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redkeylets.co.uk
Open to a better
Open the door to a better property service
Property Services
the door property service Dear Landlord,
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Here at Red Key Property Services we are an established firm with over 40 years combined experience, we specialise in providing a service that provides up to date lettings advice to enable you to maximise the returns from your property and to be able to let your property quickly without any other distraction.
D ir ecto r
Welcome to the home of Residential Lettings and Property Management.
an y, M gle n a L Jamie
As a licensed member of ARLA (Association of Residential Letting Agents), a member of SAFEAGENT and the Property Ombudsman for Lettings we strive to provide our clients with a professional service safe in the knowledge that we work to strict codes of practice and all client monies are protected. Our values ensure that at all times we are professional, honest and accountable so that we provide you with an individual tailored service.
Welcome to a better property service We look forward to being of service to you soon. Yours sincerely,
Jamie Langley Managing Director
redkeylets.co.uk
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quality tenants EYE Catching Board
All Landlords benefit from our full marketing package when they instruct us to let their property and this comprises of:
Providing an advert 24 hours a day that your property is available and prompting action from prospective tenants to contact us to arrange a viewing.
Accompanied Viewings Our professional lettings staff will carry out accompanied viewings and they are trained to use their expertise and local knowledge to ensure your property is let to the most suitable tenant, in as speedy a time as is possible.
Property Portals Our detailed marketing package includes listing on portals such as rightmove.co.uk and on the market.com and of course our own website www.redkeylets.co.uk
Energy Performance Certificate (EPC) With effect from 1st October 2008 it became law for any property advertised on the market to have an Energy Performance Certificate. We are able to arrange these upon instruction and once the assessment has been carried out the certificate lasts for ten years.
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unbeatable service A: Introduction Only Service
Move In
Rental Assessment
Following receipt of suitable references for all tenants moving into your property, Red Key Property Services will arrange for both parties to sign the Tenancy Agreement and will collect one months rent in advance and the security deposit, which will be protected with the TDS or the scheme that the Landlord is a member of. We will co-ordinate the occupation of the property and can provide an Inventory and Schedule of Condition at an additional cost. A standing order will be set up to your nominated account for future payments and we will advise the utilities and council of the change of occupier.
A free rental assessment will be provided with quoted rents being exclusive of all domestic services and council tax. Once a market rent has been agreed Red Key Property Services will market the property using our ‘Full Marketing Package’, thereby placing the property on all the major portals, erecting our distinctive To Let board and ensuring the property is seen on our own website and through social media such as twitter and facebook. We will also contact our database of waiting tenants and our corporate contacts, to ensure that people looking to move are alerted to the status of your property and are in a position to book a viewing.
Viewings Red Key Property Services accompany all applicants to your property and it is necessary for you to supply a spare set of keys to the property to allow us to gain access as and when required, to ensure a fast efficient service.
Tenants and Referencing Red Key Property Services will only deal with applicants who are in full time employment or who can supply a suitable guarantor. Our standard practice is to ensure that all tenants are vetted through our comprehensive referencing procedure and this includes: n
Employer Reference
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Previous Landlord Reference
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Credit Search and Score
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ID Check
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Salary Multiple
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Guarantor if necessary
B: Rent Collection Service This service has all the benefits of our Introduction Only Service but also provides a comprehensive collection of the rent monies.
Payment of Your Rent Red Key Property Services will collect all monies via standing order and will then account out on a monthly basis to the landlord and transfer the rents received to the landlords nominated account. Our pledge is to ensure that providing the rent is in our account on the rent due date, it will be transferred to your nominated account by faster payment, with the aim of you receiving it on the same day. Whilst every effort will be made by Red Key Property Services to collect the rent and ensure that the tenancy agreement is adhered to, the Landlord will be responsible to initiate and settle costs of any legal action recommended by us should this prove necessary. For total peace of mind we recommend taking out a Rent and Legal Insurance policy, of which details may be found on our website.
redkeylets.co.uk
C: Full Management Service This is our most comprehensive and popular service and includes all the features of our Introduction and Rent Collection Services, with the addition of the following benefits:
Property Visits Red Key Property Services will carry out regular property visits to ascertain whether the tenants are maintaining the property in line with the terms of the tenancy agreement. We check for any visible defects that may require attention and report back to you with appropriate recommendations for remedying any issues found.
Repairs and Maintenance Our property management team will deal with any day to day maintenance issues that may occur during the tenancy. We will attend to minor repairs and will obtain estimates for more involved work that will require your authorisation to proceed, unless it is an emergency. All invoices will be paid direct from your rent account and will be accounted to you on your monthly statement. If you have any guarantees
or service agreements, it is essential that you provide full details in advance, so that the service provider may be contacted for repairs and to avoid any unwanted charges.
Utilities As part of our service Red Key Property Services will notify the council and the utility providers of a change of occupancy. Meter Readings will be collected at the start and end of the tenancy and these will be provided to the relevant suppliers. It is advisable to let us have a list of the current suppliers to your property, to ensure that we make your move as smooth as possible in this respect.
