Landlords' Guide To Letting And Management

Deciding which Agent to instruct to let your property can for some Landlords be a very daunting thought.

As a homeowner or Investment Landlord who has taken care and pride in their property, you want to ensure that your Letting Agent will find Tenants that will continue to maintain the property to the highest possible standard as well as pay their rental on time and in full.

As a Letting Agent we have a careful selection process of all Tenants. As a company we take a personal interest in providing you with the best possible service.

Our staff has an in-depth knowledge of both the Letting market, to achieve the best possible rent for your property and the technical know how to oversee and manage your property for a hassle free term of tenancy.

Further more, our Guaranteed Rental Scheme can provide you with extra "peace of mind". Whether your property is tenanted or not, you receive your payments.

Whatever your needs, whether you are unable to sell your existing home or are an investment Landlord professionally involved within the property market we are sure to have the answer for you. Our specialist rental valuers and management teams are always at hand to provide you with advice at all times as well as securing you the correct Tenant for your property.

This information brochure will advise you fully on the letting of your property plus give you a complete explanation of the range of services we can provide for you.

Upon receipt of your written instructions of our Letting and Management Terms of Business, and on indication of which service you require, we will immediately prepare full details of your property for general marketing and circulation to our prospective Tenants.

THE SERVICES

LETTING SERVICE(INTRODUCTION OF TENANT)

· Prepare particulars of the property and rental value. · Market the property for letting.
· Obtain full references on all prospective Tenants.
· Inform the Landlords of Safety Regulation to adhere to.
· Prepare the Tenancy Agreement and relevant notices.
· Collect the first month's rental in advance.
· Collect a security deposit/Bond.
· Advise the Tenants of the procedures for registering with the appropriate domestic services.
· Prepare an Independent Inventory (optional).
· Check the Tenants into the property (optional).

LETTING & RENT COLLECTION(IN ADDITION TO THE LETTING SERVICE)

· Make arrangements for the collection of the rental. · Prepare monthly statements. · Chase late rents. · Check the Tenants out of the property (optional).

FULL MANAGEMENT(IN ADDITION TO THE LETTING AND RENT COLLECTION SERVICE)
· Arrange for any property maintenance and repairs as per your instructions (subject to terms of Business).
· Carry out Quarterly property visits and report to the Landlord.
· Liaising between Landlord and Tenant. - Supervise that the Tenant(s) comply with the Terms of the Tenancy Agreement signed.
· Review rental values and renewal of tenancies.
· Arrange for check-out of the Tenant at the end of the tenancy (optional).

MANAGEMENT PLUS(Subject to an Insurance policy)

This service will provide the Landlord with that extra security should there ever be any shortfall of rent or the Tenant breaches their tenancy obligations and leaves the property with outstanding rent due.

The rental can be fully protected through an inexpensive and reliable insurance rental warranty policy which can be activated for you at the start of the tenancy should you require it.

Details of the Rental Warranty Scheme are available on request.

Note
The management plus service mentioned is subject to the conditions set out in our Terms of Business and insurance policies.

GUARANTEED RENT SCHEME

This "peace of mind" service guarantees the rent to the Landlord, whether the property is rented or not. This scheme is subject to a contract with Housing Associations or local authorities, condition apply, please speak to your representative for full details.

LANDLORD INFORMATION

Tenant Referencing

All prospective Tenants are interviewed before being recommended. If accepted, full referencing will then take place via an independent referencing Agency or alternatively, a manual referencing system will be used where the following references will be obtained where possible.
· Employers
· Personal reference
· Bank reference ·
Previous Landlord (if applicable)
· Guarantor (if applicable)

Deposit

Arrangement will be made to collect a deposit from the prospective Tenant at the start of the tenancy to cover for any dilapidation and damage, plus for any breach of their Tenancy Agreement obligations. For Rent collection or Management services, we will hold the deposit on behalf of all parties as Agent. For Letting only service, the deposit will be passed on to the Landlord to hold until the expiry of the tenancy.

Rent Payments

The first month's rental is collected in advance. It will be up to the Landlord to collect any future rent from the Tenant if we are providing a Letting only service. If you choose the Rent Collection or Management services, the rent is paid into your Bank Account or forwarded onto you within ten working days each time the rental is paid by the
Tenant.

Tenancy Agreements and Notice(s)

A Tenancy will be prepared for all Tenants to sign before moving into the property (except where the Landlord provides their own).

The Agreement will include comprehensive terms for the Tenants to adhere to. Under the Housing Act 1988 (amended 1996), an Assured Shorthold Tenancy will be used, except in cases of a company let. Then the relevant company Agreement will be drafted as with an Assured tenancy. The Standard Notice for repossession will also be drafted to bring the tenancy to an end at the expiry.

Inventory

An inventory should be prepared to ensure that all items of Furniture, Fixtures and Fittings left at the property are recorded and their condition noted. The Tenants deposit will be held against any damages or excess wear and tear shown against the inventory. The inventory can be provided by the Landlord or by us. Further details of this service are provided in our Terms of Business.

