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Lettings Guide

Landlords letting a house or flat in London can be a great investment, but there are a few things to look out for. We can help you find tenants, get the right price and manage the paperwork. We’ve been letting property and managing flats and houses in London for many years, so sit back and let us take you through how it works. We will advise you about the correct rent figure to market your property at and make suggestions to help you rent it out for as much as possible. We will look at rents that have recently been achieved for similar properties in the area, any furnishings you provide and how long you want to let the property for. The letting process can seem complex, but we’ll use all our experience to make sure it runs smoothly. Here’s our quick guide to the main steps:

Valuation

By visiting Tafaders directly, calling us on 020 7404 0039 or by filling out our simple valuation form on our website you can arrange to have a free no obligation rental valuation on your property. Your aim should be to let your property in the shortest possible time and at the best possible price. One of our knowledgeable lettings staff will come round and value your property and offer advice on all aspects of the Lettings process including; current legislation, how to present your property, current market conditions, the kind of tenants you are likely to get and advice on a marketing price. We carry out many valuations every month giving us an intimate knowledge of property values in your area.

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Instruction

Once you have decided to instruct Tafaders we will prepare marketing particulars for your property and send round our in-house photographer.  Depending on the property we may draw up a floor plans and place these, along with the photos, on our website.  We will also display the property on all of the major property portals, and advertise in our high street office window for maximum exposure.

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Letting Regulations

As a landlord, you have the obligation to ensure that your property complies with all the necessary legislations for residential lettings. Please see our ‘Getting Started’ guide.

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Marketing your property

To find your perfect tenant you need to give your property maximum exposure across a wide range of media. When you instruct us and as soon as we have the EPC we contact suitable prospective tenants and those companies with whom we regularly do business. Where appropriate, we also register the property with relocation agents. We will immediately place your property on our website, www.tafaders.com and the leading internet property portals. We will prepare a comprehensive marketing package, including: full colour property details, featured on rightmove.co.uk (the largest property website in the UK), as well as zoopla.co.uk, primelocation.com, telegraph.co.uk, homes24.co.uk, propertywide.co.uk and all other major portal.

If appropriate we will erect a ‘To Let’ board at the property these create a great deal of interest from prospective tenants visiting the area and we will arrange one where we think it would be helpful.

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Accompanied Viewings

We will accompany potential tenants through your property from room to room and use our expertise to help let your property. Viewings are booked with sufficient notice to either yourself of your tenants and we will provide feedback after each viewing. We will hold a set of keys to the property and attach a secure tag to your keys and use a numbered code for security.

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Receiving an offer

As soon as an offer is received we will contact you to communicate full details of an offer to you in writing along with any special conditions to help you decide whether or not to accept the offer. Quite often a Tenant will request a change in the furnishings, or for something to be taken out or added to the property.  We will advise you at this stage of the relative merits or potential downsides so as the Landlord you can make an informed decision based on the facts.

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Accepting an Offer

Once you are happy with the terms and conditions of an offer we will ask that you confirm this to us in writing before we progress the offer.

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References

Whether your tenant is a company or an individual we will collect references using HomeLet the UK's largest and reputable supplier of referencing to the lettings industry. We can also offer you rent protection, guarantees, insurance and other services. For more information regarding these services, then please do not hesitate to ask us. Once satisfactory references are received we will release draft contracts to the tenants along with the balance due prior to moving in. We can send you all the references before you sign a tenancy agreement. However, we cannot accept responsibility for any inaccurate information given to us.

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Initial Rent & Deposit

Before the tenancy starts, we’ll collect the security deposit and the first rent payment on your behalf. As soon as this money clears and contracts are signed your tenants can move in. If we are not managing your property, we give the tenant your details so that they can contact you directly if required. Once the tenancy has started, we will take our letting fees from the first month’s rent payment and send you a detailed statement with the remaining balance.

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Deposits

It is generally accepted that the tenant will pay a deposit to the landlord/agent in respect of damage to the property or non-payment of rent; the level of deposit is normally the equivalent of six week’s rent. From 06 April 2007, it became law that any deposit paid under an Assured Shorthold Tenancy must be protected in a tenancy deposit protection (TDP) scheme. As a Landlord, you have an obligation by law to provide your tenant with details of the scheme that is protecting the deposit within 14 days of the commencement of the tenancy. If your tenant believes you have failed to comply with the legislation they can take you to court and the penalties can be high. Tafaders are members of the Deposit Protection Service which operates to safeguard the tenants deposit and to ensure that any dispute over the return of the deposit after the tenancy has ended is resolved swiftly, inexpensively and impartially. Further details are available on its website www.depositprotection.com

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Utilities

We can tell the utility companies (gas, water, electricity) and the local council when your tenant moves in. We would need all the details (suppliers and reference numbers) if you would like us to do this. Unfortunately we cannot close or open accounts on their or your behalf.

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Inventory & Schedule of Condition

You should have a detailed inventory made of your property. We will be happy to arrange for a specialist provider to put one together for you covering the household and garden belongings, with comments on the condition of these items. We use reliable, independent inventory clerks and we strongly advise that you arrange for an inventory to be prepared and checked at the beginning and end of each tenancy. Without an independent report it can be difficult to charge an outgoing tenant for any defects or required repairs. Inventory clerks also read gas and electricity meters, and provide a report on this. How much these checks cost depends on the size and contents of the property. We don’t carry out these checks, so we cannot accept responsibility for any mistakes or missing information. It is generally accepted that the landlord usually pays the cost of preparing the inventory and the ‘check in’ report; your tenant would usually pay for the ‘check out’ report. This is also mentioned in the tenancy agreement.

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Let

Upon completion, keys will be released to the inventory clerk or the tenant on moving-in, if the property is managed this will be arranged by Tafaders.

Congratulations, your property is now let!

At the end of the tenancy
We contact you and your tenant well before the tenancy comes to an end to see what plans you have and if the tenant would like to renew. If so, we prepare the appropriate documents. You should remember that if the tenant stays in the property without a formal agreement, they have to give you some notice (depending on the situation) when they want to leave. However, you will usually have to give your tenants at least two months’ written notice to end their tenancy.

Notice periods
If we include a clause (sometimes called a break clause) in the tenancy agreement which allows you or your tenant to legitimately end the tenancy before the fixed term ends, you will usually need to give at least two months’ notice. If your tenant gives notice, we refund you any letting fees you have paid which cover the period after the notice ends. If you give notice and we can remarket the property and we relet the property, we will change our fees for the new tenancy to make sure that you are not paying fees twice for the same period.

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