Trust is key LETTINGS The essential guide
Trust is key Why is agent regulation good for me? There are over 100 agents who provide a letting service in Brighton & Hove so why choose Bishop Sullivan? The only industry I have worked in since 1999 is lettings and unlike the vast majority of our competitors all we do is lettings. As we are letting specialists you can be sure the advice we give, the services we offer and the processes we use specifically suit Landlords and Tenants. We embrace modern technology and as a result are virtually paperless. We also understand the need for regulation and transparency in what has been a turbulent marketplace in recent years. Finally, we understand the importance of maximising our client s return on investment whether negotiating the highest level of rent for a Tenancy or the best price to resolve a maintenance issue. We won t let you down. Julian Bishop MARLA OWNER Why not have a look at our Goog le Reviews pag e The Association of Residential Letting Agents Members agree to: Comply with the professional standards outlined within the ARLA Byelaws and Code of Practice, demonstrating their dedication and commitment to high standards in Letting Agency. Join the Client Money Protection Scheme which protects your finances in the highly unlikely event that you suffer financial loss due to our bankruptcy or dishonesty. Have Professional Indemnity Insurance which ensures you are financially covered in the highly unlikely event of our negligence, bad advice or mishandling of data. Join the Property Ombudsman Scheme & the Tenancy Deposit Scheme. Property Ombudsman Scheme Can award compensation of up to 25,000 and also ensures that you have a redress route in the highly unlikely event of something going wrong. The Tenancy Deposit Scheme Of the three government backed deposit schemes the TDS is the only one which allows the agent to hold the deposit as Stakeholder. The benefit being that once a Tenancy has expired we are able to liaise between Landlord and Tenant to reach an agreeable outcome as opposed to the scheme making the decision for you (DPS or MyDeposits). Information Commissioner s Office Information Commissioner s Office is an independent authority in the UK that promotes openness of official information and protection of private information. Anti-Money Laundering Regulations 2007 All firms who are subject to the Money Laundering Regulations 2007 must put in place systems and controls to prevent and detect money laundering. Money laundering is the process by which the proceeds of crime are converted into assets which appear to have a legitimate origin. 2 www.bishopsullivan.co.uk +44 (0)127 646426 +44 (0)127 646426 www.bishopsullivan.co.uk
Which service suits you the best? As everyone has different needs Bishop Sullivan offer three types of lettings services for you to choose from. We are happy to tailor them to suit if required. Move-in Managed We ll set up your Tenancy for you. For clients who would like Bishop Sullivan to market the property and progress to move in but are happy to collect the rent, manage repairs/ maintenance to the property & renew Tenancies. Never Guessing: We negotiate the best terms for you including 12 month Tenancies, unless otherwise requested. We also carry out Right to Rent checks and (anti) Money Laundering checks on address. Referencing: We outsource referencing to an independent specialist agency who obtain proof and term of employment, salary, current Landlord reference, credit rating & CCJ checks. We also provide you with a copy of the final report with the Tenancy Agreement. Standard Managed We ll set up your Tenancy, collect the rent and oversee maintenance. For clients who want us to look after everything this is the option for you. Essentially it is the Movein Managed service PLUS: Rent: Collected in line with the Tenancy Agreement and forwarded by BACS transfer. Although unlikely arrears are chased by phone, email, letter and text. Premium Managed We ll set up your Tenancy, collect the rent and oversee maintenance with bells and whistles on top. For clients who want us to look after everything and like all eventualities covered. Essentially it is the Move-in Managed & Standard Managed service PLUS: Rent guaranteed and up to 50,000 in rent arrears and legal expenses. Despite thorough referencing it is not possible to foresee redundancy, relationship breakdown or illness which may result in rent arrears. This product offers peace of mind. Tenancy Agreement: A monthly statement of account is provided. Prepare the Tenancy Agreement and send securely by e-sign. Renewal Service: Section 21 and/or Section 1 Notices included. months before the end of the Tenancy we will contact you to discuss the Tenancy end date, market conditions and a suitable rent. We will negotiate the best terms for you if your Tenants wish to renew. Progressing deposit disputes included. Maintenance: We can value, give advice, market and manage properties for guest stays from 1 night to 6 months. Extremely good returns possible for the right property. Deposit & Initial Rent: An extra Routine Visit & report per year. Other Services Nearly 90% of enquiries start online so getting the price right is essential. We back up all valuations with a Rightmove Best Price Guide so you can see how your property compares to the market. 