Finding The Right Customer & Making The Most Of Your Property
Upon receiving your instructions to let the property, we will arrange to meet with you. A comprehensive property appraisal will be carried out and your requirements will be discussed. We will cross reference all the information provided with our database of customers looking to rent. To maximise interest in your property we will advertise and market your property in the local press and on our website, utilising our area wide contact network. We will keep you regularly updated on any progress and potential.
In our line of business we come across many properties where the landlord finds it difficult to attract a customer. We have taken some of the most common factors as a guideline to you, to show why some properties remain without a paying customer for months! I’m sure you will agree that properties, which are clean and well presented, are the ones that usually achieve the best possible rent with minimal void loss. Nobody takes a property without first viewing it. The following information will help to ensure your property is looking at its best when prospective customers come to view. There is an adage we feel sums up succinctly what is required here. "First impressions are lasting impressions".
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Legal Requirements And How They Affect You
What is landlord insurance?
Landlords insurance is designed for the protection of property owners who are renting to tenants. A tenant is a person or group who has a rental agreement in place allowing them to inhabit the property. The tenancy agreement will set out your responsibilities as a landlord and often will specify the requirements for you to have the correct insurance in place. Landlord insurance protects you as the property owner from financial losses connected to the rental, such as theft, fire, or weather damage and can be extended to include coverage for things like unpaid rent and malicious damage by tenants.
What is the difference between landlord insurance and standard home insurance?
You may not feel or operate like a business, but by earning money through rent, you are for insurance purposes classified as one. While buildings insurance is standard with both insurance types, home insurance is not always suitable for a property which is let out, nor is it designed for the needs of a landlord. There will be gaps in cover and won’t cover you adequately for the liability, legal and loss of rent options available on a landlord’s policy. Furthermore, renting and not telling your home insurer could invalidate your home insurance. To protect your earnings and your material assets, it’s sensible to choose a landlord insurance policy as soon as you start renting out your property. Ashmore Lettings & Sales are partners with the Alan Boswell Group, who will provide to you, a no obligation, landlord insurance quotation. You can contact Alan Boswell Group direct on the following telephone numbers: 01603 218000/ 01603 967905 or click the button below and follow the instructions:
Housing Act 1988 As Amended By The Housing Act 1996 & 2004
The above act came into force on the 15 January 1989. Amongst the changes the most significant was the creation of the Assured Shorthold Tenancy agreement. In the Housing world this type of agreement is commonly known as a probationary tenancy due to its short life. Under certain qualifying grounds, the landlord has greater powers of possession or upon expiry of the two months notice being served.
Gas Safety (Installations & Use) Regulations 1994
Compliance to the above is non-negotiable as a private residential landlord. Accordingly, any property that has a gas supply connected has to have a gas safety inspection conducted with a certificate issued every twelve months. This is to ensure all pipe work and appliances are safe to use, free from any dangerous emissions as well as meeting regulatory standards. Consequences for non-compliance can result in heavy fines and or imprisonment. For your protection we recommend a current gas safety certificate is included as standard upon occupation by a new customer.
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Consumer Protection Act 1987
The Electrical Equipment (Safety) Regulations 1994
The Plugs And Sockets Etc (Safety) Regulations 1994
Similar to the afore-mentioned gas safety regulations this check is again non-negotiable and is required as standard by regulations. The landlord is obligated to ensure all mains voltage household goods and equipment are safe to use and there is no risk of injury, death or damage to property. Furthermore, compliance testing has to be carried out at reasonably practical intervals. We believe yearly checks are sufficient to meet this requirement. Again for your protection, we will recommend a current electrical safety inspection certificate is included as standard upon occupation by a new customer.
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Taxes Management Act 1980 & Income Tax
All income from property is subject to income tax. If a landlord is overseas, then we will deduct the tax at source unless an exemption certificate is obtained from Inland Revenue. This will then allow for rent payments to be paid direct to the landlord’s account without deductions.
Right to Rent - Immigration Act 2016
The Immigration Act is a new law designed to “further crack down on illegal migration” by making it more difficult for illegal immigrants to work, rent property and receive support in the UK.
It introduces new sanctions on illegal workers and those who employ them, makes the enforcement of immigration laws easier, and introduces new measures to stop illegal migrants getting driving licences or opening bank accounts.
It also puts even more pressure on landlords to make sure tenants have the right to rent, and increases the penalties for those who fail to do so. Guidance on the right to rent checks can be found here on the governments website click here
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