INTRODUCTION TO OUR LANDLORD'S SERVICES

Our Landlord Services include Let Only, Rent Collection, and Complete Management.

We are Southgate’s premier specialist independent lettings agency formed in 1990. We have a proven and respectable reputation, due to the high standards of professionalism by which we stand by, and on which our clientele insist.

Our trading areas include: Southgate , Oakwood, Winchmore Hill, Palmers Green, Arnos Grove, Bounds Green, Enfield, Cockfosters and Barnet.

Select Agencies are members of ARLA (Association of Residential Letting Agents) and UKALA (the UK Association of Letting Agents) and are therefore covered by a strict code of conduct.

We never forget that your property is your most important asset. By instructing us to act as your letting agents, the property is in professional hands and will be looked after. We appreciate that letting your property for the first time can be a new experience and with this in mind we provide you with a quality service and tenants for your property.




Since the 1988 Housing Act and the amendments of the 1996 Housing Act, Landlords now have far greater security when letting their properties. The legislation introduced two new types of tenancy, Assured and Assured Shorthold. Under these new style leases, the length of tenancy and a market rent are agreed at the outset, the landlord has a guaranteed right to possession at the end of the fixed term. These changes were planned to revitalise the private letting sector of the housing market, which had been in steady decline since the 1940's. Coupled with the dramatic slump in house prices in the late 1980's these factors have had a positive effect in revitalising the private letting sector.

Innovative marketing of properties, careful selection of tenants and our comprehensive letting and management services have established Select Agencies as North London’s premier specialist letting agency with a prominently located rental property offices in Southgate N14.We have laid out on the following pages details of the services we offer, however, should you require further clarification or more details on any aspect of letting your property, please do not hesitate to contact us.



THE SELECT AGENCIES LETTING SERVICE

Our Letting Service is designed for a Landlord who is able to keep a close eye on the property during the tenancy. Once a Tenant has taken occupation of the property all documentation is forwarded to you for the ongoing management of the property and rent collection.
The service comprises of:
Rental Valuation
An experienced member of staff from Select Agencies will initially call at the property and advise you of it's achievable open market rent.
Marketing
In the first instance your property details will be mailed to all prospective Tenants registered with us whose requirements match the accommodation on offer. Using a sophisticated computerised system a Tenants needs can be analysed more precisely and our marketing efforts can therefore be more specifically concentrated.
Our database of applicants also includes many local companies and other major employers in the area who have a regular influx of staff either on short term contracts or relocation packages.
Your property will be extensively advertised with photographs in the local press until let and details will also be on display in our office and Internet site. In addition to this an eye-catching 'To Let' board can be erected outside your property to ensure effective twenty-four hour advertising.
How Much Rent can you charge
The rent charged is determined by several factors, including the size and condition of the property, the level and standard of furnishings, and location.
The tenants will pay , the council tax, gas, electricity, water, and TV licence.