6 week deposit is registered and protected with TDS. One month s rent taken in advance. Proof of standing order required. Balance of rent received within 5 working days of Tenancy commencement. Your Obligations: Inventory & Check-in: We will make you aware of your legal obligations to avoid any potential liability. Since deposit legislation was introduced in 2007 it has been essential to use professional inventories, including colour photos and meter readings. On moving in day a clerk will ensure the Tenants sign a schedule of condition to confirm agreement with the inventory before key exchange. Renew gas, electric or EPC certificates. EPC, Gas & Electrical Safety Certificates: Routine Visits: If required Bishop Sullivan can arrange for any of the above to be carried out. Regular property visits followed by a report and photos. Utilities: End of Tenancy: Please see overleaf for easy-to-use With the Tenants permission Bishop Sullivan set up utilities (including Council Tax) by the commencement date to avoid unwanted arrears letters. We also close the accounts down when the Tenants vacate. Relevant termination notice served on Tenants where required. service comparison table Property Exposure: Your property will be advertised on the two largest portals including our website to maximise interest. Presentation is key for a healthy click through rate. Well-qualified Applicants: Each applicant is asked 15 questions before we book an appointment to ensure they are suitable for the property and your requirements. Marketing Activity: We will update you each week on viewings, feedback and marketing data. The Offer: When an offer is made we ask applicants a further 12 detailed questions to ensure requirements are met and referencing will be passed. Insurance: We encourage Tenants to take out accidental damage insurance to protect against potential deposit disputes and income protection to protect against potential loss of earnings during a Tenancy. The App: Log in to view details on marketing, property, tenancy, certificates, Landlord account & paperwork. We can manage large or small maintenance issues 24/7. Hold a 250 maintenance float. Advise on insurance claims. Trusted local contractors, liability insurance and relevant certificates checked annually. Serviced Accommodation: HMO Rooms Managed: We can process individual room licenses and oversee maintenance in HMO buildings. Refurbish Project Management: We can arrange quotes, negotiate price, oversee works and carry out a final inspection for refurb projects. Arrange an inventory check-out to ascertain damages or dilapidations (if any). Following Govt guidelines advise on deductions (if any). Oversee return of the deposit & arrange for any maintenance or cleaning between Tenancies. Why not have a look at our Goog le Reviews pag e The App: Log in to view details on marketing, property, tenancy, certificates, maintenance, Landlord account & paperwork. 4 5 www.bishopsullivan.co.uk +44 (0)127 646426 +44 (0)127 646426 www.bishopsullivan.co.uk
MOVE-IN STANDARD PREMIUM Free Market Appraisal with comparables guide Advertise on Rightmove, Zoopla & Bishop Sullivan website Qualify Applicants & accompany viewings Securely log in to the app to view marketing activity & view feedback Full Tenant reference and credit check report provided Prepare Tenancy Agreements Prepare Inventory and Schedule of Condition Arrange for EPC, Gas Safety Certificate and/or Electrical Safety Inspection Gas safety regulations Set up utilities with Tenant s permission Accompany Tenants on move-in day Register Tenant s deposits The Gas Safety (installation and use) Regulations 1994, 1996 and 1998 state all gas appliances within a property require an annual service and safety check by a Gas Safe registered engineer. Securely log in to app to view paperwork, Property & Tenancy details Collect and forward rent by transfer with monthly statements Securely log in to app to view rent activity & statements Renewal service Service comparison table & fees General rule of thumb Mortgages The Landlord is responsible for the structure, exterior and interior maintenance to include drains and gutters, (supply of) water, gas and electricity, central and water heating, buildings and contents insurance (barring Tenant s possessions). Your property must be on a Buy to Let mortgage, failure to do so could invalidate your Tenancy. If you do not have a Buy to Let mortgage the below may apply: The Tenant is responsible for insuring their own possessions, the Council Tax, Gas, Water, Electric and telephone accounts. The certificate must be provided to the Tenant(s). Electrical safety regulations There is no statutory