Feb
11

Landlord letting guides

Property Eye works with landlords throughout London providing a first-class property management and letting service.

We know how to manage and rent property, to produce maximum return on investments, whilst ensuring smooth running tenancies that are legally compliant in every way.

To attract the right quality of tenants for your property, we advertise extensively through local and national publications and on the web. This ensures that suitable tenants are targeted specifically.

Our aim is always to find a reliable tenant at the best market rent and within a reasonable period of time.

Viewing & References
Our professionally trained staff will accompany prospective tenants to view all suitable properties. If the property is occupied, visits are strictly by appointment only. Once we have found a tenant for your property, we will ensure that all prospective tenants are interviewed and a tenant assessment report obtained from a specialist referencing company. We will never recommend acceptance of a tenant whose references do not come up to scratch. You can rely on us to do the necessary paperwork but, ultimately, the final decision as to the acceptability of a tenant is made by you, the landlord. You will never be pressured to accept a tenant that you are not entirely happy with, for whatever reason.

Mortgaged Properties
If the property is mortgaged, you should notify your Building Society or Bank that you are thinking of letting the property. It is usually one of the conditions of your mortgage that you apply for permission to sub-let the property. We also recommend that your building and content Insurers are advised of your plans as they too may need altering, so as to cover a third party residing at the property.

Leasehold Properties
If the property is leasehold, it is also wise to check that you confirm with the freeholder that there are no restrictions or covenants which prevent you from letting the property and the Tenants must adhere to during the Tenancy period.
Since 6 April 2007, all deposits taken by landlords and letting agents for Assured Shorthold Tenancies in England and Wales (this covers the vast majority of tenancies), must be protected by a tenancy deposit protection scheme. From this date, tenants should be advised about the details of the scheme within 10 days of signing a new tenancy agreement.

Deposit Registration
To ensure that all landlords adhere to this new legislation, we request that you confirm which scheme you will be registering the deposit with before the Tenancy Agreement is created. To help you with your decision, the following three companies have been awarded contracts to provide this service:

• Energy Performance Certificate (EPC)

• Deposit Protection Service (DPS): This is the single custodial scheme and further information can be found on www.depositprotection.com

• The Dispute Service Limited (TDS): This scheme has been created mainly for Letting Agents. Oliver’s Residential is a registered member of the TDS.

• TDSL: Is the last of the protection schemes. For more information please visit www.mydeposits.co.uk
Since 1st October 2008 it will be mandatory for landlords to make Energy Performance Certificates (EPCs) available to NEW tenants as part of the lettings process. Each EPC will last for 10 years.
Please note that failure to comply with this legislation could result in a £200.00 penalty.

Inventory
An inventory should be prepared to ensure that all items of Furniture, Fixtures and Fittings left at the property are recorded and their condition noted. The Tenants deposit will be held against any damages or excess wear and tear shown against the inventory.

We recommend that a third party inventory and schedule of condition is arranged to prevent disputes at the end of the tenancy. Oliver’s Residential will be happy to make the necessary arrangements on your behalf.

Keys
It is important to have several keys cut, enough for each adult Tenant due to move into your property plus a set for our Management Department (if applicable) for security and access if so required.

Gas Safety
A qualified Engineer (CORGI or British Gas) must also check all gas appliance and installations within the accommodation, on an annual basis for its safe use. This includes such items as Gas Fires, Central Heating boilers, Gas cookers and other gas appliances. It also insists that flues and chimneys are clear of obstructions and in the correct place.

The engineer must issue a certificate and a copy presented to the Tenant at the start of any tenancy. Any items that fail to comply with the regulations must be fixed or removed immediately.
Failure to comply with the Regulations means that the Landlord is committing a criminal offence. The offence carries a penalty of six months imprisonment and/or fine which is currently a maximum of £5,000. There may be also a further criminal prosecution for manslaughter

Non Resident Landlords
If you are going to reside outside the UK we are bound under the Taxes Management Act 1970, Section 78 and 83 to assess you at the basic rate of income tax (variable) due from rents we collect on your behalf if you are not “self-assessing” your own tax.

We should receive a letter of confirmation from your Accountant and Tax Office confirming that they accept liability for payment of your tax. (Please see your Accountant for self-assessment advice)
Alternatively, we can instruct a Tax Specialist or Tax Adviser who can give you advice or can be employed by you to take care of your tax affairs whilst abroad. (Please ask for a copy of our Terms of Business

 

 

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