Detailed Landlord's Guide

Please call 020-7582-2241 - our Lettings Hotline

Choose an option:

Thinking of letting your home or property?
When you have made a decision to let.
Marketing
Offers
The Let Only Service
The Letting and Management Service
Other Insurances Available
Inventories 
Gas Safety Inspections
Overseas Landlords
Tenancy Deposit Scheme

Thinking of letting your home or property ?

The thought of letting your home to a perfect stranger may seem daunting with potential nightmares looming. Most of us have heard the stories and may be concerned about the pitfalls, however with the correct advice, preparation and execution the letting could bring a welcome and valuable income stream, with minimal risk. There are fewer risks these days, since the Housing Act 1988 (as amended by the Housing Act 1996) for Landlords, however not all tenancies fall under the protection of these Acts. It is important to know which tenancy you intend to create; to make sure it is legal and executed precisely.

For peace of mind, there are many insurance products available in today's market, which subject to the correct letting process can guarantee rental payments, legal expenses, emergency repairs. These can be included as part of the movingspace.com service. Other Insurance products include Buildings, Landlords contents and Tenants contents insurance.

All our tenants are professionally referenced by an external referencing agency, which is backed by the insurance company offering our Landlord's protection policies. The Tenant is asked to complete a detailed application form listing addresses and employers details for the last three years. References are sought, checks are carried out including a voters roll and credit check and a report follows accepting or declining the prospective tenant or seeking further information or a rent guarantor.

As a Landlord there are statutory obligations (compulsory by Law) and contractual obligations, an example of which requires you to provide certain standards of safety and repair at your property. You must be aware and comply with your legal responsibilities for obvious reasons.

The Housing Acts and the widespread introduction of the BUY TO LET mortgage has significantly increased the number of new Landlords entering the market, providing a welcome supply of otherwise unavailable rented housing.

Free No Obligation Consultation

There are many possible reasons for letting your home or a second property and many points of consideration. One of our consultants will gladly arrange a mutually convenient appointment to visit your home, where we can discuss your objectives and offer solutions, in order that you are able to make an informed decision. We offer this free appraisal as a no obligation introduction to our services.

Call our Advice Line 020 7793 8111 to arrange your FREE consultation.

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When you have made a decision to let.

Now is the time for us to plan your letting and make ready for occupation. During our visit to your home, your key objectives will be discussed and a suitable agreed marketing plan put in place. Points to discuss include:

• The Potential Rental Value
• Smokers/ Non Smokers/ Pets
• Whether to let furnished or unfurnished
• Guidance on Safety, Statutory and Contractual Obligations
• Property Law, contract choices, rental increases, possession etc.
• The Term
• Whether you need to include a break clause
• Deposits - Tenancy Deposit Scheme
• Inventories schedule of condition reports, property visits during term
• Repair work and or decorations prior to letting
• The transfer of utilities
• Permission from Mortgagee
• Tax Issues.
• Overseas Landlords.
• Buildings insurance
• Contents insurance
• Rent guarantee insurance
• Legal Expenses insurance
• Emergency Repair Service
• The Choice of our services

(N.B. At the point of instruction movingspace.com will ask you to provide copy documentation to prove your ownership of the property to be let and we will need a copy of any head lease where one exists. Our full terms and conditions available on request.) Call our advice line to organise your free no obligation consultation 020 7793 8111

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Marketing

The objective is to find a suitable, financially secure tenant offering the best price who is able to meet your requirements, previously agreed, as soon as possible. During our free consultation, we will assess letting potential and agree a marketing plan to best achieve your most suitable Tenant. Generally, however to increase your chances of a choice of Tenant, our intention will be market saturation.

Open 6 Days a Week

Our offices are open six days a week for your convenience and are located next to Vauxhall Underground and British Rail station. We are open until 7pm Monday to Friday and until 5pm on Saturday. However our motivated Negotiators usually work beyond these already arduous opening  hours and its common for them to work well into the night or even on Sundays to clinch that all-important deal!

Tenant Data Base

Initially we will advise all prospective tenants of your home, currently registered with our agency. These Tenants have contacted us a result of extensive previous advertising, internet and High Street presence etc and are held on a constantly updated database allowing us immediate communication by telephone, email, fax and or post.

Regular advertising in national, local media and on-line ensures a constant stream of new prospective Tenants for your home.

Estate Agency Board

Where appropriate, we recommend the erection of a neat 'To Let' sign at your home, to ensure all avenues of introducing a suitable Tenant are explored. Some homeowners may be concerned at the prospect of their neighbours knowing they are trying to move, however many good tenants are found by word of mouth.

