Market Appraisal
We offer a free market appraisal which can be arranged via our website, by email, by visiting one of our offices or by calling us. We take into account the current market climate, comparable properties in the area as well as your opinions. The letting market can be very seasonal and can fluctuate rapidly. Our experts will be able to advise you when the best time is to target the market for your individual property.
Preparing Your Property
The lettings market is fast moving and very competitive. Therefore, to maximise your property's letting potential some maintenance work or property renovations may be suggested. By presenting your property in good order you are optimising the number of people your property appeals to and thus can speed up the whole process. Tenants are more likely to care for and maintain a well presented property throughout their Tenancy. We also recommend having the property professionally cleaned at the beginning of the tenancy, which in turn sets the standard for the entire period your property is let.
We recommend that a property be first offered approximately six weeks before it is due to become available for occupation.
Prior to marketing your property we will require:
- a valid Energy Performance Certificate that shows the property meets the required standards
- property deeds from Land Registry
- photo identification for all legal owners or the property
- consent from your mortgage lender if you have a mortgage on the property
- consent from your freeholder if you have a lease
- our signed Terms of Business.
Presenting Your Property
Furnished Or Unfurnished?
We recommend a flexible approach, depending on your circumstances. Legal changes, safety legislation and changes in renting patterns have led to a significant increase in unfurnished lettings. In our experience unfurnished properties attract better quality tenants, who want to stay settled for a few years. Tenants are more likely to take more care of their own furniture than somebody else's. It is important to note that you are obliged to replace any furniture which is provided at the outset of a tenancy should it become necessary. You must also consider the cost of storage if you were asked to unfurnish your property, or the reduction of the initial return if you choose to furnish a property purchased as a letting investment, as the rent on a furnished property is unlikely to be enough to allow you to recoup the costs of furnishing. Providing furniture may reduce the chance of damage caused to the decorations etc by moving in and out with larger pieces of furniture.
When a professional inventory is made and checked at the beginning and end of each tenancy it is much easier to apportion responsibility and compensation for any damage that may occur over and above normal fair wear and tear. The provision of a professionally prepared inventory, and the subsequent check-in and check-out reports provided by the inventory clerk, will be invaluable evidence in the event that a dispute should arise between yourself and tenant at the end of the tenancy. A Dispute Resolution Service is provided for under the Compulsory Tenancy Deposit Protection Scheme introduced in the Housing Act 2004 and, if necessary, these documents will assist an accurate adjudication being reached.
What Exactly Does Furnished Mean?
Definitions of "furnished" do vary and it is uncommon for a tenant to move into a furnished property with just their clothes and a toothbrush. A furnished property should be suitably furnished for its size and anticipated use and items must conform to current Furniture & Furnishings Regulations. If required we can provide you with further guidance, but as a rule of thumb should include:
- General - Carpets, curtains, light fittings.
- Kitchen/Utility Rooms - major appliances, fridge, freezer, oven, hob, washing machine tumble dryer, microwave, vacuum cleaner (if carpeted), broom, dustpan. You must also ensure that all operating instructions and manuals for all appliances and electrical equipment are provided, together with details of any maintenance contracts or guarantees.
- Living Rooms – sofas, armchairs, tables and chairs, but not television, video or hi-fi equipment, nor cable or satellite installations, although requests for this facility is increasing.
- Bedrooms – beds, bedside tables, free-standing or fitted wardrobes. It is a sensible precaution to provide mattress protectors but you are not expected to provide linen.
- Exterior – if the tenant is required to be responsible for the care of the garden the appropriate equipment, including a lawn mower, should be provided.
An unfurnished letting will be expected to include carpets, curtains, light fittings and major kitchen appliances.
Decorations, Furnishings And Carpets - A Few Tips
First impressions are all important and the higher the quality of the decoration and furnishings the easier it will be to achieve a good rent and maximise the letting potential of your property.
- Make a good first impression. The exterior should be in good decorative order, the garden tidy and in good seasonal condition and any garage should be clear of clutter.
- Keep it simple. When it comes to decorations, furnishings and carpets, the preference is usually for plain and neutral colours. Stripped and laminate flooring are also popular but you should be aware of potential noise implications.
