Information for landlords
Do you have a property to let?
If you are looking to Let your property in and around the Scunthorpe area then KAILA properties can provide you with the Quality, Hassle-Free Service to take the Stress out of Letting. With our extensive local experience and strong, positive reputation, you can relax in the knowledge that both your property and your investment are in safe hands.
The decision to rent out your property can be quite unnerving. Getting the right tenant, the right price and ensuring the property is well maintained are just some of the considerations that our lettings team keep front of mind when working on your behalf.
This is our standard service and is designed for a landlord who wishes to be responsible for the ongoing management of the property.
Property Appraisal
– Professional advice on the presentation of your property
– Guidance on condition and contents
– Evaluation of potential rental income
Marketing
– Finalising details and preparing particulars for your property
– Internet marketing via our website
– Internet marketing via portal websites e.g. rightmove, letby, torent etc.
– Local press advertising
– Erection of To Let’ boards (where available)
Tenant Selection
– Comprehensive financial and personal references
– Comprehensive employer and previous residence checks
Tenancy Agreement
– Negotiate all the terms and conditions of the tenancy
– Draw up an approved tenancy agreement
– Liaise with yourself if you prefer to draw up your own solicitor approved agreement
– Preparation of all legal notices
Handover
– Arrange an inventory of the contents of the property
– Notify utility companies of the tenancy and relevant meter readings
– Notify local authority of the tenancy
– Collect security deposit and hold it in our client account for duration of tenancy
– Insure Deposit with mydeposit.co.uk
– Collect first months rent
End of Tenancy
– Inventory inspection
– Prepare statement of dilapidation if required
– Negotiate and agree any cost and return deposit due to tenant
– Re-market property before end of tenancy if required
Let & Tenant Sourcing Fee:
Fee based on individual clients and properties. Approximately equivalent to first month’s rent, or £500.
Fees are calculated for individual clients. *discounts available for multiple properties*
This is our most popular and comprehensive resource for landlords who wish to leave the total management of their property in our hands.
Property Appraisal
– Professional advice on the presentation of your property
– Guidance on condition and contents
– Evaluation of potential rental income
Marketing
– Finalising details and preparing particulars for your property
– Internet marketing via our website
– Internet marketing via portal websites e.g. rightmove, letby, torent etc.
– Local press advertising
– Erection of To Let’ boards (where available)
Tenant Selection
– Comprehensive financial and personal references
– Comprehensive employer and previous residence checks
Tenancy Agreement
– Negotiate all the terms and conditions of the tenancy
– Draw up an approved tenancy agreement
– Liaise with yourself if you prefer to draw up your own solicitor approved agreement
– Preparation of all legal notices
Handover
– Arrange an inventory of the contents of the property
– Notify utility companies of the tenancy and relevant meter readings
– Notify local authority of the tenancy
– Collect security deposit and hold it in our client account for duration of tenancy
– Insure deposit with mydeposits.co.uk
– Collect first months rent
Collection & Payment
– Collect tenants rent on a monthly or weekly basis
– Forward net rents via BACS transfers or cheque to landlord
– Settlement of authorised invoices from rent received
Maintenance
– Notification to you of problems with the property or tenant
– Administration of repairs carried out to the property
– Liaise with your own preferred contractors if necessary
– Regular inspection of property
End of Tenancy
– Inventory inspection
– Prepare statement of dilapidation if required
– Negotiate and agree any cost and return deposit due to tenant
– Re-market property before end of tenancy if required
Let & Full Management Service Fee:
Approximately £300 + 15% of Monthly Rental Income. Fees are calculated for individual clients. *discounts available for multiple properties*
Payments to the landlords
The tenant pays by standing order on the 1st of each month, which takes four working days to hit our account. We then start to make all payments to landlords on the 14th assuming that the tenants payment has hit our account. From time to time payments can and do arrive late, and we endeavour to pay those as quickly as possible. When a payment has not hit our account by the 5th of the month, we then attempt to contact the tenant to confirm why payment has not been received and chase. We will always endeavour to inform you should payment not be received by email, or if you state otherwise in writing.
You’re mortgage payment date
We recommend that you ask your mortgage company to move your payment date back to the 20th of each month. If a tenant is late in paying, then it helps you to ensure payment by the payment date.
Furnished or unfurnished
You are entitled to a 10% deduction for the wear and tear of your furniture. This 10% is taken off the rental income – so on a rent of £1,000 per month, £100 can be offset against that amount for wear and tear (effectively you pay tax then on just the £900 less your mortgage and less any other costs you can offset). It is generally easier to rent out a property that has some furnishings, rather than none at all.
Tax
You can offset certain things such as mortgage payments, management fees, insurance costs and repairs (but not structural changes that improve the property).
Repayment or interest only
We always advise interest only, as later on, the chances are that you will remortgage the property to purchase more later on, and the increase in equity is tax free cash that you can use (although this does of course increase the size of the mortgage).
Listen to our advice
We have lots of experience in the lettings market, and listening to our advice, especially if you’re a new landlord is well worth it. You get years of experience just by listening in, and it helps our relationship grown over the next few years.