Who should you consult before letting your property?
Before you can let your property, you need to consult a number of parties:
- Your mortgage lender – your lender needs to be informed that you are letting your property
- Your insurance company – if you don’t let your insurance company know that you have let your property, you may not be covered in the event of damage, fire or theft during the tenancy
- Your freeholder (if you have one) – important if you wish to let a leasehold flat, for example.
The cost of letting your property
While your thoughts may be leaning towards how much you can make by letting your property, it is important that you consider and budget for the costs that may be involved. Charles Banks advise that you should budget for the following costs:
- Any monthly mortgage repayments owed on the property
- Any expenses involved in bringing the property up to the required standards, both physically and in terms of the regulatory safety standards of furniture, utility equipment and appliances
- Furniture and furnishings (if required)
- Letting agent and management fees
- First professional clean and first and subsequent check in reports
- Insurance fees
- Any service charges if it is a leasehold property
- Contingency budget for ad hoc repairs and maintenance
- Preparation of an Energy Performance Certificate if one is not already in place (valid for 10 years)
A pre-tenancy checklist should help you make sure you’ve ticked all the right boxes before you make the next step in letting your property.
- Update your insurance to take into account that your property is going to be let
- Get the requisite permission from your mortgage lender
- Obtain approval from the council’s planning office (if you plan to make structural alterations to the property or change the property’s use)
- Make sure all furniture and furnishings comply with the latest fire regulations
- Ensure that all gas appliances and equipment have been serviced by a CORGI-registered engineer and that safety records are kept in a safe place
- Make sure that all electrical wiring has been checked and safety approved by a qualified electrician
- Inform the council tax department and utility suppliers that the property will be let and that you will no longer be in residence.
Why choose Charles Banks to let your property?
You should never underestimate the work involved in the successful letting of your property. The vast majority of landlords prefer to hand over the responsibility for finding a tenant to a dedicated and qualified Letting or Estate Agent such as Charles Banks. There are considerable advantages in using Charles Banks as we will:
- Advise you on any pre marketing works that need carrying out so as to obtain the highest possible rental income for you when the property is let.
- Advertise your property efficiently to thousands of potential tenants looking for property to rent in the area ( We list all our properties on the major portals such as Rightmove Zoopla and Prime Location)
- We have extensive knowledge of the local market, including the type of properties to rent in the area, the potential demand for them, the rental prices being achieved and the kind of tenants who might be interested in your property.
- We qualify all applicants, manage and conduct viewings, giving us the opportunity to try and secure tenants for your property and providing you with valuable feedback along the way
- We vet potential tenants by sourcing references from previous landlords and conducting credit checks including checking their financial status
- We draft all tenancy agreements and book the inventory check in and check out reports
- We negotiate with tenants on your behalf when discussing the rental offer on the property and any break clauses in the lease that you may require
- We provide you with advice and guidance as to current regulations and advice on the drawing up of the Tenancy Agreement and protection of the Tenant’s deposits with the Deposit Protection Service.
After we have found suitable tenants for your property, you have the option of either managing the let yourself, or hiring the services of Charles Banks to work on your behalf in managing the property throughout the tenancy. Much will depend on your circumstances. If you are living abroad, for example, you may want to employ us to make sure your tenants and the property are sufficiently looked after while you’re away. We are responsive, diplomatic and helpful in all situations and will:
- Manage the start and end to the tenancy based on your instructions
- Make ourselves available to your Tenants 24/7 on email if any emergency arises or urgent repairs need completing
- Arrange for repairs during the tenancy obtaining quotes from our preferred contractors and obtaining your approval before works are carried out
- Inspect the property periodically on your behalf to check on its condition
- Provide professional advice and guidance throughout the duration of your relationship