City Lord Real Estate offers a friendly and professional lettings, sales and property management services. Your property is a major investment and requires careful management. We will advise you on the right marketing to achieve the best rental value and will showcase your property not only on our widely viewed website, but also on all the top property portals placing yours in front of more prospective tenants. Reflecting our professionalism, City Lord is a member of NLA and RLA.
We will hold your hand throughout the entire process to ensure you have the most pleasant and stress free experience with us.
Simply call or email for a free valuation. Or why not visit our office.
41 Burdett Road, Mile End London E3 4TN Tel: 0208 980 4988
Having chosen your agent, you will be required to prepare you property for rental and below we list a few guidelines to assist you: The rental market as with any other is competitive therefore; in order to obtain the best possible Tenants you must present your property in the most effective way.
The front door should be clean and the Entrance Hall clear of any obstructions as first impressions are important the entire property should be clean and well-aired and the garden tidy.
Interior walls should be neutral colors and carpets plain Fabrics and Furnishings (if any) should be able to withstand reasonable wear and tear and be of suitable quality Animals and their odors should be eliminated
We will find you a tenant by marketing on the leading portals. 75% of our tenants are young business and working professionals. City Lord can also manage your property for you (optional). We can guide you through the rental process at a fraction of the cost of an Estate Agent. Some of the following are part of our Services at City Lord Real Estate:
On average a property should be on the market for no longer than 14 days. In the peak times it is not uncommon for property to be let the same day! Once your property is let, we will remarket the property one month before the tenants are due to leave. This ensures that we minimize any vacant periods.
Your Insurance Company must be notified that the property is to be rented out and appropriate insurance obtained for a tenanted property. There are specialist insurance companies who can provide this and we would be happy to assist you. Utilities such as gas/electricity/water/telephone & Council Tax will have to be transferred to the successful Tenant. Further copies of keys will need to be provided if you have Management Agents acting for you.
Mail should be redirected with the Post Office The Inventory is required whether the property to let is furnished or unfurnished and accurate descriptions of the overall condition of wall/floor coverings, kitchen and bathroom fittings to name but a few are essential. Amounts cannot be withheld from the Tenant’s deposit unless the loss or damage is proved to have been caused by the Tenant.
In the event that any dispute concerning loss or damage to your property is not amicably resolved then the matter will be referred to the Courts and arbitration but should be noted that any judgment will be on the basis of written documentation – the Inventory.
A tenancy agreement is a written statement of the terms of the agreement between you and the tenant. A Tenancy will be prepared for all Tenants to sign before moving into the property
The Agreement will include comprehensive terms for the Tenants to adhere to.
Under the Housing Act 1988 (amended 1996) an Assured Shorthold Tenancy will be used, except in cases of a company let then the relevant company Agreement will be drafted.
Assured Tenancy If the tenant moved in before 28th February 1997, and you did not tell the tenant it was an Assured Shorthold Tenancy (a Section 20 notice), then it will be an Assured Tenancy. For tenancies after that date, you will have to serve a special notice to say it is assured.
If you want to end an assured tenancy there are limited grounds upon which you can ask a tenant to leave, such as rent arrears. You will need to serve a notice stating the grounds for possession and, if the tenant does not leave, apply to the County Court for possession.
Assured Shorthold Tenancy from February 1997 all new tenancies will automatically be Assured Shorthold Tenancies. The minimum period is six months. The optimum period is 12 months with a break clause agreement. This means that after the minimum period the tenant or landlord may serve a fixed notice period (2 months) to terminate the agreement. From both the tenants’ and landlord’s point of view this offers flexibility and also from the landlord’s viewpoint this will give us at least two months to find another tenant for the property. However, it is not unusual for our tenants to stay in a rented property for 2 or 3 years.
This tenancy gives you the guarantee of getting the property back once the agreement comes to an end. You do not have to give grounds for possession but you must serve a two months’ written notice, which cannot end before the fixed term is finished.
If a tenant does not leave after the notice expires you are required by law to obtain a possession order from the county court. However, this is a relatively simple process.
The first month’s rental is collected in advance. It will be up to the Landlord to collect any future rents from the Tenant if we are providing a Tenant find only service.
Any rent received from letting accommodation is an income and must be declared to the Inland Revenue. You may not have to pay tax on it and allowances are made for landlords’ costs, such as legal costs, the costs of renewing fixtures and replacing furniture in the property.
If you rent out a property which you have bought but never lived in, you may be liable to pay Capital Gains Tax when you come to sell it. You may also lose tax relief if you have a mortgage.
If you are non-resident in the UK you or your agent is still liable for income tax on the rent received.
Legal Duty Of Care – Under common law, the Landlord must ensure that properties to let are safe and failure to comply with Safety Legislation is considered a criminal offence resulting in legal action and prosecution.
As your Managing Agent, we can carry out safety checks upon your request, deducting the cost from your rent. The following regulations must be adhered to without fail by the Landlord and as Agents ,We must ensure that they are carried out.
Gas Safety (Installations and Use) Regulations 1994 (1996) A qualified Engineer (CORGI or British Gas) must check all gas appliances and fitted installations annually.
This includes such items as Gas Fires, Central Heating boilers, Gas cookers and other gas appliances. It also insists that flues and chimneys are clear of obstructions and in the correct place.
A Gas Safety Record (GSR) must be kept with the dates of inspection and any defects identified. This record must be provided to the tenant upon signing the tenancy agreement.
A gas appliance with an open flue should not be installed in a bedroom.
Where the gas meter is installed in a meter box, you should supply the tenant with a suitably labeled key to the box. After work on any gas appliance, a defined series of safety checks must be performed.
Instructions for any gas appliance must be left for the tenant.
