The lettings market is extremely strong and finding the right tenant shouldn't be difficult whatever the time of the year. Please consider tailoring the property in a way that will appeal to them. However, it is important to remember to keep your property flexible and decoration neutral to prevent alienating other types of individuals who may be thinking of renting in your area.
What rent should I charge?
Parry & Drewett will visit your property free of charge to give you a realistic price of the likelihood of the achievable rent. We will naturally give you advice of possible upgrades to the property so to maximize the rent.
What references and checks need to be done on my prospective tenants?
It is crucial that prospective tenants are put through a rigorous referencing process in order to filter out anyone who intends to use the property in an illegal fashion or are unable to afford the rent. With increasing exposure to habitual fraudsters, identity theft and other potential issues, Parry & Drewett will carry out thorough tenant background checks, tenant screening and tenant verification which will decrease significantly the chance of having an unsuitable tenant residing in your property. With these checks implemented, Parry & Drewett will always aim to have a successful let.
Parry & Drewett can also provide rent guarantees and other insurances. Please speak to a member of staff for more details.
Parry & Drewett will provide a tenancy agreement which needs to be signed by both parties before the tenancy can commence.
A deposit of 5 weeks rent is normally taken when a property is let.
What happens with the tenant's deposit?
Landlords must protect their tenants' deposits using a TDP scheme if they have let the property on an assured shorthold tenancy (AST) which started after 6 April 2007.
Landlords must use one of the three approved TDP schemes to protect tenants' deposits where these conditions apply.
Parry & Drewett currently uses the Tenancy Deposit Scheme (If you don't protect your tenants' deposits when required to, your tenants can take you to court and you may have to repay them their deposit plus three times the amount of their deposit. You will also be unable to seek possession of your property in certain circumstances.
What happens when the agreement comes to an end?
If your tenant wishes to vacate at the end of the term we will re-market the property in the last two months and secure you a new tenant so reducing gaps to a minimum
Will I have to pay tax on my letting income?
All rental income is taxable but it all depends on your personal financial circumstances. Please check with your Accountant or HMRC. In the case that you are residing outside the UK for more than 6 months, it is paramount that you register with the Inland Revenue for the "Non-Resident Landlords (NRL) Scheme" Failure to do so will result in us having to deduct tax until confirmation from the NRL is received.
Legal requirements that you must carry out before the commencement of the tenancy
Gas safety certificate
It is a legal requirement to provide a gas safety certificate on all gas appliances and pipework to make sure this meets the required safety standards. This is required annually and Parry & Drewett will be able to arrange this by one our Gas Safe engineers
In most cases, there will be a detailed Inventory and Schedule of Conditions for each property. An independent Inventory Clerk will be instructed to conduct a 'check-in' appointment at the commencement of the Tenancy, the cost of which will be met by the Landlord. The Inventory Clerk will also perform a 'check-out' appointment at the end of the Tenancy, the cost of which will also be borne by the Landlord. The cost of this can vary dependent on the size of the property. The Inventory Clerk will endeavour to provide you with meter readings both at the check-in and check-out appointments.
If you are letting you property furnished then it is an offence to let a property with any furniture or furnishings that do not comply with safety regulations. All furniture in properties that are let as 'furnished' must now by Law comply with BS Standard regulations.
It is a legal requirement for all properties to be fitted with a smoke alarm. If your property is built after 1992 this must be mains operated
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