- Kitchens "sell". The most popular kitchens are those that are fully fitted and contain modern appliances.
- So do bathrooms. There is a preference for white sanitary ware, tiled floors and power showers in bathrooms. Most tenants expect a shower, even a mixer tap shower attachment as a minimum.
- Avoid clutter. Tenants will expect the property to be available for let "as seen".
If the property is vacant at the time of viewing, ensure that you have removed any items which are not going to be included in the letting, or inform us of which items are not included.
If it is occupied, where practical, pack away your personal knick-knacks and advise your Agent and the prospective Tenants exactly what will and will not be remaining in the property at the start of the tenancy.
We recommend that you do not leave anything in the property which carries sentimental value.
Choosing The Service That Is Right For You
At BlakeStanley we offer a variety of letting services to best suit your circumstances and needs. If you wish we can simply introduce a tenant to your property, or we can introduce the tenant and administer the rental payments but leave you to undertake the maintenance and management of the property. Alternatively we can provide a comprehensive introduction, rent administration and management service. We can also offer a Rental Warranty service.
Marketing
Once we have received confirmation of your instruction to proceed with the letting of your property, we will undertake a full marketing strategy, which is designed to achieve maximum exposure for your property in order to obtain the best price quickly and efficiently.
We will create property particulars to be uploaded onto our company website and online property portals, including photographs taken by a professional independent photographer.
We will display your property details in our office window and display an eye catching To Let board outside your property. On occasion we also advertise in local magazines such as Absolutely East.
We will do an in house property match to our existing database of registered applicants, who will each immediately receive a link to your property via email.
Viewings
We carry out accompanied property viewings with prospective tenants from 9am to 6/6:30pm Monday to Friday and 10am to 4pm on Saturdays.
Legal
Safety Regulations
The responsibility for compliance with the following safety regulations is the personal obligation of the landlord. Non-compliance with the Safety Regulations is a criminal offence and carries monetary penalties or imprisonment or both. In the event of a death, charges could extend to manslaughter.
The main points to remember when letting in the UK are:
-
The Gas Safety Regulations 1998.
If gas is supplied to the property, you must have it tested annually in order to gain a Gas Safety Record. This would include checking all gas appliances and pipe work installed in the premises, to ensure they are maintained in a safe condition in order to prevent risk or injury to any person. -
The Electrical Equipment (Safety) Regulations 1994 and The Plugs and Sockets Regulations 1994.
It is a criminal offence to supply any unsafe electrical equipment with rented accommodation. This applies more so if you are supplying your property furnished as it includes all equipment such as hoovers, irons, refrigerators, electric heaters etc. They should be examined by a qualified electrician prior to tenants taking occupation. -
The Furniture and Furnishings (Fire Safety) Regulations 1988 (amended 1989 and 1993)
If you are presenting the property furnished, all the furnishings you leave there must meet Fire Safety Regulations. Every item must carry the appropriate label and has to have passed the ‘cigarette test'. If your furnishing does not meet these requirements it will have to be removed from the property. -
The Smoke and Carbon Monoxide Alarm (England) Regulations 2015
All rental properties must have a smoke alarm fitted on all floors and a carbon monoxide alarm in the property.
Repairing Obligations
Section 11 of the Landlord and Tenant Act 1985 as amended by Section 116 of the Housing Act 1988 places an obligation on landlords to keep in repair and proper working order the installations for the supply of water, gas, electricity and sanitation including basins, sinks, baths and toilets. The landlord is also responsible for maintaining the installations for central heating or other forms of space heating and water heating.
Of course, if damage has occurred to these installations as a result of tenant misuse or neglect you should be able to make a claim for reimbursement from their deposit, however you cannot delay undertaking repairs until agreement over responsibility is reached.
If your property has three or more tenants then the repairing obligations include all fixtures and fittings, including things like cupboards, shelving, lighting, windows and even toilet roll holders.
