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Let Your Property, letting out your property in Marlow and surrounding areas, Buckinghamshire, UK
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Letting your property need not be a hazardous or complicated operation but with the relatively complex, ever changing legislation and current economic climate it is important to minimise your risk by appointing a professional specific letting agent to represent you. We can tailor our service to suit your requirements and please contact the office to discuss the level of service you require. |
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The specialist letting team are trained to advise you on all aspects of letting your property from the initial marketing strategy through to the basic legal and taxation considerations and finally to the Tenant’s departure at the end of the Term. It should be noted that our staff are not qualified accountants or solicitors and specialist advice should be sought if required.
If you are moving from the area, relocating overseas or simply do not wish to be involved in the day-to-day running of the property you can choose to have the property fully managed. If you take this option a specialist "Property Manager" will be appointed. The Property Manager’s sole responsibility is to look after your property – not let it. By adopting this approach the Property Manager is not sidetracked or diverted from the all-important task of looking after your house, apartment or portfolio.
Many of our Tenants come from large multi-national corporations who relocate staff from all over the world. To maintain our reputation with these companies and their relocation agents we must insist that all property offered through this agency is maintained and presented to a good standard.
The property should be left as clean as possible and any linen laundered before a tenancy commences. If an inventory clerk has been appointed they will be very thorough in their assessment of the condition of the property. Please present a property as you would expect to find it and all major and minor repairs should be carried out prior to the commencement of the tenancy. You should also be aware of the legislation covering furnishings, gas and electrical equipment covered later.
Unfurnished Property should comprise of:
Carpets, Curtains, Washer/Dryer, Dishwasher, Fridge, Freezer, Oven & Hob, Light Fittings, Lawn Mower (if applicable)
In addition to the above Furnished Property should comprise of:
Kitchen
- Dinner Service
- Cutlery
- Crockery
- Cooking Utensils
- Saucepans
- Dustpan and Brush
- Iron & ironing board
- Vacuum Cleaner
- Toaster
Lounge/Dining Room
- Three Piece Suite or similar
- Coffee Table
- Sideboard
- Place Mats
- Pictures and some ornaments
Bedrooms
- Double Bed (single where appropriate)
- Bedside Cabinets
- Chest of Drawers
- Wardrobe
- Pillows and Duvet
Garden
(if garden to be maintained by tenant)
- lawnmover
- Gardening Tools
- Hosepipe
Garage
Listed above are the most basic requirements for a furnished let. In what is becoming an increasingly competitive marketplace listed below are some additions which will enhance the property and hopefully attract a suitable Tenant as quickly as possible.
Power/Electric Shower, Microwave, Chest Freezer, Television, Video, Satellite/Cable connection, Music Centre
In recent years, new regulations have been introduced to improve safety in rented residential accommodation. All Landlords who own property which is let need to be aware of the implications of the legislation. The penalties for non-compliance are severe and can include a substantial fine and/or imprisonment.
The Gas Safety (Installation and Use) Regulations 1994 and subsequent amendments.
All gas appliances need to be regularly maintained so they run safely and reliably and should only be worked on by a qualified CORGI gas engineer. A CORGI Landlords Gas Safety Record needs to be obtained on an annual basis and a copy supplied to the Tenant. A record of all work carried out should also be kept.
The Fire and Furnishing (Fire)(Safety) Regulations 1988 and subsequent amendments.
All Landlords letting residential property will be expected to ensure that all upholstered furniture complies with the Fire and Furnishing (Fire)(Safety) Regulations 1988 and subsequent amendments. In general this means that all upholstered articles (ie beds, sofas, armchairs, seat cushions, headboards etc) must have fire resistant filling which has passed the "cigarette test" and displays the appropriate labels.
The Electrical Equipment (Safety) Regulations and subsequent amendments.
All electrical equipment and appliances supplied with a rental property need to be safe. Although there is no statutory annual testing interval or certification required all equipment should be checked by a suitable qualified engineer.Where the safe use of any equipment or appliance relies upon the user being aware of any particular characteristic, suitable information or instruction booklets should be provided.
Smoke Alarms
Please ensure a smoke alarm is fitted to each floor of the property.
It should be noted that it is the Landlord's responsibility to ensure that their property complies with the above at all times.
