LANDLORDS

There are many reasons why people decide to rent out their property and therefore we offer our landlord clients a choice of letting service options.

Fully Managed

Once we receive instructions to act on your behalf, we shall:

• Advise on a suitable monthly rental figure.
• Seek a tenant through our database as well as marketing your property in the local press and extensive websites.
• Refer all applications to you for consideration.
• Take up appropriate references including a credit search.
• Prepare a tenancy agreement and associated documents.
• Arrange a quotation for Rent Protection and Legal Expenses Warranty if required.
• Carry out a detailed inventory and condition report.
• Hold a security deposit of 5 weeks rent in association with the “Tenancy Deposit Scheme”.
• Transfer the council tax and utility services into the tenants name and supply the relevant meter readings.
• Collect the rent via standing order and account to you on a monthly basis.
• Carry out inspections of the property at regular intervals during the tenancy.
• Arrange for any repairs to be carried out, subject to your authority, after obtaining quotations where necessary (should there be a real emergency, we reserve the right to take immediate action).
• At the end of the tenancy, carry out a final inspection and oversee the release of the tenants security deposit including negotiating any dilapidations.

Let Only

Using this service, we will:

• Advise on a suitable monthly rental figure.
• Market your property and seek a tenant.
• Once a tenant wishes to proceed and you have approved the application, we shall take up appropriate references including a credit search.
• Prepare a tenancy agreement and associated documents.
• Arrange a quotation for Rent Protection and Legal Expenses Warranty if required.
• If required, we can arrange to carry out an inventory and condition report.
• Transfer the council tax and utility services into the tenants name and supply relevant meter readings.
• Collect the first months rent and security deposit and transfer this to your nominated bank account, less our fee.
• Supply you with copies  of all relevant documents, together with the tenants contact details.
• At this point, future rent collection, property repairs and contact with the tenant will become your responsibility.

IMPORTANT NOTES FOR LANDLORDS

THE HOUSING ACT 1988 (as amended by the Housing Act 1996) This act created a new framework for landlords to let residential accommodation free from many restrictions of previous legislation and created a new tenancy, the Assured Short hold Tenancy, which is now used in the majority of residential lettings to individuals.

Under the terms of an Assured Short hold Tenancy, the property is let for a fixed term during which time the landlord cannot bring the agreement to an end unless the tenant breaks any of the terms of the agreement. Similarly the tenant is obliged to pay rent for the full term.

Should the landlords wish to regain possession at the end of the term of the tenancy, it is necessary to give two month’s notice to quit to expire on a rent day. Extended terms can be re-negotiated for a further fixed period or alternatively, can be held over on a month to month basis – known as a Statutory Periodic Tenancy. The tenant however needs only give one month’s notice of their intention to leave.

INSURANCE  It is the responsibility of the landlord to insure the buildings and any contents belonging to the landlord. If insurance is already in place, it is imperative that the insurers are informed prior to the letting and that they confirm in writing that they are aware of the situation.

MORTGAGES  Should the property be subject of a mortgage or similar charge, the landlord must first obtain the consent of the lender to the letting and provide proof of permission to us.

INCOME TAX  Income Tax is payable on rental income if the landlord is resident in the UK or remains liable to pay tax in this country. In the case of overseas residents however, it is usually necessary for the agent to deduct any tax liability at source and account to the Inland Revenue directly. The landlord can apply to the Inland Revenue for an exemption from having the tax deducted by the agent. Forms are available from our offices.

SAFETY REGULATIONS Landlords are required by statute to ensure that all gas appliances and heating systems are checked by a registered GAS SAFE installer at the time of the first letting and annually thereafter and a copy of the certificate must be given to the tenant. We can arrange this on the landlord’s behalf at the landlord’s expense.

All electrical equipment and wiring must be installed to British Standards and appropriate certificates be available for inspection and a copy supplied to all tenants. Electrical Safety Reports last for 5 years and will then need to be updated

Smoke alarms must be installed to all habitable storeys.

Carbon Monoxide (CO2) alarms must be installed in all rooms with solid fuel burning appliances or gas appliances (with the exception of gas cookers/hobs).

All furnishings, including carpets and curtains, supplied by the landlord must comply with The Fire and Furnishings (Fire Safety) Regulations 1993.

Landlords also have a responsibility under Health and Safety laws to ensure that a Legionella risk assessment is carried out on the water supply to their property prior to a tenancy.

TENANTS DEPOSITS  Chris Foster & Daughter are members of The Tenancy Deposit Scheme ‘TDS’. It is a legal requirement that all tenant deposits are registered with one of three government registered schemes and all tenant deposits that we take are registered with them and subject to their terms and conditions. Landlords who choose our Let Only service will have to join a tenancy deposit scheme to enable them to take a deposit from the tenants, we will be happy to advise you on this matter.

FREEHOLDER/SUPERIOR LANDLORD PERMISSION. A landlord owning a leasehold property should obtain consent from the freeholder/superior landlord before letting the property and provide a copy of the lease to the tenant in order for them to be able to comply with the requirements.

ENERGY PERFORMANCE CERTIFICATES.  All landlords must have an Energy Performance Certificate (EPC) with a minimum rating of E if their property is marketed for lettings purposes. The EPC will need to be in place before the property can be fully marketed and we can arrange this for £96 (including VAT).

LETTING & MANAGEMENT - SCALE OF CHARGES

LETTING FEE

(Inclusive of all costs)

£550 + vat

MONTHLY MANAGEMENT FEE

10% of the monthly rental (subject to a minimum of £35) plus Vat.

SPECIAL NOTES

All of the above charges together with any other disbursements authorised by the landlord are deducted from the balance due to the landlord prior to settlement of the monthly account.

LET ONLY

Prior to completion we can, if you require, prepare a detailed Inventory and Condition Report which will be agreed with you and the tenant at an additional charge of £100 + Vat. We are also able to provide the following additional services should they be required (if we have carried out the initial condition report): Interim inspection - £50.00 + vat. Check out meeting - £75.00 + vat. Preparation of new tenancy agreement - £50.00 + vat.

 Chris Foster & Daughter is a member of Client Money Protect (CMP) Client Money Protection Scheme.