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Letting Only Service
Initial Visit
We will visit your property in order to
establish exactly what is to be let. We will take full details of
the property, including digital photographs, in order to promote the
property to best advantage.
We will provide, where required, advice on
the legal aspects of letting, tax implications, the most appropriate
form of tenancy, rent expectation and the preparation required of
the property prior to letting.
We will seek your instructions regarding
the type of tenants you would wish to obtain, whether or not pets or
smokers are to be allowed, etc. This will enable us to cross-match
your requirements with those of prospective tenants making enquiries
to ourselves.
Advertising
We will circulate and promote details of
your property to selected applicants on our records who may make
suitable tenants. In addition, we will market the property through
newspaper advertising, in particular the Somerset County Gazette, on
Rightmove.com and via our own website.
Viewing
We arrange for potential tenants to view the property
and accompany applicants on such viewings. If the property is
unoccupied, then we will require a set of keys which will be
securely kept in our offices. All viewings will be accompanied by a
member of our staff.
Status Enquiries
We seek completion of a comprehensive
application form from potential tenants and conduct an in-depth
interview to establish their suitability.
We then seek references from employers,
previous landlords and personal referees in addition to conducting a
credit search in order to establish the applicant’s suitability.
Where necessary we shall seek and secure a guarantor, perhaps from
parents.
At this point, we will report to you with
our findings and ensure your satisfaction before proceeding further.
Negotiation
We will undertake to negotiate with applicants on
your behalf and forward to you all sensible offers for your
approval.
Holding Deposit
Many
tenants in the private sector provide landlords with a deposit
against possible non-payment of rent or damage to property. When a
tenancy comes to an end, there is usually no disagreement about the
return of the deposit. To protect the landlord, should
an applicant wish to take up the tenancy, we will seek a holding
deposit equivalent of at least one month’s rent and usually the
equivalent to one and a half times a month’s rent as a token of good
faith from the applicants.
As a consequence of the Housing Act 2004,
as of the 6th of April 2007 landlords are not allowed by
statute to hold tenant’s deposits and they have to be held
in a protected scheme. To assure the law is being complied with and
for the enhanced protection of deposits, we are bonded members of
the Tenancy Deposit Scheme
Preparation of Documentation
We will prepare the appropriate tenancy agreement and
other legal notices and documents in order to comply with current
legislation, taking into account your specific requirements and
instructions.
Inventory
We will also prepare a detailed inventory and
statement of condition as required and agree this with the tenant
prior to occupation.
Services and Utilities
We will write to the gas, electricity and water
service providers to inform them of the forthcoming change of
occupancy. In addition, we will inform the local authority of the
liability for Council Tax or subsequent replacement tax passing to
the new occupants.
Accounts
We will ensure that the deposit and first month’s
rent are received in cleared funds by the date of commencement of
the tenancy term and forward these to you after deduction of our
charges. We will set in place arrangements for future rent payments
in accordance with your instructions.
Handover to Tenants
On the day of handover we will check the inventory
with the incoming tenants, ensure that all documentation is in order
and hand over the keys to the property. We shall then account to you
with copies of all documentation for your files.
Comprehensive Management Service
Our
comprehensive property management service is
designed
to take care of everything and relieves landlords from the
commitments associated with being a full time landlord.
In addition to the services described in our letting only service,
the following duties are undertaken on your behalf if you employ our
management service:
Emergency Callout
If the property develops a problem requiring
immediate responsive action, we have a dedicated 24 hour telephone
number so tenants can contact us in an emergency. Within parameters
set by you, we will assess the problem and arrange for immediate
repair. We will also notify you of any problems and keep you
informed on the progress of any repairs undertaken.
Maintenance
During the term of the tenancy we will investigate
and, where necessary, arrange for minor repairs or replacements to
be undertaken, verify invoices and make payment on your behalf from
income rental received up to the limit of your authorization to us.
Should a maintenance or repair task exceed your authorized limit we
will seek your instructions before proceeding.
Note: In the event of an emergency we undertake to
have carried out all precautions necessary to safeguard your
property with the resultant expenses incurred deemed to be with your
authority and on your behalf.