New Legislation Affecting All Landlords
The Government has introduced a new piece of legislation controlling how tenant's deposits are held and administered in the event of a dispute. The legislation affects all Assured Shorthold Tenancies starting or being renewed on or after 6th April 2007. The penalties for non-compliance by Landlords are high and can result in you not being able to regain possession of the property using a Section 21 notice and a fine equivalent to three times the deposit (which is awarded to the tenant).
The legislation requires that deposits are registered or lodged with one of the three Government approved schemes. The schemes broadly fall into three categories which are two insurance based schemes and one custodial scheme. All the schemes operate in a slightly different way although only the Tenancy Deposit Solutions allows the Landlord to retain the deposit and it is this scheme that we feel will be most popular with private Landlords who manage their own property. All fees are including VAT and are subject to change and can be offset against rental income. Landlords are urged to access the websites listed or contact the scheme administrators below for full information as this document is only a guide and it is the Landlords responsibility for compliance.
Insurance Based Schemes
Tenancy Deposit Solutions - www.mydeposits.co.uk - Tel: 0871 7030552
This scheme is operated by the National Landlords Association and Hamilton Fraser Insurance. The landlord is required to pay a one-off "joining fee" of 58.75 and an "annual renewal fee" of 14.70. The Landlord is then able to register and retain the deposit for a further of 30.00 "deposit protection fee" per deposit. The deposit must be registered with the scheme within 14 days of the tenancy start date.
In the event of a dispute at the end of the term, the landlord must send the disputed amount to Tenancy Deposit Solutions who will try to resolve the dispute by offering an independent, impartial and evidence-based Alternative Dispute Resolution (ADR) service as an alternative to the courts. Please contact them directly for further information
The Dispute Service - www.tds.gb.com - Tel:0845 226 7837
As Granville Residential are an approved Agent we are able to retain the deposit on your behalf in our fully bonded client account. No interest is paid on the deposits held on account. We will be required to register the deposit with The Dispute Service and notify all parties as to where the deposit is held and abide by its stringent rules and code of conduct. At the end of the tenancy both the landlord and tenant will need to agree any deductions from the deposit and write to us advising of any settlement. If no agreed settlement is reached within 30 days of the tenancy end then the matter and the disputed amount will be referred to the Independent Case Examiner (ICE) who will adjudicate. As the subscription costs and administration of the above is anticipated to be considerable we cannot absorb this under our current fee structure and a charge of £30.00 will be made for each deposit registered and subsequent renewal. Therefore, should you wish Granville Residential to hold and register the deposit you will need to notify us in writing or by ticking the "TDS Deposit Retention Box" on our Letting Instruction Form. We shall then register the Deposit collected from the Tenant on your behalf.
Example:
A tenant pays a deposit of 1000. At the end of the tenancy, the landlord says he wishes to keep 200 to pay for replacing damaged furniture. The remaining 800 will be returned to the tenant. The tenant disagrees, claiming the furniture was damaged when they moved in. Both agree to go to ADR or ICE, so the disputed 200 will be transferred to the scheme administrator until the dispute is settled
Custodial Scheme
The Deposit Protection Service - www.depositprotection.com
In this scheme the landlord must send the full deposit to the Custodial Scheme Administrator. Within 14 days of the tenancy start date the landlord must give the tenant information about the scheme being used. The interest accrued by deposits in the scheme will be used to pay for the running of the scheme so no charges are levied to either party. At the end of the tenancy, if the landlord and tenant agree how the deposit should be divided then the scheme will return the deposit in the way agreed. In the event of a dispute the scheme will hold the disputed amount until the dispute resolution service or courts decide what is fair.
Inventories
All the adjudicators have made it clear that a thorough and accurate inventory detailing the property condition or at the very least a photographic record is kept as evidence of any disputed damage and without such evidence you are unlikely to receive a ruling in your favour.
Many expenses arising from the letting can be offset against your taxable profit - a few examples are:
- Loan Interest payments
- Agents Fees and Commissions (including VAT)
- Maintenance and repair of equipment
- Internal and External decoration expenses in connection with visiting the property
- Building and Contents Insurance
- Depreciation Allowance or Capital Expenditure Allowance
As the tax situation of many people varies it may be prudent to contact your accountant to maximise your allowances.
Please contact us by completing the online form below if you would like our comprehensive brochure which fully details the service we offer and your considerations. |
