16 Page Lettings Guide

Tailor made solutions Getting started The legal essentials Moving your tenant in Service levels to suit you Peace of mind Landlord checklist

Lettings made simple A landlord’s guide to our stress-free letting and property management services

S t r e s s- Fr e e L e t t i n g

Tailor made solutions for every landlord Trading Places offer a comprehensive letting and property management service to take the hassle out of letting your property. Š Trading Places

Expertise at your service Are you looking for help with finding and screening suitable tenants? Perhaps you want the peace of mind and

Why busy landlords choose Trading Places

convenience of a comprehensive round-the-clock letting and property management service that takes care of everything? Whatever level of support you need, we can

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Experienced, attentive and knowledgeable staff

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Flexible service options, competitively priced

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Open and transparent fees with no hidden charges

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Up to date legal documentation and regulatory advice

provide the service that is right for you.

We have been letting properties since the late 90’s and our clients range from private landlords with a single rental property to buy-to-let investment landlords with a property portfolio.

As standard we have 5 different levels of service:

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Tenant Find Service

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Let Only Service

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Independent market appraisals and quantified rental valuations

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Letting & Rent Collection Service

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Extensive internet advertising on the UK’s top property websites

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Letting and Property Management Service

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Letting and Property Management Plus Service

A pre-qualified database of waiting tenants

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Comprehensive tenant referencing service with credit checks

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Professionally produced inventories

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Client Money Protection & Professional Indemnity Insurance

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Registered with the government backed Deposit Protection Service

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Dedicated Property Manager (management services only)

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Licenced agent & members of The Property Ombudsman Scheme

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Tried & tested reliable tradesmen & specialist contractors

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Run by local people who truly value their employees & clientele

All our services can be tailored to suit your individual needs and we will provide a written market appraisal with absolutely no obligation.

We understand that becoming a Landlord can be a daunting experience. Please take a look through this brochure aimed at giving you a brief overview of what is involved when letting a property. We have included information on a range of legal obligations, some practical advice and a snap shot of the services we offer.

Whether you are looking at letting your property for the first time, seeking a new letting agent or would simply like an informal chat without the pressure of a pushy salesman, please get in touch.

Professional recognition

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We tailor our marketing approach to the type of tenant you are looking for to attract genuine interest

Getting started Our knowledge of the local rental market coupled with a tailored marketing strategy will help set the correct marketing price and find you the right tenant.

Market & Property Appraisal

During the visit our Lettings Manager will be more than

We offer an independent assessment of your property

happy to discuss the process with you in more detail and

carried out in person by our experienced and qualified

answer all questions. If you are a first time landlord you will

Lettings Manager. This is free of charge and with absolutely

have plenty of opportunity to find out more about what is

no obligation.

involved in letting a residential property.

During our visit we will advise you of any work required to meet regulatory requirements.

You will also receive advice on any other actions necessary before you let the property including repairs or refurbishment recommendations.

When setting the price it is important to properly assess current market conditions taking into consideration similar properties standing as direct competition to your own. We will help you achieve the best possible price and will always provide an achievable valuation and honest advice. Our rental valuation will also take into account the location, size, standard and condition of the property and whether it will be let furnished, part furnished or unfurnished and of course the timescale in which you require tenants to move in. Š Trading Places

Effective marketing

High Quality photography and floor plans can help promote

At Trading Places we use the very latest technology and

your property in the best possible way; however a landlord

proven marketing techniques to promote our rental

can play their part by ensuring the property is clutter free

properties.

and by attending to any minor repairs prior to viewings

We advertise on all major property websites, including Rightmove, Zoopla and Primelocation. Our own website

taking place. If vacant the property should also be cleaned and the garden cut back and cultivated.

www.tradingplacesproperty.com is fully responsive

Securing the most suitable tenant

for compatibility with smartphones and tablets, with

As a landlord, you need peace of mind that the right tenants

properties also featuring on touchscreen window displays

will be living in your property. All potential tenants are

at the Park Lane offices for the Guild of Professional

pre-qualified before we carry out viewings to ensure they

Estate Agents.

