You’ve many options for letting your property, but only one real choice….Park and Bailey.
The lettings market has changed beyond all recognition over recent years. With the much-publicised uncertainty in the world of investment and pensions, more and more Landlords have entered the residential lettings market as an alternative form of investment.
Park and Bailey Lettings has a network of experienced agents who both let, and look after, rented property. We offer our combined marketing and management skills to people like you. Perhaps you are considering becoming a landlord for the first time? Maybe you have recognised the opportunities of Buy-to-Let or plan to own a number of investment properties?
Whatever your situation, Park & Bailey Lettings is dedicated to providing a seamless service to give you peace of mind. Our aim is to relieve you of the complexities that arise from letting your property, enabling you to enjoy the benefits.
You will receive the same diligence from every member of staff at every branch of Park and Bailey Lettings, and the highest standards of professional care will be shown to you, as a landlord, to your tenants, and to your property.
This is how we have developed the long lasting relationships we enjoy with our clients and why we are seeing our business continue to grow through recommendation.
I have a property to let. Tell me how the process works
One of our team of experienced negotiators will arrange an appointment to view the property with you. They will weigh up a number of factors when making their rental assessment. These will include location, size, presentation and condition, plus of course the demand for that type of property in the area.
Remember that the negotiator’s first impressions will mirror those of prospective tenants, so their advice can be invaluable to help you achieve the best market rent for the property.
Your preferences on smokers, pets and children will be noted, and your responsibilities to third parties will be explained. Property can be let furnished or unfurnished. The distinction between the landlord’s legal rights in obtaining repossession of furnished or unfurnished property has long been abolished. Demand remains firmly towards unfurnished properties.
However, company lets and those to professional people are almost always furnished, and a reasonable standard of furnishings and fixtures, with pleasant décor, definitely attract better rental income. Tenants also respect well presented and well maintained property.
Letting “unfurnished”
“Unfurnished” does not mean completely empty. A fitted kitchen with cooking facilities and fully fitted bathroom including a shower where possible are essential. Basics such as curtains, carpets and light fittings should also be in place.
Letting “furnished”
Tenants can move in straight away. Modern furniture, pictures and other welcoming features such as vases are desirable. Sufficient linen is required for bedrooms, together with adequate crockery, glassware and cooking utensils in the kitchen. A full range of cleaning equipment plus iron and ironing board must be supplied, in addition to any specialist items required for maintenance of your property. Our negotiator may well have specific tenants in mind when they meet you. Any additions you may need to make to suit them will be advised.
Properties that are well presented and well maintained attract the best rentals and engender a feeling of pride in tenants. This is reflected in the way they treat your property throughout their tenancy.
Any remedial works suggested by your negotiator should be completed prior to any prospective tenants being shown around. If you are unable to arrange and supervise such work, Park & Bailey Lettings can appoint local contractors.
External appearance is equally important. Good paintwork also helps protect the building from the elements. Few tenants will be expert gardeners but where there are lawns and flower beds, sufficient tools and a lawnmower should be provided. Tenants are responsible for keeping the garden tidy but you may want to supplement their efforts by enlisting the help of a gardener on a regular basis.
FINDING A TENANT
There are many aspects to renting, but few as important as finding a suitable tenant quickly.
Marketing is a key factor. Park & Bailey use traditional advertising in a wide and varying range of publications.
Our website ensures that all properties are displayed the same day as instructions are received. Additionally, all properties are advertised on our chosen property websites, Park & Bailey, Primelocation,Findaproperty, Right Move, Globrix.. the list goes on - ensuring continuous global marketing.
Our prominent office locations ensure significant numbers of ‘walk-in’ enquiries and our years of acting for relocation firms generate a good number of recommendations and Company lets.
All viewing appointments can be accompanied, if required, by an experienced member of the lettings team.
Once a tenant agrees to rent a property, a holding deposit is taken together with referencing fees. An independent Specialist Company, who reports to us on the suitability of the tenant, seeks references. Each tenant is assessed on the basis of the following criteria:
• Employment reference
• Previous Landlord reference (where applicable)
• Search of public records for evidence of previous address and credit score
• If a Tenant is required to provide a guarantor they are referenced separately and will be obliged to sign a guarantor’s agreement.
Once we have finalised all the details of the tenancy, we will arrange for the Tenant to sign the Agreement and collect one months advance rent together with the balance of the security deposit, equivalent to one and a half months rent, prior to release of keys.
