lettings
Lettings • Sales • Mortgages • Investments • Insurance
At Penny Lane Homes, we are devoted to providing an easy, efficient and effective Residential Letting Service.
We pride ourselves on our personal touch and all of our staff are thoroughly trained to high standards. We have branches throughout the UK and are experienced in what we do. Please browse through this Lettings Service brochure as this should answer any questions you may have and will be useful for your first steps letting your property.
Conditions of lettings and advice on legislation Gas and electrical safety regulations As part of renting your property, you are required by law to ensure both gas and electrical supplies and appliances are safe to use. An annual safety certificate must be supplied for gas appliances/supply by a Gas Safe registered engineer. A copy of the certificate must be given to a tenant upon entry to your property. We can arrange these certificates and deduct the cost from the rental income. An annual safety certificate must be supplied for electrical appliances/supply by a SELECT or NICEIC approved electrician as part of good practice. If renting your property in Scotland from 01/12/15, you will be required to also obtain a Portable Appliance Test certificate before renting your property. Energy Performance Certificate (EPC) Energy Performance is quite simply a rating given to the energy efficiency of your property. For example, if you have double glazing, gas central heating, A+ grade white goods and energy saving light bulbs you are more likely to be given a better energy efficiency rating. A valid EPC is required prior to marketing your property and last for 10 years from date of production.
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Fire detection and carbon monoxide (CO) monitors Adequate fire detection measures are essential when renting your property, in Scotland these regulations are already part of housing legislation and are defined below and in England and Wales the below should be taken as guidance until legislation clarifies exact requirements (expected 10/10/15). • One functioning smoke alarm in every room which is frequently used by the occupants for general daytime living purposes. • One functioning smoke alarm in every circulation space, such as hallways and landings. • One heat alarm in every kitchen. • All alarms should be interlinked. We can arrange supply and fitting of mains powered smoke alarms. An alarm should be installed in accordance with the recommendations contained in the British Standard on the design of fire detection installations for dwellings. A working carbon monoxide detector should be fitted near any gas appliance and tested regularly.
Fire regulations relating to furniture and furnishings
Tenants deposits
Fire safety in respect of furniture is very important when renting your property. Housing legislation requires you to comply with set requirements to ensure the property is safe for any tenant. Furniture should meet minimum fire resistant standards. General items which meet these standards will have a relevant label permanently attached.
We are required by Government Legislation to register and pass your tenants deposit to a government backed Deposit Protection Service. This means to receive deductions from a deposit we must apply to the DPS to obtain funds with supporting evidence showing the condition of the property at the start and end of the tenancy, this is why a high standard of inventory is essential.
Generally any unnecessary cushions or pillows should be removed. These regulations do not apply to: • • • • • • •
Antique furniture or any furniture made before 1950 Bedding, including duvets Loose covers for mattresses Pillowcases Curtains Carpets Sleeping bags
Please note that fire retardant spray is not proved as an effective way of fire proofing soft furnishings.
It’s important to know that should remedial works be required at the end of the tenancy, you will need to fund this as the deposit protection scheme will require invoices/receipts in order to make a claim for any amount. Private landlord registration (Scotland only) From 30th April 2006, all private landlords letting properties in Scotland were required to have applied for registration in the register of landlords. The aim of landlord registration is to ensure that all private landlords in Scotland are fit to be letting residential property. The requirement will help local authorities to remove disreputable landlords from the market, protect tenants and enable protection from antisocial behavior and mismanaged property.
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General advice for landlords Mortgages
Inventory
If your property is mortgaged you must obtain consent of letting from your lender. We may require written confirmation of this. Should you require mortgage consultation we can point you in the right direction whether you be a first time buyer, require buy to let finance or need portfolio finance just email finance@pennylanehomes.com or visit www.pennylanehomes.com/mortgages for more info.
We provide a full photographic digital inventory of the property including its contents and condition of carpets, walls etc. as part of our Full Management service. Our full inventory will not detail attic voids or cutlery left in drawers. The quality of an inventory should not be compromised given current deposit deduction regulations.
Insurance You must ensure that your property is adequately covered in respect of buildings insurance, this is a requirement in law when letting. There is no legislation stating contents insurance is required however would be beneficial. We can arrange Buildings or contents insurance for you at competitive rates, email finance@pennylanehomes.com or visit www.pennylanehomes.com/insurance more info.
