09 Aug 2019
We speak with landlords day in, day out. Over the years we’ve heard all sorts of questions and we’re always happy to talk through the different aspects of letting a property.
Here are just some of the things we’re asked regularly, if you have a burning question that hasn’t been featured in this post then give us a call on 01482 562562 or contact us at email@example.com.
Q. Will I need to inform my mortgage lender if I want to let out my home?
A. If you haven’t got a buy-to-let mortgage then yes you will. You must seek relevant permissions from your lender. It’s your responsibility to make sure you have the proper consent to let.
Q. How much deposit do you typically need for a buy-to-let mortgage?
A. It depends on your mortgage provider but it’s usually a 25% - 40% deposit.
Q. How much rent will my property bring in?
A. The one question that everyone wants to know the answer to… the rental price completely depends on the location, size, condition and demand for the property. We advise all landlords on the best price we think their property will achieve with our extensive knowledge of the local lettings market.
Q. What are your management fees?
A. We’re always upfront and transparent. We charge a fee of £125 + VAT when a new tenant is moved in and then we charge 10% of the rent collected each month + VAT. No hidden costs.
Q. Do you do discount for the management of multiple properties?
A. Yes, for landlords with sizeable portfolios our rents are as low as 8% + VAT each month plus the £125 + VAT letting fee.
Q. When will I receive my rental income?
A. We pay this to you between the 23rd - 28th of every month.
Q. What happens if there’s a late payment by the tenant?
A. We get straight on chasing the tenant and we’ll keep you in the loop - this situation is very rare but should it occur, we contact the tenant to get the best resolve on it.
Q. Who pays the council tax - the landlord or the tenant?
A. The tenant is responsible for the council tax when they’re in the property but the landlord must pay it for an empty property.
Q. Are there any other factors I need to pay for?
A. You need to be prepared for routine maintenance due to wear and tear - we recommend factoring in a 10% loss of rent for this. Factor in a 5% loss for void periods too.
Q. Do you hold deposits?
A. We certainly do. Deposits are taken to give landlords security if damage has occurred to their property during a tenancy or there are any rent arrears. Of course if there’s no damage or arrears, the entire deposit is returned to the tenant which happens in most cases. Find out more about deposits in this blog post.
Q. Do I need any sort of licence as a landlord?
A. This depends on where your property is and what type of property you have. In certain areas of Hull, you might find that HMO properties require the correct permissions from the local authority before letting.
Q. Am I responsible to pay for the insurance on the property?
A. Yes, the landlord must take out building insurance to protect from flooding, damage and fire. Contents insurance is not essential.
Q. What safety responsibilities am I responsible for as a landlord?
A. You must ensure you have a gas safety certificate and this also must be given to the tenant at the point of signing the tenancy agreement. Some landlords like to carry out their own gas safety certificate but others ask us to sort this for them.
You also need to ensure you have a carbon monoxide alarm and smoke alarm on all floors in your rental property - we check this pre and post tenancy and on inspections.
An electrical safety certificate is not a legal requirement but we do recommend having one done for your piece of mind.
Q. What are the best areas in Hull to invest in property?
A. As long as the property is in good condition and priced correctly then you’ll find there’s a demand for property everywhere in Hull.
Q. How long would it take for you to find someone to live in my property?
A. Typically we let homes within 3 weeks using a mix of different marketing methods and advertising platforms to ensure that void periods are to a minimum.
Q. Do you work with landlords from overseas?
A. We certainly do. We work with landlords based all over the world, including Switzerland, Germany, Australia, South Africa… the list could go on. If you’re looking to invest from overseas then you’re in good hands. We can help you through every step of the process, read how over on our blog. You can also read why Hull is so appealing for tenants to live here.
Q. Do I need to have contact with the tenant?
A. The landlord is entitled to have the tenants contact details if they wish. If the property is managed by us however, this should never be needed as we’re the primary contact for the tenant and will take all communication off your hands.
Q. Should I let my property furnished or unfurnished?
A. There are benefits to both and it’s mainly down to the personal preference of the landlord. Read our blog post where we explore the two sides to hopefully allow you to reach a decision.
Q. What happens if a tenant wants to move out before the end of their tenancy agreement?
A. At the start of a tenancy, an agreement is signed by the tenant and landlord to agree the time period which the tenant will occupy the property. This is usually a six month period. This blog post explores what happens if a tenant wants to leave before the end of their agreement.
Q. Will you deal with the maintenance of the property?
A. We have a dedicated inhouse works team who ensure all the properties we manage are kept up to a good rental standard. We also use a tool called Fixflo where the tenant can log a repair and everyone can track the progress. Find out more about Fixflo here.
Is there something we still haven’t answered for you? Don’t forget you can always give us a call on 01482 562562 or contact us at firstname.lastname@example.org and we’ll be happy to have a chat.