Further to the legal requirements of a Landlord, we have listed some other useful information to assist Landlords in the letting of property.
There are many things that you can do to prevent property fraud and these include;
- Keep your contact details up to date with the Land Registry.
- Ensure that your property or land is registered with the Land Registry
- Put a restriction on your title.
It is always important to ensure you take legal advice before signing any documentation relating to your property. Please speak to your solicitor if you have any questions relating to this subejct as Jones Estate Agents are not qualified to give legal advice.
In order to let your property, you are required to obtain permission from ;
- Your mortgage lender,
- Head Landlord(if leasehold),
- Any housing association which has regulations applying to the property,
- Any adult with occupancy rights
- Your Buildings Insurance Company.
In the case of the lender and insurance company, you may find that you can simply change providers if consent is not given. This may lead to financial penalties by doing so, so it in important to take professional advice before taking any action. At Jones Estate Agents, we can assist in both of these areas. Please call our office on 01642885511 and we will be more than happy to assist.
As a Landlord you may ask the tenant for a deposit to protect you against loss of rent, damage to your property or the tenants not paying bills. As such, the deposit must be clearly noted in your tenancy agreement and as such reasons that the deposit may be partly or fully withheld.
Before the tenant moves in you should carry out a detailed inventory and schedule of the property and you should include a list of furniture, kitchen equipment and any other items left in the property. You should also take great care to detail the current condition of these items in order that any dispute that may arise later can then be referred to the original inventory. It is also important that the inventory be signed and dated by all parties associated with the tenancy agreement. Jones Estate Agents provide this service free-of-charge if requested by our Landlords under our full management scheme. We also advise that photographs and/or video is used to support the written inventory, but not in place of.
The tenant's deposit must be registered with an approved scheme. Failure to do so can lead to many problems for the Landlord including the issuing of 21 notices as they are then invalid.In addition, the Landlord can be fined up to 4 times the bond by the courts for not doing so. In our experience, we have also seen many Landlords try to disguise a bond in many different forms including administration fees, deposit for utilities and many other reasons, but all of these are not likely to be seen as anything other than a bond in a court of law and as such the bond would be expected to be secured in an approved scheme.
Landlords and sellers of property are required to provide an Energy Performance Certificate. These certificates give a building a rating based on the energy efficiency of a property and also a recommendation of how this can be improved and also lessen the CO2 output of the property. These certificates provide an energy rating A to G similar to those seen on many other household goods bought today. These are carried out by a qualified energy assessor. Typical costs are around £70 - £100 but last for 10 years unless major renovation work has been done to the property.
It is important to note that if this option is required, then it is important that we know before we find a tenant as the underwriting of the tenant is carried out by the insurers and not by Jones Estate Agents.
If you are a Landlord who lets a property then you run the risk of rent default by your tenant. Even the best checks and references cannot predict a tenant falling on hard times and not being able to pay their rent. Could you cover your expenditure if this happened?
In the current economic climate, many landlords are finding their default rates soar as tenants struggle with rising unemployment and increased bills. Recovering arrears can be difficult and costly for landlords, without any guarantee of success.
At Jones Estate Agents, our Rent Guarantee Insurance will cover you against your tenant defaulting or failing to pay the rent.
Have a look, below, at the costs of our Rent Guarantee Insurance - we think you will agree how easy and cost effective it is to financially protect your rental income. A Rent Guarantee Insurance policy can provide real peace of mind, and remember the full cost is tax deductible against your rental income – saving you even more money!
6 Month Policy at approx. £ 55.00 plus Insurance Premium Tax
12 Month Policy only £ 85.00plus Insurance Premium Tax
At Jones Estate Agents, we are able to provide you with a range of insurance products that may suit your requirements.
The types of insurance offered by Jones Estate Agents include;
- Buildings Insurance
- Buildings & Contents Insurance
- Rent Guarantee
Please call our office on 01642 885511and we will be more than happy to assist further.