Our job is to help guide you to maximise your rental figure by reducing marketing times and minimising void periods. You can increase the desirability of your property by presenting it in the best possible way.
It is of the up most importance that the property looks inviting and appealing to prospective tenants. We recommend a thorough clean before any marketing. Remembering that in the tenancy agreement, the property at the end of the tenancy should be in the same condition as it was first found. The property should be free of clutter and we recommend that neutral colours are used throughout. If you would like some assistance with your property, we have approved contractors for cleaning, decorating and general repairs if required. We let properties which are furnished, and unfurnished. In either case, the property should have curtains and carpets (appropriate flooring).
If you are interested in letting a furnished property, the property should have the appropriate number of beds, wardrobes and drawers. The kitchen must include white goods to expect tenants to pay the highest rental value. Many tenants would value the additions of microwaves and tumble dryers for example amongst the standard equipment. Essential items such as crockery and cutlery would be expected as standard. High quality bathrooms are also very appealing.
The best way to maximise your rental income is to find a suitable tenant quickly. This is how we do at Lets Move UK;
Finding a Tenant
One of the most important aspects of renting a property is finding a suitable tenant quickly. At Lets Move UK we always try and find the best and right tenant for you whether you’re looking for an individual or company let.
Marketing is key. At Lets Move UK we use traditional advertising methods as well as a range of publications. Our website is updated every time we receive a new instruction to find a new tenant. Additionally, all ‘our’ properties are advertised on property portals such as Rightmove and OnTheMarket.
An experienced member of the lettings team will accompany every viewing.
A holding deposit is taken with reference fees once a tenant agrees to rent a property. We use an independent, specialist company vet the suitability of the potential tenants. All findings are reported back to you for your approval. Tenants are assessed on:
- Employment reference
- Previous references from Landlords
- Previous address search
- Credit score
- Students must provide a guarantor who is referenced separately, the guarantor is obliged to sign an agreement
Once the details of the tenancy has been finalized, all parties must sign the agreement and a month’s rent in advance will be collected. A security deposit (equivalent to 5 weeks rent) will also be taken prior to the release of the keys.
Tenancy agreements are ever evolving in accordance to new legislation. We pride ourselves at Lets Move UK on having the most up to date agreements which reflect the latest legislation. The tenancy agreements are written in plain English and follow the guidance of the Office of Fair Trading.
When letting residential properties, they are many safety regulations which are legally required. Substantial fines and possible imprisonment can be given by the Courts if compliances aren’t met. Both the Landlord and their agent have a duty of care to the tenant – at all times.
All gas services and appliances within the let property must be in full repair. A gas safety certificate of Safety must be obtained from a Gas Safe Registered Plumber or Heating Engineer. A new certificate must be provided annually after an inspection. Please ask us if you would like an Engineer to be recommended for your property. Please note that the inspections are the responsibility of the Landlord and not the agent. The tenant must have the inspection records available and should be kept for a minimum period of two years.
Furniture and Furnishings
Upholstered or filled furniture and furnishings within the property must comply with Fire Safety Regulations (with the exemption of antiques). All furniture which has been manufactured after March the 1st 1989 must comply with legislation and be labeled accordingly. If an item doesn’t have a label, it cannot be left in the property.
There are a few regulations appertaining electrical safety. By law, all equipment requires to be supplied safely. The most effective way to ensure the safety of electrical items is by employing a competent person to test the equipment. The instruction booklets for the electrical equipment should be supplied.
Inspections can be arranged through our approved contractors.
Smoke and Carbon Monoxide Alarms
All rented properties are required by Government legislation to have smoke and carbon monoxide alarms installed by the landlord.
As of the 1st June 2020, private landlords in England are required to have the electrical installation in their rental properties checked by a qualified electrician. All rented properties from the 1st July 2020 must have been inspected and tested prior to the start of a new tenancy agreement. Existing tenancies must be checked before the 1st April 2021. Checks must be carried out every 5 years. The tenants must be provided with a copy of the most recent electoral safety condition report (EICR).
It is the landlord’s responsibility to make sure that the electrician is competent. We recommend that you use an electrician or company who are members of an accredited registration scheme operated by a recognized body.
Landlords are responsible to perform a risk assessment for Legionnaire’s Disease.
You will need to obtain consent from your Bank or Building Society if your property is mortgaged prior to letting. You may also require to get consent from the Head Lessor, Freeholder or Management Company if your property is leasehold.
Your Insurance Company will need to be informed that you are renting the property to ensure that you are complying with all conditions – for both buildings and content insurance. Your tenant must have their own contents insurance as they are responsible for their own possessions.
It is imperative that a thorough inventory takes place before your property is let. The inventory comprises a full list of all the contents and a schedule of their condition. At the end of the tenancy, a schedule of dilapidations will be drawn up to assess if any deductions should be made from the security deposit. We can assist with deposit disputes as well as arbitration where we act as a managing agent as we hold tenants deposits as stakeholders.
Energy Performance Certificate
By law, you must provide an Energy Performance Certificate (ECP) when a property is offered to rent. ECP’s are valid for ten years.
Whether you are a resident of the UK or not, income which is received though rental is viewed as ‘unearned’ income and is subject to UK tax and must be declared on your Self-Assessment return.
All copies of your monthly statements and invoices should be kept as they may be able to offset against rental income. Please note: Income tax is payable on all income received from rental properties in the UK, regardless of the landlord’s residential status. Further rules apply to landlords who are overseas or planning to move abroad. In this instance, the landlord usually pays the lower rate of income tax on the net income earnt.
We always advise landlords to seek professional advice from an accountant as many of the costs incurred in renting can be offset against the income.
Tenancy Deposit Scheme
It is mandatory to protect a tenant’s deposit with a Government approved scheme. Lets Move UK are a member of a tenancy deposit protection scheme which is administered by:
Name – address – telephone number – website
Landlords are allowed to make their own arrangements but must provide us and the tenant with a certificate confirming that the monies are protected by a Government approved scheme.
At Lets Move UK, we provide a let only service which is better suited for experienced landlords with enough time and resources in case any issues arise. Common issues include emergency call outs, lost keys, faulty appliances etc. In addition, if you live overseas, a UK address much be provided by law at which notices can be served.
If you don’t want to find tenants or collect rent but you are happy dealing with any property maintenance issues then this may be the right service for you. Rents are collected by standing order then forwarded to your bank with a monthly statement. The statement will show any deductions made, such as maintenance. Any late payments will be chased, guarantors may be contacted (if applicable) and we will keep you updated regularly.
Looking after a property can be hard work. The property must be well looked after and any problems should be resolved as quickly as possible. If you are not local to the property or do not have the time required to look after the day to day issues of a rental property, then our property management service could be the answer for you.
**Charges are subject to alter and change, please request an up to date price list for each instruction – Price list updated 1st June 2019**