Landlords Guide

Lettings Only Service

• Marketing of the property
• The introduction of a suitable tenant
• The taking up of references
• Negotiating the terms of the tenancy between the prospective tenant and the landlord

We will collect the initial funds (the rent and the security deposit), draw up the tenancy agreement document and arrange the inventory.

Lettings and Management Service

This includes all the services listed above. In addition, we will:

• Pay out, from the rent received, when instructed, any outgoings such as ground rent, service charge
• Deal with any day-to-day maintenance matters including minor repairs
• Undertake inspections of the property

0% Management & Guaranteed Rent

This includes all the services listed in the Lettings and Management Service as well as:

• Agreeing a fixed guaranteed monthly rental income from day one whether the property is occupied or not
• Arranging suitable tenants to occupy the property
• Ensuring the property is maintained for the duration of the lease and handed back in the same condition

Some basic information about residential lettings

Tenancy Agreement

Our experienced lettings staff can advise landlords about the different types of tenancy and the legal aspects of a typical tenancy agreement.

Deposit

A deposit (usually equivalent to 4 weeks rent) is taken from the tenant prior to the start of a tenancy. This is to cover breakages, missing items and any damage over and above normal wear and tear.

We hold the deposit as stakeholders throughout the term of the tenancy and refund it to the Tenant (less any deductions) after the end of the Tenancy. All deposits taken on an Assured Shorthold Tenancy are held according to the terms of the Tenant Deposit Scheme.

References

We apply for references on all prospective tenants.

Inventory

We will instruct an independent inventory company to draw up an inventory, conduct a check-in of the tenant at the start of a tenancy as well as a check-out at the end. The landlord pays for the drawing up of the inventory document and the check-in while the tenant pays for the check-out (usually this is taken from the deposit). Without a proper inventory, it is very difficult to make any kind of claim against the deposit for damages, breakages or missing items.

Tax

Income tax is payable on rental income arising from a property in the UK. It is the responsibility of a landlord to declare their income when completing their annual tax return. Non-resident landlords should apply to the HM Revenue & Customs for an exemption certificate for us to make payments of rent without withholding any against possible tax due. Further information is available by speaking to one of our members of staff or by contacting the HMRC directly here www.hmrc.gov.uk/cnr/nr_landlords

Insurance

It is the landlord’s responsibility to insure their property and the contents during a tenancy. A landlord should always inform their insurers that the property is to be let, as this may affect the cover and/or premium. Contents insurance for let properties is obtainable from specialist insurers. Leasehold properties usually include the buildings insurance as part of the service charge, but we would advise all landlords to check with the freeholder/superior landlord or block management company.

The Fire and Furnishings (Fire) (Safety) Regulations 1988 and Fire Safety Amendments 1993 Regulations

This legislation stipulates it is an offence to furnish a let property with furniture and furnishings which do not comply with these regulations.

The Gas Safety (Installation and Use) Regulations 1994 and as amended 1998

It is the landlord’s responsibility to maintain the gas appliances (if any) at a property. It is also a requirement that a safety check is carried out prior to any tenancy and annually thereafter for as long as the property remains let. We will not let a property until we are in receipt of a copy of a current landlord’s Gas Safety Record. A copy of this should be left in the property as well.

Decorations

We would recommend that a property should be offered in good condition and any decorations required are carried out prior to marketing. As an extra service, we can assist landlords if necessary. Please contact a member of the Lettings department for further information about this.