Accompanied Viewings

By appointment only. Never accept an unescorted 'just passing' viewing. Access arrangements to your property with prospective Tenants is always agreed at the outset and can be revised at any time. Unless otherwise instructed, we will always accompany each viewing, which will allow us to exercise internal security procedures and give us the opportunity of obtaining immediate feedback from the viewers. You may wish to be present at each viewing or allow us keys, however it is better to have an arrangement, which will allow viewing at short notice.

Feedback

We maintain a history of each viewing of your property and are able to ensure you are fully aware of the progress of your let.

Offers

All offers will be communicated to you verbally as soon as possible. It is our job to ensure that we provide you with as much information about the status of the prospective Tenants as possible, in order that a decision can be made.

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The Let Only Service

Designed to protect your investment

• Free rental valuation
• Database of professional and corporate tenants
• Comprehensive Tenancy Agreements
• Discounted Landlord buildings and contents insurance (including public liability)
• Weekly advertising in Evening Standard, Loot (daily)...

Following an acceptable offer, the tenant will complete a detailed application form, which will enable the references and credit checks to take place. The company levies an administration charge on the Tenant for these checks. Upon satisfactory references the appropriate formal tenancy agreement will be prepared, taking into account your wishes and any condition placed upon you by the Mortgagee. Prior notices will be served where necessary.

• Contracts are signed and the deposit is received from the tenant.
• The deposit is secured in a ring fenced clients’ account and is subject to the provisions of the Tenancy Deposit Scheme for Regulated Agents (TDSRA)
• Inventories of the condition of the property (optional) and its contents are carried out by an independent agent.
• A ‘Check In’ clerk moves the Tenants in, takes meter readings etc, and the deposit is forwarded to the Owner.
• The collection of rent and the organization of repairs are the responsibility of the Owner, who communicates directly with the Tenant.
• At the end of the tenancy a ‘Check Out’ clerk is appointed to check out the tenants, the inventory is updated (optional) and any variations in condition noted.

Our full terms and conditions are available on request. A charge of £125.00 is made for each form of tenancy agreement prepared by the Company and includes provision for Tenancy Deposit Scheme for Regulated Agents (TDSRA). Property visits, Inventories reports, Check in/out visits and Professional Safety Check Engineers are available at extra cost. All charges are subject to VAT at the current rate.

Call our advice line to organize your free no obligation consultation 020-7582-2241

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The Letting and Management Service

In addition to the services provided in the 'Let Only' service, the 'Letting and Management' Service offers:

• ARLA qualified staff
• The collection and forwarding of rent on your behalf
• Client Money Protection Scheme. Separate Clients Accounts
• A swift rent arrears procedure to facilitate minimum exposure, if the need arises
• Prompt and accurate accounting and detailed statements explaining all debits
• A specific in house Property Manager allocated to your property to maintain uncomplicated communication with yourself and the Tenant
• Regular Property Visits (usually 3 or 4 per annum*) to deal with ‘stitch in time’ maintenance issues and provide early notice of careless use of your property. You are provided with a useful report which includes photos and recommended actions
• Trusted fully insured contractors for maintenance and repairs
• Gas and Electrical Safety Inspections
• Landlord and Tenant Insurance Schemes
• Peace of mind
• Emergency repair service
• Better protection of a valuable asset
• Problem solving Property Manager
• Maintenance of the standard of the property to attract good tenants at optimum rent
• A better prospect of continued and regular rent payments
• National Approved Letting Scheme Members
• Ombudsman Scheme Members
• National Association of Estate Agents Members
• Association of Residential Letting Agents Members
• We can sell your property whilst it is tenanted

Our full terms and conditions available on request. A charge of £125.00 is made for each form of tenancy agreement prepared by the Company and includes provision for Tenancy Deposit Scheme for Regulated Agents (TDSRA). Property visits, Inventories reports, Check in/out visits and Professional Safety Check Engineers are available at extra cost. All charges are subject to VAT at the current rate.

Call our advice line to organize your free no obligation consultation 020 7793 8111

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Other Insurances Available

• Rental Guarantee insurance - in the event of non payment of rent, the insurance company will pay the rent you are expecting from your property until vacant possession is obtained, for up to 12 months (Excluding the first months lost rent). Additionally they pay 50% of the rent for up to 3 months after vacant possession has been obtained, whilst a new tenant is found. All related legal expenses are included. (Further policy terms available on request)

• Legal Expenses insurance - In the event that the rent becomes uncollectable, your tenants may damage or remove your personal possessions or they may cause a nuisance to your neighbours. All theses problems can be resolved by legal action, but this is expensive. The insurance covers all aspects of your legal expenses up to £50,000. There is no policy excess to pay. (Further policy terms available on request)

• Buildings and Contents Insurance - specifically designed for the lettings market is available. Buildings insurance premiums from £1.90 per £1,000. Limited Contents cover (£5,000 cover for specific items for £5.00 per month) or Contents Insurance from £7.00 per £1,000. (Quotations and policy terms available on request)

Our full terms and conditions are available on request. Insurance Premiums are subject to Insurance Premium Tax. Property visits, Inventories reports, Check in/out visits and Professional Safety Check Engineers are available at extra cost. All charges are subject to VAT at the current rate.

