Letting with Fairfield

CHOOSING THE RIGHT AGENT TO LET YOUR PROPERTY...

PROPERTY AT YOUR FINGERTIPS – WE’RE WEB-WISE, SWITCHED ON AND CONNECTED! YOU’RE IN SAFE HANDS – READ ALL ABOUT OUR FULL LETTINGS SERVICE!

2015 Edition from fairfield estates

top tips!

See inside for top tips & bright ideas for successfully letting your property!

letting made easy your guide to letting with fairfield

your guide to letting with fairfieldestates.co.uk

CONTRIBUTORS Meet our Directors and key Team members! They’re all actively involved in the business and have contributed their experience and knowledge to this guide.

letting made easy with fairfield

Justin Elvins MNAEA MARLA D IR ECTO R

Angela Finn D IR ECTO R

David Rose FNAEA MARLA L E T T IN G S D IR ECTO R

Welcome to our guide to letting your property, and thank you for considering Fairfield to be your agent!

IN THIS GUIDE...

steps involved in the letting process. It

 letting your property

contains important information you’ll

 let’s get going

need to know about your ongoing

 marketing to the max!

requirements and responsibilities as

 vetting & securing quality tenants

a landlord, as well as detailing the

 our lettings service

your property simple and easy!

L E T T IN G S D IR ECTO R

�

This guide will walk you through the

services we offer to help make letting

Angela Rose

View & share this booklet... plus other online resources at fairfieldestates.co.uk

 our level 3 service  think safety!

If you’d like any further help, details or

 deposits & inventory

information, please call or pop in and

 protecting your interests

see us for a chat about your property.

 focus on fairfield 1

letting made easy

top tip!

letting your property Whether you’re a firsttime landlord; considering a buy-to-let; a seasoned property pro with an established portfolio, or wanting to let your own home... the crucial first step is choosing the right agent to look after you and your property.

Established in 1996, Fairfield are a full-

Inexperienced, unregulated agents could cost you dearly.

Choose your agent on trust, transparency and quality of service.

We’ll start by giving you an accurate rental valuation and talk with you about your requirements and the level of involvement you’d like to have with your property’s ongoing management.

Fairfield offer a range of options from simply sourcing a quality tenant, looking after rent collections, to a full lettings service to encompass all management including property maintenance, safety certificates and periodic inspections.

Our tailored packages ensure we have a lettings solution suited to you and your property.

service, independent estate & letting

You’ll find our service completely

agent with many years’ experience and

transparent, with no hidden costs or

a large portfolio of lets on our books. We

charges, and to ensure your full peace of

understand how important your investment

mind we are members of all key regulatory

is and have a dedicated, expert team on

bodies for the industry.

hand and here to help.

With so much of our business coming from recommendation, landlords trust Fairfield to take care of their investment.

We provide: expert rental valuations extensive marketing accompanied viewings tenant vetting Assured Shorthold Tenancy Agreements deposit holding & protection inventory & inspections check-in / check-out rent collection

Let with Fairfield... you’re in safe hands!

maintenance & management

Fairfield are members of, and are regulated by these governing bodies for our landlords’ and tenants’ security and total peace of mind.

fyi

Angela Finn D i re cto r

There are no restrictions on who becomes a letting agent, so choosing an agent affiliated to a professional organisation is vital.

They’re trained, offer client money protection, and there’s a redress scheme should things go wrong.

According to a Which? survey, 4 in 10 agents are not affliliated to any professional bodies. Fairfield are members of the NAEA, ARLA, the DPS and The Property Ombudsman for your reassurance, protection and complete peace of mind.

3

letting moving made easy

top tip!

let’s get going!

Experience tells that wellpresented properties let quickly – and for good money too.

Ask us about how to maximise your property’s rental potential.

From the moment you instruct us, it’s all systems go to get your property documented, marketed and let!

Rental potential Fairfield will provide you with an accurate valuation based on current achieved rental prices, market demand, and your property’s condition. We’ll discuss your ideal terms and tenant type and can also advise if there are simple updates that may help you achieve a higher rental, such as decor

Little touches can help turn your home into a showhome!

and presentation.

This service is free and without obligation.

