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LANDLORD GUIDE

  1. Guaranteed Rent
  2. Let Only
  3. Full Management
  4. Inventories
  5. Consent to Let
  6. Utilities
  7. Tax
  8. Tenancy Agreement

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

Lords Lettings 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 donąt have to, and we donąt 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)

Or alternatively

Let Only 8% (ex 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% (ex 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 addres
Management 10% (ex 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.

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.

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.

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