Letting your Property with Spence Willard

 

We appreciate landlords require different services at certain times as situations change. So we’ve tailored our Terms of Business to offer 3 different service levels – Tenant Finding only; Tenant Finding and Rent Collecting and Fully Managed.

The Process
 

Following an initial enquiry we usually meet with a prospective Landlord at the rental property, where we talk through the finer details and offer advice on anything from levels of rent and property condition to terms of business. If a Landlord cannot attend, but can provide us access, we carry out an appraisal then discuss our findings with you via email or telephone.

Terms of Business - Tenant Finding
 

Once we receive your instruction, we start the marketing machine rolling with your property via our own website and a large number of associated websites such as Rightmove and On The Market. We always ensure great coverage in the property section of the local newspaper, The County Press and prominent display marketing at our four well located Spence Willard offices. When we find a suitable applicant(s) an independent referencing company undertakes the necessary tenant checks, before we seek your approval.

The fees for tenant finding start at £500 plus VAT but are dependent on property size and rental income.

Next Steps
 
  • We prepare and arrange the tenancy agreement for the tenant to sign. We can also make amendments to cover any specific circumstances.

  • Collect the first month’s rent, (our commission is deducted here).

  • Receive the deposit and lodge it within an appropriate Deposit Protection Scheme and issue the required Prescribed Information.

  • Arrange for the keys to be made available to the applicant.

  • Arrange for the transfer of mains services accounts into the tenants name and supply the appropriate meter readings and notify the Isle of Wight Council Tax Department.

Terms of Business - Part Managed
 

We appreciate that many landlords may have easy access to deal directly with day-to-day mishaps such as broken boilers or dripping taps. So this service is ideal for those landlords who prefer a third party to take on the responsibility of checking rents are paid on time.

Our fee for this service is 10% plus VAT of the rent.

Terms of Business - Fully Managed
 

With the fully managed service, this enables Landlords to benefit from a complete tenancy management package including Tenant Finding and Rent Collecting to make life even easier.

Our fee for this service is 12.5% plus VAT of the rent.

Added Value
 
  • We also arrange a fully independent inventory and check-in service.

  • We undertake routine checks throughout the tenancy to save you the time.

  • Act as the Primary Tenant/Landlord contact for all matters arising during the tenancy.

  • Monitor gas safety and advise on any other matters relating to tenant safety.

  • Provide end of tenancy services such as serving of official notices; arranging for an independent check out of the tenant; notification of final meter readings; dealing with the return/retention of the deposit.

  • Re-evaluate and remarket the property for future rent.

Important Checklist
 

We know what prospective tenants look for when considering renting a property. And first impressions really do count. It’s essential your home looks its finest. A well presented home guarantees a much higher chance of letting your home at the best price.

Before letting your property, you should consult your mortgage lender and insurance company. Alternatively, if your property is leasehold contact the Freeholder. If you are not the property owner, you have to demonstrate that you are acting on their authority.

Every property let or sale requires an EPC – Energy Performance Certificate (price incl. VAT £60). You can check on line at www.epcregister.com to see if your property has a valid EPC.

If there is gas at the property, you require a gas safety certificate, provided by any qualified Corgi gas engineer (price in the region of £75 inclusive of VAT). We can easily recommend one from our vetted list.

Decide whether to let your property furnished or unfurnished. If the former, you need to consider fire safety aspects relating to soft furnishings such as mattresses and sofas. (As a general guide, furniture made pre-1988 is unlikely to meet the standards and should be replaced before letting your property). To check items for the fire safety standards, look for a permanent label stating the regulation it conforms to. Bed bases and mattresses are not required to have this label attached, but they should have a label stating compliance with ‘ignitability tests’. Locate the compliance code BS 7177 on these items for confirmation.

As a landlord you must be aware that any appliances at the property such as boilers, cookers, or freezers, remain your responsibility in terms of safety and repair.

It’s essential that your property is clean and in good repair. That means carpets and windows must be professionally cleaned prior to the start of a new tenancy. By ensuring a clear standard of condition at the start of the tenancy, the same agreement applies to the outgoing tenant on departure.

Normally, with homes with gardens, the tenant has to maintain the outdoor space. You may want the additional services of a gardener, particularly if the property has shrubs, trees and hedges, which require high levels of maintenance.

It’s very important you have an independent inventory, so you’re well protected at the end of the tenancy in the event of a dispute over condition. With our fully managed service, we’ve absorbed this cost and the fully independent check in and check out service. If you opt for Tenant Finding Service, you have to book this service independently.

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