This regulation requires a Landlord to ensure that all gas fittings and flues are maintained in good order, and gas appliances and flues are checked for safety once in a period of 12 months. This must be done by a CORGI registered engineer and the certificate issued to existing tenants and any new tenants before they move in.
The Electrical Equipment (Safety) Regulations 1994
This regulation requires that any electrical appliance supplied must be safe. Where their safe use requires, appropriate instruction booklets must also be provided. Unlike the gas safety regulations, there is no statutory annual testing interval. Yet, in order to meet the requirements, it is still important that all electrical equipment be tested regularly.
Part P of the Building Regulations (introduced January 2005) require all electrical works to be performed in accordance with regulations and certain works (particularly with regard to kitchen and bathroom electrics) must be undertaken by an NICEIC approved contractor. Please ask for further details or see www.niceic.org.uk/partp/partpknow.html
Smoke Detectors Act 1991
The Department of Environment introduced new regulations which require any new building (built after June 1992) to have smoke detectors installed. Whilst not yet a legal requirement for other properties, we feel this legislation will soon follow and Landlords can still face serious claims in the event of a fire. We would therefore strongly recommend Landlords to install smoke detectors.
Marketing Your Property
Your property will be marketed to local, national, and international businesses, Relocation Agents and private applicants. The property details will feature on our web site allowing anyone in the world to access the information.
The nature of the agency business determines that the duration of this process can vary greatly according to market conditions and demand for particular property-types prevalent at the time of marketing.
We are very conscientious regarding finding quality tenants but we also recognize the importance of good applicant/tenant relations. Our company policy also differs in our approach to applicants, who tend to be given short shrift from other agents.
When a suitable tenant is found we will negotiate the terms of the tenancy (price, term, inclusions, exclusions, special clauses, break clauses, options to renew, deposits, etc, etc) and apply for references prior to drawing up the Tenancy Agreement. Needless to say, this process varies greatly in many instances so please call us to discuss any permutations and 'what-if' queries you may have.
References
References (for private and company applicants) are taken via a professional referencing and credit check company (MARAS - the Managing Agents and Referencing Advisory Service). References returned as 'Grade A' are considered as acceptable and we will discuss with you any references not issued with this rating. You will also be issued with a quotation for Rent Guarantee Insurance from the Reference Agency for extra peace of mind.
Tenancy Agreement
The Tenancy Agreement, once signed by both parties (i.e. Landlord and Tenant), is a legally binding document and if you are in any doubt over its contents please refer to us or your solicitor. We utilise our own Tenancy Agreement except in the instance of a company tenant or Relocation Agency stipulating that their own Agreement is used. In this instance you will still be able to consult with us regarding any queries you may have.
The Agreement (for private tenancies this will usually be an Assured Shorthold Tenancy Agreement) will detail the duration of the Tenancy, rent due, rent payment dates, inclusions, exclusions, any clauses mutually agreed beforehand (such as inclusion of gardening services, break clauses etc), as well as many 'standard' clauses required for the type of Tenancy involved.
Inventories
It is in everyone's interest to have a full Inventory and Schedule of Condition report at the beginning and at the end of the tenancy, no matter whether the property is furnished or unfurnished.
We will always employ a completely independent, professional Inventory Clerk to perform this task with aim of avoiding any disputes regarding the condition and contents of the property pre and post tenancy. The inventory is a detailed document which will highlight not just the contents of the property, but also the condition and cleanliness of a property and its contents prior to the commencement of the tenancy. It is therefore a very good idea to have the property in the best possible shape prior to letting - a tenant will only be expected maintain a property in the condition in which it is found.
First Month's Rent and Deposit
This will be collected by us from the Tenant prior to the commencement of the Tenancy. The deposit is the equivalent of one and a half months rent and is held in our fully bonded and audited Clients Account on behalf of the tenant. We hold the deposit as ‘Stakeholders’ which means that, at the end of the tenancy, agreement must be reached between Landlord and Tenant regarding the amount (if anything) to be witheld from the deposit for damages, breakages, cleaning etc. – the Inventory Check-out Report here is vital in order to give a fair and impartial account of the condition of the property at the end of the tenancy.
