Property Management Guide For Landlords
How much will it cost me to let my property?
The costs involved in letting your property consist of:
Energy Performance Certificate
An EPC, which you will need to make available to prospective tenants no later than 7 days from marketing beginning. Check if your letting agent can arrange for an EPC to be carried out On the Move can arrange an EPC on your behalf. An energy performance certificate lasts 10 years.
Inventory and check-in report
An inventory and check-in report, which should be organised before a tenant moves in. Ask your letting agent what sort of inventory is carried out, if they can arrange this on your behalf or provide an estimate. Costs vary depending on the size of the property.
On the Move carry out a video inventory report on all properties
Letting Agent commission
Your agents fee which is usually payable when a tenant is introduced and enters into an agreement to let the property. The way this is charged is either a flat rate fee or as a percentage of the monthly rental value plus VAT at the prevailing rate.
Are there any additional marketing costs?
Your agent should include all marketing expenses within their commission fee but it is worth checking this before with your agent, as some may charge an additional fee for advertising etc.
Who will conduct viewings on my property and when will they occur?
Your agent should accompany all viewings during their opening hours. However, in some circumstances they may ask you to conduct the occasional viewing. It is advisable to choose an estate agent who offers longer opening hours to maximise viewing potential and minimise the number of viewings you have to conduct yourself.
On the Move offer viewings throughout the week until 7.30pm and at weekends.
Do I need to be present for viewings?If your agent is accompanying all viewings and they have the access codes and keys for your property then your presence is not required.It is worth noting that tenants often feel more relaxed when the owner is not present.
How much will it cost to have my property managed?
Your agent’s Property Management fee will be charged as a percentage of the rental price + VAT and is payable upon the tenant signing the Tenancy Agreement. Refer to your agent’s Terms and Conditions for an outline of the services provided by their Property Management department and the corresponding fee.
On the Move charge 10% plus VAT for a single property management contract.
How much is the tenant’s deposit and what happens to it?
Typically this is four to six weeks’ rent and is payable upon the signing of the Tenancy Agreement. The deposit should then be registered with a tenancy deposit protection scheme within 30 days.
On the Move can hold the deposit as a stakeholder and register this with a deposit protection scheme, resulting in a faster and more efficient deposit release process at the end of the tenancy.
I want to let out my property; do I need to tell the mortgage lender?
Yes, you must obtain permission from your mortgage lender and inform us of any special conditions that they impose. Your agent may require written evidence of this.
We offer four service packages to our landlords, so no matter how much or little involvement a landlord may want in the process of letting their property, one of our flexible solutions will provide the required level of support. Click here to view the property management services that we offer.
It is a legal requirement for all rental properties in England and Wales to have an EPC. Once obtained the certificate it is valid for 10 years. An EPC measures the energy efficiency of a property using a scale of A-G.
No, you can let out your property; fully furnished, partly furnished or unfurnished. However when deciding whether to provide furniture with a property or not consider the type of tenant you are targeting and what their needs are likely to be. It is also important to note the condition of the furniture provided in the inventory.
How do I know I am getting a good tenant?
Your agent should conduct identity and residency checks on all applicants. They should obtain a credit reference and take up employer and current landlord references. For applicants who have a clean credit history but who are financially weak for the rental commitment we either ask for a guarantor or obtain full settlement of rent in advance for the tenancy term. For non-UK applicants we have access to international referencing facilities, which cover many countries.
On the Move use a large national referencing company ‘Homelet’ to undertake all referencing.
We conduct identity and residency checks on all applicants. We also obtain a credit reference and take up employer and current landlord references. For applicants who have a clean credit history but who are financially weak for the rental commitment we either ask for a guarantor or obtain full settlement of rent in advance for the tenancy term. For non-UK applicants we have access to international referencing facilities, which cover many countries.
We collect a security deposit from the tenant as cleared funds before the Tenancy Agreement is signed and register the deposit with an approved Tenancy Deposit Scheme.
Who has to pay the council tax on the property?
The tenant is responsible for paying the council tax from the date they sign the tenancy agreement.
On the Move inform the relevant Local Authority the date the tenant became responsible for the Council tax at the property.
A tenant is responsible for the payment of council tax during the period of the tenancy (as long as this is stated in the Tenancy Agreement). However when the property is vacant the landlord or homeowner is responsible for paying the council tax.
It is both the landlord and tenant’s responsibility to ensure that the address has a valid TV licence. However the responsibility on who has to pay for the licence is usually stated in the Tenancy Agreement. However if the landlord provides a television with the property then they would be expected to pay for the TV licence, particularly in any communal areas.
A list detailing every item contained within a rental property and the condition each listed item is in, usually checked by all parties on the day the tenant moves in and signed by all parties. Martin & Co can provide a comprehensive inventory service for landlords.
What happens about insurance when I let out a property?
The landlord is responsible for the buildings’ insurance at the property, it is also advisable that the landlord has insurance for any fixtures and fittings left at the property. The tenant is responsible for the insurance of their own possessions.
It is a good idea for the landlord to have insurance on the property and for any contents, such as furniture and white goods they have provided in the property. Tenants are responsible for insuring their own contents left in the property (however it is a good idea to state this in the tenancy agreement).
Property left behind is still classed as the tenants and if removed, or sold a claim can be made against the landlord for the value of the goods. The landlord becomes a bailee when the goods are left behind and can only legally sell or remove them under the Torts (interference with goods) Act 1977. Landlords are not permitted to sell the goods for compensation on any damage caused by the tenant or for any unpaid rent. However in practice a landlord cannot get a court order for each tenant that leaves property behind, and a landlord has to make a judgement, and with items of value keep clear evidence that they have done all they can to contact the former tenant in question.