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Apr, 2014

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  1. #11

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    Hi. This is a quick list of everything we think you should do. In roughly the right order. It is time consuming initially, but once you get good people in and find some reliable tradesmen, it isn't an impossible time commitment.

    It's best to bite the bullet and do it yourself, as you have the best motivation to look after your own interests.

    Before letting:

    decide on rent/deposit amount/furniture to be included/date of availability
    update building insurance to unoccupied if needed
    Redecorate (using magnolia and white)
    EPC cert
    gas safety test
    electrical tests
    take many photographs
    advertising, using an online service perhaps

    When the queries start to roll in

    conduct viewings. Important that you pick tenants that you feel you can trust and will pay up and not wreck the place.
    Decide on whether to accept housing benefit/DSS/pets/children or not.

    Next stage
    credit checks/referencing
    compile inventory
    photographs
    write tenancy agreement
    give bank account detail to tenants
    cut keys and consider changing locks

    Moving in - after payment of deposit and first month's rent.

    agree inventory/agree tenancy agreement
    change over of gas/electric/water/council tax
    protect deposit and give prescribed information - very important
    update insurance policy if needed

    Simples! Good luck.

  2. #12
    Join Date
    Jan 2013
    Location
    Herts
    Posts
    7

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    Have just caught up with the latest posts which reinforces my point that I am time-starved! Haven't totally written off LA option and met today with family-run estate agent. For letting service only, he tells me he normally charges 10%+VAT but can do for 8%+VAT. Full management would be 12.5%+VAT instead of 15%+VAT. I've seen various posts that suggest you should negotiate. So, my question is, are the "discounts" offered real or just the normal market rate. Should I negotiate and what is the normal % for each service that would be reasonable? I don't want to rollover but want to pay a sensible rate for a sensible service. Thanks very much.

  3. #13

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    Quote Originally Posted by anjo56 View Post
    My London flat was happily rented to a lovely guy who paid on time, looked after the place and was the proverbial dream tenant. His business bombed 2009 and he left owing a lot of rent so, silly me.

    Am now thinking of using a letting agent for first time as I am in Herts but not sure.... Are there reputable agents in NW6? Any to avoid? What terms should I accept/refuse and what tricks might they try on this naive landlord? I also want to use them for maintenance and end-of-tenancy cleaning. Am I looking for Utopia?
    Suspect you are looking for Erewhon not Utopia.

    Personally, I'd say look for personal recommendations via a local (NW6) LL (or T) organisation branch.

    LA option and met today with family-run estate agent. For letting service only, he tells me he normally charges 10%+VAT but can do for 8%+VAT. Full management would be 12.5%+VAT instead of 15%+VAT
    For tenant find only, 10% of what? IMO that should be a fixed price covering everything.

    Also make sure that you are clear about the inclusion of inventory, photos etc etc.

    15%+VAT is pokey for FM. Around here I'd pay 10 and hope for 8, depending on level of *delivered* service. In Lunnon, I'm not sure, bearing in mind that your rent will be higher.

    ML
    Refer Mad Regulators to Arkell vs Pressdram.

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