6. When do tenants move in?
Once we are satisfied that the tenant is right for you, a date for occupation is agreed. Prior to that date, we carry out full Inventory of the property including photographs and a Schedule of Condition to ensure detailed records of the contents and condition of all aspects of the property are comprehensively recorded. This protects you as the landlord from problems and disputes which may otherwise occur later on as the tenant has to agree and sign this document upon moving in. If you are currently living in the property, you will need to take final meter readings and notify your utility providers, water company, telephone services and the Local Authority Council Tax department of your vacation date. Our inventory will include opening meter readings for the tenant (excluding water meter readings unless the meter is within the property or fixed to the external wall).
7. Do tenants pay a deposit?
We will collect from your tenant, one month’s rent in advance together with a deposit equivalent to 5 weeks rent which is held in a separate client account during the tenancy. All tenancy deposits taken by landlords or agents for landlords must be protected by law in a government approved scheme. We use an insurance based scheme – TDS (Tenancy Deposit Scheme) administered by the Dispute Service.
Within 30 days of receiving a deposit, we must provide the tenant with a certificate of deposit registration.
To avoid disputes going to court, each scheme will be supported by an independent Alternative Dispute Resolution service (ADR), whose aim is to make any disputes faster and cheaper to resolve than through courts.
8. How and when do I receive the rent?
We will credit the rent (less relevant commission) to your nominated bank account each month and you will be sent a statement detailing income and expenditure. You are responsible for any tax due on your rent received. We recommend that you consult your accountant on tax matters.
9. Who pays the bills whilst the property is rented?
The tenant normally pays rent, council tax, water rates and all other domestic bills.
You as the landlord pay the mortgage, building and contents insurance. If your property is leasehold, you will continue to pay the relevant leasehold charges – you will also need the permission of the freeholder to rent out your leasehold property.
10. What about the garden?
The garden is the responsibility of the tenant. If you want to leave a lawn mower, it will be your responsibility to have it repaired in the case of a breakdown. If you have a particularly large garden, you may elect to include the services of a gardener in the rental price.
11. What if there is a problem with the property or tenant whilst it is rented?
Your property will be managed by two nominated team members in our Property Management Administration Centre and these individuals will always be your point of contact.
We undertake a minimum of three inspections per annum to ensure all is well within your property. You will receive a detailed report from us after each one together with photographs if appropriate. Again, please note that any item within the property which has ceased to function or which is malfunctioning (e.g. cooker, immersion heater etc), you as the landlord have a responsibility to rectify it. We can arrange all such essential repairs on your behalf.
We operate an out of hours telephone service which will deal with emergencies such as no heating, no electrics, or a damaging water leak. We will organise work with our maintenance companies and advise you the next working day.
12. What about tax on my rental income?
Tax payable to the Inland Revenue is on the profit made. You can offset certain items such as our fees, some repair costs and part of your mortgage interest amount.
If you are an overseas landlord, you will need to complete Inland Revenue Tax forms on line at www.gov.uk.
Until we receive confirmation from the Inland Revenue, we are required by law to deduct 20% tax from overseas landlords rental incomes.
We suggest that you seek advice from your accountant on the above matters.
13. What happens at the end of the tenancy period?
The property will be let on an Assured Shorthold Tenancy, normally for an initial fixed term of 6 or 12 months.
Should you wish to retake possession of your property at the end of the first 6 or 12 month contract, notice will need to be served to your tenant after month 4 or month 10 of the contract – our Administration Centre will contact you at the appropriate time to discuss your options as follows:
a) You can sign a further 6 or 12 month agreement with the tenant or
b) Give the tenant the required 2 months notice or
c) Allow the existing tenancy to become Contractual Periodic Tenancy (monthly) – in this case, should you require the property back, you are required to give two months notice prior to the rent due date, the tenant would need to give 1 month's notice to leave.
At the end of the tenancy, we will carry out a Final Inspection which involves us returning to the property immediately after the tenant has vacated and checking the property against the original inventory. You have to allow for normal wear and tear, any damage will be dealt with from the deposit subject to agreement from the tenant. A dispute, after proper attempts have been made to resolve it can be notified by either party to the administrator of the Tenancy Deposit Scheme. The disputed amount will be sent to the scheme administrator and evidence will be considered. Once a decision has been made, the scheme administrator will allocate the amount to the appropriate parties as soon as practical.