We can help you find quality tenants in the quickest possible time. You will find us straight-talking, upbeat and totally customer-focused with a single point of contact and a personal accountability for the successful let and management of your property. We recognise that right from the start it's helpful for you to know about how we operate so we have created the below guide to explain the process. You can also find out how much you can let your property for by requesting a valuation below.
Letting ValuationWhilst a general picture of your local marketplace can be gleaned through local newspaper advertisements and website property-portals, to establish an accurate rental value for your property specifically you will need the services of an estate agent. We will visit your property and meet with you at a time to suit you. We will discuss your specific needs relevant to your own situation, market forces and current demand, previous rental transactions in your street and activity levels with other property similar to your own. From this we will be able to advise you on the value range applicable to your property and anything we think you can do to enhance this value. We will then suggest an appropriate asking price.
Our comprehensive marketing strategy will be explained together with the service level you can expect from Tennison Any questions or concerns you have will also be addressed.
Having established the rental value of your property and decided to go onto the market, you will need to choose an Agent to act for you. When considering which company to use, watch out for those suggesting inflated values (which can leave you languishing on the market and lose you weeks of rental income)
Tenants are usually prepared to pay more to get more while a property in first-class order can usually be let more easily. The following features can appeal to potential tenants:
There's often no difference between the rental achieved for a property whether it is furnished or unfurnished.
'Unfurnished' is normally defined as being fully carpeted (or with wooden floors in the reception areas), fully curtained and with white goods provided in the kitchen.
'Furnished' is usually defined as being a property ready for someone to move into. The furniture needs to be good quality and the property should be uncluttered. We're more than happy to advise you on what should be left and what should be removed.
All fixtures and appliances should be serviced before the start of the tenancy and in good working order. If you have instruction booklets, make them available or write out clear instructions for use. Your property should always offer:
A modern and well-equipped kitchen. Ideally there should be a washing machine and separate dryer (or combined machine to save space), dishwasher, large fridge/freezer and microwave.
A modern bathroom with an effective power shower, modern fittings and good lighting. Tiled floors are preferable to carpets. Good wardrobe space in the bedrooms.
An efficient central heating system and plenty of hot water.
The DPS has been developed to ensure that the deposits are protected and that disputes about their return are resolved swiftly, inexpensively and impartially. Under DPS if there is no dispute the deposit will be returned at the end of the tenancy by us.
If there is a dispute, the disputed amount will be sent to the scheme. The scheme will deal with the dispute by their Independent Complaints Examiner (ICE). The ICE will not visit the property, but adjudicate on the dispute by way of a paper trail.
The housing Act does not dictate that landlords produce inventories or schedules of condition, but the suggestion is that a landlord will need to provide evidence of the condition of the property at the commencement and termination of the tenancy if he is to win his case should there be a deposit dispute.
Any amount of money taken by a landlord or agent acting on their behalf, from a tenant which acts as a security deposit, even if it is not called a 'deposit', will be protected by this legislation. This is to counter the possibility that some unscrupulous landlords may attempt to avoid having to take a deposit in accordance with the legislation by calling it by another name.
A landlord or a letting agent will not be able to take a deposit in respect of an Assured Shorthold Tenancy unless the deposit is safeguarded.
Until this is done, the landlord will be unable to regain possession of the property using the usual 'notice only grounds' for possession. Under Section 21 of the Housing Act 1988 a landlord can obtain an order for possession of an Assured Shorthold Tenancy at any point after the first six months of the tenancy providing any fixed term has expired and they give the tenant at least two months written notice.
Preventing a landlord from being able to use this ground will provide the tenant with a much greater security of tenure and will act as an incentive for landlords to ensure deposits are safeguarded by the Deposit Protection Service.
The tenant pays the deposit to the agent or Landlord who will then pay the whole amount into the scheme. Within 14 days the landlord/agent must notify the tenant of the scheme being used. At the end of the tenancy the scheme must return the deposit to the landlord/tenant as agreed. If there is a dispute this will be referred to the Alternative Resolution Dispute Service to resolve.
On 31ST October 1994 the Gas Safety (Installation and Use) Regulations 1994 came into force. Under Regulations 35(2) it is duty of any person (i.e. Landlord) who owns a gas appliance and pipework is maintained in a safe condition so as to prevent risk or injury to any person.
