Overseas landlords letting out property.

Updated: July 6, 2017

Overseas landlordIt’s a well known fact that more and more UK citizens are moving abroad, this could be for a number of reasons including cheaper living costs, higher paid employment or perhaps just a change of scenery and warmer climes, but this poses the problem of what to do with the property they leave behind.

In today’s current housing climate there is perhaps little profit to be made in selling the property and maintaining the investment by letting it out certainly makes more financial sense however, this is no easy feat when the owner is quite literally thousands of miles away, so what is the next move?

Well, if letting out the property is the route that the owner wishes to take then employing the services of an online letting agent would certainly be of great benefit.

The Responsibilities of a Letting Agent 

Using an online letting agent offers the landlord complete peace of mind knowing that virtually every aspect of the management of their property is being taken care of in a professional manner. It also means that the landlord need have little or even no knowledge of letting out property because every matter, even the legal aspects such as drawing up the tenancy agreement, can be handled by the Letting Agent.

When a letting agent is appointed to take control of a landlord’s property the agent takes on a range of responsibilities which can include advertising the property, securing and referencing the tenant, drawing up the tenancy agreement, rent collection and a popular option which includes Rent Guarantee.

Lettingaproperty.com offers a wide range of services for both landlords and tenants including their comprehensive Rent on Time service. This Platinum Package which offers guaranteed rent on time is available for a one off payment of £99 including VAT and further monthly payments of £89 once a tenant has been secured. Compared to the High Street Agent, one could save hundreds of pounds by taking the Online lettings approach.

The packages includes:

Property Advertising – The property will be professionally advertised on a variety of well known property websites including Rightmove,  Zoopla, Primelocation and a host of others.

These adverts are refreshed daily and, by using this range of property advertising sites, lettingaproperty.com manage to secure tenants and let out 90% of their properties within just 3 weeks of the adverts going live.

This efficient and speedy service ensures that the property is left empty for the minimum amount of time possible and enables the landlord to start earning an income from his property almost immediately.

Tenant Referencing – Once a tenant has been secured for the property a comprehensive referencing process will be undertaken by the agent. This will include a credit check which will show whether the tenant has any CCJs (County Court Judgements) against them, has any outstanding payments or has made late payments in the past. The tenant’s bank account will also be checked and verified. The tenant’s employment history will be looked into to ascertain facts such as contract type, their position within the company, their salary and length of time they have been in employment. The tenant’s previous addresses for the previous six years will be checked against the voter’s role and past landlords will be contacted to ensure their were no problems with the tenants such as late payments or damage to the property.  The tenant’s affordability will also be calculated. This is done by multiplying the rent payments of the property to be leased by 30 and then matching this figure against the tenant’s annual income.

Drawing up the Tenancy Agreement – Once the credit and employment checks have come back clear a tenancy agreement will be drawn up. lettingaproperty.com specialise in all areas of tenancy agreements and the type of agreement template used is adapted to your specific requirements, keeping the integrity of the legal aspects of the agreement intact.

Securing the Deposit – The next part of the leasing process is securing the deposit for the rental property. The tenant will be sent a request for the agreed deposit amount which is usually the equivalent of one month’s rent. The deposit will then be paid into a secure holding account and both the tenant and the landlord will receive a confirmation certificate. Deposits are required, by law, to be paid into secure holding accounts and failure to do so could result in the landlord having to pay a fine of three times the amount of the deposit. This is why lettingaproperty.com follows a very stringent set of rules when arranging this part of the tenancy.

Rent collection – The first month’s rent payment will need to be made in advance so we request that the tenant pay this by either credit card or bank transfer. A standing order will then be set up to ensure prompt payments for the rent are received each month.

Rent statements – Statements of all rent payments made are sent to the landlord every month. These will also show our fees so that the landlord has a clear indication of his rental income.

Rent paid on time – Lettingaproperty.com also offers their clients guaranteed rent paid on time so, even if the tenant ceases to pay the rent, the landlord will still receive any monies due.

Inventory Options – An inventory is vital when letting out a property and documents the condition of the property as well as any furnishing, appliances and white goods included. The landlord can do the inventory himself using an inventory template from ourselves or can request we undertake the inventory on his behalf for a small, additional fee.

Check In Service – If the landlord is unavailable or already out of the country then lettingaProperty.com can also check the tenants into the rental property at the commencement of the tenancy agreement.

If you are a landlord and would like to know more about this service or any of the other services available please call us on 0333 577 8888.

 

 

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