Do I need to let my mortgage lender know if I want to let out my property?
If you decide to rent out your property, you’ll need to let your mortgage lender know. Every lender is different, but typically, most will ask you to pay an additional interest rate, or swap to a Buy to Let mortgage. Be warned - failure to alert your mortgage lender is regarded as a breach of contract.
How much rent will I get for my property?
Your rental income depends on several different factors; such as how many bedrooms you’re offering, the condition of the property, and its location. We’ll carry out a free initial valuation, then provide you with an estimate of the rental rate you could charge, based on the current market.
How much will it cost to let out my property?
There are a few costs to consider when letting your property. For example, you might need to invest money to bring it to standard, and you may be asked to pay a higher rate of mortgage. If you’re working with a letting agent, you’ll also need to factor in their fees too. We take pride in our transparent, easy-to-understand fee structure – click here for more details.
Why should I use a letting agent / property manager?
The responsibilities of being a landlord can be extensive. You’ll need to be on hand to deal with tenant issues, and maintain or repair the property when required. You’ll also have to take care of marketing, vetting your tenants, and collecting rent. A letting agent or property manager can take on these responsibilities for you, which makes life a lot easier.
What happens to the tenant’s deposit?
We’re happy to hold the tenant’s deposit on your behalf (in a designated client account that’s fully bonded by the TDS). Alternatively, you can hold the deposit yourself – but be aware, you’ll need to insure it with one of the Tenancy Holding Deposit Schemes. This is a legal requirement. At the end of the tenancy, the deposit should be returned to the tenant, minus any deductions to cover damage etc.
Do I need to be up to date with all current legislations?
If you hire us to act as property managers on your behalf, you won’t need to worry about the current legislation – we’ll stay on top of that for you. If any legal changes come into force that might affect you or your tenant, we’ll let you know immediately. We need to add in about there are currently 176 laws governing renting your property and that we can guide them through the process
What are my rights once the tenants have moved in?
As a landlord, you have various rights; as does your tenant. For example, if you wish to enter the property, it’s your right to do so, but you must notify the tenant in writing, at least 24 hours beforehand. It’s also your right to withhold deposit money if the property has been damaged, or something needs repairing or replacing. To discuss landlord rights further, get in touch with our team today. What is written in red is not correct landlord is not allowed to withhold any money unless agreed with the tenant or agreed by the TDS if it goes to tribunal
What do I do if the tenant damages my property?
As property managers, we’ll deal with any damage to your property; by liaising with the tenant, arranging repairs, and if appropriate, getting them to cover the costs. In this instance, the law is on the landlord’s side, as it’s the tenant’s responsibility to make good any damage they’ve caused to the home. However, the situation can get tricky if the tenant refuses to comply. In the rare event of this happening, we’ll act as mediators, and advise you on your legal options.
What do I do if the tenant fails to pay their rent?
If the tenant doesn’t pay their rent, the first step is to get in touch with them, as most situations can be resolved with a simple chat. If that doesn’t work, you’ll need to send them a formal letter. The law recommends that you try this three times, before taking legal action against them. We vet all tenants carefully plus we can offer you rent guarantee option, (which greatly reduces the risk of non-payment), and as your property manager, we’re on hand to address any problems if / when they arise.
How do I end the tenancy?
If you’d like your tenants to leave the property, you must provide them with formal notice, written in a specific format. The nature of the notice depends on the type of tenancy agreement you have in place. You can find out more on the GOV.UK website.