Advice for Landlords

How to make the most out of letting

The property appraisal
The first stage towards putting your property on the market to let is to meet the Lettings Agent at the property. We are available Monday to Friday between 9:00am & 5:30pm. We provide you with this service free and at no obligation.

Maximising Rental Income 
Properties vary, as do the requirements of each landlord, so before the valuation appointment we will be doing our homework, compiling comparable rental details, a market overview and current pricing trends. During the appointment you will be advised about any items or discuss any issues that may affect the rental yield. We will also advise you of any action you can take to maximise the rental and minimise the time it takes to achieve it. 
 
Presentation
Experience tells us that the presentation of your property will increase the marketability and the level of rental income that we can achieve on your behalf.
It therefore follows that your property should be presented to the highest standard possible to secure an early tenancy. Our very experienced team can advise you on all aspects of furnishings, fittings and decorations and if required, recommend contractors to assist with any remedial work or improvements prior to your property being made available for letting. We would also suggest that prior to letting you have the property and carpets professionally cleaned. The garden should also appear well tended.
 
Top tips to make the most out of letting
No longer do tenants accept any property whatever the standard. Whether the letting is furnished or unfurnished, the quality of decoration and contents in the property will have an effect on the levels of rent and the time scales involved in securing suitable tenants.
We recommend you avoid allowing personal taste to influence the choice of decoration. Most experts recommend that the furnishings and decoration should not be too homely or too elaborate. Your representative will be happy to advise you on what best suits the market. 
 
Presentation Tips

  • Choose Neutral colours such as cream or magnolia for decoration
  • Carpets, curtains and any furnishings should be neutral and be able to stand wear and tear
  • Gardens should be neat and well maintained
  • We recommend a professional clean, including the windows prior to letting
  • If you are seeking a company let, all furnishings including kitchens and bathrooms must be well equipped and to a good standard

Furnished Lettings

  • TV's and Hi-Fi are not normally necessary as tenants will bring their own
  • 3 piece suites must be of a good standard and meet current safety regulations
  • Beds must be of good quality with new mattresses and linen, again meeting current safety regulations
  • Protect any table or furniture tops with glass or suitable covers
  • Cutlery and glassware should be robust
  • Leave full instructions on appliances, alarms and any kitchen gadgets, plus details where main switches, stop taps etc. are to be found

Finding the right tenant
As soon as we receive your written instructions to proceed, our sales team will begin the process of finding a suitable tenant by contacting all the prospective applicants that are registered with us on our database, and by placing the property onto our website. We will also prepare photographic details of the property for advertising purposes. The visual aspects of marketing a property are, in our opinion, of paramount importance and we invest more than any other local agent on colour promotional and Internet advertising. We estimate that our high profile and innovative marketing strategy generates between 3 and 4 time more enquires than any other local lettings agent. Complete-Move will continue this active line of promotion until a suitable tenant is found and in doing so will accompany all prospective tenants to the property.

Upon receipt of an application for tenancy, we always endeavour to seek our landlord's approval in principle, prior to proceeding to referencing and contract.

Stringent referencing and credit checks are carried out upon all tenants, which results in you having a full understanding of their personal and financial circumstances, their employment history and credit worthiness before we ask you to proceed with the tenancy.

Only when you are satisfied with the tenant will we proceed with preparing a suitable tenancy agreement. We can also offer advice on what your current mortgage lender will need to know, along with inventories, insurance and the all-important collection of the rental payments. 

Service Level Options
We offer two levels of service to accommodate the differing needs of clients ranging from a let only service for the investor landlord to the full management service for those wanting complete piece of mind. The full management service ensures that every aspect of the letting process is dealt with efficiently and cost effectively on the landlord's behalf.

Let Only Service

  • Advertise and promote the property until a suitable tenant is found
  • Accompany prospective tenants on viewings as and when required
  • Carry our full credit searches via a specialist credit referencing company. Obtain references from employers and previous landlords
  • Prepare the tenancy agreement
  • Prepare the incoming inventory and get the client to sign to confirm they agree with it
  • We will arrange for the utility companies to be registered in the tenants name for the duration of the tenancy together with taking the meter readings.
  • Collect one month rent in advance together with a deposit. Monies including the tenants deposit, less our charges will be paid direct to yourself along with the original tenancy agreement, inventory and tenancy details.

