 We understand that letting your property can be a difficult decision for you and hopefully we can assist in giving you enough information to enable you to make a confident decision by choosing the right Agent and service for you.
Some important things you need to know;
You will need to advise your Mortgage Company if you do not have a buy to let mortgage. They may sometimes increase the rate of interest or charge an administration charge. They also may put stipulations on the tenant and length of tenancy but you would need to check with your individual Mortgage Company.
Annual Gas Safety Inspection – This is required by law on an annual basis and must be carried out by a registered GAS SAFE Engineer. From 1st April 2009 CORGI are no longer recognised as the main body. Prestige can organise this for you if you wish.
Electrical Inspection – Any electrical appliance let with the property must be certified as safe to use when first supplied. Therefore an inspection, preferably by an NICEIC Engineer should be carried out prior to the letting of the property. When the property is re-let again, this is classed as supplying for the first time and an inspection and pat testing should be undertaken. Prestige can organise this for you if you wish.
Energy Performance Certificate – From 1st October 2008 all properties need an EPC prior to advertising, these are expected to be valid for 10 years.
Smoke alarms – Generally the main requirement is that one alarm is situated on each level of the building.
Insurance – you will need to advise your Insurance Company of your intention to let the property. You will need Buildings Insurance and you may wish to have some contents cover, dependent on what you are leaving with the property.
Furnished or Unfurnished – Generally your property will gain more interest if it is unfurnished. We would also recommend not leaving anything of any sentimental value or unnecessary electrical equipment as the majority of tenants have their own furnishings and belongings.
Utilities – As part of our service we inform gas, electric, water and council tax of all tenancies whilst managed. If you choose our Let only service we will set up the accounts for your tenant but won’t finalise them.
Tax – You will need to declare your rental income. For Overseas Landlords you will need to complete an NRL1 form for an approval number to gain exemption.
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