Whether you're a new or existing landlord, you may have a lot of unanswered questions about costs, what to expect and your liability. This quick guide will hope to answer a few of your questions, but for a more thorough chat about being a landlord, our agents can help to answer your queries.
What can a managing agent offer me?
Employing an agent can act as a buffer should any form of dispute arise between the landlord and tenant. We are also constantly getting to grips with all forms of new housing legislation so that our clients don't have to.
Why do I need an EPC?
It's now a legal requirement to have an Energy Performance Certificate (EPC) to display to any prospective tenant so property portals are now making sure that all listings are properly displaying the EPC. A heavy fine may result in not doing this, so we like to be sure to follow the rules.
Can I enter the property during the tenancy?
Certainly, as long as you give the tenant appropriate notice. This is generally stated in the tenancy agreement.
Does the tenant have to pay for any damages?
The tenant will be liable for any damage caused during the tenancy that is deemed avoidable. These costs will be deducted from the security deposit we collect at the start of the tenancy.
How do you collect the rent?
A standing order will simply be set up from the tenant's bank account in advance of any property being let. The rent will be collected on the same day each month and processed into the landlord's account.
What happens if the rent isn't paid?
Ensuring prompt payment of the rent is all part of our service, however, during a tenancy people's circumstances can change and should arrears occur there are professionals here who can advise the landlord on the best way to proceed in this situation.
Do you ask the tenant for any kind of deposit?
The tenant is required to provide a deposit which is normally between 1.25 and 1.5 x the monthly rent. The deposit is returnable when the tenant has vacated the property and an inspection has been carried out to confirm the condition of the property, allowing for general wear and tear, and has behaved in accordance with the tenancy agreement.
What happens if my property is empty for any length of time?
If the property is vacant for any length of time, we advise you to contact your insurance company who will explain what happens. No insurance company in place yet? Feel free to get in touch with ours.
Should I let the property furnished or unfurnished?
Most of the time, the difference in rent between a furnished property and an unfurnished property is fairly negligible. Should you decide to furnish your property, you'll need to provide various furniture and white kitchen goods. Our lettings management team would be happy to advise you on what is encouraged.
Are smoke alarms now a legal requirement?
Yes, smoke alarms must be installed in any new property. The rule of thumb is generally one smoke alarm per floor.
Am I responsible for repairs?
In short, yes. Landlords are legally obliged to maintain the structure of the building under the Landlord and Tenant Act 1985. In addition, should an item of furniture need replacing through fair wear and tear, the tenancy agreement will agree that the landlord replaces it for the tenants.
Any other questions? Please feel free to get in touch to speak with one of our trusted lettings or management advisors.