Letting Agents.

You may need a Letting Agent for two reasons - 1) you are looking to co-rent, or 2) you have co-bought a property and are looking to let it.

Landlords:

If you are option 2, ukpropertyclub would recommend that whether you are a professional landlord owning several properties, or a new comer to the buy to let market looking to augment your pension you get some professional help from a letting agent.

What does a Letting Agent do for Landlords?

• They Determine the potential letting value of your property.

• They find suitable tenants for the property on behalf of the owner.

• They are responsible for advertising the property.

• They act as the go-between during negotiations.

• Once an agreement has been reached regarding the rental figure the letting agent will provide a tenancy agreement for both parties to sign.

• They also offer tenant vetting services, which include credit checks and references.

• The will offer to collect the deposit and rent on your behalf.

• Arrange to renew a tenancy when the original period expires.

• They can also arrange continuous maintenance on your behalf.

ukpropertyclub would recommend letting agents who are affiliated to a professional body such as ARLA or UKALA. See provider's directory for those in your chosen area.

What to look for in your selection of a Letting Agent:

Firstly you do not need to stick to just one you can use several. In general you do not need to pay any fees until the property has been let.

Be clear on their charging structure. The normal charge is 10% for the letting fee with another 5% on top for management ad rent collection.

Go for a letting agent that has experience of letting you type of property.

Ask how often they let out properties in your area.

Ask how they vet tenants and if they do a full credit worthy check rather than just asking for personal references and copies of bank statements.

How will they market the property?

Do they provide rent guarantee and legal expense cover?

The letting agent must be trustworthy answering all of your questions. The paperwork should be easy to understand and be transparent.

They should use a model of the Assured Short hold Tenancy agreement.

Tennants:

• Never sign anything that you don't understand, read important documents such as tenancy agreements, if unsure seek professional advice.

• If in doubt about what to do in any particular circumstance again seek professional advice, don't have unreasonable or unrealistic expectations.

• Confirm important issues in writing-keep a copy.

Important Questions that you should have answered as a tenant:

What is a tenancy agreement?

A tenancy agreement is a legally binding contract between the landlord and the tenant that sets out both the legal and contractual responsibilities and obligations of both parties. It should be written in plain and intelligible language and its terms and clauses should be fair and balanced, taking account of the respective positions of the parties and should not mislead about legal rights and responsibilities. Landlord and tenant should take care to individually negotiate any particular terms or conditions that are important to them or especially relevant to the particular let or property.

Joint and Several?

Mostly, where there is to be more than one adult person living in the property, the tenancy will say they are "jointly and severally" responsible. This means that jointly the tenants are liable for the payment of all rents and all liabilities falling upon the tenants during the period of the tenancy as well as any breach of agreement. Individually each tenant is responsible for the payment of all rent and all liabilities falling upon the tenant, as well as any breach of the agreement until payments have been made up in full.

What about a tenancy deposit?

It is quite common for a deposit of a amount equivalent to between four and six weeks rent to be required to be held during the tenancy against satisfactory performance by the tenant of all of the various obligations under the tenancy agreement-but mainly those relating to the cleanliness ad condition of the property.

What happens if I want to unexpectantly end my tenancy early?

You would need to agree the terms and conditions of the surrender which may include some form of financial compensation for inconvenience or cost incurred. This would also work the other way if the Landlord wanted to end the tenancy early.

Is the landlord allowed rights of access to the property?

Twenty four hours notice has to be given to the landlords or his agent who have right to access for repairs and to assess the property for its condition.

How often can the Rent be put up?

In general terms the rent of an existing tenancy can only be increased once every twelve months.

Are tenants Entitled to know the name of the Landlord?

Yes there is law covering this and it is a criminal offence for an agent to fail to provide without reasonable excuse this information within twenty one days of formal written request by the tenant.

What about Insurance?

Tenants need only have insurance for their own possessions. Buildings cover is paid by the landlord.

Finding a Letting Agent

Click here to view a selection of Letting Agents from our providers directory.