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TENANT SELECTION

Once we have interested prospective Tenants we will then arrange all viewings which will be accompanied by an experienced member of staff if required.
When we receive an application for the tenancy we will apply for references in order to ascertain the prospective Tenants suitability.
References are obtained through a professional credit reference agency who will confirm the Tenants financial position by investigating and confirming his/her employment status, credit history, and whether there are any outstanding bad debts registered against that person, voters role confirmation and previous landlord were applicable.
If it is not possible to obtain all of these references we would ask for a guarantor to stand for the applicants suitability and would require suitable references for that person. On receipt of satisfactory references a moving in date is agreed and the necessary documentation prepared.Executive Lets
For quality town and country properties we can offer the same comprehensive lettings and management service however, experience has shown that national advertising and full colour brochures are beneficial for letting the more specialist type of property.
Rent Guarantee
Through the credit referencing agency, we are able to guarantee the rent, and any legal expenses incurred during the course of the tenancy. This service is provided once a prospective tenant is correctly referenced, and no detrimental details are registered against the tenant. Inventory
An experienced member of staff will call to compile a detailed inventory of all furnishings, together with a schedule of fixtures and fittings. This is a very important document which forms part of the contract, as the Tenant signs this to agree that all items were in the property at the commencement of the tenancy in the condition stated.
Once prepared we would then ask you to check and confirm the inventory.
Tenancy Agreement
The length, term and type of tenancy will be negotiated with the Tenant on your behalf. We will advise whether an Assured Shorthold or an Assured tenancy is relevant, or in certain circumstances a tenancy outside the 1988 Housing Act. Since 28/02/97 all tenancies we create take into account the latest legislation introduced by the 1996 Housing Act.
The terms of the tenancy can be amended to suit both the Landlords and the Tenants requirements and we will discuss this with you in detail at the time. The standard form of tenancy agreement will take into account all relevant legislation incorporated in the 1988 Housing Act and in addition to this, the relevant statutory notices for the particular type of tenancy will be served on the Tenant at the correct time.
Two copies of the tenancy agreement and legal notices are produced by us, one for the Landlord and one for the Tenant. Once the terms have been agreed we will prepare and arrange for each party's signature.
Rents are normally charged monthly in advance with the first payment of rent being collected by Select Agencies. The balance of this payment, less the letting fee, is then forwarded to the Landlord. All future rent payments would then be made directly by the Tenant to the Landlord.
Deposit
Select Agencies insists that the Tenant lodges with either the Landlord or Management Agent a deposit equivalent to at least one month's rent prior to moving into the property.
Inventory Check-In
On the first day of the tenancy the inventory is checked by the tenant and their signature obtained thereto. Where practical, gas and electricity meters are read and the readings are forwarded to the relevant utility company together with details of the new occupier.

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THE SELECT AGENCIES MANAGEMENT SERVICE

This is suitable for a Landlord who is living away from the area or perhaps abroad. Once we have taken on the management of a property we will keep the Landlord informed of all developments concerning the tenancy.
In addition to the letting service, the management service also comprises of:
Rent Collection
Select Agencies will collect rents monthly in advance from the Tenants and forward these monies on receipt, less commission, directly to the Landlords bank account.
Statements of your rent account can be provided on request which will detail all rents received less commissions and any repairs paid for on your behalf.
We have invested considerably in new technology to provide an efficient fully computerised collection and payment system. Payments are now made to Landlords by direct BACS transfer via a computerised link from our offices to our bank. This now means that on receipt of the payment from your Tenant we can pay direct to your account with the minimum of delay. A remittance advice will then be forwarded to you on a monthly basis in order that you are kept fully informed.
On request we can provide statements of your account for tax purposes.
Inspection Visits
Select Agencies will undertake to inspect your property on a quarterly basis during the
period of tenancy. A written report will be provided. Notice to Quit
Select Agencies will advise you when the relevant notice to quit needs to be served if possession of your property is required at the end of the tenancy, or arrange for a tenancy extension to be granted to the Tenants if required.
Maintenance And Repairs
During a tenancy, if the Tenant requires any maintenance or repair work to be carried out at your property, we will advise that we must be contacted in order that we may arrange such works, to a maximum budget previously agreed with you.
If at all possible we will contact you before authorising such works. We do however; reserve the right to instruct contractors to carry out emergency repairs if required.
Inventory Check Out
At the determination of the tenancy we will arrange to meet your Tenants at the property and ensure we receive all keys and check the inventory. The Tenants deposit is then returned to the Tenant once you are satisfied that the property has been returned as per the inventory.
The deposit will be returned to the Tenant within fourteen days of the expiration of the tenancy and any claim the Landlord may wish to make against the inventory will be required to be registered with us before that date.
If it is not feasible for you to carry out a post tenancy inventory check, then Select Agencies reserve the right to make retention's from the deposit on your behalf at our discretion. If we feel that there are monies due to you under the inventory in relation to damage, missing items, cleaning or gardening works, we arrange for this to be carried out under which circumstances this will be charged from the Tenants deposit.

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MANAGEMENT PLUS SERVICE

Due to our considerable investment in new technology, in addition to our management service, you will be able to access our files via the internet, and be able to view the progress of your property 24 hours a day.
You will be able to check you balance, retrieve past and present statements of accounts, check on important dates such as renewal of gas safety certificate, inspection of property, tenancy renewal dates, etc.
You will also be able to view or sent messages, which will be logged into the property file.
For security reasons, precautions have been taken, by working within a secure site, and you will be provided with a unique ID and password.

