| GENERAL |
There is nothing to stop a Landlord letting his property without the assistance of an Agent. However, there are many legal requirements that a Landlord has to fulfil, and failure to comply may result in criminal prosecution. Also our vetting procedure of all prospective tenants, which includes a credit search through a reference agency, reduces the possibility of letting to an 'unsuitable' tenant allowing you to make the right choice of tenant.
There are several advantages to letting your property:
- Generating income whilst retaining your investment
- Income towards property costs
- No council tax, water rates, gas or electricity bills whilst the property is let
- An empty property can increase insurance costs
Usually your outgoings would be:
- Mortgage repayment
- Building Insurance and Contents Insurance (If applicable).
- Legal Expenses Insurance (as desired)
- Repairs to property and contents - unless caused by tenant. If property Leasehold - Ground rent and service charges.
- When property empty - utilities and services
You are required to obtain permission from your lender before letting your property. Failure to obtain permission may result in a breach of your agreement.
You are required to inform your insurance company of your intention to 'Let'. Failure to do so could result in your insurance being invalidated.
You will be liable to pay tax on any profit generated from letting your property. The amount of tax payable will depend on your circumstances. If you are resident overseas for more than six months in any tax year you will be regarded as non-resident Landlord.
The current legislation requires us to deduct and pay over to the Inland Revenue tax at the basic rate unless we are in receipt of an exemption from the Inland Revenue. An exemption would be required in the names of each Landlord should the property be owned jointly.
The current legislation requires us to deduct and pay over to the Inland Revenue tax at the basic rate unless we are in receipt of an exemption from the Inland Revenue. An exemption would be required in the names of each Landlord should the property be owned jointly.
You must advise your managing agents or freeholders as any change in the type of occupancy may affect the buildings insurance.
As there is very little difference between rental values on furnished and unfurnished property we would normally suggest a property is let unfurnished but with the benefit of carpets throughout and/or curtains. Should a Landlord wish to let a property either part or fully furnished, there are specific Regulations that have to be complied with in respect of the furniture supplied (See insert 'Landlords Safety Regulations')
It is a legal requirement to have the gas supply and all gas appliances (whether portable or fixed) serviced every 12 months by a CORGI registered gas fitter. There is currently a requirement with regard to electric appliances to ensure that all appliances are 'safe', but it is not, as yet, a requirement to have electrical appliances checked every 12 months. (See insert 'Landlords Safety Regulations'). With regard to smoke alarms, although smoke alarms have to be installed in new buildings or conversions, it is strongly recommended that a Landlord install one smoke alarm on each floor of the property.
Under the Landlord and Tenant Act 1985 all Landlords have a legal obligation to maintain the structure of the building, sanitation and supply of services. Within the terms of the Tenancy Agreement should an item require replacing or repairing through fair wear and tear a Landlord would
be expected to attend to this repair.
Our Tenancy Agreement will usually be drawn up for an initial fixed term period. Should a Landlord require possession at the end of the fixed term then adequate notice must be given to us in order for us to serve the relevant Notices to comply with the current legislation. Notice to a tenant would be a minimum of 2 months.
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| PROPERTY |
Economic factors of supply and demand, plus location, accommodation and condition must be taken into account when appraising a property with a view to letting. We provide a FREE MARKET APPRAISAL based on our extensive knowledge of the market place.
In the majority of cases an Assured Shorthold Tenancy will be used initially for a fixed period for residential lettings, however, we are also able to a Rental Agreement for commercial lettings.
With effect from the 6th of April 2007 deposits paid to Westerly Estates Ltd will be protected by the Deposit Protection Service (DPS). The terms governing the DPS including repayment can be found at www.depositprotection.com
An Inventory/Schedule of Condition is used as a yardstick by which the condition of the property and its contents are judged at the beginning and end of the tenancy.
You must advise your insurance company of any period when your property is empty, either prior to a first letting or between tenancies, in accordance with their requirements regarding empty property.
No - the property would normally only be 'seen' whilst carrying out an accompanied viewing with a prospective tenant.
Although we endeavour to ensure tenants are suitable in every way, there may be the odd occasion when a tenant falls into arrears. Payment of rent is monitored through our Credit Control System. Should a serious arrears problem arise there is an effective course of redress through the Courts. Please not that should it be necessary to take legal actions, the cost of doing so is borne by the Landlord. To minimise any loss in such a situation we are able to offer insurance to cover legal expenses.
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| TENANTS |
Following the service of notice on a tenant, should they refuse to vacate the property, the matter will need to be settled through the Courts. Please note that our fees do not cover issuing legal proceedings. You, as Landlord, will need to instruct your own solicitor to act on your behalf.
All applicants go through a vetting procedure including obtaining references from employers, present/previous landlord (if applicable) and bankers. We also have the facility to carry out a Credit Search of applicants.
We never forget you are the owner of the property. Whist we are happy to take your instructions with regard to restrictions on children, pets, smokers and other requirements you may have, we will not permit discrimination on the grounds of race, colour creed etc.
In addition to the payment of rent the tenant takes responsibility for the payment of Council tax, water rates, gas, electricity and telephone charges.
The upkeep and maintenance of the garden is the responsibility of the tenant. However, there are times when a Landlord would prefer to arrange for a gardener to maintain the garden whilst the property is tenanted. The cost can be incorporated in the rental value. Obviously it is advisable to provide some equipment for maintaining your garden.
Although we endeavour to ensure tenants are suitable in every way, there may be the odd occasion when a tenant falls into arrears. Payment of rent is monitored through our Credit Control System. Should a serious arrears problem arise there is an effective course of redress through the Courts. Please not that should it be necessary to take legal actions, the cost of doing so is borne by the Landlord. To minimise any loss in such a situation we are able to offer insurance to cover legal expenses.
Following the service of notice on a tenant, should they refuse to vacate the property, the matter will need to be settled through the Courts. Please note that our fees do not cover issuing legal proceedings. You, as Landlord, will need to instruct your own solicitor to act on your behalf.
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