…landlords
Getting Your Investment Right
If you are looking to invest in properties to let we offer quality advice to help guide you through the process of where to buy, how much you should spend, what work you should do to get the best return, and what your obligations are under the landlord and tenants act.
Making Your Investment Work
Our established sales team and independent financial adviser are dedicated to helping you with your investment, with buy-to-let becoming an ever more popular choice for investors, our family run company will direct you through the entire property process, from finding you a property to purchase, arranging your finances and fully managing your property or portfolio.
Free Advice
We offer free advice on all aspects of the lettings market in the area, with valuations and impartial friendly advice quickly and honestly delivered. We find quality tenants, then check and reference them to ensure the safety and security of your investment.
“Our commitment is to provide a letting service second to none giving you the peace of mind and comfort of knowing that the care of your property will always be our priority”
Successful letting
Successful letting depends on achieving both the maximum rent and not having your property left empty. First impressions are always important. Cleanliness is obviously important and attention to detail can make all the difference – a dripping tap, overgrown garden, dirty windows could influence the tenants decision to take your property or another.
Properties may be let unfurnished or furnished, however, floor coverings and curtains/blinds are required in either case. In furnished property, the appropriate number of beds and furniture must be provided (all soft furnishings must be compliant with current fire and safety regulations) and the kitchen fitted with white goods, the better equipped – the more potential rental income.
It is vital that the property is marketed effectively and Molica Franklin has the necessary experience and tools to ensure that all avenues are covered. As soon as your formal instructions have been received we will:
• Prepare details of the property
• Identify and inform suitable potential tenants already registered with us
• Schedule advertisements in the local press
• With your permission erect a distinctive “To Let” board
• Include rental details on our web site and Rightmove.co.uk
• Displayed in both Littlehampton and Rustington Branches
• We go to great lengths in finding you the right tenant
At Molica Franklin we are committed to finding the very best of tenants to occupy your property.
Applicants must meet stringent financial criteria and their ability to meet the rental commitment is assessed on our behalf by an independent specialist company. Suitability is assessed on the basis of:
• An exhaustive credit search of every applicants credit file
• Employment reference(s)
• Previous landlord(s) reference (where applicable)
• Search of public records/electoral roll for proof of address over previous 5 years
There are occasions – i.e. recent job change, returning from working abroad – when we will request the tenant provides a guarantor before proceeding. The guarantor will undergo the same rigorous checks applied to the tenant and will legally become party to the tenancy.
Finding a Tenant Fast
We appreciate that everyday your property is left empty it is costing you money! All properties let through us are advertised in full colour in the local property press, as well as in both of our prime located offices, situated in Littlehampton and Rustington. With a proven track record of increased interest in properties through use of both local and national internet sites, we can maximise the exposure of your property not only to those already living locally, but to those looking to move in from outside the area.
The Growth of Your Investment
If you want to know how your investment is growing our experienced sales team can tell you how much your property is currently worth. If you are worried that you are currently paying too much for your mortgage then we can help find a mortgage deal that better suits you.
Are you getting enough rent for your property?
Cost of living has risen, as have mortgage rates, if you already have your property let out elsewhere we can advise you if you are getting the right rent for your property?
“We will regularly give you updates on how your investment is doing”
Checking tenants in and out.
Many of the problems that arise from letting out a property is the condition that the property is left in once the tenants move out. We make a thorough inspection of the property before a tenant moves in and provide you with a written inventory.
We also carry out regular inspections throughout the tenancy at no extra cost to you, (fully managed only).
Once we have checked tenants out of your property we will contact you again with written confirmation of the results. Rest assured we take your investment very seriously.
We won’t waste your money
Occasionally your property may need some emergency repairs or periodic maintenance, but we won’t waste your money. We have gone to great lengths to find reliable and honest trades people who are competitively priced and are happy to provide quotes before any work is carried out.
We will always seek your approval before carrying out any work or repairs and you can set the maximum emergency maintenance spend (often set at £150).
Legal issues
As housing legislation is constantly evolving and changing, our comprehensive tenancy agreements are updated regularly in order to meet and comply with the current legislation ensuring that your legal rights and obligations are always met.
Safety requirements
At all times, both you the landlord and we, as your agent, have a duty of care to the tenant. Safety plays a major part and there are a number of statutory requirements which must be adhered to. The penalties for non-compliance are significant fines and possible imprisonment.
The 4 main areas are:
Gas Safety – It is a statutory requirement that all properties supplied with gas are checked annually and appliances tested. Tests must be undertaken by a CORGI registered engineer who will issue a ‘Landlord Gas Safety Certificate’ for the property, a copy of which should be given to the tenant. Copies of certificates issued must be kept for at least 2 years.
Electrical Safety – Unlike gas safety there is no legal obligation on landlords to have electrical equipment and installation checked on a regular basis. Following many years of lobbying the Government have now made changes to Building Regulations covering alternation to, and addition of, fixed installations. Landlords are now legally required to be able to prove that all fixed electrical installations carried out since 1st January 2005 were undertaken and certified by an electrician registered with a Government approved body i.e. NICEIC. Molica Franklin strongly recommend that an electrical safety check is carried out on the property every 5 years.
