Making the decision to rent out your property, especially if it was your family home can be a daunting prospect. You have probably heard countless horror stories about tenants trashing someone’s property, failing to pay rent or how the agent failed to look after your best interests.
However at Polecat Properties we will do everything in our power to ensure a tenancy in your property runs smoothly and that you do not end up with a horror story of your own. We will keep you as involved or detached as you want to be and regardless of your level of involvement you can rest assured that your property is in safe hands.
Instructing Polecat Properties
On instruction we will arrange a time to come and view your property. We will provide an appraisal and give you a realistic monthly rental figure which we believe to be achievable. We will then give you time to mull this over. If you decide you are happy with our valuation we will then draw up terms and conditions and ask you to come to the Polecat Office in order to sign them. You will have a cooling off period of 14 days in case you change your mind. We will have a discussion with you regarding any requirements you have with regards to your tenants. For example if you want no children, no pets etc.
Before we begin we will also need to check the following:
- Proof of address (usually in the form of a utility bill).
- Proof of Identification (to comply with Money laundering Regulations).
- Mortgage consent: If you do not have a specific buy to let mortgage you will need to go your lender and get consent for renting the property. Sometimes your lender will charge you for their consent. Failure to obtain consent could lead in our mortgage being revoked.
- Leaseholders consent: If your property is leasehold you will need the consent of the freeholder.
Marketing your Property
Once the T & C’s have been signed we will then begin setting to work. Firstly we will check on the EPC register whether your house has an EPC, if it doesn’t then you can either instruct a suitable person to provide one, or we can arrange it for you at a cost of £60. We will then arrange a time to come and take photos of your house, write up property details and do a floorplan. All this information will then be transferred to detail cards which will be available for prospective tenants and also put in our window to help advertise the property. The property will also be placed on Rightmove. If you agree to it we will erect a ‘Polecat Properties To Let’ sign at the property in accordance with The Town and Country Planning Act 1990.
Once advertised we would hope that interested applicants will start enquiring. We will take details of all applicants and after liaising with you to ensure convenient times; we will arrange viewings for those applicants whom we believe fit your brief. We will attend all viewings (you are more than welcome to be present also). We will aim to arrive prior to the applicant to ensure that all is well at the property (if we see anything out of the ordinary or any signs of disrepair we will report them to you as soon as possible). We will then ensure the property is locked up securely after the viewing. We will try and get feedback from all applicants and feedback to you as appropriate.
We will pass on all rental offers to you and let you know the full details of any interested applicants. We will then await your instruction as to how and who to proceed with. Once you have accepted an offer subject to contract we will ask the applicant for a holding deposit (usually £50) and we will then stop marketing the property.
We will ask the applicant to fill in a series of forms giving all their details and their permission for us to carry out reference and credit checks on them. We will let you know if these are satisfactory when they come back. Assuming that they do we will then set about drawing up the tenancy agreement. You will need to notify us if there are any additional clauses which you would like us to include. Providing that these would not be deemed unfair under the Unfair Terms in Consumer Contracts Act 1999 then we can include them in the agreement and highlight them to the prospective tenant
Inventory and Deposit
We carry out an inventory on all properties. We cannot stress enough how important a good and comprehensive inventory is. Without one, any claims at the end of the tenancy against the tenant for damage would most likely be thrown out and could not be claimed. Any claims court will usually find in favour of the tenant unless there is substantial evidence in the form of an inventory and schedule of condition. The Inventory is a time consuming process so we ask that we are able to get into the property to do this at least 2 days prior to the commencement date. We take a month’s deposit from all tenants which we then hold as a stakeholder in the insurance based scheme run by MyDeposits.
On the date which the tenancy is due to begin, unless you have expressed otherwise we will sign the tenancy agreement on your behalf. We will meet the tenant at the property and give them the keys and go through the inventory with them. The tenants then have 7 days to dispute anything in the inventory. Copies of the inventory and tenancy agreement will then be sent to you. We ask tenants to pay to pay a month’s rent up front. If we are not managing the property for you we will then pay this rent to you after having deducted our tenant finder fee. If we are managing the property the first month’s rent is retained by Polecat Properties as a float to pay for any repairs.