What kind of tenants would I expect to be renting my property?

Our largest proportion of tenant’s are professional people. There is of course a demand in all areas for student accommodation, however consideration would be given only with consent of our client.

How can I be sure a tenant won't destroy my property?

Any good, honest letting agent will advise there is always a risk. It is our job to minimise that risk when letting out your property. We take every care possible utilising our extensive tenant vetting procedures for all tenants.

How much rent could I expect to achieve for my property?

Rentals vary greatly from property to property and area to area. Décor, size and furniture will also have an impact. The best way to gauge the rental value of your property is for one of our experienced staff to visit your property and provide a free rental assessment.

What can I do to improve the rental value or the chances of finding a tenant?

Keep the property professionally clean. A clean and tidy property will not only be easier to rent, it will also mean that a fair rent is justified. Think about whether you would want to live there or not.You might also decide to furnish the property and to what level. Remember to allow for reasonable wear and tear on any furnishings that you provide. No matter what level you decide on, carpets and curtains (of a decent standard) must always be provided.

What's the inventory?

An inventory is a document that details the condition of the property at the outset of the tenancy along with any furnishing, fixtures and fittings or other contents you are leaving in the property. As a landlord, you should ensure that an up to date and suitably detailed inventory or schedule of condition is provided to the tenants at the commencement of each tenancy. Without a good inventory/schedule of condition, it is difficult to assess and justify any deductions for damage from the tenant’s deposit at the end of the tenancy. As part of Assets fully managed service we include a detailed full colour photo inventory at no extra cost.

What happens if I need my property back at short notice?

The minimum lease period is normally a 6-month assured shorthold tenancy, giving either party the option to extend thereafter. The earliest occupancy could be returned would be the end of the first lease term.

What if I want to lease my property long term?

The same type of lease would be used. There is no maximum time limit on a assured shorthold tenancy and this type of lease gives you, the landlord, the best protection. Signing longer leases for more than 1 year could make it difficult for possession to be recovered.

What should I do about the Utility bills and notifications?

Nothing – we will inform all the utility authorities including the council tax office. You should however disconnect the telephone line. This will allow the tenant to reconnect the line in their own name if they wish.

Do I need to inform anybody else that I am letting the property?

You must inform and have consent from your mortgage lender and freeholder* (if you are a leaseholder or a management company). Keep any written consents safe along with any other documents regarding the property. You must also inform the insurance company and receive their consent to the tenancy.You must also advise the Inland Revenue that you are renting the property.

How do I receive my rent?

Depending on which service you have chosen through Asset will determine how and when you receive your rent:

  • Asset Tenant Set Up
    You receive the first month’s rent and the deposit at the start of the tenancy less Assets fee for this service and any other costs that are attributable. We then set up a standing order from the tenant directly to your bank account.
  • Asset Full Management Service
    We collect the first months rent, deposit and then each month’s rent thereafter. We then credit this directly to your bank account.

When is the tenant's deposit returned to them?

Once a representative has carried out the final inspection to ensure the property is left in good order and final receipted Utility accounts are submitted to the office the tenant’s deposit will then be returned.

Will my property be checked on regularly to make sure it is being looked after?

We inspect each of our managed properties once every 12 weeks. There is an additional charge if extra visits are required

Do I have to pay tax?

The short answer is yes. How much will vary on whether you are classed as a UK resident or not. The taxable amount is calculated after a series of deductions. The Inland Revenue publish a series of leaflets which will give you more information about this (leaflets ir150 and ir87). You can find these on the Inland Revenue website or contact the Inland Revenue direct for more details. NB There are specific rules for non-UK based landlords. These are governed by FICO (Financial Intermediaries and Claims Office). Please contact us for further details on these regulations.