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LANDLORD GUIDE

Guaranteed Rent- THE HASSLE- & WORRY-FREE SERVICE FOR LANDLORDS!

Lords Property offers a guaranteed rent scheme, providing a full property management service to landlords ranging from single properties to entire portfolios, and are able to offer the following:

No Management Fees

When we take on a property, we provide a full management service, we deal directly with the tenants so you don¹t have to, and we don¹t charge anything for the service.

1 to 5-year Lease

Signing a lease for a fixed period gives you added security, meaning you can relax in the knowledge we will be managing your property and paying you rent for 1,3 or 5 years whether the property is occupied or not.

Fixed Guaranteed Rent during term of Lease

If you give us a property to rent under the Guaranteed Rent Scheme you can have the peace of mind that you will receive your rent from us for the entire period of the lease. You will not have to worry about tenants falling into arrears with their rent, or for periods where the property is unoccupied, we pay you regardless of the situation.

Guaranteed Vacant Possession

On completion of the lease period if you decide you want your property returned we take responsibility to re-house the tenants and guarantee the return the property with vacant possession.(Terms and conditions apply)

Were COMPLIANT

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Lords Property Guaranteed Rent is a trading name of Avraam Real Estate Ltd who offer 3-5-year guaranteed rents.

Or alternatively

We are open and transparent with our charges and fees, WE DO NOT CHARGE VAT

Let Only 8% (NO VAT)

  • Rental Valuation & Inspection
  • Advice to landlords on furnishings, health and safety issues and any maintenance recommendations.
  • Advertising & Marketing your property on our State of the Art website, UK's leading property portals, emailing and sms message details to all potential applicants along with newspaper advertising where appropriate.
  • We accompany all viewings wherever possible
  • Extensive referencing of tenants who wish to rent your property via Homelet
  • Preparation of the tenancy agreement/s.
  • Collection of initial rent and deposit.
  • Setting up standing order mandate for future rent subject to tenancy commencing.

Rent Collection 9% (NO VAT)

In addition to the above:

  • Collecting the rent from the tenant and forwarding to the landlord (s)
  • Monthly statements sent via email or postal address

Management 10% (NO VAT)

In addition to the above:

  • Inspecting the property every 6 months to ensure compliance with the terms of the tenancy agreement and any other relevant legislation
  • Arranging maintenance.
  • Dealing with day to day tenant problems that may arise.
  • Transfer of utility accounts, electric, gas, council tax and water.
  • Closing inspection and check out at end of tenancy.
  • Organising return of deposit subject to the property being returned in a satisfactory condition.
  • Look to find suitable new tenants prior to expiry of the existing tenancy.

Please note a minimum fee of £960.00 is payable if any of the above services are used.

Inventories

  • We strongly advise our Landlords to carry out a full inventory for each separate tenancy. The purpose of checking an inventory is to establish damages which can only be done if descriptions and conditioning remarks are sufficiently detailed at the commencement of the tenancy and then at the end of the term.
  • Under the terms of the tenancy agreement, the tenant is required to return the property and contents at the end of the tenancy in the same condition as they were at the commencement, fair wear and tear accepted. It is almost impossible to ascertain whether damage was caused during a tenancy without a proper inventory signed by all relevant parties.

We can arrange one if required for £150.00 one off payment for up to 3-bedroom properties. For larger properties this can go up to £240.00

Consent to let

  • If you have a mortgage or other secured loan on the property, you must obtain permission from your lender before commencement of the tenancy
  • If the rental property is leasehold, you must obtain permission from the freeholder or managing agents to rent the property out.
  • You must have buildings insurance on the property and preferably landlord’s buildings and contents insurance. You must inform your insurance company you will be renting out the property.
  • If the property is jointly owned, we must have permission from any joint owners and they should be named on the tenancy agreement.

Referencing

For your peace of mind, we will conduct a fully comprehensive referencing for the prospective tenants using LETSURE OR HOMELET.

