Landlord FAQ

Q. I have a property I’d like to let, do I need to tell my mortgage provider?
In short, yes. The mortgage you have on your current property will be for residential purposes and if you’re going to let it out the chances are that your mortgage provider will either seek to impose some specific restrictions or amendments to your agreement, or they’ll advise you to seek a buy-to-let (BTL) mortgage instead. You definitely need to seek advice from your mortgage company before you start anything else.

Q. How much does it cost to rent out my property?
It really depends on the level of service you need. We’d recommend having a management company in place that can find your tenants for you and then manage things such as maintenance, rent payments and other admin work that typically isn’t covered by the landlord. The best thing to do is to phone us at Your Property Solutions.

Q. What are my obligations to the tenant?
First and foremost you need to ensure that their deposit is protected with an approved Tenancy Deposit Scheme. The law dictates that their money must be held somewhere that is protected in order to resolve any disputes that may arise at the end of the tenancy or things such as rent defaults and damage to the property. It works both ways, with you having legal protection should you need to retain their deposit. You’ll also need to have the tenants sign an inventory of all the white goods, fittings and other features of the house so that, at the end of the tenancy, you have recourse to withhold their deposit should they damage your property.

You will also need to ensure that all gas and electrical appliances are tested to make sure they are safe and in working order before you can rent the property to protect your tenants’ safety. If you’re going through a good and reputable letting agent they should be able to take care of this for you. Further to this you must allow your tenants the right to a peaceful enjoyment of the property, meaning that inspections and other visits to the property are done at reasonable times with plenty of notice.

Q. What is an EPC?
An Energy Performance Certificate, or EPC for short, is a report detailing the energy efficiency of a property. It gives a property an energy efficiency rating from A (most efficient) to G (least efficient) and is valid for 10 years.
All landlords are required to purchase an EPC for a property before they let it and, from 1st April 2018, the property must have a minimum rating of E on its EPC. It will be unlawful to rent a property which breaches this requirement with a penalty of up to £4,000.

We do hope that these answers have been helpful but as always if you have further questions please contact us for further information.

 

Lettings FAQ

Q. When can I view?
We usually need 24 hrs notice to arrange viewings in properties which are already occupied. If the property is vacant, we may be able to view sooner (diary permitting).

Q. How quickly can I move in?
The process from viewing to check in takes 7-10 days on average

Q. What references will I need?
We will undertake a credit search, an employment/accountants reference, a current Landlords reference (if applicable) and a bank reference.

Q. How do I know if I qualify?
You must have clear credit, be able to provide a good Landlords reference (if you are currently renting), have a UK bank account and be in receipt of an annual household income of 30x the monthly rental.

Q. What happens if I fail referencing?
All is not lost, you can look at the option of paying a lump sum of rental in advance, or proceeding with a guarantor. Ultimately, the Landlord can override the referencing if he/she feels it's appropriate.

Q. Who can be a guarantor?
Anyone can be your guarantor provided they can satisfy the referencing criteria as set out above. You can only have 1 guarantor per tenancy. Your guarantor will need to sign the tenancy agreement and will be legally bound by all terms contained therein.

Q. Can I have pets?
Some Landlords will be happy to accept pets, but will often ask for a larger deposit and/or agreement that carpets will be cleaned/fumigated at the end of the tenancy.

Q. How long is my tenancy?
A tenancy can be for anything from 6 months to 2 years, but the most common type of tenancy is 12 months in length with a reciprocal break clause at or after 6 months of continuous tenure.


Q. What does my rent include?
Your rent will include maintenance/block management fees, but tenants are responsible for the council tax and all utilities unless otherwise advised.

Q. How do I pay my rent?
By standing order – the rent must be received by the rent due date (the anniversary of when you moved in).