V2. VL_Guide

Guide to
RESIDENTIAL PROPERTY
MANAGEMENT & LETTING
The Village and Country Letting Agents
www.villagelettings.co.uk

If you are considering renting out your home or
buying an investment property, we hope you find
the following guide useful. If the tenancy is
properly managed, it is usually a lucrative and
stress free experience. However, there are pitfalls
for the unwary.
The basics…
The Agreement – Residential properties are generally let under Assured
Shorthold Tenancy Agreements (AST). The agreement must run for a
minimum fixed term of six months after which, the landlord can terminate
the agreement by giving two months’ notice and the tenant one month’s
notice.
Rental Value – It is crucial that you get the rental value right. If the rent is
pitched too high it will take a long time to let the property, which will negate
any advantages of securing a higher rent. Furthermore, you will find it
harder to retain the tenant leading to rental voids and additional letting
costs.
Tenants – The tenant should be thoroughly referenced and credit checked.
At Village Lettings, as well as the basic credit checks we arrange for
previous landlords and employers to be contacted so that theinformation
we have been given can be double checked. We also take proof of residency
and photographic identification.
Management costs – You can usually offset your management costs
(Agents fees), repairs and interest payments on your mortgage against the
rental income for tax purposes. Before letting your property we would
recommend speaking to an accountant so they can advise on what the tax
implications are for you.

Furnished/unfurnished – We usually recommend properties are let
unfurnished as this is what the majority of prospective tenants prefer. There
are also safety restrictions in place should you chose to let it furnished,
which most clients would rather avoid.
Mortgage – If you have a mortgage you must inform the lender you are
intending to let your property and obtain permission.
Insurance – You must continue to insure the property and any contents
that belong to you. Your insurer must be aware that you are letting your
property as failure to do so may invalidate your policy. There are also special
landlord policies which include provision for loss of rent.
The practical issues:
Health and Safety – If there is gas, mains or lpg connected to your
property you must have an annual gas safety check by a Gas Safe engineer.
Landlords are also responsible for ensuring that electrical appliances both
fixed and portable are safe. Smoke alarms and carbon monoxide alarms
should be fitted wherever appropriate. There are also other issues to
consider such as legionella testing and legislation surrounding wood burning
stoves. We monitor compliance issues on behalf of your clients.
Energy Performance Certificate – Your rental property will require an
Energy Performance Certificate, if it does not already have one. This will be
valid for 10 years under current legislation, and your property cannot be
marketed without one.
Will you be living abroad? – If you are living abroad special tax regulations
apply to the rental income you receive. Your agent is required to deduct tax
at source. However, you can usually apply to HMRC to receive your rental
income gross.
Security – security systems including window and door locks, exterior
lighting and alarms are considered essential by some tenants and are taken
into consideration when calculating insurance premiums.

Preparing your property to let:
Presentation – Higher quality properties attract higher quality tenants and
therefore it is vital that a property is well presented. We recommend fresh
and neutral décor. Quality tenants will also expect modern well equipped
kitchens and bathrooms.
Cleanliness – it is essential that the property is handed over in clean
condition. We often recommend the property including all carpets is
professionally cleaned. This creates a benchmark for the tenant that will be
recorded in the inventory.
What do I need to leave? – Carpets, floor coverings, light fittings or
shades, curtains or blinds, and a cooker.
What should I take? – Items of sentimental value, antiques, furniture, any
white goods that are not integrated. If it is essential to leave some personal
items, they should be stored and locked away.
Instruction manuals – It is extremely useful to provide user manuals for
boiler, appliances and to leave notes about the “quirks” of the property, bin
collection dates etc.
Service and maintenance agreements – You should consider there are
service contracts for any heating system, alarm, sewerage system etc. This
is something we would be happy to look after as managing agents.
Utility Companies – We will take meter readings and notify the various
utility companies and the local authority when the new tenant moves in.
Managing the tenancy:
Tenant Relationship – The relationship with your tenant is key to a
successful tenancy. As managing agents this is something we put a lot of
work into. A happy tenant will look after the house, stay longer and be much
easier to deal with if there are any complications.

