Landlord Process


1Accurate valuation

The achievable rental value of your property is determined by many things including location, number of bedrooms, local services and amenities, the cosmetic appearance and overall condition of the property.

The Real Property Experts will advise you on the most favourable and realistic rental value taking these factors and the current status of the local lettings market into consideration.

2Consider Property Management

Managing a rented property yourself can be straightforward if you live locally, have responsible tenants and the property is in excellent condition however, there are substantial legal obligations as a landlord creating sizeable amounts of administrative work also dealing with any unforeseen eventuality from boiler breaking down to a tenant losing their job, can create a considerable management work as well as significant amount of hassle and stress.

Let The Real Property Experts manage your property for you. We ensure you are protected in every way and take care of the day to day work involved in letting your property.

3Preparing your property for tenancy

It is important to decide whether you want to let your property furnished or un-furnished.

A well-furnished property, will attract higher rents. It is worth noting, offering a furnished property may also cost the landlord more in the long term due to wear and tear and need to replace furniture.

The Real Property Experts recommendation is that the landlord provides white goods as a minimum (washing machine, cooker, fridge/freezer) if letting the property un-furnished.

Flexibility is of paramount importance as it broadens the scope of prospective tenants as individual requirements vary. Anything surplus to requirements should be removed and placed into storage.

4Marketing your property

The Real Property Experts market all our properties across a wide variety of media.

We subscribe to popular portals including RightMove, Zoopla and On the Market. We display your property on these websites as well as in our window to attract walk-in prospects. We have numerous highly visible and strategically placed “To Let” boards in the area. Your property will receive maximum exposure using a combination of these methods, strengthened by daily contact with pre-vetted potential tenants from our database. We aim to minimise void periods and maximise the return on your investment

5Receiving an offer

Once an offer is received, we will relay that information to you together with detailed information on the prospective tenant. We check their situation, employment status, who is intending to move in and for how long. As the landlord, you have the final say as to whether you wish to proceed and accept their offer and if not, viewing will continue until a suitable tenant is found.

6Offer agreed

At this point, we will ask for a holding deposit from the applicants and ask them to visit the office with their Right to Rent ID which will be checked and copied. We will also start the referencing process. During this time, viewing are suspended until all checks have been completed.

7References checked

All tenants undergo thorough background checks. We use an independent referencing company to report suitability and credit-worthiness including payment history on any previous lending and any adverse credit e.g. CCJ’s or bankruptcy.

Their identity is also verified as is their right to live and work in UK. If they have rented properties in the past, we will ask their landlord to provide us with a reference. This information is provided by a variety of sources including credit reference agencies like Experian and Equifax and is compiled into a report which gives a final credit score whether they have passed or failed. Based on the report, The Real Property Experts will be able to make our recommendation as to the suitability of a tenant.

8Move In Monies taken and agreement signed

Once all referencing is completed, we will arrange for the tenancy agreement to be drawn up and signed by all parties. We ask the tenants to pay the rent and security deposit. Upon receipt of cleared funds, we hand in the keys to tenants. All deposits are protected in Government approved deposit scheme.

9Move In Date

If an inventory was taken, the clerk will meet the tenant at the property to conduct the check in process. Meter reading will be taken, the keys will be photographed and then handed to the tenant. If the property is managed, we will also retain a set of keys at our office.

Within seven days, the inventory will be sent to the tenant for them to agree and sign with any amendments highlighted within 14 days.

Valuation

The Real Property Experts are pleased to give you an authoritative appraisal of the value of your property and the appropriate asking price for sale using all our experience and understanding of London’s micro markets, history and buyers expectations. Should you require a formal valuation for legal or taxation purposes we can refer you to a RICS registered surveyor.

Area Guides

Please click on the links to guide you through London prime residential areas.

Experience

The Real Property Experts have been serving Marylebone and surrounding areas for over ten years and our staff have almost 50 years combined experience in sales and letting in Central London.

Results

The Real Property Experts always work hard to maintain our excellent levels of customer service - check out our positive reviews from vendors , landlords , buyers and tenants.

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Fees

Refundable Holding deposit

Capped at 1 weeks rent

Security Deposit

Capped at 5 weeks rent for annual rental under £50,000, or 6 weeks rent for annual rental over £50,000

Rent

The agreed monthly rent

Changes to tenancy

Capped at £50 inc VAT

Early termination charge

Not exceeding the landlord’s financial losses

Late payment of rent

Interest of 3% above BoE base rate for each day the rent is late, once it is 14 days overdue

Replacement keys

Reasonable costs or give the tenant the option to purchase themselves

Utilities, council tax, communication services, TV Licence etc

Tenants own responsibility unless otherwise stated in contract

Client Money Protection Scheme Membership details

The law requires your membership details

Property Redress Scheme Membership details

The law requires your membership details