Landlords

We are a family run property management company specialising in lettings since 1996. Our aim is to find professional and quality tenants for your property.

The Market Place offers a comprehensive management or tenant find service which is outlined below:

Services	Tenant Find Service	Managed Service
Marketing to find a suitable tenant	Tenant Find	Managed
Obtaining tenant credit checks, referencing & identity	Tenant Find	Managed
Preparation of tenancy agreement	Tenant Find	Managed
Full inventory including pictures	Tenant Find	Managed
Collection of first rental payment	Tenant Find	Managed
Transfer of utilities	Tenant Find	Managed
Lodging of deposit	Tenant Find - Further Fee	Managed
Rental collection	Tenant Find	Managed
Arranging of quotes, repairs & maintenance	Tenant Find	Managed
Access to vetted contractors	Tenant Find	Managed
Property inspections	Tenant Find	Managed
Manage check out process	Tenant Find	Managed
Deposit negotiation & submission	Tenant Find	Managed

 

PROPERTY MANAGEMENT

Tenants expect a service in return for the rent they pay and prefer a property to be managed by a professional. Offering 20+ years of experience, our staff are on hand to help. We have become a market leader in terms of lets agreed and much of our business comes from recommendations. We currently manage hundreds of properties on a daily basis so let the experts manage your property.

CLIENT MONEY PROTECTION & CODES OF PRACTICE

The Market place is a member of the national approved letting scheme, the property ombudsman scheme and is registered as a safe agent. Being a member of these industry bodies insures landlords and tenants the highest level of service.

SAFETY

Gas safety certificate

In accordance with the gas safety regulations 1998, every gas appliance and all gas pipework will need to be certified as safe by a certified gas safe engineer. Inspections must be completed before move in and be carried out annually thereafter.

SMOKE ALARMS

Any property built after 1992 should be fitted with mains operated smoke detectors and alarms on each floor under building regulations. It is now a legal requirement to install a smoke alarm on every floor of a rental property. The inventory will record whether smoke alarms are present on move in.

CARBON MONOXIDE ALARMS

A carbon monoxide alarm must be installed in any room with a solid fuel installation (E.G. wood burning stove). This should also be tested to ensure they are in good working order at the start of every tenancy.

ELECTRICAL SAFETY

The electrical equipment regulations 1994 state that anything electrical within the property, or anything that you supply as part the fixtures and fittings should be up to current electrical safety standards and safe to use.

FURNITURE & FURNISHINGS

Furniture manufactured today must have a safety label stating it meets the furniture and furnishings (fire) (safety) regulations 1988. It is a good idea to check that sofas, beds, bedheads, cushions, pillows and furniture covers still have the relevant safety tag attached. Furniture manufactured prior to 1950 is exempt but it is best practice to remove vintage, antique or sentimental items from your property.

YOUR LEGAL REQUIREMENTS

ENERGY PERFORMANCE CERTIFICATE (EPC)

It is a legal requirement to have a valid EPC when marketing your property and a copy must be made available to prospective tenants free of charge. The Market Place can arrange this for you and they are valid for up to ten years. From the 1st of April 2018, all rented properties must have a minimum energy performance rating of E or above.

CONSENT TO LET

Please remember to obtain permission to rent the property from any co-owners(s) as well as permission from any mortgage provider or freeholder, if applicable. Ensure all property owners are named as "the landlord" on the lettings paperwork.

TAX ON RENTAL INCOME

All rental income arising from property in the UK is subject to tax. UK residents can usually complete a HMRC self-assessment tax return to declare this income. Overseas landlords have to be taxed at source. We recommend taking professional tax advice to ensure you are maximizing your allowances.

INSURANCE

As a landlord you must have buildings and contents insurance in place at all times and these should be specific to a rental property. Even if your property is not furnished, it is still worth considering having contents insurance as some offer public liability cover, replacement locks and potentially the cost of rehousing tenants in the event of a fire or flood. Unfurnished properties that contain white goods such as a washing machine or fridge are still worth insuring under a policy specific to a rental property since the cost of repair/replacement can be considerable.

LANDLORD FEES, CONTRACT

CONTRACTS

A tenancy agreement is the contract between a landlord and tenant. Our reviewed agreement has a direct impact on your ability to make a claim on the tenant’s deposit and hold them liable for rent. We will customise the contract based on your requirements and requests.

DEPOSITS

The deposit is usually equivalent to one month’s rent but this can be altered to your requirements. We are legally required to register a deposit for an assured shorthold tenancy every time a tenancy agreement is signed. Failure to do so entitles the tenant to make a claim against the landlord and the penalty for non-compliance is up to three times the deposit value. Landlords and letting agents who take a deposit in England must protect it within 30 days of receiving the money from the tenant.

AT THE START OF THE TENANCY

CLEANING, INVENTORY & CHECK IN

Tenants expect a property to be professionally cleaned at the outset, therefore this requires the tenant to return the property cleaned to the same standard at the end of the tenancy. An inventory will serve as a record of the condition of the property at the outset and will be used to re-asses the condition at the end of the tenancy. Wear and tear is to be expected during the course of the tenancy. The inventory also records meter readings (when accessible).

UTILITY ACCOUNT

It is normally the tenant’s responsibility to pay utilities, council tax and TV licence. However, you can adjust these if you want to include some bills in the monthly rental amount. Utilities are separate to ground rent, service charges, buildings and contents insurance which remain the landlord’s responsibility to pay. Tenants are entitled to change utility supplier during their tenancy.

AT THE END OF THE TENANCY

CHECK-OUT

The check-out inspection should consist of high quality photos and a detailed room by room description of the condition of the property. This dated report will be evidence of the cleanliness of the property at the end of the tenancy which is critical if a landlord subsequently makes a claim against the tenant’s deposit.

DEPOSIT DEDUCTIONS

At the end of the tenancy the tenant is required to request the return of the deposit. The landlord must inform the tenant of any proposed deductions. If there is a dispute on proposed deductions, then the amount in dispute is transferred to the deposit scheme being used and their alternative dispute resolution service will determine the outcome. This is an evidence based process decided by an impartial qualified adjudicator. Remember that wear and tear will occur especially if a tenant has been in occupation for a number of years. A landlord must also inform the tenant of any proposed deductions for dilapidations and damages, but cannot claim for betterment. Landlords cannot use the tenants deposit as a redecorating budget to improve the property condition, only to restore it to the same condition as the start of the tenancy, save for fair wear and tear. Discussing deposit deductions can be the most difficult part of being a landlord. Clients using our managed service benefit from The Market Place conducting all deposit negotiations and evidence submissions on their behalf in the event of a dispute.