Let Only

The most important aspect of any tenancy: getting the right tenant. And if you're too busy to do it yourself, you can leave it to us with complete confidence.

It's the ideal service if you're an experienced landlord, happy to deal with day-to-day management of the property, but preferring not to deal with the marketing and setting up the tenancy.

Let Only includes:

• Rental evaluation of your property
• Marketing your property in local press
• Marketing your property on; www.colwills.co.uk, www.rightmove.co.uk & www.primelocation.com
• Accompanied Viewings
• Tenant interviewing and selection
• Full tenant referencing
• Full guarantor referencing (if applicable)
• Co-ordination/negotiating of the let in line with your requirements
• Ensuring you that you are meeting any legal requirements in connection with the let
• Preparation of the agreement and standing order
• Collection of the first month's rent and dilapidation deposit, and transfer into your account after any deductions.

Optional extras (charged separately):

• Inventory preparation
• Checking in new tenants to the property
• Co-ordination & extension of tenancy
• Legal indemnity insurance

Full Management

If you simply don't have time to get involved in the letting or management of your property - or perhaps you don't live in the area - then this is the service for you. We will, quite simply, take care of everything - from finding the right tenant, through collecting rent, to dealing with any property-related emergencies. Whatever happens, we're available 24 hours a day, 365 days a year, to cope with any problems your tenants may face - and to look after your property and your interests.

Full property management includes:

• Rental evaluation of your property
• Marketing your property in local press
• Marketing your property on; www.colwills.co.uk , www.rightmove.co.uk & www.primelocation.com
• Accompanied Viewings
• Tenant interviewing and selection
• Full tenant referencing
• Full guarantor referencing (if applicable)
• Co-ordination/negotiating of the let in line with your requirements
• Ensuring legal requirements are met
• Preparation of the agreement and standing order
• Ongoing monthly transfer of rental into your nominated account (normally within 3 to 4 working days of receiving cleared funds)
• Sending your detailed monthly statement of account
• Sending copies of your statements to your accountant or solicitor (if required)
• Holding dilapidation deposit in a client account.
• Liaising with tenants if there are any late rental payments and pursuing guarantors if necessary
• Negotiating extensions of tenancy, in line with your instructions.
• Ongoing legal co-ordination of tenancy
• Checking in new tenants to the property
• Notifying utilities of new occupants and the meter readings
• Tenancy inspections
• Point of contact for tenants for maintenance issues
• Dealing with maintenance issues
• Checking out of tenants at the conclusion of tenancy
• Liaising with you about dilapidation issues

Legal Regulations

THE GAS SAFETY (INSTALLATION & USE) REGULATIONS 1998

The Landlord has a mandatory legal requirement to make sure that there is an in-date Gas Safety Certificate (Also know as a CP12) for the property. This certificate must be carries out by a Corgi registered engineer and is repeated annually for as long as the property is let.

The certificate must be made available to the tenants before or at the point of signing the tenancy agreement. For any reason if there is not a valid certificate when a Tenancy is in place and an occupant died from faulty Gas appliances/equipment then a conviction of unlawful killing could be put on the Landlord.

THE FURNITURE AND FURNISHING (FIRE) (SAFETY) (AMENDEMENT) REGULATIONS 1993

The regulation applies to beds, head & foot boards, mattresses, sofas, pillows, scatter cushions, loose covers for furniture and garden furniture suitable for use in a dwelling. These regulations are not applicable to carpets, curtains and bedclothes.

This regulation meant as from 1st January 1997, all furniture (except furniture made before 1950) included in the accommodation that is for let had to meet all the current fire resistance requirements. All furnishings must have the appropriate labelling to indicate compliance, if no labelling is present then compliance is in doubt then checks should be made with the manufacturer. Most furniture produces since 1991 will comply, however it is the owners responsibility to check this.

THE ELECTRICAL EQUIPMENT (SAFETY) REGULATIONS 1994

This regulation came into force on 9th January 1995, which basically means that all appliances that are left in the property, which is to be, let have to be safe.

So what the industry's recommendation is that annually you get all appliance checked by a qualified engineer who will give you a PAT (Portable Appliance Test) certificate.

While all appliance manufactured after January 1995 should carry the CE symbol. The above is should only be used as a Guide clarification on items should be directed to the branch who will deal with your questions.

Other Useful Information

MORTGAGE

It is the responsibility of the owner of the property to seek consent their mortgage lender for permission to let the property.

INSURANCE

Please liase with your Insurance Company to make sure that you are adequately covered for the letting of your property.

LEASEHOLD PROPERTIES

Please check that you have consent to sub-let the property.

TENANCY AGREEMENT

We will use either an Assured Shorthold Tenancy or a Contractual Tenancy depending on the situation. The details will be co-ordinated with you prior to commencement.

LEGAL REGULATIONS

See Legal regulation page.

TAX

Your rental received is liable for Income Tax. It is you legal responsibility that you inform The Inland Revenue of any liability and that you return a Self-Assessment Tax Return. You will need to keep accurate records of all aspects of the letting so that your calculations are correct. But also remember that if 2 or more individuals own the house, then Tax Returns have to be filled out by each individual. It may sound all doom & gloom, however there are expenses that are tax deductible and so will reduce your liability. For full details of this either speak to an accountant or visit www.inlandrevenue.gov.uk or even phone them, they are quite helpful!

NON- RESIDENT LANDLORDS

If you reside outside the UK for more than 183 or more days a year, Colwills Letting & Management has a legal obligation as the rent receiving agent to deduct base rate tax from the rental received and then pass to the Inland Revenue with quarterly statements. This situation can be reverted by filling out a form that we can provide so that we then can pass on rental without deductions once we have received your approval number from the Inland Revenue. We still have to provide quarterly returns to the Inland Revenue even if you are not liable for the tax deductions. Again for full details please either speak to an accountant or visit www.inlandrevenue.gov.uk.