obligation for Landlords or Agents to have professional checks carried out on the electrical system or appliances. However, under Common Law and various statutory regulations (The Landlord and Tenant Act 1985, The Housing Act 2004, The Electrical Equipment (Safety) Regulations 1994 and The Plugs and Sockets etc. (Safety) Regulations 1994 - both of which come under the Consumer Protection Act 1987) there is an obligation to ensure that all electrical equipment is safe. Serve rent review notices 24/7 emergency call-out for Tenants Arrange for any maintenance or repairs required Advise on any insurance claims that may arise Carry out regular Routine Visits Securely log in to Landlord Portal to track maintenance jobs Serve termination notices Carry out end-of-tenancy check-out Carry out deposit release service Guaranteed rent and up to 50,000 for arrears & legal expenses Extra routine visit, certificate renewal admin, notices and deposit disputes included Either the label or receipt for any item of soft furnishings supplied will be required. Close down utilities with Tenant s permission Failure to comply carries a fine of up to 5000. Update you on the market and changes in legislation Premium Managed 12% inc VAT of monthly rent Standard Managed 9.6% inc VAT of monthly rent Move-in Managed 55% inc VAT of first month s rent Set up administration fees: Tenancy Agreement Deposit Registration & PI Safety Certificate admin Inventory (Outsourced) Renewal Tenancy Agreement Deposit Return Service 6 Your obligations and responsibilities as a landlord 60.00 inc VAT 6.00 inc VAT 0.00 inc VAT 90.00 inc VAT for an unfurnished 1 bed (add 24.00 inc VAT per extra bedroom & 24.00 inc VAT if furnished) 60.00 inc VAT 60.00 inc VAT Optional fees which require a client instruction listed in ToBs can also be viewed on our website. www.bishopsullivan.co.uk +44 (0)127 646426 Fire regulations for furnished properties The Furniture and Furnishings (Fire) (Safety) Regulations 1988, amended 199, require any furnished property must comply with BSI standards (unless pre 1950 s furniture). Smoke detectors All new homes built since 1992 must be fitted with mains operated smoke detectors on each floor. As of 1 October 2015 all homes must have a working smoke alarm on each floor of the living accommodation at the commencement of the Tenancy. Mains operated is the best option, for which the Landlord is responsible, otherwise a BS standard battery operated device for which the Tenant is responsible. As of 1 October 2015 it is now a legal requirement to have a carbon monoxide alarm in each room where a solid fuel is used (coal or wood). 1. In some cases a higher interest rate may be charged. 2. In some cases your mortgage company will levy an administration charge.. References and Tenancy Agreements may be requested by your mortgage company before permission is granted. 4. Mortgagors may insist on specific documentation to ensure re-possession is possible. T hey may insist on the managing agent being a member of a regulatory body such as ARLA (Association of Residential Letting Agents). 5. A length of time the property may be let for is often set by the mortgagor. 6. Permission will often only be granted if the mortgage account has been managed to the lenders satisfaction. Insurance We strongly recommend you advise all relevant parties of your intention to let your property in order to comply with the terms and conditions of your agreement(s). While buildings insurance is mandatory we strongly suggest contents insurance is also taken in order for possible damage by Tenants is covered. PS&B will not be held liable for financial loss or damage during a Tenancy however we are able to help if a policy is required. Tax (guidance only) If you live outside the UK, we are required to deduct and account for tax to HM Revenue and Customs (HMRC) under its Non-Resident Landlord Scheme. Alternatively you can apply to the HMRC at www.hmrc.gov.uk for approval to receive your rental income without tax deducted in which case any tax due will be calculated and paid when you submit your annual tax return. Please note that in the case of joint Landlords each Landlord will require their own individual approval number to avoid tax being deducted from the rental income. If we are not collecting rent for more than three months the liability to deduct any tax will fall on the Tenant(s). Bishop Sullivan always recommend you seek professional advice in matters such as this. +44 (0)127 646426 www.bishopsullivan.co.uk 7
Letting specialists Modern, transparent and value for money service Many service options available to suit all requirements Secure app to view details on marketing, tenancy, property, accounts and paperwork Properties advertised on Rightmove, Zoopla & Bishop Sullivan website Legally trained and qualified staff Professional referencing and inventories 72 Preston Street, Brighton, East Sussex, BN1 2HG T: +44 (0)127 646426 lettings@bishopsullivan.co.uk www.bishopsullivan.co.uk FOLLOW US