are suitable. We will then accompany all viewings and

Our online marketing activity includes social media coverage through Facebook and Twitter, which we supplement with our fortnightly e-magazine, e-mail campaigns plus the option to have a To Let board. The more

provide prompt and honest feedback by telephone or e-mail, whichever you prefer. We will keep you up-to-date on progress and alert you the moment a party shows an interest in applying to rent your property.

exposure your property receives the wider audience you

We take up tenant references and credit checks using a

can expect to attract, giving greater choice of tenant.

specialist referencing company and as required ensure

Once instructed, our proactive team of letting professionals

compliance with the “Right to Rent� regulations.

will immediately contact our tenant database through telephone, e-mail and SMS text alerts. We will tailor our marketing approach to the type of tenant you are looking for and best suited to your property.

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Preparing your property to let–the legal essentials Our experienced lettings team will provide the latest information and guidance to ensure you are aware of your legal obligations as a landlord.

Energy Performance Certificate All properties for rent must have an Energy Performance

Furniture and Furnishings (Fire) (Safety) (Amendment) Regulations 2010

Certificate (EPC) and there are timescales in which these

Upholstered furniture and soft furnishings supplied in a

must be made available to prospective tenants and then

rented property must comply with current regulations.

issued to proposed tenants. An EPC rates energy efficiency

This includes, but is not limited to, bed frames, mattresses,

and its environmental impact. If you do not have an EPC

headboards, sofabeds, pillows, cushions, seat pads and any

for your property, Trading Places can arrange for one to be

garden furniture that may be used indoors. Items which

carried out by a Domestic Energy Assessor.

comply will have a suitable permanent label attached. All

Safety 1

Gas Safety

Under the Gas Safety (Installation and Use) Regulations 1998, landlords have a legal obligation to make sure all gas

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non-compliant items must be removed before a tenant moves in. Bedding, carpets, curtains and any furniture made before 1950 are exempt.

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Electrical Safety

pipework, appliances, fittings and flues are safe to use and

Landlords are required to ensure the electrical installations

maintained in a safe condition. Every gas appliance and flue

in a rental property are safe when a tenant moves in and

must be tested for gas safety every 12 months. A Gas Safety

maintained in a safe condition. It is strongly recommended

Record must be provided to existing tenants within 28 days

you employ a suitably qualified electrician to inspect

of the annual safety check, or to new tenants before they

the installations (every 5 years, or sooner if their report

move in, and you must keep copies yourself for two years. All

requires) and arrange for portable appliances to be checked

installation, maintenance and safety checks must be carried

(annually). In some cases electrical checks will be a legal

out by a Gas Safe registered engineer. We can arrange this

requirement and/or a condition of a council licensing

for you.

scheme.

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Council inspectors look

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Smoke and carbon monoxide detectors

In October 2015 new regulations came into force requiring landlords to install smoke alarms on every floor of their rental

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at health and safety areas during an HHSRS inspection!

property and test them at the start of every tenancy, and to install carbon monoxide alarms in high risk rooms, such as those where a solid fuel appliance is situated. The government suggest “responsible” landlords are expected to fit carbon monoxide alarms even when not legally required to do so.

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Housing Health and Safety Rating System (HHSRS)

If you own a property and rent it out, your local council may decide to do an HHSRS inspection. Inspectors look at 29 health and safety areas.

Consent to Let If your property is mortgaged, you must obtain written consent to let from your mortgage lender.

If it is leasehold, your lease may require written consent from your landlord before you can sub-let.

Houses in Multiple Occupation (HMO) If you let to a family, they are deemed to form one household.

When you let to a group of sharers, the number of households within the property will change and with it some requirements.

When a property is deemed a House in Multiple Occupation (HMO), a landlord can face extra legal obligations and in certain instances require a HMO licence. We can advise you on this.

Buildings Insurance Landlords should ensure they have adequate building and contents insurance cover in place. Other considerations include Public Liability Insurance and Rent and Legal Protection.

