Mortgage
If your property is mortgaged, you should obtain your mortgagee's
written consent to the letting. They may require additional clauses in
the tenancy agreement of which you must inform us.
Leaseholds
If you are a leaseholder, you should check the terms of your lease, and obtain any necessary written consent before letting.
Insurance
You should ensure that you are suitably covered for
letting under both your buildings and contents insurance. Failure to
inform your insurers may invalidate your policies. We can advise on
Landlords Legal Protection, Rent Guarantee Cover and Landlords Contents
and Buildings Insurance if required.
Bills and regular outgoings
We recommend that you arrange for
regular outgoings e.g. service charges, maintenance contracts etc. to
be paid by standing order or direct debit. However where we are
managing the property, by prior written agreement we may make payment
of certain bills on your behalf, provided such bills are received in
your name at our office, and that sufficient funds are held to your
credit.
Council tax and utility accounts
We will arrange for the
transfer of Council Tax and utility accounts to the Tenant. Meter
readings will be taken, allowing your closing gas and electricity
accounts to be drawn up. All these matters we will handle for you,
however British Telecom will require instructions directly from both
the Landlord and the Tenant.
Income tax
When resident in the UK, it is entirely the
Landlords responsibility to inform the Revenue & Customs of rental
income received, and to pay any tax due. Where the Landlord is resident
outside the UK during a tenancy, he will require an exemption
certificate from the Revenue & Customs before he can receive rental
balances without deduction of tax. Where we are managing the property
we will provide advice and assistance on applying for such exemption.
The inventory
It is most important that an inventory of contents and schedule of
condition be prepared, in order to avoid misunderstanding or dispute at
the end of a tenancy. Without such safeguards, it will be impossible
for the Landlord to prove any loss, damage, or significant
deterioration of the property or contents. In order to provide a
complete Service, we will if required arrange for a member of staff to
prepare an inventory and schedule of condition, at the cost quoted in
our Agency Agreement.
What is an Assured Shorthold Tenancy?
Most tenancies will
automatically be Assured Shorthold Tenancies (ASTs), provided the rent
is under £25,000 a year and the property is let to private individuals.
Tenancies are usually granted for an initial fixed term of either 6 to
12 months. When the fixed term has expired the landlord is able to
regain possession of the property provided he gives two months written
notice to the tenant. In addition, if the tenant owes at least 2 months
or 8 weeks rent on the property he can apply through the court to seek
a possession order.