LEGAL ISSUES
Safety regulations are legal requirements for letting residential property. Non-compliance with these regulations carries substantial fines and possible imprisonment and is decided by the Courts. At all times, both a landlord and their agent have a duty of care to the tenant. There are four key areas for consideration
Gas Safety
It is a Statutory Requirement that all properties that have any Gas appliances are tested annually. The tests cover general operation and safety, inspection of combustion, Pressure test, vent check and flue check. All checks must be undertaken by CORGI registered engineers. A written record must be kept and made available for inspection by any tenant. These inspection records must be kept for a period of not less than two years.
Energy Performance Certificate
A new regulation introduced in October 2008. All properties available to let must have this certificate in place prior to marketing, failure to comply results in substantial financial penalties.
Furniture and Furnishings
Anything in the property, which is upholstered or has a filling material, must comply with Fire Safety Regulations, with the exception of antique furniture. All furniture manufactured after 1st March 1989 is required to comply with this legislation and will be labeled accordingly. If items are not labeled, they do not comply and may not be left in the property.
Electrical safety
There are a number of regulations relating to electrical safety. The law requires that all equipment supplied is safe. In practice, the only effective way to ensure compliance and tenants safety is by employing a competent person to test the equipment before the property is let. Instruction booklets for the operation of electrical equipment should be supplied.
The simplest way to deal with the regulations is to instruct Park & Bailey to arrange the necessary inspections through our approved contractor.
Consents
If your property is mortgaged you will need to obtain consent from your Bank or Building Society prior to letting. If your property is leasehold, you will also require consent from the Head Lessor, Freeholder or Management Company.
Insurance
You will need to advise your Insurance Company that you are renting the property and ensure that you comply with any conditions imposed. This applies to both buildings and contents insurance. Your tenant should also have contents insurance in place. You are not responsible for their possessions.
Tax
Income tax is payable on all rental income arising from property in the UK regardless of the residential status of the landlord.
Under the 1995 Finance Act, a Letting agent is obliged to advise the Inland Revenue that a letting has been arranged for a landlord who is non-resident for UK tax purposes. As a Managing Agent, we are legally responsible for payment of any tax that arises and will retain monies to cover this liability.
Non-resident landlords can apply to the Inland Revenue for approval to receive gross income. Without this approval we are obliged to deduct tax. We strongly advise any landlord to appoint an accountant to deal with their tax affairs as many of the costs incurred in renting can be offset against the income.
Inventory – We consider it imperative that a professional inventory be commissioned. This comprises not only a full list of contents, but also a schedule of condition. At the termination of the tenancy, a schedule of dilapidations will be drawn up to assess if there should be any deductions from the security deposit.
LETTING SERVICE OPTIONS
There are three levels of service available to you:
- Full management
- Letting plus rent collection
- Introduction only
In all cases where Park & Bailey Lettings collects rent on your behalf, the money is transferred quickly to your account. Monthly statements show if any expenditure has been necessary.
Late payment of rent or arrears is acted upon swiftly. We aim to maintain amicable contact with tenants so that such problems can be resolved, often with just a phone call. If letters need to be sent out, or a serious situation arises, we discuss with you what course of action should be followed.
FULL MANAGEMENT
This is the complete answer for those landlords who wish to delegate the administration of their investment property.
All aspects of maintaining your property and liaising with tenants, are covered. Our property managers can handle problems with faulty machines, defects in the fabric of the building, internal decorations or underground services. It is their role to put right anything that goes wrong with the minimum of fuss and the maximum of professionalism – all at a reasonable cost. We favour local tradesmen with whom we have established a good working relationship over a number of years.
Your fee to us covers normal management. Arranging and paying for additional work, organising insurance claims and certain other services are itemised and charged to your monthly account. See our Terms and Conditions for further information.
LETTING PLUS RENT COLLECTION
Some landlords prefer to have direct contact with tenants on all general issues including maintenance.
Park & Bailey Lettings still collects and remits the monthly rent. This is an ideal option for those landlords who live close enough to respond to tenant’s needs promptly, and who have time to deal with builders or other contractors.
Additional services that normally form part of Full Management may still be requested. Fees for them would be charged ad hoc to your monthly account.
INTRODUCTION ONLY
Park & Bailey Lettings places its marketing expertise at the disposal of the landlord. Applicants are screened in exactly the same way and suitable Tenancy Agreements are drawn up.
We collect the first month’s rent and security deposit. We also arrange any extensions to the initial term.
Those landlords who want to retain full control over the management of their property yet require help in selecting tenants; will still enjoy the professional backing of Park & Bailey Lettings.
CONCLUSION
Choosing a letting agent is an important decision, and choosing a managing agent even more so.
Park & Bailey prides itself on experience and technical knowledge. Both our lettings teams and property management department are overseen by a Director. Through an established network of professional contacts, Park & Bailey has the resources to deal with all issues that may arise and to provide whatever assistance is required.
In summary,
You’ve many options for letting your property, but only one real choice….Park and Bailey.