Residential Lettings
Conran Estates Landlord Brochure
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At Conran Lets we have looked at the current rental market in great detail both from the point of view of an individual landlord who may be looking to rent his/her first property and from the point of view of a more sophisticated landlord such as a property investment company.
In order to achieve the very best tenancy we specialise in obtaining professional working tenants. On occasion, and where the Landlord permits, we may introduce qualified students with legally binding guarantor agreements. It is not our policy to let to tenants on welfare benefit.
We obtain detailed references and a full credit check on all tenants whom must supply the following:
- Employers reference (stating salary, nature of the contract term of employment and job role)
- Previous landlord's reference (confirming punctuality and reliable payment)
- Credit check
- Character reference
- Proof of residence
We aim to provide the very best customer service and advice on all aspects of residential lettings. We achieve this by maintaining our strict customer service policy with which Conran Lets will let and maintain your property assuring you peace of mind.
We let and manage properties in the following areas:
| Abbey Wood Blackheath Brockley Catford Charlton Crofton Park Deptford Forest Hill Hither Green Honor Oak Park |
Greenwich Grove Park Kidbrooke Ladywell Lee Lewisham Maze Hill Mottingham New Cross North Greenwich |
Plumstead Rotherhithe Shooters Hill Surrey Quays Sydenham St Johns Telegraph Hill Thamesmead Woolwich Westcombe Park |
At Conran Lets we pride ourselves on achieving the highest possible rent. The rental amount depends on a number of factors such as location, size and condition of property.
Whatever your circumstances, Conran Lets are able to cover your needs and our comprehensive services are listed on the next page. Please contact your local branch where a member of staff will be more than happy to arrange a free no obligation valuation.
TENANCY AGREEMENT
Assured Shorthold Agreements are usually for short fixed periods of time. At the end of the fixed term the landlord may regain possession, offer a further fixed term tenancy or an extension to the existing tenancy. Six months or one year leases are popular as they provide flexibility to landlords whilst offering attractive terms for prospective tenants. Tenancies may only be brought to an end in specific ways. If you require possession of the property we require at least two months and 1 week notice of this in writing.
The charge to the landlord for the Tenancy Agreement preparation and the overseeing of the tenants signing the contract is £50 + VAT.
RENT LEVELS, SERVICES AND COUNCIL TAX
Rents are set at market levels and are usually paid by the calendar month. Tenants are responsible for payment of council tax and are responsible for all other services, i.e. telephone, gas, electricity, water and drainage.
FURNISHED OR UNFURNISHED?
Landlords' can be reasonably flexible with the furniture that they supply with the property. Where kitchen white goods are supplied, a property can be let on a furnished basis. In this instance, Landlords are responsible for the maintenance of the fixtures and fittings provided. For these furnished tenancies we can arrange for a third party to prepare an inventory. We recommend carpets and curtains of reasonable quality are provided, and the provision of reliable and economical heating is also an advantage.
Please note that furnished lettings are subject to stringent fire safety regulations covering soft furnishings (see section on Safety).
DECORATION
If you are considering refurbishing your property the golden rule which you should consider is keep it plain and simple. By this we recommend that you decorate using neutral colours and that you keep patterns on carpets, wallpaper etc. to a minimum. A letting negotiator would be more than happy to come to your property to offer their experienced opinion.
GARDEN
Any garden associated with the property should be left in a reasonable order and where suitable equipment is left, the landlord can expect to receive the property back in the same condition as it was prior to the tenancy. It is the tenant's obligation to maintain the garden.
REPAIRS AND MAINTENANCE
Tenants are expected to maintain internal decorations to a reasonable standard and are also responsible for accidental and wilful damage to the property or its fixtures. However it is the responsibility of the Landlord to keep the property in good repair together with the supply of all necessary services.
INSURANCE
Owners should inform their insurance company that property is to be let and ensure the property and its contents are fully covered. Conran lets can recommend a specialist insurance company if required. Insurers should also be advised when the property is empty. Tenants are responsible for insuring their own property and liabilities.
MORTGAGE
If the property is mortgaged we advise that the Landlord obtains the lenders' written consent for the property to be let.
INCOME TAX
Landlords are responsible for payment of any Income Tax for which they are liable on income from the tenancy. The managing agents charges and repairs are tax deductible.
For a Landlord living outside the U.K., tax legislation places the responsibility for meeting any tax liability upon the managing agents. For this reason we strongly advise the NRL 1 Tax Exemption Certificate is applied for prior to a tenancy commencing. If this is not received we must retain tax on net income and account this quarterly to the Inland Revenue. It is the responsibility of the Landlord to advise us immediately if their status changes from UK resident to overseas resident. For non-resident landlords without Inland Revenue Tax Approval an administration fee of £20.00 per month will be charged.
