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Contents

Welcome

We created the Lettings Made Simple guide to help landlords feel more confident when it comes to letting their property. 

Being a landlord carries many legal obligations and responsibilities and we want you to feel informed, confident and comfortable with the letting process. We’ve been involved in the local property market since 1998. 

From our offices in Clarendon Park, Oadby & Wigston, we’ve helped hundreds of landlords let their properties successfully. It’s a privilege to be able to do so and one that we do not take for granted – ever. We hope you find the guide helpful; if you have any questions whatsoever, please do not hesitate to get in touch with me or a member of our team.

7 Things To Consider When Choosing An Agent

The Stepping Stones to a Successful Let

1. Get Valuations

So, you have a property to rent. We suggest calling in three different agencies to help you determine a realistic rental value.

2. Choose an Agent

Look out for experience, integrity and proven success.

3. Marketing Matters

How and where your property is marketed contributes greatly to your letting success. We use many different platforms to attract viewers to your property. A higher level of interest means you can achieve better rents and benefit from a bigger selection of tenants to choose from.

4. Presentation, Presentation, Presentation

If you want to attract quality tenants at the best price, it’s imperative that your property is clean, well maintained, and nicely presented.

5. Offers

Once quality tenants have been found and the rental price agreed, we will carry out all the necessary work, including: Collecting references, arranging tenancy agreements, collecting the initial deposit and rent, and arranging for a thorough check-in and inventory.

6. Completion

Once all the above has been carried out and is in order, you can release the keys to your new tenant.

Landlords and the Legal and Regulatory Maze

Consents to Let

Do you have permission from your mortgage lender to let the property? Does your buildings insurer know the property is let out and are you adequately covered? If the property is leasehold, have you gained the necessary leasehold consents?

Tenancy Agreement

This is a very important contractual document in the lettings process. The Assured Shorthold Tenancy (AST) is the most common type of agreement; it provides the tenant with certain protections and gives the landlord rights to regain possession. There are other forms of tenancy agreement; it is vital that the correct tenancy agreement is used for the circumstances to ensure you are properly protected.

Smoke and Carbon Monoxide Alarms

Properties built after 1992 must have mains-wired smoke alarms on each floor. It’s a legal requirement that landlords provide at least one battery operated smoke alarm per floor and, where there is a solid fuel appliance, carbon monoxide alarms must also be installed in the property. Don’t forget to make sure they are installed in the appropriate places within the home.

Gas Safety

Every gas appliance must be checked by a certified Gas Safe engineer before a tenant moves in, and annually thereafter.

 

Electrical Safety

The electrical wiring in the rented property must be checked at least every five years by a qualified and certified NICEIC electrician, to verify its safety

Energy Performance Certificate

As a landlord, your property must have an EPC assessing its energy performance.

Tax on Rental Property Income

All rental income from property in the UK is taxable. If you are unsure of your liabilities, we recommend you contact a specialist tax accountant.

Tenancy Deposit Scheme

For all ASTs, the tenant’s deposit should be registered with a recognised deposit protection scheme.

Inventory

Before the rental starts, a full inventory should be undertaken and supplied to both the landlord and tenant.

Other rules and regulations to consider include:

Right to Rent | Deposit Handling | Requirements | Fire Safety Measures |

The Deregulation Act | The Tenant Fee Ban | Furniture and Furnishings Fire Regulations

FAQs

The main costs you’ll need to consider when letting your property are:

1) An Energy Performance Certificate (EPC) – Check if this can be arranged by your letting agent. Costs will vary depending on the size of your property.

2) An inventory and check in report – This needs to be carried out before your tenant moves into the property. Again, costs vary depending on the size of the property.

3) Commission fee – A percentage that varies per agency and could be for finding a tenant only or full property management.

At Knightsbridge Professional Lettings, we aim to accompany all viewings during office opening hours.

Our recommendation is that we conduct viewings with any prospective tenants. Only in certain rare circumstances would you be asked to carry out a viewing, as many tenants feel more relaxed when the owner isn’t there.

The property management fee is charged as a percentage of the rental price plus VAT.

There is now legislation that caps the amount of deposit paid by a tenant to between 5 and 6 weeks’ rent, depending on the rent charged. The deposit is to be paid on signing the tenancy agreement. Within 30 days of receipt, the deposit must be registered with a tenancy deposit protection scheme.

Failure to protect the deposit and serve the required documents has serious implications for a landlord.

You are responsible for this, but Knightsbridge Professional Lettings can organise an inventory for you.

You should receive your rent by standing order on the rental due date every month. The due date is usually the day the tenant moved in.

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