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This guide explains the steps involved in letting a property, it will give you a good understanding of the letting process. If you have any further questions please contact us either by phone or email.
The rental value of your property
In order to provide you with the most accurate rental valuation on your property, we undertake a visit and assessment.
Here we look for a number of factors that affect the rental potential. On top of the general condition of the property, cleanliness, decorative order, heating type, size of rooms, security, and additional facilities all have a positive influence on the rental value.
Presenting your property in the best possible condition will not only attract a higher rent, but is also more likely to be attractive to considerate tenants. We will point out any maintenance issues that may be useful in letting your property. Once we have discussed a realistic rental valuation, we are obviously keen to note what your rental expectations are; should you choose to instruct us to find a tenant, we will market at your chosen rent.
It is important for you to clearly advise us of any restrictions you have on the type of tenant you would like e.g. professional or non-working, smoker's, pets etc. Remember the more restrictions you place, the smaller the potential market will be for securing a satisfactory tenant.
The letting process
This begins with vetting prospective tenants and showing them around individual properties making sure they meet any of the restrictions you may have made. We then ask them to complete the application form, we obtain full references from an independent company, bank details etc.
Tenancy agreement
To achieve a smooth running tenancy it is essential to have a professional agreement in place. We will draw up the relevant paperwork based on years of experience, ensuring all the necessary documents are signed by both parties.
Inventory
When managing your property we undertake and prepare an inventory including general description of rooms, appliances and take digital photographs where appropriate. This provides the basis of the agreement with the tenant and acts as a benchmark at the end of the tenancy. We can also provide inventories for landlords choosing to manage their own properties.
Rent and deposit
Simpson and Partners will collect the rent on your behalf and a deposit from the tenant . We will hold all deposits as a stakeholder and, where applicable, will register the deposit with a deposit protection scheme, in line with recent legislation.
What to do next......
Safety regulations and legislation
Your property must comply with legislation such as Gas Safety (Installation and Use) Regulations 1994, Furniture & Furnishings (Fire Safety) Regulations 1988 (as amended) in 1989 and 1993, Electrical Equipment (Safety) Regulations 1994 and Plugs & Sockets etc (Safety) Regulations 1994. All works must be carried out by competent and qualified engineers.
Smoke alarms
We advise that landlords install conforming smoke detectors in all their properties to avoid the accusation that the landlord is failing to properly fulfil their duty of care towards tenants. Failure to do so for whatever reason would be indefensible if and when a case came to court.
General maintenance
Ensure any works required on the property are completed well in advance of the tenancy commencement date, and that it is left clean, tidy and ready for occupation. If we are to manage your property and you require us to organise any works then please let us know as soon as possible in order that we can undertake this task professionally and competently.
Overseas landlords
In accordance with the Taxes Management Act 1977 if you are going abroad you may be liable for tax. Therefore it is important that you talk to the Inland Revenue and once your application has been approved by them they will write to us confirming you are to receive rent with no tax deductions. Please visit www.inlandrevenue.gov.uk for more information.
Keys
We require three sets of keys. Two sets for the tenants and one to be retained by us for the management of the property. If you cannot provide three sets then we will arrange for additional keys to be cut and deduct the cost from your first months rental income.
Financial matters
We are happy to be able to offer expert mortgage advice from our Financial Services Department who are independent mortgage advisers.
Mortgages and Insurances
You must gain the consent of your Mortgages before you enter into a Letting Agreement of a Mortgaged property. Mortgages frequently require us to supply copies of the Tenancy Agreement and in some instances the Inventory. In some cases the Building Society will charge a fee which must be paid by the Landlord.
You must advise your Insurers, (Building and Contents Insurance) of your intention to let the property. We are able to offer Buildings and Contents Insurance and further information is available on request. We will not be expected to notify Landlords when Insurance is due for renewal.
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