PEACE OF MIND WITH A SERVICE YOU CAN TRUST

Landlords Guide

If you are thinking about letting your property, this guide will introduce you to Woodhouse Lettings and answer many questions you may have about letting your property.

• These are some of the things you must do before letting your property:
• You will want to know the rental value of your property. We can give you an estimate over the phone and a more accurate valuation following a visit to your property. Another good indication of the rental value is by checking similar properties to your own on the rental pages of our website.
• If you have a mortgage, you will need to inform your lender and get their permission. If they don’t give this, you may need to change your lender. We can give you advice on this.
• If you are planning to let a leasehold property, you may find that there are clauses in the lease relating to what you may do. Check your head lease, if it is unclear in any way, show it to us and we can advise you.
• Your buildings and contents insurance may be affected by a letting. You will need to inform your insurer to make sure that cover will continue if you are absent from the property, or find a new insurer. Again, we can advise.
• There are safety regulations that have to be followed and maintained on property that is let. We will help you understand compliance with fire and furnishings regulations, Smoke detectors regulations, and we can arrange safety checks for electrical appliances and Landlords Gas Safety Certificate which is a legal requirement and must be renewed each year.

Wouldn’t it be cheaper to do this all myself?

There are many other things you will need to take care of if you do let privately. For example, you will need to advertise your property and find time to answer calls, be available for viewings, vet tenants, get references and draw up contracts.

A letting agent can take this weight off of your mind, manage the property on your behalf and give you advice. At Woodhouse we have access to credit referencing agencies that enable us to check the tenant can afford the rent and does not have a history of defaulting on payments. We can also offer an insurance policy to safeguard your rental income, check that rent is paid on time, and deal with maintenance and tenant enquiries.

So how much is this going to cost me?

Well it may cost you nothing at all. A letting agent will know the market well and may be able to achieve a higher rent than you could do yourself direct with a tenant. The initial rental valuation of your property is free. You only pay commission when we successfully let your property and you will always have access to a specialist team dedicated to letting. Another agent may inflate the value of your property with a higher rental income. If you accept this, you could be out of pocket and lose weeks of rental income while your property remains un-let.

Furnished or unfurnished?

You may let your property furnished or unfurnished. Once we have seen your property we can advise you what would be best to do. The standard for furnished is:

• White goods: cooker, microwave, fridge/freezer, washing machine/tumble dryer.
• Bed(s), chairs and sofa that comply with safety regulations.
• A kitchen or dining room table and chairs.
• You could leave a TV and hi-fi equipment, but it will be your responsibility to repair and replace these in the event of breakdown.
• Do not leave personal effects such as vases, ornaments and pictures that could get easily damaged.

Preparing your property for rental

We can organise a professional spring-cleaning of your property, to include steam cleaning of carpets and redecorating if needed.

Conducting a property viewing

Make sure all keys are available to open windows, fire escapes or a garage if you have one. If you wish to be present at the viewing, give time for the applicants to discuss the property alone before they leave. Resist the temptation to ask viewers if they like your property. They may spontaneously tell you. Either way, it makes negotiating easier if we handle feedback until matters progress to an offer.

How long does it take to find a suitable tenant?

Anything from between a few hours to several weeks. At Woodhouse we are able to maximise the speed of letting due to our computerised systems that match properties to potential tenants and inform them by email and text/SMS and even picture messaging. We also undertake all the usual marketing in newspapers and on the web. Our property boards are further coded with a unique property reference that enable the property to be instantly located on our website.

How do I go about vetting a potential tenant?

Woodhouse will do this for you, by undertaking credit and fraud checks together with obtaining references from an employer or previous Landlord.

Obligations during the let

Any repairs needed during the tenancy must be carried out promptly. You must also ensure your property complies with safety regulations. As your letting agent we can arrange these on your behalf should you want us to and because we deal with many properties, we get better terms from suppliers. This means that if for example a washing machine breaks down or a shower fails, we can arrange a quick repair or replacement on your behalf. We also visit the property from time-to-time to keep an eye on its condition and send you an annual statement of account for your tax records depending in the choice of service you require.

