Date Published 21 November 2023
If you decide to manage an investment property yourself, what does a Let Only Service offer? Based on our service, here's what you can expect.
Cost wise, a Let Only Service (Tenant Find Service) is around 50% of the first month's rent plus VAT.
But what else will they do, and what will you have to do?
- Your agent will professionally advise on the rent achievable, dependent on the current market.
- The property is marketed for rent on the various portals and social media channels.
- Viewings commence when the property becomes available.
- Tenants are referenced and credit checks made to ensure they are suitable for the property.
- Guarantor checks and references are done if appropriate.
- Right to rent checks are carried out, which is a legal requirement.
- Deposits are organised, paid and registered with the DPS. This is then transferred to you, as the landlord, to manage.
- Your agent can advise and help organise inventories, gas safety certificates and any other legal obligations you are bound by.
- Your agent will draw up the Tenancy Agreements and add special clauses if needed.
- Issue all the relevant paperwork for move in. It is important these are accurate and correct - if they are wrong, you would not be able to serve notice on your tenants and in effect, could end up with a sitting tenant.
There are some aspects you will need to manage.
- As a let only landlord it is your responsibility to meet the tenants on the day they move in, go through the inventory, test smoke alarms and the hand keys over.
- The first month's rent is paid to your letting agent, which is then transferred along with a statement, minus the agent's fee.
-As a let only landlord it is your responsibility to do the periodic and final inspections with the tenants.
- If there is a dispute with the deposit, as a let only landlord, it is your responsibility to submit all paperwork and evidence to the DPS, so make sure your inventory is detailed enough to stand up to scrutiny by an adjudicator.
- As a let only landlord it is your responsibility to deal with solicitors should matters progress in a dispute.
- As a let only landlord it is your responsibility to notify utility companies and council tax when tenants moved in / out with meter readings.
Managing an investment property yourself requires commitment and time, so ensure you are fully informed before proceeding.
Even if you are not a client of ours, we are always here to advise should you require legal advice on any aspects of lettings - from everyday maintenance problems, through to any legal questions you may have.
