Landlords Information

Investing in Property is probably the biggest financial commitment any one of us will make.  That’s why it’s imperative you use a letting specialist you can trust. 

We understand how important your property is and will make sure we safeguard it.  Being landlords ourselves, we really understand all aspects of the lettings market across the towns and villages of North Oxfordshire, Warwickshire and South Northants, operating to the highest standards at all times.

As members of The Association of Residential Lettings Agents (ARLA), the professional and regulatory body for UK letting agents, we pride ourselves on providing professional and efficient service.  ARLA membership is achieved only by agents who demonstrate that they have a thorough knowledge of their profession, they conduct their business according to current best management practice and develop and maintain the highest possible standards.  Let Lucas are proud to be members of ALRA in an industry where standards vary significantly and where clients should choose who to use with great care.

We know you want a quality tenant in the shortest possible time, so please get in touch for a no obligation chat.  It’s likely that we’re already dealing with your ideal tenant!

12 Reasons Why You Should Choose Us:

1. We Promise We Won’t Charge You a Penny Before We Let Your Property.

2. We let quality properties as quickly as we get them.  Our success is based on a combination of effective and comprehensive marketing ensuring maximum exposure. 

3. The Most Effective Online Marketing across all agents in OX16 & probably anywhere else we market your property.   As well as www.rightmove.co.uk, our online coverage is vast including:
- primelocation.com
- hotproperty.co.uk
- propertyfinder.com
- findaproperty.com,
- globrix.com
- propertylive.co.uk
(Ranked 1^st out of 25 agents for click through rate ((CTR) by www.rightmove.co.uk May 2009)

4. We consistently let local properties 2 weeks quicker than the industry average.  

5. Landlords looked after directly by our Founder and Managing Director, Maria Lucas MARLA.

6. Ethical, straight forward, competitive fees without hidden charges.  For our example, with Our Fully Managed Service, we don’t charge hidden extras for inventories, checking tenants in, checking out tenants, etc.,  If we call out the plumber for you, you simply pay their bill-no hidden commission/no ‘add ons’.

7. We have regular and ongoing contact with local and national companies who have quality employees actively seeking quality properties to rent.

8. We provide ‘truly exceptional’ service.  Don’t take our word for it, see what our existing customers think about us at
 

9. We have years of experience in the local property market.  Managing Director, Maria Lucas MARLA is the Heart of England Chair for the National Landlords Association working to protect and promote the interests of private landlords. Come along to our meetings, meet other landlords, share ideas and experiences.

10.  We can help you as much or as little as you want from rental property acquisition, marketing only to full property management.

11.  Our landlords tell us we go further than other letting agents, so you have greater peace of mind. 

12.  We genuinely care about helping you make the most from your rental property and promise to keep in touch, give you honest feedback and keep you abreast of the current market.

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What our customers say about us…

…” You made me feel that everything was under control and taken off my shoulders!  Priceless considering how busy I was at the time and also quite a shock given our experience of the previous agent.  You also acted so quickly - which was exactly what we needed.  We didn't feel tied up in red tape, or frustrated with delays in any way, you just got on with it.”

Denise L, Owner of 3 Bedroom House.

…”The best thing you did for us was to find a tenant so quickly - we are incredibly impressed and other people I have spoken to were equally impressed with the speed.  Also noticeable, was how smoothly it all went from our point of view. We didn't need to phone to chase things up or move things along - in my experience, this is rare! (even if my experience is not letting agents!)”

…” Having been round the building with other agents and ended up out of pocket, we are delighted that the service we get from you is in an entirely different league and for that we thank you.  The bit that is really important to me is having an effective line of communication.  Having said that if properties are unlet or poorly managed, even good communications won’t soothe the pain. Essentially we find your service excellent. ”

 Linda S, Owner of 2 Bedroom Flat & 3 Bedroom House.

"Another satisfied customer"

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 Accreditations & Professional Bodies 

ARLA

Being members of the leading professional body, ARLA, The Association of Residential Letting Agents, we work to the highest professional standards in the letting industry.

We comply with their requirements to hold Client Money Protection and Professional Indemnity cover as well as following their strict guidelines and accountancy practices.