Any gas appliance that is suspected or known to be faulty or incorrectly installed must not be used by anyone and should be removed/replaced or repaired immediately.
Ventilation is needed for gas appliances to work correctly and safely. You should take care not to block vents and air bricks.
Any items that fail to comply with the regulations must be fixed or removed immediately.
The Electrical Equipment (Safety) Regulations 1994 these regulations require that all Electrical equipment left at the property be “safe and of no risk or injury to human or animal”.
They should be checked that flexes, fuses and electrical output are safe and correct.
Items that must comply are all portable electrical items such as electric cooker, fridge’s, washing machines, kettles, toasters etc. From 1st January 2005, all domestic electric installation work (particularly in kitchens and bathrooms) must be carried out by a Government “Approved” contractor. In addition, electrical contractors will have to verify the work complies with British Standard Safety Requirements (BS7671). Failure to comply with these regulations is a criminal offence and could result in fines of up to £5,000 and/or imprisonment.
At City Lord Real Estate we cannot certify which items are safe or not and will recommend that a qualified electrician checks these items (a charge will be made). This can be carried out by your own electrician.
Only use “Competent Approved” contractors Ensure that cracked/damaged sockets or plugs and frayed wiring is made good (1994 Plugs and Sockets Act). Ensure all appliances are safe to use prior to any let – i.e. cooker/kettle/toaster etc. Property should be inspected and tested at least every 10 years by a “Competent Person” (Electrical Equipment (Safety) Regulations 1994) All socket outlets which may be used for equipment outdoors (e.g. a lawnmower) should be protected by a Residual Current Device (RCD) Retain copies of any certificates of electrical works carried out For full details of current legislation. visit http://www.niceic.org.uk/partp/building_regs.html
Fire and Furnishings (Safety) Regulations 1988 (1993) All soft furnishings such as settees, sofa, beds, padded chairs, pillows cushions and soon must comply with the Fire Resistance requirements contained within the regulations. Items of furniture made prior to 1950 are termed as antiques and as such are excluded from the regulations.
These regulations were amended in 1993 and it is now an offence to install any furniture in let properties which does not comply with the regulations.
The regulations apply to beds, mattresses and headboards, scatter cushions and pillows, stretch or loose covers for furniture, children’s furniture, garden furniture and any items of similar type fillings of which must carry the appropriate labels of compliance.
Upholstered furniture must have fire resistant filling material and must pass a cigarette resistance test.
Permanent covers must pass a match resistance test.
Usually a label is attached to the item of furniture to confirm it is acceptable.
The regulations do not apply to Antique furniture or any made before 1st January 1950 Bedclothes (including duvets and pillowcases) Loose covers for mattresses, curtains Carpets, sleeping bags, cushion covers. Smoke Detectors whilst only properties built after 1992 legally require the fitting of smoke detectors (Building Regulation 1991), we would strongly recommend that smoke detectors are fitted to each floor of the property being let.
The penalty for failure to comply with statutory safety legislation is currently a maximum of £5,000 and/or 6 months imprisonment for each offence. This can be harsher in the case of injury or fatality.
The above is only a guide to the legal safety requirements and should you have any further enquiries, we would recommend that you contact a qualified solicitor who will be able to verify these in full.
If you have employed us as your Managing Agents the only service that we are not able to transfer for you is the telephone, as BT or cable will only deal with the subscriber and not with a third party. Please, therefore, arrange transfer on the day the Tenants take occupation if possible. Your assistance will also be welcome with any final meter readings.
Gas and Electricity Inform them of the date of transfer to the new Tenants, plus their names the meter reading and you’re forwarding address in order that they can send you a closing account.
Water Rates Water Rates will become the Tenant’s responsibility in most cases, but please advise them of your new forwarding address. If your water charges are on meter the tenant is responsible and a meter reading and date of transfer needs to be supplied to the Authority together with your forwarding address.
Council Tax If the accommodation is self-contained, then the tenant must by law register for Council Tax.
If you have joint tenants, they must each pay their share of the Council Tax.
CitylLord Estates is part of the Tenancy Deposit Solutions Ltd (TDSL). A government approved insurance-based deposit protection scheme for Landlords and Agents.
On April 6th 2007 radical changes in the way tenant’s deposits may be held became law. Agents or Private Landlords who not member of a government approved scheme are no longer able to hold a Tenant’s Deposit. For more information call 0871 703 0552 or visit http://www.mydeposits.co.uk/
Arrangement will be made to collect a deposit of 6 weeks rent from the prospective Tenant at the start of the tenancy to cover for any dilapidations and damage plus for any breach of their Tenancy Agreement obligations. Tenancy Deposit With affect from the 6th April 2007 all deposits, up to the level of £25,000, taken by landlords for Assured Shorthold Tenancies in England and Wales must be protected by a tenancy deposit protection scheme. Tenancy Deposit Protection has been introduced to ensure good practice in deposit handling, so that when a tenant pays a deposit, and is entitled to get it back, they can be assured that this will happen. It will also encourage tenants and landlords to have in place, from the outset, clear agreement on the condition of the property through the use of inventories.
The landlord not the tenant – will have the option to choose whether to safeguard the deposit in the custodial or insurance-based scheme. A landlord will have 14 days to safeguard a deposit from the day he receives it. The landlord will have to provide the tenant prescribed information about the scheme safeguarding the deposit within 14 days. To avoid disputes having to go to the courts, both schemes will be supported by an Alternative Dispute Resolution (ADR) service, although the use of this will not be compulsory. When the landlord and tenant agree how the deposit should be returned, in full or in part, it must be paid back within 10 working days.
City Lord Real Estates is member of the Tenancy Deposit Solutions Ltd (TDSL) partnership between the National Landlords Association and Hamilton Fraser Insurance.