Landlord Information
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Renting your property can often be complicated, sometimes even frustrating, particularly if you are unsure of the steps involved. To help make your experience as straightforward as possible, we have created a simple breakdown which explains the necessary stages of the process.
Benefits of Using Oxygen Property Management
We will be able to provide you with the following services:
- Marketing budget and strategies in promoting your property on the top
property websites and through local media - Specialist legal documentation i.e. Assured Shorthold Tenancy Agree-
ments, relevant Notices - Thorough Reference Checks
- Database of waiting clients
- expertise in managing your property (for full details please see our
Property Management Section. - Friendly and Professional Staff
- Modern and well-maintained website
- 25 years property experience
Valuation
We will arrange a convenient time to visit you at your property and assess the current market value. The main purpose of our visit will be to:]
Our rental valuation is not exact, but we should be able to provide you with a value at which you feel we could successfully market your property.
- Assess the size and condition of your property
- View any additional features that could could affect the value
- Confirm the location of your property with regards to proximity to transport links, shops and schools
- Analyse the recent and current market for identical properties
- Determine the demand and supply criteria relating to your property
Our rental valuation is not exact, but we should be able to provide you with a value at which you feel we could successfully market your property.
What to do before you let your property:
There are a number of things you need to do before you let your property.
Firstly, if you have a mortgage on your property, you will need to obtain permission from your lender. Most lenders will gladly oblige; whilst others may be a little more difficult to persuade - nonetheless all need to be asked. If you are letting a leasehold property, you must check your lease to see what restrictions are within it.
You will need to possess certain safety certificates to legally let your property. These are as follows:
Firstly, if you have a mortgage on your property, you will need to obtain permission from your lender. Most lenders will gladly oblige; whilst others may be a little more difficult to persuade - nonetheless all need to be asked. If you are letting a leasehold property, you must check your lease to see what restrictions are within it.
You will need to possess certain safety certificates to legally let your property. These are as follows:
The Gas Safety (Installation and Use) Regulations 1994
Under this regulation, it is the duty of the landlord of any property to be rented to have all gas appliances and their associated pipe work tested on an annual basis before occupation by tenants. A copy of the Gas Safety Inspection certificate must be given to the tenant before the signing of the tenancy contract. If there is no valid certificate then Outlet will assist in this matter immediately, at the landlord’s expense.
The Electrical (Safety) Regulations 1994 / Plugs and Sockets (Safety) Regulations 1994.
It is a criminal offence to supply unsafe electrical equipment in rented accommodation. Landlords must ensure that ALL electrical equipment, appliances and electrical supply is safe. Electrical items must be examined by a qualified electrician prior to the tenants taking occupation. Outlet, if required, can instruct an approved contractor to carry out this check on a landlord’s behalf.
The Furniture and Furnishings (Fire and Safety) Regulations 1988
It is a landlord’s duty to ensure all upholstered furniture complies with these regulations.
The most important of these is the Gas Safety Certificate (this is applicable to all gas pipe work and gas appliances to ensure they are safe). This must be annually maintained by a Corgi-registered professional. A copy of the safety certificates should be provided to the new tenants before they move in.
You should speak to your building and contents insurance company, as they will need to be informed that you will be letting the property. This may not affect your policy, but not to inform them could leave you at risk you of not being covered in the event of a claim.
You must also make sure that the all furniture in the property complies with fire safety regulations. If not, you will need to remove these items from the property and replace them with more suitable ones.
Finally, you should ensure that your property is professionally cleaned before the new tenants move in. You will require the property to be returned to you in the state you let it to the tenants.
You should speak to your building and contents insurance company, as they will need to be informed that you will be letting the property. This may not affect your policy, but not to inform them could leave you at risk you of not being covered in the event of a claim.
You must also make sure that the all furniture in the property complies with fire safety regulations. If not, you will need to remove these items from the property and replace them with more suitable ones.
Finally, you should ensure that your property is professionally cleaned before the new tenants move in. You will require the property to be returned to you in the state you let it to the tenants.
Offers
When an applicant puts forward an offer we will submit this to you both verbally and in writing. Should you decide to proceed we will initiate a comprehensive reference check of all tenants plus require additional documentation (i.e. copy of passport, previous utility bills, bank statements etc). A copy of the final statement plus copies of all back up documentation will be provided to you prior to your tenants scheduled moving in date.
Our Fees
One of the most important factors in choosing an agent are the fees involved. Oxygen Property Management is dedicated to providing a professional and thorough service at a very competitive rate. These are as follows:
- Letting Only 8%
- Letting and Management 12%
- Renewals* 8%
(For all new Letting and Management instructions we are offering an introductory renewal fee of 4%)
Inventory:
It is strongly advised that you get a professional inventory for your property. We have a team of people who can compile a thorough inventory for you. This will include a full comprehensive report, pictures and noticable defects. The costs are as follows:
- 1 Bed £120.00 plus VAT
- 2 Bed £130.00 plus VAT
- 3 Bed £140.00 plus VAT
- 4 Bed £150.00 plus VAT
Rent & Capital Gains Tax
Rent is a taxable income and therefore it is important that you speak to an advisor about the tax implications and potential tax deductibles that you will be responsible for and entitled to. For more information go to
www.direct.gov.uk
It is also worth noting that if you own a property that is not your main residence (i.e. one that you rent out), you will have a Capital Gains Tax (CGT) responsibility after a set period of time has expired. For further information, contact your accountant or see more about CGT at
www.direct.gov.uk
www.direct.gov.uk
It is also worth noting that if you own a property that is not your main residence (i.e. one that you rent out), you will have a Capital Gains Tax (CGT) responsibility after a set period of time has expired. For further information, contact your accountant or see more about CGT at
www.direct.gov.uk
