Lettings Department - Estate Agents Woburn Jackson-Stops & Staff
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Landlords useful guide
Administration & Marketing
On our signed confirmation of our terms and conditions of your instructions to rent your property we will arrange to start the marketing of your property.
Our branch will then discuss a comprehensive campaign of advertising to maximise the exposure of your property to achieve the best rental.
Individual property particulars will be prepared immediately and subject to your approval circulated to our substantial database of prospective tenants and relocation agents and uploaded to our website and leading property search websites.
If you have chosen to have Jackson-Stops & Staff to act as your Managing Agents, we also require completed and returned to our offices the following:
- Property Management Questionnaire
- NRL1 Form(s) - if joint ownership (two completed forms required)
- Landlords Authority form signed
Preparing your Property
First impressions. It is important to ensure that your property is presented in its best light, before all viewings take place.
Listed below are some factors that encourage prospective tenants
to choose one property over another:
Room Presentation - Keep the overall effect simple,
uncluttered, clean and neat. Soft lighting, well aired
and free from cooking odours
Neutral Decorations - Shades of white/cream provide a clean fresh impression and are unlikely to clash with tenants own furnishings
Quality Curtains & Carpets - Lined curtains and carpets in neutral colours gives a pleasing appearance, particularly in unfurnished property
Well equipped kitchen - Appliances preferably should include dishwasher, large fridge/freezer, washing machine, separate tumble dryer and microwave oven
Bathrooms - Tiled walls, quality fittings, purpose fitted shower and hard flooring coverings
Furniture, Fabrics and Upholstery - If provided, must comply with the current fire regulations. Choose fabrics and furnishings that can withstand reasonable wear and tear, plain neutral colours are best
Furniture Protection - Fitting glass tops to quality wooden furniture should reduce the possibility of staining
Safety & Security - Fit BSI approved smoke alarms. Check that door and window locks comply with insurers requirements
Cleaning - A full professional clean will ensure your property is shown at its best
Where possible, we will accompany all prospective tenants around the property and at times that are convenient to you and your existing tenants.
Jackson-Stops & Staff will be responsible for updating you on all viewings, feedback and interest expressed from prospective tenants.
Rental Offer & Tenancy
Once a suitable rental offer, is agreed together with the terms, we will apply for referencing on your behalf through a credit agency and commence the preparation of relevant documentation.
On agreement of a tenancy we will ensure that the transition period runs as smoothly as possible whilst always ensuring your position as landlord is protected. It is important from the outset to create a positive relationship between all parties.
JSS will prepare and arrange for the tenancy agreement to be signed by both parties creating a contract. All tenancies are subject to referencing and they are not legally binding until the tenancy agreement has been signed.
Collection of Rent & Deposit
We will arrange to collect the first month’s/quarter’s rent and a deposit or Letter of Guarantee from the tenant on your behalf.
JSS will hold the deposit or Letter of Guarantee against the cost of damages or unpaid rent at the end of the term. Deposits are usually equivalent to six weeks rent.
On receipt of cleared funds, together with all signed and approved documentation the tenancy can commence.
On the first day of the tenancy, we will usually arrange for your tenants to be checked into the property by an independent inventory clerk, and for the keys to be handed over accordingly.
Renewals & Rental Increases
It is not uncommon for tenants to request that a renewal clause (for 2nd or subsequent years) be contained within the tenancy agreement. Such clauses may link any increase in rent to the Retail Price Index (RPI) and limit it to a minimum and maximum percentage.
However, it is important to consider the state of the market when negotiating increases at renewal.
Additional Costs
Gas & Portable Appliance Safety Certificates
Landlords are legally obliged to provide a current Gas Safety Certificate for the period when the property is tenanted. Certificates are renewable annually. Gas checks must be carried out by a CORGI registered engineer.
Jackson-Stops & Staff will discuss in detail the implications of the regulations and can assist you in arranging for your gas check combined with the PAT Test - Portable Electrical Appliance Check, on your behalf.
Professional Clean
Landlords with large family homes will find that professional cleaning is an expensive requirement. It is however important to remember that the standard of cleanliness at the outset of the tenancy will dictate the standard required at the end of the term.
