First Time Landlord's Guide

8/22/2019 First Time Landlord's Guide

http://slidepdf.com/reader/full/first-time-landlords-guide 1/10

Landlord's Guide

New image



“We are an independent, family-run estate agents, based inEaling.

Our team of property professionals are experienced in sales,lettings, block management and conveyancing. We have ourown in-house financial services and conveyancingdepartments, so you can find the answers to all of yourquestions under one roof.

We are passionate about property, but don't just take our wordfor it - come and visit us at our office in West Ealing, or give us

a call on 020 8998 1118 to discuss your property requirements.”

Your property, our priority .

Address: 23 The Avenue

West EalingLondon

W13 8JR

[email protected]

www.castlehillproperties.co.uk

020 8998 1118

visit our facebook page and 'like' us!

This handbook is a guide only. It is not intended as a comprehensivelettings reference. The information is correct at the time of printing.

http://www.castlehillproperties.co.uk/

http://www.facebook.com/pages/Castle-Hill-Property-Services/358116017629621

http://www.castlehillproperties.co.uk/



Thinking of letting yourproperty?

Letting your property is a good financialproposition, but it can also be a dauntingand stressful experience, especially forfirst time Landlords.

At Castle Hill Property Services, weprovide a comprehensive andprofessional letting service for landlordsin Ealing and the surrounding areas.

We understand that your property islikely to be your largest asset and forsome people, their only source of income.

We can therefore categorically reassure you that your property is in safe hands. With our hands-on, proactive approachand transparency with regards to our feesand services, Castle Hill Properties areeverything you should expect from amodern, progressive and dynamic agent.

We are here to take the stress out of letting your property.

Our lettings Process

Valuation

Get your property

ready for viewings Marketing

Accompanied viewings

Offers

Tenant Referencing

Check-in



Valuations

At Castle Hill Property Services, we canoffer you a free, no obligation, appraisalof the potential rental income you couldachieve from letting your property.

Our experienced and highly trainedproperty valuers will provide you with a

valuation based not only on their expertknowledge of the local market, but alsousing our extensive database of recently let properties.

We will also present you with a detailedand personalised plan of how we willsuccessfully let your property.

1. Presenting Your Property 2. Once you have decided to let yourproperty, it is important to make it asinviting as possible to potential tenants.

Most tenants make a decision about aproperty within 15 seconds, so firstimpressions really count.

When preparing your property to let, wesuggest you bear the following in mind:

Approach, Front and Back Garden: Theexterior of your property is equally asimportant as the interior. Paint the fence,clip the hedge, weed the beds, cut thegrass, remove any rubbish and pressurehose the pathways. This will make yourhome look loved and well tended.

Exterior & Front Door: Repair any brokenfixtures or fittings, making sure all

woodwork has a fresh coat of paint orstain. This has been proven to be one of the most important factors in presenting

your home in a positive way.

Interior: Bold colours can put off potential tenants, so repaint using neutralcolours.

Clean and Tidy: Keep all rooms clean andtidy, paying particular attention to thekitchen and bathrooms. Make sure thekitchen is equipped with white goods i.e.

washing machine, fridge/freezer.

Be wary of agents over valuing your property. This is a tacticused to gain your instruction,but is ultimately a falseeconomy, as your property willgo stale on the market and rentout for less than the true

market value.



.

2.

The investment you put into the property now will pay dividends, as it will not only ensure you get the best rental valuepossible, but it will also attract a highercalibre of tenant, as well as help to reduce

void periods.

We have a dedicated home improvementsteam at Castle Hill, who offer a bespokeservice for those wishing to bring theirproperties to the lettings or sales market.

With our expertise and the resourcesavailable to us, we are able to ensure yourproperty achieves maximum appeal withoptimum return.

Our home improvement team can sourceand manage the following works for you:

• Painting & decorating• Garden maintenance and re-design• Plumbing• Deep cleaning• Removals• Interior design

Please call 020 8998 1118 or [email protected]

more details.

3. Marketing Your Property

We know what tenants want from rentalproperties and what features they will bedrawn to. Our complete understanding of their requirements means we canefficiently market your property in a way that will attract the attention of the right

people.

