JP Harll in association with
Over the 9 years, we’ve been serving the people of Selby, we’ve helped hundreds of clients take their first steps onto the property ladder.
Our experience means we know just how exciting, terrifying, inspiring, and overwhelming the whole process can be.
Some people are excited about moving out of rented, shared accommodation, or parents’ homes.
Others are anxious about the amount of responsibility, paperwork, and money this move involves.
We are here to guide and support you throughout the ups and downs of your home buying journey.
We aim to ensure you have the right guidance and support to help you make the best decision for you and your future.
After reading this, you may find it beneficial to have a no-obligation, confidential chat with us about your situation.
Thank you for your time, and please get in touch with us if you have any questions whatsoever.
Director
JP Harll
At first glance, the letting agency business is a very competitive one and with so many different agents to choose from, finding the right one to let your property can be bewildering. That’s why we came up with the Lettings Made Simple guide for landlords – to make your life easier.
Here are seven things to consider before you instruct a letting agent to market and possibly manage your property.
1) Do they have a track record in renting properties like yours? Ask for evidence of properties similar to yours that they have let and achieved a good monthly rent on.
2) Do they have client testimonials? A good agent will always have landlords and tenants who will vouch for them or who have positively reviewed them.
3) Do you like them? You’ll be working closely with the agent you choose, so it’s important that you like and trust them. If in doubt, go with your instinct.
4) Fees and costs. Remember the old saying, ‘If you pay peanuts you get monkeys’? Well, it’s never truer than in the world of letting agencies. Those agents who offer very low fees are often desperate for business. These rock-bottom commission fees are often at the cost of you receiving the service and care you deserve.
5) Where do they advertise their properties? Most tenants begin their search on the internet. So, ask the agents which portals they advertise on. It’s also worth asking an agency how its marketing strategy differs from its competitors to attract the best tenants. Ask, ‘What makes your agency stand out from the crowd?’
6) What kind of contracts do they offer tenants? Ask the agents about the length of their standard contracts. Usually, it’s six to 12 months. Check what tie-ins they have for you as a landlord. A good letting agent is always open and transparent so this won’t be a problem.
7) Are the agents experienced experts in the legal compliance of managing / letting a property, therefore avoiding any potential ramifications for noncompliance / negligence that you, as the landlord, may have to face.
1. Get Valuations
So, you have a property to rent. We suggest calling in three different agencies to help you determine a realistic rental value.
Choosing an Agent
Look out for experience, integrity, and proven success.
Marketing Matters
How and where your property is marketed contributes greatly to your rental success. They should use many different platforms to attract viewers to your property. The more interest there is, the more likely you can receive higher rents and benefit from a bigger selection of tenants to choose from.
Presentation, Presentation, Presentation
If you want to attract quality tenants at the best price, it’s imperative that your property is clean, well maintained, and nicely presented.
Offers
Once quality tenants have been found and the rental price agreed, the agent will carry out all the necessary work including: Collecting references, arranging tenancy agreements, collecting the initial deposit and rent, and arranging for a thorough check in and inventory.
Completion
Once all the above has been carried out and is in full order, you can release the keys to your new tenant.
Property Management
Agents offer different tiers of service. From let only, where they will find you a quality tenant and carry out the introductory work, right through to full property management. This means you can sit back and relax knowing that they’re taking care of everything.
Having your property fully managed means they take care of arranging pretty much everything, including collecting rents, arranging safety checks, and ensuring maintenance and repairs are undertaken promptly and professionally.
Being a landlord is a responsible role and carries hundreds of legal obligations. Below is a brief summary of just some of the maze of laws and regulations.*
Consents to Let
Do you have permission from your mortgage lender to let the property? Does your buildings insurer know the property is let out and are you adequately covered? If the property is leasehold, have you gained the necessary leasehold consents?
Tenancy Agreement
This is a very important contractual document in the lettings process. The Assured Shorthold Tenancy (AST) is the most common type of agreement which provides the tenant with certain protections and gives the landlord rights to regain possession. There are other forms of tenancy agreement, it is however vital the correct tenancy agreement is used for the circumstances to ensure you are properly protected.
Smoke and Carbon Monoxide Alarms
Properties built after 1992 must have mains wired smoke alarms on each floor. It’s a legal requirement that landlords provide at least one battery operated smoke alarm per floor and where there is a solid fuel appliance, carbon monoxide alarms must also be installed in the property. Don’t forget to make sure they are installed in the appropriate places within the home.
Gas Safety
Every gas appliance must be checked by a certified Gas Safe engineer before a tenant moves in and annually thereafter.
Electrical Safety
The electrical wiring in the rented property must be checked by a qualified and certified NICEIC electrician annually to verify it's safety.
Energy Performance Certificate
As a landlord, your property must have one of these certificates assessing its energy performance.
Tax on Rental Property Income
All rental income from property in the UK is taxable. If you are unsure of your liabilities, we recommend you contact a specialist tax accountant.
Tenancy Deposit Scheme
For all ASTs, the tenant’s deposit should be registered with a recognised deposit protection scheme.
Inventory
Before the rental starts, a full inventory should be undertaken and supplied to both the landlord and tenant. Other rules and regulations to consider include:
Right to Rent
Deposit Handling Requirements
Fire Safety Measures
The Deregulation Act
The Tenant Fee Ban
Furniture and Furnishings Fire Regulations
Lettings Agents can help you safely navigate your way through this maze and keep you on the right side of the law.
The main costs you’ll need to consider when letting your property are:
1) An Energy Performance Certificate (EPC) – Check if this can be arranged by your letting agent. We can also assist in this.
2) An inventory and check in report – this needs to be carried out before your tenant moves into the property. Again, costs vary depending on the size of the property
3) Commission Fee – Varies in percentage per agency and could be for just finding a tenant or full property management.
Who will carry out viewings and when will they happen?
Check whether the agent will accompany all viewings during office open hours.
Should I be present at viewings?
Our recommendation is that the Agent should conduct viewings with any prospective tenants. Only in some rare circumstances should you be asked to carry out a viewing, as many tenants feel more relaxed when the owner isn’t there.
I’m interested in having my property managed – how much does it cost?
The property management fee is charged as a percentage of the rental price plus VAT.
There is now legislation that caps the amount of deposit paid by a tenant to between 5 and 6 weeks' rent depending on the rent charged. The deposit is to be paid on signing the tenancy agreement. Within 30 days of receipt, the deposit should be registered with a tenancy deposit protection scheme.
Failure to protect the deposit and serve the required documents has serious implications for a landlord.
Who is responsible for arranging an inventory?
You are responsible but your agent should organise an inventory for you.
When do I receive my rent from the tenant?
You should receive your rent by standing order on the rental due date every month. The due date is usually the day the tenant moved in.