Furniture and Furnishings – All items (excluding authenticated antique furniture) which are upholstered or have a filling material must comply with Fire Safety Regulations. Any furniture manufactured after 1st March 1989 must comply with this legislation and should be labeled accordingly. Any item, regardless of its age, which is not labeled will be deemed non-compliant and must be removed from the property.
Other Statutory Safety Regulations – Generally, any item left in the property for the tenants use – including all electrical items, white goods, smoke and carbon monoxide detectors must be in good working order. Landlords must also provide relevant operational information for items which have any risk associated with their use i.e. electric mowers.
Consent to let
If you have a mortgage on your property, other than a Buy to Let, there is every likelihood that you will need consent to let from your lender. Leasehold properties may require consent from the freeholder or more usually the managing agents.
Insurance
You must advise your insurance company (buildings and contents) of your intention to let the property and comply with any conditions they may impose. This is very important as insurance providers stick rigidly to the terms of their policies and not informing them will invalidate your policy. Tenants are responsible for insuring their own possessions.
Income tax
Income tax is payable on all rental income arising from let property in the UK, regardless of the residential status of the landlord. For the owners who will reside outside the UK throughout the duration of a tenancy the letting agent is legally required to deduct tax from rent received and pass this quarterly to the Inland Revenue.
It may be that you are not liable for tax to be paid in this manner. This being the case you need to seek approval for exemption from the Inland Revenue. This will require the completion of NRLI form obtainable from the Inland Revenue. Once this has been submitted and granted an approval number will be issued to the agent allowing the agent to account to you for the gross rental income.
Approval of the application does not make the rent exempt from UK tax and must be declared as income.
As many of the costs incurred in letting a property can be offset against the income, it maybe worth considering appointing an accountant to deal with your tax return.
DPS (Deposit Protection Service)
Since 7th April 2007 it is now a legal requirement to log tenants deposit monies with a government authorized scheme. We will do this on your behalf as part of our service.
To help resolve any disputes that may arise during or at the end of the tenancy with regards to the return of the tenancy we will provide you with a full written inventory, regardless of the level of service you choose.
SERVICES
You tell us. With 3 levels of service you choose how little or how much involvement you want running your tenancy. All 3 levels of service include:
• Initial market appraisal
• Advise on presentation
• Arrangement of safety checks if required
• Full Marketing
• Accompanied Viewings
• Submission and reporting of references
• Preparation of inventory/schedule of condition where required
• Preparation of Tenancy Agreement
• Collection and logging of security deposit
• Arrangements for your future rent payments
Let Only Service £450 plus vat
Providing experienced landlords with fully credit searched and referenced tenants, tenancy agreements and standing order mandates. This service is available to landlords who have the time, resources and experience to deal directly with tenants on all issues and legal requirements that arise from letting, including emergency callouts, faulty appliances, non rent payment or eviction of tenants etc.
Rent Collection 8% of monthly let fee
Our Rent Collection Service is designed for landlords who would like some involvement in the letting of their property and who have the time, resources and trade contacts to manage the day-to-day maintenance themselves but do not want to deal with the rent collection or accounting or legalities.
Full Management 10% of monthly let fee
Our Full Management Service covers all aspects of the letting and management of your property and is tailored for landlords who would rather we deal with the day to day running or their investment and do not wish to have any direct involvement with their tenant.
Initial Set Up – The agreed charge of £150 will be payable and deducted from the first rental payment (Rent Collection & Full Management).
In addition to the services provided under Rent Collection
Full Management includes:
• All queries, correspondence and calls from tenants come directly to us
• Dealing with all maintenance issues (including supervising works and settlement of contractor invoices from rent collected)
• Payment of routine outgoings
At Molica Franklin we are proud of the personal service we offer to help you let and move with less stress. If there is any aspect of letting or selling that we can help you with further then please do not hesitate to contact us. We look forward to hearing from you in the near future.
…tenants Renting a property with us The rental market can move fast, what you saw today could be gone tomorrow, but don’t worry, we will ease you through the lettings process, from registering your details with us to the day you move in to your chosen new home.
With a wide ranging selection of properties being let at all times, anything from sea-front flats to substantial family homes are available through our specialised lettings department.
Keeping the Costs Down for YouWe aim to keep our fees competitive within the local market, and a small holding deposit can be used to secure a property once you have decided that it is the perfect choice for you. To take the stress out of the lettings system we aim to keep the red tape to a minimum, and are here for help and advice whenever you need it, with regards to any aspect of renting a property.
We value our professionalism here at Molica Franklin, and hope that you would recognise the lengths that we will go to ensure your smooth transition to your new home. By delivering a personal service, we endeavour to reduce the stress of letting property for both landlords and tenants.