For further information regarding Income Tax for overseas landlords please contact:
FICO (Non-Residents)
St Johns House
Merton Road
Bootle
Merseyside
L69 9BB
0151 472 6209
LEGAL COSTS
If in the unlikely event of serious rent arrears problems arising during a tenancy, or failure by the Tenant to give up possession of the property at the end of the tenancy, any necessary legal costs incurred must be borne by the Landlords. They may use their own Solicitors or alternatively we can recommend firms who are experienced in this field. Legal expense cover can be obtained by Landlords via Conran Lets. Please refer to the landlord insurance booklet for information on legal expense cover. The security deposit may be used against any loss of rent with the tenants permission.
OUR SERVICES AND FEES
Letting Only Service:
- 75% of the first month's rent* (6 Months) - Minimum fee of £400
- 95% of the first month's rent* (Above 6 Months) - Minimum fee of £500
- Free valuation and letting advice.
- Suitable advertising.
- Locate tenants.
- Negotiate rent and agreement.
- Confirm suitability of tenants via credit searches and references.
- Prepare Tenancy agreements and associated documents.
- Arrange for tenant to sign Standing Order forms.
- Collect the first month's rent and a 5-week security deposit.
- Arrange preparation of any required inventory.
- Arrange any required check-in/check-out of tenant.
- Arrange general insurances.
Full Management Service:
- 15% of the gross monthly rent paid on commencement and renewal of tenancy
- Free Valuation and letting advice.
- Suitable advertising.
- Locate tenants.
- Negotiate rent and agreement.
- Confirm suitability of tenants via credit searches and references.
- Prepare Tenancy Agreements and associated documents.
- Arrange for tenant to sign and set up standing order forms.
- Collect and hold 5-week security deposit.
- Collect monthly rent.
- Administer payment of rent and invoicing to landlord.
- Liaise with Landlords accountant /Inland Revenue.
- Arrange preparation of any required inventory.
- Arrange any required check-in/check-out of tenant.
- Forward any mail to Landlord.
- Carry out three monthly property inspections (minimum of two per six-month tenancy)
- Liaise and carry out property maintenance where necessary.
- Serve legal notices.
- Arrange general insurances.
Service Charge:
Full reimbursement of any fees incurred by us with your authority, for additional services. These will include commisioning of an inventory or engagement of a plumber.
*All fees are subject to VAT at the prevailing rate.
INVENTORY, CHECK IN AND CHECK OUT
Conran Lets strongly recommend 'let' property is accompanied by an inventory, check in and check out prepared by a third party. To this end we can employ such a company on behalf of the Landlord. Furthermore we request that all tenants introduced by us share the cost by paying for the check in. The charge for preparing an independent inventory and for check out will vary depending upon the property involved.
Prices start from £50 for Inventory preparation and £45 for check out.
SECURITY DEPOSIT
We take and hold a security deposit which may be utilised in the event of any loss or damage by the tenant. We take the equivalent of five weeks rent. Where we manage a property our terms are based upon the security deposit being held by ourselves and both the rent and security deposit not bearing interest to Landlord or Tenant.
SAFETY REGULATIONS
Before letting a property, Landlords should ensure all gas and electrical appliances are safe and have correct ventilation or earthing facilities.
GAS SAFETY (Installation & Use) Regulations 1994
The above regulations require all Landlords of property with gas appliances and pipework to be responsible for a safety inspection of these appliances at least once a year. A copy of all inspection certificates with a list of any defects and necessary remedial action must also be given to Tenants. This safety check must be carried out by a C.O.R.G.I. registered or British Gas engineer. In our experience it is advisable to incorporate the gas safety check with an annual service. We can arrange for this safety check to be carried out on an annual basis.
FURNITURE & FURNISHINGS (Fire Safety) Regulations 1988
These concern furnished properties and since March 1993 all new tenancies with soft furnishings and furniture included must comply. The regulations require that all soft furnishings meet fire regulations unless they are manufactured before 1950. If manufactured since 1990, it is likely the items will display the correct fire resistant tags. All soft furnishings manufactured between 1950 and 1990 must be treated as suspect, and if they do not carry the necessary fire resistant tags then they should be removed and replaced with items of furniture, which do comply and do carry the necessary fire resistant tags.
ELECTRICAL EQUIPMENT (Safety) Regulations 1994
It is the Landlord's responsibility to ensure that all wiring and electrical equipment supplied is safe and for this reason it is essential that before a tenancy commences the property and any appliances are inspected by a qualified electrical engineer.
Any unsafe electrical wiring or appliances should be removed and replaced.
1991 SMOKE DETECTORS ACT
The above Act makes provision for the mandatory fitting of Smoke Alarms in new residential buildings and therefore most tenanted property do not come strictly under its jurisdiction. However, we would advise that all Landlords ensure their rented property has at least one properly fitted and functional smoke alarm. In the tenancy agreement, Tenants agree to maintain battery levels and ensure the alarm is functioning at all times.
INSURANCE FOR LANDLORDS
Please ask your Conran lets Representative for further information on specialist Landlord's Insurance.