Home Landlord FAQ’s
Our most frequently asked questions from prospective Landlord’s:
Why is there a separate charge for the lease and inventory?
We give you a breakdown of costs rather than charging a lump sum this allows you to see what the overall cost is made up from and allows you to select aspects of the service you do not require.
What is the letting market like at the moment?
The letting market is very buoyant at the moment due to it being significantly more difficult for people to obtain a mortgage. Most people move between April to October so this is normally the most buoyant letting period.
How long will it take to let my property?
With the rent pitched at the correct level and provided the property is in good decorative order it should not take any longer than 2 to 3 weeks to let your property.
Do I need to make any improvements to my property?
We would always recommend renting out a property in a good condition including clean and unmarked flooring and paintwork. Properties with modern kitchens and bathrooms also rent out quicker.
Is it best to leave the property unfurnished?
This depends on the area and the size of the property most 3+ bedroom properties are best left unfurnished as families tend to have their own furniture. Most tenants looking for a 1 or 2 bed flat would expect it to be furnished. The more flexible you can be with furnishings the easier it will be to secure a tenant. However the more furniture you put in the more you need to repair and replace if a tenant damages it so many landlords prefer not to furnish a property.
Do I need to pay tax on my rental income?
You will need to declare earnings on profit made from the property and we recommend seeking advice from HMRC.
What happens if the rent is late?
The tenant will be contacted immediately and “panic button” activated on Creditflow website which will start the debt collection process. If the tenant has been made redundant we recommend they contact the local council and see if they are entitled to benefits. Always get the tenants into a payment plan. Always serve notice on a tenant so if they do not stick to the payment plan or clear the arrears quickly the landlord is not at risk of them defaulting again. If the landlord has taken out rent guarantee insurance then they will be able to claim on this.
What happens if a tenant refuses to pay?
A notice to quit will be issued to the tenant to leave the property and outstanding rent or damages can be sought through small claims court proceedings if the tenant will not commit to a payment plan.
What happens if a tenant refuses to vacate the property?
The matter will be sent to court, if you have rent guarantee insurance with legal cover the cost of this is usually included in your premium.
I have a change of circumstance and now need to sell the property what do I do?
We can help you sell the property to one of our investors, if your change in circumstance is debt related our on site debt counselor could help to stabilise your finances so you don’t need to sell. If you do decide to sell your property on the open market we would notify your tenant and when a buyer was found give your tenants 2 months notice and help them to relocate.