LANDLORD INFORMATION PACK

GUARANTEED RENT
 

EXAMPLE RENTS ACHIEVED
 

RECOMMENDATION                                                                                                                  

We advise all landlords, who have a mortgage, to have sufficient funds in their account to cover 3 months payments due to market conditions.
 

THE PROPERTY
A thorough inspection of the property is recommended to ensure that the structure, roof, plumbing, wiring etc., is in good order. Where necessary, all works of repair should be completed prior to the commencement of the tenancy. It is the landlord’s obligation to maintain the aforementioned throughout the term of the tenancy subject to any term to the contrary in the ‘Tenancy Agreement’ mutually agreed by the parties.

FURNISHINGS

(Fire Safety Regulations 1988 as amended 1989 & 1993)
If provided,soft furnishings must comply and be labelled accordingly (This includes mattresses and sofas). Furniture, which does not comply, must be removed/replaced before tenants take occupation.

CLEANING
It is the landlord’s responsibility to ensure that the property has been cleaned prior to the commencement of the tenancy and to hand the property over in a clean and tidy condition.

GARDEN
The landlord should ensure that the garden is in good condition and lawns are cut, the flower beds tidy and the fruit trees pruned.  If it is the landlord’s intention to have the garden maintained during the term of the tenancy, then appropriate arrangements should be made with a suitable gardener.  If the landlord requires that the tenant should maintain the garden, then adequate tools should be provided for this purpose.

INSURANCE
It is the landlord’s responsibility to insure the property for the full period of the tenancy or any extension thereof and for any period during which the property may be vacant. The insurance provider needs to be aware that the property is tenanted, otherwise this may not provide the level of cover needed and may invalidate the cover in the event of a claim.

UTILITY ACCOUNTS
All meters should be read prior to new ‘Tenancy Agreement’ and given to the appropriate service provider. These should include electricity, gas, water and council tax - informing them of the new tenant’s name and date of commencement of occupation.
 

TENANCY AGREEMENT
The Assured Shorthold Tenancy Agreement which is drawn-up, is a legally binding document with inclusions to protect the landlord.

AUTHORITY TO ENTER INTO A TENANCY AGREEMENT
It is imperative that the party entering into the ‘Tenancy Agreement’ or the person signing on behalf of that party has the legal right to do so.  Proof of such authority will be required.

DEPOSITS
The tenant will be required to provide a deposit equal to 1 month’s rent against damages/dilapidations and unpaid rent. This deposit is held by the landlord and it is now legislation that the landlord needs to register this with one of the government approved schemes within 30 days of commencement of the tenancy. Failure to do this is illegal and can result in severe financial penalties for the landlord.  In most instances the first month’s rent in advance will also be requested from the tenant and again this will be passed on to the landlord. The only exception to this will be if the tenant qualifies for one of the government authorised incentive schemes and the deposit is funded by the Local Authority. Some local authorities only provide the damage/dilapidation deposit without any advance rent. They will also have a scheme condition which prohibits the landlord from asking the tenant to provide this

WHERE RENT IS TO BE PAID
Wherever possible, Christopher Marks will pay the rent received, from the tenant, by electronic transfer directly into the landlord’s nominated bank account using the BACS system. Details of the account to be credited should be provided to Christopher Marks prior to commencement of the tenancy and should include the account name, account number and sort code.
 

INVENTORY
We strongly advise that an inventory to be carried out prior to renting out your property. Should Christopher Marks prepare the inventory a fee of £120.00 (inclusive of vat) will be required. Inventories carried out by Christopher Marks will include photographs as part of the package.

LEVELS OF SERVICE & FEES

BASIC LET

This whereby a tenant will be sourced by Christopher Marks and after move-in the landlord will deal directly with the tenant(s) for collection of rent and maintenance of the property. 

RENT COLLECTION SERVICE

This is whereby a tenant will be sourced by Christopher Marks and after move-in we will arrange to collect the rent from the tenant each month and pass it on to the landlord by way of BACS payment into a nominated account. The landlord will deal directly with the tenant(s) for all aspects of property maintenance.

FULL MANAGEMENT

This is whereby a tenant will be sourced by Christopher Marks and after move-in we will deal with all the day-to-day elements of the property let. We will arrange to collect the rent from the tenant each month and pass it on to the landlord by way of BACS payment into a nominated account. We will also deal with any maintenance/repair issues that the tenant may have and these will be passed on to the landlord, for instruction, before any work is undertaken. The property can also be inspected periodically at the request of the landlord. This means that the landlord need not have any direct contact with the tenant should they wish.

FEES APPLICABLE

The fees charged will be at a flat rate of 7% (of the annual rent) regardless of the level of service undertaken by Christopher Marks. This will be due as a yearly fee upon commencement of the tenancy agreement and will be paid for out of initial advance deposit/rent payments (from the tenant) unless the landlord specifies otherwise.

EXAMPLE FEE

Monthly rent: = £1000.00.  Yearly rent: = 12 x £1000.00 = £12,000.00.  Fee charged: = £12,000.00 x 7% = £840.00 + vat (£168.00) Total Fee: = £1008.00
 

RENEWALS
A renewal is whereby the original tenant, or any associated party of the original tenant, decides to extend the tenancy for a further period agreed with the landlord. Our annual renewal (or re-let) fee of 6% will become payable upon the commencement/renewal of either the extension of the existing agreement or new tenancy (whichever may apply).
Please note that our minimum renewal fee will be £500.00 + vat.

SERVING NOTICE
Christopher Marks will write to the landlord just over two months prior to the end of the original tenancy. This will allow the landlord to have sufficient time to confirm that they are happy to renew with the same tenant (assuming that it is the intention of the tenant to remain at the property) or to advise us that they wish for the tenant to vacate the property (in which case two months notice in writing is required from the landlord, to comply with our standard ‘Tenancy Agreement’ terms). Christopher Marks will also confirm our renewal/re-let fee to the landlord in the same letter. 

LEGISLATION
Effective from October 1st 2008, all properties that are to be let-out must have a valid Energy Performance Certificate or ‘EPC’ that is made available for any prospective tenants to see prior to making an appointment to view the property. A recent change to legislation (April 6th 2012) has dictated that an EPC MUST either be available, or have been commissioned with a registered energy assessor, prior to the property being placed on the market to let. Trading Standards officers will be monitoring and visiting agents to make sure that this is the case. Failure to have complied with this legislation can result in severe and fines for both the landlord and the agent. Christopher Marks will be able to advise you of the costing for such a report and be able to instruct an energy assessment company to carry out the report, should the landlord so require.

Gas Appliances (Installation & Use) Regulations 1994 requires all gas appliances in tenanted accommodation to be checked by a Gas Safe registered gas installer/plumber every 12 months. Any faults found must be promptly rectified and detailed records kept, a copy of the current inspection certificate together with remedial work (if any) must be left at the property and if managed by Christopher Marks, a copy is to be retained on file by ourselves.

Smoke detectors (preferably hard-wired) MUST also be fitted, with a minimum reqirement of one on each floor.

Whilst not covered under current legislation, it is strongly recommended that an NIC/EIC electrical safety inspection is carried out on the property to ensure that the wiring and consumer unit are safe and also minimise the risk of fire at the property.     

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