|
Property Letting Information for Propspective Landlords
BAILEYS office is situated in the heart of East Wittering village. Our office is conveniently open seven days a week with the intention of providing a quality, trouble free service. With valuable knowledge gathered from several years experience we offer a comprehensive management service for both holiday letting and winter/long term letting or if required a tenant location only service. The following information is given as a guide only. We would recommend that you contact this office to discuss our services in greater detail, or to arrange for our representative to call and advise you of the most suitable type of letting for your property.
Holiday Letting - Full Management Service
We publish an annual colour Holiday Accommodation Brochure which includes a written description, price list and colour photograph of your property. This brochure is widely circulated free of charge to our many applicants and is freely available from our office upon request. -The weekly rental that can be expected depends greatly on the position of the property, the sleeping/living accommodation facilities and the general condition of the property. In addition the rental figure is calculated to include all services, for example, gas and electricity, unless a slot meter is provided.
Once we have secured a booking an Agreement is sent to you for signature. We then send it to the tenant requesting a one third deposit with the full balance being requested six weeks before the holiday. If the holiday is cancelled by the tenant then we have the right to withhold all monies on your behalf.
Tenants do not pay a breakages or damage deposit, however, the Agreement which the tenant signs does contain a clause to the effect that they will replace and make good all breakages, deficiencies and damage which may happen during the holiday.
We also offer a convenient linen hire service to our owners and tenants. Bed linen and towels can be supplied to the property upon request – please ask for further details and cost.
We arrange with the tenant for key collection from our office between 2.30pm and 4.30pm on the Friday of arrival and for returning them to us before 11.30am on the Friday of departure. A changeover cleaning service can be arranged on your behalf to ensure that the property is maintained to a good standard throughout the season. Details and cost upon application.
Tenants are requested to report any problems to us, for example, breakages, dripping taps, etc., to enable us to report to you promptly. We have several reliable local contacts for repairs, garden and general maintenance which we can arrange upon request.
At the end of each month in which there are bookings a full account is sent to you showing rental paid, and deductions with relevant invoices and less our charges which are 15% commission plus VAT at the standard rate. Rental income is liable to tax regardless of the type of tenancy. Therefore once a year we are required by the Inland Revenue to supply a list of names and addresses of all Landlords who have received rental income and the total Net figure sent to each Landlord.
With regard to insurance cover on your holiday home we would like to make it clear that any accidental damage must be covered by your insurance and not paid for by the tenants.
Helpfull Hints
Please be aware that providing holiday accommodation does require a high level of commitment from the Landlord as high standards of accommodation, facilities and cleanliness are expected in holiday homes by tenants and we must be committed to meeting these standards. Attention to detail and thorough preparation of the property are vital to avoid problems throughout the season. Common problems which can easily be avoided are cupboards which have not been cleaned out for some while, an excessive amount of mis-matched cutlery, crockery, pots and pans, insufficient cleaning, equipment/furnishings broken or not working efficiently, untidy gardens with hidden dangers for children etc. Tenants expect to pay rental in exchange for a clean comfortable and well equipped home for their holiday.
English Tourist Board
As a result of increased visitor expectations and competition, as a destination, with other areas we strongly recommend that all summer holiday accommodation is now star rated with the English Tourist Board. Your property would be shown in our brochure with the appropriate star rating shown and this can only help to increase bookings and raise awareness of your property. Please apply for details on costs and standards.
Winter / Long Term Letting - Full Management Service
Winter lets are generally holiday properties which are let out of season for six months from approximately October until April which means that you can have a winter let and still have a full summer season as well, allowing perhaps a couple of weeks at each end of the winter tenancy for cleaning and repairs. (Our minimum winter letting period is 4 calendar months).
Long term lets tend to be properties which are not let in the summer and as a result are available for a minimum of six months renewable. Your property can be let furnished or unfurnished and your Rights of Possession are not affected.
With both types of tenancy the rental is calculated by taking into account the position, size and condition of the property and local market forces.
On any prospective tenants we apply for full references through the specialist Homelet Referencing Service (for which we are appointed agents). Prospective tenants complete an application form which we fax to Homelet who then carry out reference enquiries including credit history, employment, financial details etc. Homelet will then send a reply fax to us, usually within 48 hours, with the results of the enquiries. We will then send you a copy of the Homelet reply for your approval. We can now also offer six months rent guarantee through the Homelet Premier Referencing Service which is available to Landlords, all at no extra cost, whose prospective tenants meet a certain criteria. Please request further details. A holding deposit of one and a half months rental is taken and is held on the tenants behalf until the end of the tenancy, against damage and any arrears of rent which may have accrued during the tenancy. The rental is paid monthly in advance by the tenant and at the end of each calendar monthly period a full account will be sent to you listing the rental received less any deductions with relevant invoices and our charges which are 15% commission plus VAT at the standard rate. Rental income is liable to tax regardless of the type of tenancy. Therefore once a year we are required by the Inland Revenue to supply a list of names and addresses of all Landlords who have received rental income and the total Net figure sent to each Landlord. Non-resident Landlords see separate note.
We carry out periodic inspections of the property to ensure that it is being maintained in good order and an inventory of items in the property is taken at the beginning of the tenancy and checked at the end. The electricity, telephone, water accounts, gas, oil and Council Tax (as applicable) are all transferred by Baileys to the tenants name for the duration of the tenancy.
With regard to insurance cover on your property we would like to make it clear that any accidental damage must be covered by your insurance and not paid for by the tenants.
Tenant Location Only
Baileys can also provide a tenant location service to include marketing the property, arranging and attending viewings by potential tenants, applying for references through Homelet (no rent guarantee available with this service) liaise and negotiate between parties leading towards the signing of an Assured Shorthold Tenancy Agreement. Our charge for this service is 10% of the first six months rental and vat at the standard rate.
PLEASE NOTE: The tenant location service is not available for winter letting properties. We can only offer our full management service for winter letting.
General Information
It is most important for you to advise both your insurance and mortgage companies (where applicable) of your intention to let, for without their agreement you may be in breach of your obligations.
NON-RESIDENT LANDLORDS are persons whose usual place of abode is outside the United Kingdom. As Agents we must deduct tax (presently 25%) from Landlords rental income and pay the tax to the Inland Revenue each quarter. For further information regarding this please request a copy of ‘Non-Resident Landlords, Their Agents and Tenants’ from this office or speak to your accountant/tax adviser.
Certain regulations apply to all types of letting. For important information on FIRE AND FURNISHING (FIRE)(SAFETY) REGULATIONS 1988 (R1) and THE GAS SAFETY (INSTALLATION & USE) REGULATIONS 1994 (R2) and THE ELECTRICAL EQUIPMENT (SAFETY) REGULATIONS 1994 (R3) please refer to the attached sheets.
|
