WHERE TO START!
WHAT WILL HAPPEN WHEN I BOOK A LETTINGS VALUATION ON MY PROPERTY?
A realistic assessment of your property is an important first step to ensure you understand your properties value on the rental market. This will enable you to work out your finances accurately.
Whilst local property newspapers and websites can be used to provide an indication of what your property might be worth, you will need the experience of a professional estate agent to get a more accurate and realistic assessment of its real value.
We will be happy to provide you a free, no-obligation, property appraisal.
We can meet you at your property a time that best suit your needs. Our appointment with you would typically take between 30-60 mins and would include a detailed inspection of your property. At our meeting, we will discuss the specific needs relevant to your own situation, market forces and current demand, previous transactions in your street and activity levels with other property similar to your own. This information will help us advise you on:
- the potential value range applicable to your property
- anything you could do to enhance this value, and
- a recommended marketing strategy that suits your particular objectives.
- any questions or concerns you have can also be addressed at this meeting.
To book a free valuation, please complete the valuation request.
WHAT WILL HAPPEN NEXT?
- Offer advice to landlords on furnishings, health and safety issues and any maintenance recommendations.
- Advertise and market your property on our State of the Art website and touch screen, UK’s leading property portals, by email and sms message to all potential applicants.
- Accompany all viewings wherever possible or needed.
- Extensively reference your prospective tenants who wish to rent your property
- Prepare all documents including the tenancy agreement.
- Collect initial rent and deposit.
- Lodge the deposit with My Deposits
- Set up a standing order mandate for future rent subject to tenancy commencing.
Depending on the service you require, the process now differs. Please contact us directly to discuss your needs, a package can be tailor made for you.
WHAT DO I NEED?
You will now need a Gas safety Certificate, we can arrange this for you.
You will also need an Energy performance certificate, we can arrange this for you.
Recommendations and information you may need to know.
We strongly advise our Landlords to instruct us to obtain a full inventory for each separate tenancy, this is something we arrange. The purpose of checking an inventory is to establish damages which can only be done if descriptions and conditioning remarks are sufficiently detailed at the commencement of the tenancy and then at the end of the term.
Under the terms of the tenancy agreement, the tenant is required to return the property and contents at the end of the tenancy in the same condition as they were at the commencement, fair wear and tear accepted. It is almost impossible to ascertain whether damage was caused during a tenancy without a proper inventory signed by all relevant parties.
Consent to Let – If the landlord has a mortgage, it is normal for mortgagees to require notification of any proposed lettings and the landlord should seek their initial consent. The landlord should also obtain landlord insurance.
Utilities – The tenant will be responsible for the payment of gas, electricity, water, telephone, council tax, television licence and many more.
As the landlord you are still responsible for the payment of service charges and ground rent in leasehold properties and Landlords insurance on Freehold properties.
Tax – Under the Taxation of income from Land (non-residents) Regulations 1995, the rent receiving agent (or where there is no agent, the tenant) will be required to deduct an amount equivalent to Basic Rate Tax from the rent (after taking deductible expenses paid by the agent into account) and pay the balance to the Inland Revenue each quarter.)
However, a landlord living overseas can apply to the Inland Revenue for exemption from this requirement. We can provide you with and NRL1 form which you must complete and send to the Inland Revenue. Neither your rent receiving agent nor your tax advisor can file this application for you – it must be done by you.
Failure to return this form in time may result in the exemption certificate not being issued before the payments become due. We would have no alternative but to make the required tax deduction before paying the rents to you.
Our company are not tax advisers so if you are unsure as to how the above will affect you, you would be advised to speak to an accountant or professional tax advisor.
Any Non-resident Landlord Tax payments deducted by us, in the first quarter can be refunded, if the exemption certificate is in our possession before the first quarter has ended. Any deductions after the first quarter can only be reclaimed after the first year has ended. Any refunds due after the first quarter are made by the Inland Revenue.
Tenancy agreements – most tenancies are classed as assured shorthold tenancies. Under the housing act 1998 (as amended 1996) landlords have more rights to possession than with tenancies commencing prior to the acts and procedures for possession are now quicker and simpler (provided the process is carried out correctly).
Most tenancies are drawn up for a period of six months.
Legal matters – our staff have been trained and receive ongoing training on the various legal aspects of letting including safety regulations, tenancy agreements and clauses, possession and have vast practical experience. They will be happy to discuss any questions you may have regarding more detailed legal matters.
The relationship between Landlord and Tenant can sometimes have its “ups” and “downs” and the need for a professional agent is paramount in closing any divide to allow for a smooth and enjoyable property experience for all parties concerned, whether you are a Landlord or Tenant you are best advised to conclude your property transaction via a reputable agent.