I want to let my property. Do I need to tell my mortgage lender?
Yes. Your mortgage lender needs to give you permission before you can let your property, and they may impose special conditions. If you are buying a property with the intention of letting it out, you may be able to obtain a buy to let mortgage.
How do I know what rent to charge?
Ask a letting agent to value your home. At EPI Lettings Limited, we’re experts in the market, so we can tell you how other rental properties are doing in the area, and what kind of yields you can hope to expect.
How much will it cost me to let my property?
This really depends on how much support you need. At EPI Lettings Limited, we offer three main service levels: Fully Managed, Rent Collection and Tenant Find. Each involves a different degree of service and the fees we charge reflect this. Be sure you understand an agent’s fees and exactly what you receive for your money when we conduct a lettings valuation.
Why should I use a managing agent?
Choosing a fully managed service allows you to completely relax. You never have to worry about the let. It creates a professional distance between you and the tenancy, and means you can avoid having to deal with all the bad bits like rent arrears and deposit disputes.
If I leave furniture in the property how do I know if it is compliant?
You must ensure that all furnishings comply with furniture and furnishing regulations. All compliant furniture must display standard labels in a prominent position. This is to reduce the risk of fire within the property.
Why do I need an EPC?
An Energy Performance Certificate or EPC for short, is the report detailing the energy efficiency of your property. It gives your property an energy efficiency rating from A (most efficient) to G (least efficient) and is valid for 10 years.
All landlords are required to purchase an EPC for a property before they let it and, from 1st April 2018, the property must have a minimum rating of E on its EPC. It will be unlawful to rent a property which breaches this requirement with a penalty of up to £4,000.
What are my obligations surrounding gas?
A Gas Safety Record (GSR) is in place to ensure that all gas appliances, pipes and flues are in safe working order. It must be carried out by a qualified Gas Safe Register engineer. This needs to be checked every 12 months. Also need to ensure smoke alarms are fitted on each floor in the property
Do I need to get my electrical appliances tested?
An Electrical Installation Condition Report (EICR) is required to meet the legislation in England. We recommend you instruct an electrician who meets the criteria or we can help you.
How do I receive my rental income from my letting agent?
If you choose a managed service: Fully Managed or Rent Collection, we at Elite Lettings will organise for the tenant to pay the rent via standing order or direct debit. We will then transfer the money to your account minus our commission and any outgoings or fees (such as maintenance work fees). You will then receive a statement every month.
Will my agent keep my money safe?
If you have chosen a regulated agent like Your Move, then your money will be protected through the Protection Bonding Scheme. Not all agents are regulated,. We are members of ARLA Propertymark and Property Ombudsman.
What is ARLA Propertymark?
The ARLA Propertymark is the leading professional and regulatory body for letting agents in the UK. ARLA Propertymark is dedicated to protecting consumers by improving standards and professionalism within the lettings industry. Remember, letting agents are not regulated by law.
What is TPO?
The Property Ombudsman (TPO) is an independent body to which landlords can refer any complaint should the agent fail to address it to their satisfaction.
Does a landlord need to pay tax on rental income?
All landlords could be liable to pay tax on their rental income, whether they live in the UK or are based overseas. Further information can be found on the Inland Revenue site.
Can I enter my property during the tenancy for Visits or maintenance?
You need to give the tenant appropriate notice before you enter the property, that the letting agents, contractors or yourself they will be visiting the property to check it is being looked after, and to check for any potential maintenance issues.
Who will pay the council tax and other utilities Eg: Gas/Electric, Water and TV- the landlord or the tenant?
The tenant is responsible for the these (unless you decide to include this in the rent) but this needs to be clearly stated in the tenancy agreement. If the property is standing empty, it is the landlord’s responsibility to pay.
What if the tenant damages the property?
Either the tenant pays to fix the damage, or the cost for fixing the damage is removed from the tenant’s security deposit at the end of the tenancy. However, fair wear and tear should be allowed for.
What if the tenant doesn’t pay?
It is sensible to insure yourself against non payment of rent with a rent protection insurance policy.
What if I want to remove my tenant?
If your tenant refuses to leave the property then legal action will be necessary. EPI Lettings can help with this.
What is Right to Rent?
The Right to Rent scheme, which helps to make sure that people renting property in the UK have a legal right to be here, was rolled out across England in February 2016. At EPI Lettings Limited we’ve been doing this as part of our referencing process, but if a landlord carries out their own checks they will now need to get an acceptable proof of residency or risk a fine
How can I improve my EPC rating?
There are a few easy and cheap ways to improve your property’s EPC rating. Ensuring all your lightbulbs are energy savers is a simple change. Check your loft insulation is at least 270mm too, and if you have cavity walls ensure these are filled with insulation. The More expensive ways to improve your property’s EPC rating include replacing an old, inefficient boiler; adding modern controls like room thermostats; or adding renewable technologies like solar panels to the property.
Can my tenant refuse an increase in rent?
For a periodic tenancy (rolling on a week-by-week or month-by-month basis) you can’t normally increase the rent more than once a year, unless you seek the tenant’s agreement. For a fixed-term tenancy (running for a set period of time) you can only increase the rent if your tenant agrees.