The Regulations cover all appliances and all types of Gas i.e. mains propane or calor gas for heating, lighting, cooking or other purposes for which gas can be used. The owner (i.e. Landlord) of any gas appliance must ensure that each appliance is checked for safety at least every 12 months by a qualified gas engineer, e.g. an employee of British Gas or a CORGI registered person.
A record must be kept of all safety inspections and the results open to Tenants inspection by law. The Landlord must have a Gas Safety Inspection carried out before a Tenant(s) occupies the property and signs the tenancy agreement. A copy of the certificate must be given to the tenant before the tenancy commences. If the Landlord is unable to, Tennison will provide the certificate at the Landlord/s expense.
Current legislation governing the collection of tax on rent income for non-resident Landlords came into effect from April 1996 under the 1995 Finance Act. The main changes affecting non-resident Landlords are as follows:
The act will not affect the Landlord's actual tax liability but it will affect the way in which monies are collected by the Inland Revenue.
A non-resident Landlord will be able to apply directly or through his UK accountant to the Inland Revenue self-assessment on the tax from the rental income. If granted and confirmed by the Inland Revenue this will enable the agent to release the rent gross without making a tax retention thereby easing the Landlord's tax flow. Joint owners must each apply to the Inland Revenue.
If the Landlord is not granted self-assessment, the agent will have to pay to the Inland Revenue on a quarterly basis the appropriate income tax percentage of the net rentals. The calculation of tax paid by the agent will not include mortgage interest, depreciation or other Tax-deductible items.
Any overpayment of tax will then need to be reclaimed at the end of each year by the Landlord submitting a statement of accounts to the Inland Revenue.
When considering applications of self-assessment the Inland Revenue will look favourably on Landlords who have their own tax affairs in order to April 1995.
Once we have a prospective tenant, a holding deposit is taken in order to establish a level of commitment. We engage an independent licensed credit reference agency, to take references on the prospective tenant.
These cover employment, computerised credit checks, bank reference, previous Landlord or character references. If you wish you will receive copies of these references to help you decide acceptability.
If you have a freehold property with no mortgage on it, there should be no barriers to letting it out to tenants.
If you have a leasehold property however, you must check your lease in connection with sub-letting and obtain the necessary consent if required. If you have a mortgage on your property, consent may also be needed from your lender.
You'll need to make sure both the property and its contents are fully insured. This is normally provided for in the Tenancy Agreement. You must inform your insurance company that the property is to be let, check that the conditions of the policy are complied with and that there are no restrictions on letting.
It is the landlord responsibilities to prepare a thorough inventory if land estates are only introducing a Tenant. If the property is to be managed by Tennison then we will prepare an inventory, if so requested by the Landlord which will require both Landlords and Tenants signatures on commencement of the Tenancy Agreement.
We offer a highly professional management service, designed to take care of any day-to-day problems. We'll help you with:
Here at Tennison we are authorised distributors for the Utility warehouse discount club, offering our Landlords and tenants the best value for the following:
One of the great advantages of using this service apart from the savings, is the billing feature, where you have all these services on one monthly bill.
For further details fee free to contact us today on 0208 543 0074.
Viewings can be conducted from 8am - 7pm Monday to Friday, and 9am - 4pm Saturday.
We usually conduct property viewings and the vendor will not always be present. Sometimes a vendor gives us specific times for viewings, although we do ask them to be as flexible as possible. We normally keep keys and can access the property to suit your availability.
After the viewing we will answer any immediate questions and usually contact you the next day for your thoughts. Please be on time for viewings. We will arrange to meet you at the property, or if it is more convenient, at officesfrom where we will drive you. Sometimes we can collect you from your home or your place of work, depending on where these may be.
When you have found a property that suits your needs & requirements and subsequently wish to make an offer, simply telephone theTennison sales office that arranged your viewing and speak to one of the team. The offer must be put forward to ourselves, never directly to the owner. Be prepared to provide us with as much information as possible. In addition to the actual amount you wish to offer; we will need to know your purchasing position (for example if you are a first-time buyer, if you are trying to sell an existing property or if you have accepted an offer on your current home).
We will also need to know the full details of your financial situation in regard to the purchase, including who will provide and arrange your mortgage (if applicable) and what percentage will be lent, how much deposit will be provided and whether these funds are encumbered in any way. It is also essential that any timescale requirements are conveyed at the first point of offer. If there is another party making an offer on the same property you will be informed. We cannot, however, divulge the specifics of other interest.
Any offer received will be put forward to the property owner verbally at the first available opportunity, and in writing within twenty-four hours. You will be informed verbally of the owners' response as soon as they have made one. If your initial offer is rejected and you decide to increase, the process is simply repeated.
