Property Management

What does it include?

Our Property Management Service includes the following services:

• Arrange regular rental payments made on the client’s behalf, including any necessary tax deductions.
• Dedicated telephone and email contact for tenants.
• Transfer utilities and arrange settlement of final accounts.
• Arrange annual gas safety checks.
• Carry out periodic inspections of the property and report on it’s general condition.
• Settlement of regular outgoings such as Ground Rent, Service Charges, Maintenance Charges, with your agreement.
• Arrange any cleaning and garden maintenance necessary to put the property in order before or after the Tenancy.
• Arrange all repairs and maintenance to the property.
• Arrange an independent inventory and schedule of your property.
• Provide a key holding service.
• Arrange to re-negotiate a further rental period or end a Tenancy .
• Manage the check-out and deposit negotiation process.

Inventories

An inventory is an essential part of any Tenancy. The inventory provides the Tenant and the Landlord with a concise and accurate description of the interior of the property, which faithfully records the furniture and fittings in the property, as well as describing in detail the decorative order of carpets, rugs, doors, windows, light fittings etc. The inventory will also highlight the overall condition of any outside areas such as gardens.

This document is then used at the end of a Tenancy to validate whether a tenant is entitled to a full or partial return of a deposit. Without an accurate inventory, you would have no evidence to prove that a property that you have let has been neglected or abused in any way, and therefore would have no legal recourse to withhold monies lodged as a deposit.

The Tenancy Deposit Scheme

Under new legislation introduced on 6th April 2007, all deposits taken from tenants against possible damage to a property or non-payment of rent must now be covered by a Tenancy Deposit Protection Scheme. This applies to Assured Shorthold Tenancies only.

All our offices are members of a Tenancy Deposit Protection Scheme, which means that in the event that there is an unresolved issue over the allocation of a deposit, it can be referred to the scheme for an independent third party adjudication, which will provide a resolution fair to the Landlord and Tenant.

Safety regulations

There are a number of regulations and obligations on a Landlord with regard to Gas Safety, Electrical Equipment and Fire Safety. It is important that as a Landlord you take these responsibilities seriously as there are large fines and even imprisonment should you fail to comply. We can advise you on all these regulations and ensure that you have peace of mind when you let your property.

Gas Safety
It is the Landlords responsibility to comply with the Gas Safety (Installation & Use) Regulations 1988, which states that a Landlord must arrange a Gas safety Inspection at the property to be carried out by a CORGI registered engineer prior to the commencement of the Tenancy and supply the Tenant with a certificate with a valid certificate.  As part of our management service we organise this on your behalf.

The Electrical Equipment (Safety) regulations 1994
Although there is no mandatory requirement for electrical equipment to be checked at a property or any requirements as to how often they should be checked, Parkheath strongly recommend you have all electric and electrical equipment checked before the commencement of the Tenancy and regularly thereafter, especially if you know there could be a fault.  However, from 1st January 2005 new rules came into force controlling who could carry out certain works on certain electrical installations in property and the procedures around those works.  As your managing agent we would ensure that your property complies with all the relevant regulations and can arrange on your behalf, an Electrical Safety Test should you wish us to.

The Furniture and Furnishings (Fire) (Safety) Regulations 1988 as amended
It is the Landlord’s legal responsibility to ensure that any furniture in the property (whether originally provided or added during the Tenancy) complies with these regulations. You will need to ensure that the furniture in the property carries the manufacturer’s permanent and fixed label showing compliance at the point of sale. We also advise that you buy your furniture from a reputable retailer rather than a second hand retailer as this can be risky. Finally we would advise that you keep all your buyer receipts. There are a number of types of furniture that these regulations do and do not apply to. If you have any doubts, please refer to your local Trading Standards Office.

Tax advice for overseas landlords

Under the Finance Act 1995, any Landlord considered a non-resident for tax purposes has to pay United Kingdom Income Tax. Parkheath are obliged by law to deduct tax from rental monies received unless we receive an ‘Exemption Certificate’ from the Inland Revenue. Whilst it is the Landlord’s responsibility to obtain the ‘Exemption Certificate’, we can advise you on how to go about applying for it. For more information on this please contact your local Parkheath office.

Management Service Options

We offer a range of Management Services and can tailor it to your requirements. For more information on what we can offer you, please contact your local Parkheath office.

Disclaimer

This guide is intended to help readers navigate their way through the letting process under the estate agency systems in England and Wales. Readers take any advice at their own risk. Parkheath accept no responsibility for any action taken, or loss occurring, as a result of any advice and/or information in this guide.