We ask that the property is left in a good condition with dĂŠcor, preferably neutral, to allow any marks to be easily seen. The purpose of the inventory is simply to allow any necessary deductions from a tenants deposit at the end of a tenancy without dispute. We would ask that all items left are in good working order as the tenant has a right to ask for items to be replaced if they fail to work during the tenancy. The tenants are advised to have suitable contents insurance covering accidental damage to limit any damage liability.
Council Tax
Keys
The occupier is responsible for council tax of the property. This means when the property is empty, the landlord is responsible. If the property is empty and unfurnished, full exemption can sometimes be applied for a maximum of 6 months of a full year. This would be done by the landlord and not the agent.
We ask that you provide us with three full sets of keys including windows/garages etc. This will allow us to give on to each tenant and a spare to be kept in our office, un-tagged in a locked area.
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Tax deduction for overseas landlords
Furniture and ornaments
The landlord is responsible for declaring income tax to the Inland Revenue. If you reside overseas, we are obliged to deduct tax at source unless an exemption certificate is held.
We would suggest not leaving any unnecessary furniture; only leave what is essential. A clear spacious room will attract tenants rather than a crowded room.
More information on Tax Deduction is available via www.hmrc.gov.uk/CNR/nr_landlords.htm Useful information to be left for the tenant We recommend leaving instruction manuals for heating systems and appliances this will limit the chances of a tenant requiring an engineer to check appliances unnecessarily. Any other useful info should be left such as communal area restrictions and refuse collection information. If you have a maintenance contract, be sure to tell the service provider that you will need them to allow your tenant to instruct repairs on your behalf and provide a copy of the policy to the tenant. It is not unheard of that a tenant requires an emergency repair but the maintenance contract provider will not discuss the account with them.
If you need to replace items, please visit www.pennylanehomes.com as we offer new furniture with next day delivery and installation in affiliation with David Philips Furniture. Remove any furniture, ornaments, items of sentimental value and any cluttering ornaments. We find that a prospective tenant prefers to see a clear room. It generally allows them to picture how it may look with their own personal items. Overall condition When a tenant moves out, we expect the property to be left in the same condition as at the move in. Decoration should be relatively fresh and furniture and fixtures should be of good working order. Remember, a good quality property will generally attract a good standard of tenant. Any gardens should be tidy and lawns cut, and maintenance equipment should be left if you wish the tenants to maintain the gardens.
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Why use Penny Lane Homes? Penny Lane Homes have been involved in Property Letting for over a decade and with branches throughout the UK, we are a well established brand who pride ourselves on going the extra mile for each client. Every landlord deserves a quality, personal service and our staff aim to provide exactly that, and more. It may surprise you to know that Letting Agents are not regulated by Law; this is something that will change soon in Scotland, England and Wales. For many years we have been voluntarily regulated by The Property Ombudsman which is part of the Office of Fair Trading as we wanted to offer every client the right to have their voice heard should they feel we don’t meet their approval. Regulation of Letting agents, when it eventually comes through parliament, will see many high street and online agents disappear. We ensure that all staff are highly trained and regularly updated on legislative changes. It is essential for us to keep abreast of upcoming changes in Housing Regulation so that we can protect you as the landlord. Our network of experienced staff allow us to provide local market knowledge and advice to clients. We aren’t new to letting but were also not shy of changing to suit market trends and red tape which shrouds this industry. With more changes in Housing Legislation happening between 2008-present than between 1988-2008, its more essential now than ever that a landlord chooses their letting agent wisely. The next 5 years will see massive changes to the way the Private Rented Sector operates as we will be at the front of the pack to offer you protection and best practice.
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Management services Property marketing: We advertise our letting properties on leading web portals such as pennylanehomes.com, Rightmove, Zoopla, s1homes, Gumtree, Lettingweb, Citylets and many more. We will also erect a high quality T or V board at your property to attract local passing interest. Posters will also be provided for your windows. You can choose to have no boards or posters at your property if you wish. Accompanied viewings: Our dedicated trained viewing agent will point out the best features of your property to prospective tenants. We know how to make tenants feel welcome. Tenant referencing: We use a third party to verify tenants suitability for your property. Various information is verified such as address history, credit history, employment confirmation, landlord references and affordability. We provide you the outcome and advise you of their risk. Initial utility management: When setting up a new tenancy, we will create a utility account for the new occupier for gas, electric and council tax. Deposit registration: We lodge the tenants deposit with a regulated protection service to ensure you comply with protection regulations. We also provide the tenant with the prescribed information and reference number as required by law.
