Landlords Advice

We offer advice on buying a property

• Tenants Deposit Scheme
• How Much Is My Property Worth?
• What Are My Responsibilities?
• What Can I Do to Prepare and Present My Property?
• Why Should I Use a Letting/Managing Agent?

Tenants Deposit Scheme

It is now a legal requirement for tenants deposits to be recorded through a registered Tenants Deposit Scheme. Joyce Clarke are members of this scheme and can take the nuisance of having to register yourself by managing your property.

The law states that you either lodge the deposit with a scheme, or pay insurance and be subject to monthly audit on your bank account - which can only be used for tenants monies.

Joyce Clarke are happy to assist with adhering to current legislation as part of our full management service.

Remember if you do not comply with the legislation there are potentially heavy fines for landlords. Up to £20,000 for repeat offenders.

How Much Is My Property Worth?

As a landlord, the first thing you must decide before letting out a property is how much you are expecting to earn for the rental. A good letting agent will be able to give you an estimate for what sort of rent you should expect to gain as well as how long it is likely to take to find a suitable tenant.

What Are My Responsibilities?

All gas and electrical appliances as well as soft furnishings that are present in the property (excluding the ones a tenant brings in) are legally your responsibility to maintain. Appliances should be checked at least every 12 months and all furnishings should comply with specific flammability regulations. Swing tickets and safety labelling stating compliance with the rules is now legally mandatory.

Unless you have multiple tenants (i.e. various households) in one property, you aren't legally obliged to comply with any fire regulations. Still, all landlords should take care of the basics before any new tenants move in such as making sure the smoke detectors work, checking that there are one or more working fire extinguishers and throwing away any old heaters that seem potentially hazardous. Also, ask your local fire brigade if they have any advice regarding your specific property.

What Can I Do to Prepare and Present My Property?

The presentation of the property will be your next objective; one of the quickest ways to rent out a property is to make sure it is clean, orderly and as attractive as possible for the viewings. Accumulated old mail and random bits of trash cluttering the front door entrance are a terrible visual to greet the potential renter with. Likewise, chipping and dirty paint work, tatty furniture or shabby appliances and floors can be an instant turn-offs.

Imagination need not be used when decorating. Magnolia is usually a very effective colour throughout a rental property. If your property is being let furnished, get rid of any pieces that may deter the viewer rather than woo them such as a musty and chewed up orange velour sofas. There's no point in letting your property furnished if the furniture actually scares people off. It may be a good idea to get a professional cleaner into the property, making sure they pay particular attention to all appliances and bathroom fixtures.

Why Should I Use a Letting/Managing Agent?

A letting/managing agent has many advantages. They can help you market your property, help you find a suitable tenant, deal with the granting of the tenancy, and take up references as well as manage the letting on your behalf going forward. They would also act as an invaluable source of advice and information in relation to lettings. The agent effectively acts as an intermediary between the tenant and the landlord, and would free the landlord from the day-to-day running of the let. One of the main benefits of using an agent is the tenancy agreement, which is set up. This legally protects both the landlord and tenant, minimising any risks involved.