Letting Guide
Renting your property can be stressful and time consuming, and as such we're here to help you through the process as simply & efficiently as possible.
We will guide you through the minefield of legal technicalities that now surround letting process from HMO licensing to Government Deposit Scheme regulations.
 The Property Company is a firm accredited by The National Approved Letting Scheme – a Government backed accreditation scheme which offers peace of mind to landlords and tenants through the knowledge that the firm they are dealing with offers clearly defined levels of customer service.
|
 The Property Company is a member of the Voluntary Ombudsman for Estate Agents Scheme.
|
Valuation
Register for a valuation with The Property Company today.
We will arrange a free valuation and market appraisal. We can visit your property at a time that suits you, inspecting and then evaluating your specific requirements in relation to the current market and advising you on a suggested price range. We can also give you some ideas which may help to enhance your property to reach a higher price level where we feel this is possible. Our representative will advise you on our current fees, terms and conditions so that if you have any queries we can immediately answer your questions helping to make the process as simple as possible.
Presentation
You want to achieve the highest price you can for your property. It is therefore important that your property is very well presented for photography and its appearance maintained for viewings. We can advise you room by room on how best to present your property externally and internally to maximise space and layout to optimum effect and occupancy at no additional cost.
Decorations should be in good condition, preferably neutral. We recommend that you leave only minimal furniture of a reasonable quality and these items should be on display when the property is available for viewings. If you are letting the property unfurnished we recommend that the property contains carpets, curtains and white goods only.
Gardens should be left neat and tidy and rubbish free. Tenants are required to keep gardens to a reasonable standard we suggest you provide the necessary tools. However, tenants are often not experienced gardeners and if your garden is particularly large we suggest you arrange visits by a gardener.
Marketing your property
We will maximise the coverage of your property to reach its full potential. Firstly we will produce professional photographs and highly descriptive written details which will then be promoted by
- Our website
- Our website is promoted on portals such as:
- Sent out via SMS text alerts to our database
- Displayed in our windows and plasma screens
- Sent out in the post
- Full colour advertising in local and specialist press
- A quality board will be carefully erected outside your property
- The Property Company also advertises on Radio and at Property Exhibitions
Viewings
We will forward your property details to potential tenants and then make appointments to suit you. We will accompany any potential tenants to your property and present the property according on your wishes. Once the viewing has taken place we will give you feed back at your earliest convenience. We will review your property on a weekly basis and advise you on numbers of viewings and interest to reassess the situation.
How the renting process works - key stages
You should notify your building society or bank if the property is mortgaged and you are thinking of letting it. It is usually one of the terms of conditions of your mortgage that you apply for permission to sub-let the property.
If your property is leasehold it is best to check and confirm with the freeholder that there are no restrictions or covenants in place which prevents you from letting the property.
We can also assist you if you are a non UK resident tax payer. If you are going to reside outside the UK, you are bound under the Taxes Management Act 1970, sections 78 and 83 to be assessed at the basic rate of income tax (variable) due from rents we collect on your behalf if you are not “self-assessing” your own tax. We should receive a letter of confirmation from your accountant and tax office confirming that they accept liability for payment of tax. Please see your accountant for advice.
All prospective tenants we will vetted and credit checked. We will prepare all the necessary documentation including tenancy agreements, legal notices and arrange an inventory.
Choose from one of the following services to suit your requirements:
Introduction of Tenant Service only
Once we have matched you to potential tenants we will:
- Obtain full references.
- Advise you the landlord as to the statutory safety regulations.
- Prepare the tenancy agreement and relevant notices.
- Collect the first month’s rental in advance.
- Collect a security deposit/bond. All deposits are held in accordance with current legislation.
- The Property Company will advise tenants of the procedures for registering with the appropriate utilities and advise the local government for local tax purposes.
- The Property Company will prepare an independent inventory please ask for details.
- The Property Company will check the tenants into the property.
Introduction and Rent Collection Service
In addition to the above package we will:
- Make arrangements for collection of rental.
- Prepare monthly statements.
- Monitor rental payments.
- Check the tenants out of the property.
Full Management Service
In addition to above package we will:
- Arrange for any property maintenance and repairs as per your instructions (subject to terms of business).
- Carry out quarterly property visits and report to the landlord.
- Liaise between landlord and tenant – supervise that tenant/s comply with terms of tenancy agreement signed.
- Review rental values and renewal of tenancies.
- Arrange for checkout of the tenant at the end of the tenancy (optional).
Full Management Plus Service
(Subject to an insurance policy)
This service will provide the landlord with that extra security should there ever be any shortfall of rent or if the tenant breaches their tenancy obligations and leaves the property with outstanding rent due.
The rental can be fully protected through an inexpensive and reliable insurance warranty policy, which can be activated for you at the start of the tenancy should you require it. Full details are available on request. The management plus’ package is subject to the conditions set out in the terms of business and insurance policies.
Guaranteed Rent Scheme
For peace of mind we provide Guaranteed rental schemes from 1 to five years whether your property is occupied or not. We work in partnership with a number of local authorities in the London boroughs - Haringey, Enfield, Barnet, Islington, Waltham Forest and Redbridge. The Property Company is accredited and approved by the National Approved Lettings Scheme. If you are an agent we pay referral commissions ask for details.
For a free and immediate property valuation call us today.