Safety Inspections As part of our service Red Key Property Services will on an annual basis arrange for any safety inspections and GAS SAFE safety inspections to be carried out on your behalf.
Inventory and Schedule of Condition In order to comply with government legislation regarding tenancy deposits, Red Key Property Services will ensure a detailed inventory and schedule of condition is carried out prior to occupancy of the tenancy. This document will become an integral part of the tenancy agreement and provides a detailed record of the contents and condition of the property. Red Key Property Services will arrange for a check in and a check out of the tenants and will deal with any disputes that may arise accordingly and in line with the guidelines of the TDS scheme.
The Tenants Deposit Red Key Property Services is a member of the Dispute Service protection scheme (TDS). The Housing Act 2004 requires anyone accepting a deposit for an Assured Shorthold Tenancy, to ensure that the deposit is placed within one of the designated Deposit Protection Schemes. Red Key Property Services will hold all deposits as Stakeholder and they will be protected under the TDS scheme to which we are members. The TDS scheme has a resolution service where any dispute in relation to claims made on the deposit can be submitted to an Independent Case Examiner, for adjudication and dispersal of the deposit accordingly. In order to comply with the law, certain prescribed information must be given to the tenant and the deposit must be registered within 30 days of receipt of the monies.
Taxation All profit from rental income in the United Kingdom is subject to income tax, whether you live in the UK or not. There are items of expenditure that can be offset against rental profit and we would advise that you seek the advice of an accountant, as tax status does vary. Communication with HMRC and Tax Returns are the responsibility of the Landlord and/or their accountant. We do not withhold tax for Landlords resident in the UK. For any further information we recommend that you contact HMRC.
Overseas Landlord and Taxation The Inland Revenue’s assessment rules changed the treatment of overseas Landlord tax with effect from 6th April 1996. Under the Taxation of Income from Landlord (non residents) Regulations 1995, the rent receiving agent is required to deduct basic rate tax from the rent (after taking deductible expenses paid out into account) and to pay the tax to the Inland Revenue every quarter. If you decide not to have your property managed by Red Key Property Services, you should be aware that your tenant will be legally responsible for the collection and payment of tax to the Inland Revenue. Overseas Landlords can apply to HMRC to receive their rent without deduction and must complete an NRL1 form to be sent to HMRC. Subject to approval, the managing agent will be sent an approval number and can then pay gross monies received to the landlord. For further information please contact HMRC.
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f lexible solutions D: Acquisitions
F: Block Management
Red Key Property Services offer clients an acquisition service designed to ensure clients get the most out of their investment and the best returns. Our service includes:
Red Key Property Services offer a block management service to all Freeholders and Management Companies.
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Sourcing properties in accordance with the clients brief
Our service includes: n
Service Charge Budgeting Demanding Service Charge and Ground Rents
Negotiating purchase price on behalf of the client
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Advising on returns and rental values that can be expected
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Provision of annual certified accounts
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Inspections of the building
Advising on the most suitable way to maximise on the return from a property
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E: Corporate Portfolio Management Red Key Property Services can offer a tailor made management service to all Landlords with 5 or more properties. This service is aimed at the Landlord being updated on a monthly basis or as required and provides for Corporate Landlords to run their portfolio as a business, in the knowledge that they partnered with a specialist Letting Agent who carries this service out for several corporate clients.
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Organising routine maintenance works in accordance with any schedules Detailed specifications and tenders for major projects Annual general meetings Compliance with all health and safety regulations Arrange Building Insurance and if deemed necessary a valuation for insurance purposes Deal with any assignment.
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Tailored monthly report on the portfolio Updates on capital values of each property to ensure informed decisions can be made in respect of adding value to the portfolio Advice on sales and dispersal of the portfolio Worry free letting and management
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Accidental Damage to fixed glass, sanitary ware and underground services
For further information visit our website and click on the insurance link.
Rent Guarantee and Legal Expense Cover All Landlords run the risk of rent default by a tenant. Even the best checks and references cannot predict a tenant falling on hard times and not being able to pay the rent. Could you cover your expenditure if this happened?
Landlords Insurance – Buildings and/or Contents We have partnered with Just Landlords to provide you with exceptional Landlord insurance; they have designed their Landlord Insurance policy to be straight forward, easy to arrange and to provide the widest cover available. In fact they feel that they have covered everything in their policy that you, the landlord would need when insuring your investment. The policy is rated 5 Star by independent financial research company, Defaqto and provides some of the highest quality cover in the market. In addition to the standard perils the following benefits are included for FREE:
In the current economic climate, many landlords are finding the frequency of late payments is increasing as tenants struggle with rising unemployment and increased bills. Recovering arrears can be difficult and costly for Landlords, without any guarantee of success. You are now able to arrange Rent Guarantee Insurance from our preferred insurer partner Just Landlords, their policy will provide cover against your tenant defaulting or failing to pay the rent. Key benefits of the policy: n
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Malicious damage caused by your tenants
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Theft or attempted theft by your tenants
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£5,000,000 Rental Property Owners Liability
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Loss of Rent/Alternative Accommodation up to 100% of the Building sum insured £5000 FREE Landlords Contents cover for carpets, curtains, blinds and white goods
Rent Arrears covered up to £50,000 per incident Legal Expenses covered up to £50,000 per incident There is No Excess to pay Rent arrears paid for an unlimited period of time
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6 or 12 month policies
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All tenant types accepted
For further information visit our website and click on the insurance link.
