Residential LettingsOnce a proposed tenant(s) has expressed an interest to rent a property through our agency, reference checks via Let Alliance will be required before the matter can proceed any further. Let Alliance will carry out a credit check on the propsed tenant(s) and will require various information to include proof of Income (I.e. Last 3 months pay slips/HR confirmation), employers reference and a previous landlords reference if applicable. It is expected that the proposed tenant(s) have confirmed Gross income of at least 2.5 x the proposed rent otherwise a suitable Guarantor(s) may be required. If a Guarantor(s) is required, then the Guarantor(s) will need to have a gross confirmed income of a least 3 x the proposed rent in order to be deemed suitable as a proposed Guarantor. In order for the reference checks to commence, we require half of our admin fees up front being £60.00 inc Vat per person which is not refundable and the balance being a further £60.00 Inc Vat per person is paid before the proposed tenant moves into the property. Once the proposed tenant has been reference checked and the Landlord is happy to proceed Subject to Contract, the following is asked of the tenant:-
- To place Two weeks proposed rent in our client account as a non-refundable holding deposit.The deposit is only returned, should the Landlord not wish to proceed for any reason. These funds are off set against the first months rent in advance, should the transaction proceed to completion.
- We will need to see a copy of the proposed tenant(s) passport/driving licence and a utility bill (Such as Gas, Council Tax or Mobile Phone bill) confirming proof of address (Not more than 3 months old) Rent is usually paid monthly in advance and we ask for 6 weeks deposit depending upon clients instructions. Sometimes, it may be appropriate to ask for more than one months rent in advance if proof of income is not able to be confirmed.
- Once we have all or part of the above information, we can then discuss the matter further with the Landlord who despite our advice makes the final decision to proceed with the letting or not at the end of the day.
- The signed contract, keys and possession will not be given to the proposed tenant until the 6 weeks deposit and One Months rent in advance is cleared funds in our client account.
- We recommend in the interest of both parties that a full independent Inventory is produced and check in carried out at the commencement of the lease. This should avoid many problems arising in due course should there be a dispute at the end of the tenancy. Our agreement states the landlord pays for the production of the Inventory and cost of the check in and the tenant pays for the cost of the check out.
- Once the tenancy has been completed, we protect the deposit in the tenancy deposit scheme that we are members of being my|deposits (www.mydeposits.co.uk). A certificate is produced and sent to both landlord and tenant. This is renewed each time the tenancy is renewed.
- At the end of the tenancy, if there are any disputes and both parties cannot agree on how to sensibly resolve the matter, my|deposits will take over and arbitrate. This is a last resort and very rarely do we find matters end up this way.
- Legal Duty of Care – The Landlord must ensure that the property being let is safe. Failure to comply with Safety Legislation is considered a criminal offence resulting in legal action and prosecution.
- Gas (The Gas Safety (Installation & Use) Regulations 1994 (amended 1998) The Landlord must maintain gas installations and all gas appliances through annual inspections and safety checks carried out by a Gas Safe registered engineer and a copy of the Current Inspection Certificate must be left in the property or a copy emailed to the tenant.
- Electricity - (The Electrical Equipment (Safety) Regulations 1994 & Electricity at Works Regulations 1989 - The Landlord must ensure that all mains voltage household electrical appliances and equipment is tested and safe to use. Any non-repairable items must be replaced and removed. We recommend an NICEIC Electrical report is carried out prior to the tenancy commencing.
- Furniture and Furnishings – The Furniture and Furnishings (Fire) (Safety)Regulations 1988 (amended 1989 & 1993). Soft furnishings (such as mattresses, settees, bed bases, cushions and padded headboards) must meet fire resistance standards and bear a permanent label confirming this. If compliance cannot be proved, the item must be removed and replaced.
- Smoke Detectors – As of 1st October 2015 Smoke detectors are required to be fitted to each floor of the property being let. Please refer to your qualified Gas Safety Engineer for further advice in this respect.
- Carbon Monoxide Detectors - As of 1st October 2015 Carbon Monoxide detectors may be required to be fitted to a property being let. Please refer to your Quailified Electricain for further advice in this respect.
NB: The penalty for failure to comply with statutory safety legislation is currently a maximum of £5,000 and/or 6 months imprisonment for each offence. This can be harsher in the case of injury or fatality.
The above is only a guide to the legal safety requirements and should you have any further enquiries, we would recommend that you contact a qualified solicitor who will be able to verify these in full.
Overseas Landlords:You are considered an overseas Landlord if you live abroad or go to work abroad for lengthy periods of time.
It is important to firstly note that Inland Revenue regulations apply even if you are a non-UK resident. Moreover, non-resident Landlords must apply to the Inland Revenue Financial Intermediaries Claims Office (FICO) for authorisation (by way of an exemption certificate) to receive payment of property rental “gross”, that is without deduction of Income Tax by the letting agent or Tenant as required by law.
NB: The above is merely a guideline and for fully qualified advice, you should contact an appropriate Accountant or Tax Expert.
Residential Sales:Whether we are selling a One Bedroom Flat, Cottage, House or an Executive Residence, we treat all people in exactly the same way. Whoever the seller or buyer is, we know its probably the biggest Investment decision you are taking and that we take very seriously indeed.
Residential Management:Our aim when Managing a property for the landlord is as follows:-
- We have seperate designated client accounts for each property managed.
- To try and ensure the Landlord has peace of mind so they can go about their business without worrying about their investment.
- To pass on the rent to the Landlord asap.
- To provide whatever type of management service the landlord requires.
- To try and reduce void rental periods. We appreciate this income is never made back and effects the yield or your cash flow.
- We have access to reliable tradesman who we are happy to recommend.
- Regular property inspections.
Suggested general key points to marketing:
- We prefer if possible to accompany all applicants over the property.
- Erecting a board for a limited period of time is highly recommended. We will advise the right time to take the board down, once we feel it has done its job. Most agents want the board to stay up as long as possible however, there comes a time when this positive can become a negative and the correct advice should be given.
- Details ideally, should be simple readable text, have excellent photos, a floor plan, location map and an EPC. We produce our own in house particulars however, we have also negotiated with a Marketing Company a special package which includes a professional photographer. Further details upon request.
- Once the property has been placed on our books, we will email and text details to our applicants immediately and where possible, follow up with a call asap.
- We appreciate that both clients and applicants need to contact us out of normal working hours, so our lines are open 7 days a week (8am - 8pm)
- Applicants will be accompanied by an experienced NAEA & ARLA member agent. This way, we are able to maximise every opportunity and give proper client feed back.