LANDLORD CHECK LIST

Mortgaged Properties

You should notify your Building Society or Bank if the property is mortgaged, that you are thinking of letting the property. It is usually one of the conditions of your mortgage that you apply for permission to sub let the property.

We also recommend that your building and content Insurers are advised of your plans, as they too may need altering to cover a third part residing at the property. (We can assist in recommending specialist insurance companies dealing with insurance for rented properties. Please speak to a member of staff).

Leasehold Properties

It is also wise to check that if the property is leasehold, that you confirm with the freeholder that there are no restrictions or covenant which prevent you from letting the property and the Tenants must adhere to during the Tenancy period.

Non UK Resident Landlord

If you are going to reside outside the UK, we are bound under the Taxes Management Act 1970, Sections 78 and 83, to assess you at the basic rate of income tax (variable) due from rents we collect on your behalf if you are not "self-assessing" your own tax.

We should receive a letter of confirmation from your Accountant and Tax Office confirming that they accept liability for payment of your tax. (Please see your Accountant for self-assessment advice). Alternatively, we can instruct a Tax Specialist or Tax Advisor who can give you advice or can be employed by you to take care of your tax affairs whilst abroad. (See our Terms of Business).

Keys

It is important to have several keys cut for the property, enough for each adult Tenant due to move into your property, plus a set for our Management Department (if applicable) for security reasons and access, if so required.

Legal Costs

Should there be at any time any need to take legal action against the Tenant for what so ever reason, the Landlord will be responsible for this action plus any necessary costs incurred. For managed properties, assistance will be given to the Landlord with regards to documentation and administration with reference to the tenancy.

Transfer of Services

If you have employed us as your Managing Agents, the only service that we are not able to transfer for you is the telephone, as BT or cable will only deal with the subscriber and not with a third party. Please, therefore, arrange transfer on the day the Tenants take occupation, if possible. Your assistance will also be welcome with any final meter readings or notification of services.
If we are not managing the property, you will need to arrange the following:

Gas and Electricity
Inform them of the date of transfer to the new Tenants, plus their names, the meter reading and your forwarding address in order that they can send you a closing account.

Water Rates

Water Rates will become the Tenant's responsibility in most cases, but please advise them of your new forwarding address. If your water charges are on meter the Tenant is responsible and a meter reading and date of transfer needs to be supplied to the Authority, together with your forwarding address.

Council Tax

Once again, this is payable by the Tenant during the tenancy. Please advise the Local Authority the date of transfer to the new Tenant and of your forwarding address in order that they can send you a closing account.

Telephone

It is best to arrange the transfer for the actual day that your Tenants will be moving in. If there is a break between subscribers, there can be a charge depending on the length of time that the service has been disconnected.

Mail Redirection

The Post Office offers a service to redirect your mail, which we recommend that you arrange prior to vacating the property for the term of the tenancy. You should also inform your bank, employers, friends and family who are likely to write to you, and inform them of your new address.

Regulations

Whether requiring a Letting only Service, Rent Collection or Management services, Landlords have the responsibility for the safety of both the Tenant and their own property during the tenancy.

The Landlord must adhere to the following regulations without fail, and as Agents we must ensure that they are carried out.

Fire and Furnishings (Safety) Regulations 1988 (1993)

All soft furnishings such as settees, sofa, beds, padded chairs, pillows, cushions etc. must comply with the Fire Resistance requirements contained within the regulations. Items of furniture made prior to 1950 are termed as antiques, and as such are excluded from the regulations.

Usually, a label is attached to the item of furniture to confirm it is acceptable. We will at all times check your furniture and advise you accordingly to the best of our ability.

Gas Safety (Installations and Use)Regulations 1994 (1996)

A qualified Engineer (CORGI or British Gas) must check all Gas appliances and installation within the accommodation on an annual basis, for its safe use. This includes such items as Gas Fires, Central Heating boilers, Gas cookers and other gas appliances. It also insists that flues and chimneys are clear of obstructions and in the correct place. The engineer must issue a certificate and a copy presented to the Tenant at the start of any tenancy.

Any items that fail to comply with the regulations must be fixed or removed immediately.

The Electrical Equipment (Safety)Regulations 1994

These regulations require that all Electrical equipment left at the property be "safe and of no risk or injury to humans or animals". They should be checked that flexes, fuses and electrical output are safe and correct. Items that must comply are all portable electrical items such as electrical cookers, fridges, washing machines, kettles, toasters etc. As agents we can not guarantee which items are safe or not, and will recommend that a qualified electrician checks these items (a charge will be made). Your own electrician can carry this out.

Important Note:
This is only a brief guide to the regulations. Further information and details are provided in our Terms of Business, and by asking a member of our staff.

Terms & Conditions of Business
This brochure has been completed as a guide to Landlords, and does not form or is in any way a substitute to our Terms & Conditions of Business.

Once instructions have been received to let your property, our Terms and Conditions of Business will be provided, detailing further services, charges and conditions for you to read and sign if you are in agreement.

For further information, please contact us at the office.