Advice for Landlords
Renting your property is an excellent way of generating extra income and increasing your capital. However, for it to be truly lucrative, your property must be well managed. At Tony John & Co, we will work hard to make your property work for you.
With over 12 years experience, TJ&Co know the rental market in Port Talbot and the surrounding areas, better than anyone. The rental market in Port Talbot is very strong and we can advise you the areas in which it would be most suitable to invest and the right market to aim at to make your investment a success.
We currently manage properties for individual landlords, landlords looking to increase their portfolios and International companies who own property across the globe. At TJ&Co you can be sure that we have the experience to help you, whatever your circumstances. Successful landlords choose TJ&Co.
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- You have instructed us to manage your property
- Once a prospective tenant has been found
- Laws relating to landlords
- During the tenancy
- Income tax
- When will I receive my rent
Property appraisal and rent valuation
One of our senior negotiators will visit your property to make an appraisal on its potential rental income. We will advise you on any improvements you may wish to make on furnishings or decoration which the current market demands. We will advise you on the type of tenant the property would attract and how we would be target them. We would also be more than happy to answer any further queries you may have about letting your property.
We use a variety of media to advertise your property. Your property will be displayed in the window of our office situated on Port Talbot’s high street, included on our lists available for collection by potential tenants visiting the office and also sent via post on request.
We also advertise in the Evening Post and the Property Post, the latter being circulated to all Estate/Letting Agents in the Neath & Port Talbot area, available free of charge to prospective tenants.
Your property will also listed on our website, which is registered with all the major search engines.
We carry out accompanied viewings of your property with potential tenants and have the facilities to provide out-of-hours viewings should this be requested by prospective clients.
We will require two sets of keys to the property; one for our use (maintenance, inspections etc) and one for the use of the tenant. For your security, these keys are coded and their use closely monitored by our office.
TJ&Co take many measures to ensure that the tenants we find for your property are reliable. In all possible cases we take up employer, landlord and character references. In certain circumstances we also ask for a garuantor. We are always happy to discuss potential tenant’s details with you (we also gain date of birth and National Insurance numbers).
Assured Shorthold Tenancy Agreement
Once a suitable tenant has been found, we draw up an assured shorthold tenancy agreement which we will sign on your behalf with the tenant. Our standard agreements run for a period of 6 months which we will re-new, with your agreement. We can draw up agreements of greater length, please advise us of your requirements.
Fully Furnished Properties – Inventories
If your property is furnished, you will need to provide a full inventory of fixtures, fittings and condition of the property (carpets, walls etc). This inventory is then checked and signed by the tenant upon occupation. If providing a furnished property, we advise that it is thoroughly cleaned, any necessary repairs are made and that any personal items or items of sentimental value are removed.
Gas & Electricity
If you have gas appliances in your property, you will require a Gas Safety Certificate awarded by a Corgi Registered Engineer. This will cover your property for 12 months. We can arrange this for you with one of our own qualified engineers. We will hold a copy of this certificate on file and a copy will be provided to the tenant. Electrical Safety Certificates are also desirable and will cover your property for 5 years. We also have access to qualified engineers who can provide these certificates.
If you are providing a furnished property, you must ensure that any beds, sofas etc comply with fire safety regulations and are flame retardant. If you are in any doubt, it is safest to replace them.
On all properties we ask the tenants to pay a bond of £400.00 (£500.00 if you have allowed the tenants to keep pets). Due to new legisaltion, we now forward the bonds to the local authority's Bond Deposit Scheme. The bonds will be kept under this scheme until the tenancy comes to an end. When the tenant returns the property to us, we will carry out an inspection and if the property is in the same condition as at the start of the tenancy, we will arrange with the DPS for the bond to be returned. If there is any loss/damage or should there be any arrears, we will arrange for these costs to be taken from the bond before the balance is returned. We never allow the tenants to use their bond to cover rent and make sure their rent is paid throughout the duration of the tenancy.
Once the tenancy has commenced, the tenant is responsible for maintaining the property in good condition (if this includes a garden, we recommend that you supply suitable tools).
The tenants are responsible for all utilites at the property including Gas, Elctricity, water rates, council tax etc. We provide tenants with the required telephone numbers to change the utilities to their name. We take meter readings at the end of tenancy periods to avoid any potential billing disputes.
We carry out property inspections after 8 weeks of tenancy. We then carry out subsequent inspections periodically.
Maintenance & Repairs
The tenant is required to maintain the condition of your property in good order. Maintaining the building, any appliances provided (unless otherwise stated) and the central heating system is the landlord’s responsibility.
If you have asked us to manage the property, we will be the tenant’s point of contact for any repairs/maintenance which may be required. We will, with your agreement, carry out any works up to a certain value, usually about £100.00. If more substantial work is required, we will contact you to discuss the costs and, if authorised, arrange for the necessary work to be carried out. We have an extensive network of qualified tradesmen at our disposal, but if you would prefer to use your own trades people, then please let us know.
Income received from renting your property is taxable as unearned income. We recommend that you take professional advice from an accountant or Tax Advice Consultant at your bank before submitting your tax return.
Tenants are responsible for their own belongings during the period of their tenancy, however you should check that your existing insurance policy covers the property while it is let.
In any instances where you need to claim on your building insurance, we recommend using Concept Building Solutions who can manage the entire claim for you.
Concept Solutions provides a free of charge service that comprehensively deals with insurance claims management. Concept can totally project manage the claim starting by submitting an itemised building schedule to your insurer, contacting your insurer to progress the claim, as quickly & smoothly as possible, meeting a loss adjuster or claim advisor if necessary, and once authorisation is received by arranging for the building work to be completed to your satisfaction.
For more information visit <font color="#0068cf">www.concept-solutions.co.uk</font> or call free on 0800 783 2818
Unless instructed otherwise, we transfer your rent, less our fees, to you every 4 weeks. Any costs incurred by ourselves on your behalf (maintenance, provision of certificates etc) will also be deducted. We can send the net rent to you in the form of a cheque or pay it directly into your bank account. A statement will be produced and forwarded to your address regardless of which method you choose. We endeavour to transfer the rent to you within 14 days of receipt from the tenant.