Speed to market High quality digital photography as standard with Fairfield

We know how important it is to get your property let quickly... and to the right tenant, too. Our bright photographs will present it at its very best; our clear descriptions will give tenants all the facts & figures they need to know. We’ll organise an Energy Performance Certificate (EPC) should you wish, and prepare your property’s listing to go live on the internet within 24 hours... all ready for our proactive marketing.

fast forward with Fairfield!

fyi

Hayley Currie

Senior Sales & Letting Consultant

From being instructed, we’re able to get full details of your property online in less than 24 hours including a full set of photographs, dimensions and description. ...Now that’s fast!

5

letting made easy

top tip!

marketing to the max!

Today’s tenants are social media savvy.

Make sure your #estateagent is, too.

We are! ;-)

As soon as your property is on our system, our marketing strategy begins — online, offline, and telephone hotline too!

Going live!

Once uploaded to our website, your property will feed to rightmove.co.uk as well as 14 other leading property portals. We then send a dedicated emailshot featuring your property to our lettings database as well as sharing it across our social media channels: Twitter and Facebook. It’ll also be featured in our regular property press adverts in the local papers and, leaving nothing to chance, we personally telephone all registered applicants too.

Rightmove... Premium!

Fairfield are a premium rightmove member, entitling landlords to marketing promotions and benefits beyond the standard listing service.

We can offer a ‘Featured Property’ upgrade to ensure your property appears at the top of tenants’ search results, and ‘Premium Listings’ with a stand-out, larger box and extra photos. All these take effect across web, tablet and handheld devices.

The result is higher visibility for your property and greater tenant interest – all with the aim of achieving the best rental price and securing the best quality tenant.

we’re switched on and connected!...

Click smart!

Just as a tenant makes their decision about your property in the first few seconds of a viewing, statistics show we only have 3 seconds to engage a visitor to our website.

That’s why we’ve invested in a bright, modern easyto-use site to showcase your property to the max.

G

like us /fairfieldestates.co.uk

U

follow us @fairfieldestate

visit fairfieldestates.co.uk scan with your tablet or smartphone and head straight there!

7

letting made easy

vetting & securing quality tenants After selecting the right letting agent, the next most important thing is securing the very best quality tenant – and this can only be assured by stringent, independent vetting.

top tip!

Pick an agent who offers accompanied viewings – it gives the agent an early opportunity to meet and assess prospective tenants.

Tenants can download and digitally sign all required forms direct from our website.

When it comes to letting, you’ll not only

Once tenants have been vetted, we draw

want reassurance that your tenant will look

up the latest Assured Shorthold Tenancy

after your property, but also that they have

Agreement for signing, setting out the

the ability to pay the rent... and on time, too.

responsibilities of both parties. We take the

No landlord wants to find themselves with sitting tenants refusing to pay. That’s why all

tenant’s deposit and register it with the DPS – an approved tenancy deposit scheme.

our tenants are thoroughly vetted. We use a

To speed up the renting process, tenants

professional referencing agency to carry out

are able to download application forms

thorough, in-depth checks on every tenant.

from our website, and sign them digitally to

This level of rigour is only offered by

immediately secure your property.

professional, accredited and regulated

The Fairfield approach is simple. We do

letting agents, and combined with the

everything possible to secure the best

potential offer of Rent Guarantee Insurance

possible tenant in the shortest possible

(see page 19), affords landlords total peace

time... and for the best rental price too.

of mind.

safe, secure, assured

fyi

Robert Simmons

Senior Sales & Lettings Consultant

The government introduced the compulsory protection of a tenant’s deposit in April 2007.

This makes it a legal requirement at the commencement of a tenancy to register the tenant’s deposit with an approved deposit protection scheme.

9

letting made easy

our lettings service Fairfield offer an unrivalled lettings service, from start to finish, covering all bases and aspects of your let to help you manage your responsibilities as a landlord.

Level 11

Level 22

Our experience has taught us that every landlord is different. There

Level 2 is the same as our entry-level package, but includes ongoing

are some that purely want us to market their property and source

rent collection with electronic banking straight into landords’

tenants. Although this is our entry-level service, it’s far from basic:

accounts. In the event that rent is late, we will chase the payment

we’ll market the property, deal with all enquiries and negotiations,

on your behalf.

vet the tenant, organise contracts and initial payments as well as

Level 33

reviewing the tenancy and manage renewals at the tenancy’s end.