Inspection Visits
We will make regular inspection visits to the
property and advise you of the results, where necessary, of any
maintenance or repair consideration that should be brought to your
attention. Such inspections, however, should not be regarded as
anything more than a check to ensure that the tenants are observing
the conditions of the tenancy agreement and that in all respects the
property appears to be well cared for by the tenant.
Check Out
At the end of the tenancy we conduct a dilapidation
assessment with the tenant in attendance and make such deductions
as, in our opinion, are necessary from the tenant’s deposit in order
to compensate you for such dilapidations (fair wear and tear
obviously being taken into account). We will arrange for the
transfer of utilities and seek new tenants, where applicable, in
order to ensure continuity of occupancy.
Note: Where the property remains unoccupied between
letting periods it must be distinctly understood that our management
does not include supervision of the property, although, in normal
circumstances, where we are conducting viewing appointments,
periodic visits may be made.
Breaches of Agreement
Where there is a breach of the tenancy agreement by a
tenant, we will take all necessary steps to resolve the breach and
report to you on such an event and on the progress being made to
resolve the problem.
Energy
Performance Certificate
New
legislative changes within the letting market became in force from
the 1st of October 2008 which requires an Energy
Performance Certificate (EPC) to be provided by a Domestic Energy
Assessor.
The EPC
is broadly similar to the certificates found on many domestic
appliances with an energy rating on a scale from A to G (A
signifying the highest efficiency rating). The EPC includes two
charts; the first shows the calculated energy efficiency rating for
the building which is a relative measure of the efficiency of the
building compared with pre-defined standards. The second chart, the
so-called ‘Environmental Impact (C02) Rating’, measures the overall
energy output of the building – i.e. related to its size. Each EPC
will have a unique serial number and be produced by energy assessors
and home inspectors authorised and accredited by the Government.
In
addition to information on the energy efficiency of the dwelling,
the certificate contains information about the typical running costs
for standard occupancy. Information is also included about potential
cost effective energy improvements, and about further measures which
may reduce energy use and carbon dioxide emissions. There is
currently no legal obligation on the landlord to make the
improvements suggested, however as soon as a property is in the
process of being offered to let it is the responsibility of the
prospective landlord to make available an EPC to prospective
tenants.
If you
have a Home Information Pack with an EPC, this will be valid for the
property. All EPCs are valid for ten years.
If you
wish to nominate your own Domestic Energy Assessor please contact us
so we can liaise with them, otherwise we will instruct our own
assessors to undertake this work, with the cost in the order of
£60.00. If you have an EPC with a Home Information Pack, we
therefore request that you send us a copy so we can ensure it is in
our file for future reference.
The Gas
Safety (Installation & Use) Regulations 1998
By law the landlord is fully responsible for making
sure that gas installations and appliances are in good order and
checked for safety at least every twelve months by a Corgi
Registered Engineer and Gas Safety Certificate issued. If managing
your property, we will arrange for an engineer to inspect the
property and issue a valid certificate. With your approval, we will
instruct for any remedial works to be carried out where necessary.
The
Electrical Equipment (Safety) Regulations 1994
These regulations require that all landlords
supplying electrical equipment must ensure that it is safe and will
not cause danger. Our full management service provides the
opportunity, if requested by the landlord, for us to arrange an
electrical check with a qualified electrician and for any findings
to be reported back to you for consideration.
Tax Liability
Under
Section 42A Income and Corporation Taxes Act 1988 supported by the
Taxation of Income from Land (Non-Residents) Regulations 1995
(Finance Act 1995), while a landlord may be considered non-resident
for tax purposes, they still have to pay United Kingdom income tax
arising from rents received in this country. Unless an exemption is
received from the Inland Revenue which allows the landlord to
account for tax himself under the self-assessment regime, we are
obliged by law to deduct tax at the appropriate rate from rents
received and account to the Inland Revenue for these monies on a
quarterly basis.
We will advise on tax liability to those landlords
who are non-resident and liaise with a nominated accountant or other
professional on your behalf should you instruct us to do so. If it
is your intention to reside abroad during the period in which your
property is let,
landlords are responsible for obtaining their own
exemption and should note that any exemption received is not
transferable. It should be noted that no interest is paid to
landlords on tax retentions held by Let-It.
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