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Mintland Properties

A LANDLORD GUIDE TO THE LETTING, MANAGEMENT SERVICE & 3 YEAR RENT GUARANTEE SCHEME

Deciding which Agent to instruct to let your property can for some Landlords be a very daunting prospect.

As a homeowner or Investment Landlord who has taken care and pride in their property, you want to ensure that your Letting Agent will find Tenants that will continue to maintain the property to the highest possible standard as well as pay their rent on time and in full.

As a family run franchised Letting Agent, we operate a careful selection process of all Tenants, and take a personal interest in providing you with the best possible service.

Our staff have both an in-depth knowledge of the Letting market, allowing you to achieve the best possible rental income from your property and the technical expertise to oversee and manage your property for a problem free tenancy.

Whatever your needs, we are sure to have the answer for you. Our Specialist rental valuers and management team are always at hand to provide you with advice at all times

This information brochure will advise you fully on the letting of your property and give you a complete explanation of the range of services we can provide for you.

THE SERVICES

Upon receipt of the signed Letting & Management Terms & Conditions, stating which of the following services you require, we will immediately undertake the following in accordance with your service request.

LETTING SERVICE (Introduction of tenant only)

Our fee for this service is charged at 10% of the annual rent (Negotiable under certain circumstances, please enquire) Please note we do not charge VAT.

  • Inform the Landlords of Safety Regulations to adhere to.
  • Prepare particulars of the property.
  • Market the property for Letting.
  • Accompany all viewing.
  • Obtain full references on prospective Tenants.
  • Prepare the Tenancy Agreement and relevant notices.
  • Collect the first month’s rent in advance
  • Collect security deposit/Bond
  • Advise the Tenants of the procedures for registering   with the appropriate domestic services.
  • Prepare an independent Inventory (optional).
  • Forward signed inventory, copy contract and payment.

FULL PROPERTY MANAGEMENT (In addition to the letting only service)

Our fee for this service is charged at 12.5% of the monthly rent, deducted on a monthly basis. (Negotiable under certain circumstances, please enquire) Please note we do not charge VAT.

  • Arrange for any property maintenance and repairs as per your instructions.
  • Arrange payment of rent to landlord by cash/cheque or paid to nominated account.
  • Carry out quarterly property inspections and report any findings to the Landlord.
  • Liase between Landlord, Tenant and any necessary maintenance companies.
  • Supervise that the Tenant(s) complies with the Terms of the Tenancy Agreement           signed.
  • Review Rental values and administrate renewal of tenancies.
  • Arrange for checkout of the Tenant at the end of the tenancy.

3 YEAR RENT GUARANTEE SCHEME

In addition to the Letting only and Full Management service, we are able to offer landlords a 3 year Rent Guarantee Lease.

This is especially beneficial to those landlords who wish to rent longer than on the usual 6 month/1 year AST. The rent is guaranteed at a fixed amount agreed, and paid monthly for the full 3 year period regardless of the property being occupied or not.

Advantages

  • 3 Years rent guaranteed whether occupied or not
  • Full schedule of conditions prepared at initiation of lease
  • Rent paid monthly in advance
  • No more empty periods as in normal tenancies
  • Property returned back to landlord after 3 years (or renewed for further period) in     same condition (allowing for normal wear and tear)

In our experience, landlords who have bought properties for the sole purpose of using them as long term investment vehicles, prefer 3 year rent guarantee schemes as there is no break in income which is invariably the case with normal Assured Shorthold Tenancies.

Most tenants on Assured Shorthold Tenancies stay for 6 months to 1 year which means that the property has to be re-advertised after this period and invariably leaves a gap between current tenant leaving and new tenant moving in.

This gap can be anything from 1 week or in some cases up to 4 weeks. That is valuable income lost especially if the landlord has regular mortgage/loan commit- ments. 

LANDLORD INFORMATION TENANT REFERENCING

All prospective Tenants are interviewed before being recommended. If accepted, full referencing will then take place where the following references will be obtained where possible.

  • Employers •  Personal reference •  Bank reference •  Copy of driving licence / Passport •  Independent Credit Check •  Previous Landlord (if applicable) •  Guarantor (if applicable)

DEPOSIT

Arrangements will be made to collect a deposit from the prospective Tenant at the start of the tenancy. This is to cover the costs of any dilapidation or damage and for any breach of the Tenancy Agreement obligations by the Tenant.

Unless otherwise requested, the deposit will be passed on to the Landlord (if choosing the Introduction Service) to hold until the expiration of the Tenancy Agreement. As of the 6th April 2007, it has become law that all landlords and agents must register deposits with a tenancy deposit scheme.

The government has appointed companies to administer the scheme. We are currently registered with Tenancy Deposit Solutions Ltd. You can find further information on how the scheme operates by viewing the TDSL website on www.mydeposit.co.uk.

RENT PAYMENTS

The first month’s rental is collected in advance. It is the Landlords’ responsibility to ensure that future rental payments are made/collected if we are providing a Letting Service only.

If you choose the Management Service, the rent will either be paid in to account specified by you or forwarded to you each time the rent is received from the Tenant.

TENANCY AGREEMENT & NOTICES

A Tenancy Agreement will be prepared for all Tenants to sign before moving into the property.

The Assured Shorthold Tenancy Agreement will include comprehensive terms for the Tenant(s) to adhere to. In case of a company let, then the relevant Company Agreement will be drafted as with an Assured Shorthold Tenancy.

The standard Notice for possession will also be drafted to bring tenancy to an end at its expiry.

