Articles LibraryArticle 1. Tenants Checklist
Belvoir Corby offer the following checklist for tenants to avoid property rental problems.
1. Be aware of who is managing your property
Is it the lettings agent or is the landlord self-managing?
When the landlord is self managing the relationship during the tenancy will be between you and them direct so make sure you feel comfortable. Ask how many tenancies they have managed before yours. This will show what experience they have in letting properties. Ideally also meet them in person so you get to know them before signing up.
2. If an agency takes your rental money, where will it be held?
They should have a client account, and if they do how often is it audited?
You should only rent through an accredited agency. Ask if they are a member of an approved scheme such as ARLA, NALS or The Guild of Lettings. These scheme have set codes of proactice in order to give you confidence and protection.
3. If your landlord take payment ask if they are members of National Landlord Association.
If they are not members enquire as to why? An accredited member will give you greater security to know that they have a set code of practice that they must adhere to.
4. If a damage deposit is taken who will be holding it?
Since 6 April 07, the deposit is required to be protected by one of the government authorised tenancy deposit schemes. Find out which scheme is being used and check the rules.
5. What sort of inventory will be carried out?
Belvoir! Corby offer a comprehensive written inventory list plus Video Inventory Protection scheme where the condition of the property is videod inside and out before tenancy commences
6. Do not assume that because an agent is managing the property this will be done.
If you are not happy with the inventory and it’s content tell them, and ask for your points to be included in the inventory. Obtain this in writing. If no inventory has been carried out do your own. Once you have completed it provide your landlord/agent with a copy for there records explaining that they have a set time in order to check that it’s content is correct. This will help you if you have any dispute regarding the damage deposit at the end of the tenancy.
7 If you are planning to share a property with friends or a partner be very careful.
Remember that you will all be signing the same tenancy agreement, which makes you all jointly or severally liable for the rent. You should only sign a tenancy agreement with people that you trust. If you decide to share a property with a friend and she fails to pay her share of the rent the landlord may decide to hold you responsible for her share of the rent. Failure to pay rent could result in county court judgements against all of your names not just the individual that failed to pay there share.
8 Make sure you understand the tenancy agreement before you sign.
If you do not understand or have a question, ask. Remember you are signing to say that you have read, understood and agree to all of it’s content.
With all the best intentions in the world your circumstances may change. This could be caused by a job loss or an accident that renders you unable to continue in your employment, even a relationship breakdown. You should try and prepare yourself for all eventualities when entering into a tenancy agreement. You are signing a legally binding document. Some agencies will offer an insurance that protects your rental payments due to an accident, sickness or unemployment.
Keep the excitement you had at the beginning of your tenancy right the way through to the next. Avoid seeing red and the need for mediation! Take ownership for your own actions and don’t blame others this will in turn help you achieve a swift move out procedure so you can concentrate on finding your next home.
If you have any questions or concerns please feel free to call Belvoir Lettings Agents Corby 01536 267755 for free advice. Alternatively email corby@belvoirlettings.com
Article 2. Service Level Agreements vs Management Fees;
Purchasing a property is one of the largest investments you are likely to make whether you are going to live in the property or have bought it as an investment. So who would you entrust to manage one of the most expensive items you own? The fact is that anyone can begin trading as a letting agent without any qualifications or experience in the industry so you need to select your agent/partner carefully.
Over the last few months I have seen a number of Letting and Estate agents close their doors in Corby for the last time, leaving behind a mess of missing damage deposits and rental payments. Some landlords finding out that documentation and records are sparse or non existent. Unknown to most landlords is the fact that they will have to refund the tenants deposit at the end of the tenancy unless the deposit was registered.
The first question that I get asked on a daily basis is what are your fees. When the most important question should be how are you going to protect me when things go wrong. It is important for landlords to remember that the agents offering lower charges are not necessarily the best agents to use.
The best agent will be able to provide you with a comprehensive service and guide you through the local market. They will explain what is included and what isn’t in the individual fee structures they offer. What will they do if the tenant stops paying the rent? Ask if the agent can provide rent guarantee and legal expenses cover. This type of insurance ensures you will be compensated if a tenant defaults on their rent and will also cover expenses for legal action should you need to obtain a court order to evict them. Which scheme will they be holding the damage deposit in? As the landlord of the property it is your responsibility to ensure that the Damage Deposit is placed in one of three schemes. What happens if the tenant or a third party damages the property during the tenancy? Will the inventory quality taken at the start and end of tenancy be strong enough to win disputes? Does the agent give you confidence they will be robust in their end of tenancy claims dispute management?
So is saving 1% or 2% on the agents’ management fees so important. In my opinion It is not. This saving could account to £120.00 per year; a very small amount compared to the losses you may incur dealing with an unprofessional and unaccredited agent.
If the agent you are considering instructing is not part of a voluntary accreditation scheme i.e. National Approved Letting Scheme (NALS) www.nalscheme.co.uk I suggest you look for a letting agency in Corby or elswhere who is a member of this scheme. These schemes ensure you are protected having annually audited client accounts, client money bonding and a clear code of practice with formal complaints handling procedures.
If you have any questions or concerns please feel free to call Belvoir Lettings Agents Corby 01536 267755 for free advice. Alternatively email corby@belvoirlettings.com