Landlords

We recognize that right from the start it's helpful for you to know about how we operate. For an explanation of each stage in the Letting process, click on the appropriate heading below.


Establishing Your Property's Value

Whilst a general picture of your local marketplace can be gleaned through local newspaper advertisements and website property-portals, to establish an accurate rental value for your property specifically you will need the services of an estate agent. We will visit your property and meet with you at a time to suit you. We will discuss your specific needs relevant to your own situation, market forces and current demand, previous rental transactions in your street and activity levels with other property similar to your own. From this we will be able to advise you on the value range applicable to your property and anything we think you can do to enhance this value. We will then suggest an appropriate asking price.

Our comprehensive marketing strategy will be explained together with the service level you can expect from Flats & Houses. Any questions or concerns you have will also be addressed.

Selecting an Estate Agent

Having established the rental value of your property and decided to go onto the market, you will need to choose an Agent to act for you. When considering which company to use, watch out for those suggesting inflated values (which can leave you languishing on the market and lose you weeks of rental income) or knock-down commission (you get what you pay for). At Flats & Houses the  initial rental valuation of your property is free. You only pay commission when we successfully let your property and you'll always have access to a specialist letting team.

Preparing Your Property

Tenants are usually prepared to pay more to get more while a property in first-class order can usually be let more easily. The following features can appeal to potential tenants:

    * Fresh decorations - light colors, such as white or off-white, are always acceptable.

    * High quality carpets of the same color throughout. These should be light and neutral - biscuit/beige colors are popular, as are wooden floors.

    * Attractive, good-quality, well-lined curtains or blinds.

    * Well-maintained exterior and tidy, well-planted gardens.

 

Furnished or unfurnished

There's often no difference between the rental achieved for a property whether it is furnished or unfurnished.

    * 'Unfurnished is normally defined as being fully carpeted (or with wooden floors in the reception areas), fully curtained and with white goods provided in the kitchen.

    * 'Furnished' is usually defined as being a property ready for someone to move into. The furniture needs to be good quality and the property should be uncluttered. We're more than happy to advise you on what should be left and what should be removed.

Fixtures & fittings

All fixtures and appliances should be serviced before the start of the tenancy and in good working order. If you have instruction booklets, make them available or write out clear instructions for use. Your property should always offer:

    * A modern and well-equipped kitchen. Ideally there should be a washing machine and separate dryer (or combined machine to save space), dishwasher, large fridge/freezer and microwave.

    * A modern bathroom with an effective power shower, modern fittings and good lighting. Tiled floors are preferable to carpets.

    * Good wardrobe space in the bedrooms.

    * An efficient central heating system and plenty of hot water.


The Gas Safety (Installation and Use) Regulations 1994

On 31ST October 1994 the Gas Safety (Installation and Use) Regulations 1994 came into force. Under Regulations 35(2) it is duty of any person (i.e. Landlord) who owns a gas appliance and pipe-work is maintained in a safe condition so as to prevent risk or injury to any person. The Regulations cover all appliances and all types of Gas i.e. mains propane or calor gas for heating, lighting, cooking or other purposes for which  gas can be used. The owner (i.e. Landlord) of any gas appliance must ensure that each appliance is checked for safety at least every 12 months by a qualified gas engineer, e.g. an employee of British Gas or a CORGI registered person. A record must be kept of all safety inspections and the results open to Tenants inspection by law. The Landlord must have a Gas Safety Inspection carried out before a Tenant(s) occupies the property and signs the tenancy agreement. A copy of the certificate must be given to the tenant before the tenancy commences. If the Landlord is unable to, Location Location will provide the certificate at the Landlord/s expense.

The Electrical (Safety) Regulations 1994 And Plugs & Sockets (Safety) Regulations 1994

It is a criminal offence to supply unsafe electrical equipment with rented accommodation. The maximum fine is £5000. The above Regulations apply to portable electrical equipment such as:

Electric heaters, lamps, televisions, radios, vacuum cleaners, irons, toasters, microwaves and other kitchen equipment.

Built - in electrical goods such as cookers and certain storage heaters are not covered by the Regulations, however, Landlords should be aware that any person injured by the Landlord's property could sue for damages.

Electrical items must be examined by a qualified electrician prior to Tenant's taking occupation and if required we can instruct an approved contractor to carry out this check on your behalf. The portable appliance test must be undertaken for each new set of Tenants.

Tax

Current legislation governing the collection of tax on rent income for non-resident Landlords came into effect from April 1996 under the 1995 Finance Act. The main changes affecting non-resident Landlords are as follows:

The act will not affect the Landlord's actual tax liability but it will affect the way in which monies are collected by the Inland Revenue.

A non-resident Landlord will be able to apply directly or through his UK accountant to the Inland Revenue self-assessment on the tax from the rental income. If granted and confirmed by the Inland Revenue this will enable the agent to release the rent gross without making a tax retention thereby easing the Landlord's tax flow. Joint owners must each apply to the Inland Revenue.

If the Landlord is not granted self-assessment, the agent will have to pay to the Inland Revenue on a quarterly basis the appropriate income tax percentage of the net rentals. The calculation of tax paid by the agent will not include mortgage interest, depreciation or other Tax-deductible items. Any overpayment of tax will then need to be reclaimed at the end of each year by the Landlord submitting a statement of accounts to the Inland Revenue.

When considering applications of self-assessment the Inland Revenue will look favorably on Landlords who have their own tax affairs in order to April 1995.

Tenants References

Once we have a prospective tenant, a holding deposit is taken in order to establish a level of commitment. We engage an independent licensed credit reference agency, to take references on the prospective tenant. These cover employment, computerized credit checks, bank reference, previous Landlord or character references. If you wish you will receive copies of these references to help you decide acceptability.

Consents

If you have a freehold property with no mortgage on it, there should be no barriers to letting it out to tenants. If you have a leasehold property however, you must check your lease in connection with sub-letting and obtain the necessary consent if required. If you have a mortgage on your property, consent may also be needed from your lender.

Insurance

You'll need to make sure both the property and its contents are fully insured. This is normally provided for in the Tenancy Agreement. You must inform your insurance company that the property is to be let, check that the conditions of the policy are complied with and that there are no restrictions on letting.

Inventory

We arrange to have the Inventory checked and signed by the Tenant and the keys are handed over at the commencement of the Tenancy. We use a specialist firm of Inventory clerks and we cannot accept any liability for their omissions or errors.

Management

We offer a highly professional management service, designed to take care of any day-to-day problems. We'll help you with:

    * The new rules and safety regulations governing residential lettings

    * Arranging all types of repairs, at very short notice if necessary

    * Rent collection

    * Access to an extensive range of competitively priced and reliable tradespeople

    * Liaising with tenants and carrying out inspections

 

 

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