Landlords Information

If current trends continue there is likely to be a shortfall in housing available for the Private Rental Sector so it is a great time for new Landlords and existing Landlords to meet this need in the market.

Andrew and Co have found that many new Landlords have ventured into the Lettings market when they were unable to achieve their required selling price or because keeping their property gave an ideal opportunity to invest for their pension instead of leaving funds in the usual banking sector.

This is still very much a great time to take advantage of the high demand for good rental property so please contact our Lettings team to discuss further.

We believe in being completely transparent regarding any costs/ fees and what is included allowing you the opportunity to make an informed decision when deciding what level of service is best for you.

For a free Lettings Valuation on your property, please click here and complete the form.

We offer three Lettings packages:

  1. Full Management 
  2. Let and Rent Process
  3. Tenant Find Service

Because we are totally independent with in-house Property Management and Account Services we are able to act swiftly and tailor our service to meet your individual needs. We have ARLA qualified staff which means that we keep up to date with changes to the regulations adapting our processes to accommodate any relevant changes.

Please see below a summary of our services or contact our Lettings department on 01233 632383 or lettings@andrewandco.co.uk

Tenant Find Service

We will carry out a free no obligation rental assessment

Let and Rent Process - all of the above plus the following:

Full Management all the above plus the following: 

Deposit Protection OR Deposit Replacement Scheme  

For all tenancies we hold a security deposit equivalent to 1.5 months' rent as a minimum. As Agents we will hold this on behalf of the Landlord as Stakeholder. In order to comply with the deposit protection regulations tenant deposits will be held in accordance with the rules and regulations as determined by our chosen deposit scheme. Details can be found at www.depositprotection.com . Any landlords wishing to hold their tenant deposit themselves must also comply with these regulations and provide evidence of registration into any of the recognised deposit schemes. 

OR

Blinc-UK are a company specializing in letting services, Blinc (Deposit Replacement scheme) DRS is FREE to landlords and letting agents. The Blinc DRS is a Scheme, not an insurance product, however Blinc are directly insured by an A rated Insurance Underwriter for this product and both the Landlord and Letting Agent are added to our Re-Insurance as a beneficiary. By joining the scheme, tenants are deferring the cost of the charges until the end of the tenancy, but they remain liable for all charges made at the end of the tenancy. If they do not pay the amount due, Blinc will pay and chase the tenant for payment separately

The tenant pays at the end of the tenancy any amount due, if they do not make payment when required, Blinc will pay you and we then chase the tenant for payment separately

By accepting a deposit replacement you still get more security than a traditional deposit as our standard DRS is for 8 weeks (most traditional deposits are 6 weeks), there is also an option for 12 weeks if you require additional security. By offering the DRS you make your property more attractive to potential tenants who don’t need to tie up large sums of money whilst in your property, you also gain assistance from Blinc at the end of the tenancy in agreeing deductions with the tenant(s)

The Blinc DRS is not a deposit, you will be granting the tenancy with a Nil Deposit and accepting the Blinc DRS in place of this

 

Landlord Fees

FULL MANAGED SERVICE

10% + VAT of monthly rental figure deducted monthly from the rent received (12% inc vat)

Plus Initial set up fee of £495.00 + vat (£594 inc Vat)

LET & RENT PROCESS SERVICE

5% + VAT of the rent received per month deducted monthly. (6.2% inc Vat)

Plus initial set up fee of £495.00 + vat (£594 inc Vat)
 

TENANT FIND SERVICE

£550.00 + vat of minimum, One months rent inc VAT which will be deducted from the 1st month’s rent received upon move in (£660 inc VAT) 

 

ADDITIONAL SERVICES

All fees are inclusive of VAT at the prevailing rate (unless stated otherwise)


Mortgaged Properties 

Please note that prior to letting your property it is your responsibility to obtain permission from your lender to let your property. You are also responsible for informing us of any special requirements from the lender that are related to our duties as Agents and for any 'special' clauses to be inserted into the agreement that may relate to covenants or restrictions pertaining to the property. 


Other relevant people to notify: 

It is important to notify your insurance company of your intentions to let your property to prevent your policy becoming invalid. If your current insurer is not happy to extend or alter your cover for you as a landlord then we are able to direct you to a suitable provider. 

If your property is Leasehold it may be necessary for you to obtain permission from the freeholder to sub-let. 

It is advisable to seek advice on any potential tax liability you may have as rental income is taxable although you will normally be able to deduct fees, insurance premiums, repairs and service charges from the rent to ascertain the taxable profit. You may also be able to deduct your mortgage interest if the property is let, but you should seek advice on this matter.

Non Resident Landlords i.e those living and/or working abroad should contact the Inland Revenue to obtain non-resident landlord exemption. If we are not in receipt of the exemption approval we must withhold the base rate of tax based on the rent received to meet any tax liabilities until approval is produced from the Inland Revenue. 

Service or Maintenance Contracts:

It is important to provide us with details of all service contracts and gaurantees pertaining to property i.e boiler maintenance contract, electrical appliance manuals etc to avoid any unnecessary expenditure during the tenancy.

Important Safety Regulations to note:

In accordance with the Gas Safety Regulations 1994, all gas appliances are subject to an annual check and certification by a Gas Safe registered engineer. We are able to arrange this on your behalf with an approved contractor. Should you decide to make these arrangements yourself, we will require a copy of the Landlord Safety Certificate prior to any tenant moving in.

In accordance with Fire and Furnishing (Fire)(Safety) Regulations 1988, all furnishings must comply and any non-compliant items be removed. In general the regulations state that upholstered articles must have fire resistant filling and they must display the necessary labels showing they are compliant.

Note: The Government has put forward a draft Smoke and Carbon Monoxide Alarm Regulations (2015) making landlords in the private rented sector in England responsible for ensuring that smoke and carbon monoxide dectectors are appropriately installed and are in proper working order at the start of a new tenancy. Landlords will have to ensure that a smoke alarm is fitted on every floor of their property where there is a room used wholly or partly as living accomodation. They will also have to place a carbon monoxide alarm in any room where a solid fuel is burnt, such as wood, coal or biomass and includes open fires. This will affect all new tenancies entered into on or after 1st October 2015.

Unlike Gas Saftey Regulations there are no specific requirement for testing under the Electrical Equipment (Safety) Regulations 1994 but regular testing is recommended by a qualified electrician and it is the landlords duty to ensure that all the electrical installations are safe. As a brief guide BS1363 requires that live and neutral pins on plugs are insulated to prevent shocks. Any frayed wiring, missing insulation, badly fitted plugs etc should be rectified and all plugs should be correctly fused. 

Andrew and Co are members of The Property Ombudsman Scheme and National  Federation of Property Professionals Client Money Protection Scheme.

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