Level 1 is a comprehensive service by anyone’s standards.

Level 3, or ‘full management’, includes all the above plus organising and overseeing all repairs and maintenance, safety awareness,

However, at Fairfield, we understand that busy landlords find

inspections, taking meter readings as required plus managing the

managing the day-to-day business of their lets increasingly time-

tenancy’s end. Most crucially, we will be the tenant’s sole point of

consuming and have created two additional levels of service.

contact – a huge time and inconvenience saver for most landlords.

1 2 3

Introduction Introduction

+

Rent Collection

Introduction

+

Rent Collection

Fairfield’s 3 levels of service enable you to be as involved as you wish

+

Full Management

service

levels

3 Levels of Lettings Service by Fairfield

1

2

3

The full marketing of the property including internet, social media and press advertising.

%

%

%

Find a tenant, and complete referencing and credit checks with specialist agency

%

%

%

Prepare Assured Shorthold Tenancy Agreement

%

%

%

Collect first month’s rent and security deposit

%

%

%

Inform tenant of landlord’s bank details for rent payment

%

Full rent collection service including payment and monthly statement to the landlord. This will include chasing payment from the tenant by email, telephone and letter should the need arise

%

%

Landlord paid by electronic banking and provided with a monthly statement

%

%

Meter readings taken and utility companies and council informed

% %

Serving of Section 21 Notice

%

%

Landlord safety awareness: updates to safety regulations, plus regular newsletters

%

Bi-annual property inspections to check general condition, and report back to landlord

%

Fairfield are the tenants’ sole point of contact

%

Manage and arrange all required maintenance repairs by vetted, qualified and approved contractors. We will agree a limit with the landlord and supply quotes for any works above this figure for your approval

%

Deal with all contractors and settle invoices from monthly rental payments or money held on account

% %

Tenancy Deposit Scheme registration

%

%

The Property Passport: the in-depth ‘instruction book’ for your property Renewing the tenancy: Fairfield will contact both parties 3 months before the end of the Tenancy Agreement to see if they wish to renew, advise on the current rental value and discuss any rent increases with the tenant

%

%

End of Tenancy: Fairfield will arrange inventory check-out with all parties and deal with any maintenance issues and the return of the deposit, managing any disputes or queries Fairfield will co-ordinate the renewal and signing of the Tenancy Agreement with both parties including advising you of any safety inspections required The option to spread lettings fees over 12 months, interest free INTEREST

%

% %

%

%

%

%

% 11

letting made easy

our level 3 service Our comprehensive level 3 lettings management service offers ultimate peace of mind and convenience for landlords as we’ll manage all aspects of the let.

Our regular inspections document the condition of your property

Twice-yearly Inspections In depth, comprehensive, and covering all aspects of your property’s condition, Fairfield’s level 3 landlords can rest at ease that a watchful eye is kept on their property’s condition. From cleanliness to decor, fittings and fixtures, we’ll report back to you with our findings and advise on any remedial work needing attention.

Should you wish, we can obtain quotes, book approved tradespeople, and even oversee the work to completion.

The Property Passport For our Level 3 full management service, we provide the tenant with a Property Passport – effectively an ‘instruction book’ for the tenancy containing full details of the tenancy along with all emergency contact details, contracts, inventory, safety certificates and manuals... our Property Passport covers every detail – even down to where to find the stopcock.

Whether you’re a hands-on landlord happy to manage your properties and tenants... or would rather we oversaw the day-to-day logistics of letting, Fairfield has a management package for you.

Our Property Passport is a detailed document containing everything a tenant will need to know about your property

full peace of mind

The complete lettings service From marketing to securing and vetting tenants, setting up rental agreements and taking deposits, arranging inventories, all the appropriate safety checks, twice-yearly inspections, arranging repairs as required... through to rent collection and tenant liaison...

Fairfield’s level 3 service takes care of all your lettings needs.

13

letting made easy

think safety!

Landlords have a legal obligation to ensure the safety of their tenants. At Fairfield, we’re fully versed with all the latest legislation to ensure your compliance.