Full Management Service

  • The full management service adds the following to the Let Only Service.
  • We will visit the property every four months to check on the general condition of the property and send you a report.
  • We will arrange maintenance and repairs as necessary including obtaining estimates where appropriate and liaising with both contractor and tenant on all matters
  • Paying monthly rent into your designated bank account and forward you a statement of account each time
  • Deal with the Inland Revenue where necessary
  • We will offer advice on necessary legal procedures ensuring any notices are sent correctly
  • We will process the return of the tenants deposit, less any charges for cleaning, damages or arrears
  • As stakeholder Complete-Move hold the tenants deposit

Safe as houses
The Legal Position
The Housing Act 1988 (as amended by The Housing Act 1996) - The Act brought fundamental changes to the law governing the letting of residential property individuals. Many of the changes made the market more attractive for landlords by making it easier to let at a market rent and recover possession when necessary. The new Act specifies the types of tenancy and whilst there are several types it is most likely that the tenancy of your property will be either an 'Assured Shorthold Tenancy' or a 'Company Let'.

Gas Safety (Installation & Use) Regulations 1998
These cover all gas appliances, flues , meters and associated pipe work and require landlords to ensure appliances remain safe at all times and are checked and certified at least once every 12 months.

A record of checks carried out by a Corgi registered engineer must be kept. Instruction booklets must be provided for each appliance supplied. Such is the importance of this regulation that we reserve the right to arrange for an annual Gas safety check of the property, at the Landlords expense, should the obligatory Safety Certificate not be available.  

Furniture & Furnishings(Fire)(Safety)Regulations1988 Amendment Regulations 1989&1993
This act all upholstery and upholstered furniture supplied by the landlord in a rented property, including; beds, footstools, pillows, headboards, mattresses, beanbags, sofa beds, futons etc.

Furniture manufactured between 1950 and 1990 cannot be supplied to a tenant unless it has been professionally re-upholstered with conforming materials, fire retardant spray treatment is not acceptable by the DTI as it ineffective in affording protection to foam fittings.

The Electrical Equipment (Safety) regulations 1994
There is currently no legal requirements to have a formal annual safety check of electrical equipment. However this is open to interpretation, as far as Trading Standards are concerned a landlord must be able to demonstrate that electrical appliances are safe before the property is let. Should any piece of electrical equipment have a fault, which results in injury or fatality, the person is responsible for supplying the equipment could be prosecuted. Therefore professionals recommend annual checks of all appliances.
 
Taxation on Letting Income
UK Resident landlords
If you are a resident landlord in the UK, your net taxable profit from your rental business represents income received without tax deduction at source. This will need to be added to your other taxable income in order to work out your overall tax liability for a particular tax year. The normal method of reporting your taxable income to the inland revenue and calculating your tax liability is via a self assessment tax return.

Non Resident UK landlord
The Non Resident landlords (NRL) scheme is for taxing the UK rental income of person whose usual place of abode is outside the UK. Unless the landlord can provide Complete-Move with an exemption certificate from the Inland Revenue, we are obliged by law to deduct basic rate tax (currently 23%) from rents received and account to the Inland Revenue on a quarterly basis. Landlords should also note that a maximum penalty for non compliance with these regulations is a fine up to £5000 or six month imprisonment.

Reducing Tax Liability
As a landlord the inland revenue will view you in the same way as a business, meaning that costs and expenses incurred may be off set against the rental income, these expenses can substantially reduce or eliminate your tax liability. The letting income on which you are subject to tax is gross income less certain expenses usaully incurred, which usually include the following:-

  • Loan interest (subject to conditions)
  • Rent, rates and ground rent
  • Cost of providing services included in the rent
  • Professional fess, agents, accountancy and legal fees 
  • Cost of repairs
  • Maintenance charges
  • Water rates
  • 10% wear and tear allowance (for furnished properties

We advise you to speak with our representative with regards the relevant forms which need to be filled in should you live or be going to live abroad whilst the property is let.