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THINGS TO DO BEFORE LETTING A PROPERTY

Mortgage
If your property is mortgaged, you would need approval from your building society, bank etc, before you let. In most cases, consent is given readily.
Leasehold Properties
We suggest that you check that the terms and conditions of the lease, do not have a covenant which forbids subletting. We advise you to consult with your solicitor to that effect, and seek permission to let from the lease owner.
Insurance
We strongly advise our landlords to inform their insurance company of their intention to let so that any subsequent claim will not be jeopardised. This applies to both Building and Contents insurance. The tenants will be responsible to insure their own contents.
Forwarding of Mail
Whilst we recommend that a Landlord arranges for his post to be redirected by the Post Office, occasionally some mail will still arrive at the property. It is a condition of the lease that the Tenant forward any such mail to us for forwarding on to you. It should be noted that this can sometimes be delayed if the Tenant does not regard this as an urgent priority.

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PREPARING THE PROPERTY

Repairs
We recommend that all repair work (if any) should be completed prior to the commencement of the tenancy.
Decoration
If required, we advise that you should complete internal and external decorations prior to the commencement of the tenancy.
Appliances
Please ensure that copies of operating manuals are left for the tenants. We will require gas safety certificates for gas appliances and electrical safety certificates for the electric appliances (see safety legislation)
Furniture
Under the 1988 Housing Act there is no distinction between furnished or unfurnished properties. If you let the property with furniture, please ensure that they meet all the necessary fire and safety regulations ( see safety legislation). Furniture requirements vary from tenancy to tenancy.
Cleaning
We would ask that the windows are cleaned both inside and outside, and that the carpets are professionally cleaned. Also we recommend that all kitchen units and appliances to be cleaned.
Garden
Please ensure that the garden (if any) is in good condition. Lawns cut etc. If you require the tenants to look after the garden, we would suggest that you supply adequate tools.
Inventory
A detailed inventory is essential for both landlord and tenant. It lists the fixtures , fittings and furniture belonging to the property and details their condition. Specialist help is available on request.

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SAFETY LEGISLATION

Over the past few years a number of important pieces of legislation have been introduced which relate to landlords obligations when letting their properties. We have provided a brief précis of these below but if you require any further information on a particular subject please contact us .
The Furniture & Furnishings (Fire) (Safety) Regulations 1993
These regulations affect all Landlords in the private and public sector who let accommodation. They apply to furniture and furnishings included in holiday homes and residential furnished accommodation (such as houses, flats and bedsits) which are let in the course of business.
The 'amendment' made in February 1993, means that furniture not meeting the fire resistance requirements of the 1988 Regulations can continue to be supplied in accommodation until 31st December 1996, provided that it was included in the letting of the same accommodation prior to 1st March 1993.
From 1st March 1993, furniture (whether new or second-hand) which is additional to or in replacement of existing furniture in accommodation let prior to this date must comply with all the fire resistance requirements.
Also, from 1st March 1993, all furniture (except furniture made before 1950) included in accommodation which is made available for let for the first time must meet all the fire resistance requirements.
The regulations relate to all soft upholstered furniture, including mattresses, cushions, etc. Non-compliance carries a punishment of up to six months imprisonment and/or a £5000 fine. These penalties are for allowing the accommodation to be let with the non- compliant furniture. Should a fire occur at the property and the furnishings were found to be in some way contributory to death or injury, more severe penalties may apply.

FROM THE 1ST JANUARY 1997 ALL FURNISHINGS SITUATED IN RENTED ACCOMMODATION MUST COMPLY TO THE SAID REGULATIONS.

Gas Safety (Installation and Use) Regulations 1994
The British Gas Safety regulations now state that Landlords are responsible to ensure that all gas appliances left in their Property i.e. Gas fires, cookers and central heating boilers MUST BE SERVICED AT LEAST ANNUALLY and that a Gas Safety Certificate must be provided to the Tenants.
Failure to comply with this legislation carries severe penalties and we must therefore insist that either you attend to this matter before the Property is let or that we are given instructions to ask either the Gas Board or a Corgi registered contractor to undertake these works.

