Some lettings suggestions:-
• Failure to carry out proper checks on a prospective tenant can result in avoidable expense.
Let us carry out our tenant checks on your behalf.
• Getting a property to look ready for renting and inviting to tenants will obviously attract
better tenants more quickly and allow you to optimise rents
• If you have a lender you will need to clear letting with them first as well as clearing it with
your buildings and contents insurers. In some cases the lender will not require you to switch
to a buy-to-let mortgage, so it pays to check first. By having to switch to a buy-to-let
mortgage in order to obtain the lender's consent (which we will ask to see in advance) it can
make it uneconomic to let. We recommend that you seek the advice of an independent
financial adviser who is regualted by the Financial Services Authority before reaching any
decision.
• It is generally recommended, although not all cases are the same, of course, that once void
periods and overheads are taken into account, rental income needs to be at least 125 per cent
of the mortgage payments. In assessing overheads remember to include the costs of
complying with statutory requirements on landlords to provide gas and electricity safety
certificates not to mention keeping a reserve for essential unexpected repairs. Consider also
the effect of income tax; we recommend that you seek your accountant's advice generally as
to letting.
• Let us guide you through the maze of legislation governing Landlord's letting obligations in
terms of health and safety rules.
• Remember that a tenant's deposit must now be protected by an approved tenancy deposit
scheme.
• If you are letting a large property to five or more tenants you may have to apply for a houses
in multiple occupancy licence from the local authority. The rules are complex and you
should seek legal advice before entering into any letting contract relating to such.
• Energy Perfomance Certificates will have to be available for the tenant to inspect and
provided by a landlord for new tenants from October 2008. We can arrange this
for landlords. Please ask us for more information including the cost.
| 