Rent Collection – Rent is normally paid monthly in advance by standing
order mandate. We take the collection of rent very seriously as it is our aim
to get landlord’s money paid over as soon as it has cleared in our account.
The latest technology – We have a sophisticated computerised
management system enabling us to monitor rents collected on a daily basis.
We can immediately spot any rent that is not paid on time and deal with it as
appropriate.
Providing information to your accountant – It is essential that you are
able to provide detailed information of income and expenditure to your
accountant at the end of the tax year. We provide monthly statements and
can provide a consolidating statement at the end of the year so you have all
the information you require.
The deposit – The tenant usually pay a minimum of an additional month’s
rent as deposit. This deposit must be registered under a government
approved scheme. Village Lettings use the Deposit Protection Service.
Inventory – The condition of the property should be recorded in an
inventory before your tenant takes up occupation. Typically, a Village
Lettings inventory for a four bed house might run to 100 pages and include
dozens of photographs! In the event of a dispute at the end of the tenancy
the inventory will be a vital reference point. It is imperative that they
provide and accurate and detailed report of the condition of the property.
Inspections – We recommend the property is inspected on a regular basis.
We like to inspect the property quarterly until we are convinced the tenant
is looking after the property. Detailed notes are taken during the inspection
and an inspection report sent to the landlord.
Repair Works – There are certain matters of repair that must be attended
to without delay whatever the time of year. A tenant for example will not
tolerate a heating system that breaks down. For those properties we
manage we have a team of trusted contractors we can call on to sort out
issues quickly and cost effectively.
Gardens – If your garden is large or well stocked with precious shrubs, it
may be wise to consider using the services of a gardener. Your tenant will
be responsible for the basic maintenance of the garden such as lawn
mowing and weeding, but they are unlikely to do anything more than basic
jobs.

IT IS CRUCIAL THAT MANAGING AGENTS
SHOULD BE REGULATED.
We believe it is vital that managing agents are regulated. Regulated agents
have to carry Client Money Insurance so landlords can be sure that their
money is protected should the agents business fail or there be any sort of
fraud. Unusually Village Lettings are regulated by both the Royal Institution
of Chartered Surveyors “RICS” and The Association of Residential Letting
Agents ARLA. Basic requirements are as follows:.
All clients’ money must be
kept in a separate account.
A reconciliation of that
account must be carried out
monthly to ensure nothing is
wrong.
All clients must be sent a
quarterly financial statement
(We do this monthly)
All agents must be a member
of an ombudsman scheme so
that any complaints can be
dealt with
All agents must carry
professional indemnity
insurance.
Members of the RICS and
ARLA are highly trained and
have to carry out Continuing
Professional Development to
ensure they keep with the
latest legislation that affects
lettings.
HOW CAN VILLAGE LETTINGS HELP?
It is imperative you find a tenant who is going to respect and look after your
home. We believe that it is crucially important that the tenant suits the
property. We look beyond the normal financial qualifications and rely on our
experience within the team to source the best possible tenant for you.

We can tailor our service to suit our client’s individual requirements.
However, the basic packages are listed below.
Full Management – We take on responsibility for the property allowing
landlords to distance themselves from the day to day issues and tenant. We
will find the tenant and reference them, draw up the tenancy agreement,
prepare the inventory, collect the rent, arrange repairs, carry out regular
inspections and manage the on-going tenancy.
Tenant Find and Set-Up – We will find the tenant and reference them. We
will then set up the agreement, prepare the inventory and collect the first
month’s rent and deposit. The landlord will then manage the on-going
tenancy.
Tenant Find Only – We will find the tenant and reference them. The
landlord then prepares the lease and inventory.
WHY CHOOSE VILLAGE LETTINGS?
We have a highly professional and experienced team to look after our client’s
properties. We specialise almost exclusively in letting village and Country
Properties.
We are regulated by both the
Royal Institution of Chartered
Surveyors (RICS) and the
Association of Residential Letting
Agents (ARLA) who impose
exacting standards as to how we
operate and look after our
client’s money. Many agents are
entirely unregulated but we have
chosen to allow a third party to
monitor our business.
We have highly qualified and
trained staff who keep up to date
with the latest legislation to
ensure you comply with all your
obligations.
We carry client’s money insurance
for your piece of mind.
We produce brochures with
detailed room descriptions and
packed with photographs.
We use our high profile estate
agency to market properties.
We are small enough to provide a
highly individual service.
We prepare detailed inventories.
We carryout regular inspections
on our managed properties and
provide comprehensive and
regular reports to our clients.

For further information please contact:
Diane Rushton
Lettings Manager
Anthony Fox
MRICS,MARLA
Director
Hannah Bocock
MARLA
Property Manager
Angela Fox
Director
Bob Hillyer
Lettings Negotiator
CONTACT:
Kibworth
0116 366 7012
Market Bosworth
01455 240932
Email:
lettings@villagelettings.co.uk
www.villagelettings.co.uk