We market our properties in a variety of ways at Castle Hill:

• We advertise our properties in the localpress.• Our properties are visible on all themajor online property portals (as below)• We display properties in our prominent

window display and property boards.• We rotate our properties on a televisionscreen in the office, on a daily basis.• We produce property particulars for allof our properties.• We market our properties at ourseminars and events.• We produce monthly newsletters, whichare sent out to our database of tenants.



All viewings are accompanied by anexperienced member of the lettings team.

Once a tenant agrees to rent a property, aholding deposit is taken. We then take upthe applicants references and manage thereferencing in-house, while instructing athird party to run a credit check on thetenant.

Each tenant is assessed on the basis of:

• Employment reference• Previous landlord reference (if applicable)

• Search of public records for evidence of previous address and credit rating

• Students are required to provide details of a guarantor (who is referenced separately).The guarantor will be required to sign aguarantors agreement.

4. Accompanied Viewings 1. Gas Safety Regulations

It is the responsibility of the landlord toensure that all gas appliances areinspected annually by a Gas Saferegistered engineer. A valid Gas Safety Record must be issued and updated every

twelve month

2. Electrical Safety Regulations

It is the responsibility of the landlord toensure that all electrical equipment,including wiring, is safe. A Portable

Appliance Test should be carried outregularly and all electrical testing must beconducted by a qualified electrical

engineer.

3. Energy Performance Certificate

If you are selling or renting your home, you must have a valid EPC (Energy Performance Certificate). This must bedone by an accredited assessor. The EPCmust be renewed every ten years.

4. Furniture and Furnishings Fire Safety

All upholstered furniture and furnishingsin rented properties must pass a 'matchtest'. Generally, all productsmanufactured after 1998 will pass thistest. If there is no manufacturers

warranty, the item must be removed fromthe property prior to letting.

4.

Landlord's Obligations5.

As a landlord, you are bound by statutory obligation, to provide a safe environmentfor your tenants.



5. Additional recommendations

We also recommend that additionalprecautions are taken by Landlords priorto the commencement of any newtenancy, as follows:

• Smoke Alarms should be installed on

each floor of the property.

• Carbon Monoxide Alarms should beinstalled next to each gas appliance.

• A fire blanket, or small fireextinguisher should be provided inthe kitchen.

6. Taxation

Your rental income is viewed as'unearned' income and is subject to UK

tax. You therefore must declare theincome on your Self-Assessment taxreturn.

Some items can be offset against therental income, so keep copies of monthly statements and invoices.

If you are abroad or intend movingabroad, further tax rules apply. You will

still have to pay the lower rate of tax onthe net income earned on any letproperty.

Our Services

1. Tenant Introduction Service: 8% agency fee

• Extensive marketing of your property • Arranging and carrying out viewings• Introduction and vetting of prospectivetenants

• Preparing the tenancy agreement andother relevant documents

• Organising the inventory (if required)

2. Tenant Introduction & Rent Collection:10% agency fee

• Extensive marketing of your property • Arranging and carrying out viewings• Introduction and vetting of prospectivetenants

• Preparing the tenancy agreement and any other relevant documents

• Organising the inventory (if required)• Collecting and processing rental payments

3. Fully Managed service: 12% agency fee

• Extensive marketing of your property • Arranging and carrying out viewings• Introduction and vetting of tenants• Preparing the tenancy agreement and any other relevant documents

• Organising the inventory • Periodic inspection visits• Management of maintenance issues andgeneral enquiries

• Collecting and processing rental payments• Organising check-in, check-out and thetransferral of utilities

• Marketing of the property at the end of the tenancy

• Our fully managed service includes FREErent warranty protection

.

We offer a range of services, which canbe tailored to suit your requirements.

We have outlined what is included ineach level of service on the next page.

6.