It is at this stage that you will be made aware of any chain implications and the likely timescale of any agreed transaction. Due to nature of the buying process, any information provided by us concerning the transaction chain is not guaranteed and can change at any time.
If your offer is acceptable to the property owner, Tennison will need to check your purchasing status. In order for us to do this, we will require, if applicable, the contact details of your broker or mortgage lender, and any estate agent dealing with your current property sale. You will also need to be prepared to instruct a solicitor/conveyancer to act for you in the purchase. It is only when this information has been provided and we have contacted the necessary parties for verification of your situation that we can discuss with the owner whether they are prepared to stop showing their property to other prospective purchasers.
You will be assigned a Tennison sales progressor who will be your point of contact during the purchase process. They will confirm the agreed sale in writing to all the relevant parties.
Several things need to be in place before your solicitor is able to exchange the contract of sale which ultimately secures your purchase. The time needed to get to this stage is at the mercy of many variables, but the speed with which you start the ball rolling will hugely influence the overall timescale involved. There are two basic areas: Conveyancing & Finance.
You will need to allow for costs that are incurred throughout the process, such as:
If you are using a mortgage provider for any part of the purchase, you will need to submit a full mortgage application to begin the process. This will require information about yourself and about the property you are purchasing. Before your lender can guarantee to provide the funding you require, they will insist on inspecting the property. You will need to pay for this inspection and protocol requires that you include payment with the initial application. Usually your lender will offer you two types of inspection: A basic Valuation will check only briefly the condition of the property and may comment only on its value. Alternatively, a Homebuyers Report will provide much more detail on the overall condition of the property, and may make recommendations to check certain areas more thoroughly.
In either instance, we normally expect this appointment to be made within two weeks of the property sale being agreed. Any delay can often unsettle the seller and can lead to them instructing us to remarket their property, so early submission of your application is essential.
Upon receipt of your valuation report or survey, we will require that you provide us with a copy. Should this report recommend/require further investigation of any specific issues, access to the property can be arranged with advance notification. When considering the expected costs of any recommended works you will also need to consider the price at which the property has been secured, relative to the seller's original asking price.
Once your mortgage provider is completely satisfied with the value and condition of the property and your own personal situation, they will produce the Mortgage Offer. This document guarantees the finance and must be in place before your solicitor can exchange the contract of sale. We will require a copy of this document and you will be expected to forward a copy once you have received it.
The Tennison sales progressor will need to contact your lender or broker throughout the sale process to monitor progress and to assist with any issues so it is important that you instruct them to communicate with the sales progressor directly.
Both buyer and seller will require a solicitor/conveyancer that can act for themselves and their lender, but both parties cannot use the same person. The choice of who will act for you is entirely at your discretion. It is important, however, that you instruct a solicitor/conveyancer who will deal with the purchase of your property promptly. It is essential the solicitor is experienced in handling residential property sales, can be readily contacted and can deal with your case speedily.
You will need to furnish your solicitor with payment to start the process and they will also require funds for executing local authority, drainage and sometimes other searches on the property you are proposing to purchase. Any delay with instruction of this process and payment to the company chosen can directly affect the overall timescale of the transaction.
The Tennison sales progressor assigned to your purchase will stay in contact with your solicitor throughout the sale process to monitor your progress and to assist with any issues. They will liaise with all parties involved across the entire chain so it is important that you instruct a solicitor that is prepared to communicate with the sales progressor directly
During the transaction your solicitor will, amongst other things, inspect the draft contract of sale (sent out by the seller's solicitor) and check the property title deeds and land registry records, raise searches and enquiries (where they feel additional information is required) and liaise with your mortgage provider. Once they have approved the contract and all the relevant documentation is in place, you will meet with your solicitor to sign the contract & pay your deposit. The deposit required is usually ten percent of the agreed purchase price. Contracts can then be exchanged and the completion date (the day you actually take possession of the property) can be set. This is usually twenty-eight days after exchanging contracts or sooner. On completion your Solicitor hands over the remainder of the purchase money to the Vendor's Solicitor and you can move into your new home. Keys will be handed over to you by the Vendor or by us.
At Tennison Property we recommend a local firm of solicitors Ormerods who specialise in all property matters.
Feel free to contact Janet Borrow or Robert McDonald on 020 8686 5000 or vist thier website for further details. www.ormerods.co.uk