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Property Services
outstanding protection Gas Safety
Furniture and Fire Regulations
The Gas Safety (Installation and Use) Regulations 1998 place a responsibility on landlords to maintain every gas appliance and all gas pipe work in their property in a safe condition, so as to prevent risk or injury to any person. Annual inspections and safety checks must be carried out by a registered GAS SAFE engineer. Failure to comply with these regulations is a criminal offence and could result in a significant fine and/or imprisonment. The law requires that a gas safety record must be in place prior to the commencement of any tenancy and is renewed annually.
The Furniture and Furnishings (Fire) (Safety) Regulations 1998 (as amended in 1993) make it an offence to let a property with any furniture or furnishings that do not comply with safety regulations. There must be a fire safety label on all furniture.
Electrical Safety The Electrical Equipment (Safety) Regulations 1994 make it necessary for Landlords to ensure that all electrical equipment is safe and will not cause danger. To ensure compliance with the law we advise that a Portable Appliance Test, to include a visible wiring test, should be carried out annually and a full wiring test undertaken prior to any Tenant taking occupancy and five years thereafter. All electrical testing should be carried out by an NICEIC registered electrician.
The regulations apply to the following furniture intended for use in a private dwelling: n
Beds, Headboards and mattresses
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Convertibles such as sofa-beds and futons
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Nursery Furniture
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Garden furniture suitable for indoor use
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Scatter Cushions and seat pads
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Pillows
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Loose and stretch covers
Smoke Detectors Building Regulations require that all properties built since 1992 have smoke detectors installed. All properties built after this time must have mains operated smoke detectors fitted on each floor.
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professional advice Mortgage and Insurance Companies
belonging to two or more households, will require a licence from the Local Authority.
If the property you intend letting is mortgaged you must apply to your lender for permission first, as you may be in breach of your mortgage agreement if you don’t. Some institutions charge for considering your application and for approving its tenancy and some raise the interest rate on your mortgage whilst you are letting. Your insurance company will also need to be advised of your intention to let the property, as this will be treated as a different risk and they may insist that you take out a different policy to cover both buildings and contents for accidental damage by tenants.
Red Key Property Services advise all their landlords to contact the local council should they have any queries on mandatory licencing, or how to identify whether the property requires a licence.
Post You should advise the Post Office of your change of address and arrange for all mail to be redirected. We do not recommend that you expect your tenant to be responsible for forwarding mail and unfortunately we cannot accept liability for redirection, or for lost or returned post.
Leasehold Properties Should the property you intend letting be a leasehold property, permission must be sought from the freeholder prior to allowing tenants to take occupation. If you do not seek permission you may find yourself in breach of the conditions of your lease. Red Key Property Services require written confirmation from your freeholder and/or Management Company before we can move a tenant into your property. You will be responsible for any Ground Rent or Service charges during the tenancy.
Vacant Properties Red Key Properties can arrange to inspect empty properties for a separate charge, to ensure accordance with any insurance requirements.
Condition of Property for Marketing In order to compete with the vast amount of rental properties available, it is important for your property to be shown in its best light. We advise that the property is decorated in neutral colours throughout as this looks clean and is easy to maintain. Carpets should be good quality and hard wearing. The kitchen should have white goods and there should be a good quality shower in the bathroom. The garden needs to be easy to maintain and left in good order at the start of the tenancy. Red Key Property Services recommend that before the first let you have the property professionally cleaned including carpets, as this sets the standard for the tenant to maintain.
Unfurnished Advice If the property is to be left unfurnished it is recommended that the following is left in the property: n
Houses of Multiple Occupancy (HMO’s) Under the Housing Act 2004 properties of three or more floors, with five or more tenants
White Goods (Cooker, Fridge Freezer and Washing Machine)
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Carpets
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Curtains
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Light Fittings
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Wardrobe (optional)
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Basic Gardening Equipment (Lawn Mower)
redkeylets.co.uk
Property Services
redKEY Newport
redKEY Cardiff
21 Bridge Street Newport NP20 4AN
Sophia House 28 Cathedral Road Cardiff CF11 9LJ
t 01633
387970 e newport@redkeylets.co.uk
t 02920
663 002 e cardiff@redkeylets.co.uk
redKEY Bridgend
redKEY Swansea
2 Queen Street Bridgend CF31 1HX
Princess House Princess Way Swansea SA1 3LW
t 01656
360088 e bridgend@redkeylets.co.uk
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t 01792
470088 e swansea@redkeylets.co.uk
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