Call our advice line to organize your free no obligation consultation 020 7793 8111

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Inventories (schedule of condition)

Inventories are thoroughly recommended (compulsory where rental insurance is required) to have an exact record of the condition of the letting at the time the tenancy commenced. The inventory is essential if any action is necessary because of damaged caused to the property or contents during the tenancy. Moreover, the tenant is made aware that an official record exists and that a comparison will be made at the end of the term and may be more inclined to preserve the standard of the condition.

Inventory Costs

Type of Property	First Visit	Update / Comparison
Studio	£100.00	£55.00
1  Bed	£110.00	£65.00
2  Bed	£120.00	£70.00
3  Bed	£130.00	£75.00
4  Bed	£140.00	£80.00
5  Bed	£150.00	£85.00

Note: All prices are subject to VAT at the standard rate.

Check In / Check Out Report

Your Property Manager or a check in / check out clerk will meet the tenants at the property (where possible) to hand over or collect keys, take meter readings where access is possible, make a note of any visible maintenance issues at the property, take digital photographs and prepare a written report of the same which will be forwarded to you.

Check In / Check Out Costs

Note: To safeguard the Owner's interest the Company recommends that an Inventory is prepared. The Company does not undertake the work of amending or updating inventories prepared by the Owner or other third parties.  

Gas and Electical Safety Inspections

We can arrange an inspection of all gas or electrical appliances at your property by a fully insured Corgi or NicEic registered plumbing or electrical engineer, same day service. Cost: £105.00 or £175.00 respectively. A boiler service carried out at the same time as a gas safety test can be as little as an additional £58.00 plus parts.

The Gas Safety (Installations and Use) Regulations 1998
These regulations require that any person letting a property must ensure that all gas appliances and flues in the property are maintained in a safe condition so as to prevent risk of injury to any person by ensuring that all such appliances, and flues are checked annually by an approved (CORGI) contractor. The legislation also requires that a record of the annual check is given to the tenant before occupation takes place, or in the case where a tenant is already in residence within twenty eight days of that check being carried out. A copy of that record must also be held by the Landlord (or his agent) for at least two years and made available for checking upon request.

Overseas Landlords - Agents Obligations

General Principles

Special rules apply to the UK rental income of non-resident landlords (NRL) or landlords who live abroad (usually for more than six months). The NRL scheme is run alongside Self Assessment and operates for rental income paid on or after 6 April 1996 and replaces the old rules under the Taxes Management Act 1970.

Non–resident landlords (NRL) scheme

From 6 April 1996 letting agents of a non-resident landlord must operate the NRL scheme and deduct tax from the rental income, unless written notification to the contrary is received by the agent, directly from the Inland Revenue, for each landlord. In short the agent will either:

• If authorised by the Inland Revenue, pay the GROSS rental income to their non-resident client, or
• Deduct tax at the basic rate on the net income, subject to certain deductible expenses

Exemptions

If a tenant pays the rent directly into the landlord’s bank account, the tenant must operate the NRL Scheme and deduct tax, unless the rent is below £100 per week or the tenant receives written notification from the Inland Revenue to the contrary

If an exemption certificate is not received from the Inland Revenue, then tax at the basic rate (currently 22%) must be deducted from the rental income after deductible expenses.

Payments of tax must be made within 30 days of the end of each quarter (30/06, 30/09, 31/12, 31/04) and at the same time a form is required to be submitted showing the total tax due for the quarter for all non-residents. An annual return (summary) is also required by the beginning of July following the end of a tax year to 31st March.

Exemption Application

An existing overseas landlord or a landlord thinking of moving overseas, should apply at the earliest opportunity, to the Inland Revenue for approval to receive rental income with no tax deducted as long as:

• their UK tax affairs are up to date; or
• they have never had any UK tax obligations; or
• they do not expect to be liable to UK tax

How to apply

Non-resident landlords must apply on the appropriate Inland Revenue form:

• individuals              -              form NRL1

• companies              -              form NRL2

• trustees                  -              form NRL3

Forms are available from the Inland Revenue website

http://www.hmrc.gov.uk/cnr/nr_landlords.htm

or Helpline + 44 (0) 151 472 6208/9

Call our advice line to organize your free no obligation consultation 020 7793 8111

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