Why let my property?

Renting out your property can be a great way to generate income, especially if it covers your mortgage and offers some extra cash. This can be a great option if you're moving in with a partner, relocating for work, or simply need a different sized home. Beyond the immediate financial benefit, property can also be a long-term investment that appreciates in value. Renting also offers flexibility, you can choose to sell your property later or keep it as part of your investment strategy. Of course, being a landlord comes with responsibilities, but for many, the financial advantages and potential for property growth make it a worthwhile endeavour.

Can I let out an inherited property?
In short, yes, you can let out an inherited property. There are, however, a few things to consider:

• Is there still a mortgage on the property?
• Will the rent cover the mortgage and allow for savings?
• Is some modernisation required in the property?

Going through probate can be a challenging and time-consuming process. If you need some guidance or advice throughout, speak to our Client Manager, Jake.

How much is my property worth?

The million-dollar question! This is where our team's experience and expertise come into play. A desktop valuation can be given, however, we always recommend that Jake visits the property so that a more accurate valuation can be provided. It’s also a great opportunity to quiz him on any questions you might have regarding the lettings process!

What about my current mortgage?

If you haven’t already, you will need to inform your mortgage lender who may give you consent to let the property. Sometimes, they may transfer you to a buy-to-let mortgage. If you own your house outright then you can skip this step!

Are there any tax or national insurance implications for Landlords?

Income collected from rent is classed as a taxable income. Income tax for landlords is based on the profits you make after any expenses have been deducted. It’s always best to speak to your accountant if you have any complex tax or national insurance questions. Check out our blog outlining Making Tax Digital for Landlords.

What's the process like to find a Tenant and manage the property?

1. Marketing: Once we receive instruction, our marketing team will head down, take photos, a video, floorplan and send you a draft listing for you to approve. We benefit from an in house team, so can be ready at the drop of a hat! 
2. Viewings & Applications: Potential tenants are referenced before viewings, and on application, as to not waste anyone's time. Once an application is complete, we'll send you a full overview so that you can make the choice of who rents your house. 
3. Mid Tenancy: You'll be notified ahead of time for any compliance due, inspections planned and anything in between. All of this is done via our platform Fixflo that both Landlords and Tenants have access to. Inspections are initially done 6 months into a tenancy, and then onto a yearly basis thereafter, unless specified otherwise. 
4. End of tenancy: Once we receive the tenants notice, the marketing team kicks back into action listing your property as coming soon on our website. This goes out to our refined tenant database. Once it's ready to view, the process starts again.

What are your fees to for Full Management?

Our fully managed service, which includes access to all of the above, is 8% + VAT for 10+ properties, 9% + VAT for 5-9 properties and 10% + VAT for 1-4 properties, charged monthly via your rents. For any vacant properties, the Letting fee is £300 + VAT. This covers all of the marketing, viewings, inventory, tenancy, deposit and so on.... We don't charge for any bolt ons' and you're charged only when the tenant moves in! Check out our fees and services here.

Should the property be furnished, or unfurnished?
This depends on factors such as location and tenant demographic, your own situation, and other factors. When letting a property furnished, the Landlord is responsible for any repairs to the furniture or appliances, unless it can be proven beyond reasonable doubt that the tenants caused it. If this is the preferred route, we would suggest a conversation with our insurance advisor, Jack Newton, who can advise on cover for these events. 

What safety certificates do I need as a Landlord? 

You will need to ensure your property is compliant with the extensive list of legal responsibilities. These include

• Gas Safety Cerrtificate (GSC)
• Electrical Installation Condition Report (EICR)
• Energy Performance Certificates (EPC)
• Deposit Handling

and much more… but don’t panic, our team handles all these for you. 

Do I need to do any work on the property before I let it out?

If you see an issue in the property, then a prospective tenant will also see it. Our clients benefit from access to our in-house Maintenance Team who have helped hundreds of Landlords in East Yorkshire and Lincolshire. We can meet you at the property to advise on any recommended works or snagging issues. Most of the time, this will be done on a valuation with Jake.

What will I be responsible for as a Landlord?

You’ll need to make sure issues that tenants are reporting are responded to in a timely, and appropriate manner. Agents and landlords have a duty of care for their tenants and the property itself, should issues not be corrected, the council may place an environmental health order on the property.

When you use a managing agent (like us 👋), we bear that administrative burden for you. You can rest assured that your property is fully compliant and being routinely monitored by our team of experts.

What happens if the Tenant has an issue? 

When a Tenant has an issue, they log onto our repair system, Fixflo, and log the issue at hand with as much detail as possible and even a photo/ video of the issue. You and our works team will then get notified, and can decide if you’d like to sort the issue directly, or if you’d like our in-house maintenance team to attend. 

What if the Tenant pays slightly late? 

We’re very lucky to have a great Finance and Accounts team here at Ultralets. Our system will show us if a tenant is late and the team will reach out to them to find out why. In the vast majority of circumstances, it’s just a little admin issue and the payment is made. If needed, we can visit the tenant on site and discuss a payment plan, should you agree to one. 

Do I need Landlord insurance?

It’s highly recommended that landlords take out specialist contents (where applicable) and building insurance for rental properties. Standard policies don’t cover landlord-specific issues including tenant damage to the property. Landlord-specific insurance can include public liability, loss of rent, legal expenses and other add-ons. Some policies require specific tenant referencing procedures to be followed, however, our in-house referencing team works within our recommended insurance providers' perimeters. If you have any questions regarding our insurance offerings, speak to Jack Newton.

If I wanted to, how would I get my property back?

This depends on the reason for wanting the property back. The main methods for eviction when your tenants are on assured shorthold tenancy is via a Section 8 (breach of tenancy notice) or a Section 21 (no-fault eviction). Our team are on hand to talk you through the best plan of action in the unlikely situation you require the eviction process.

Hopefully, this has helped in answering some of your questions, though there's so much more to becoming a landlord for the first time. Our years of experience can help support you through the process. If you're a first-time landlord looking for some guidance, talk to our Client Manager, Jake, today! Drop him an email or give our office a call on 01482 562 562.