Frequently Asked Questions
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Lettings Frequently Asked Questions
These are the most frequently asked questions (FAQs) about letting property.
Yes. Your mortgage lender needs to give you permission before you can let your property, and they may impose special conditions. If you are buying a property with the intention of letting it out, you can obtain a buy to let mortgage.
This really depends on how much support you need. At Bonnards we offer three main service levels: Tenant Find, Rent Collect and Fully Managed. Each involves a different degree of service from Bonnards and the fees we charge reflect this. Be sure you understand an agent’s fees and exactly what you receive for your money when you ask them to conduct a lettings valuation.
Choosing a fully managed service allows you to completely relax. You never have to worry about the let. It creates a professional distance between you and the tenancy, and means you can avoid having to deal with all the bad bits like rent arrears and deposit disputes.
Landlords and letting agents are required to register tenants’ deposits with an approved Tenancy Deposit Scheme. At Bonnards we register deposits with My Deposits. The deposit is then either held by the landlord, the agent or the deposit scheme itself. The Tenancy Deposit Scheme is there to protect the tenant’s money and help to resolve any disputes at the end of the tenant
An inventory is a detailed list of the contents and condition of your property taken before the tenant moves in. It is important that if there is a dispute over damage at the end of the tenancy, you have proof of the original condition of the property and its contents.
If you choose a Rent Collect or Fully Managed service, we will organise for the tenant to pay the rent via standing order or direct debit. We will then transfer the money to your account minus our commission and any outgoings or fees (such as maintenance work fees). You will receive a statement every month.
All landlords could be liable to pay tax on their rental income, whether they live in the UK or are based overseas. Further information can be found on the Inland Revenue’s website: www.hmrc.gov.uk/index.htm
You need to give the tenant appropriate notice before you enter the property.
The tenant is responsible for the council tax (unless you decide to include this in the rent) but this needs to be clearly stated in the tenancy agreement. If the property is standing empty, it is the landlord’s responsibility to pay.
Either the tenant pays to fix the damage, or the cost for fixing the damage is removed from the tenant’s security deposit at the end of the tenancy. However, fair wear and tear should be allowed for.
It is sensible to insure yourself against non payment of rent. Bonnards partner rent protection insurance pays 100% of your rent for up to 12 months if your tenant is unable to pay for any reason.
Terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of this product.
The Right to Rent scheme, which helps to make sure that people renting property in the UK have a legal right to be here, was rolled out across England in February 2016. This law means that landlords or their letting agents must carry out identity checks on every tenant before they sign a tenancy agreement. If we don’t currently handle tenant checks for you, we’d be very happy to discuss how we can help you with this.
These are the most frequently asked questions (FAQs) about renting property.
Before you start searching for your new home it’s a good idea to write down a budget. What are your current outgoings and what money do you have left each month to spend on rent? Take into account that, when you first move in, you will need to front a security deposit as well as the first month’s rent and a refundable holding deposit.
If you haven’t already, make sure you go and view the property. If it’s a house-share, meet all the people you’ll be moving in with. The letting agent will ask you to sign a Tenancy Fee Declaration form which lists the services they will provide and the Permitted Payments expected from you, in line with the Tenant Fees Act 2019. The agent will then begin the referencing process to ensure you’re in a position to rent the property.
The landlord needs to be sure that as their tenant you won’t have any problems paying the rent on a monthly basis and that you will take good care of their property.
Referencing is nothing to worry about. Tenants applying to rent need to give details of their employer and income, their previous address, and some bank account details. These will be checked to ensure they are able to commit to monthly rental payments.
As part of the referencing process and to comply with Right to Rent legislation we need to be sure a tenant is who they say they are. We will require a proof of residency (such as a utility or council tax bill from the last 3 months) and proof of ID (such as a passport or driving licence). By law we also have to verify that you have the right to reside in the UK be it temporarily by way of a visa, or permanently.
In some circumstances, a tenant may not be approved immediately via referencing. Obvious examples are students without a regular income, or someone leaving their family home for the first time with no renting history. This is not uncommon, and there are still options for tenants in this position. They could pay the rent for the full term up front, or seek out a guarantor.
If a tenant is not fully approved by the referencing process, they can ask a guarantor to support them. A guarantor (usually a parent or guardian) will agree to take responsibility for the rent if the tenant fails to. Guarantors are required to pay any rent arrears (if the tenant does not pay) and for any damages costing more than the deposit.
A guarantor needs to go through the same referencing process as a tenant. The normal requirement is that they are employed and a UK resident, with sufficient earnings to cover the tenant’s rental commitment.
The landlord trusts the tenant to keep the property in a good condition and in good order. The deposit is held to ensure that any damages (over and above fair wear and tear) can be corrected at the end of the tenancy.
Landlords and letting agents are required to register your deposit with an approved Tenancy Deposit Scheme. Reeds Rains landlords register their deposits with My Deposits. The deposit is then either held by the landlord, the agent or the deposit scheme itself. You should receive details of the scheme, explaining where the deposit is held.
A Tenancy Deposit Scheme like My Deposits will protect the money for you and can offer assistance should there be a dispute about the deposit at the end of the tenancy.
A tenancy agreement is a contract signed by both the tenant and the landlord. It outlines all the rules to which both parties must comply.
Don’t worry – accidents happen. Tell whoever is responsible for the property maintenance (either the landlord or letting agent) as soon as possible. You will be expected to cover the cost of putting it right. Don’t try to ignore or hide damage because it could get worse, and it will only come out of your deposit at the end of the tenancy.
A landlord has to give the tenant notice before entering the property, unless it’s an emergency.