Your essential guide to Residential Letting

Size: px

Start display at page:

Download "Your essential guide to Residential Letting"

Lee Crawford
5 years ago
Views:

1 Your essential guide to Residential Letting What we do Referencing Promotion Our service Obligations COVENTRY RUGBY SOLIHULL BIRMINGHAM

2 What we do Referencing Promotion Our service Obligations

What we do We look after your investment with a personal and individual approach We are first and foremost a letting agent and we care about our landlords and want to ensure we let to the

Our team is fully focused only on providing you with the highest possible service from the point of marketing your property and throughout the course of the tenancy.

We aim to give you the highest possible service so you are safe in the knowledge that your investment is in good hands.

3 What we do We look after your investment with a personal and individual approach We are first and foremost a letting agent and we care about our landlords and want to ensure we let to the right tenant, not just the first. Since we opened in 1998 we have seen many estate agents lettings arm suffer while they chase sales, with us that will not happen! Our team is fully focused only on providing you with the highest possible service from the point of marketing your property and throughout the course of the tenancy. Our management service allows you to gain an income from your investment without day to day involvement. Our philosophy is simple. We aim to give you the highest possible service so you are safe in the knowledge that your investment is in good hands. Our proactive stance ensures that we can endeavour to prevent any issues occurring but we also have the expertise to solve issues quickly and amicably. The first, and most important, step is to find the right tenant but will a prospective tenant really admit to having financial issues or being a bad tenant previously? Unlikely, but this is where we start to differ from our competitors.

The referencing procedure is designed to remove the guesswork from choosing a tenant and we believe this is the most important step in the letting process.

4 The referencing procedure is designed to remove the guesswork from choosing a tenant and we believe this is the most important step in the letting process. We have our own referencing team who, in conjunction with our referencing partner, help administer a wide range of checks, including credit searches, to ensure the right tenant is selected. We believe that this, along with our own understanding and knowledge, gives a far better picture of a prospective tenant. We can also arrange a meeting so you can meet the prospective tenants yourself to help you decide whether they are right for your property. What we do Referencing Promotion Our service Obligations Tenant Right to Rent Checks From 1st February 2016 landlords are required to check the immigration status of new tenants before granting a tenancy and then ongoing checks will also be required throughout the tenancy. Failure to keep a record of the proper checks under the Right to Rent Bill could result in a fine up to 3,000 per tenant. You can rest assured that we do the checks as standard however, for let-only landlords we can only carry out the first check before the tenancy is granted, all other checks will be your responsibility.

5 Tenant deposits On the 6th April 2007 the government introduced Tenancy Deposit Protection for all assured shorthold tenancies. The law now requires that any deposit taken from a private tenant by an agent or landlord is protected by one of the available government approved schemes. This guarantees that the tenants will get their deposit back at the end of the tenancy, subject to the terms within the tenancy agreement and condition of the property upon vacation. This is a mandatory requirement and proof (usually a certificate) must be given to the tenant within 30 days of them paying the deposit. If you do not protect your tenants deposit as required by law, your tenants can take you to court and you may have to repay them their deposit plus three times the amount of their deposit. You will also be unable to seek possession of your property in certain circumstances. As a member of the Tenancy Deposit Scheme (TDS) we ensure that our managed properties are fully protected. For properties that are not managed we recommend the free Deposit Protection Service and more information is available on-line at Inventory The introduction of the Tenancy Deposit Protection schemes have further reinforced the importance of a comprehensive inventory and condition schedule. It is essential to have an inventory regardless of whether your property is furnished or unfurnished as without proof of the condition of your property prior to the tenancy you will have no grounds to make a claim against a tenant s deposit once they have vacated. Like our referencing our inventories are also done in-house and the level of detail must be seen to be believed! They are produced electronically using state of the art equipment and include photographs to further prove the condition of the property and a tenant must sign and agree to the inventory before any keys are handed over. An inventory is included at no extra cost with our managed service and is a popular low-cost add on to our let only service. Home Emergency Cover Our in-house team of experienced property managers are on hand to assist with all types of maintenance in your property however sometimes disaster strikes and having a little extra help could prove invaluable. We have access to an excellent home emergency cover which offers 24 hour call outs with NO EXCESS & UNLIMITED CALL OUTS UP TO 500 PER CLAIM. Cover includes: Failure of primary heating/hot water system Failure of internal plumbing & drainage Failure of electricity, water or gas supply Inoperable toilet Lost keys/security Pest infestation Roofing

