Why should I use a Letting Agent
A letting agent can save you a great deal of time, money and stress.
Finding the right Tenant for your property could take a long time if you wait for responses from private adverts, social media or rely on word of mouth. Sometimes both Landlords and Tenants feel more at ease using an Agent, especially one who is accredited with UKALA (The UK Association of Letting Agents). We vet all prospective Tenants thoroughly and tend to have fewer problems with rent arrears and other such issues which makes our Tenant Finders Fee great value.
What Services can you offer a Landlord like me ?
We can provide either a ‘Tenant Find’ service or a ‘Full Management Service’, The Tenant find service is geared towards experienced Landlords who’s day-to-day business is the management of their portfolio or their portfolio is small enough not to take up too much of their own time.
The majority of our Landlords choose the Fully Managed option as this provides a complete service from start to finish, offering you peace of mind and the satisfaction that your property is in capable hands.
Could I manage the Property myself ?
You could manage it yourself, however many Landlords underestimate the amount of time and skill that is required to manage a property and Tenant well.
For just 10% of your monthly rental, we can handle virtually every aspect and provide a useful buffer between you and your Tenant. You still make all the decisions but we do all the work for you. We often find that some Landlords prefer to stay anonymous and just be sent the money at the end of each month.
How will I receive any payments ?
A standing order is set up from the Tenant’s bank account and the rent will be paid in advance to us.
Benefit or Council Tenants are usually paid in arrears, however this will all be explained to you before the tenant is accepted. Once monies have ‘cleared’ into our client account, the rent is paid by BACS directly into the account of your choice. A monthly statement is then prepared and sent to you via email letting you know the rent has been sent to your account.
What are the Tenancy details ?
An Assured Shorthold Tenancy is issued for a fixed period of at least 6 months initially, after the initial period it can be re-issued for twelve months or more (by agreement)
What if the Tenant doesn’t pay the Rent
As part of our service we aim to ensure that the rent is paid on time.
However, people’s circumstances can sometimes change during a Tenancy and if the Rent may not be paid. We will advise you on the appropriate course of action. You can take Insurance against loss of Rent and Legal Expenses. If rent Arrears do occur we can work with you through the process to hopefully recover the arrears or if the situation does not improve issue the relevant notices to re-possess the property back from the Tenant to re-let.
What is the Deposit process
We ask tenants for a Deposit usually equal to one month’s rent, or we work with the Good Tenant Scheme where they can sometimes help to provide paper bonds.
All Deposits are Secured in a Tenant Deposit Scheme chosen and managed by the Landlord or ourselves if you so wish, and returned when the tenant has given vacant possession of the property and left it in a satisfactory condition, allowing for wear and tear, and complied with his or her responsibilities under the Tenancy Agreement.
We do always advise taking a Deposit, however it is down to each Landlord’s discretion.
What happens if my property is empty / between Tenants ?
You must advise your Insurance Company in accordance with the Terms of your Agreement regarding empty property notifications. Please check your Insurance Policy for the relevant details.
We only charge you commission on monies that we collect, so when a property is empty we’re losing money too, therefore we’ll be doing everything we can to re-let your property.
What about Taxes ?
You are liable to pay tax on any profit generated from letting your property, the amount of tax you pay will depend on your personal circumstances.
Please note : If you are overseas for more than six months in any tax year, you will be regarded as a non-resident Landlord. We would recommend that you speak to your Accountant about rental income to ensure you are declaring all necessary incomes.
What is the situation regarding Leasehold properties ?
The Managing Agents or Freeholders must be advised as a change in the type of occupancy may affect your Buildings Insurance. You should obtain the Freeholders or Managing Agents consent prior to letting and advise us of any restrictions within the Lease that your prospective Tenant should be made aware of.
Who maintains the Garden ?
The maintenance and upkeep of the garden is usually the responsibility of the Tenant. However, should you have a particularly large garden or any precious plants then it may be advisable to arrange for a gardener- the cost of which should be incorporated within the monthly Rent and detailed within the Tenancy Agreement.
Must the property be furnished
No, most properties are geared towards long term lets where the Tenant will hopefully want to make your investment their home, so they will either have or want to buy their own furniture. There are some people who do not have any furniture so if you do decide to provide furniture there is a market for it however you must ensure they have all the correct fire ratings and are noted accordingly on the Inventory.
Are Smoke Alarms / CO2 (Carbon Monoxide) Alarms required
Yes, Smoke Alarms (either Battery or Mains powered) must be supplied on each floor. There is only a requirement for a CO2 (Carbon Monoxide) Alarm if there is Solid Fuel Heating within the property.
As a Landlord, what am I responsible for repairing ?
As a Landlord you have a legal obligation under the ‘Landlord and Tenant Act 1985’ to maintain the structure of the building, the sanitation and the supply of services. In addition, should an item (that you supplied) withiin the property require replacing or repairing through fair wear and tear then you would be expected within the terms of the Tenancy Agreement to deal with this accordingly.
What if I have a Mortgage on the Property
You would normally find that there is a clause in your ‘Mortgage Agreement’, which makes this a requirement to inform them it is a rented property.