NLA

Maria Lucas MARLA, Managing Director, is the Heart of England Area Representative for the National Landlords Association. The private rented sector is now governed by over 50 Acts of Parliament. With this increasingly heavy regulatory burden, it is now more important than ever that you, the landlord understand your legal responsibilities.

Landlord members of the NLA receive the latest analysis and guidance on all landlord-related issues, enabling you to plan ahead and not get caught unawares. 

Members of The Property Ombudsman
(formerly The Ombudsman for Estate Agents)

By dealing with a Member of the TPO, the public may be confident about the agent's approach in its dealings with actual and potential landlords and tenants of residential letting in the UK.

Members of TDS
(Tenancy Deposit Protection Scheme)

Most landlords in the private sector receive a security deposit against possible non-payment of rent or damage to property. When a tenancy comes to an end, there is usually no disagreement about the return of the deposit. But sometimes there is, and this can cause much hardship and inconvenience to both landlord and tenant.

All deposits taken for Assured Shorthold Tenancies after 6 April 2008 must covered by a tenancy deposit protection scheme.  The Dispute Service is an independent, not-for-profit company established to resolve complaints and disputes arising in the private rented sector speedily, cost-effectively and fairly.

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Marketing your property

We use the latest property database software allowing us to match your property with waiting tenants, as soon as it is registered with us. The same software allows us to upload your property to the biggest property portal websites and therefore an international customer base within 24 hours.  

Property information with full details and photographs are usually on our own website and displayed in our High Street office window the same day.

We work with local companies, employers and their employees and estate agents (who specialise only in estate agency).

We will also place our distinctive "To Let" board at the property with your approval.

We have a strong internet presence allowing us to reach customers from all over the world. Applicants often register their details with us before they move to the area or even the country. We spend a lot of time and money on optimising our website for the major search engines to ensure it remains near the top for all popular keywords.

We advertise in the local press and with leafleting campaigns to ensure our brand is always in the public eye.

We also have a proactive approach, so if a property has been on the market for a while we will actively review and discuss the options with you.

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Communication & feedback

We always aim to build long term relationships with our clients, which is a benefit to both parties. This relationship often starts with free information to Landlords considering entering the Buy to Let market or our free, no obligation market appraisal of the property.

We provide regular honest feedback on viewings and on tenants’ comments about the property. We will also contact you quickly regarding any issues during the tenancy. In addition, if we are managing the property we will keep you up to date on any changes to regulations affecting property letting. 

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Fee Structure

Being landlords ourselves, we have carefully considered fees and have a range dependent on the services required e.g. Full Management Services, Let Only Service (often referred to as  Tenant Find) etc.

Our services are inclusive. There are no additional charges or hidden costs for items such as inventories.

We also offer a range of discounts for Landlords that register a portfolio of properties with us.

We can help you as much or as little as you want by tailoring our services to specifically meet your requirements.

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Summary of our services

Please Click Here to download a summary of our services.

We maintain a flexible attitude, and are generally able to adapt our service to meet our client's individual circumstances and needs, for example by providing a part only service, or alternatively by taking on additional tasks and duties.

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A simple step by step guide

If you are a homeowner who is forced to move but are unable to find a buyer for your property then becoming a landlord is one possibility.  According to the Royal Institution of Chartered Surveyors (RICS), there has been a sharp upswing in the number of properties to rent.  Its latest survey shows the number of new rental properties available has leapt by 13 per cent – the fastest increase in the past decade – which means rents will not continue to rise.

In parts of the Midlands, Wales and the North, a glut of rental properties is forcing down rents, which is bad news for those trying to meet mortgage payments.  Those forced into becoming landlords for the first time are often unprepared and unaware of what is required.

This is what you need to do:

1. First, contact several letting agents to find out what rent you can expect and how much demand there is.  If you want the best price, be prepared to meet a shortlist of agents at the property as it is difficult to get an accurate rental assessment over the phone.

2. Use an agent who belongs to a professional body such as ARLA (Association of Residential Letting Agents) or RICS or the National Approved Letting Scheme.  They have to meet and adhere to a range of strict rules/guidelines, including keeping monies in a separate bonded account.  Agents who are not members of a professional body may not!

3. Allow for the costs of preparing your home for renting, maintenance and tax on any profits, as well as agent’s fees of around 8-10% of the rent to find the tenant.

