AdviceHere are a selection of points to consider when looking towards letting. |
Building Society Approval If the property is subject to a mortgage or is being used as security against a loan the lender will require details of the tenancy in order to consent to the letting. Once informed, the lender may draw up a list of conditions that must be fulfilled. It is the owners responsibility to inform the lender. If instructed Property Link Lettings will liaise with the lender to ensure that the terms of any tenancy agreement are in accordance with the conditions of the loan.
Insurance Whilst Property Link will endeavour to find a suitable tenant we like to advise all landlords that we cannot be held responsible to any legal cost incurred for outstanding or non-payment of rent. We recommend all landlords take out insurance to cover loss, legal protection and court costs. However, buildings insurance must be maintained, the insurance must cover the structure of the property.
Furnished or Unfurnished It is the landlords decision whether to let the property furnished or un-furnished. An un-furnished property does reduce the risk of damage and neglect. If the property is be let furnished, please ensure that all the current fire safety regulations are met. With effect from 1st March 1993 it is an offence to supply furniture that does not comply with the Fire Resistant Requirements contained in Regulation 14 of 1988 Regulations.
It is the responsibility of the landlord to ensure that the following soft furnishings comply with these regulations: Beds, headboards, mattresses, pillows, settees, armchairs, loose covers, sofa beds, cushions, beanbags, futons, conservatory and garden furniture.
In the majority of instances, income tax is payable on rental income received. However, there are costs that can be offset against rental income, such as insurance, maintenance costs and management fees, but you should always seek professional advice specific to your own circumstances.
Tenancy Details After an initial meeting at the property, where potential rental value is agreed, and the most suitable tenancy agreement, upon receipt of your instructions and signed terms of business agreement, we will visit the property and take internal and external photographs, where possible, so your property can be effectively marketed in the local newspaper, on the internet and details sent to prospective tenants. Property Link will conduct all accompanied viewings. When a suitable tenant is found and in agreement with the landlord, full references are obtained.
Tenancy Agreements Property Link only use tenancy agreements that are legally binding and are up to date with current legislation. Three agreements are prepared on original documents for the landlord, tenant and ourselves.
The agreements are usually fixed term on an Assured Short-hold Tenancy agreement with a minimum tenancy period of six months. Fixed term means that neither the landlord nor the tenant can terminate the agreement during the minimal rental period, but there is no maximum term. Deposits £100.00 is collected from the tenant as a holding deposit plus one months rent at the beginning of each tenancy. This is held by Property Link in a Tenancy Deposit Scheme on behalf of the landlord. On termination of the tenancy Property Link will check the inventory. Should any items need to be replaced, repaired or cleaned these costs will be deducted from the deposit prior to returning it to the tenant.
Rent Collection All rent is collected in advance by standing order. Net rental monies (after deducting fees and costs) are forwarded to the landlords accounts by BACS transfer within 7 working days of receipt.
The tenant will be liable for payment of rent throughout the whole rental period. Property Link will monitor payments and will take any necessary steps to recover overdue rent. However, Property Link will not be liable for any rent or other liability payable by the tenant or any outgoings payable by ourselves on behalf of the landlord as instructed, where there are insufficient funds available. Inventories To prevent disputes about damage or missing items a full inventory check will be carried out at both the commencement and termination of the tenancy. The inventory schedule of condition should identify the quality and state of the property and everything in it. At the end of the tenancy the property is checked to assess the overall condition giving due allowance for fair wear and tear, this includes overall cleanliness, any maintenance issues including the garden. On commencement of the tenancy, the tenant is taken through the inventory and signs, one copy is for the tenant and one for ourselves. The report compiled at the end of the tenancy details the condition of the property and its contents and without this you cannot make any legitimate deductions at the end of the tenancy.
If you taking advantage of our ‘Tenant Find’ or ‘Rent Collection’ service, then we strongly recommend that a detailed inventory is carried out. This service is part of the full management service. Legal Action Should it be necessary to evict a tenant, Property Link will, when authorised by the landlord, prepare and serve the relevant notices on the tenant and take the appropriate legal actions. All costs incurred during this process remain the responsibility of the landlord.
Landlords Resident Abroad Any landlord who lives outside the U.K. is obliged to complete a NRL1 form (individuals), NRL2 form (companies) NRL3 (trustees) from Inland Revenue. We must be in possession of these forms prior to a tenant moving in.
Gas and Electrical Certificates The Gas Safety (Installation and Use) Regulations 1998
It is the responsibility of the Landlord to verify that all gas appliances, flues and pipe work comply with the Regulations and that annual inspections are carried out and certified by a CORGI registered engineer. This safety certificate should either be supplied to the tenant upon occupation. If there is no certificate within 28 days of residence, then we have the right to arrange one at the landlords expense. It is part of our duty to always hold an up to date certificate on file. The Electrical Equipment (safety) Regulations 1994 Under this Regulation Landlords should ensure that all electrical appliances, plugs, sockets, wiring and the electrical supply are safe and will not cause danger. They must also comply with all statutory requirements.
It is the Landlords responsibility, under the general Consumer Protection Act 1987, to demonstrate that all electrical equipment is safe. We strongly recommend arranging an annual inspection as death or injury resulting from faulty electrical equipment could lead to the Landlord being prosecuted. Please supply instruction booklets with electrical equipment to minimise the risk of misuse by the tenant. |
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