Landlord information

 

The aim of ELY ESTATES is to try and tailor our service to suit the individual needs of the Landlord.

 

Our service includes: -  -     

          Free and no-obligation viewing of property.  Rental valuation.

-         Selection of suitable tenants through our Registration and Application Forms.

-         Arrangement of property viewing by prospective tenants.

-         Taking up of all necessary references for prospective tenants.

-         Retention of additional rent equal to 5 weeks rent as security for the tenants obligations under the Tenancy Agreement

-         Preparation of Tenancy Agreement and legal Notices.

-         Inventory of property at commencement of tenancy.

-         Collection of gross rent from tenants and payment of net rent.

-         Regular inspection of property.

-         Maintenance service available through selected contractors.

 

RENTAL VALUATION.

 

We are happy to visit your property and discuss our services with you.  We will advise you on the best way to present the property and to provide you with a realistic market valuation.  Whenever possible we recommend that properties be let on a carpets, curtains and cooker basis.

 

SELECTION OF TENANTS.

 

This is an important part of the ELY ESTATES service and ALL applicants must register with ELY ESTATES before we are prepared to discuss any particular property with them.  This is done without exception and ELY ESTATES does not give out details of any property to telephone callers.  Once this is done and we feel that they will be suitable tenants for your property we will make arrangements to make an accompanied viewing with them.  If they wish to take the property the necessary references are applied for and once satisfactory replies are received ELY ESTATES will then arrange for a date for them to move in and issue the necessary legal notices and draw up the Tenancy Agreement for the appropriate term.

 

The normal tenancy term is for an initial term of 6 months, automatically renewed if no instructions to the contrary are received from the Landlord.

 

The ELY ESTATES selection policy means that we cannot guarantee immediate occupation of a property, either with a new property or if an existing property is re-let.  However, ELY ESTATES will not compromise on its selection policy as it has shown to be of long-term benefit to the Landlord and ourselves.

 

RETENTION OF ADDITIONAL FUNDS

Additional funds, equal to 5 weeks rent are taken at the outset of a Tenancy. The additional funds are returned at the end of the Tenancy providing that all utility accounts associated with the property have been settled up to the final date of the Tenancy and the property is in its original condition, bearing in mind fair wear and tear.

 

TENANCY AGREEMENTS.

 

All ELY ESTATES Tenancies are Assured Shorthold Tenancies under the provision of the Housing Act 1988.  These are initially for 6 months.  In addition, it is necessary to issue other legal documents either prior to or at the time of the Tenancy being signed.  We will re-new the Tenancy Agreement, without referral to the Landlord, either at the end of the agreed term or at a changeover of Tenant.  If you require the property back for your own use we will require 2 months written Notice, from the Landlord, in order to issue the necessary legal Notice to the Tenant.  If you wish to give such Notice you should confer with ELY ESTATES as to the earliest date that this Notice can be issued to the Tenant.

 

INVENTORY.

 

A written inventory is taken at the time the Tenants move into the property and is used whenever an inspection of the property is carried out and at the end of the Tenancy to determine whether any deductions should be made from the deposit.  The inventory is signed by the Tenants at the outset of the Tenancy.

 

RENT.

 

Rents are collected either by cash, cheque or Standing Order.  The net rent will be paid either to your bank, building society or directly to you by post.  We will advise you of the date that you are likely to receive your net rent once the Tenancy has commenced.  Rents will be reviewed on a regular basis.  Please note that the payment of rent is entirely the responsibility of the Tenant.

 

INSPECTIONS.

 

We will arrange to inspect your property at least every 3 months and we will write to you after each inspection. ELY ESTATES see this as a three way process whereby we not only ensure that the Tenant is properly maintaining the property but we can also maintain regular contact with the Tenant and they can advise us of any items which require attention.

 

PROPERTY MAINTENANCE.

 

ELY ESTATES normally request your authority to carry out all repairs to the property, up to £200 + VAT per item, without reference to yourself.  Where this agreement is not given, or the amount is likely to be over £200, we ask that approval is given, or work undertaken by your own contractors, without delay in order to avoid further complications or, perhaps, danger to the Tenants.  In addition, in the event of an emergency we may have to act without referral to the Landlord in order to protect your property and the Tenant.  Please note that delay in responding to faults at the property are the cause of more friction between Tenants, Landlords and ELY ESTATES than probably any other situation that arises during a Tenancy.  ELY ESTATES are able to call on the services of local trades people who have demonstrated their standard of work, and fair pricing, over the years.  Where we instruct for work to be done, either directly or on your instructions, we will settle the invoice from rent received and furnish you with the original invoice showing it as ‘paid’.  If a Landlord wishes to use their own contractors we will happily liaise with them to have access to the property as soon as possible.  Landlords should also be aware that it is their responsibility to re-decorate the property every few years and that carpets may require renewal if more than 5 years old.

