Under the Gas Safety (Installation and Use) Regulations 1998 all gas appliances and flues in rented accommodation must be checked for safety within 12 months of being installed, and thereafter at least every 12 months by a competent engineer (e.g. a CORGI registered gas installer (Council for Registered Gas Installers).
- All gas appliances and associated pipe work and flues should be maintained to ensure they are safe to use and prevent risk of injury to any person.
- Provide the tenant with a copy of the safety certificate before their tenancy commences or within 28 days of the checks being done.
Electrical The Electrical Equipment (Safety) Regulations 1994
The electrical supply and appliances within a property must be safe at all times. Appliances must be checked for defects (e.g. badly fitted plugs or frayed wires etc.). If an item is found to be unsafe then this should be removed from the property prior to offering it for rent. There is no statutory checking procedure but we strongly recommend that all landlords' have an annual inspection of electrical appliances including an electrical supply safety check, by a qualified electrician. Records of any checks should be retained and provided for inspection if required. The Plugs & Sockets (Safety) Regulations 1994 (Consumer Protection Act 1987)
Any plug, socket or adapter supplied which is intended for domestic use, must comply with the appropriate current regulations. Furniture Safety The Furniture & Furnishings (Fire) (Safety) (Amendment) Regulations 1993
It is now an offence to install any furniture in let properties that do not comply with these regulations.
The regulations apply to - Headboards
- Mattresses
- Pillows and scatter cushions
- Stretch or loose furniture covers
- Children's furniture
- Garden furniture suitable for use in the dwelling
- Sofa-beds
- Futons
and any other item with similar type fillings of which must carry the appropriate labels of compliance. Upholstered furniture must have fire resistant filling material and must pass a cigarette resistance test and permanent covers must pass a match resistant test. Any furniture added to the property since 1st March 1993 must comply with these requirements whether new or second hand. The regulations do not apply to - Antique furniture made before 1st January 1950
- Bedclothes including duvets & pillowcases and loose covers for mattresses
- Curtains
- Carpets
- Sleeping bags
- Cushion covers
The recommended way to check whether furniture complies is to look for labels attached to the furniture. If there are no labels, you must try and establish when and where the furniture was bought and contact the retailer or manufacturer to check whether the item complies. If you are unable to establish where the furniture came from or its compliance, it must be replaced. It is illegal to let a property with furniture which does not comply with these regulations. Building Regulations - Part "P"
The Landlord and Tenant Act 1985 puts the responsibility on the landlord to make sure that the electrical installation of their property is safe when a tenancy begins. From 1st January 2005, all domestic installation work must be carried out by a Government "Approved" Contractor. Electrical Contractors will also have to verify that the works complies with (BS7671). Failure to comply with these regulations is a criminal offence and could result in fines of up to £5,000 and/or imprisonment. Smoke Alarms
The 1991 Building Regulations require that all properties built since June 1992 must be fitted with mains operated interlinked smoke detectors/alarms on each floor. Such regulations regarding older properties do not exist but we strongly recommend that smoke alarms are fitted in all let properties and are regularly checked to ensure they are in full working order. (HMO) House in Multiple Occupation
Under the changes in the Housing Act 2004, if a landlord lets a property which is deemed to be a House in Multiple Occupation it will need to be licensed. - The landlord must check with the relevant Local Authority and obtain the correct licenses before any tenancy can commence. Failure to obtain a license can attract large fines of up to £20,000.
The Disability Discrimination Act 1995 (DDA)
In December 2006, amendments to the above act came in to effect giving a disabled person the right to ask a landlord for reasonable adjustments to a property to enable him to enjoy the property and its features as an able-bodied person could. Such modifications are temporary and at the end of the tenancy can be reinstated. Any alterations and changes to the property will be at cost to the landlord. Housing Health & Safety Rating System (HHSRS)
The Housing Health and Safety Rating System (HHSRS) is a new risk assessment tool used to assess potential risks to the health and safety of occupants in residential properties in England and Wales. The new assessment method focuses on the hazards that are most likely to be present in housing. The HHSRS assesses 29 categories of housing hazards, each hazard has a weighting which will help determine whether the property is rated as having Category 1 (serious) or Category 2 (other). Tackling these hazards will make more homes healthier and safer to live in. Landlords are advised to assess their property to determine whether there are serious hazards that may cause a health or safety risk to tenants. They should then carry out improvements to reduce the risks. The Tenancy Deposit Scheme
The Tenants Deposit Scheme (TDS) government legislation came into effect in April 2007. All deposits taken for an Assured Shorthold Tenancy after that date must be covered by the scheme. The scheme is designed to encourage landlords and tenants to make a clear agreement at the start of the tenancy on the contents and condition of the property. There are two types of tenancy deposit protection scheme available for landlords and letting agents (insurance-based schemes and custodial schemes). All schemes provide a free dispute resolution service. We currently use the approved DPS (Deposit Protection Service). Energy Performance Certificates (EPC)
From October 2008 EPCs will be required whenever a building is built, sold or rented out. The certificate provides 'A' to 'G' ratings for the building, with 'A' being the most energy efficient and 'G' being the least, with the average up to now being 'D'. The certificate includes recommendations on ways to improve the home's energy efficiency to save money and is valid for 10 years. EPCs will only be required for properties which are having a change of tenant, not for existing tenants or for extensions of an existing tenancy agreement. The EPC must be made available for viewing by any prospective tenant at the point of viewing or enquiring about the property. If you do not currently have an EPC for your property we can arrange for one to be done for a small fee. There are many things to consider prior to letting out your property and the process can become complex and time consuming. As specialists, we understand the letting process and can manage your property giving you peace of mind and relieve you of the commitment of being a full-time landlord. Please contact us further to discuss your individual requirements for you and your property; we look forward to being of assistance to you.
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