Landlords - Full management service

 

 

 

  

 


 

Full Management

This service is available for those Landlords who wish Key-Lets to completely manage their property without the worry and hassle of managing the tenancy themselves.

The full management service includes:

  •  Advising on all aspects of renting, including a rental valuation

  • Marketing the property through press advertising, local companies and inclusion within our website

  • Finding and accompanying prospective tenants to view the property

  • Comprehensive tenant referencing/credit searches

  • Compiling and signing up the tenant on a suitable Tenancy Agreement and serving the appropriate notices

  • Preparing a detailed Inventory and schedule of condition

  • Collecting deposits and rents

  • Ensure the utility accounts are transferred into the tenants own name

  • Producing a monthly statement of account of rentals paid for tax purposes

  • Carry out credit control to minimise rental arrears

  • Periodic property inspections with a follow up report to the landlord

  • Liaise with the Landlord, Tenant and any tradesmen over necessary repairs

  • Instruct tradesmen over urgent repairs in the Landlords absence

  • Make all necessary checks at the end of each tenancy

  • Ensure all utility accounts are transferred

  • Deduct any dilapidations due from the tenants deposit

  • Endeavor to ensure there are no empty days between tenancies

 

OVERSEAS LANDLORDS

All overseas landlords are advised to complete an Inland Revenue Non-Resident Landlords application, which we would be happy to supply. On receipt of an exemption certificate from the Inland Revenue, we will then be able to forward all monies due to the landlord without the retention of any Income tax.

Key-Lets has many years of experience acting on behalf of landlords who are either temporarily or permanently living out with the UK for more than six months.  For further information go to

 http://www.inlandrevenue.gov.uk/cnr/nr_landlords.htm#2

Please note that overseas landlords not covered by a tax exemption certificate are liable for UK tax at standard rates.  The Inland Revenue requires any tax due to be paid either by a landlord's UK based managing agent or any tenant staying in the landlord's property.

 

ADVICE
We will arrange a free market appraisal of your individual rental requirements, together with advice on letting procedures, legal issues, insurance, taxation matters and current rental valuation.

MARKETING
We will market your property through our mailing list, local advertising and a register of people seeking suitable accommodation.  This would include:

·       Preparing details and adding to our property availability lists for distribution to Interested parties and throughout our branch network

·       Circulating the details to suitable applicants registered with us

·       Sending the details to a large selection of companies and re-location agents

·       Advertising the property in the local papers. This is free in Ayrshire, however a one off fee of £100 is required in Renfrewshire due to the high cost of local advertising.

·       Place a description and photograph of your property on our website. 

To Let Boards
We will arrange for a 'To Let/Now Let’ board to be erected at your property unless otherwise instructed. We find that this provides excellent advertising for your property and can only compliment the marketing strategy.

VIEWINGS
Accompany prospective tenants to view the property unless otherwise instructed. Advise you as soon as we receive a formal tenancy application. There are no additional charges for this service unlike other letting agents.

TENANT SELECTION
Interviewing and obtaining references on all tenants i.e. credit search, character and employer reference and where possible previous landlords reference. Where necessary, additional security would be requested by means of a Guarantor.
Further Information...

TENANCY AGREEMENTS
Preparation of tenancy agreements, serving the appropriate notices within the terms of current legislation.     Further information...

SURETY DEPOSIT
Hold a Surety Deposit equivalent to one month’s rent for the term of the initial tenancy and subsequent extensions in a secure client account.  This deposit is held for payment against damage or delapidation’s caused by the tenant, allowing for fair wear and tear.    
Further Information...

INVENTORY AND SCHEDULE OF CONDITIONS
Taking a full inventory and schedule of condition of the property, checking in at commencement of tenancy and carrying out an exit inventory at the termination of the tenancy.

UTILITIES
We will give written notification to utility suppliers of gas, electricity, oil or LPG, providing readings and relevant addresses to send on any final accounts.  This service ensures that there is no confusion over whose responsibility an account is and protects you from any misunderstandings over who benefited from a particular supply at a specific time.  If a power card is fitted then it is the Landlords responsibility to ensure that the account is in credit (above the £14 emergency buffer) when the tenant moves in.  Equally the tenant is responsible to ensure the same when they leave.

RENTAL COLLECTION
Collecting the rent monthly in advance, providing a fully itemised monthly statement of account detailing income received and expenditure, with payment of monies due paid directly into your Bank/Building Society account.