INVENTORY

An inventory should be prepared to ensure that all items of furniture, fixtures and fittings left at the property are recorded and their condition noted.

The Tenants’ deposit will be held against any damages or excess wear and tear shown against the inventory and for any outstanding utility bills.

It is advisable at this time to also take any meter reading for both your own and the Tenants’ peace of mind.

The inventory can be provided by the Landlord or by us (an additional charge is levied for this service).

LANDLORDS’ CHECK LIST MORTGAGED PROPERTIES

It is usually one of the conditions of your mortgage that you apply for permission to sub-let the property. You must notify your Building Society or Bank if the property you propose to let is mortgaged. (This is done by the landlord at his/her own discre- tion. Mintland will not ask for proof that permission has been sought)

We also recommend that your insurers are advised of your plans as they too may need to alter your policies to cover a third party residing at the property. We can recommend specialist insurance companies which deal with insurance cover for rented properties.

LEASEHOLD PROPERTIES

It is wise to check that if the property is owned on a leasehold basis you confirm with the freeholder that there are no restrictions or covenants, which prevent you from letting the property or which the Tenants must adhere to in addition to the Terms & Conditions of the Tenancy during the Tenancy period.

 

 

NON-UK RESIDENT LANDLORD(S)

If you are going to reside outside the UK we are bound under the Taxes Manage- ment Act 1970, Sections 78 and 83 to assess you at the basic rate of income tax (variable) due from rents we collect on your behalf if you are not ‘Self assessing’ your own Tax. If you will be residing abroad, then you may be entitled to an exemption from the Inland Revenue.

We should receive a letter of confirmation from your Accountant and Tax Office confirming that they accept liability for payment of your tax. (Please see your Accountant for self-assessment advice).

KEYS

It is important to have several keys cut for the property, enough for each adult - Tenant due to move into your property plus a set for our Management Department (if applicable) for security and access if so required. We will be happy to undertake this on your behalf, with the cost being deducted from any payment due to you.

LEGAL COSTS

Should the Landlord decide to proceed with any legal action against the Tenant for any reason, the Landlord will be responsible for this action plus any necessary costs incurred. For managed properties, assistance will be given to the Landlord with regards to documentation and administration with reference to the tenancy.

TRANSFER OF SERVICES

Utility providers will only accept information from their subscriber and not from a third party, for this reason, please arrange for the transfer to any utilities on the date the Tenancy commences; in most circumstances, meter readings can be supplied to them over the telephone. We advise not to have the supplies disconnected as this invariably causes delays in the contract.

A forwarding address for your closing accounts must be provided – we will not forward mail. For your reference, the following should be informed as a matter of course; failure to do so my result in you having to pay another persons bill. Gas & Electricity                          Water Rates                     Council Tax

TELEPHONE

If there is a break between subscribers, there may be a charge to reconnect dependant on the length of time that the service has been disconnected.

MAIL REDIRECTION

The Post Office offers a service to redirect your mail, which we recommend you arrange prior to vacating the property for the term of the tenancy. You should also inform your bank, employers, friends and family who are likely to write to you and inform them of your new address.

REGULATIONS

Whether requiring a Letting, Management or 3 year Rent Guarantee service, Land- lords have the ultimate responsibility for the safety of both the Tenant(s) and their own property during the tenancy.

The following regulations must be adhered to without fail by the Landlord and As Agents, we must ensure that they are carried out.

FURNITURE & FURNISHING (Fire Safety Amendment)           Regulation 1994

All soft furnishings such as settees, sofas, beds, padded chairs and so on must comply with the Fire Restriction requirements contained within the regulations.

Items of furniture made prior to 1950 are termed as antiques and as such are excluded from the regulations.

Usually a label is attached to the item of furniture to confirm it is acceptable. We will at all times check your furniture and advice you accordingly to the best of our ability.

GAS INSTALLATION (Safety & Uses)           Regulations 1996

All gas appliances and installations within the accommodation must also be checked, on an annual basis, by a qualified CORGI engineer, for its safe use.

This includes such items as gas fires, gas central heating systems, gas cookers and other gas appliances. It also insists that flues and chimneys are clear of obstructions and are in the correct place.

A certificate must be issued by the engineer and a copy presented to the Tenant at the start of any Tenancy.

Any items that fail to comply with the regulation must be fixed or removed immedi- ately.

We are happy to arrange for this work to be carried out in your behalf with any costs incurred being deducted from any payment due.

THE ELECTRICAL EQUIPMENT (Safety)       REGUALTIONS 1994

These regulations require that all electrical equipment left at the property must be ‘safe and of no risk or injury to human or animal’.

Flexes, fuses and electrical outputs are checked to be safe and correct. Items that must comply are all portable items and include electric cookers, fridges, washing machines, tumble dryers, kettles, toasters, heaters etc.

As agents, we cannot guarantee which items are safe and recommend that a quali- fied electrician attends to this. This can be carried out by your own electrician, for which you will be charged, or alternatively we will arrange for this to be done, with any cost incurred being deducted from any payment due.

 

Important Note: This is only a brief guide to the regulations. Further information can be provided by asking a member of staff.

Terms & Conditions of Business This brochure has been compiled as a guide to Landlords and does not form or is in any way a substitute to our Terms & Conditions of Business.

MINTLAND PROPERTIES thank you for taking the time to read this brochure; we hope that this has been of help to you. We will endeavour to answer any additional questions you may have and look forward to dealing with you in the very near future.