How to Rent Your Property –
To ensure you get the best advice on renting your property you should always use an ARLA Property Mark Protected Licensed Agent.
There is currently no legal requirement for a letting agent to be licensed. As such the process of opening a letting agency is easier than getting a driving license. The Association of Residential Letting Agents (ARLA) Property Mark Protected has a strict code of practice which its members must abide by and provide a redress scheme should the need arise. Martyn Gerrard are a licensed agent and our staff have studied and passed an in depth exam which covers best practise and the legal aspects of lettings and property management.
If you own a property and have decided to rent it out there are a number of matters and precautions you should have in mind before you begin.
If there is a mortgage on the property you should get confirmation from the lender that they are happy for the property to be let
If the property is leasehold you will need to check that the lease allows sub-letting or if you need the Freeholders permission.
Don’t assume that your existing building or contents insurance policy will cover you if the property is let out. There is every chance that it won’t and you will run into problems if you need to make a claim. There are now many specialist insurance policies available to landlords.
Any furniture will all need to fully comply with fire regulations, while gas boilers or fires and electrical equipment will need to be regularly inspected and given a safety certificate. Failing to do so can result in heavy fines or a prison sentence.
The property will require a valid energy performance certificate (EPC). These are valid for 10 years, but will need to be updated if you carry out any major works to your property such as building an extension or adding double glazing.
The tenants deposit must be registered or lodged with one of the government approved schemes. Designed to protect both sides and guard the tenants’ deposit, they will also act as arbiter to resolve any disputes about the deposit between the landlord and tenant at the end of the tenancy.
A comprehensive and independent inventory should be prepared, not just listing the furniture, fixtures and fittings but also detailing their condition and that of the property. At Martyn Gerrard we insist all managed properties have a full inventory and strongly recommend all our let only properties have one carried out. The company we use also take photographs where relevant. This helps to significantly reduce any potential disputes at the end of the tenancy.
The demand for rental property from good quality tenants is particularly strong in our area. Although demand is outstripping supply, tenants are requiring more than ever that the property is clean, well decorated and where necessary well furnished. As your local specialist letting agent we will be happy to give you guidance on what you can do and how to present your property to attract the best tenants at the best price.