Any person or company wishing to receive a deposit from an assured shorthold tenant must, by law, be registered with one of the three approved deposit scheme administrators. We are members of the Tenancy Deposit Scheme run by The Dispute Service Limited and will hold deposits, and handle disputes over deposit deductions, in accordance with their regulations (please see our Terms and Conditions for full details or www.thedisputeservice.co.uk).
Utilities
We will arrange for the transfer of utilities (except telephone) into the tenants' name, with the starting meter readings as taken by the Inventory Clerk. Please advise us of the names and addresses of the relevant companies in order for us to do this.
Insurance
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Landlords should ensure that their buildings and contents are adequately insured. The tenant will be responsible for insuring their own belongings but you should maintain contents insurance of any contents you are leaving at the property.
We are able to offer Landlords comprehensive Buildings and Contents insurance cover, specifically designed for rented properties, through HomeLet (backed by Group AMA). Full details are available on request.
Our Services
Our service can be tailored to suit your needs but the main thing for you to decide is whether or not you require the agent to manage the property during the term. Our
'Let Only' service will normally cease when the tenant has moved into the property though we still like to remain in frequent contact with our Landlords and Tenants to answer any queries they may have.
The 'Managed' service is suitable for Landlords living abroad or in another part of the UK, or for those who simply don't want to be involved in the day to day management of the property (ie arranging repairs, collecting rent, arranging cleaning or other remedial work at the end of the Tenancy etc.). Please see our Terms and Conditions for full details or contact us to discuss your specific requirements.
Inspections
Our management service includes quarterley inspections of the property during the tenancy. This is a general inspection and not an 'item by item' check through the inventory and also gives the tenant the opportunity to raise any queries with us. Should there be any areas for attention by the Tenant, we will advise them accordingly and make a repeat inspection.
Please see our Terms and Conditions for further details.
Renewing the Tenancy
About two months prior to the end of the Tenancy we will write to the Tenant asking if they want to renew (subject to the Landlords approval). If they do we will then ask the Landlord for approval and negotiate any rent increase and supply the relevant paperwork to each party.
If the Tenant intends to vacate at the end of the term we will contact the Landlord to confirm that the property should be re-marketed for letting.
TAXATION
It is likely that you will require the services of an accountant to assist in the declaration of your property income, especially if you are to be resident overseas.
Income Tax
Income from property is taxable at standard rates, though your expenses in letting the property are generally tax-deductable (these often can include mortgage interest payments, but will exclude capital expenditure, such as furniture/appliances etc.). The situation obviously varies with individuals circumstances so please consult us with any queries (or we can refer you to an accountant).
Non-Residents
If you are to be resident overseas you must complete an Inland Revenue NRL1 form (available from us) to enable an agent (whether professional or not) collecting rent on your behalf to transfer this rent on to you without deducting tax at basic rate.
Please ask us for more information.
Capital Gains Tax
Again the position varies according to circumstances and we recommend an accountant is consulted for the correct advice.
In Conclusion
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Letting your property, whether it be an investment property, or your home, can be a successful and profitable exercise.
Wilkinson Estates want to help you achieve the most from your property and give you the best advice available. This will give you peace of mind that probably your most valuable asset is being marketed, let and (where applicable) managed to the highest standards by a friendly team dedicated to their job.
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We hope to be of assistance to you in the near future.
Property Investment
Wilkinson Estates specialise in the sourcing, negotiation for, and purchase of UK residential property on behalf of private and business investors worldwide.
We offer independent, honest advice on all property matters, according to the clients needs, whilst maintaining complete confidentiality.
The primary aim is to maximise the potential of the clients investment by careful choice of property, effective negotiation for the purchase and prudent letting and management. With our assistance we can help ensure that your property investment is a highly successful endeavour.
One of our primary objectives has always been to differentiate ourselves from other letting agents by providing a service to Landlords that is second to none. Our aim is to completely satisfy the clients requirements in order that we may forge a long and lasting relationship during the time that a property is let.