The Electricity Equipment (Safety) Regulations 1994
The safety of Consumer Goods is controlled by the requirements of the Consumer Protection Act 1987. These requirements extend to "consumer goods" supplied in rented accommodation.
The Landlord is responsible for ensuring that safety rules are complied with - in particular that all electrical appliances must be safe for use.
The safest way to avoid prosecution is to have all electrical appliances checked and serviced by a competent electrician. Most appliances purchased since June 1989 should meet the relevant British Standards.
Smoke Alarms
The Building Regulations 1991 require that all properties built since June 1992 must have mains operated interlinked smoke alarms fitted on every floor. We must strongly recommend the fitting of smoke alarms to your property if you have not already done so prior to a tenants occupation.

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TAXATION OF RENTAL INCOME

Landlords must declare this income on their tax returns. If a landlord does not receive an annual tax return then he or she has a legal responsibility to notify' the Inland Revenue if their rental income gives rise to a liability to tax.
The UK now has a system of Self-Assessment'. This imposes a considerable burden on individual taxpayers and there are financial penalties for those who fail to meet their obligations.
UK Residents
Income Tax is payable on UK lettings irrespective of where you live. However through careful planning and assistance you should be able to avoid paying some, or even all, of this tax.
Provisions for setting expenses against your letting income include the following:
Deductible Expenses
Generally, expenses must be of a non-capital nature and incurred wholly and exclusively for the purposes of letting the property. This is a statutory definition and a practical interpretation is sometimes difficult. Common items of allowable expenditure are:-
Letting agent's fees.
Tax advisor's fees for preparing an annual letting account and agreeing liabilities with the Inland Revenue.
Usual maintenance of the property including repairs, although not, generally speaking, repairs which amount to improvements.
Water rates, Council Tax, ground rents, insurance's, service charges(if property let as an HMO) and inventory costs.
Interest on borrowing incurred in the purchase of the property based on the gross rent.
A 10% wear and tear allowance if the property is let furnished.
Legal fees for drawing up a lease of less than a year.
Certain expenditure incurred before the property is first let.
Non UK Residents
If you are classed as a non UK resident during the term of the tenancy you should check the tax implication of letting with your accountant under the Taxes and Management Act 1970.
The implications of this Act impose an obligation upon the letting agent to account to the Inland Revenue for any income tax payable on your rental income. We will therefore have to retain out of your monthly rental a total sum of money calculated to cover your potential tax liability. These amounts will vary according to your individual circumstances, but generally it will be 22% of the net monthly rental.
It is however, possible to apply to the Inland Revenue to receive your rental monies from Select Agencies, gross of tax. In order to apply for this please ask the Inland Revenue to send a tax exemption certificate to us.
As we may not have details of all allowable expenses in connection with the letting we will advise the Inland Revenue only of the expenses that we are aware of. We strongly advise that you instruct an accountant to ensure that all allowable expenses and personal allowances are claimed against the rental income to minimise your tax liability.
We will have to enter into a certain amount of correspondence with the Inland Revenue during the course of a tax year and pay any tax demands on receipt. If we are holding surplus funds once the income tax has been paid, we refund these to you.
Personal Allowances and Rates of Tax
All UK resident landlords are entitled to personal tax allowances. In practice, these will often be used against other sources of income before letting income.
Many non-resident landlords are also entitled to personal allowances. They must be either Commonwealth citizens, citizens of the Member States of the European Union, citizens of Iceland, Liechtenstein and Norway or anyone who is entitled to personal allowances under the terms of a Double Taxation Treaty
The net profit, after accounting for personal allowances, is taxed at an individual's marginal rate of tax. Rental income does not qualify for the special 20% rate applied to most forms of investment income.
A husband and wife should consider in whose name the let property should be owned to ensure the most efficient use of personal allowances and the lower rate bands of tax.

Exclusion of liability:
The information contained in the pages in this web site is for information purposes. Whilst every care has been taken in its preparation, Select Agencies does not make any warranties or representation as to its accuracy or reliability.
In no event do we accept liability of any description including liability for negligence for any damages whatsoever resulting from loss of use, data or profits arising out of or in connection with the viewing, use or performance of this web site or its contents.
The pages contained in this web site may contain technical inaccuracies and typographical errors. The information in these pages will be updated from time to time but may at certain times be out of date.

We accept no responsibility for keeping the information in these pages up to date or liability for any failure to do so.

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