Landlord Lettings Guide
Knights have written a guide to lettings for Landlords, to help you stay on top of your legal requirements and much more. Being a landlord can be a stressful and a demanding job, regardless of all the preparation you put in to help things go smoothly. However, being prepared for anything that may pop up will help you save time and money.
As a landlord, it is imperative that you work with a lettings agent you can trust. If you have a property to let, your objective will be focused on maximising your rental yields whilst minimising any rental voids. Knights, has the lettings expertise to help you achieve this.
Alternatively, If you want a guarantee that there will never be a rental void, then check out our unique challenge Knights approach which takes the whole rental worry out of your hands
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Landlord Lettings Guide
At Knights, we pride ourselves on having intimate knowledge of all of the areas that we operate in. Our years of expertise has paid dividend by having the ability to possess a true understanding of our surrounding market place. We are not afraid to give honest advice on the works that you may need to do on your property in order to get the best possible price.
We use our market research tools to demonstrate comparable evidence of recently let properties in your area. This will give you additional confidence of our valuations and what is realistically achievable.
If you are thinking of letting and would like to explore the current market value for your property, please do request a free, no obligation valuation – we would be delighted to oblige.
CHOOSING THE RIGHT ESTATE AGENTS
It is crucial that you feel comfortable with the individual that manages your property, that is why it is imperative to get to know who will be dealing with your properties on a day to day basis. This will be a ‘two way’ and potentially long standing relationship, you need to have complete faith and trust that your property and your interests are the priority of your agent.
Our team have a passion for the industry and strive to be the best. Our professional property experts attend regular courses to make sure that they are at the top of their game so that you have the most recent and up to date property insight.
Here at Knights we pride ourselves on the hard work and attention to details we give to all of our landlords. We take the stress away of the day to day hassles that can be involved with the duties of being a landlord. With our experience and qualifications we are able to deal with all aspects of your property needs and will help make your property investment grow and produce a highest level of return.
We have over 25 years experience within the student and residential lettings industry and have helped hundreds of landlords with securing and managing their tenants. Our staff are are ARLA trained or in training and regularly attend conferences to help stay on top of new legislation. This ensures that we give you up to date advice on your investment, helping you make the best decisions for your accommodation.
FINDING THE RIGHT TENANTS:
At Knight’s we ensure that we are finding the right tenants for your property.
It is important to make sure that your prospective tenants are able to afford their monthly rental payments. If your tenants are not able to pay their rent this could cause you difficulty keeping up your mortgage payments. A general rule of thumb to calculate whether your prospective tenants are able to afford their rental payments, is to take their monthly income (if more than one applicant combine all incomes) and multiple by 2.5. With Knights referencing process we make sure that all employment and financial references are satisfactory before proceeding with your rental agreement.
An Energy Performance Certificate (EPC) is a mandatory requirement for all sales and lettings properties whether you are a private landlord or an agent. An Energy Performance Certificate is a report that gives your prospective tenants or buyers an idea of how energy efficient your property currently is. The certificate last for 10 years, however if you have undergone significant refurbishments it may be a good idea to have this report carried out again as these works may have improved your rating.
GAS SAFETY CERTIFICATE
A Gas Safety Certificate is a mandatory requirement and has to be carried out before your prospective tenants take possession of your rental property. A Gas Safety Certificate has to be carried out by a registered Gas Safe engineer and will last for 12 months unless you change or replace a gas appliance then you will require a new Gas Safety Certificate.
An Inventory is not a mandatory requirement but is something Knights strongly suggest you have. If you choose to take a deposit for your rental property it is recommended you have an inventory carried out. This report will help you to prove the original condition of your property before your tenants took possession. Without an inventory you will find it hard to claim any of this deposit, as you have no record of your properties original condition.
It is recommended that you have an independent inventory clerk carry out this report, as this will show that you’ve not been biased with your conditioning of the property. Try to use a professional company that is a member of the Association of Professional Inventory Providers. If you do however choose to carry out this report yourself it is advised that you complete it in as much detail as possible as the smallest thing can be costly to repair. To also help you it is advised that you have this report signed by the tenants, but you must give them time to go through everything. We suggest 7 days, as ample time needed.
RENT GUARANTEE POLICY
Our Rent Guarantee Insurance has been designed to protect landlords against rent arrears and rent default. Any Landlord who lets a property runs the risk of rent default by the tenant. Even good references cannot predict a tenant falling on hard times and not being able to pay the rent. In the current climate, many landlords are finding their default rates are soaring as tenants struggle with unemployment and an increase in the cost of living. Recovering arrears can be costly and sometimes very difficult, without any guarantee of success or even repayment. Our Rent Guarantee Insurance will cover landlords against their tenant defaulting or failing to pay the rent.
Have a look at the costs of Rent Guarantee Insurance – it’s very easy and cost effective to financially protect against rent defaults. A Rent Guarantee Insurance policy can provide real peace of mind, and the full cost is tax deductible against rental income – saving even more money! Comprehensive Legal expenses and Rent Guarantee products covers the landlord’s costs for disputes between themselves and their tenants, with rent guarantee insurance up to a maximum of £2,500 per month. This is a 12 month policy which carries no excess and costs just £124.99 per annum.
It is important to safe guard your property against any malicious or accidental damage and one way to do this is to take a deposit at the being of the tenancy. If you decide to take a deposit from your prospective tenants then it is a mandatory requirement to have that deposit lodged with a deposit protection scheme. Failure to do so may mean you have to pay back up to three times the deposit amount to the tenant.
The three schemes you can lodge the deposit with are as follows:
- The Deposit Protection Scheme (DPS)
- Tenancy Deposit Service (TDS)
- My Deposits
We hope this landlord lettings guide has help you stay on top of your rental accommodation. However, should you be unsure of any of the above or of an issue to mentioned then please do not hesitate to contact Knights lettings agents in Bournemouth on 01202 536496.