6 A positive image Our unique and recognisable brand reflects our profile on the high street, in local media and on the internet. It promotes our dedicated service and attracts suitable tenants. We are fully focused on the power of the internet and promote all our properties on our own website as well as all of the leading property portals including Rightmove, the UK s No. 1 property website. We also have our own in-house state-of-the-art software system which showcases all of our available properties to our continually updated client base of hundreds of prospective tenants.

7 for our Landlords What we do Referencing Promotion Our service Obligations

8 We are widely regarded as the market leader in our area for letting residential property and we are passionate about what we do and are immensely proud of what we have achieved since our inception in The largest factor in our continued growth is the amount of referrals and recommendations from our existing customers. While we can tailor our services to suit any eventuality we like to keep things simple so offer two types of service. Our most popular service is our fully managed service as this allows you to relax while still safe in the knowledge that your property is in safe hands. It is important to note that choosing a service based purely on cost may not be the right option for you. We only recommend our let only option to professional landlords and property investors with large portfolios as there are many pitfalls and without the backing of an established and experienced agent inexperienced landlords can be left seriously exposed. Let Only Service FREE no obligation property valuation and advice session Full colour window displays, free property listings and new property alerts for prospective tenants FREE prominent To Let board All properties advertised with photos on our website plus all the leading property portals including Rightmove, Zoopla & PrimeLocation Access to our continually updated client base of hundreds of waiting prospective tenants Accompanied viewings on ALL properties to 7pm weekdays and 3pm Saturdays. We can hold keys where properties are vacant Thorough in-house referencing process including full credit checks, employer, previous landlord references and full identity check, and affordability calculation to ensure that the clients can afford the monthly rent First tenant Right to Rent check only, all ongoing checks throughout the tenancy are your responsibility Preparation of RICS approved assured shorthold tenancy agreements and FREE subsequent tenancy renewals for the life of the tenancy! Collection of first month s rent and deposit then forwarded to you so you can arrange for it to be protected in one of the government schemes Our state of the art computer system interlinks all of our offices Managed Service Managed Service includes all Let Only features plus: All tenant Right to Rent checks before the tenancy is granted and ongoing checks throughout the tenancy included Preparation of RICS approved assured shorthold tenancy agreements and arranging of any further subsequent tenancy renewals Preparation of comprehensive digital inventory of contents and condition. Checking in of the tenants at the beginning of the tenancy and also checking them out at the end Informing the local authority and other utility companies of change of tenants along with up-to-date meter readings Access to our in-house team of experienced property managers for all maintenance and accounts issues and the option of our preferred contractors list which cover any kind of maintenance issue whether it be a leaky tap or new roof! Access to our in-house legal team for any arrears or other legal issues and serving of any legal notices required throughout the tenancy Full rent collection with monthly statements via and rents paid directly into your bank account Arrange payment and collection of rent in advance and deposit prior to moving in and protection of the tenant s deposit with TDS Resolution of any end of tenancy disputes along with lodging and managing unresolved disputes with TDS if necessary Tax management for overseas landlords including reporting to HMRC Regular property visits with full report to you Access to our unique rent guarantee scheme (see below) Rent Guarantee Have you thought about what would happen if the tenant doesn t pay the rent? We have worked hard over the years with our insurers to help create a unique rent guarantee scheme. Under the scheme you will receive your rent even if the tenant fails to pay it for up to 6 months. Should the tenant need to be evicted then all legal and solicitor costs are also covered. We believe most rent guarantee schemes offered by agents are not worth the paper they are written on and carry a hefty excess of one month s rent. Ours most definitely IS worth the paper it s written on and carries absolutely NO EXCESS! You could even get up to two months half rent after the tenant has been evicted to help cover the vacant period! What we do Referencing Promotion Our service Obligations

