Preparing to let
Preparing your property to let isn’t complicated, but it does take time and money to get right.
When preparing your property to let, your standards need to be high if you want to attract the right tenant. Slapdash work and a poorly maintained interior will reduce your chances of finding a tenant and achieving the optimum rent.
It has become mandatory to have an Energy Performance Certificate (EPC), on rental properties from the 1st October 2008.
Lettings Safety
The safety of your tenant is paramount. Accidents from faulty equipment or services in your property will be costly to remedy and could even result in legal action if someone is badly hurt. Here are the main safety considerations:
Gas safety – Under the Gas Safety (Installation and Use) Regulations 1998, landlords must arrange to have all gas appliances, pipe work, fittings and flues checked every year by a Gas Safe registered engineer.
Electrical equipment – You are required by law to have a satisfactory Electrical Installation Condition Report which is valid for 5 years . There are also regulations covering electrics and you have a duty of care to your tenant. A Portable Appliance Test (PAT test) is also required for any free standing electrical appliances left in the property, such as a cooker or washing machine, this does not apply to built in appliances. Failing to make sure that electrical equipment and appliances are safe is a criminal offence. We will, therefore, require you to provide a current Electrical Installation Condition Report.
Smoke alarms/Carbon Monoxide Detectors – All properties built after 1991 must be fitted with mains-powered smoke alarms. For older houses, the rules are less clear-cut, so the best advice we can give is to get them fitted without question. Smoke alarms and Carbon Monoxide Detectors are cheap and are easy to fit – and they save lives and your property!
Furniture and furnishings – To minimise the risk of fire, the Furniture and Furnishings (Fire) (Safety) Regulations 1988 set out requirements for soft furnishings, such as cushions, beds, sofas and pillows. It’s illegal to provide furnishings that don’t comply. We generally only deal with unfurnished properties.
Presentation
Try not to impose a highly personal style on a property you want to let. Keep the decor simple; neutral colour schemes and furnishings are unlikely to offend other people’s tastes, and will help you let your property quickly.
The list of things you could or must do before you let your property is endless. As well as the essential things above, here’s a reminder of other things to consider:
If you’re letting the property unfurnished, you must still ensure the property has working, safety-checked appliances, including a fridge, freezer, washing machine, oven and hob.
- Get enough sets of keys cut for the agent and future tenants
- Ensure all minor DIY jobs are finished, including fitting working light bulbs
- Have the property professionally cleaned before your tenant moves in (tenants are expected to do the same when they leave)
- Defrost the fridge and freezer (if there is one)
- Bleed the radiators
- Leave instruction manuals for all appliances and take copies for yourself and the managing agent (if you have one)
- General decoration should be carried out at least every 5 years and between tenants as necessary
- Carpets should be replaced every 6 – 8 years depending on wear
Letting Fees
LANDLORD FEES:
All fees are inclusive of VAT
- Fully Managed – 15% + Set Up £480.00 (includes 3 inspections per year). Additional tenants (over 2) £60 each
- Rent Collection – 12% + Set Up £480.00. Additional tenants (over 2) £60 each
Tenant Find
- Basic Set Up (no referencing or inventory) – £600.00
- Set Up with referencing (no inventory) – £720.00 Additional tenants (over 2) £60 each
- Full Set Up with referencing and inventory – £840.00. Additional tenants (over 2) £60 each
Other Fees
- Statutory Periodic Letter – £120
- Rent Increase – £150
- Arrange Gas Safety Check (Tenant Find) – £120
- Notice to Leave – £150
- Disputed Deposit Claim – £300
- New Tenancy Agreement – £240
- Periodic Inspection (Tenant Find) – £120
- Check Out Inspection (Tenant Find with inventory) – £210 (Tenant Find without inventory) £240
Under the Tenant Fees Act 2019, the following can be charged –
Holding Deposit (per tenant) – One week’s rent
This is to reserve a property. Please Note: This will be withheld if any relevant person (including any guarantor(s) withdraw from the tenancy, fail a Right- to-Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement (and/or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing).
Security Deposit (per tenancy)
Five weeks’ rent. This covers damages or defaults on the part of the tenant during the tenancy. (Six weeks’ rent where rent is over £50,000 per year. This covers damages or defaults on the part of the tenant during the tenancy).
Unpaid Rent
Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid in order to pursue non- payment of rent. Please Note: This will not be levied until the rent is more than 14 days in arrears.
Lost Key(s) of other Security Device(s)
Tenants are liable to the actual cost of replacing any lost key(s) or other security device(s). If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord any other persons requiring keys will be charged to the tenant. If extra costs are incurred there will be a charge of £15 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s).
Variation of contract (tenant’s request)
£50 (inc. VAT) per agreed variation. To cover the costs associated with taking landlord’s instructions as well as the preparation and execution of new legal documents.
Change of sharer (tenant’s request)
£50 (inc. VAT) per replacement tenant or any reasonable costs incurred if higher. To cover the costs associated with taking landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents.
Early termination (tenant’s request)
Should the tenant wish to leave their contract early, they shall be liable to the landlord’s costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy.
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