Valuation
We will visit your property, appraise the letting potential
of it and advise as to the current rental level and generally
provide guidance with regard to the Housing Acts and tenancy
agreements, Tax and other legal and statutory requirements.
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Marketing
This will include advertising the
property both in local papers and on our web, the erection (if
required) of a "to let" board
and conducting viewings at the property.
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Tenant Selection
We will interview prospective tenants and take the appropriate
references to include employers, a credit search, personal references,
the previous landlord (if applicable) and guarantor (if applicable).
Any lettings will take into account the landlord's instructions with regard
to such things as sharing, children, pets, smoking, etc.
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Tenancy Agreement
We will advise on the appropriate tenancy agreement in accordance
with the Housing Act. A standard form of tenancy agreement and
notices are normally used and, if requested, we will submit
the documentation to your Solicitor for approval.
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Inventory
An inventory and schedule of condition
to include a photographic record will be prepared prior to the
letting of your property. The cost of preparing the inventory
and the checking of it is included within the management fee.
A deposit will be collected from the tenant at the start of
the tenancy to cover any dilapidations, damage or for any breach
of their tenancy agreement obligations. Any deposits collected
will be held by Smith & Co as Stakeholders.
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Legal and Safety Regulations
Smith & Co will advise you on such matters as:
- The Gas Safety (Installation and use) Regulations 1998
- The
Furniture and Furnishings (Fire Safety) Regulations 1993
- The
Electrical Equipment (Safety) Regulations 1994
- The Building
Regulations 1992 - Smoke Alarms
Rent Collection
The rent will be demanded and accounted for to the landlord
on a monthly basis. Our fee for this service is deducted monthly
from the rental payment received.
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Providing Smith & Co are given the landlord's Bank or Building
Society details we will automatically transfer the net rental
receipts to that account within seven working days after we
have received cleared funds.
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Repairs and Maintenance
Smith & Co will
organise day to day repairs. Minor repairs will be dealt with
at our discretion. Where major works are necessary we will obtain
quotations and seek landlord's prior approval for such expenditure
unless immediate action is required.
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Utilities
We will ensure that final meter readings are taken and
transfer the utilities into the name of the landlord or the new
tenant as appropriate.
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Inspections
Smith & Co will carry out regular
inspections of the property in order to monitor the condition
of the property and the performance of the tenant in accordance
with their contractual obligations.
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Insurance
It is essential that you notify your insurance company
so that they may advise you of any additional cover that may be
necessary.
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Consent to Let
If you have a mortgage you must obtain consent from your mortgage
lender. If your interest in the property is leasehold your lease
may require you to obtain consent from your landlord prior to
subletting.
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Tenancy
Agreement II
With certain exceptions all
lettings will be on the basis of an Assured Shorthold tenancy
under the Housing Act 1988 (as amended). Smith & Co, as
Agents, would provide the necessary legal tenancy agreements.
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Taxation
Council Tax is the responsibility of the tenant. Income
from all lettings in the UK is subject to Income Tax.
On 6th April 1996 rules regarding payment of Tax for non resident landlords
changed. The Agent is no longer liable for the Tax. However, the Agent is required
to pay basic rate Tax to the Inland Revenue unless the landlord has applied
for and been granted a self-assessment status in which case the landlord may
receive the rent gross. He/she must still account to the Inland Revenue each
Tax year. If the landlord is not granted self-assessment status he will need
to apply to the Inland Revenue for a refund of excess Tax once his accounts
are up-to-date. The Agent is required to complete a return to submit to the
Inland Revenue and the landlord.
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