Guidance Check List for Landlords Preparing to Let a Property
Organise an Energy Performance Certificate
- All properties marketed must have a valid EPC (Energy Performance Certificate).
- Certificates last 10 years.
- Martin & Wheatley Limited can arrange this on your behalf if requested.
Advise your Mortgage Company that you intend to let your home
- You must have consent from your mortgagee to let the property.
- Many tenants will ask for evidence of it and your tenancy agreement will state that you have consent.
Land Registry Title Number
- Please advise Martin & Wheatley Limited of this at your earliest convenience.
- Information available at www.landregistry.gov.uk.
Copy of Head Lease (if applicable)
- If you have a leasehold property then your tenant will need to be supplied with a copy of the head lease and any relevant sections within it that they have to adhere to.
- Your managing agent or freeholder may be able to provide this.
- You may also need to gain consent from your superior landlord or managing agent to let the property.
Copy of Restrictive Covenants (if applicable)
- Your freeholder or private resident association may have covenants that restrict the tenant.
- These need to be made available and should be attached to the tenancy.
Advise Buildings and Contents Insurers
- You should advise your insurers that you intend to let the property.
- Your tenants will need to see a copy of the insurance schedule.
Organise Gas and Electrical Safety
- All tenanted properties must have an annual gas safety check carried out and electrics must be safe.
- Martin & Wheatley can arrange this on your behalf if requested.
- NOTE: This does not need to be done until we have found a tenant for you.
Smoke Alarm
- Ensure there is at least one smoke alarm on every floor of the property and a carbon monoxide detector fitted near to the boiler.
Legionnaires Assessment
- It is necessary for landlords to carry out a risk assessment to determine whether there are any potential sources of exposure for occupants.
- The landlord can employ the services of a specialist company to carry out the risk assessment.
- However, should the landlord wish to carry the risk assessment out himself he should consult www.hse.gov.uk.
Arrange a Professional Clean
- This is a standard requirement for all tenancies and is vital to get your tenancy set up correctly.
- It should be carried out a few days before the tenancy start date.
- Martin & Wheatley can arrange this for you if requested.
Keys, Remote Controls
- Arrange extra sets of labelled keys, gate fobs, garage remotes etc. for tenants.
- We recommend providing 3 sets of keys.
- Where we manage the property then we should also have a set of keys.
Post
- Ensure all post is forwarded to your new address.
- This can be set up with the post office.
Gardener
- Notify gardener that a tenant will be occupying.
- They should introduce themselves to the new occupier and confirm convenient days and times for access.
Overseas Landlords
- Where you are a resident outside of the UK you will need to register with the Inland Revenue for tax exemption.
- Martin & Wheatley are legally required to withhold tax at source until we are in receipt of a tax exemption certificate.
- You will need to fill out an NRL1 and more information can be found here.
Parking
- Please ensure it is made clear to the tenants which garage or allocated parking space is designated to your property.
Utilities
- You should advise your utility suppliers (gas, electric, water, council tax) that you are moving and provide them with relevant meter readings.
- Keep a note of these along with any account numbers.
- Where we manage the property, we are able to transfer these for you. However we cannot deal with telecommunications, satellite or cable providers.
Services and Fees
- The following is a basic outline of our services provided and related fees.
- Full written details of our services are given in our terms and conditions which are available on request.
Let Only and Rent Collection Services
- Arrange a market appraisal
- Advise current market conditions, rents, any beneficial works
- Advertise on-line and in press where requested and appropriate
- Erect a To Let board
- Carry out viewings, introduce applicants, encourage offers and present them when received and appropriate
- Carry our referencing where required
- Prepare Tenancy Agreement where required and subject to fee as listed
- Obtain and hold a deposit as stakeholder or as stated in Tenancy Agreement, for duration of contract
- Demand Rent and monies due from tenants
- Submit statement to landlord via email in accordance with rent schedule
- Withhold tax for overseas landlords until we receive tax exemption certificate
Let Only and Rent Collection Commission
- If we are instructed to let and collect the rent for the premises, then a Commission Percentage being 12% incl. VAT of the gross Rent, premium or other money payable throughout the initial fixed Term and any continuation, extension or renewal of it.
Management Services
In addition to the services as detailed above in Letting and Rent Collection we will, in normal course of business, do the following:
- Carry out day-to-day repairs and pay for them from rents, floats or monies supplied by landlord
- Visit the property periodically (usually every 6 months) and provide a general report on condition
- Subject to sufficient funds held on behalf of landlord pay bills relating to the property
- Arrange maintenance contracts where requested
- Notify services and utilities of occupancy changes
- Arrange gas safety records and other legislative obligations
- Negotiate deposit returns at end of tenancy or until parties agree to referral to TDS
Letting, Rent Collection and Management Commission
- If we are instructed to let and manage the premises, then our Commission is a total of 18% incl. VAT of the gross Rent premium or other money payable throughout the initial fixed Term and any continuation, extension or renewal of it whether fixed Term or periodic.
Management Only Service Commission
- Where a tenant is found by the landlord or already in place and we are instructed just to manage our fees are 7.2% incl. VAT of the gross rent.
Short Term Lets
- Where we negotiate for the landlord a Short Term Let of up to 6 months our let only and rent collection service will be 18% incl. VAT and fees for Fully Managed are 24% incl. VAT.
Sales Commission
- Where a tenant or any other person who has been introduced to the property by the Agent or the Tenant purchases the property, a commission of 1.8% incl. VAT of the purchase price is due to the agent.
Additional Services
The following services are in addition to the above and subject of an additional charge:
- Preparation of our standard Tenancy Agreement is £250 incl. VAT.
- Memorandum of Agreement prepared for extending a Tenancy including a Rent review. £120 incl. VAT.
- Visits during a void period using our caretaking service will be £50 incl. VAT for one visit each week during office hours.
- Supervise the partial or total refurbishment of the Premises for a fee of 12% incl. VAT of the total cost of the work but subject to a minimum fee of £500 incl. VAT.
- The administration fee for membership of the Tenancy Deposit Scheme (“TDS”) is £30 incl. VAT per tenancy paid annually in advance.
- Preparation of documentation for County Court proceedings or TDS/mydeposits/DPS adjudication will be £120 incl. VAT plus our reasonable costs and expenses.
- Attendance at court or any tribunal on your behalf will be charged at £120 incl VAT per hour plus our reasonable costs and expenses.
- If requested the cost of advertisements in specialist publications, preparation of brochures detailing the particulars of the Premises including photographs (where applicable) may be subject to an additional charge. Full details will be provided on request.