The Furniture and Furnishings (Fire) (Safety) Regulations 1988 and The Furniture and Furnishings (Fire) (Safety) (Amendment) Regulations 1993

happen to your tenant as a result of faulty

these regulations at the commencement of

wiring or electrical equipment.

the tenancy.

You are also required to provide instruction

Smoke alarms

It is a criminal offence, punishable by a fine

electrical appliances at the changeover of

and/or a prison term, to let property with

each tenancy and to ensure that they are in

furniture or soft furnishings which cannot be

full working order.

proven to be fire resistant and comply with the above fire safety regulations.

Electrical Equipment (Safety) Regulations 1994 and The Landlord & Tenancy Act 1985

books for all items of electrical equipment to your tenant. It is also the landlord’s responsibility to check the condition of all

Gas Safety (Installation and Use) Regulations, 1998 It is a criminal offence to let property with gas appliances (including but not limited to gas boilers, fires, heaters, and gas water

It is your responsibility to ensure that

heaters) that have not been checked by a

the electrical installation and appliances

Gas Safe Registered Engineer.

within the property comply with the above regulations and are ‘safe for the purpose’ with a failure to comply that could result in a large fine or even 6 months’ imprisonment.

You will need to provide us with a copy of a Gas Safety Certificate (GSC) carried out no more than 12 months previously. The GSC will need to be renewed every 12 months,

You must be able to categorically confirm

which is your responsibility throughout

that all electrical equipment is safe and you

the tenancy. We need to give your tenant

will be held responsible should anything

documentary proof of your compliance with

If your property was built after 1991 then it must be fitted with mains wired smoke alarms in accord with Building Regulations.

It is strongly advised that properties built prior to 1992 are fitted with smoke alarms in all important areas to ensure your tenants’ safety.

Your repair obligations Your property must be fit for habitation, and failing to keep your property well maintained both inside and out could lead to legal action should the tenant suffer injury/ fatality from something that should have been repaired.

You are advised to carry out regular risk assessments of the property and repair where necessary to ensure your tenants’ safety.

It is your legal requirement as a landlord to ensure your property complies with the latest safety regulations and legislation.

Consumer Protection from Unfair Trading Regulation, 2008 Both Fairfield Lettings and the Landlord must comply with the Consumer Protection from Unfair Trading Regulation, 2008.

This means that you are required to disclose any information in relation to the property that

Periodic safety checks to ensure tenants’ safety and landlords’ legal compliance:

Gas Landlord gas safety certificate

Yearly or change of tenancy

Gas boiler service

Recommended yearly

Gas appliances checked

Yearly or change of tenancy

Electrics (recommended)

could change the consumer’s decision to move

Periodic Safety Inspection

forward at any point in the transaction, starting

(Electrical Inspection Report)

from the outset with their decision to view.

Portable appliance inspection (PAT)

We cannot make statements about the property we are letting on your behalf unless

Every 5 years or change of tenancy Yearly or change of tenancy

Alarms (recommended)

properly verified with relevant paperwork. If

Smoke alarms

Yearly or change of tenancy

such information cannot be verified, we will

Carbon Monoxide alarms

Yearly or change of tenancy

Heat alarms

Yearly or change of tenancy

not be able to include any mention of it either in your property details or make reference to it during negotiations.

Open Fires Chimney sweep

fyi

Unregulated letting agents are unlikely to be up to date with current legislation – putting their landlords at risk of fines, prosecution and even imprisonment.

Yearly (minimum)

Matthew Holmes Branch Manager, North Watford

15

letting moving made easy

deposits & inventory An inventory is a record of your property’s condition at the start of a tenancy and makes it simpler to deduct for dilapidations (should you need) at the end.

top tip!

Deposit protection

We’re often asked why an unfurnished

The government introduced the compulsory

property needs an inventory. Quite simply,

protection of a tenant’s deposit in April 2007 making it a legal requirement at the start of a tenancy to register the deposit with an

Investing in an inventory can save landlords a considerable sum at the end of a tenancy if there’s any dispute over the property’s condition.

approved protection scheme.

Fairfield’s tenants’ deposits are held by the Deposit Protection Service (DPS) – a trusted partner which safeguards a deposit throughout the duration of a tenancy, repaying funds to the appropriate parties at its end.

