The GPL Landlord Information
Our fee is payable only when we find a suitable tenant and they have taken access of the property.
If there are expenses such as compliance requirements or decoration, we may ask for payment for these services in advance.
We list our services and fees so that you can clearly see what is included, and we shall create a tailored quote for you.
The terms of business, which is the contract between landlord and agent can be emailed to you to check the fees and we can work out a budget for you.
If the Rent has been received from the tenant, the rental payments will be made to you when the rental payment is due.
To assist you with necessary financial information, we provide monthly statements with the full management service and can prepare an end of year statement at a cost of £50+VAT to show the income for the year as well as any deductions made.
- Firstly, to check with the mortgage provider and any other parties who have a share in the property that the property can be rented out, what lease would be allowed and if a Private Rented Tenancy Agreement is acceptable. If there is a mortgage on the property the provider may charge extra or not allow mortgaged properties to be rented out.
- The prospective landlord must be clear on the services provided by the agency and the charges for this which would be found in the terms of business.
- We shall provide accurate unbiased advice on the rental amount obtainable.
- We are required to check the landlord’s identity and that authority has been obtained to let the property out.
- Preferred method of Communication.
- The landlord and agent must agree on what services will be provided.
- Level of services provided.
- Fees charged.
- Indemnity insurance.
- Inspect property for repairing standard purposes.Duration of the contract
- Specific instruction regarding the erecting of a letting board.
- Check viewing instruction.
- Authority to act and level of expenditure without authorisation.
- Payment collection details and time scales.
- How the tenants deposit will be managed.
- The function of the first tier tribunal.
- Handling of client money.
- Check Tax implications.
We do ask that landlords have an idea of the regular out going expenses so that a rough income and expense chart can be made up, however that is not always possible. We do advise of the costs that would need to be considered and covered for an owner of a property to ensure profitable rental income, although these can vary from property to property the standard costs would be:
- Agents fees.
- Factors fees.
- External maintenance.
- Building Insurance.
- Contents insurance.
- HMRC expenses if applicable.
- Warranties, such as cover for white goods.
- Landlord registration.
- Safety certificates and compliance costs.
- Smoke detectors and heat sensor battery back ups.
- Council tax & utilities for void periods.
- Utility standard usage for void periods.
- Repairs and up keep of the property.
- Redecoration of the property due to fair wear and tear.
- Selling fees, depending on the terms of business.
- Fees should the tenant wish to discontinue with the agency.
- Buffer as a contingency fund.
- To make sure that the landlord does not have expenses such as mortgage coming out on the rent due date without an excess in place, in case the transfer doesn’t happen that day due to late payment, clearing time, weekends or bank holidays.
- Marketing charges.
If we fail to make sure that we live up to our reputation, we will manage the next month free of charge.
We know one size does not fit all. We have various services you can choose from and we provide a bespoke package, speak to us! We are here to help you.
- We shall send and have the landlord sign terms of business, obtaining the landlord registration number and an Energy Performance Certificate (EPC) for the property.
- Provide a rental Valuation.
- Provide legal and health and safety information in accordance with current legislation.
- Advertise the property of the appropriate websites using a truthful and honest description of the property with photos to reflect this.
- Depending on the viewing arrangements in the terms of business the enquiries can be emailed to the landlord.
If the legal and compliance aspects of being a landlord are a concern, and you are satisfied you will be able to maintain your property and build a relationship with your tenants then this may be for you.
The steps in the marketing only option as well as
- Source a suitable tenant via enquiries.
- Verify tenant’s identification via photo ID and proof of address.
- Tenants would be referenced, for example landlord reference if applicable, employment references for status and income. Should the tenant not be employed a guarantor would need to be put in place.
- Prepare lease documents and arrange for documents to be signed.
- Collect advanced rental and deposit.
- Transfer utilities and council tax from landlord into tenant’s name, advising both to apply for any discounts applicable.
- Transfer payment due to landlord.
Full Management Service
You may be unable to devote the amount of time required to manage your property or portfolio effectively, but whatever your circumstances, we will ensure you are kept fully informed of your legal and compliance obligations, provide day-to-day management service and co-ordinate requirements with you. We will manage every aspect of your let.
All the steps in Marketing only and Let only, with additional steps
- Lodge deposit with appropriate custodial scheme.
- Receive ongoing rental payments.
- Conduct regular inspections.
- Comply with safety compliance, such as ensuring the property has interlinked smoke alarms, heat sensors, carbon monoxide alarm, arranging the annual gas safety inspection, Legionella Risk Assessment, the Portable Appliance Testing (PAT), Electrical Installation Conditioning Report (EICR).
- Arranging any repairs, maintenance or replacements to the property.
- Take appropriate action in the event of rent arrears or any other breach of the agreement.
- Arrange lease renewals, termination of lease agreement, advertising the property and re letting to new tenants.
We also offer incentives for referrals of new clients and landlords with multiple properties
Property investment advice, performance analysis, identifying suitable properties and expert knowledge of the sales & letting industry to help with all aspects of property purchasing.
Our industry contacts can also assist with additional services you may require such as mortgage advice and legal advice.