Information for Landlords

When you are looking to let your property out, sometimes for the 1st time, it can be very daunting. At Fairfield’s we believe in a very comprehensive service that enables landlords to feel relaxed, guided and assured that their property is in the very best hands. Below we have set out a guide to letting your property with Fairfield’s and what is required. If you have any questions please feel free to contact us.

Tenancy Agreement:

This is an agreement between the Landlord and the Tenant that is a legally binding and enforceable document. The terms set out are not flexible, and must be strictly adhered to by both parties. Tenants may occupy a property on the day the tenancy commences, and should vacate the day it terminates. The date and the frequency of the rental payments is determined before the tenancy commences and is clearly stipulated within the Tenancy Agreement. The agreement will be for a minimum of six or twelve months, or for a period agreed by both parties. If, once the original term has ended, a continuation is required by the Landlord and the Tenant, then further agreements are drawn up - to commence when the previous tenancy ends. Alternatively, both parties may enter into a Memorandum of Agreement, on statutory periodic tenancy. The Assured Shorthold Tenancy Agreement will be signed by the Landlord prior to the commencement of the tenancy, and signed by the Tenant just prior to moving in. At this time the Tenancy Agreement will be dated, and therefore will be become legally binding for both parties. It is now that the first month’s rent and the dilapidation's deposit must be paid. If an inventory had been drawn up the Tenant will check it on day of move in. Thereafter a copy will be forwarded to the Landlord. The Landlord will need to check if there are any adjustments, and ensure they are happy with the details contained within the inventory. In paying the rent and deposit and subsequently moving into the property, you have entered into a Tenancy Agreement.

Security Deposit:

The Security Deposit is taken prior to the commencement of the Tenancy from the Tenant and usually amounts to the equivalent of at least 1 months’ rent. It is held for the duration of a tenancy and returned to the tenant after the property is vacated. The Landlord can legally make deductions from this deposit to cover any obligations, which the Tenant has not fulfilled or has agreed to be made, for instance, an inventory check out fee, the cost of any damages caused by the Tenant, removal of any rubbish left behind, professional cleaning that needs to be carried out according to the check out inventory report. The Landlord cannot use this money to make improvements to the property, only to return the property back to the same standard as at the beginning of the Tenancy. From 6th April 2007, Deposits will be held in line with current legislation issued by the Government, Tenancy Deposit Protection (TDP). Fairfield Estates are a member of The Deposit Protection Service (DPS)

Rent:

This is payable by the Tenant before the Tenancy Agreement is signed and dated. It is usual to receive one month’s rent in advance, however, if the Tenant wishes to change the day when their subsequent rent payments will become due, they will be required to pay an additional amount at the outset of the tenancy and the Tenancy Agreement will reflect this.

Mortgage Consent and Leasehold Consent:

If you have a mortgage on the property, you must obtain permission from your lender before letting your property out. If your property is leasehold it is also necessary to obtain permission to sublet from the freeholder. Always remember to check with your buildings insurance provider, to ensure letting your property out doesn't invalidate your insurance.

Insurance:

It is essential to provide the tenant with a current insurance policy covering the building and any of your contents, as this forms part of your tenancy agreement. It is strongly advisable to opt for accidental damage on the policy. A condition of the tenancy is that the Tenant holds insurance that the Landlord or his Agent considers adequate to protect the Tenants personal possessions and accidental damage caused by the Tenant to the furniture, fixtures and fittings at the property belonging to the landlord as described in the inventory.

Tenant:

At Fairfield Lettings we understand how important it is for you to feel completely confident with your new Tenant. All Tenants are vetted by a professional referencing agency, unless you instruct us otherwise. They will carry out numerous references ranging from employment, previous employment, existing Landlord's and a credit check will be carried out. Only when all these checks are complete and their grade is satisfactory do we continue with the Agreement, unless you instruct us otherwise.

Energy Performance Certificate:

It is a legal requirement that before marketing can commence you must provide an energy performance certificate for your property. We can arrange this for you or you may arrange one yourself and supply to us.

Advertising:

Once instructed, your property will be marketed in a number of ways. In local press adverts, our own website plus many more, including the UK’s No.1 property website www.rightmove.co.uk. We also recommend our eye catching Fairfield “TO LET” boards that have proved an excellent source of new applicants.

Inventory:

It is exceptionally important, and forms part of your Tenancy Agreement, to provide the tenant with a comprehensive inventory and schedule of condition at the outset of the tenancy. This takes account of the following: the items of furniture that are to remain in the property, wall coverings, carpets, curtains and a reasonable description of their condition. This should be prepared by a third party and Fairfield Estates advise you to use an Independent Inventory Clerk for this purpose, or you may encounter difficulties at the end of the tenancy should you wish to retain money from the tenant’s security deposit. Please note that it is the obligation of one party of the tenancy to pay for the inventory at the outset and the other party to pay at the end of the tenancy, to make the report fair and unbiased.

Utilities:

Please ensure that Fairfield Estates are given details of the current suppliers for Gas • Electricity • Water • Council Tax• Telephone • Cable and account numbers if possible, to pass onto the in-going tenant, who will be responsible for payment of services once they are in the property. You will need to notify these suppliers whenever there is a change of tenant and it is advisable to obtain meter readings at the outset and end of any tenancy agreement. Fairfield Estates will only notify the utility companies of a change of occupier. Please note that Tenants are allowed to change supplier if they wish and we ask that they notify the Landlord of any changes as a matter of courtesy. The Landlord should not have the utilities disconnected.