4. Decide if you have the time to handle tenant demands, if not ask your agent to manage the property for you.  You will need to allow costs of a further 3-5% on average for this.

5. If you decide to go it alone, consider joining the National Landlords Association, which helps and advises private landlords.

6. Before letting out your home, you must get a CORGI gas safety certificate for gas appliances and have the wiring checked by an electrician.  You will also need a smoke alarm and to fix anything that is unsafe around the home.

7. Make the property clean, tidy and attractive as this will help rent it out quicker.

8. Use a standard tenancy agreement which in most cases is an Assured Shorthold Tenancy.  This covers the rent, the term of the tenancy, who it is let to and any conditions you want to lay down, such as no smoking and no pets.  Don’t fill it with restrictions that will make your home hard to rent.  These agreements are usually for six months although can be a year with a break clause after six months allowing the tenant to give notice after this time.  The notice period is typically two months.

9. Go out of your way to keep your tenant happy as a happy tenant is usually a good one!

10. By law, you now have to protect the tenant’s deposit, which is usually six weeks rent, in a government-approved scheme such as the Tenancy Deposit Scheme used by letting agents or Mydeposits, available through the NLA.  The money is ring-fenced in a separate account, or you can buy an insurance policy from the NLA to guarantee it and look after the money yourself.  Deposits are the biggest cause of disputes between landlords and tenants and The Tenancy Deposit Scheme includes an independent dispute resolution service.

11. You must have an Energy Performance Certificate, showing how energy efficient your home is.  This costs between £60 - £200, depending where you live.

12. An inventory of everything in the property must be prepared and its condition, such as stains on the carpet or marks on walls.  Take photographs as proof as this is another contentious issue when tenants leave.  You can use an independent service if you don’t want to do it yourself.  This can cost from £75 for a one-bedroomed flat through an independent inventory company.

13. You don’t need to furnish the property to let it.  But if you do, the furniture must be fireproof.  The rent is broadly the same whether the property is furnished or unfurnished.

14. You must tell your mortgage lender that you are letting out your home, otherwise you be in breach of contract with your lender.  Your lender may increase your interest rate or insist you move to a buy-to-let loan.  There is no hard and fast rule – your lender may even leave your mortgage as it is.  Do check.  If you do have to move to a buy-to-let loan, rates are usually slightly higher and you normally need to own 20-30% of your home’s value and pay a fee.

15. You must also tell your insurer that you are letting out your property, otherwise you will invalidate your insurance.  Tenants should still insure their own possessions, but your policy should cover the building and your contents.

16. Finally don’t forget you will be taxed on any profit you make from letting but you can deduct mortgage interest, fees, maintenance costs, service charges and depreciation of furniture, fixtures and fittings.

Is your property in a "lettable" condition?

• Well decorated

• Clean

• All maintenance issues resolved

• Gas safety test carried out and certificate obtained

Furnished, part-furnished or unfurnished?

• Unfurnished - The only items expected in an unfurnished property are carpets/flooring, curtains, light fittings, cooker, fridge freezer & washing machine

• Part furnished – As unfurnished with some additional items of furniture e.g. table & chairs, beds, sofa etc

• Furnished - White goods and all bulk items of furniture such as sofa's,  beds, wardrobes, chest of drawers, table, chairs, coffee tables, etc

• Unfurnished properties reduced possible maintenance issues and limit the landlord’s liabilities however in some areas, there is a shortage of furnished properties and good demand.

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Term of the Tenancy

Do you want the tenancy to be for 6 or 12 months? Most Landlords start with a 6 month tenancy and see how it goes as it gives you the flexibility to change if you are unhappy with the Tenants etc.

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Opening hours and viewings

Our offices are open six days a week:

Monday – Friday     9.30 a.m. – 5.30 p.m.

Saturday               9.30 a.m. – 3.00 p.m.

We offer accompanied viewings as standard and by appointment we can arrange viewings outside office hours. Messages are monitored 7 days a week.

Next step… if you wish to register your property with us, or have any further questions, please telephone or email us at:-

                Tel:  Banbury 01295 234717

                Tel:  Southam 01926 350007

             Email:  banbury@rentalspecialists.co.uk

                 or:  southam@rentalspecialists.co.uk

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© Let LucasTM Rental Specialists 2008