Establishing Your Property's Value
You can a general idea of your property’s rental potential by looking at similar properties in your area for let as advertised on through local newspaper advertisements and website property-portals. However, to establish a more accurate and realistic rental value you will need the services of an estate agent, with experience in your local market– such as us, George Property and Financial!
To provide you with a FREE professional valuation click here or simply call us on 02920 811511 and arrange for one of our property consultants to meet you at your property a time that suits you. At the appointment, we will assess your property and advise you on the potential rental income your property could generate, anything we believe you can do to enhance its value, and how best to market it to attract the right kind of tenant. To reach our assessment we will take into account your own specific needs, and base the valuation on factors such as market forces and current demand, previous rental transactions in your street and activity levels with other property similar to your own. We will also be happy to respond to any questions or concerns you might have about lettings, or related matters.
Having established the rental value of your property and decided to go onto the market, you will need to choose an Agent to act for you. At George Property and Financial the initial rental valuation of your property is free. You only pay commission when we successfully let your property and you'll always have access to our specialist letting consultants.
Preparing Your Property
Tenants are usually prepared to pay more to get more – and a property in first-class order can usually be let more easily. The following features appeal to most tenants:
There's often not much difference between the rental achieved for a property whether it is furnished or unfurnished.
Fixtures & fittings
All fixtures and appliances should be serviced before the start of the tenancy and in good working order. If you have instruction booklets, please make them available or write out clear instructions for use. Your property should always offer:
The Gas Safety (Installation and Use) Regulations 1994
On 31st October 1994 the Gas Safety (Installation and Use) Regulations 1994 came into force. Under Regulations 35(2) it is duty of any person (i.e. Landlord) who owns a gas appliance and pipework is maintained in a safe condition so as to prevent risk or injury to any person. The Regulations cover all appliances and all types of Gas i.e. mains propane or calor gas for heating, lighting, cooking or other purposes for which gas can be used. The owner (i.e. Landlord) of any gas appliance must ensure that each appliance is checked for safety at least every 12 months by a qualified gas engineer, e.g. an employee of British Gas or a CORGI registered person. A record must be kept of all safety inspections and the results open to Tenants inspection by law. The Landlord must have a Gas Safety Inspection carried out before a Tenant(s) occupies the property and signs the tenancy agreement. A copy of the certificate must be given to the tenant before the tenancy commences. Click here to Instruct a George Property and Financial Gas Man.
The Electrical (Safety) Regulations 1994 and Plugs & Sockets (Safety) Regulations 1994
It is a criminal offence to supply unsafe electrical equipment with rented accommodation. The maximum fine is £5000. The above Regulations apply to portable electrical equipment such as:
Accounting for Tax
Current legislation governing the collection of tax on rent income for non-resident Landlords came into effect from April 1996 under the 1995 Finance Act. The main changes affecting non-resident Landlords are as follows:
When considering applications of self-assessment the Inland Revenue will normally look favourably on Landlords who have their own tax affairs in order to April 1995.
Once we have secured a prospective tenant, a holding deposit is taken in order to establish a level of commitment. We then engage an independent licensed credit reference agency to take references on the prospective tenant. These cover employment, computerised credit checks, bank reference, previous Landlord or character references. If you wish we can present copies of these references to help you decide acceptability.
If you have a freehold property with no mortgage on it, there should be no barriers to letting it out to tenants. If you have a leasehold property however, you must check your lease in connection with sub-letting and obtain the necessary consent if required. If you have a mortgage on your property, consent may also be needed from your lender.
You will need to ensure both the property and its contents are fully insured. This is normally provided for in the Tenancy Agreement. You must inform your insurance company that the property is to be let, check that the conditions of the policy are complied with and that there are no restrictions on letting. Get in touch with a George Insurance Adviser who will help you with finding the most appropriate policy for your requirements.
George Property and Financial can arrange to have the Inventory checked and signed by the Tenant and to hand over keys are at the commencement of the Tenancy.
George Property and Financial offer a professional lettings/property management service, designed to take care of any day-to-day problems. We can help you with:
Whether you are looking for an agent to simply find you a reliable and suitable tenant, or whether you require a fully managed service, George Property and Financial have a letting service solution that can help. Please click here to learn more about our various letting services and options.