Information for Landlords
As a Landlord you have a number of objectives, but most importantly your property needs to be well looked after and maintained in order to maximise its market potential and to protect your investment.
At Millsopps, our experienced lettings agents will help you to maximise your rental return, whilst minimising the stress involved. They will ensure you have all the information you need, including details on Consent to Let and Landlord Obligations.
Millsopps appreciate that different clients have different requirements, so have designed a flexible three-tier service approach, which includes:
By tailoring these services, we are able to meet your individual needs. Furthermore, we pride ourselves on our rigorous approach to Tenant Referencing and selection to help ensure your investment is in good hands.
Service Level 1 - Full Management Letting
Managing a property and dealing with the various issues that arise can be both demanding and time consuming. Our Full Management lettings service is a cost-effective way to take care of everything.
In addition to the administrative and practical advantages many corporate and private Tenants are now insisting on a fully-managed property for their own peace of mind. A well-managed tenancy is more likely to be renewed.
Our services:
- Marketing your property including:
- Accompanied viewings
- Local newspaper advertising
- Specialist internet advertising including internal photographs
- High profile To-Let boards
- Tenant selection, introduction and referencing
- Collection and Transfer of rents
- Detailed Monthly Statement
- Preparation of Tenancy Agreement
- Preparation of photographic inventory and schedule of condition
- Arranging routine repairs and maintenance
- Quarterly property visits and reports
- Arranging the annually required gas safety record
- Payment of property related out-goings
- Notifying utilities at the beginning of the tenancy
- 24 hr Emergency Maintenance call out service
- Deposit Protection Scheme
- Optional inclusion within our Rent Guarantee and Legal Cost
Professional Fees
These are worked out on a case-by-case basis with the local Millsopps branch. The initial setting-up fee is payable upon commencement of a new tenancy and the amount charged depends upon the level of services required. This will be discussed during your initial consultation.
Service Level 2 - Tenant Find Service
This is a straight-forward, popular service suitable for clients who simply require us to find appropriate Tenants and complete the legal documentation. After which clients undertake the management of their own property.
Our Services
- Marketing your property including:
- Accompanied viewings
- Local newspaper advertising
- Specialist internet advertising including internal photographs
- High profile To-Let boards
- Tenant selection, introduction and referencing
- Preparation of Tenancy Agreement
- Managing the commencement of your let and any subsequent extensions
Service Level 3 - Rent Collection
This service is similar to the ‘Tenant Find‘ service, the principle difference being that we receive the rent, pay-out to the landlord on a monthly basis and will chase outstanding rent.
Tenant Referencing
Tenant referencing is vital for selecting the right Tenant and assisting a successful let. At Millsopps we take a rigorous approach and use the services of top referencing agencies to ensure an objective assessment. As part of the procedure the following are checked:
- Credit score
- Bankruptcy CCJ/Court Decree
- Anti Fraud check
- Report on detrimental credit history including undisclosed addresses
- Employers references
- Previous employers reference
- Affordability calculator
Consent to Let
Before marketing a property, Millsopps Lettings will need assurance that the Landlord has received Consent to Let from all relevant parties.
Insurance
Landlords must notify their insurance company so that they can be advised of any additional cover that is required. Failure to do so may result in a policy being void. Millsopps Lettings require a copy of the insurance policy before a let can proceed.
Not every Landlord will require the same level of cover and to reflect these differing needs Millsopps offer a wide range of insurance products through Homelet. We are happy to take you through the options as part of our service.
Leasehold property
If a property is leasehold, permission to let may be required from the freeholder. In order to establish this information, the title deeds and original head lease need to be checked. If in doubt, the managing agent should be contacted for the information.
Mortgage
If the property is subject to a mortgage, Landlords must obtain consent from their bank or building society in order to gain consent to let.
Landlord Obligations
As a Landlord you have certain legal, safety and tax obligations which must be strictly adhered to. We outline them below for your information:
The Furniture and Furnishings (Fire Safety) Regulations 1993
This regulation applies to the following soft furnishings: sofas, beds, bed heads, children‘s furniture, garden furniture suitable for use in a dwelling, scatter cushions, stretch or loose covers for furniture or other similar items.
The regulations do not apply to: curtains, carpets, bed linen (including duvets and mattress covers).
All furniture manufactured after March 1990 is likely to comply, however if labels are not attached to the furniture, compliance is in doubt and the item cannot be left in the property.
The Gas Safety (Installation and Use) Regulations
These regulations came into force in 1994 to insure that gas appliances are safely installed and maintained, to avoid the risks of carbon monoxide poisoning. It is the responsibility of the Landlord to ensure that all gas appliances and gas installation pipe work owned by them are checked for safety at least once a year by a CORGI (Council for Registered Gas Installers) plumber. In addition, accurate records of the safety inspections and any work carried out must be kept. A current safety certificate must always be available for the Tenant prior to them taking occupation of a property.
Faulty equipment can lead to death and a conviction of unlawful killing on a Landlord. Under the regulations, any appliance that does not conform can be disconnected.
The Electrical Equipment (Safety) Regulations 1994
The above imposes an obligation on Landlords to ensure that all electrical appliances within the let property are safe. Cabling, fuses and plugs should also be inspected and, as necessary, replaced to ensure the correct rating for that appliance.
Other legislation covering electrical installations is currently in force and we strongly recommend that all appliances are regularly checked and serviced.
The Building Regulations 1991 - Smoke Alarms
The above act required that all properties built since June 1992 must be fitted with mains operated inter-linked smoke detectors/alarms on each floor. Similar regulations regarding properties built before this date do not exist, however we recommend that smoke alarms are fitted in all let properties and are regularly checked.
Council Tax
Whilst your property is rented, the Tenant is responsible for paying Council Tax. The Landlord is responsible for paying it between tenancies whilst the property is vacant. Discounts are applicable subject to the status of your property. Any further queries related to this should be directed to your local council tax office: http://www.direct.gov.uk/
Tax Implications and Deductible Expenses
The income Landlords receive from renting out their property is subject to UK tax and the amount payable is dependent on whether you reside in the UK or overseas. We recommend that you notify the Inland Revenue to discuss your tax situation. Further information can be found at: www.hmrc.gov.uk/cnr/nr_landlords.htm
Landlords may be able to reduce their liability via deductible expenses that could be used to reduce profit derived from property income. This includes insurance, ground rent, repairs and maintenance, legal and accountancy charges, lettings agent‘s fees, loan interest, unused ‘personal allowances‘.