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Letting your property– moving your tenant in It is important to ensure everything is in place for a smooth and trouble-free start to renting out your property. Š Trading Places

Our inventory provides a crucial legal reference in case of any discrepancy or claim against a tenant’s deposit at the end of a tenancy

Tenancy agreement This sets out the rights and obligations for both Landlord and Tenant making clear their respective responsibilities.

Most residential property is let on an Assured Shorthold Tenancy (AST) with an initial fixed term of 12 months a popular choice. We ensure our tenancy agreements remain up to date with regulation changes and are carefully designed to protect the landlord’s rights to possession and help control tenant activities.

Inventory / Schedule of Condition An inventory provides a crucial legal reference in case of any discrepancy or claim against a tenant’s deposit at the end of the tenancy. They should be comprehensive and contain photographic evidence plus a full written description of the property including its contents, fixtures, fittings, walls and floor coverings. Most landlords are surprised by the level of detail on our inventories and soon appreciate the difference between a professionally prepared document and a simple list of contents on a handful of pages.

If opting for one of our Property Management Services we can take care of this for you. We normally collect a deposit to the value of one month’s rental plus £100 (e.g. the deposit for a rental of £1600 will be £1700). When

Utilities & Council Tax

registering and protecting the deposit on your behalf,

Usually, it is the tenant’s responsibility to pay utility bills

and whilst employed as your managing agent, we will also

and Council Tax. We can organise all meter readings and

handle any dispute which arises at the end of the tenancy.

arrange the transfer of water rates, gas, electricity, and

This will include initial negotiations with the tenant, the

Council Tax accounts to the tenant.

preparation of the evidence to support a claim and, if

Deposit protection

necessary, the submitting of your case to the Alternative

A deposit is paid by the tenant at the start of the tenancy to offer the Landlord a degree of security. Since April 2007,

Dispute Resolution Service (ADR), an independent and free alternative to court action.

all Assured Shorthold Tenancies must be registered with

Beginning the Tenancy

a government-backed tenancy deposit scheme. This must

When the day arrives, the formality of signing and executing

be done within a set timeframe from receipt of the deposit

the tenancy will follow the issuing of all legally required

with significant penalties for non-compliance. In order to

documentation and, provided all monies have been paid

fully comply with the legislation, deposit rules also require

in cleared funds, the keys can be issued to the tenant. You

the landlord to provide the tenant with certain prescribed

should provide one set to each tenant and a further set if we

information.

are appointed to manage your property. © Trading Places

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Service levels to suit you Trading Places offer landlords a choice of 5 different levels of service. The option you choose will depend on how hands on you want to be, the amount of time and energy you have available to manage your property investment and tenancy and of course what you are looking for from your agent.

1

Tenant Find Service (TF)

2

Let Only Service (LO)

Perfect for the seasoned landlord who manages

Perfect for landlords who want to manage the

their own portfolio and simply requires an agent to

tenancy themselves but, require the agent to take

market their property, conduct viewings and take up

them through to the tenancy start date, preparing the

references and credit checks.

tenancy agreement, collecting the first month’s rent, executing the tenancy agreement and issuing the keys.

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Letting & Rent Collection Service (LRC)

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Letting and Property Management Service (LPM)

Perfect for landlords who want to be hands on, are

Perfect for landlords who have limited time, or are

happy to manage the tenancy without an agent’s

travelling/living overseas and want to employ an

advice but don’t want to take on the hassle of rent

agent to interact with the tenant, covering the day to

collection.

day management of the property without the worry of regulation changes, property visits and managing

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Letting and Property Management Plus Service (LPMP)

repairs.

Our most popular service, offering landlords the full benefit of our LPM service with added extras including: Rent and Legal Protection, health checks (reviewed on a regular basis), Landlord log in area and access to Hometrack market and property reports helping you stay in touch with property values (usual cost direct from Hometrack £19.95 per report).