 

UTILITIES.

 

All rents charged by ELY ESTATES exclude ALL outgoings i.e. gas, water, electricity, Council Tax and telephone – if installed.  It is the responsibility of all tenants to ensure that they are registered with the appropriate supply company or council.  The Additional Rent will only be released once we have seen receipted, or transferred, accounts showing that there is no outstanding liability at the property.

 

Landlords should be aware that some councils will levy Council Tax if the property remains un-occupied and they remain liable during this period.

 

ENERGY PERFORMANCE CERTIFICATE.

 

As from October 2008 all properties coming onto the market will require an Energy Performance Certificate.  These Certificates last 10 years from the date of the issue.  We have an arrangement with a local Inspector to provide such a certificate and the cost of this will be advised to you.  You can, also, arrange for a Certificate yourself, which should be passed onto us as soon as possible.  At the present time Landlords are not obliged to carry out any measure that would improve the energy efficiency of their property.

 

INSURANCE OF PROPERTY.

 

It is the responsibility of the Landlord to ensure that the existing property insurance is extended to cover the property being let.

 

ELY ESTATES is able to recommend a broker to arrange the necessary cover.

 

We will also strongly urge that Tenants take out insurance cover to protect not only their own possessions but accidental damage to fixtures and fittings within the property.

 

TAXATION.

 

ELY ESTATES does not become involved with the tax affairs of its Landlords apart from providing any information requested by the Landlord or their financial representative.

 

However, we are able to recommend a qualified business accountant who will be happy to prepare, and submit, information to the Inland Revenue in respect of the property income only (a separate fee will be negotiated for this service).

 

It should be noted that there are different rules for owners residing in the U.K. and those living abroad.  The most important being that ELY ESTATES is liable to pay any tax due to the Inland Revenue in respect of any property being managed by ourselves where the landlord resides outside of the U.K. and is not registered as being Non-Resident.  We are, also, required to furnish the Inland Revenue with any information they may require with regard to the letting of your property.

 

INSTRUCTION OF SOLICITORS.

 

Any legal action for breach of terms of the tenancy agreement by the tenant will have to be carried out by your solicitor.  We cannot take legal action for you as the tenancy agreement contract is between you and the tenant, not ourselves.  However, we will provide your solicitor with all the necessary documentation and help which he or she requires.

 

IS YOUR PROPERTY MORTGAGED?

 

Many properties that are let, or are being considered for possible rental, are mortgaged and it is important that the consent of the mortgagee is obtained.  In addition we need to know the name of the lender in order that the correct legal Notices can be issued at the outset of the Tenancy.  We are able to introduce you to an Independent Financial Advisor if you feel that you would benefit from re-mortgaging your existing property of require finance to purchase further properties on a buy to let basis.  There is no fee payable by yourself to ELY ESTATES for this service.

 

SELLING THE PROPERTY.

 

ELY ESTATES will be happy to recommend local agents to you when you feel the time has come to sell your property.

 

FEES.

 

Once we have taken on a property to manage there are no fees due to us until we have collected the first month’s rent from the tenant.

 

Our fees are based on a commission percentage, plus VAT at the prevailing rate.  The percentage being charged will depend on the location and type of property together with any other special requirements of the Landlord.

THE OFFICE.

Our normal office hours are as follows: -

Monday – Friday           9.00 –   4.00

We are closed over Bank Holiday weekends and changes to our trading hours for the Christmas and New Year periods are advised to Landlords and Tenants during November.  During these times Tenants will be advised of a number to contact in the event of any emergencies relating to the property.  

In addition to the proprietor, there are two part-time members of staff and between them all they have over 30 years combined experience dealing with rental properties.  We endeavour to deal with all Landlords and Tenants in a polite, courteous and prompt manner and we would hope that we are treated in a similar fashion.

If you would like to discuss letting your property with us, please telephone 01353 669333 and we will be happy to help.  Alternatively e-mail to ely.estates@btconnect.com

COMPLETE LETTING SERVICE FOR PROPERTY OWNERS