Landlords
If you are considering renting your home there are probably a number of questions that you have. We have answered some of the most common questions below along with details of our services.
For a demonstration of what your rental statement may look like click here.
Choosing your letting agent
Your agent will be looking after a valuable asset. You need to have confidence in him, both at the time of letting and throughout the rental period. With Munro Estates you can be rest assured that your assets are in safe hands, the stress of day to day management is best left to us, however we will of course keep you informed and offer sound advice along the way
Furnished & unfurnished lettings
Are covered by the present legislation and we can advise on either type of letting. Furnishings must be of good quality and MUST comply with The Furniture & Furnishings (Fire) (Safety) Regulations 1988 (As Amended): Rented Furnished Accommodation.
Peace of mind
Applicants wishing to proceed, who seem acceptable, are referenced before commencement. In addition we offer, subject to status, Legal Expenses insurance for an annual premium or, for a monthly premium, Rent & Legal Protection insurance. In the event of a tenant defaulting on rent or refusing to vacate, or in the event of any other Landlord/Tenant related dispute, your insurance company will instruct specialist solicitors to liaise with us. The costs of any legal action will be covered by the policy (subject to status and any excess). Details of these schemes are available on request.
Insurance and Risk Management for Landlords …protecting your investment property Munro Estates can provide information on insurance cover and risk management services for landlords. We can also offer landlords and tenants specailist insurance cover and provide information to help the investment against any unexpected risks they may face when letting. Products include:
• Landlords Buildings Insurance
• Legal Protection
• Rent Protection
• Landlords Emergency Assistance
• Tenants Contents Insurance
Legal Protection
Tenant’s circumstances can change and even the best references in the world cannot guarantee what might happen in the future. Wouldn’t it be great to remove some of the worry of facing unknown and expensive legal bills in the event that your tenant breaches the Tenancy Agreement? We can assist by offering you Legal Protection insurance.
Insurance
You MUST notify both your contents and buildings insurers of your intent to let your property. If cover is withdrawn, we can offer landlords a competitively priced alternative arranged through a major insurance company. Mortgaged & leasehold property If your property is mortgaged, or leasehold, you MUST obtain your Lender’s and Lessor’s permission to let the property. Many tenants will require proof of this.
Landlords Household Insurance
Finding specialist insurance for rental property can sometimes be a challenge. All too often landlords find their property is not adequately covered by standard insurance policies. We can offer you specialist Landlords Household insurance which provides comprehensive property insurance specifically for the rental market.
Landlords Emergency Assistance
We recommend that your rental property is kept in good working order. But emergencies can occur and that unexpected call in the middle of the night or during an important meeting is often inconvenient, and even worse, expensive. Damage to essential services like the electricity supply at your property can be an untimely reminder of your responsibilities. We can offer you a solution to this. Landlords Emergency Assistance Insurance will, subject to policy terms and conditions, arrange for an Approved Contractor to visit your property to effect emergency repairs.
Income tax
Income arising from the letting of your property is assessable for tax, even though you may be regarded as being a non-resident in the UK for tax purposes. Certain expenditure incurred is allowable. If you are resident abroad during the let period, we (or your tenant if no agent instructed) are obliged to deduct and retain and pay tax quarterly at the standard rate until the Inland Revenue confirms liability for the year in question has been cleared or an Exemption Reference has been granted. We suggest an Accountant be appointed in these circumstances to minimize your liability.
Landlord’s repossession
Should not present a problem provided the correct steps are taken. We will be pleased to advise on this aspect. To obtain possession, it is important the Notice to Quit or Notice of Intent to Repossess is served at the correct time and in the proper form.
Tenancy agreements
Most tenancies, except for Company lets, are given under a fixed term Assured Shorthold Agreement (usually a minimum six months), at the end of which, subject to notice, or agreed extension, the tenant must vacate the property. We usually prepare the Tenancy Agreement and relevant Notices for the letting. However, we will only sign as Agent on your behalf where you have formally asked us to do so. We will advise on the type of Agreement/Notice required given the relevant circumstances.
