Buy to Let
Taking into account the current economic climate and state of the UK Pensions there has never been a better time to invest your money in property, with the number of people renting at an all time high and with 1st time buyers nearly non existent you will have no problem in finding tenants for your new investment.
Things to consider when searching for a buy to let property
What is your target market? Who will you be trying to attract as a tenant?
If you are looking for a property to rent to professional individuals then you should look in an areas that will suit this type, close to local transport links and amenities is ideal.
Look at the internal condition of the property, we appreciate returns on investment are Important and that is why ensuring the property is in keeping with this era i.e modern kitchen, bathroom, double glazing and neutral décor will ensure the property rents quickly each time a tenant moves on and therefore reducing any loss in rental income.
Think from a tenants perspective in terms of what you would want /expect if you were looking at renting a property yourself.
If you are happy to accept tenants on DSS then you can widen your search in terms of locations being close to train stations etc are not as important factors.
How much time involvement do you want to spend on management?
If you’re happy to deal directly with your tenants when something needs fixing or there’s a problem, that’s fine, but remember that, as far as they’re concerned, you are a full time landlord. As an established letting agent in Southend, we can manage your property for you, dealing with the day to day running and allowing you to concentrate on other things.
More about our property management services
What is required from you as a Landlord
You must ensure all gas appliances are tested by a registered Gas Safe engineer on an annual basis and ensure the tenants receive their certificate.
Any electrical appliances provided must be tested by a competent person such as a NICEIC qualified electrician.
EPC Energy Performance Certificates are required under law to be provided to any new tenancies as from the 1st of October 2008. They last for 10yrs and contractors charges vary in this respect, we are able to arrange for these to be completed on your behalf for £40.
We have over forty years experience locally and understand the importance of peace of mind when renting your own property, receiving your rent on time and knowing the property is being looked after to retain its value.
We aim to take the stress away from our landlords and have strict referencing guidelines to eliminate many of the potential problems from the outset.
Our management service is aimed at alleviating these stresses that landlords come up against on a regular basis and includes;
- Visit your premises on a regular basis to ensure the tenants respect the condition of your property.
- Arranging and looking after day to day maintenance of your property
- Handling your accounts and overseas landlords accounts and tax returns.
- Giving advice to ensure your property achieves its full rental value.
- Protecting Deposits in line with current regulations
- Preparing detailed inventories
- Arranging testing of Gas Appliances by a registered Gas Safe engineer
- Ensuring you have the required Energy Performance Certificate in line with current regulations.
Our fees are calculated as a percentage of the monthly rental income, for a free rental valuation contact our office at firstname.lastname@example.org
Deposit Protection Scheme
The Housing Act 2004 requires provision for both the protection and return of tenancy deposits and the resolution of disputes over their return; Therefore all deposits taken in respect to Assured Shorthold Tenancies must be covered by a tenancy deposit protection scheme, we have selected to use the Deposit Protection Service.
Once we receive payment of your deposit upon signing of your Tenancy Agreement we will forward this amount directly to the DPS under our registered ID number.
Once the DPS have registered the deposit you will receive confirmation directly from them in this respect with a reference number. It is important that you retain this reference number as it will be required at the end of the tenancy to release your deposit accordingly.
Obligations as a Landlord
Landlords have legal Obligations and responsibilities to their tenants and we can ensure that these are met, some of these are listed below.
If you are renting your property you will be required to ensure you have the correct Building Insurance in place and you should ensure you are covered for Public Liability insurance as a Landlord
Make sure the exterior of the property is maintained, the roof and gutters of property are required to be kept in good order and free of debris
Ensure that all gas appliances are tested annually by a Gas Safe registered engineer.
Any furniture provided must comply with fire regulations
Any electrical items provided must be safe and tested by a NICEIC qualified electrician
Provide a Energy Performance Certificate relevant to the property, these are valid for ten years from the date they are produced.
Why use us
We have experience of managing single flats to large portfolios and will ensure that we market your flat to as wide an audience as possible to attract the best tenants for your premises.
We advertise through the local media, online and in the local papers. We also advertise in the top property websites Find a Property, Prime Location and Rightmove in addition to our own website and branch window.
We will ensure we keep you up to date on your legal and saftey obligations as a Landlord and can you help through all aspects of being a Landlord
Guide to letting
Step 1 (finances)
Firstly calculate what you can afford to each month in respect to your rent and then allow for extras costs such as; Gas & Electric, Council tax ( 25% discount if you are renting alone), Water bills, TV License etc
Also bear in mind you will be expected to pay a months rent in advance and a minimum of a months rent as a deposit upon signing your tenancy agreement. Once you know exactly what you can afford to pay then you should start to think about the criteria of what you are looking for
Step 2 (Criteria)
Decide on the factors that are must, outside space, off street parking, etc. Once you’ve complied your list of essentials you can start to think about the luxury items that would be a benefit.
Decide on the areas that are suitable or more importantly the ones that are not, drive around the streets that interest you and get a feel for the area and people that may soon be your neighbors.
If this is a family home then take a look at local school reports www.ofsted.gov.uk/Ofsted-home/
Step 3 (Viewing properties)
We will accompany you and advise you on all viewings but be aware there is a shortage of quality rental properties at the so if you find one you like be ready to act quickly
Step 4 (Making an offer)
Let the letting agent know the details of your offer and make sure you are in the best position to negotiate, have your reference and employment details ready.
Step 5 (Once your offer has been accepted subject to references)
Make sure you complete your references as quickly as possible “link to reference page” to ensure we can confirm the landlords decision. Once all your references are back we can confirm a move in date and you can arrange for a removal van.