Information for Landlords
Edison Ford Property Management provides a wide range of services for those property owners who have a property, which they wish to rent out to professional tenants.Whether your decision to let is based on necessity, or viewed as a commercial proposition you will certainly need to seek professional advice.
Some general point that should be taken into account when letting property are listed below.
Finding A Suitable Tenant
One of the main requirements for a successful and trouble free letting is having good tenants. We are particularly selective in the choice of tenants and do our best to ensure that only those of the highest integrity are permitted to rent property through us. Obtain references is essential and applicants should provide references from their employer (accountant if self employed), previous landlord and a credit reference.Energy Performance Certificate (EPC)
An EPC, which shows the energy performance rating of your property, must be provided to all new tenants. Edison Ford are qualified and registered to provide Energy Performance Certificates.Mortgage
If the property is mortgaged it will be necessary for you to obtain the consent to let the property from your lender. Normally there is no problem, but we suggest you mention you have instructed Edison Ford Property Management to act as your managing agents and request that a copy of their terms and conditions be sent to us.It is also advisable to request the building society supply us with their address. We will then be able to satisfy them that the tenancy will be conducted in a proper manner, and that their interests as mortgagee will be protected.
Insurance (Contents & Buildings)
As owner of the property you are responsible for insuring the building and any contents that you own at the property. You should ensure that your existing insurance policy provides adequate cover. However, if your insurance company cannot cover let properties, our sister company, Edison Ford General Insurance Brokers, will be pleased to provide you with a very competitive quote, and can be contacted directly on 01454 322266. If you are letting the property unfurnished you should seriously consider insuring the carpets under a contents insurance policy for flood and fire damage etc. (The average cost of re-carpeting a three-bedroom property can be well over £2,500.)Legal Expenses & Rent Protection Insurance
Edison Ford Property Management are keen to provide all landlords with the maximum cover with both legal expenses insurance and rent protection policies. Premiums will vary according to the type of cover required and we will be happy to provide quotations on request.Health & Safety
It is a legal requirement that all gas equipment in rented properties are checked annually by a Gas Safe registered installer and to keep accurate records of work carried out on all appliances in their control.Also every electrical appliance at the property must be safety tested for adequate earthing and the strength and capability of the equipment is adequate, etc. These safety tests must be carried out prior to the start of the tenancy and annually thereafter.
Upholstered furniture in rented accommodation must meet the flammability requirements in the Furniture and Furnishings (Fire) (Safety) Regulations 1988. Included within this regulation are settees, chairs, bed bases, mattresses, headboards, children's furniture, stools, dining chairs, sofa beds, cushion and pillows as well as fitted or loose covers for upholstered furniture. Upholstered furniture made before 1950 is exempt, even if it has been re-upholstered.
A permanent label must be attached showing compliance.
CARELESSNESS CAUSES FIRE BATCH NO..............
To comply with the Furniture and Furnishings (Fire) (Safety) Regulations 1988
This item does not include a Schedule 3 interliner. All foams, fillings & composites have
been tested by our supplier(s) to ensure compliance with the relevant ignitability test.
Covers & fillings are cigarette resistant. Covers are match resistant.
Further details available from your retailer.
To comply with the Furniture and Furnishings (Fire) (Safety) Regulations 1988
This item does not include a Schedule 3 interliner. All foams, fillings & composites have
been tested by our supplier(s) to ensure compliance with the relevant ignitability test.
Covers & fillings are cigarette resistant. Covers are match resistant.
Further details available from your retailer.
If it bears the warnings "covers are not match resistant" or "Caution-careless use of matches could set fire to this furniture" it will not comply. Permanent labels were never required for bed bases or mattresses. However, a blue label indicating compliance with BS7177: 1991 should be evidence of fire safety compliance.
Smoke alarms must be fitted strategically around the property and be in full working order
Furnished Properties
If letting a property furnished, the basic items of furniture should be left, but it is important to remember that the maintenance of mechanical equipment left in a property remains the responsibility of the landlord. In addition, small items and items of particular sentimental or monetary value should not be left. Items that are not in safe and good working order or are intrinsically dangerous e.g. paraffin heater, oil lamps, furniture containing glass, DIY equipment and garden machinery should be removed.We suggest that furnished properties have the following: -
Living room - sofa, armchair, dining table and chairs, sideboard, floor coverings, curtains and light shades.
Kitchen - cooker, refrigerator, washing machine, floor covering, vacuum cleaner, iron, ironing board, curtains, light shades.
Bedroom - wardrobe, dressing table, chest of drawers, bed and mattress, floor covering, curtains and light shades.
Outside - essential garden tools, lawn mower (not electric) and rubbish bin.
NB - These items represent the minimum required before a property can be considered furnished.
Unfurnished Properties
We recommend that an unfurnished property should only contain floor coverings and curtains/blinds in all rooms. Kitchen white goods can be optional.Inventory
With the new Tenancy Deposit Scheme that was launched on the 6th April 2007, it is essential that a good inventory is taken of the property including a condition report and inventory of fixtures and fittings. Video or photographic inventories are recommended.Any items stored on the property, either in a loft or otherwise, should be removed prior to letting as tenants cannot be held responsible for their safekeeping.
Tenancy Deposit Scheme
Statutory tenancy deposit schemes must be used to register the tenants’ deposit.Failure of a landlord to comply and safeguard any deposit taken will mean they cannot issue a Section 21 Notice. In addition, the tenant will be automatically entitled to 3 times the deposit amount as compensation.
Edison Ford Property Management are registered Agents and members of the Tenancy Deposit Scheme and can assist with all deposit matters.
Taxation
The rental you receive for your property will be liable for taxation. Associated costs may be offset against any rent received e.g. building society interest, agency charges, maintenance, repairs, renewals, insurance’s etc.Not all tax situations are the same and therefore this is only a guide. You are advised to contact your local Inland Revenue Office or accountant to discuss your individual tax affairs.
Non-UK resident Landlords are liable for a tax deduction at the basic rate tax on the net rental received. Edison Ford Property Management will deduct this amount unless written notice from the Inland Revenue Financial Intermediaries and Claims Office is received. Application forms to receive UK rental income with no tax deducted can be obtained from Edison Ford Property Management.
With over 20 year of experience in the lettings market we are happy to discuss any aspect of letting property and our services cater for first time landlords with no experience through to experienced landlords with a portfolio of properties.