Security Deposit
With effect from 6 April 2007, under the terms of the Tenancy Deposit Legislation & The Housing Act 2004, all tenancy deposits paid by a tenant for an Assured Shorthold Tenancy must be safeguarded by a government authorised scheme. There are three schemes to choose from, all of which provide a dispute resolution service to deal quickly and fairly with any disagreements which may arise between the landlord and the tenant about how much of the deposit should be returned to the tenant.
BlakeStanley are members of the Custodial Scheme, administered by the Deposit Protection Service. Under the Custodial Scheme, all deposits are passed by us to the Scheme administrator to hold throughout the term and until the termination of the Tenancy in accordance with the Terms and Conditions of The DPS. The deposit must be logged in a scheme and a prescribed information certificate must be issued to the tenant within 30 days. If both of these things aren't done, the tenant can claim up to 3 times the deposit back.
Inventory
To avoid discrepancies we strongly advise that you instruct a professional independent inventory clerk. The inventory lists all fixtures and furnishings that belong to the property, both internally and externally.
Tenant Fees
From 1 June 2019, the Tenant Fees Act came into force prohibiting landlords and agents from charging any fees to tenants, other than those ‘permitted' by the Act. Permitted fees include a holding deposit, tenancy deposit and rent. Payment can also be requested for damages to the property or its contents, for variation, termination or breach of the tenancy agreement and for payment of utilities, council tax and communication services.
Income Tax
Any owner, whether a private individual, Company or Trust, receiving income from UK property may be subject to tax in the United Kingdom on that income, regardless of the residency of the owner. You must declare your income to the Inland Revenue, whether your normal place of abode is inside or outside the UK.
We recommend you consult a tax adviser or accountant to ensure you understand the full tax implications for your particular circumstances. There are often changes in the tax law and it is important to have someone who can keep you updated and ensure all allowable outgoings can be offset against tax.
Overseas Residents (non-resident landlords): Any landlord whose normal place of abode is outside the UK, regardless of his nationality, is liable to pay tax on the rental income arising from letting a property in the UK.
In accordance with the Finance Act 1995, Agents are required by law to deduct tax at the basic rate from rental monies net of expenses prior to paying these monies to landlords resident overseas. The payments must be made to the Inland Revenue quarterly and at the end of the tax year. If there have been excess payments then landlords can, on submission of detailed paperwork, apply to the Inland Revenue for a rebate.
Overseas landlords may apply to the Inland Revenue for exemption from this responsibility for their Agent by completing an NRL1 form. If granted, the agent is issued with an Exemption Approval Number, which permits them to pass the rental monies to the landlord without deduction of tax. We would strongly recommend that you apply for exemption. Please note that where there is more than one owner of a property, each person is required to apply for an Exemption Approval Number. Unfortunately we cannot accept an exemption in your previous agent's name.
House In Multiple Occupancy Licence
Since 6 April 2006 landlords letting properties which are defined by their local authority as a House in Multiple Occupancy (HMO) may need to apply for a Mandatory Licence.
You are required to advise us if your property is a HMO. Where applicable you must notify your Local Authority accordingly and apply to obtain the necessary licence. We cannot be held liable for any difficulties arising as a result of your failure to observe this requirement.
Selection Of Tenants
Our stringent credit checks are carried out by an external referencing company who perform a 10 year credit check and obtain a bank reference, previous landlord reference and employer reference. If someone should not pass the checks, a guarantor may be required to remedy potential concerns. We also request that all rent is paid by standing order which ensures your rent will reach you every month.
The Tenancy Agreement
Once suitable tenants have been found and passed their credit check, we will prepare a tenancy agreement. The tenancy agreement is a legally binding and enforceable contract between the landlord and the tenant. The terms of the document are not flexible and must always be adhered to. Generally we use an Assured Shorthold Tenancy Agreement with a fixed-term agreement, thereby enabling you to plan ahead.
Our tenancy agreement is constantly being updated to reflect changes in legislation. Although some of the obligations within the tenancy agreement are determined by statute, additional clauses may be included pertaining to both the landlord and the tenant, subject to their legal enforceability.
Further information regarding renting out a property can be obtained here.
If you have anymore questions, please get in touch with us.
Broadway Market
020 7254 7554
Chatsworth Road
020 8986 2743