Utilities

The tenant will be responsible for the payment of gas, electricity, water, telephone, council tax and television licence. (Unless otherwise agreed and stated)

As the landlord you are still responsible for the payment of service charges and ground rent in leasehold properties and buildings insurance on Freehold properties.

Tax

As a landlord you are required to pay tax on any net income and you must liaise with the Inland Revenue to do this. Some expenses are tax deductible such as agency fees, accountants and legal fees, ground rent, service charge, insurance loan interest, repairs and renovation, wear and tear on furnishing.

Tenancy Agreements

Most tenancies are classed as Assured Shorthold Tenancies. Under the Housing Act 1998 (as amended 1996) landlords have more rights to possession than with tenancies commencing prior to the Acts and procedures for possession are now quicker and simpler (provided the process is carried out correctly).

There is no minimum period for an Assured Shorthold tenancy; however, we recommend that the tenancy is for not less than six months.

Most tenancies are drawn up for a period of twelve months, some have break clauses. A break clause allows either party to terminate the agreement with two months’ notice after an initial period of six months the notice may be served. We will be happy to discuss the pros and cons of different time periods with you.

Check-in and Check-out

Included in the fees stated above.

International Bank Transfer Fee

When we are instructed to transfer funds overseas there will be a charge of £30.

Non-Scheduled Attendance at Property Fee

When we are required to attend the property outside the terms of our contractual obligations, including attending for deliveries or waiting for contractors, there is a charge of £50.

Energy Performance Certificate

Upon your instruction we will arrange for an energy assessor to visit the property, assess the energy rating and issue the certificate at a cost of £90.

Gas Safety Certificate

Upon your instruction we will arrange for a registered engineer to visit your property and carry out the relevant safety checks before issuing the certificate which will cost £60.

Early Surrender of Tenancy Fee

A fee of £300 is payable if you agree to end the Tenancy Agreement early in order for one or more Tenants, but not all Tenants, to surrender the tenancy.

New Tenancy Administration Fee

A fee of £380 is paid to draw up the tenancy agreement, collect references on the new tenant, protect the security deposit with a government-authorised scheme and provides the tenant(s) with a Deposit Certificate and Prescribed Information.

Renewal Fee

A fee of £240 is paid in order to negotiate contracts, amend and update terms, arrange a further tenancy and re-register the security deposit with a government-authorised scheme. It provides the tenant(s) with a Deposit Certificate and Prescribed Information within 30 days of the start of the tenancy.

Client Money

Lords Property Lettings Ltd has a client money account with HSBC bank UK PLC.

Client Money Protection (CMP)

Lords Property is member of CLIENT MONEY PROTECT and our memberships number is CMP006524, which means your funds are securely protected.

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NFOPP-Property Qualifications

National Federation of Property Professionals Awarding Body

The National Federation of Property Professionals (NFoPP) Awarding Body is committed to raising standards within the property profession through the provision of regulated, nationally recognised qualifications across a range of levels.

The NFoPP Awarding Body is an independent organisation and is recognised by the Office of the Qualifications and Examinations Regulator (Ofqual) and Qualification Wales. We also offer SCQF accredited qualifications in Scotland. This means we follow strict guidelines and maintain quality standards in the provision of all our qualifications.

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The property Ombudsman full membership

Lords Property is an approved member of property ombudsman full membership, which means if you have a dispute that we could not solve between us you can go to the property ombudsman details below

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Deposit

The deposit will go into the Deposit Protection Service upon payment and will be held in the scheme until the end of the tenancy. The scheme is a government run programme that protects the tenant and landlord against any discrepancies with the deposit. If an issue arises, the DPS will investigate further and deduction can be made against the tenant for any damage, taking into account fair wear and tear. Deposit must be in a government approved scheme within 28 days of signing the tenancy. If there is a dispute or you would like us to deal with the return of the deposit, a minimum £50 charge is payable if not using fully managed service.

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