Landlords need to know

How to get started in letting your property

Written consent must be obtained from your Mortgage Provider/Freeholder (if property is leasehold).

  • Your Insurance Company must be notified that the property is to be rented out and appropriate insurance obtained for a tenanted property. There are specialist insurance companies who can provide this and we would be happy to assist you.
  • The Inland Revenue must also be informed within 6 months of letting your property, flat or apartment in the UK, failure to do this may incur penalties, interest and other consequences. The Inland Revenue are apt to deal harshly with Landlords who do not declare rental income and it is always best to seek advice on tax planning and Capital Gains Tax from a fully qualified Accountant.
  • Utilities such as gas/electricity/water/telephone & Council Tax will need to be transferred to the successful Tenant.
  • An Inventory and Check In should be drawn up. This is an important legal document which forms an integral part of the Tenancy Agreement and,  may be required at the end of a tenancy to confirm the condition of the property when dealing with any issues once tenants have vacated.
  • Mail should be redirected with the Post Office.

Further copies of keys will need to be provided, at least three sets if you have Management Agents acting for you.

The Inventory is required whether the property to let is furnished or unfurnished and accurate descriptions of the overall condition of wall/floor coverings, kitchen and bathroom fittings to name but a few are essential. Amounts cannot be withheld from the Tenant’s deposit unless the loss or damage is proved to have been caused by the Tenant.

In the event that any dispute concerning loss or damage to your property is not amicably resolved then the matter will be referred to the Deposit Protection Service (DPS) for their in-house resolution service to preside over. Both parties are bound by the outcome of the judgement of the (DPS) It should be noted that any judgement will be on the basis of written documentation – the Inventory.

 

Select Agencies – Landlord charges:

 

Lettings

To find tenants for your rental property we may charge up to 9.6% Including VAT of the first years rent.  Renewal fees for the first year renewal are reduced by half a per cent + VAT to 9%. Second year renewal charges may be up to 6%  inc VAT of the annual rent.  On a property rented for £1000 per month these charges would equate to £1152.00 inc VAT (1st year),  £1080.00 inc VAT  (2nd year) & £720 inc VAT (3rd & subsequent year(s) – These amounts all include VAT.  Please note that fees are payable at the commencement of each tenancy.

 

Our Lettings Service Includes:

Assessment of property rental value and the provision of suitable market comparables.

Advice on preparation of the property prior to marketing.

Access/presence to/for all Property Portals and where appropriate advertisements in local press.

Interview and referencing of suitable tenants.

Provision of rental warranties.

Accompanied applicant viewings.

Preparation of tenancy agreements.

Registration of Tenancy Damages Deposit.

Acting as stakeholder for Tenancy Damages Deposit.

 

Management

Where Select Agencies are asked to manage a property, our full management charges are up to 6% (5% + VAT) of  the monthly rent and are deducted each month from the rent received from your tenant(s).  On a property rented for £1000 per month these charges may be up to £60 including VAT  each month.

 

Management Services Includes:

Regular property inspections (3 times each year).

Dealing with routine repairs.

Dealing with approved contractors, including payments from rental funds received.

Ensuring that all required safety certificates are in place and are current.

Dealing with all tenant enquiries.

 

Sundry Property charges:

Inventory (Check In) Fees  –   These charges vary according to the size (number of bedrooms & the furnishings) of the property.   For example an unfurnished 1 bedroom apartment would be charged at £134.00 inc VAT  (£111.66 + VAT)

THESE ARE AVAILABLE ON REQUEST.

 

Court Attendance Fees –  Select Agencies charge £150.00 inc VAT to attend court for landlord matters (£125.00 + VAT).

 

Service of notices  –  Select Agencies charge £120.00 inc VAT to prepare and serve Section

8 & Section 21 Notices (£100 + VAT).

 

Rent Warranty Claims  –  Where Select Agencies manage a rent warrany claim on behalf of a  landlord they will charge £240.00 for this service (£200 + VAT).

 

Tenancy Deposit Disputes   –  Select agencies will charge £150.00 inc VAT to deal with tenancy deposit disputes which may arise at the expiry of a tenancy

(£125.00 +  VAT).

 

IF YOU HAVE ANY QUESTIONS IN RESPECT OF OUR FEES AS SHOWN ABOVE PLEASE CONTACT US ON 0208 447 8477

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