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FURNISHED OR UNFURNISHED?
- If you are renting your property as furnished your legal position will not alter. However, all furniture, fabrics and upholstery will need to be compliant with current fire regulations.
- An unfurnished property usually includes carpets, curtains, and white goods in the kitchen such as a washing machine or fridge. It should be noted that there will be a difference in rental income compared to a furnished property and it can take a little longer to find tenants for unfurnished properties. Larger, family houses tend to be unfurnished as tenants have often been homeowners before and will be more likely to have their own furniture.
- A furnished property should be ready for immediate occupation. It should include all furniture, but can also include kitchen utensils and other extras depending on the terms of the let. It is also important to remember that most tenants will have a certain amount of belongings which need storage/display space. The cost of furnishing a property can be as much as 5% of the purchase price of the property.
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When you are presenting your property to prospective tenants, ensure that:
- The exterior of the property is as attractive as possible, paintwork is clean and the gardens (if any) are tidy and well maintained.
- Ensure the inside of the property has been professionally cleaned.
- Use some simple accessories such as scented candles and flowers to dress the property.
- Make bed up with new linen.
- Air the property well before viewing, especially if it has been vacant for a while.
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CHOOSING THE RIGHT TENANT
We usually ask for references from a previous landlord, from the tenant's bank or their employer. Parklane will only sign up suitable tenants that meet our requirements.
Choosing the right tenant is an important part of your success as a landlord. It is important to have a trustworthy and respectable tenant in your property. This can reduce our, and your, level of involvement during the tenancy and may keep maintenance and repair costs to a minimum.
Rent is usually paid monthly, or quarterly, in advance. We also request approximately one and a quarter month's rent as a returnable deposit to cover the cost of any cleaning or repairs once the tenant has left the property. The length of a tenancy is usually one year, however this can vary depending on either your or the tenant's requirements.
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LANDLORDS CHECKLIST
Consent – Ensure your mortgage lender or lease agreement allows you to let or sub-let your property.
Insurance – As a landlord you need buildings, contents and public liability insurance cover.
Mail – Don’t forget to redirect your mail if you have previously lived in the property.
Accountant – You may find it helpful to hire an accountant or tax consultant.
Terms of the Tenancy – Park Lane will provide a tenancy agreement. Please make sure you are happy with it prior to signing.
References – We will always attempt to take up references prior to signing a contract with tenant(s).
Inventory – A full inventory will help iron out any issues with damage or loss at the end of the tenancy.
Fire Regulations – You need to ensure that all contents of the property meet the latest fire regulations.
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Property File – The tenant will need information relating to the use of any appliances and central heating/hot • water
systems. We recommend photocopies of the manufacturers instruction manuals to be left at the property. Please retain a copy for yourself.
Keys – Please ensure that you have enough sets of keys for the property (3 sets). (Always keep a set for yourself).
Money – Ensure that all advance payments for the property have cleared before handing over the keys to the tenant.
Gas Safety Check – We will make sure all gas appliances are checked and provide a valid record of the checks to the tenant.
Electrical Check – Make sure all wiring and electrical appliances are safe. Park Lane will need certified confirmation of the checks.
Cleaning – The property should be cleaned to a professional standard prior to the tenancy.
Gardens – If necessary, ensure any outside space is clean and tidy prior to the tenancy.
Smoke Alarms – Ensure all smoke alarms in the property are in full working order prior to the tenancy.
Utilities – Settle all outstanding payments and arrange for the transfer of all utility bills into the tenant name.
Council Tax – Arrange for the transfer of council tax into the tenant name.
Telephone – All properties need a working telephone line.
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Tuesday, 7 October 2008
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