Arrange a valuation
Once you have made the decision to let out your property your first step is to arrange a valuation. This will be carried out free of charge by your local Estate Agent and give you an idea of what rental you can achieve. Whilst you’re with the Estate Agent, use the opportunity to ask a few questions about them and the current market conditions. This will help you decide which company you want to use to sell your property.
Prepare your property
Make sure that your property looks its best. Make sure the rooms are clean and tidy, and think about arranging a professional cleaning company to do a ‘deep clean’. You should also make sure that the carpets are cleaned.
The better your property looks, the quicker you will find a tenant, and the sooner your investment will start to earn you a return.
The condition and cleanliness of your property at the start of the tenancy will tell your tenant how you expect your property to be treated during their stay, as well as how it should be returned to you once they leave.
Prepare your documentation
Your property must have an Energy Performance Certificate (E.P.C.) and a Gas Safety Certificate. We also advise that all landlords obtain an Electrical Safety Certificate.
These can all be arranged by your Agent.
If your property is going to be Let, you will need to arrange specialist Landlord’s insurance. This is different from your home building insurance, and without it you may not be covered in the event of a claim.
You can also purchase ‘rent guarantee insurance’ once you have found a tenant. Your Estate Agent will be able to arrange this for you.
Once a suitable Tenant has been found your Estate Agent will obtain references. At Penny Kenton, we use an independent referencing company.
After we receive confirmation that your Tenant has passed their referencing, we will prepare the Tenancy Agreement for you.
Your Tenant will usually be required to pay a deposit of 1 month’s rent, although in some circumstances a greater amount may be necessary. The deposit is there to cover any unpaid rent or damage to the property over and above that which is considered wear and tear.
The deposit must be protected within a Tenancy Deposit Scheme. This can be arrange by your Estate Agent.
This is one of the most important steps for Landlords to get right. It is essential to have an inventory that is prepared by a qualified independent inventory clerk. Your inventory will show the content and condition of the property on the day that the tenancy begins. This will often be the key to deciding the amount of deposit that is returned at the end of the tenancy.
Where the property that you are letting is managed by Penny Kenton, we will arrange inspections of the property during the term of the tenancy. This ensures that the property is being kept in a good condition.
Once the inspection is carried out you will receive a report from our Property Manager so that you can rest assured that your property is in good hands.
Penny Kenton has been established as an independent Estate Agency in North Finchley for 25years, so we have the experience to guide you through the whole process. We cover all areas surrounding North Finchley N12 including Hendon, Finchley Central, East Finchley, Totteridge & Whetstone, New Barnet, Southgate, and Mill Hill. For more information about our Fixed Sales Fee please give us a call.