Ravenscourt Residential provides a range of letting and management services based on the experience, skills and expertise of our lettings team.
Over the last few years and, following the introduction of the 1988 Housing Act which offers greater protection and possession rights to Landlords, there has been resurgence in the lettings market.
People from all walks of life are looking to become involved in the rental market whether Investors, Companies, people who need to relocate with their work or homeowners who are having difficulty in selling their own properties. Increasingly, large numbers of people are entering the ‘Buy to Let’ sector as an opportunity for investment.
As a result, Landlords have come to expect extensive knowledge and expertise from Ravenscourt Residential to act in their interests. Ravenscourt Residential are professionally qualified in this respect.
Where to Start?
1. Ravenscourt Residential is associated to a professional bodies ARLA & NAEA. In choosing Ravenscourt Residential, you will have peace of mind.
ARLA is an independent organisation solely concerned with the letting market. It ensures that its affiliated agents meet specific professional standards and fulfill other strict criteria such as provision of a separate client account for collection of clients’ money and availability of a bonding scheme to protect the client.
NAEA is a government backed accreditation body providing peace of mind to both Landlord and Tenants through the knowledge that we provide high levels of customer service.
2. Ravenscourt Residential can advise on what is required to prepare your property for rental and list a few guidelines to assist.
The rental market as with any other is competitive therefore, in order to obtain the best calibre tenants presenting your property in the most effective way is essential. Here are some suggestions:
3. Other important considerations for Landlords before Letting:
The Housing Act 1988 (amended 1996) has given rise to two types of Tenancy: Assured and Assured Short hold Tenancy as well as the existing Company Tenancy and Contractual Tenancy.
A) Assured Tenancy
Certain criteria have to be satisfied for a tenancy to qualify for assured status. Assured Tenancy gives the Tenant security of tenure but at a market rent negotiated between the parties. The Landlord may request back possession of the property let on an Assured Tenancy but must obtain a COURT ORDER. This has its advantages but is not as flexible.
B) Assured Shorthold Tenancy (AST)
This Tenancy is attractive to Landlords as it offers market rents without security of tenure beyond the contractual term and the majority of Tenancies are based on this format. However, certain criteria must first be met:
a) The Tenant must be an individual
b) The property must be the Tenant’s main residence/home
c) The rent cannot exceed £100,000 per annum
d) The Landlord must not occupy the same property
If the property is let under an Assured Short hold Tenancy, the Landlord can issue a Section 21 Notice to guarantee possession provided the term of the Short hold is expired and not less than two months notice has been given by the Landlord stating he requires possession.
If court action is needed, this can be obtained on a number of different grounds against the Tenant.
However, it should be noted that is a criminal offence under the Protection from Evictions Act 1977, for a Landlord to threaten or forcibly evict a Tenant from their property.
C) Company Tenancy
This is governed by contract law and is not regulated by the Housing Acts of 1988 or 1996. It is used when a Private or Public Limited Company (excluding partnership or sole trader) want to enter into a Tenancy.
There is no security of tenure and rental payments are often made on a quarterly basis by prior agreement.
D) Contractual Tenancy
Contractual Tenancy also falls outside the provisions of the Housing Acts of 1988 and 1996 and is not regulated by statute. It is most commonly used where the rent exceeds £100,000 per annum and both parties have the freedom to contract as they choose, but must then rely solely on the provisions of that Agreement.
5. Furnished or Unfurnished
Most professional tenants often prefer unfurnished and find that a Tenant is likely to respect the property more if they have their own possessions. Moreover the difference between rent for furnished or unfurnished is negligible and the Landlord remains responsible for the repair of replacement of any furnishings which become broken or worn (unless this was caused by a deliberate act of the Tenant – see Damage Deposits).
6. Marketing/Finding a Tenant
You will need to decide whether you require your Ravenscourt Residential to simply market your property and find a Tenant or whether you would prefer to engage our services as Managing Agents.
Whether you chose to opt for a Managing Agent or not, Ravenscourt Residential will firstly provide unbiased, accurate advise and a rental valuation which will be based on the popularity of the area, proximity to transport, rental price of similar property handled and decorative condition etc.
