Over the years we have been doing this we have found many of the same questions being asked and so we have listed some of the most common ones together with a short answer. Please remember we are here to answer your questions and if you do not see the answer to your question or you would like a fuller answer then feel free to call us.
Q: How will you work out the rental value of my property?
Before we visit your property we will carry out some homework. We will already know of similar properties to yours that we have previously Let and in addition to this we will ensure a broad knowledge of properties that are currently being offered in and around your area.
Q: What if I think it’s worth more?
It is important that the Agent gives a realistic and honest opinion and to establish what sort of Tenant is looking for property like yours and just how many there are. This will have a big effect on the rental price and ensure that it is rented at the best rent in the shortest amount of time. This said we would usually be happy to try marketing at your own figure initially with a view to reducing the price if the property remains vacant.
Q: How long is the Tenancy normally for?
There is no set period for a Tenancy although generally we find the most common period is 12 months. Our Tenancy Agreements are carefully constructed to ensure that there is a break clause in there for Landlords to ensure maximum flexibility for our Clients.
Q: How long will it take & how will you find a suitable Tenant?
The most important thing when letting your property is that your Agent ensures you have the best quality Tenant that is available at the time. The average time to find a Tenant is between 1 – 3 weeks but finding the right Tenant is the most important thing. A bad Tenant can cost thousands of pounds in lost rent and legal fees and so whilst we appreciate that you will want your property occupied as soon as possible we will always do our best to ensure we only put in the right Tenant.
Q: Does it affect my rights if I let the property unfurnished?
No. It makes no difference under the Housing Act if property is let furnished or unfurnished to your rights to regain possession of the property.
Q: What if the Tenant damages the property or doesn’t pay the rent?
Unfortunately it is not possible to give you a 100% guarantee that Tenants will never cause damage or fail to pay the rent. We can suggest a number of ways to minimise the possibility such as credit referencing, legal & rental warranty insurance and taking a damage deposit at the start of the Tenancy. Ultimately if the worst happens you will be entitled to seek vacant possession of the property and to make deductions for any damage or costs from the Tenant’s deposit subject to having had a carefully prepared Inventory taken and signed at the start of the Tenancy.
Q: What guarantees do I have that I will get my property back at the end of the Tenancy?
The Housing Act 1988 (amended 1996 & 2004) resolved most of the problems regarding regaining possession at the end of a Tenancy. This being said it is vital that you use a well drafted Tenancy Agreement that ensures all the necessary legal notices are incorporated.
Q: Who do I need to get permission from before I let my property?
This will depend on the type of property, certainly you should seek permission from your lender if you have a mortgage and in addition to this if your property is Leasehold then you should also seek permission from them. It is also important that you check with your insurers that your current cover is suitable for rental properties.
Balgores hold the necessary Client Money Protection and a copy of our certification can be viewed here.