This article provides a few basic tips to evoke in order to successfully let your property.
Using a letting agent
Try to use a letting agent, which is registered with a regulatory body such as UKLA (UK Association of Letting Agents) or ARLA (Association of Residential Letting Agents). In doing this you are assuring that your agent offers a high standard of service and will adhere to a code of practice provided by these bodies.
Designing a tenancy agreement
Use the services of an experienced leasehold solicitor in order to draft a comprehensive tenancy agreement. If you believe that you are able to draft this document on your own then it is a good idea to at least have this checked over by a solicitor.
When getting the leasehold agreement drafted try to highlight areas in which you are willing to be more flexible towards tenants. In the current financial market finding tenants has become more difficult. Think about your stance on pets, smokers and restrictions on decoration when you are drafting the relevant provisions. Not only this but consider whether or not you would be open to accepting short term lets. Short term lets are not always a bad thing, they can provide you with some quick no fuss income. There is also the chance that a short term lease will develop into a long term arrangement in the future.
Showing your property
In order entice tenants into letting your property it is important that you present your property well. This should involve basic redecoration and replacing furnishings where necessary. The more appealing your property is the more chance you will have of renting it out and more than likely the wider choice of tenants you will have to chose from.
Keep in touch with your letting agent and enquire as to what steps they are taking to advertise and push your property on the market. If you have received no interest after a considerable period of advertising, ask the advice of your agent as to why they think this might be. It may be that your lease agreement needs tweaking or that the rent you are asking for is unrealistically high.
Energy performance certificates (‘EPC’)
A landlord must provide an energy performance certificate for all prospective tenants wanting to rent a property. The purpose of this certificate is to show these tenants how energy efficient the property is. The EPC shows both the energy efficiency rating and environmental impact rating for the property. An EPC report is valid for 10 years, you do not need to re-commission another report when your current tenant moves out.
The EPC report will contain some recommendations for the property in order to lower its ratings. A landlord is under no obligation to implement these changes, however if a physical change must be made to the property it will be you, not the tenant that is responsible. If the report contains some behavioral advice for the occupiers of the property, then it will be up to the tenant if they want to follow this advice. If the EPC report comes back with particularly high ratings then you should take steps towards improving this prior to renting out the property.
Need a specialist Lease Extension Solicitor? Contact Bonallack & Bishop – Solicitors who can help you extending a lease. Tim Bishop is senior partner at the firm, responsible for all major strategic decisions. He has grown the firm by 1000% in 13 years and has plans for further expansion.