Pre-Letting

The first step is for us to visit your property and advise you how much rent per calendar month (pcm), exclusive of rates and bills, you could charge for your property.

We can advise on any maintenance that may be necessary prior to letting, and on essential servicing of gas and electrical appliances.

We will explain the form of the tenancy agreement, which will be an Assured Shorthold Tenancy. You may wish to specify restrictions to be included the agreement, such as no pets or no smokers.

If you have a mortgage on the property you will need to inform your building society or bank. They may ask you to fill in some forms, but we can assist with this if you wish. You must also inform and obtain agreement from your Insurance companies regarding your intention to Let your property.

Finding a Tenant

Although demand for rented accommodation is very high, it is helpful if you can give us as much notice as possible of your intention to let in order that the pre contract work can be completed on time.

Tenants are located by our regular advertising in the press, via our High Street showroom, and via To Let boards, which we can supply if required to be displayed at the property and 24 hours a day via our web site on the Internet www.propertyshoplive.com .

We carry out accompanied viewings only and we ask you for two sets of keys, one for the tenant and one to be retained at our office.

Once a tenant has been found we take references using a credit-referencing agency. References taken include bank, employers, previous landlords, and personal references. The address where the applicant has been residing previously is also researched for any adverse financial history. Tenants failing to produce a successful reference are rejected. Once the referencing process is complete we obtain a deposit, usually the equivalent of one month’s rent, and the first month’s rent in advance from the tenant. The agreement is signed and the tenant is ready to move in. On an agreed date the tenant moves in and the meters are read, the utilities and council tax liability are transferred into the tenant’s name, and the tenant signs the Inventory and schedule of Condition.

The Inventory & Schedule of Condition

Is a detailed description of the items in the property, and the condition of the property itself. The Inventory is essential and is signed by the ingoing tenant and the Landlord as an accurate description of the property, forming a record of how the property should be returned at the end of the tenancy. We often use internal photographs of rooms in support of documentation.

You can compile your own Inventory and schedule of condition, or we can undertake this task for you.

Post Letting

After the tenant has moved into your property, we carry out routine inspections during the tenancy to ensure its condition is maintained. We will report the results of our inspections including any general maintenance issues noted. We can supervise repairs on your behalf, and we use both general and specialist trades people we know locally, or we can use tradespeople nominated by you. The costs of any repairs we supervise are included on your monthly statement that includes details of Rent received, repairs, and management fees. Copies of bills and invoices are retained on file, and copies can be furnished if you request them to be included with your statement. Rental payments are made either by cheque to you, or directly into your nominated bank account. You should keep your monthly statements for taxation purposes.

So we have achieved a successful letting, enabling you to have an income from the property, But what happens if the tenant wishes to leave, or you wish to have possession of your property again?

The End of the Tenancy

If either party does not wish to renew the tenancy, the appropriate notices have to be given by either party to end a tenancy. Currently two month’s written notice must be given by the Landlord if he wishes possession of the property, or one-month by the tenant. This notice can be given after the end of a fixed term of the tenancy, or to coincide with the expiry of a fixed term of the tenancy. At this point we would ask you if you wished to re-let the property and for how long.

On the day the tenant is due to move out, we inspect the property using the Inventory and Schedule of Condition. If all is well we return the tenant’s deposit. Any problems not taken care of by the tenant would be deducted from the deposit. For tenants who are not working, or who are on low incomes a suitable Guarantor is obtained at the outset of the tenancy, to sign a stringent guarantee document.

We hope this leaflet will answer some of your questions. If there are other issues you would like to discuss, why not call into our offices or give a call to our friendly and trained staff on (01634) 826333.

Taxation

Although we have some knowledge of tax implications related to Letting, we are not tax experts. If you need further advise we recommend you speak to an experienced accountant who will be able to give detailed advice.