This protection combined with a full and detailed inventory of the property’s condition and contents ensures both landlord and tenant can amicably resolve any disputes over dilapidations at the end of a tenancy.

All fixtures, fittings – and condition – will be recorded in your property’s inventory.

an inventory doesn’t just cover movable items such as furniture and homewares – it’s as much about the overall condition of the property too. Carpets, curtains, white goods, windows, door furniture, locks, light fittings, smoke detectors, electrical sockets, kitchen and bathroom fittings...

What happens if the tenant decides to inject vibrant colour into your neutral decor? Without proof of unauthorised changes by a tenant, a landlord could find themselves out of pocket for redecoration costs. Similarly if there is nothing to prove the property’s cleanliness at the start of the tenancy, there is little to be done should tenants leave the property dirty when they

Inventory

vacate.

Without an accurate record of condition

An inventory is far more than an itemised

accepted by yourself and the tenant you

list – it provides a Schedule of Condition

stand little chance of claiming costs from

which is crucial when making allowances

the deposit should the tenant damage your

for fair wear and tear at the end of a

property and dispute your claim.

tenancy.

fyi

Andrea Chinn Senior Tenancy Administrator

Even unfurnished properties warrant an inventory to establish the condition of fixtures such as carpets and curtains along with decorative order at the start of a tenancy. An inventory is definitely not an unnecessary expense! If you don’t have one then why take a deposit? You will have little grounds to argue allowances at the end of the tenancy especially if the tenant disputes your claim.

Professional cleaning You may wish to consider having your property professionally cleaned before the commencement of the tenancy (i.e. before the inventory/schedule of condition is carried out). This ensures that the property is in a good state and will be listed as such on the inventory.

At the end of the tenancy, it is the tenant’s obligation to return the property to the same standard of cleanliness.

Alternatively, we can arrange to have it professionally cleaned, the cost of which

As well as recording the property’s overall condition, an inventory will pay particular attention to the following: flooring lighting white goods

will be deducted from their deposit.

overall cleanliness

You as landlord will only then need to pay

wall colours & coverings

for a professional clean on one occasion.

We can provide a written quote informing you of the the cost of this service.

doors, windows, handles, locks kitchen & bathroom fixtures & fittings furniture (if applicable) gardens & outdoor areas

checked, noted, recorded!

17

letting made easy

protecting your interests permissions & possession Mortgagee’s consent to let Where the property is subject to a mortgage, permission from the mortgagee will be required to let the property. We advise that you obtain your mortgagee’s written consent to the proposed letting as soon as possible and in any event prior to any tenancy commencing.

The mortgagee may require additional clauses added to the draft Tenancy Agreement and you may subsequently need to send them a photocopy of the Tenancy Agreement. The mortgagee may charge you a fee for giving their permission.

Additional consent to let If your property is subject to consent to let from a joint owner, someone holding a legal charge against the property, a superior landlord and/or the freeholder of your lease then you must obtain consent in writing before the tenancy can commence.

Serving the correct Possession Notices When you want your property back most tenants are happy to vacate when given the relevant notice requiring possession.

The precise form of notice, length of notice and expiry date depends on what type of tenancy has been granted.

We will inform you how much notice you need to give when we forward the Tenancy Agreement to you. We will also help to serve the correct notice whether it is for late payments, damage or you simply want to reclaim possession.

Sometimes a tenant will fail to comply with a notice and you will need to commence County Court proceedings to obtain a possession order. Again we will guide you and recommend solicitors who are specialists in this field to assist you.

Notice requiring possession Section 21 of the Landlord and Tenant Act, 1985, is the most common notice we use to serve on the tenant informing them that the landlord requires the property back in two months.

There are various options with this notice and the correct one must be served and more importantly at the correct time to avoid invalidating the notice.

Notice to quit – grounds for eviction This notice, Section 8 of the above Act, has 17 grounds for evicting a tenant. The first 8 are mandatory i.e. the judge has no discretion and must grant eviction. But grounds 9 to 17 are discretionary: the judge will act as they see fit and fair. We are here to help with advice and clarification on tenancy law and the processes involved.

fyi

By using a professional, accredited lettings agent, you’ll have experienced, knowledgeable experts on hand to guide you through the permissions you need, the insurances to safeguard your interests,

Angela Rose

Director, Fairfield Lettings

and with the know-how to reclaim possession should you need.

tax & insurances Taxation & non-resident landlord tax As landlord you will be liable for tax on rental income and you must inform the Inland Revenue that you are letting the property.

