I have decided to let my property. Do I need to tell the mortgage lender?

Yes

You must obtain permission from your mortgage lender and inform us of any special conditions that they impose. Rea Estates may need to see written evidence of this.

What is an EPC and how long will it be valid?

From 1st October 2008, all rental properties with a new tenancy are required to have an Energy Performance Certificate (EPC). We can arrange an EPC for you. EPCs are valid for 10 years.

How do I improve the chances of letting out my property?

Properties should be clean. Decorate before they look tired, preferably in light neutral tones. Decent floor coverings are a must. Vacant properties in poor condition indicate an uncaring landlord and will only attract uncaring tenants.

At Rea Estates, we use our distinctive branding, combined with a variety of marketing tools, to attract quality tenants to your property fast.

How do I know how much rent to charge?

We will assess the potential rental value in current market conditions and recommend the type of tenant that would be most suitable for the property. We will also agree with you the terms on which the property will be marketed, including any restrictions.

Are there any additional marketing costs?

No.

All marketing costs are included in the letting fee unless you choose to advertise in a newspaper or a property portal other than Propertynews.com or propertypal.com.

If I let out a property do I have to provide the tenant with any furniture?

No.

You can let out a property fully furnished, partly furnished, or unfurnished. However, when deciding whether or not to provide furniture with a property, consider the type of tenant you are targeting and what their needs are likely to be. It is also important to state the condition of the furniture provided in the inventory.

How do I know I am getting a good tenant?

Rea Estates conducts identity and residency checks on all applicants. We also obtain employer and current landlord references. We always ask for a guarantor or obtain larger deposits or rent in advance for added security and peace of mind for you as the landlord.

Who is responsible for the TV licence, the tenant or the landlord?

It is both the landlord and tenant's responsibility to ensure that the address has a valid TV licence. However, the position on who is expected to pay for the licence is usually stated in the tenancy agreement. If a television is provided with the property, however, the landlord would be expected to pay for the licence, particularly in any communal areas.

What is an inventory?

An inventory is a list detailing every item contained within a rental property and the condition of each listed item. It is usually checked and signed by all parties on the day the tenant moves in. Home to Home can provide a comprehensive inventory service for landlords.

How much is the tenant's deposit and what happens to it?

Typically, the deposit is a month's rent and payable upon signing the tenancy agreement. As per tenancy deposit protection legislation, we register the deposit with a tenancy deposit scheme administrator within 14 days of tenancy commencement.

What happens about insurance when I let out a property?

It is sensible for the landlord to obtain insurance on the property and for any contents, such as furniture and white goods, they have provided for tenants' use. Tenants are responsible for insuring their own contents left in the property, and it is a good idea to make this clear in the tenancy agreement. Rea Estates can arrange both policies for you.

Insurance Services

Do I have to pay income tax on rental income?

You must pay tax on your rental income, although if you are living outside of the U.K., you can apply for approval to receive rent with no tax deducted. In the absence of this approval, Rea Estates must deduct tax at source from your rental income and pay these monies to the Inland Revenue on your behalf. The owner of the property is responsible for paying all property taxes for periods when the property is vacant and should keep records for VAT and personal taxation purposes.

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