What does the new deposit scheme involve and how does it protect me?
All deposits being paid by a tenant for an Assured Shorthold Tenancy are registered with a recognised deposit protection scheme within 30 days guaranteeing that any deposit disputes will be dealt with efficiently.
How can I protect myself from property fraud?
There are a couple of very simple measures which are recommended by both the Land Registry and Action Fraud that you can take to safeguard your property.
How much is the tenant's deposit and what happens to it?
Typically, this is four to six weeks' rent and is payable upon the signing of the Tenancy Agreement. The deposit for an Assured Shorthold Tenancy (AST) should also be registered with a tenancy deposit protection scheme within 30 days. Manors hold the deposit as a stakeholder and for ASTs Manors registers this with a deposit protection scheme, resulting in a faster and more efficient deposit release process at the end of the tenancy.
How long does it take to receive my rent once paid by the tenant?
For a long let you should receive your rent within 3-5 working days of the rental due date each month. The due date is typically, although not always, the date on which the tenant moved in. For a short let you will receive your rent in full within 3-5 workings days of the commencement of the tenancy.
Do I need to be present for viewings?
If your estate agent is accompanying all viewings and they have the access codes and keys for your property then your presence is not required. It is worth noting that tenants often feel more relaxed when the owner is not present.
What is an EPC and how long will it be valid?
An EPC (Energy Performance Certificate) measures the energy efficiency of a property using a scale of A-G and is valid for 10 years. It is a legal requirement for landlords to have a valid EPC before their property is let.
How much will it cost me to let my property?
The costs involved in letting your property consist of:
Energy Performance Certificate
An EPC, which you will need to make available to prospective tenants no later than 28 days from marketing beginning. Check if your estate agent can arrange for an EPC to be carried out on your behalf. Manors can arrange your EPC for you.
Inventory and check-in report
An inventory and check-in report, which should be organised before a tenant moves in. Ask your estate agent if they can arrange this on your behalf or provide an estimate. Costs vary depending on the size of the property.
Estate agent commission
Your estate agent's commission fee, which is usually payable when a tenant is introduced and enters into an agreement to let the property. This is charged as a percentage of the agreed rental price + VAT at the prevailing rate.
How much will it cost to have my property managed?
Your estate agent's Property Management fee will be charged as a percentage of the rental price + VAT and is payable upon the tenant signing the Tenancy Agreement. Refer to your estate agent's Terms and Conditions for an outline of the services provided by their Property Management department and the corresponding fee.
How much does an inventory cost and who is responsible for organising this?
Prices vary depending on the size of your property, however, your estate agent should be able to organise an inventory on your behalf. Manors can arrange an inventory for you.