Rents
We advise on a market rent when our initial inspection of the property is made. Our opinion on the rental figure will be based on experience of current market trends and will take into account numerous factors, such as location, condition and presentation of the property. Rental opinions between Agents may differ slightly, but if more than one are instructed, it is important that we all offer the property at the same rent.
Letting & rent receival
Tenants pay rent monthly in advance to us. This means we are able to monitor payments closely, arrears can be quickly spotted and the necessary steps taken for recovery.
Accounting (Letting & Rent Receival & Full Management)
Computerized rental statements of account and payments to the Client are prepared and payments made monthly as soon as practical after receipt of rent. Payments are usually by electronic transfer or by cheque. All Clients’ and Tenants’ monies are held in Client Accounts separate to the Firm’s accounts. Fees are subject to VAT and are payable on invoice or by deduction.
Utility services & local authorities
Where possible, we will arrange for the council tax, water rates, electricity and gas accounts to be transferred into the Tenant’s name. We are not usually able to deal with the telephone service.
Repairs (Full Management only).
We undertake and will with this authority arrange for minor and emergency repairs to be carried out as and when necessary. If there is a major item of repair, unless an emergency, we would seek your specific authority and advise if there is a possibility of claiming against the Buildings or Contents Insurance Policy. We have a specialist maintenance division for major works and we guarantee all works carried out.
Homecover
Your home is likely to be your biggest asset, so it makes sense for you to protect it. We can offer you comprehensive Homecover insurance to cover most of you needs.
Maintenance agreements
Major appliances including plumbing and heating, should be left in good order and, where possible, be covered by maintenance agreements. Landlords are expected to maintain any items supplied with the tenancy and, in some cases, are required to do so in law, especially with regard to the Gas Safety (Installation & Use) Regulations 1994 and the Electrical Regulations. These regulations apply to both appliances and fixed installations. We should be advised of all items covered by guarantee.
Deposit
From 6 April 2007, when you pay a tenancy deposit for an assured shorthold tenancy , the landlord or letting agent must protect your deposit through a Government-backed tenancy deposit scheme. We will securely place your deposit with the DEPOSIT PROTECTION SERVICE (DPS); this will remain with the DPS until the end of the tenancy when it will be returned to the tenant upon satisfactory assessment of the property. Any disputes unless resolved between yourself the Landlord via ourselves and the tenant will be dealt with by the DPS disputes service.
Inventories
An inventory of contents, including a schedule of condition of the property, is recommended and will be prepared by our Inventory Clerk. An inventory check will take place at the termination of the tenancy and any dilapidations found by the Inventory Clerk will be noted and assessed and reported to us or to you directly. We cannot enter into disputes with the tenant over dilapidations where there has been no proper inventory check in or out.
Postal arrangements
You should inform the Post Office of your change of address. We will forward to you any personal correspondence passed to us, but we cannot guarantee that the tenant will hand over mail once he has taken possession.
Gardens
Generally, the Tenancy Agreement provides for the tenant to maintain the garden, although this does not usually include pruning trees or large hedges. The garden should therefore be handed over in good order and appropriate tools and equipment must be provided for the tenant to maintain it. If other arrangements are to be made, such as a part-time gardener, mention will need to be made in the agreement; we would only supervise this as part of our periodic inspections (Full Management only).
General experience
From experience, we find that tenants often do not look after your home as if it were their own and we remind you, therefore, that on your return you should expect some wear and tear, especially after a long period.
It is also important that the property is well maintained and in good condition, to attract the right applicant. To assist in the preparation of the inventory, we recommend that items of special sentimental value, linen, small ornaments etc, be omitted from the letting. We also suggest that items of miscellaneous cleaning materials, storage tins and goods stored in garages and sheds, be sorted prior to the tenancy, as unless otherwise agreed, these items will not be listed, or merely listed as “a variety of stored items”. However, as tenants are responsible for cleaning, suitable equipment such as brooms, dustpans and brushes and vacuum cleaners should be left.
|
|
|
|