Letting a property in a dynamic real estate market like London can be tricky.
Once you decide to let your property, the first decision you should make is selecting the estate agency to let and manage your property.
As your official lettings and property management agent, we will endeavour to:
· Attain the best possible rental return
· Provide the lowest possible void periods
· Secure the longest possible tenancies, taking into consideration your requirements;
· Provide professional & fully referenced tenants
· Use referenced, established, tried and tested and insured tradesmen for works on your property
We will advise you on the rent you should charge based on comparable properties in the area, based on location and condition of the property.
Make your Property Safe
Renting a property carries obligations for the landlord and we will take care of them end-to-end when instructed for our full letting & management service, including but not exhaustive.
Electrical regulations - the property's electrical system (including sockets and light fittings) and all appliances supplied must conform to safety requirements. A periodic assessment by a qualified professional is highly recommended.
Gas regulations - all gas equipment must be safely installed and maintained by a registered Gas Safe engineer and reviewed on an annual basis. A current gas safety check report must be supplied to new tenants prior to check-in and, in the event the safety record is renewed during the tenancy, it must be presented to the tenants within 28 days of the renewal date.
Fire safety - all furniture must comply with current fire safety regulations and, all properties must have smoke detectors installed on each level of the property.
Energy Performance Certificate (EPC) - an EPC is a legal requirement for letting a property and must be renewed every 10 years
Tenancy Deposit Scheme (TDS) - tenant's deposit of all Assured Shorthold Tenancies must be registered with an approved deposit protection scheme. The deposit will be held with them until the end of the tenancy. For managed properties, we will deal with all aspects of the deposit protection scheme on the landlord's and tenant's behalf. We use the Deposit Protection Service (DPS) to safely hold the deposit funds and provide a fair service to both landlords and tenants for deposit returns and any necessary retentions.
Income Tax - landlords are liable to pay tax on rental income, with different legislation applying to UK and overseas-based residents. Familiarise yourself with the legislation (see www.hmrc.gov.uk/index.htm for further details).
Insurance - in many cases, standard buildings and contents insurance will not cover your property if it is rented out. You should check with your insurance provider(s) and if necessary amend your policies or take new ones. Policies specifically designed for landlords will typically include Public Liability Insurance to ensure cover against damages caused to 3rd parties on the property.
Mortgage - The terms of your mortgage may preclude you from letting your property. You should confirm with your mortgage lender and if necessary renegotiate the terms of your loan.
Leasehold - Whilst unlikely, your lease may stipulate that your property cannot be rented out. We suggest you seek permission from your freeholder before putting your property on the market for lettings.
Before your tenant moves in, we will instruct a professionally qualified third-party inventory company to prepare a thorough inventory of the property. This report documents what is in the property. This report is used as a reference when the tenant checks-in and moves out.
Rental payments are typically made on or by a specified date each month and can either be paid directly to your bank account or collected on your behalf by us as your authorised agent. If we rent collect on your behalf we will provide you with a detailed statement of any fees, expenses or taxes deducted. We will also chase any rent arrears on your behalf.
As the termination date of the initial contract approaches, you will need to decide whether to renew or terminate it. If you choose to renew, you must secure the agreement of the tenant for any changes or additions to the contract, including any rental increases. If a renewal is not agreed, then the required notice must be served, after which the contract is terminated, the tenant vacates and the deposit (less any deductions as mediated by the DPS) returned to the tenant. If we manage the property we will undertake the entire process on your behalf.
For managed properties, we will periodically visit your property to make sure that it is being adequately cared for by the tenants. We will provide you with a detailed report after our visit including any maintenance recommendations.
Reasonable wear and tear to a rented property is inevitable and it is the landlord's responsibility to bring the property back to a suitable condition for new tenants.
The process of marketing your property for letting begins with advertising it. We will take care
of all the photography, floorplans and descriptions required to market your property correctly. In addition to listing your property on primary portals within the key rental markets in London, we communicate all new instructions to our global database of dedicated clients, developed across years of successful transactions.
As your agent, we accompany all applicants on viewings, during and outside of office hours, during the week and on weekends. We give you thorough
feedback after every viewing to help identify and advise on potential barriers to a rent.