Activity Tenant

IntroductionService: 8% fee

TenantIntroduction &Rent CollectionService: 10% fee

Fully ManagedService: 12% fee

Market your property

Arrange accompanied viewings

Provide the landlord with regular feedback

Negotiate offers on landlord's behalf

Obtain copies of I.D. & proof of residency

Reference prospective tenants

Prepare tenancy agreement and legal paperwork

Set up standing order mandates for rent

Collect first month's rent & deposit

Organise renewal mail shots

Organise end of tenancies

Check rental payments & forward to landlord

Manage rental arrears

Produce a monthly statement of accounts

Draw up inventory

Tenant check-in service

Transfer of utilities at the start & end of tenancy

Tenant check-out service

Deal with maintenance issues throughout thetenancy

Routine property visits (as required)

Hold repair float (optional)

Deal with end of tenancy deposit return

Legal protection insurance

Rent protection insurance

Included as part of ourstandard service

To be carried outby landlord

Optional (at anadditional cost)



Are you a First Time Landlord?

There are a number of factors to consider when buying an investment property. Here isa list of useful hints and tips to consider.

Location: Research the area you want to buy in and keep abreast of market trends.

Gentrification is a key indicator of an area which is improving and where house pricesare more likely to go up. Key signs of gentrification include an abundance of cafésand trendy boutique shops.

Another sign of a good area to invest in is one with a lot of interest from property developers. Local newspapers and council

websites are a good source of informationabout planning activity.

If you are targeting families for example,make sure the property is within easy reach of a good range of schools and park.

Be sure to find out how close the property isto local amenities and transport links.

Service charge & ground rent

Levels of service charge vary depending onthe range of services provided with thebuilding (for example: a caretaker, lift andgardener). These services will often make theproperty more attractive to prospectivetenants. These charges will also have a directeffect on the yield of your property.

Yield

The 'yield' of a property tells you howmuch of an annual return you are likely to make on your investment. It iscalculated by expressing a years rental

income as a percentage of how much theproperty costs.

Gross Yield: The gross yield is calculatedby dividing the properties annual rent by the property value. This is thenexpressed as a percentage.

Net Yield: The net yield takes intoaccount all the operational costs, such as

insurance, maintenance, repairs andrunning costs.

Ideally, you want a property that willgive you a net yield of 6% or above.

To work out the yield, divide

the annual rental income by the properties capital valueand then multiply the answerby 100. This will give you anannual percentage yield.



Outstanding Primary Schools

Christ the Saviour C of E Primary SchoolSpringbridge RoadNew Broadway Ealing

W5 2XA

Montpelier Primary SchoolMontpelier Road

Ealing W5 2QT

Outstanding High Schools/Sixth FormColleges

Twyford Church of England High SchoolTwyford Crescent

ActonLondon

W3 9PP

Transportation

Ealing has good tube links, being located onthe central and district lines. The Piccadilly line is served by nearby Ealing Common,Northfields and Boston Manor Station.

The new high speed 'Crossrail' link willfurther improve transport connections in

and around the borough of Ealing andmake it a much more desirable location tolive.

A number of major bus routes pass throughEaling (207, 65) and there are plenty of smaller routes connecting Ealing to thesurrounding boroughs.

Ealing, (also known as “Queen of thesuburbs,”) is the third largest boroughin London and the fourth mostethnically diverse borough in thecountry in terms of sheer number.

Attractions

• Ealing is home to the world famous'Ealing Studios', which is the oldestcontinuously working studio facility for film production in the world.

• Pitshanger Manor Gallery & House isEaling's flagship cultural venue andcomprises of the Grade I listedPitzhanger Manor-House, designed by the architect John Soane in 1800 andPM Gallery, which is West London'spremier professional contemporary arts venue.

• Questors Theatre (on Mattock Lane),is the largest community theatre in

Europe.

Parks

Ealing has ten key parks and Walpole

Park is Ealing's première park. It hoststhe annual Ealing Summer Festival,

which comprises of Comedy, Jazz,Blues, Opera and World Music. Thefestival attracts thousands of visitorseach year.

Schools

Ealing has 91 state-run schools and

nurseries, with a number of schoolsattaining 'outstanding' or 'good'Ofsted ratings in 2012. There are alsotwelve private schools in the borough,catering for all ages.

Reasons to let in Ealing

Documents

First Time Landlord's Guide