Safety Regulations:

This is of paramount importance and covers all furniture and furnishings within the property, gas appliances, equipment & pipe work, electrical appliances, plugs, sockets & wiring. It is a legal requirement to provide the tenant and letting agent with a valid landlord’s gas certificate every 12 months and Fairfield Estates strongly recommend that you opt for the dual certificate which covers gas and electrical appliances.

Landlords Gas Safety Certificate:

We strongly recommend you obtain this at least 10 days before any rental commencement in case of any unexpected safety issues.

Unfurnished or Furnished:

The Housing Act of 1988 stipulated that Tenants and Landlords rights remain the same whether the property is let furnished or unfurnished. There is a high demand for both options, so if possible we would ask Landlords to keep an open mind and be flexible as to which format they eventually let their property.

Non-Resident Landlords (Landlords whose usual place of abode is outside the UK):

The legislation regulating Non-Resident Landlords and their agents differs significantly from Landlords residing in the UK. If Fairfield Estates are the rent receiving agent, we have a statutory obligation to deduct basic rate tax on the net income and make payments to the Inland Revenue quarterly. However, you can apply to the Inland Revenue to "self-assess" your own tax, which upon approval from the Revenue will authorise us to pay the rent without deducting tax at source. Apply for Inland Revenue approval at www.hmrc.gov.uk/cnr.

Notice period:

Both Tenant and Landlord are committed to a specific period of time, as stated in the Tenancy Agreement. If it is a six/twelve month contract then two months notice must be given, two clear months before the end of the tenancy by the Tenant. If the Landlord is to give notice they must serve the Tenant with a Section 21 Notice to obtain vacant possession.

If Fairfield Estates are managing your property we will need:

• Management forms completed and returned.
• A full working fund of up to £250 (preferably), this is to stop any unnecessary delays when instructing work to be carried out on your behalf.
• A minimum of three sets of keys must be supplied.

The Service Levels We Offer

Premium Introduction. We will:

• Visit your property and give you advice on how we feel to best market your property, including price and any works that may be beneficial to be carried out.
• As well as being advertised on our ‘Own Branded’ Website www.fairfieldestates.co.uk your property will also be fully advertised on rightmove.co.uk, the UK’s No.1 property portal as well as many other well known property websites.
• We will accompany the viewings.
• Once we have an interested tenant we will then discuss their circumstances with you including when they want to move in and how long they wish to rent the property for.
• Reference the tenants using an independent tenant referencing company and revert back to you with the detailed report. If you want to meet the tenants in person then we will arrange that too!
• Draw up a Tenancy Agreement on your behalf for your approval.
• Arrange a full professional inventory.
• Instruct a Gas Engineer to carry out the Initial Landlords Gas Safety Inspection if required.
• Collect the first month’s rent and security deposit from the tenant.
• Co-ordinate the signing of the tenancy agreement with the prospective tenant prior to their occupation of the property and hand keys over to them.
• Notify the Council Tax Department, Gas, Electricity and Water Companies of the new tenant’s details and when they took occupation.
• Register the Security Deposit with the Deposit Protection Service.
• Set up facilities for the rent to be paid to us each period and if it is not paid we will chase the tenants using a mixture of telephone contact and letters as appropriate.
• Once the rent is received by us, we would then pay the balance directly to your nominated UK bank account.
• Arrange for quotes for Rent Guarantee and Legal Protection Policies.
• Approximately 3 Months before the end of the Tenancy Agreement, we will contact both you and the tenant to see if you want to renew the Agreement, we will also advise you on the current rental value and discuss whether you want us to renegotiate the rent with the tenant. We will then co-ordinate the renewal of the tenancy agreement with both parties.
• We will also issue the appropriate Section 21 Notice to quit.

Introduction and Full Management service

We will provide all of the Premium Introduction Service PLUS

• Arrange to make inspections of the property. These visits are for visual inspections only and do not replace the Inventory.
• Act as a point contact for your tenants.
• Co-ordinate contractors to deal with maintenance issues. But never carry out the work without your approval, unless an emergency.
• Management fees will be taken monthly.

Why Use Fairfield Estates?

• We are a Young Energetic Company with Mature Members of staff.
• We use extensive local advertising.
• We are not afraid of telling you if we think a prospective tenant is not suitable. We approach situations as landlords ourselves.
• Our whole philosophy is that we want to expand by gaining recommendations from our existing clients. The ONLY way that this will happen is by giving our existing clients exceptional service.
• Our whole philosophy is that we want to expand by gaining recommendations from our existing clients. The ONLY way that this will happen is by giving our existing clients exceptional service.
• We have a passion for property!

Call us now to discuss your requirements

OXHEY OFFICE: 020 8428 0540

COVERING OXHEY, OXHEY HALL, SOUTH OXHEY, CARPENDERS PARK & WATFORD FIELDS

WATFORD OFFICE: 01923 237771

COVERING TUDOR & KNUTSFORD ESTATE, NORTH WATFORD, GARSTON & BUSHEY