Should you decide to employ Ravenscourt Residential as your Managing Agent, we will also field calls, arrange viewings, vet prospective Tenants and obtain references, draw up contracts and advise you on your Safety and Repairs obligations (see LEGAL DUTY OF CARE).
7. References & Full Credit Checking
Credit checks are carried out by Homelet agency on all prospective Tenants as we can reserve the right to decline an application where necessary in the interests of protecting the Landlord’s investment.
References are normally obtained from the Tenant’s employer and previous Landlord.
We can also provide you with/assist in obtaining a linked insurance policy to safeguard your rental income and provide legal protection.
8. Drafting of Tenancy Agreement/Leases
Ravenscourt Residential can prepare and supply you with legal documentation and give practical general legal advice.
9. Dilapidation Deposits
This is usually equivalent to six weeks rent and is taken from the Tenant to be held in our Client Account until the end of the Tenancy. Upon vacation of your property, there will be a re-inspection and any refunds will be made within a maximum of 28 days, provided that there are no disputes and all utility accounts have been settled. No interest is payable to either party.
The costs of everyday repairs and maintenance are the responsibility of the Landlord but, if we are instructed to manage your property on your behalf, we will pay the contractor out of the Tenant’s rent. We can also organise quotes for approval on any major repair as this becomes apparent.
Under the Landlord and Tenant Act 1985, Landlords are responsible for repair of the structure and exterior of the property, together with installations for the supply of gas, electricity, water and sanitation.
If the property is not in a good state of repair at the commencement of the Tenancy, the Tenant has the right to insist that repairs are carried out and, in the event that the damage is serious, the Tenant will be entitled to consider the letting as terminated as the Landlord will be in breach of his obligations.
10. Collection of Rent
This is usually done on a calendar monthly basis and is forwarded to the Landlord via any previously approved method after any agreed deductions have been made for contractors etc.
11. Legal Duty of Care
Under common law, the Landlord must ensure that properties to let are safe and failure to comply with Safety Legislation is considered a criminal offence resulting in legal action and prosecution.
As your Managing Agent, we can carry out safety checks upon your request, deducting the cost from your rent.
1. Gas - (The Gas Safety (Installation & Use) Regulations 1994 (amended 1998) – the Landlord must maintain gas installations and all gas appliances through annual inspections and safety checks carried out by a Gas Safe registered engineer and a copy of the Current Inspection Certificate must be left at the property.
2. Electricity - (The Electrical Equipment (Safety) Regulations 1994 & Electricity at Works Regulations 1989- the Landlord must ensure that all mains voltage household electrical appliances and equipment is tested and safe to use. Any non-repairable items must be replaced and removed.
A NICEIC or similarly qualified electrical engineer must carry out these tests on an annual basis and we would also recommend this is done upon change of Tenancy.
All operating instructions must be left in the property for the Tenant’s benefit.
3. Furniture and Furnishings
The Furniture and Furnishings (Fire) (Safety)Regulations 1988 (amended 1989 & 1993) - Soft furnishings (such as mattresses, settees, bed bases, cushions and padded headboards) must meet fire resistance standards and bear a permanent label confirming this. If compliance cannot be proved, the item must be removed and replaced.
4. Smoke Detectors
Whilst only properties built after 1992 legally require the fitting of smoke detectors (Building Regulation 1991), we strongly recommend that smoke and CO2 detectors are fitted to each floor of the property.
The above is only a guide to the legal safety requirements and should you have any further enquiries, we suggest you contact a qualified solicitor who will be able to verify.
13. Overseas Landlords
You are considered an overseas Landlord if you live abroad or go to work abroad for lengthy periods of time.
It is important to firstly note that Inland Revenue regulations apply even if you are a non-UK resident. Moreover, non-resident Landlords must apply to the Inland Revenue Financial Intermediaries Claims Office (FICO) for authorisation (by way of an exemption certificate) to receive payment of property rental “gross”, that is without deduction of Income Tax by the letting agent or Tenant as required by law.
NB: The above is merely a guideline and for fully qualified advice, you should contact an appropriate Accountant or Tax Expert.
Brief Guide to Services: