ABOUT OURSELVES
We are a local, independent firm of Estate Agents specialising in Residential Lettings and Property Management. As specialists, we are fully focused on the priorities and needs of the Landlord.
We understand that letting your property, especially for the first time, can be a worrying experience and with this in mind our most important consideration is providing you, the Landlord with the best possible service and the right Tenant for your property.
We never forget that the property is your most important asset and we can confidently assure you that by instructing us to act as your Letting and Management Agents, your asset will be in professional and caring hands.
A PERSONAL SERVICE : Because of our many years of experience managing rentalswe are able to offer a personal and friendly service, whilst at the same time maintaining a high standard of competence and professionalism.
COMPETITIVE RATES : Our fees are competitive and may be open to negotiation dependent on the level of service required.
CAREFULLY SELECTED QUALITY TENANTS : Drawn from a continually updated register, all prospective Tenants are thoroughly referenced and credit checked. In some cases we will also require a guarantor.
**** LEVELS OF SERVICE OFFERED ****
A TAILORED SERVICE : Outlined below are the two basic elements of our service. However, we maintain a flexible attitude and are generally able to adapt our service to meet our clients’ individual circumstances and needs, for example by providing a finding only service, or occasionally by taking on additional tasks and duties (subject to agreed fees).
FULL MANAGEMENT : This is our inclusive service which provides for the marketing of the property and arranging viewings leading to the introduction and vetting of a prospective Tenant. This proving satisfactory, we will then go ahead and prepare the Tenancy Agreement and if required, an Inventory (subject to agreed fees). The Tenant will then be checked in against the Inventory. During the Tenancy, we carry out periodic inspection visits. Should these bring to light any maintenance issues, we will (within the confines of our management agreement) recommend and account for any necessary repairs. Collecting and processing of Rental Payments is also part of the service. These will be credited automatically to the landlord’s nominated bank account. We also protect the Bond in My Deposits Custodial Scheme within the required timescales. Towards the end of the Tenancy, we will liaise with the Tenant and renew the Tenancy Agreement or arrange to check them out or move onto a Statutory Periodic Contract. The service is suitable for those Landlords who are not residing locally or would rather not deal with the Tenants directly preferring all aspects to be handled by an Agent.
LETTING ONLY: Our letting only service includes marketing of the property and arranging viewings leading to the introduction and vetting of a prospective tenant. This proving satisfactory, we will then go ahead and prepare the Tenancy Agreement and, if required, an Inventory (subject to agreed fees). Following this, the first month’s rent will be collected and credited to the Landlord less our arrangement fee. Managing the Tenancy, including the protection of the bond within the required timescale, property maintenance and rent collection, will then be the responsibility of the Landlord.
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****GENERAL PRACTICE AND LEGAL ISSUES****
PREPARING THE PROPERTY : We have found that a good relationship with Tenants is the key to a smooth running Tenancy. As Property Managers, this relationship is part of our job, it is important that the Tenants should feel comfortable in their temporary home and that they are receiving value for their money. It follows, therefore, that a well presented and maintained property in a good decorative order will go towards this, whilst also achieving a higher rental figure. Tenants are also more inclined to treat such a property with greater respect.
GENERAL CONDITION : The electrical, gas, plumbing, waste, central heating and hot water systems must be safe, sound and in good working order. Repairs and maintenance are at the Landlord’s expense unless misuse can be established. Interior decorations should be in good condition and preferably plain, light and neutral.
FURNISHINGS : Your property can be let fully furnished, part furnished or unfurnished. Which of these is appropriate will depend on the type of property and local market conditions. We will be pleased to give you advice on whether to furnish or not and to what level. Remember that there will be wear and tear on the property and any items provided.
PERSONAL ITEMS, ORNAMENTS ETC : Personal possessions, ornaments, pictures, books etc should be removed from the premises, especially those of real or sentimental value. Some items may be boxed, sealed and stored in the loft at the owners’ risk. All cupboards and shelf space should be left clear for the Tenants own use.
GARDENS : Gardens should be left neat, tidy and rubbish free with any lawns cut. Tenants are required to maintain the gardens to a reasonable standard provided that they are left the necessary tools. However, few Tenants are experienced gardeners and if you value your garden or, if it is particularly large, you may wish us to arrange visits by a regular gardener.
CLEANING : At the commencement of the Tenancy, the property must be in a thoroughly clean condition and at the end of the Tenancy, it is the Tenants responsibility to leave the property in a similar condition. Where they fail to do so, cleaning will be arranged at their expense.