Inventory
The cost to prepare an original Inventory & Schedule of Condition will depend on the size the property. Subject to the terms of the tenancy agreement, as Landlord, you will also bear the cost of the check-in at the start of the tenancy. The Tenant would normally bear the cost of the check-out at the end of the tenancy.
Mortgage Consent to Let
Written approval to let your property may be required. Most providers charge an administration fee for issuing consent. In addition, there may be a variation in the interest rate level of the mortgage.
A License to Sub Under-let
If your property is leasehold, the head lease will determine whether or not permission to sub under-let from the freeholder is required. There is usually a charge levied by the freeholder or his agent for issuing a letter of consent. In some cases special clauses may be imposed.
Property Keys
It will be necessary to provide sufficient keys for the size of property and number of occupants – and in the case JSS are instructed to act as your Managing Agents a complete set held in our offices. (Security cards/keys & remote control devices should be included).
Tax Retention (Non-residents)
If you are non-resident then, like a UK resident, the excess of income over allowable expenses is subject to UK income tax.
The following general points are to be noted:
- The agent who collects rent for the non-resident landlord must deduct tax at source from his income and pay the tax deducted to the Inland Revenue unless specifically exempt by written authority from the Inland Revenue not to do so.
- It is possible to apply to the Inland Revenue for the agent to be exempt from withholding income tax at source. (We will provide you with a NRL1 Form). This exemption is however granted at the Inland Revenue’s discretion.
- At the end of each year, your tax position must be resolved with the Inland Revenue. As with resident landlords, this usually involves submission of a UK tax return showing details of letting income and expenses. If you have approval to receive rents gross and do not submit annual tax returns to the Inland Revenue you may be infringing tax regulations and furthermore any exemption that may have been granted may be withdrawn.
- Take steps to mitigate your tax liabilities by seeking professional advice from a reputable firm of accountants who will advise you on Income and Tax issues.
On-going and other costs
Insurance - As the owner you will be responsible for both building insurance and for insuring the contents you leave in the property.
Service Charge - This will remain your responsibility whether or not the property is let. Service charges usually include building insurance.
Garden Maintenance - Some Landlords will choose to provide a year round garden maintenance service, whilst others may budget for two or three seasonal pruning and tidying visits plus regular maintenance during vacant periods.
Annual Service Charges - These include central heating boilers, gas fires, water heaters, intruder alarm, AGA, gutter cleaning.
Accountant/Tax Service - An accountant can ensure that you do not pay more tax than is necessary.
Solicitor/Legal Fees - In the event that problems arise during the tenancy with the tenant being in breach of the lease you should bear in mind that there are likely to be costs involved should you need to instruct legal proceedings.
CHECK LIST
Property Folder - A folder should be prepared containing instruction manuals for the operation of central heating, appliances, alarm, AGA, pumps and any other specific installations at the property. This should include copies of guarantees and current service contracts.
Cable/Satellite - Dis-instruct your provider and remove cards and suchlike from the property.
Telephone - Ask BT to stop the telephone line(s) in your name and arrange to settle your final bill account.
Intruder Alarm - JSS should be provided with full instructions. In the event your installation is monitored and your tenant chooses to continue with the service the costs are usually split; Landlord pays cost of annual maintenance; Tenant pays costs of monitoring service.
Chimneys - Working chimneys should be swept prior to the tenancy commencing, this should then be carried out on an annual basis.
Swimming Pools - Your tenant & JSS (if Managing Agents) will require details of your pool maintenance contract. As regards ongoing costs, it is often agreed that the Landlord pays for the opening and closing of the pool & maintenance and the tenant pays for cost of routine water treatments during the season.
Oil Tanks - Ensure that the oil tank is full at the outset of the tenancy and that the fuel level indicator is clearly visible. Details of your local supplier should be forwarded to the tenant and/or JSS and left in the Property Folder.
REMEMBER to cancel services or write to advise the following of your new correspondence address:
Bank (including cancelling all utility STO/Direct Debits orders)
- Mortgage Provider
- Credit/Debit/Store cards
- Telephone/Satellite company
- TV License authority
- DLVC
- Doctor/Dentist
- Redirection of mail at your local Post Office