Property Management

Letting your property can often be a very difficult and stressful experience and legal requirements must be complied with or Landlords risk prosecution. The decision to let your property is a major one and not something to be taken lightly. It is therefore important that you engage the services of a professional property company. Our aim at P.A.C.E Plc is to provide you with a service tailor made to suit your requirements; we have therefore produced a guide to assist you in making that important decision.

Presentation of your property

Presentation is extremely important when letting a property. It can affect the level of rent and the speed at which the property is let but, even more importantly, it can affect how the tenant will look after your property. If someone moves into a beautifully presented home, they are very likely to keep it that way. If it starts off looking scuffed and unloved, it can only get worse.

All rooms should be freshly decorated in neutral colours. Floorings and carpets should be clean and damage free. If there is a garage for the tenant's use it should be clear and in good condition. Lighting is also crucial, there should be good quality light fittings that are in working order.
If the property is to be let furnished, you have to provide the following:-

Beds should be appropriate to the number of rooms and good quality, preferably with mattresses and protectors.

There should be sofas, a dining table and chairs, storage and display furniture and appropriate equipment - vacuum cleaner, kettle, iron and board, buckets, brooms, cutlery, crockery, glassware, etc.

You should leave full instructions for all appliances and equipment, especially heating systems and copies of guarantees or insurances for any items. It is also helpful to leave details of stopcock location, fuse boxes and anything else which may be needed - please ask for advice.

Presentation of Gardens

The garden should be left tidy and well tended. If it is very large or there are special plants or shrubs you should consider providing a gardener - the cost of which should be included in the rent. Fencing and boundary walls should also be in good, secure condition.
We ask you to notify us of ownership details and responsibilities attached to the property.

The Utilities

You should notify all utilities and service providers that you are letting the property and request closing accounts. Services should not be disconnected as this can cause delays and problems.
This applies to the following services:
Council tax
Gas
Electricity
Water supply (whether metered or not)
Sewage rates

Tenants are responsible for telephone arrangements, council tax and accounts for oil or calor gas supply. You will also need to make arrangements with the Post Office to forward your mail (we cannot forward mail without passing on the Post Office's charges). Notify banks, credit card companies, publications to which you subscribe and any other organisations connected with you.

Permissions you will require

Mortgage lenders -
If the property is your usual residence and the mortgage is not a 'buy to let' loan, you must advise your lender and seek their permission before making arrangements to let. If you do not do so, they may be entitled to repossess the property and evict your tenants. It is rare for lenders to refuse permission, but you must ask them first.

Superior Landlord/leaseholder lenders -
If the property is leasehold you should seek permission from the freeholders and notify them of your arrangements.

Insurance

A Landlord is responsible for arranging insurance on the buildings and any possessions left within the property or outbuildings. Finding specialist insurance for rental property can often be a challenge. All to often, Landlords find their property is not adequately covered by standard insurance policies. We are regulated by the FSA (Financial Services Authority) to provide comprehensive property insurance solely for the rental market. Please ask our Lettings Consultants for further details or visit our building insurance website

Rent and Legal Insurance

We recommend that you take out rent and legal insurance. We offer a full range of products and are regulated by the FSA to provide a range of products. Please ask our Lettings Consultants for further details or visit our rent & legal insurance website.

What About Tax?

When the Landlord is living abroad it is your responsibility to appoint a suitably qualified person such as an accountant or solicitor to act on your behalf in respect of taxation matters. If this is not arranged by you we, as your rent collecting agents, are required under UK Taxes Management Act 1970 section 78 to deduct income tax (currently 22%) at the asic rate from gross rent received. Overseas clients may be entitled to reclaim from the Inland Revenue the whole or part of any tax deducted in this manner dependent upon their individual circumstances. Please contact your local tax office to obtain a NRL (Non Resident Landlord) number to avoid this deduction. It should be noted that items such as 'Agents and Management Fees' are tax deductible from rents received from the property letting. Your accountant or tax office will be able to advise more fully. Please refer to our 'Terms & Conditions' in respect of the self assessment Landlord tax liabilities.

Safety Regulations

All Landlords have a duty of care to their tenants. This duty is covered by a number of laws and regulations but the simplest way of viewing your responsibility is to say that you must do everything reasonably possible to ensure your tenants' safety in the rented property.

Furniture and Furnishings

You must ensure that any furniture and furnishings you supply meet the fire resistance requirements in the Furniture and Furnishings (Fire) (Safety) Regulations 1988 (as amended 1993). The regulations set levels of fire resistance for domestic upholstered furniture. All new and second-hand furniture provided in accommodation that is let must meet the fire resistance requirements, unless it was made before 1950. Most furniture will have a manufacturer's label on it saying if it meets the requirements.

Gas safety

By law a Landlord must:

Ensure installation pipe work, appliances and flues are maintained in a safe condition.
Ensure an annual safety check is carried out on each appliance and/or flue.
Ensure maintenance and annual safety checks are carried out by a CORGI registered installer with the necessary NACS accreditation.
Keep a record of each safety check for 2 years.
Issue a copy of the safety check to each existing tenant within 28 days of check being completed and to any new tenant before they move in.
Ensure all gas equipment (including any appliance left by a previous tenant) is safe or otherwise removed before reletting.
If a managing agent is used, make sure that the management contract clearly specifies who is to make arrangements for maintenance and safety checks to be carried out and for keeping records. However, the Landlord maintains overall responsibilities for ensuring duties are met, irrespective of whether a managing agent is employed.

Electrical Safety Regulations

(compliance with Part P of the Building Regulations) Under various pieces of legislation, you have a duty to ensure that ALL electrical appliances and the electrical supply are 'safe' and will not cause 'danger'. It is a criminal offence to breach these Regulations, and in addition a Tenant may take civil action against you for damages for any injury or loss caused as a result of such breach. We request that a safety inspection is carried out prior to the letting, any authorised contractors carrying out any electrical works are required to be compliant with Part P of the Building Regulations and registered to a recognised body such as NICEIC (The National Inspection Council for Electrical Installation Contracting) or NAPIT (National Association of Professional Inspectors and Testers). Thereafter, inspections should be carried out at the required intervals in compliance with the regulations.

Smoke Detectors

All homes built after June 1992 must be fitted with mains interlinking smoke detectors on each floor. There are no specific regulations governing older properties, but we would ask you, in the interests of safety, to install battery operated appliances on each floor of your property.

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