9 Right for you to We will offer a tailored service best suit your requirements. Landlords often make decisions based on cost but it is important you ask your agent for details of the organisation they are regulated by and whether or not they are covered by a client money protection scheme. As we are regulated by the National Approved Letting Scheme (NALS) and also as a registered SAFE agent we must maintain and operate separate designated client accounts where your money is held completely separate from the operating funds of the business. If your agent cannot provide you with the assurance of knowing they are covered by a client money protection scheme the question you need to ask is why not? Our membership of The Property Ombudsman for Lettings means we must adhere to strict codes of conduct to ensure your interests are safeguarded. Tax Implications. HM Revenue & Customs (HMRC) class all rent received as UK income even if you live overseas and therefore this needs to be declared accordingly. However, you are able to offset certain items and costs against your income and while we will do our best to help we can only offer general advice. For more detailed advice we would advise you liaise with a qualified accountant. Additional regulations are applicable to landlords who live overseas for 6 months or more per year. If you do, you re classed as a non-resident landlord by HMRC even if you re a UK resident for tax purposes. As with all lettings agents we have a legal responsibility to report all income for overseas landlords to HMRC on a quarterly and annual basis. We recommend that all overseas landlords apply to HMRC for approval to authorise us to pay your rent to you without deduction of tax. However where no approval is given we are legally bound to deduct tax at the basic rate from the rent and pay this to HMRC. If you choose our let only service and the rent is more than 100 per week the tenant becomes responsible and must withhold the tax and report to HMRC accordingly and we will give the tenant an advice leaflet explaining this. More information for overseas landlords is available on-line at

10 What s next? We can help you each step on the way to letting your property. Rest assured that we will advise and guide you all the way and we have also built up solid relationships with various contractors over the years so we can assist you in arranging any of the necessary certificates. Before proceeding you must obtain permission from your mortgage company (if any) to let your property. If you do not do this you could be in breach of your mortgage conditions and this could lead to serious consequences. If your property is leasehold then you may require consent to let from your Management Company or Freeholder or both. Your buildings and contents insurers must also be informed of your intention to let. While your premium may be slightly affected failure to do this could lead to your insurance policy being void. You also need third party/public liability included in your policy to cover you against any accidents at your property. We recommend that you check whether accidental and malicious damage by a tenant cover is included in your policy for added protection. We have access to a comprehensive and extremely competitive buildings insurance policy with a reputable insurer. For more information or to request a no obligation quote please contact us on lettings@archerbassett.co.uk Becoming a landlord brings certain responsibilities and, of course, we are here to offer guidance and advise on the current laws and regulations for gas, electric or furnishings to name a few. Endangering the health and safety of a tenant can bring serious consequences such as a hefty fine or even a prison sentence. What we do Referencing Promotion Our service Obligations