If we are not the managing agents for your property you will need to arrange the following:-
Gas and Electricity
Inform them of the date of transfer to the new tenants plus their names, the meter reading, your forwarding address in order for them to send you the closing account.
A valid gas certificate which has been carried out by a registered Corgi gas engineer is required every 12 months. A copy is given to the tenant and a copy kept safely on file by the landlord/agent.
Water Rates
These will become the tenants responsibility in most cases, but please advise them of your forwarding address. If your water charges are on a meter the tenant is responsible and a meter reading and date of transfer needs to be supplied to the relevant authority together with a forwarding address.
Energy performance certificate
As of the 1st of October 2008, all rental properties with a new tenancy in England and Wales will be required to have an Energy Performance Certificate (EPC).
EPC’S look similar to the energy labels found on domestic appliances such white goods. The energy efficiency and environmental impact of your property will be rated on a scale from A to G according to efficiently. ‘A’ being most efficient. Current running costs for heating, hot water and lighting will also be shown on the certificate, together with a list of energy saving improvements/recommendations.
Tips to make your energy rating as high as possible:-
-
Keep in the warmth. Insulate your property. Start at the top install new loft insulation – should be to a depth of 270mm. Cavity wall insulation is also recommended.
-
Have you got an old boiler? Is your boiler over 15 years old, if so its probably time to replace it and you will get better rating and if you buy a combi heater you could save on space too!
-
A jacket keeps out the cold. Fit a hot water tank jacket to your existing hot water tank.
-
Double bonus. Double glazing can reduce noise i.e. if you are located on a busy road and lower your heating bills
-
New for old. When you buy new appliances always look for the recommended Energy Saving Recommended logo.
The Property Company can commission a certificate on your behalf ask for our representatives for details. If you do not have a certificate after 1/10/8 you could be fined £200. for non compliance. The good news is the certificate is valid for ten years.
Council/local Tax
Once again this is payable by the tenant during the tenancy. Please advise the local authority the date of transfer to the new tenant and your forwarding address for the closing account.
Telephone
It is advisable to arrange the transfer for the actual day your tenants will be moving in. If there is a break between subscribers there may be a charge for the telephone to be disconnected between dates.
Mail re-direction
The post office offers a re-direction service for your post. We recommend you organise this prior to leaving your property for the term of the tenancy. You should also inform bank, employers, friends and family of your new address.
Regulations
Whether you use our letting service only or full management package you have the responsibility for the safety of the tenant and their property during the tenancy. The landlord must adhere to the following regulations without fail and as agents we must ensure they are carried out:-
Fire and furnishings (Safety) Regulations 1988 (1993)
Please note that all soft furnishings such as settees, sofa beds, padded chairs, pillows, cushions etc must comply with the Fire Resistance requirements contained within the Fire and Furnishings (safety) regulations 1988(1993). Items of furniture manufactured prior to 1950 are termed as antiques and as such excluded from regulations. Usually a label is attached to the item of furniture to confirm it is acceptable. We will at all times check your furniture and advice you accordingly to the best of our ability.
Gas Safety (Installations and use) Regulations 1994
A qualified engineer (CORGI or British Gas) must check all gas appliances and installation within the accommodation on an annual basis for its safe use. This includes such items as gas fires, central heating boilers, gas cookers and other gas appliances. It also includes gas flues and chimneys are clear of obstructions and in the correct place.
The engineer will issue a certificate and a copy presented to the tenant at the start of any tenancy. Any items that fail to comply with the regulations must be fixed or removed immediately.
Electrical Equipment (safety) Regulations 1994
These regulations require that all Electrical equipment left at the property be “safe and of no risk of injury to humans or animals”. They should be checked that flexes, fuses and electrical output are safe and correct. Items that must apply are portable electrical items such as electrical cookers, fridges, washing machines, kettles, toasters etc. As agents we cannot guarantee which items are safe or not and will recommend that a qualified electrician checks these items (a charge will be made). Your own electrician can carry this out.
Important note
This is only a brief guide of regulations. Further information and details will be provided in our terms and conditions of business ask a member of staff for details.
Terms and conditions of business
This brochure has been written as a guide to landlords, and does not form or is in anyway a substitute to our terms and conditions of business. Once instructions have been received to let your property our terms and conditions will be provided, detailing further services, charges and conditions for you to read and sign if you are in agreement. For full details please contact our offices.
Budgeting
- Agency commission depending on which above package type.
- Keys - it is advisable to have several sets cut, enough for each adult tenant plus one for the management company, if applicable, for security and access if so required.
- If you want to rent your property furnished or unfurnished and whether you need to purchase furniture or remove existing furniture also if any refurbishment is necessary including décor and carpet.
- Buildings Insurance.
- Gas certificate if applicable
- Utilities – read meters – gas and electric and pay final bills before tenant moves in.
- Local tax – if applicable.
- Telephone it is advisable to arrange transfer for the actual date of your tenants moving in so that there is no break between subscribers. Otherwise there may be a charge for the telephone to be disconnected and reconnected.
- Mail redirection – if applicable.
Please note, should there at any time be a need to take legal action against a tenant, for whatever reason, the landlord will be responsible for this action including all necessary costs incurred. For managed properties assistance will be given to the landlords with regards to documentation and administration with reference to tenancy ask for details.
