THE RENTING PROCESS
Latham Smith are your local, independent letting specialists, built on a desire to offer exceptional customer service and the highest industry standards, whose clients know that they are dealing with a company they can trust and whose integrity is all important. We want to make the lettings process as straightforward as possible. To do this we will require some information and paperwork from you. This include:
- We require a copy of your land registry title deeds for the property you intend to let. If you do not have these, we can obtain on-line for a minimal charge.
- If the property is mortgaged, we require a ‘consent to let’ approval letter from your mortgage provider.
- If your property is a leasehold property, rather than a freehold (usually flats or apartments), you must:-
- Ensure you are allowed to sublet
- The intended letting period is within the dates that the leasehold is held
- Your leaseholder gives written permission prior to sub-letting, a copy of which we require
- You provide us with a copy of your lease agreement, so we can forward to your tenant along with the signed Tenancy Agreement that we will provide
- You will need to pay directly to the leaseholder any subletting fees and charges
- We require an Energy Performance Certificate (EPC)
Since 1st October 2008, under the Energy Performance of Buildings 2007 (amended 2011) all rental properties in the UK & Wales are required to have an Energy Performance Certificate (EPC) prior to letting and even prior to advertising the property. Once obtained the EPC remains valid for 10 years, regardless of how many changes of tenant you have. We are more than happy to arrange this on your behalf.
Do you live abroad for 6 months or longer per year?
If yes, you require Inland Revenue approval in order to carry out your own tax returns. Simply visit the Inland Revenue website and complete the online NRL1 form. Do note, that when your tenancy commences if we have not received the required approval, we will withhold 20% tax and pay over to the Inland Revenue on a quarterly basis on your behalf. If you have instructed us on a let only basis, we will advise your tenant that they must deduct this money from the rent they pay and pay to the Inland Revenue when required. For your information, the tax quarters currently end 30th June, 30th September, 31st December & 31st March.
If you do not wish to get approval, or are not accepted on to the scheme, Latham Smith will make an annual administration charge of £360.00 inc VAT for forwarding monies on your behalf to the Inland Revenue.
We require a copy of your building insurance cover
This must include third party liability, occupier risks and public liability, as well as to cover furnished lettings if applicable. You should also provide your tenants with a copy of this policy document so they are secure in knowing their home is fully insured.
We will discuss your options for deposit holding.
At this time, all Assured Shorthold Tenancies (AST’s) must be logged in a secure tenancy deposit scheme. Legislation does not currently apply to Non-Housing Act Tenancy Agreements, which include:
– Tenancies with a resident landlord or if this is not the Tenants only home
– Company tenancies
– Tenancies with an annual pure rent of over £100,000 or less than £1000 per –annum.
As all client money including security deposits need to be held in a ring fenced client account, we are more than happy to hold this in our deposit account for non-housing act tenancies.
We will arrange for a professional inventory & check in report
We strongly advise that you utilise this service as it will almost certainly save you time and money in the long run.
Further Landlord Information
As a landlord, you are legally obliged to inform us of anything that could affect your tenants, as per the Consumer Protection Act 2008. Examples are; planning applications on the rental property or in the locality that could affect your tenants, if there is no parking near the property or if somebody recently died in the property etc. Latham Smith cannot accept any responsibility for undisclosed issues that may arise from not advising us with full information.
As a landlord you must keep the property in good order and repair. You must comply with strict guidelines and safety legislation governing gas, electricals, carbon monoxide, Legionella and furnishings. If you fail to adhere to the legalities and there is an accident or death, hefty penalties, including prosecution for manslaughter, may be brought against you.
You must ensure the property is in good order outside as well as inside and fit for human habitation. It is your responsibility to ensure that the elements detailed in the Housing Act legislation are complied to in full. These include such responsibilities as repair, freedom from damp, ventilation, water supply, drainage, disposal of waste water etc.
Due to the many potential legislative pitfalls, you may want to consider instructing Latham Smith to fully manage your property so you can relax and know that your property is in safe hands.
Call us today for advice, information or to arrange a valuation of your property.