INFORMATION FOR THE TENANT : It is helpful if you leave information for the Tenant, e.g. on operating the central heating and hot water system, washing machine and alarm system and the day refuse is collected etc.
KEYS : You should provide one set of keys for each Tenant. Where we will be managing, we will arrange to have duplicates cut as required (subject to agreed fees).
****OTHER CONSIDERATIONS****
MORTGAGE : If your property is mortgaged, you should obtain your Mortgagees written consent before letting. They may require additional clauses in the Tenancy Agreement of which you must inform us.
LEASEHOLDERS : If you are a Leaseholder, you should check the terms of your Lease and obtain any necessary written consent before letting.
INSURANCE : You should ensure that you are suitably covered for letting under both your Buildings and Contents Insurance. Failure to inform your Insurers may invalidate your Policies. We can advise on Landlords Legal Protection, Rent Guarantee Cover and Landlords Contents and Buildings Insurance if required.
BILLS AND REGULAR OUTGOINGS : We recommend that you arrange for regular outgoings e.g. service charges, maintenance contracts etc to be paid by standing order or direct debit. However, where we are managing the property, by prior written agreement, we may make payment of certain bills on your behalf, provided such bills are received in your name at our office and that sufficient funds are held to your credit.
COUNCIL TAX AND UTILITY ACCOUNTS : We will arrange for the transfer of council tax and utility accounts to the Tenant. Meter readings will be taken, allowing your closing gas and electricity accounts to be drawn up. All these matters we will handle for you, however British Telecom will require instructions directly from both the Landlord and the Tenant.
INCOME TAX : When resident in the UK, it is entirely the Landlord’s responsibility to inform the Revenue and Customs of Rental Income received and to pay any tax due. Where the Landlord is resident outside the UK during a Tenancy, he will require an Exemption Certificate from the Revenue and Customs before he can receive rental balances without deduction of tax.
THE INVENTORY: It is most important that an Inventory of Contents and Schedule of Condition be prepared in order to avoid misunderstanding or dispute at the end of a Tenancy. Without such safeguards, it will be impossible for the Landlord to prove any loss, damage or significant deterioration of the property or contents. In order to provide a complete service, we will, if required arrange for a member of staff to prepare an Inventory and Schedule of Condition at the cost quoted in our Agency Agreement.
****WHAT IS AN ASSURED SHORTHOLD TENANCY?****
Most Tenancies will automatically be Assured Shorthold Tenancies (ASTs) provided the rent is under £25,000 a year and the property is let to private individuals. Tenancies are usually granted for an initial fixed term of either 6 or 12 months. When the fixed term has expired the Landlord is able to regain possession of the property provided he gives 2 months written notice to the Tenant. In addition, if the Tenant owes at least 2 months or 8 weeks rent on the property, the landlord can apply for the Court to seek a Possession Order.
****HEALTH AND SAFETY AND OTHER LEGAL REQUIREMENTS ****
The following requirements are the responsibility of the Owner (Landlord). Where you have signed our full management agency agreement, they are also our responsibility. Therefore, where we are managing we need to ensure compliance.
GAS: Annual safety check Under the Gas Safety (Installation and Use) Regulations 1998: all gas appliances and flues in rented accommodation must be checked for safety within 12 months of being installed and thereafter at least every 12 months by a competent engineer (e.g. a CORGI registered gas installer).
OIL: Annual safety check : Under the Oil Safety (Installation and Use) The Landlord/Letting Agent should retain a copy of the CD/11 form so they can demonstrate that they have met their legal duty of care to the tenant by having the installed oil fired equipment properly maintained and tested. An OFTEC registered technician will have to test the appliances every 12 months.
Maintenance: There is a duty to ensure that all gas appliances, flues and associated pipework are maintained in a safe condition at all times.
RECORDS: Full records must be kept for at least 2 years of the inspections of each appliance and flue, of any defects found and of any remedial action taken. Copies to Tenants: A copy of the safety certificate issued by the engineer must be given to each new Tenant before their tenancy commences, or to each existing tenant within 28 days of the checks being carried out.