11 Laws, regulations and best practice Energy performance certificates An Energy Performance Certificate (EPC) is also required in order to market your property and we are unable to let out your property without one. An EPC is a guide for prospective tenants to see how efficient your property is and approximately how much gas and electricity costs will be. Each property is rated on a scale from A (most efficient) to G (most inefficient) and the certificate, which is valid for ten years, must be provided to the prospective tenants free of charge and before they make a decision to take the property. With effect from 1st April 2016 tenants will be able to request consent from their landlords to carry out energy efficiency improvements to privately rented properties. The landlord will not be able to unreasonably refuse consent. It will, however, be the responsibility of the tenants to ensure that the works are funded and the intention is that no upfront costs should fall on the landlord, unless the landlord agrees to contribute. As from the 1st April 2018 there will be a requirement for any properties rented out in the private rented sector to normally have a minimum energy performance rating of E on an Energy Performance Certificate. The regulations will come into force for new lets and renewals of tenancies with effect from 1st April 2018 and for all existing tenancies on 1st April It will be unlawful to rent a property which breaches the requirement for a minimum E rating, unless there is an applicable exemption. A civil penalty of up to 4,000 will be imposed for breaches. Furniture and furnishings (Fire Safety) Regulations 1988 (Amended in 1989, 1993 & 2010) These regulations apply to such items of soft furnishings as chairs, sofas, futons, beds, cushions, seat pads, and pillows (but not to carpets and curtains). Furniture manufactured before 1950 and not reupholstered does not need to comply. Furniture manufactured before 1988 was often manufactured with materials that were not fire resistant and must be removed from the property. Compliant furniture must be capable of identification by a label attached to the item(s) by the manufacturer. These labels can vary so we can advise on what furniture complies. If the furniture does not have a label or it was manufactured prior to 1988 it will likely require replacing. Gas safety (Installation and Use) Regulations 1998 It is your responsibility to ensure a landlord gas safety certificate be issued annually by a Gas Safe registered engineer for all gas appliances and the tenant be provided with a copy. You should also retain records of any previous gas safety certificates. It is a criminal offence not to have a valid landlord gas safety certificate and the punishments may include a large fine and even a prison sentence. More information can be found at and Electrical equipment (Safety) Regulations 1994 All portable appliances that you supply remain your responsibility and should be P.A.T tested by a qualified engineer at the start of each tenancy and renewed annually. We recommend that fixed wiring should be checked by a qualified electrician once the property is 5 years old and at intervals of no more than 5 years thereafter. All electrical work and repairs must be carried out by an approved electrician. Smoke and carbon monoxide alarm Regulations 2015 From 1 October 2015 all privately rented properties are required to have at least one smoke alarm installed on every storey and a carbon monoxide alarm in any room containing a solid fuel burning appliance (e.g. an open fire, wood burning stove). Battery powered alarms are acceptable but we would recommended hard-wired alarms for added peace of mind. It is the landlord s responsibility to ensure the alarms are in working order at the start of each new tenancy but it is the tenant s responsibility to ensure they remain working throughout the tenancy. Legionnaires disease Landlords of residential accommodation have responsibilities for combating Legionnaires Disease. Health and safety legislation requires that landlords carry out risk assessments for the Legionella bacteria which cause Legionnaires Disease and thereafter maintain control measures to minimise the risk. Most rented premises will be low risk but it is important that risk assessments are carried out and control measures introduced.

February 1998 Founding and launch of Archer

Holyhead Road, Coventry Opened second office

management and accounts teams Coventry City

Lettings in Rugby leading to first regional

Ryan Estates lettings portfolio and moved to

Acquisition of Newman s Coventry lettings

Acquisition of Howkins & Harrison s Coventry

branch office in Solihull November 2015 June

lettings portfolio in Acocks Green, Birmingham

Green, Birmingham, to the Archer Bassett

12 February 1998 Founding and launch of Archer Bassett & Co. Holyhead Road, Coventry Opened second office in Warwick Row, Coventry February 2002 July 2007 Expansion to larger premises to accommodate in-house referencing, property management and accounts teams Coventry City Centre Acquisition of Regent Residential Lettings in Rugby leading to first regional office September 2007 May 2009 Acquisition of Ryan Estates lettings portfolio and moved to larger office in Bank Street, Rugby Acquisition of Newman s Coventry lettings portfolio October 2010 December 2012 Acquisition of Howkins & Harrison s Coventry lettings portfolio Launch of new regional branch office in Solihull November 2015 June 2016 Acquisition of Karen s Estate Agents lettings portfolio in Acocks Green, Birmingham Incorporation of Albright Estates, Acocks Green, Birmingham, to the Archer Bassett family July 2016 COVENTRY RUGBY SOLIHULL archerbassett.co.uk lettings@archerbassett.co.uk BIRMINGHAM

MYLANE LANDLORD GUIDE. Residential Lettings & Property Management MYLANE, 2 THE QUADRANT, COVENTRY, CV1 2EL.

MYLANE LANDLORD GUIDE. Residential Lettings & Property Management MYLANE, 2 THE QUADRANT, COVENTRY, CV1 2EL. MYLANE, 2 THE QUADRANT, COVENTRY, CV1 2EL coventry@mylaneproperties.com www.mylaneproperties.com MYLANE Residential Lettings & Property Management LANDLORD GUIDE Welcome to Mylane MYLANE 2 THE QUADRANT