INSPECTIONS
Periodic property inspections with a follow up report to the Landlord of our findings together with our recommendations, if any problems are identified.

MAINTENANCE
Organise standard maintenance work, such as annual gas checks etc., on behalf of the Landlord. Co-ordinate any major repairs or maintenance to your property up to pre-agreed limit and settlement of invoices from rents received. You will be consulted for any expenditure in excess of £100.00 EXCEPT in cases of emergency.  
We have effective procedures in place when dealing with tenant problems, in order to eliminate any re occurring problems that may arise. We have a range of contractors to choose from qualified electricians, to general non-skilled workers.
We will investigate defects that are brought to our attention, either by the tenant or during our routine inspections. These inspections do not in any way amount to a structural survey and we will liase with you over any repairs that need to be carried out.  In general the Landlords is responsible for maintaining the fabric and fittings of the property and replacing items listed on the inventory that are unusable through ‘fair wear and tear’.  The tenant is responsible for items that they damage or break.  We instruct qualified trades people to carry all work on behalf of Landlords.
In the event of a property being unoccupied, we would advise that Landlords take all reasonable precautions to safeguard the property from frost or flooding damage.  Although we will carry out viewings for prospective tenants during any void period, the responsibility for security, heating and maintenance remains with the Landlord.
Further details...

RENT ARREARS AND LEGAL DISPUTES
Whilst we will carefully monitor rental payments, it can sometimes occur that tenants, for a variety of reasons, fall behind with the rent or in some way breach the other obligations of the Tenancy Agreement.
If it becomes necessary to take legal action to obtain payment of arrears or re-possession of your property, you will be responsible for instructing your Solicitor and for all fees owing.        Further Information...

INSURANCE
You should ensure that you have suitable cover as a landlord for both buildings and contents of the property to be let.  Some general household insurer’s may place restrictions on certain types of tenants or not offer Landlords insurance at all.  Request written confirmation of cover if an adjustment can be made to your existing cover – this will save any misunderstandings at a later date.  Failure to inform your insurers could invalidate your insurance.    Further information...
Key-Lets is agents for both Letsure and Leaseguard who offer a range of insurance products specifically tailored to the rental market.
We also offer Landlords two types of Rental protection cover.  The more expensive Letsure Gold cover offers twelve monthly rental payments and covers a Landlords liability for a number of years after the cover has expired.  This retrospective cover is absent from the less expensive Leaseguard policy.  Here cover is only given during the term of a tenancy and only covers six monthly payments in any one-year period.  Both policies carry legal expenses, relieving you of the burden of instructing solicitors to deal with unsettled disputes.
For further details click here

TAX
Letting is a business and you will be required to pay income tax on the letting income, subject to any allowable deductions.  Such deductions may include mortgage interest relief against rental income, provided that the property is let at a commercial rent and the lease is for at least 26 weeks. Repair, replacement and maintenance costs may also be deductible, provided it is incurred by reason of dilapidation during the period the property has been leased.
We provide monthly statements for all our Landlords anywhere in the world by e-mail or snail mail for tax purposes. 
For further details click here

TENANCY RENEWAL
Once you have engaged Key-Lets to manage your property, you do not need to re-instruct us every year. We will however notify you when a tenant has given notice to leave and endeavor to confirm that your property is to continue to be promoted for rental.
If you wish to terminate a tenancy then there is a specific legal process that has to be undertaken to legally bring the lease to an end.  An AT6 Notice and a Notice to Quit have to be served on the tenant at least two months before the property is required to be available for the Landlord.  Key-Lets will serve these Notices, however there is a charge of £40 for this action.
For further details click here...

EXIT INSPECTIONS
We will arrange an exit inspection once the tenant has left your property at the end of the tenancy.   It is the Landlords prerogative to carry out a final inspection after we have carried out an exit inventory to satisfy yourself that the property is acceptable before any surety deposit is paid back to the tenant.  This final check should be carried out within a ‘reasonable’ time frame (usually 2 or 3 days).

DEPOSIT CLAIMS
Where damage or repairs are identified a claim is made against the tenants surety deposit.  Wherever possible we will seek agreement over any claim over possible dilapidations (over and above fair wear and tear) with the tenants before releasing their deposits. If necessary we will arrange for cleaning, garden maintenance and any minor repairs after the Inventory 'check out', deducting our costs from the tenant's deposit where applicable.
If no agreement is achieved then the issue becomes a matter for the tenant’s solicitor to pursue.  Surety deposits can not be used by the tenant against any rental arrears.