The applicant is required to pay a holding deposit, the equivalent of one week’s rent, to secure the property and have it taken off the market, for the duration of the referencing application (usually 3-5 days).
Once the referencing has been accepted by Oxygen, the Applicant is required to pay the first month’s rent and a security deposit of 6 weeks, which, by law needs to be held with one of the government schemes. This payment is required to be with us in cleared finds 48 hours before the move-in date.
Safety Compliance and Landlord Obligations: 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 to let the property 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 by a GAS SAFE certified professional, 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 OPM can assist in obtaining the required Certification. This service carries an additional charge.
The Electrical SafetyRegulations 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. OPM can instruct an approved contractor to carry out this check on a landlord’s behalf. This service carries an additional charge.
The
Furniture and Furnishings(Fire and Safety) Regulations 1988
It is a landlord’s duty to ensure all upholstered furniture complies with these regulations. If not, you will need to remove these items from the property and replace them with certified replacements. OPM will advise the Landlord on any action that need to be taken.
Energy Performance Certification (EPC) was introduced in October 2009 and is required to be provided to all tenants prior to taking occupation in the property. The EPC is valid for 10 years from the day of inspection. OPM can provide this additional service if required.
You should speak to your
Building and Contents insurancecompany, 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.
It is a standard requirement that you should ensure that your property is
professionally cleanedbefore the new tenants move in. You will require the property to be returned to you in the state you let it to the tenants. OPM can provide this additional service if required.
It is strongly advised that you get a professional
inventory for your property. OPM have a team of people who can compile a thorough inventory for you. This will include a full comprehensive report, pictures and noticeable defects. The costs are as follows:
- 1 Bed £130.00 plus VAT
- 2 Bed £140.00 plus VAT
- 3 Bed £165.00 plus VAT
- 4 Bed £190.00 plus VAT
Rent is a
taxable incomeand 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