What’s an Assured Shorthold Tenancy?

An Assured Shorthold Tenancy offers the landlord a guaranteed right to repossess his property at the end of the term. It also sets down rental payment details including who will be responsible for payment of utilities.

Who holds the Deposit?

From 6 April 2007, it become a legal requirement that all deposits taken or held by landlords for Assured Shorthold Tenancies in England and Wales (this covers the vast majority of tenancies), must be protected by a tenancy deposit protection scheme. The new rules introduced by the government will apply to all new Assured Shorthold Tenancies created in England and Wales after that date together with any renewals if the Landlord is holding a deposit irrespective of when the deposit was paid.

There are three schemes available, of which two mainly apply:

The custodial deposit protection scheme is free to use and open to all Landlords and operates by the Landlord paying over the deposit to a stakeholder. The service is funded entirely from the interest earned from deposits held. Landlords will be able to register and make transactions online. Paper forms will also be available should internet access be an issue. The scheme will be supported by a dedicated call centre and an independent dispute resolution service. For more information, visit www.depositprotection.com or call 08707071707

Tenancy Deposit Solutions Ltd (TDSL) is a partnership between the National Landlords Association and Hamilton Fraser Insurance. The insurance- based tenancy deposit scheme is a membership scheme that allows the landlord to continue to hold any deposit they take from a tenant during the period of the tenancy agreement. The landlord will be required to pay a fee to protect any deposits taken from a tenant. If there is a dispute over the return of the deposit at the end of the tenancy, the scheme, supported by an insurance policy, will ensure that the amount to which the tenant is entitled is returned. As necessary, the scheme insurers will recover the disputed amount from the landlord. The scheme is also required to provide deposit dispute assistance which will be provided free of charge to all parties. visit www.mydeposits.co.uk

If a Landlord has not arranged for the deposit to be dealt with in accordance with a scheme within 30 days of receiving it from the tenant, i.e Commencement Date, the tenant can apply to the court for an order to return the money or to pay it into the scheme.

Penalties: if a tenant does make an application to court to force a defaulting Landlord to comply, they will be ordered to pay the applicant tenant three times the deposit amount. With average deposits of £900 etc, Landlords can be seriously out of pocket if thy fail to adhere to the scheme.

It is the Landlords responsibility to ensure that they are part of a Tenancy Deposit Scheme and that the deposits are protected, and we would recommend you visit www.communities.gov.uk for further information.

Please call us on 01992 637777 for further information.

Letting Services

Services we offer:

Property Letting Service

Advise and Evaluate your property for rental purposes including rental Value and tips and advise on property presentation.

Market the property to our significant database of pre-vetted tenants ensuring that only suitable tenants are introduced to you from the very start.

We are conscious

In addition the property is marketed by:

• Full colour local advertising
• Several national websites such as Rightmove.co.uk, primelocation and propertyfinder together with our own.

Arrange and supervise viewings

Instruct Homelet to carry out tenant referencing.

• Negotiate the tenancy terms
• Prepare and complete the tenancy documentation
• Ensure payment of the initial rent and deposit
• Remit the balance of initial funds due to you
• Provide a detailed financial statement
• Arrange a standing order mandate intended for future rent payments
• Contact Council Tax Dept and service providers if details of the service providers are provided to us, to facilitate the smooth transfer of Services over to the New Tenant.

We make the process as simple and stress free as possible and offer guidance and assistance in all respects of the Letting Process.

In the event of the tenant wishing to renew or extend the contract, our fee during the first 12 months will be 10% and, after the first year, our renewal fee will be 7.5% plus VAT of the gross rental, payable in full at the commencement of the new tenancy/renewal whilst the tenant remains in occupation on a Statutory Periodic Tenancy.

