Valuation
First of all you will need to contact us and arrange for us to visit your property to carry out a free no obligation rental valuation. Our valuation will be realistic to local market levels, we do not give a high valuation just to get the property on as it will only stand empty with no rental income which doesn’t benefit anybody. Once you have decided that you would like us to manage your property we will take your instructions. These will give us the basic information we need to manage your property, for example your forwarding address and bank details. We will take detailed particulars of the property with full colour photos and start advertising your property.
Marketing
We will take detailed particulars of the property with full colour photos and start advertising your property. Particulars will be sent to all applicants who are on our mailing list waiting for property similar to yours, put onto our website and advertised in the local newspapers.
Viewings
When we have a prospective tenant who is interested in viewing your property we will arrange a convenient time with yourself and show the prospective tenants round. All our viewings are accompanied and you are always contacted before we arrive.
Referencing
When we have a prospective tenant who would like to apply for the property we ask them to complete an application reference form. This entails obtaining their work and bank details and if they have rented before their previous landlord details. These are then sent to a referencing agent who will obtain the credit references and inform us of any problems. The cost to the tenant for making an application is £50 and we also, at this time ask them to put a holding deposit on the property. This helps to avoid any time wasters.
Inventories
Once the applications have passed their references we will let you know and then arrange dates and times for the new tenants to move into the property. We always take a detailed schedule of condition and inventory when you have moved out. The cleaning of the property will have been done and all the relevant safety checks been carried out. The inventory consists of detailing the condition of the fabric of each and every room. This will include the ceiling, walls, floor, doors etc. Any furniture or effects left at the property will be inventoried. Please remember any soft furnishings have to comply with the fire and furnishings regulations. A copy of the inventory is given to the tenants when they move into the property and we ask them to check and return this to us with any amendments. This is the document that we use to check the out of the property at the end of the tenancy.
Gas Safety Checks
The Gas Safety (Installation and Use) Regulations 1998 state that any landlord must ensure that all gas appliances and equipment are checked by a qualified CORGI-registered engineer prior to a let and annually thereafter. If the engineer is satisfied that the installation meets with current legislation, a Gas Safety Record will be issued, a copy of which must be given to the tenants prior to commencement of the tenancy. The minimum penalty for non-compliance is a fine but this, of course, could be far greater if a fatality occurs as a breach of the legislation. It should be noted that an annual service of equipment and appliances does not in itself satisfy current legislation. It is essential to have a landlord's Gas Safety Record.
Electrical Safety Checks
The Electrical Equipment (Safety) Regulations 1994 state that any electrical items supplied by a landlord should be safe and tested by a qualified electrician; this includes the mains supply, all portable appliances, and fixed appliances like cookers and immersion heaters. The penalty for non-compliance is a fine or imprisonment. Therefore, appropriate ongoing checks should be made and reported defects addressed. Five-yearly checks of electrical installations are recommended, and these should be completed in addition to fixed annual wiring short reports and annual portable appliance tests. In accordance with Part P of the Building Regulations (Electrical Safety in Dwellings), works, repairs and maintenance on electrical installations must be carried out by a competent person who is registered with an Approved Competent Persons Scheme.
Soft Furnishings
The Furniture and Furnishing (Fire Safety) Regulations 1988 (as amended in 1989 and 1993) require cover fabric and filling material of all upholstered furniture to be made of fire-resistant material and to pass the "smoldering test" and "match flame resistant test". They must also carry a permanent label confirming this. Items that must comply include all soft furnishings, upholstered furnishings, bed bases, mattresses, headboards, pillows, cushions and permanent or loose covers etc. Exempt items are antique furniture or any furniture manufactured prior to 1950. The penalty for non-compliance is a fine and/or imprisonment
Tenancy Agreements
The tenancy agreement that we will use is tailored to your needs but will probably be an assured short hold tenancy agreement. We will send a draft tenancy agreement to you so that you can see what the tenants and we on your behalf will be committing to. The tenancy agreement details what the tenants and landlord can and cannot do during the tenancy. We will add extra clauses to your agreement if required, for example if you want to use the loft space for your own storage we can make it exempt from the tenancy. You are more than welcome to have the agreement checked by your solicitor or ask them to contact us and we can go through it with them.
Inspections
We carry out the first inspection two months after the tenants move in, then at four monthly intervals. If on inspection we have any reason for concern we will contact the tenants and rectify the problem. We will notify you when an inspection has been carried out and let you know if any problems have been discovered.
Moving tenants into property
The day the tenants move into the property they will pay the first months rent and a deposit. They will sign the tenancy agreement, be given the schedule of condition and inventory, the gas safety certificate and the keys and then are free to move into the property.
Moving tenants out of property
Approximately four months before the end of the tenancy we will right to both you and the tenants to ask what your and their future tenancy wishes are. If you are both happy we will then extend the tenancy and convert it into a periodic tenancy where both you and the tenants can give two months notice to determine the tenancy at anytime. This notice however must run from and end on a rent day. The rent will also be reviewed at this time. If you want to bring the tenancy to an end because you are moving back into the property or want to sell then we can issue two months notice to the tenant. Again this must begin and end on a rent day. If the tenants want to move out of the property then they will need to give two months notice. We can then commence re advertising the property to find new tenants to move into the property, hopefully when the old tenants move out.
Rent Payments
The day the tenancy commences the tenants will pay their first months rent and the deposit. The date the tenancy starts will be the their rent day and any reviews will be carried from this date. The rent monies will be paid to us and then we will account them through to you less our commission. We can either send them directly to you at home or to your bank account, whichever you choose.
Deposits
The deposit we take is the equivalent to one months rent plus £200.00. This is paid in cleared funds at the start of the tenancy. This is held by us for the period of the tenancy and returned to the tenants at the end of the subject to any dilapidations (damages).
Repairs and maintenance
When the property is taken on to let it is best to get all the maintenance and repairs dealt with before tenants move into the property. It should be in good clean decorative and working order. All fixtures and fittings need to be in good repair including the central heating system and cooking facilities. The better the property is the better the tenants will be. If there are any maintenance requirements during the tenancy we ask that the tenants contact us and we will then act according to your instructions. We will either contact you or obtain a contractor on you behalf, whichever you have asked us to do. We do not use our own maintenance company as we feel that a choice of contractor is better and a fairer price can be obtained.
Overseas Landlords and Tax
If the landlord is going to be resident overseas then the we are obliged by law to deduct tax at source and pay it to the Inland Revenue under the FICO scheme. However most landlords can be exempt from this simply by completing an application form which either we can provide If the landlord has arranged a FICO exemption then the landlord is expected to complete a self assessment return and then pay tax in the normal way.
Fees
Our fees are straight forward with no hidden charges
Full Management
Full Management is 10%, there is an initial set up fee of £150.00 for drawing up the Tenancy Agreements and the Schedule of Condition and Inventory. This charge is payable for each new tenancy, so for instance if you have the same tenants in the property for five/ten years you will only pay this once.