ELECTRICAL : There are several regulations relating to Electrical installations, equipment and appliance safety, which affect Landlords and their Agents in that, they are ‘supplying in the course of business’. They include the Electrical Equipment (Safety) Regulations 1994, the Plugs and Sockets Regulations 1994, the 2005 Building Regulations -‘ part P’, and British Standard BS1363 relating to plugs and sockets. Although with tenanted property there is currently no legal requirement for electrical safety certificates (except in the case of all HMOs), it is now widely accepted in the letting industry that the only safe way to ensure safety and to avoid the risk of being accused of neglecting your ‘duty of care’ or even of manslaughter is to arrange periodic electrical inspections and the issue of Safety Certificates. There are two types of electrical inspection, one of the actual installation and the other of any portable electrical appliances (PAT test).
FIRE : The Furniture and Furnishings (Fire Safety) Regulations 1988 (amended 1989 and 1993) provide that specified items supplied in the course of letting property must meet minimum fire resistance standards. The regulations apply to all upholstered furniture, beds, headboards and mattresses, sofa beds, futons and other convertibles, nursery furniture, garden furniture suitable for use in a dwelling, scatter cushions, pillows and non-original covers for furniture. They do not apply to antique furniture or furniture made before 1950, bedcovers including duvets, loose covers for mattresses, pillow cases, curtains, carpets or sleeping bags. Items that comply will have a suitable permanent label attached. Non-compliant items must be removed before a tenancy commences.
SMOKE ALARMS : All properties built since June 1992 must have been fitted with mains powered smoke detector alarms from new. Although there is no legislation requiring smoke alarms to be fitted in other ordinary tenanted properties, it is generally considered that the common law ‘ duty of care’ means that Landlords and their Agents could be liable should a fire cause injury or damage in a tenanted property where smoke alarms are not fitted. We therefore strongly recommend that the Landlord fit at least one alarm on each floor (in the hall and landing areas). Is your property a house in multiple occupation (HMOs) – if your property is on 3 or more levels and let to 5 or more tenants comprising 2 or more households (i.e. not all of the same family), it will be subject to mandatory licensing by your Local Authority. Whether mandatory licensing as above applies or not, if there are 3 or more Tenants not all related in any property, it is still likely to be an HMO and special management rules apply. Ask your letting agent or local authority for details. Learn more here: www.property-license.co.uk
IS YOUR PROPERTY A MULTIPLE OCCUPATION (HMO)?: If your property is 3 or more levels and let to 5 or more tenants comprising 2 or more households (i.e. not of the same family) it will be a subject to mandatory by your local authority. Whether mandatory licensing as above applies or not, if there are 3 or more tenants not all related in any property, it is still likely to be an HMP, and special Management rules apply. Ask your local Letting Agent or local authority for details. Learn more here: www.property-licence.co.uk
THE TENANCY DEPOSIT SCHEME : Since 6th of April 2007, all Deposits taken by Landlords and Letting Agents under Assured Shorthold Tenancies (ASTs) in England and Wales must be protected by a Tenancy Deposit Protection Scheme. Landlords and Letting Agents must not take a Deposit unless it is dealt with under a Tenancy Deposit Scheme. To avoid any disputes going to Court, each Scheme is supported by an Alternative Dispute Resolution Service (ADR). Landlords and Letting Agents can choose between two types of scheme: a single custodial scheme and two insurance based schemes. Learn more here: www.gov.uk/tenancy-deposit-protection/overview
IMPORTANT NOTE : if you, the Landlord, decide to hold the Deposit yourself, we will transfer it to you within 5 days of receiving it. You must then register it with a Tenancy Deposit Protection Scheme within a further 9 days if the Tenancy is an Assured Shorthold Tenancy. If you fail to do so, the Tenant can take legal action against you the Landlord in the County Court. The court will make an order stating that you must pay the deposit back to the Tenant or lodge it with the Custodial Scheme, which is known as the Deposit Protection Scheme. In addition, a further Order will be made requiring you to pay Compensation to the Tenant of an amount equal to 3 times the Deposit. You will be unable to serve a Section 21 Notice on your Tenant until compliance with the above conditions and the Court will not grant you a Possession Order. We have no liability for any loss suffered if you fail to comply.
RENTSMART WALES
From November 2016 all landlords who have a rental property in Wales need to be registered. If a landlord is involved in setting up and managing tenancies, they will also need a licence. For more information go to rentsmart.gov.wales .
Peters & Co are fully licensed and will be happy to undertake the letting and management work on your behalf.
We hope that the information covered in this guide is of assistance to you. If there are any aspects of which you are unsure, please ask us. We look forward to being of assistance to you in the letting, or the letting and ongoing management of your property.