Letting and Rent Collection

Providing that extra peace of Mind, In addition to the above services we are able to offer rent collection, in which we ensure that the tenant sets up a standing order in which the rent is paid to us. This allows us to keep on top of rental payments in which we send out reminders and demands if necessary, then using our bacs payment facility pay the rent to your account electronically or by cheque. Statements are then either emailed or sent to you including details of expenditure and copies of suppliers invoices.By keeping this connection with the tenant we are right on hand to deal with any queries ensuring you Letting is runs smoothly and hassle free.

Periodic Statements, Annual Statements to assist Tax Returns and Copy of Documents are inculded in the Fee Charge. An Additional Charge of 2.5%plus VAT will be charged.

Full Mananagement

Our full management service is designed to remove you from the day to day involvement of managing a property yourself.

Property management service:

In return for our management fee of 5% plus VAT, in addition to our let only service, we will:

• Advise on deposit refund at the end of the tenancy
• Automatically deal with day to day repairs and maintenance within specified budget limits
• Receive rent and remit moneys due to you by cheque or electronically
• Monitor, chase and advise you on late rent payments
• Assist with insurance claims
• Provide monthly statements detailing including details of expenditure and copies of suppliers invoices
• Coordinate gas safety certification if requested
• Liaise directly with the tenants to relet or remarket the property
• Provide Legal and Landlord and Tenant assistance.

This Guide has been prepared by Woodhouse Property Consultants Limited. All advice is offered in good faith, and readers who choose to act upon it do so at their own risk. Woodhouse Property Consultants accept no responsibility for any action taken, or loss occurring as a result of any advice/information given here. The agent may receive commission or interest while acting for the client For a full understanding of what we undertake please read our Terms and Conditions.

We are Members of the Property Redress Scheme. Clients money are held in a Seperate Client Account.

Letting Information For Tenants

Woodhouse believe that all who apply for a tenancy should understand all that may be required to pay.

When applying for a property a holding deposit of one weeks rent will be payable which will be deducted from the balance payable upon moving in. 

Please note that the holding deposit will only be retained where a tenant:

- Provides false or misleading information which you can reasonably consider when deciding to let a property - this can include a tenant's behaviour in providing false or misleading    information.

- Fails a right to rent check

- You withdraw from the property ( unless it would be unreasonable to expect a tenant to enter into a tenancy agreement )

- You fail to take all reasonable steps to enter into a tenancy agreement within 15 days of paying the holding deposit and the Landlord or agent has taken taken all reasonable steps to do so.

Should you not provide sufficient information within 15 days of paying the holding deposit or your references do not meet the criteria set by the independent referencing agency based on misleading information you have provided, your application will be declined by our clients, or should you withdraw your application, or otherwise not progress your application of having been requested to do so, your holding deposit cannot be refunded.

In some instances, you may need to provide a guarantor who underwrites your financial commitments under your tenancy agreement if your reference score necessitates a guarantor. 

If your application is successful and you proceed with the tenancy, this holding fee will be credited to your account and will be offset against the total cost of renting the property.

You will be asked to pay one months rent in advance and deposit of no more than 5 weeks rent prior to moving into a property. Woodhouse will provide you with details of all their accepted payment method.

If you intend to have a pet residing at the property and the landlord has granted written permission,  a larger security deposit of no more than 5 Weeks rent may be, or may simply be additional appropriate clauses  added to your agreement.

In most circumstances when you move into your rented property, you will be given an Inventory and Schedule of Condition, which documents in detail the contents and condition of the property at the start of the tenancy, as part of our commitment to fair deposit adjudication.

Towards the end of the initial term of your tenancy, you may be offered an opportunity to renew your tenancy for a further fixed term. Woodhouse will advise you of this at the time, and create a new agreement and execute the legal documents.

Clients money are held in a Seperate Clients Account and we are members of the Clients Money Protect Scheme.

We are members of the Property Redress Scheme.

Contact us for more information.