There are a number of allowances that you can claim against this rental income. You should seek advice on these allowances from your accountant.

The Inland Revenue has special rules regarding the collection of tax on rental income if you are a landlord who is resident overseas, or you subsequently move abroad.

It is a legal requirement should you fall into this category that the agent must deduct tax from your rental income (currently at a rate of 20%), unless we receive a Tax Approval Certificate from the Inland Revenue allowing you to receive all rental income without tax deducted.

It is your responsibility to obtain a tax approval from the Inland Revenue. You must make us aware if you are resident overseas and also advise us if your situation changes at any time throughout the tenancy.

You can apply for the Tax Approval Certificate by completing an NRL1 form which can be obtained from our branches or downloaded from www.hmrc.gov.uk

Buildings & contents insurance It is essential that the property and contents included in the Check-in Inventory are adequately insured and that your insurers are aware that the property is let. Failure to inform your insurers may invalidate your policy.

Your tenant should be supplied with a copy of your Building and Contents insurance schedule. You must inform your insurers whenever the property remains vacant for a period greater than specified in your insurance policy. It is the tenant’s responsibility to arrange and insure their own belongings.

We strongly recommend you seek advice to arrange for an insurance policy which covers loss of rent and damage or loss to contents plus legal expenses.

Rent Guarantee Insurance Rent Guarantee Insurance provides cover should your tenant have difficulty paying the rent. Additionally, choosing a policy that includes legal cover could save costs in the event of eviction, potentially running into thousands of pounds.

A reference is purely to check the tenant’s ability to pay the rent. In fact only the most severe debt issues like bankruptcy, CCJs and IVAs are highlighted by tenant reference agencies. If the tenant has a smaller debt such as a missed payment or an unpaid utility bill then they do not show on the reference because this information is only available to a lending finance company or if you were entering into a credit agreement.

With an AST Agreement you do not have access to this information.

Additionally, if a potential tenant has a criminal record it will not show up on the reference unless they have committed fraud. References are very important and they help to build a picture of the tenant’s ability to pay the rent.

19

letting made easy

focus on fairfield Established in 1996 by two local directors branches covering the whole of Watford highly experienced lettings & sales teams

top tip!

Choose Fairfield to let your property – as experts, it’s the best advice we can give!

expert property valuations, free of charge premium rightmove member high quality digital photography as standard dedicated point of contact same-day callback promise accompanied, informative viewings modern, intuitive, search-friendly website

Pop in and see us at one of our prominent, smart, high street branches and let’s talk about your let!

proactive marketing, online and offline

...and above all, you’ll find us

stringent vetting & referencing

friendly, highly professional,

3 levels of lettings management members of key industry regulatory bodies independent, transparent testimonials online

focused and full of energy.

Let’s do business!

Abbots Langley

Bricket Wood

NORTH WATFORD

Leavesden

M25 From our Watford branches we cover the following areas:

M1

01923 237771

190 Bushey Mill Lane

WD25

WD24 7PE Nascot Wood

WD17

Garston

WD24

Meridan

Watford

WD18 West Watford

Bushey

WD23

                

South Oxhey Oxhey Oxhey Hall Carpenders Park Oxhey Village Watford Heath Watford Fields Bushey Tudor Estate Knutsford Estate North Watford The Reeds Meriden Garston Harebreaks Nascot Wood Cassiobury

OXHEY Oxhey Hall

WD19

0208 428 0540 33 The Parade

Bushey Heath

WD19 7EE Carpenders Park

South Oxhey

21

your life, your home, your move!

Oxhey

Watford

33 The Parade

Prestwick Road

Watford

sales@fairfieldestates.co.uk

Watford, Herts

Hertfordshire

lettings@fairfieldestates.co.uk

WD19 7EE

WD24 7PE

@fairfieldestate

020 8428 0540

01923 237771

190 Bushey Mill Lane

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