Q: How much will it cost me to let my property?
A: The costs involved in letting your property consist of:
Energy Performance Certificate
An EPC, which you will need to make available to prospective tenants no later than 28 days from when the marketing commences. We can arrange for an EPC to be carried out on your behalf
Inventory and check-in report
An inventory and check-in report, which should be organised before a tenant moves in. We can arrange this on your behalf or provide an estimate (depending on which package you choose). Costs vary depending on the size of the property.
Letting agent commission
The Letting Agent fee, which is payable when a tenant is introduced and enters into an agreement to let the property. This is charged as a percentage of the agreed rental price.
Q: Are there additional marketing costs?
A: Marketing expenses are included in the price of the package
Q: Who will conduct viewings & when?
A: As we will be accompanying all viewings and we will have the access codes and keys for your property then your presence is not required. It is worth noting that tenants often feel more relaxed when the owner is not present.
Q: What is an EPC and how long is it valid?
A: An EPC (Energy Performance Certificate) measures the energy efficiency of a property using a scale of A-G and is valid for 10 years. It is a legal requirement for landlords to have a valid EPC before their property is let.
Q: How much will it cost to have my property managed?
A: Our Property Management fee will be charged as a percentage of the rental price and is payable upon the tenant signing the Tenancy Agreement. Our fees vary from 8% – 12% (no VAT) depending on your portfolio size and property management requirements
Q: How much is the tenant’s deposit and what happens to it?
A: Typically this is four to six weeks’ rent and is payable upon the signing of the Tenancy Agreement. The deposit should then be registered with a tenancy deposit protection scheme within 14 days. Depending on the package you choose, we will protect the deposit. We do this through the DPS
Q: How much does an inventory cost and who is responsible for organising this?
A: We provide a photographic inventory for the Let & Rent Collect package and Full Management package.The inventory can be added (for Let only package) at an extra cost.
Q: Why should I bother with an inventory?
A: An inventory is a detailed list of the contents and condition of your property – it is important if there is a dispute over damage at the end of the tenancy as it is your proof of the condition of the property at the start of the tenancy.
Q: Why should I use a managing agent?
A: Creates professional distance between you and your tenant. Takes the strain out of dealing with the bad bits e.g. rent arrears and deposit disputes.
Q: What are the landlord’s obligations surrounding gas?
A: Any property which has gas appliances or gas supplied to the property must have a Landlord’s Gas Safety check carried out on a 12 monthly basis by a properly qualified engineer. Further information can be found on www.gassaferegister.co.uk
Q: What happens if my tenant doesn’t pay?
A: It is sound practice for the Landlord to insure himself against non payment of rent. We offer a bespoke policy which insures up to 6 months of rent and £15,000 of legal costs amongst other features at a low monthly cost (this offer is included in the fully managed package)
Q: What happens if the tenant damages my property?
A: The agent should normally take a security deposit at the start of the tenancy. The Landlord can reinforce this with a specialist landlord’s buildings and contents policy.
Q: How can I get my tenant out?
A: Normally legal action is necessary if your tenant will not vacate when required. Rent Indemnity* Insurance will cover up to £15,000 of legal cost where there are also rent arrears.
Q: Do I need to get my electrical appliances tested?
A: The law requires any electrical appliance to be safe to use although no specific test is required. WE recommend Portable Appliance Testing for any electrical appliance that will form part of the let. A full electrical test should be carried out at the start of each new tenancy (£120 on average).
Q: How do I check if my furniture is compliant?
A: The legislation applies to all domestic upholstered furniture and furnishings. All furniture must display standard labels in a prominent position. If they do not contain the correct safety labels, they are unfit for use in a rented property.
Q: Does a landlord need to pay tax?
A: All Landlords could be liable to pay tax on their rental income whether UK based or overseas. Further information can be found on the Inland Revenue’s website www.hmrc.gov.uk
Q: Do I really need Landlord insurance, can’t I just buy home insurance for my rental property?
A:You could, but you’d be unwise to. Regular home insurance may not pay for claims for tenants causing accidental or malicious damage to your contents or property. It also won’t cover your rent should your tenant fail to pay. It also may not cover you if your tenant injures themselves on your property, you are found to be liable and they decide to sue.