Relax and let your Letting Agent take the Strain
Thu 21 Jan 2016
Landlords, are you confident enough to manage your property yourself? Unless you have a lot of experience, spare time to attend training courses and have the right access to legal and practical information you could be risking fines and even imprisonment if you get it wrong. In order to protect their investment, all landlords need to be aware of their statutory obligations together with the rights of the tenants living in their property.
A good Managing Agent will be aware of all modern legislation and also have a list of reliable contractors covering all skills for when a repair is required. Having contractors on hand is hugely time saving and dealing with a problem quickly will often keep any necessary works to a minimum.
However, there are many other aspects to letting a property that the landlord needs to consider, some of which include:-
- Registering the property as a HMO, if relevant.
- Providing an Inventory and Schedule of Condition at the start of the tenancy together with a Check-out Report at the end of the tenancy. Without these any dilapidations would be very hard to prove if the landlord felt a deduction from the deposit was required.
- Drawing up a detailed Assured Shorthold Tenancy Agreement, naming all occupants, to ensure that both sides are aware of their obligations and responsibilities.
- Arranging for an up-to-date Landlords Gas Safety Certificate and a Legionella Inspection Report.
- Collecting rent and monitoring any rent arrears.
- Ensuring the deposit is registered and the paperwork served on the tenant.
- In the event of requiring possession it is essential that the correct Notice procedure has been adhered to and valid paperwork served in order for this to be considered by the courts.
Lettings and Property Management is a specialist industry and most landlords want peace of mind that all matters are being dealt with correctly, in a professional manner that is within the law. A good Managing Agent will be aware of legislative changes within the industry and will know the correct procedures to follow in all issues that may arise when a property is being let. They will have the knowledge and expertise to ensure a tenancy runs as smoothly as possible for both the landlord and the tenant.
The average charge to a landlord for fully managing a property is normally around 10% of the rent. Ensure your Agent clearly shows their charges on their website and in their office, has Client Money Protection and is a member of ARLA or any similar regulatory body. You can then have full confidence that your property is in the hands of the professionals and there will be no hidden surprises or additional costs which you had not planned for.
If you would like to discuss any point raised above or any other property related matter, then please contact Harcourts on 023 8063 7438, email firstname.lastname@example.org or check our website at www.harcourts-property.co.uk for initial free advice. Our experience and continued professional development in the property market means that we can provide practical advice and a service which means your property is in safe hands.