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Lease document preparation: Our tenancy agreement alone is a very comprehensive document and is verified and reviewed annually by TC Young Solicitors. We serve this document along with various other legislative documents. Digital inventory preparation: We provide a detailed digital inventory to protect your assets. On average, 90 minutes is spent at the property preparing this document, detailing the condition in which the tenant moves in and holds photographs of everything. Rental collection: This can be a difficult task, especially at Christmas time. We have experienced it all and are professionals in collecting rent. We normally pay you within 7 days of collection. Rental guarantee: We protect you from your tenant not paying their rent. If the rent is unpaid by the tenant for more than 30 days, we will claim the rent on our specialist policy with no excess and make payment to you upon receipt. This cover is initially provided to you for the first 6 months but can be renewed. If a claim is made, the rent will be paid until vacant possession is gained or until the tenant pays the rent.
£25,000 legal expense cover: This protection runs hand in hand with the rental guarantee. This protects you should the tenant refuse to remove from the property and official repossession is required. The Legal Cover will generally work alongside rental guarantee but can be used on its own in certain circumstances. ‘Rent On Time’: Bolted onto our Full Management, this option allows for the tenants rent to be paid to us on the same day every month regardless of whether your tenant pays or not. We generally pay this to you within 2 working days of receiving. This option works well for those landlords who depend on the rent to cover mortgage payments. Should your tenant be unable to afford future rents for any reason, you will continue to be paid on the above terms until such times as the property is vacated or the tenant is evicted. Evictions and court costs are not borne by you and are included in your management fee when using ‘Rent On Time’. You will generally chose either “Rent On Time’ or ‘Rent Guarantee’. ‘Rent On Time’ does not expire after 6 months unlike ‘Rent Guarantee’. Periodic inspections: We provide our landlords with periodic inspection reports. These reports detail the condition of the property and are useful to show landlords how the tenant is keeping their property. They generally include photos of the property and any areas of concern. Inspections are done at 5 weeks from entry of the tenant and then again every 4 months.
Repair management: Our stock of quality local contractors are available to provide quotes for any required works, these contractors have been tried and tested over many years and are readily available. Our unique repair reporting software allows for accurate online submission of required works. We will cash-flow the works and can deduct from rental income, we will verify with the tenant that works have been satisfactorily carried out. You can if you prefer carry out repairs yourself. Deposit claim handling: Since introduction of deposit protection regulation we have worked closely with the chosen protection agent and have worked our claim handling process in the most sufficient manner to ensure our clients get any money they are due. We handle deposit claims but can’t guarantee the outcome of any claim.
“A common theme that runs through the business is that all the staff are trained to a high level in all aspects of residential letting and share a passion for customer service.” Mr. J. Loudon
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Letting packages
Full Management
Part Management
Marketing Only
Property marketing
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Signage posts
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Accompanied viewings
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Tenant referencing
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Initial utility management
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Deposit registration
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Lease document preparation
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Digital inventory production
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Rental collection
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Tenant and landlord liaison
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Rental guarantee
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£25,000 legal expense cover
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‘Rent On Time’
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Periodic inspections
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Repair management
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Deposit claim handling
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Let’s get started... To find out more about our letting packages, simply drop into your nearest Penny Lane Homes branch and talk to one of our letting experts today.
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“I have had dealings with Penny Lane Homes for almost two years now and have found them extremely helpful, prompt and courteous.” Mrs. E. Thompson
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Useful notes Property Details Address
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Expected Rent
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Date Available
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Phone
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Building Insurer
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Policy Number
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Factor Company
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Services
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Council Tax Band
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Monthly Rate
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Contacts Electricity Supply
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Account Ref.
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Gas Supply
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Account Ref.
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Checklist Gas Safety Certificate
Electric Safety Check
EPC
Lettings • Sales • Mortgages • Investments • Insurance
Bury 7 Deansgate Radcliffe, Manchester M26 2SH 0161 672 9530
Cumbernauld Unit D, 1/7 Ettrick Square Cumbernauld G67 1ND Phone No. Pending
Paisley 50 Glasgow Road Paisley PA1 3PW 0141 887 6109
Renfrew 2 Paisley Road Renfrew PA4 8LT 0141 886 2970
Johnstone 67 High Street Johnstone PA5 8QG 01505 331 114
pennylanehomes.com enquiries@pennylanehomes.com