Any level of service can be tailor-made to suit your needs; simply contact us to discuss your requirements © Trading Places

Using a licensed agent with Client Money Protection Independent redress via The Property Ombudsman Market appraisal & rental valuation Pre-letting advice & marketing programme 2D, 3D & Interactive floorplan options Pre-qualify tenants, accompany viewings Take up references and credit checks Inventory service available Draw up the tenancy agreement & collect first rental “Right to Rent” & “How to Rent” compliance advice Rent collection, payments & statement to landlord Collect, register & protect deposit with DPS Council Tax and utility account transfers Conduct property visits & issue written reports Arrange routine servicing & maintenance Arrange emergency repairs & safety checks Assist with insurance claims Provide licensing advice Key holding service Pay service charges from rent account Tenancy renewal & rent review negotiations Tax assistance including Non Resident Landlords 24 hour rent transfers End of tenancy check outs & deposit handling Out of hours tenant assistance Preparation & serving of notices to end the tenancy

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Initial Property Health Checks with regular reviews Rent & Legal Protection Landlord’s log in area Hometrack market & property reports

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Peace of mind for busy landlords By choosing our Letting and Property Management Plus Service you can sit back and relax. Your dedicated Property Manager will look after everything and keep you fully informed.

Once your property is let the work doesn’t stop there. Today’s tenants can be quite demanding, expecting maximum value for their rental. Whether it is fridge failure or a leaking shower, you can be sure any tenant will want a swift repair, however inconvenient the timing may be for you.

This is why our clients value our management services where we look after any repairs and tenancy issues for you. For your peace of mind, we also visit the property regularly and organise any maintenance and safety compliance checks, assuring you that your property remains in sound condition and your legal obligations are fulfilled. © Trading Places

Personal service You will have your own Property Manager who will look after every aspect of the tenancy from start to finish.

Our landlords tell us they appreciate the continuity and accountability of a single point of contact.

Don’t forget, our Lettings Manager is on hand to answer any questions you may have, and furthermore our entire team are at your service to collectively deliver a range of stress-free Letting and Property Management services.

Landlord checklist When preparing to let your property you don’t want to overlook something important. If you choose us to let and manage your property we will alert you to what we need and when we need it by.

If you feel comfortable organising and managing your own tenancy, why not use our checklist to help you. Whilst this is by no means comprehensive it makes for a good starting point.

Ensure you have a valid energy performance certificate before any viewings take place Obtain consent to let from your mortgage lender and freeholder, apply for a license if applicable and arrange suitable insurances Check that your Gas Safety Record is up to date and provide a copy to your new tenant before they move in Ensure the electrical installations and portable appliances are fit for purpose and provide copies of any certification to your tenant Check with the local authority to see if your type of property, and the proposed type of tenant requires a HMO licence Ensure the tenancy agreement is current, covers all required terms & obligations, is legally binding and signed by all parties Prepare a comprehensive inventory and schedule of condition, with photographic evidence Ensure the property has adequate smoke alarms and carbon monoxide detectors, tested and in working order Register and protect the tenant’s deposit within the required timescale and ensure the prescribed information is issued in full Notify your local authority of the new tenant details for council tax Arrange for all meter readings to be taken and the transferring of utility accounts to the tenant Provide each tenant with a set of keys (check newly cut keys) and keep your own set to carry out periodic property visits Contact HMRC with questions about self assessment, or details about their NRL scheme if you are an overseas landlord Agree a programme to cover health checks and reviews such as fire safety, legionella and HHSRS Ensure you are compliant with any current requirements under the “How to Rent” booklet and “Right to Rent” checks © Trading Places

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S t r e s s- Fr e e L e t t i n g

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Our clients and what they have to say about our service Putting customers first is what we do best – but don’t take our word for it, read what our customers say.

All our staff undergo professional training and we regularly reward evidence of ‘excellent’ customer service. view more customer reviews on the agent tracker website www.agent-tracker.co.uk/tradingplacesgbltd-london-e111he

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Trading Places Estate and Letting Agents 46 Church Lane, Leytonstone, London E11 1HE T 020 8558 1147 F 020 8556 6665 E info@tradingplacesproperty.com

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