How does the Tenancy work?
What type of agreement is used?
We primarily use an Assured Shorthold Tenancy Agreement. This is an agreement which offers limited security of tenure to the tenant and as a consequence, provided all the required criteria are met, possession at the end of the tenancy is guaranteed.
long does it last?
Whilst a tenancy agreement can be drawn up for an initial period of between 1 month - 3 years, the tenant has an automatic right to stay at the property for a 6 month period. We therefore draw up our agreements for an initial 12 month period.
If at the end of the 6 months neither party have served notice, the tenancy automatically renews itself on a month by month basis under the same terms and conditions as before. This is called a periodic tenancy.
rent can I charge?
You may charge the market rent for your property, which CentralParkEstates.co.uk Ltd would be happy to advise you on. Our philosophy is to maximise the income that you earn from the property, which may not necessarily be the maximum rental value. Every day that your property is empty you are losing income. CentralParkEstates.co.uk Ltd will advise you of the rent that should be charged to ensure you achieve the maximum income and minimum void periods.
deposits are held?
We arrange for a suitable deposit to be taken from the tenants at the commencement of the tenancy (usually 1 months rent), this being returnable once the tenants have moved out, subject to our representative finding everything in order when inspecting the property, and all service charges being paid up to date
happens if the tenant will not leave/Pay the Rent?
There is much publicity for the problem cases in letting, but none for the many thousands that work out happily for all concerned. Nevertheless, one must accept that there is always a risk when letting to a tenant. However, CentralParkEstates.co.uk Ltd reduce this risk by being extremely selective, ensuring that the tenant is both personally and financially responsible and carrying out stringent reference checks to ensure that the best qualified tenant is accepted. CentralParkEstates.co.uk Ltd have an excellent record on this issue, of which we are justly proud.
In the event that the tenant will not leave the property or pay the rent, CentralParkEstates.co.uk Ltd will take appropriate action to protect your interests.
I Insure against a defaulting tenant?
It is possible to insure against a defaulting tenant and there are currently several schemes available. If you would like to discuss the options in greater detail, please do not hesitate to contact one of CentralParkEstates.co.uk Ltd helpful staff.
do I get my Property back?
Landlords must give tenants at least two months’ notice. If possession is required at the end of a fixed term tenancy period, the appropriate Notice must be served at least two months prior. When the tenancy has become periodic (after the fixed term period) two clear months notice need to be given, with the notice expiring on the last day of a tenancy period. Dependant upon when in the month this is served, the required notice period could be as long as 3 months.
there a difference between furnished and unfurnished?
Whether your property is furnished or unfurnished, you are entitled to possession of your property. There is a popular misconception that it is more difficult to obtain possession of an unfurnished property but, since the introduction of the 1988 Housing Act, there is now no difference.
It is important to notify your Buildings Insurer that you are letting your property. Failure to do so could result in the Insurer refusing to pay out any claim that you may have.
Many Landlord’s now offer their property on an ‘unfurnished’ or ‘part furnished’ basis. Generally an unfurnished property will still offer carpets, curtains, wardrobes and white goods in the kitchen. Some Landlord’s cancel their contents insurance on the basis that the contents are not worth covering!
However, with the ‘compensation culture’ developing in this Country, we would advise that a Landlord’s contents insurance be effected if only for the public liability aspect alone. If a tenant were to trip on a badly laid stair carpet, for instance, there could be a potential claim for damages against you which would not be covered by your buildings insurance, but by covering the contents with an appropriate policy, this would be covered by the public liability section.
Our insurance department will be pleased to provide a quotation for either buildings or contents insurance on request.
Tenants are also advised to cover their own goods which they take into your property as they are not able to claim against your insurance.
CentralParkEstates.co.uk Ltd have their own team of specialists to ensure that your property is carefully maintained.
Some work is sub-contacted, but normally maintenance requests are dealt with by our own staff within 4 hours.
Maintenance items on furnished property are normally of a very minor nature e.g. leaking radiator valve tap washers etc.
would normally repair these items without contacting you but, as a rule, any
substantial repairs would be referred to you before proceeding.
We do ask your authority to spend up to £250 without consent, this principally being to cover such items as a central heating pump, which if failure occurs and we cannot contact you, can be replaced in order to fulfill your obligations as a Landlord (see Landlord’s Obligations).
Whilst our management service includes the instruction of Maintenance personnel, the cost of works carried out are a separately chargeable item.
As part of our management service, we change over the utility supplies, council tax and water rates into the ingoing tenant’s name(s).
Tenants will make their own arrangements with these utilities as to which ‘supplier’ they use and their method of payment.
If the telephone number you are leaving behind will be wanted by you again in the future, we advise that you contact your communication supplier and put your number on hold. We have no control over the suppliers used by the tenants or the telephone numbers that are issued. The phone companies will only take your instruction in this regard.
Rates & Council Tax
We always recommend that these bills go into the tenant’s name, unless there is a good reason not to (some water rates are collected through the service charge in blocks of flats). All the rents that we quote are exclusive of these services.
Whilst the majority of lettings are on a furnished basis, you may decide, or wish to let your property unfurnished. The advantage is obviously that you will not be involved in the maintenance or replacement of furnishings.The disadvantages are that annual income is likely to be slightly lower and no wear and tear allowance is available against the income for tax purposes. Unfurnished properties would normally have cooker, fridge/freezer, washing machine, wardrobes, curtains, carpets, lampshades and a lawnmower (if there is a garden).