Personalised Property Management

Here at The Home Agency believe that your property management choice is as vital as the property you choose to buy, therefore we offer a complete property management service that can be tailored to your individual needs, from a basic tenant find only service to a fully managed multi property portfolio service.

Please find below some brief advice as to the legal requirements involved in property rental.

Fire regulations governing furnished properties

Under the 1988 Fire Regulations Act it became law from March 1993 onwards that any property let furnished must comply with that Act. Therefore, any furnishings (expect pre 1950's) left with a property must comply with BSI standards. Failure to comply with these regulations now carries a heavy penalty of £5,000 or a six month prison sentence if not adhered to. There is obviously a financial limit that landlords will wish to go to when furnishing a property. We therefore recommend that items of specific, intrinsic or sentimental value are not left within the property. To the same extent expensive china or glassware is not considered suitable and certain electrical items we recommend are not to be left due to their costly repair liability. These include: Food Mixers, Televisions, Computers, DVD Players, Hi-Fi Equipment, ect.

Electrical and gas regulations

It became Law in October 1994 for all gas appliances within a property to be serviced and safety checked at least once every 12 months by a Gas Safe registered engineer. The revised gas regulations also stipulate that a certificate must be available for the tenants inspection, proving that the services have been carried out. We can arrange for such services to be carried out by our recommended registered engineers or a Landlords choice of registered engineer. There is also a recommendation that all electrical appliances are safety tested on your behalf if required.

Should I tell my mortgage company?

(if I do not have a buy to let mortgage) it is usual for the following parameters to apply to the apply to the above question if the mortgage company is to agree:

1. In some cases a higher rate of interest may be charged.
2. In some cases, your mortgage company will levy an administration charge.
3. references and tenancies may have to be seen by the mortgage company before granting permission.
4. The mortgagors may insist on the correct documentation to ensure reoccupation.
5. It is usual for a length of time to be set that the property can be let for.
6. Permission will usually only be given if the mortgage account has been managed to the lenders satisfaction.

What about tax?

It is necessary to prepare accounts each year on all properties let, whether they are furnished or unfurnished, your accounts should be presented to the Inland Revenue indicating what taxation liability might arise. Tax Liability is assessed on the tax year running from 5th - 4th April. You are able to claim many allowances when letting your property that can be deducted from your profit. Such allowances included letting agents fees, solicitors fees, accountant fees, maintenance and repair work carried out during the letting or wear and tear allowance, lease hold, ground rent and service agreements on central heating and other appliance. Mortgage interest can also be offset. The responsibility of payment of tax depends on whether or not the Landlord lives in the UK or abroad. If the Landlord lives in the UK the Inland Revenue will access the Landlords for the appropriate tax. If the Landlord is abroad then the letting agent will be assessed for tax and will be responsible for paying it on the Landlords behalf on a quarterly basis direct to the Inland Revenue at the current rate of tax of the not rental. Since the introduction of self-assessment it is now possible for Landlords to apply for an exemption certificate by completing a 'Non Resident Landlord Form' allowing the agent to continued paying the rental without deduction of tax.

Who is responsible for what?

As a rule of thumb, The Landlord is responsible for exterior and interior maintenance. The Tenant has a responsibility to show a duty of care to the property and contents. The Tenant will be responsible for the Council tax, gas, water, electric and telephone accounts. The Landlord will remain responsible for buildings and contents insurance and any other outgoings.

Insurance

Insusres must be notified of the letting of your property so that the policy on the structure and contents may be endorsed. Insurance will be invalid if insurers are not correctly informed. The Home Agency also advise that insurance specific to contents cover is arranged to protect against possible damage by Tenants. The Home Agency cannot be held responsible for loss or damage to the contents while the property is let. The Home Agency are pleased to be able to offer a full range of specialist tailor made insurance for Landlords at competitive rates.

How do I receive rental?

Rents are usually paid on a calendar monthly basis in advance. An account is then raised and commission deducted along with any relevant charges applicable. Payments are then sent to your bank account and an itemised statement to your home address.

What is the role of the management agent?

The Home Agency are instructed to manage the property are bound by agreement to endeavour to complete the following:

1. Find and assess Tenants. A member of staff accompanies all viewings.
2. Obtain Tanants references via an established credit reference agency.
3. Take a full and accurate inventory/schedule of condition.
4. Prepare and sign suitable tenancy for the property with Tenants.
5. Thoroughly check through the inventory with the Tenants at the commencement of tenancy.
6. Take one month rent plus one hundred pounds as deposit and a month's rent in advance at the time the contracts are signed. This will be held in an approved scheme.
7. Carry out quarterly inspections of the property and send a subsequent report to Landlords.
8. Collect Rental.
9. Forward net rental to your bank account with an accompanying statement sent your postal address.
10. Cover all maintenance problems and advise you of faults.
11. Instruct contractors if required.
12. Check the Tenant out at the end of the tenancy using a professional inventory.
13. Attend to and charge the Tenant for any damages that may have occurred.
This is only a brief outline, for further information refer to our managing agency agreement.

Residential Letting and property management services

We offer two levels of letting and management, the type of service you choose should be determined by your situation and exactly how much involvement you wish to have in the management of your property. Advice should be sought from a representative of the company to ascertain the type service, which would best suit your requirements.

Tenant find only

1. Extensive advertising and preparation of details of the property.
2. Accompanying all prospective tenants viewing the property.
3. Full references taken on any prospective Tenants by a credit reference agency.
4. Preparation of legal documentation signed by Tenants in our offices.
5. Collection of first month's rental along with deposit. The commission for this service is taken from the moneys received at the time of signing in advance f the term of the tenancy.

Full management service

1. Advertising the property.
2. Introduction of the Tenant.
3. Taking of full references.
4. Preparation and signing of legal documentation.
5. Arranging of tenancy chargeovers.
6. Dealing with check out report at the end of the contract.
7. Attending to dilapidation and making the relevant deduction from the tenants deposit
8. The collection of rent.
9. Preparation and submission of monthly statements to the Landlord.
10. Quarterly inspections.
11. Handling/advising of any repair works that may be required within the property. a full report of any such repairs in compiled prior to work commencing (please not that your instruction will be sought prior to an repair works commencing, unless these repairs are extremely urgent and require immediate attention for the good of the property).
12. Renewal of gas and electrical safety inspections every twelve months.
13. Settling of contractors invoices.