If you are thinking about letting your property, this guide will introduce you to Woodhouse Lettings and answer many questions you may have about letting your property.

These are some of the things you must do before letting your property:

• You will want to know the rental value of your property. We can give you an estimate over the phone and a more accurate valuation following a visit to your property. Another good indication of the rental value is by checking similar properties to your own on the rental pages of our website.
• If you have a mortgage, you will need to inform your lender and get their permission. If they don’t give this, you may need to change your lender. We can give you advice on this.
• If you are planning to let a leasehold property, you may find that there are clauses in the lease relating to what you may do. Check your head lease, if it is unclear in any way, show it to us and we can advise you.
• Your buildings and contents insurance may be affected by a letting. You will need to inform your insurer to make sure that cover will continue if you are absent from the property, or find a new insurer. Again, we can advise.
• There are safety regulations that have to be followed and maintained on property that is let. We will help you understand compliance with fire and furnishings regulations and we can arrange safety checks for electrical appliances and Landlords Gas Safety Certificate which is a legal requirement and must be renewed each year.

A letting agent can take this weight off of your mind, manage the property on your behalf and give you advice. At Woodhouse we have access to credit referencing agencies that enable us to check the tenant can afford the rent and does not have a history of defaulting on payments. We can also offer an insurance policy to safeguard your rental income, check that rent is paid on time, and deal with maintenance and tenant enquiries.

So how much is this going to cost me?
Well it may cost you nothing at all. A letting agent will know the market well and may be able to achieve a higher rent than you could do yourself direct with a tenant. The initial rental valuation of your property is free. You only pay commission when we successfully let your property and you will always have access to a specialist team dedicated to letting. Another agent may inflate the value of your property with a higher rental income. If you accept this, you could be out of pocket and lose weeks of rental income while your property remains un-let.

Furnished or unfurnished?
You may let your property furnished or unfurnished. Once we have seen your property we can advise you what would be best to do. The standard for furnished is:

• White goods: cooker, microwave, fridge/freezer, washing machine/tumble dryer.
• Bed(s), chairs and sofa that comply with safety regulations.
• A kitchen or dining room table and chairs.
• You could leave a TV and hi-fi equipment, but it will be your responsibility to repair and replace these in the event of breakdown.
• Do not leave personal effects such as vases, ornaments and pictures that could get easily damaged.

Preparing your property for rental
We can organise a professional spring-cleaning of your property, to include steam cleaning of carpets and redecorating if needed.

Conducting a property viewing
Make sure all keys are available to open windows, fire escapes or a garage if you have one. If you wish to be present at the viewing, give time for the applicants to discuss the property alone before they leave. Resist the temptation to ask viewers if they like your property. They may spontaneously tell you. Either way, it makes negotiating easier if we handle feedback until matters progress to an offer.

How long does it take to find a suitable tenant?
Anything from between a few hours to several weeks. At Woodhouse we are able to maximise the speed of letting due to our computerised systems that match properties to potential tenants and inform them by email and text/SMS and even picture messaging. We also undertake all the usual marketing in newspapers and on the web. Our property boards are further coded with a unique property reference that enable the property to be instantly located on our website.

How do I go about vetting a potential tenant?
Woodhouse will do this for you, by undertaking credit and fraud checks together with obtaining references from an employer or previous Landlord.

Obligations during the let
Any repairs needed during the tenancy must be carried out promptly. You must also ensure your property complies with safety regulations. As your letting agent we can arrange these on your behalf should you want us to and because we deal with many properties, we get better terms from suppliers. This means that if for example a washing machine breaks down or a shower fails, we can arrange a quick repair or replacement on your behalf. We also visit the property from time-to-time to keep an eye on its condition and send you an annual statement of account for your tax records depending in the choice of service you require.

What’s an Assured Shorthold Tenancy?
An Assured Shorthold Tenancy offers the landlord a guaranteed right to repossess his property at the end of the term. It also sets down rental payment details including who will be responsible for payment of utilities.

Who holds the Deposit?
From 6 April 2007, it become a legal requirement that all deposits taken or held by landlords for Assured Shorthold Tenancies in England and Wales (this covers the vast majority of tenancies), must be protected by a tenancy deposit protection scheme. The new rules introduced by the government will apply to all new Assured Shorthold Tenancies created in England and Wales after that date together with any renewals if the Landlord is holding a deposit irrespective of when the deposit was paid.

There are three schemes available, of which two mainly apply:

The custodial deposit protection scheme – is free to use and open to all Landlords and operates by the Landlord paying over the deposit to a stakeholder. The service is funded entirely from the interest earned from deposits held. Landlords will be able to register and make transactions online. Paper forms will also be available should internet access be an issue. The scheme will be supported by a dedicated call centre and an independent dispute resolution service.  For more information, visit www.depositprotection.com or call 08707071707

Tenancy Deposit Solutions Ltd (TDSL) is a partnership between the National Landlords Association and Hamilton Fraser Insurance. The insurance- based tenancy deposit scheme is a membership scheme that allows the landlord to continue to hold any deposit they take from a tenant during the period of the tenancy agreement. The landlord will be required to pay a fee to protect any deposits taken from a tenant. If there is a dispute over the return of the deposit at the end of the tenancy, the scheme, supported by an insurance policy, will ensure that the amount to which the tenant is entitled is returned. As necessary, the scheme insurers will recover the disputed amount from the landlord. The scheme is also required to provide deposit dispute assistance which will be provided free of charge to all parties. visit www.mydeposits.co.uk

If a Landlord has not arranged for the deposit to be dealt with in accordance with a scheme within 14 days of receiving it from the tenant, i.e Commencement Date, the tenant can apply to the court for an order to return the money or to pay it into the scheme.

Penalties: if a tenant does make an application to court to force a defaulting Landlord to comply, and the Landlord still hasn’t joined a scheme by the hearing date, they will be ordered to pay the applicant tenant three times the deposit amount. With average deposits of £600 etc, Landlords can be seriously out of pocket if thy fail to adhere to the scheme.

It is the Landlords responsibility to ensure that they are part of a Tenancy Deposit Scheme and that the deposits are protected, and we would recommend you visit www.communities.gov.uk for further information.

Please call us on 01992 637777 for further information.