LANDLORD’S GUIDE FOR LETTING

We outline on this page a basic, quick guide and overview for Landlords, to explain what is typically involved with letting property. If you need any further information or advice, please don’t hesitate to contact us.

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If you do like one our specialist managers to conduct an evaluation or review of your property, please contact us for free evaluation.

Letting Only Service-  includes

  • Rental Evaluation & 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 phone 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
  • Preparation of the tenancy agreement/s.
  • Collection of initial rent and deposit.
  • Setting up standing order mandate for future rent subject to tenancy commencing.

Full Management

The complete service includes (all the above) plus:

  • 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.

CONSENT TO LET

If the landlord has a mortgage, it is normal for mortgagees to require notification of any proposed lettings and the landlord should seek their initial consent. In the case of leasehold premises, the consent of the Head Lessee of Freeholder will be required. The landlord should also advise his insurance company of the proposal to let the property as this could either invalidate the insurance altogether or increase the premiums. You should obtain written documentation of these consents prior to letting.

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

Under the Taxation of income from Land (non residents) Regulations 1995, the rent receiving agent (or where there is no agent, the tenant) will be required to deduct an amount equivalent to Basic Rate Tax from the rent (after taking deductible expenses paid by the agent into account) and pay the balance to the Inland Revenue each quarter.

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).

LEGAL MATTERS

Our staff has been trained and receive ongoing trainings on the various legal aspects of letting including safety regulations, tenancy agreements and clauses, possession and have vast practical experience. They will be happy to discuss any questions you may have regarding more detailed legal matters.

LANDLORD’S GUIDE FOR SELLING

ARRANGE MARKET VALUE

The Valuer will advise you on the best price for your property, as well as taking photos, noting down all the major selling features of your home, and taking measurements.

ESTABLISH THE COSTS OF MOVING

We work on how much it is going to cost for you to move. If you are also buying you may need to take financial advice with regard to increasing your mortgage.

PUT YOUR HOUSE ON THE MARKET

Choose an estate agent. You will need to agree on the price you want to get for your property and the agent’s selling fees. You will then need to sign an Estate Agency Agreement and arrange an Energy Performance Certificate.

CONFIRM SALES PARTICULARS

You will receive draft sales particulars of your home. Due to the Property incorrect descriptions act, you must make amendments to these, then sign with date and return them to your estate agent.

PREPARE FOR VIEWINGS

Prospective buyers will come to view your property, by appointment through the estate agent. Ensure your home is tidy and clean. Touch up any stains, ripped wallpaper etc. A quick coat of paint does wonders in some cases.

DECIDE ON A CONVEYANCER (SOLICITOR)

You will need to decide who will do your conveyancing. Conveyancing is the term used to describe the legal process you must go through when buying or selling a home. Conveyancing can be done by a solicitor or a licensed conveyancer. Find out what their fee is and what other legal costs are involved, also when these are payable. We can point you in the right direction.

ACCEPT THE RIGHT OFFER

When a buyer makes an offer on your property, the estate agent will normally contact you by telephone to advise you of this. It is also a requirement by law, that they put all offers to you in writing. Consider all offers and accept the one you are happy with.

OFFER ACCEPTED

Agree on any fixtures and fittings to be included in the sale. This normally covers curtains and carpets. It may also include anything else in the property which the seller wishes to leave or which the buyer expects to be included.

INSTRUCT YOUR CONVEYANCER

If both parties are ready to proceed with the sale and purchase, you should now appoint your conveyancer. Ensure you are clear what the fee is and when it is payable. You will normally be asked to pay a fee upfront for the searches.

SALE AGREED

Once the estate agent has confirmation of both parties conveyancer’s details, they can confirm that the Sale is Agreed, Subject to Contract. You will receive a Memorandum of Sale to confirm this. At this stage you are not legally bound – both the buyer and seller can withdraw from the sale/purchase without any penalty.

APPLY FOR YOUR MORTGAGE

Complete your mortgage application form, with the help of a Financial Adviser. At this point you should also apply for any protection plans you will need to cover your mortgage e.g. life assurance, income protection etc. We have an in-house financial advisor who can take the stress away and help speed up the sale/purchase.

AGREE TIME FOR SURVEY

Your buyer’s surveyor will contact you to arrange a suitable time to carry out the survey. The results of the survey will be sent to your buyer. If your property needs any work, the buyer may try to re-negotiate the purchase price. This will usually be done via the estate agent.

DRAFT CONTRACTS ARE PREPARED

The seller’s conveyancer will obtain the title deeds from the seller and will then draft a contract and send it to the buyer’s conveyancer.

CONFIRM DETAILS ABOUT YOUR PROPERTY

Your conveyancer will ask you to fill in two forms. You should complete a Property Information Form, giving details about your property’s boundaries, any alterations you have made to the property etc. You will also need to fill in a Fixtures, Fittings and Contents which will confirm exactly what is included in the sale. These forms should be returned to your conveyancer.

CONFIRM MORTGAGE OFFER

You should receive your mortgage offer about now, together with the terms and conditions of your mortgage. You need this before you can exchange contracts.

ARRANGE BUILDINGS AND CONTENTS INSURANCE

You should now get quotes for buildings and contents insurance. Your mortgage lender may offer you their own insurance. You will need the insurance to be effective from exchange of contracts.

SIGNING OF CONTRACTS

Both the buyer and seller must sign the contract before exchange. Your conveyancer will advise you when to do this.

AGREE DATES FOR MOVING

Conveyancers for both parties will agree a date for exchange of contracts and Completion (moving day). At this stage, it is an idea to obtain quotes from removal companies and provisionally book a date.

EXCHANGE OF CONTRACTS

Once the contracts are signed, the buyer’s deposit (normally 5 – 10% of the property price) is sent to the seller’s conveyancer, along with the signed contract. This is known as EXCHANGE OF CONTRACTS. You are now legally bound to the sale/purchase and cannot withdraw without suffering a loss.

ADVISE PEOPLE OF YOUR CHANGE OF ADDRESS

Contact your utility companies to advise them of your move and to arrange for the meters to be read. Also contact all other organisations you are in contact with to inform them of your new address. You may also want to contact Royal Mail to arrange a mail re-direction.

COMPLETION 

The buyer’s conveyancer pays the balance of the purchase price, electronically, to the seller’s conveyancer. This is known as COMPLETION. Once the money is received by the seller’s conveyancer, they will inform the estate agent that the keys to the property can be released. The buyer can now move in.

This guide is provided as a summary only and may not reflect your individual circumstances. You should obtain professional advice when buying or selling a property and Aston Estate accept no liability if you rely on the content of this guide and do not obtain professional advice.