Luxury London Real Estate

Landlords

Whether you are a buy-to-let investor or have chosen to rent out your own home, as a landlord your biggest concern will generally be "can I keep my property occupied as much as possible".

Of course you don't just want any tenant in your property. A classic mistake of the "do-it-yourself" landlord is to just put anyone in the property without properly checking them out. BSE Mayfair have access to a comprehensive referencing service to give greater clarity on a prospective tenant's background which all helps minimise potential future tenancy issues.

With letting comes inherent risk and this can never be eliminated. What BSE Mayfair can do is help minimise that risk by getting things right from the very beginning – referencing tenants correctly, taking care of safety legislation, compiling a detailed inventory and drawing up a legally-sound tenancy agreement.

The knowledge of our staff is vital to ensuring any situation can be handled in the correct legal manner and resolved as quickly as possible. The legislation can be rather complex at times and our experienced staff spend many hours learning it so that you don't have to!

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Terms and Services

Upon your instruction, we inspect your property in order to provide you a Market Appraisal based on our experience and market comparable evidence. We prepare the particulars by obtaining photos and by having floor plans drawn up, we present your property is the best possible way.

Once the marketing criteria are agreed, our terms and conditions have been signed, we then begin marketing your property. Our aim is to advertise your property strategically, i.e. property search portals, window advertising, email send outs and inclusion in local magazine.

We strive to find the most suitable tenants for your property, hence, will always listen to your preferred profile and will offer your property to the right applicant. You will benefit from our excellent contacts with the corporate market, Embassies and relocation agents. This enables us to secure first class tenants with the aim of maximising return for our clients.

You will be informed of all offers received on the property and once you have agreed an offer we obtain all relevant references on your behalf. If you are satisfied with the references, we will prepare the relevant type of Tenancy Agreement for both you and the tenant to sign.

Landlord Charges

Letting
10 % of total rent payable during the Tenancy + VAT

Renting plus Rent Collection
12.5 % of total rent payable during the Tenancy + VAT

Letting, Rent Collection and Management
15 % of total rent payable during the Tenancy + VAT

Furnishing/Refurbishment/Repairs
10% of total expenditure + VAT

Deposit

We take a security deposit equivalent to six weeks' rent to protect you against non-payment of rent or any damage caused by your tenant. It is the Landlord's responsibility to register the deposit with the approved scheme. However, if required, BSE Mayfair can lodge the deposit into the Deposit Protection Scheme on behalf of the Landlord.

Under the provisions of the Housing Act 2004 it may be illegal for you as Landlord to hold a tenant's deposit unless you have individual membership of an approved scheme. All private Landlords and Letting Agents taking deposits for assured shorthold tenancies (ASTs) in England and Wales are required to safeguard them with a government-authorised tenancy deposit protection scheme. From 6th April 2012, deposits for all assured shorthold tenancies (ASTs) in England and Wales must be protected within 30 calendar days of receipt by the Landlord.

For more information please visit www.gov.uk/tenancy-deposit-protection/overview

Inventory and professional clean

We can help organise an inventory to be prepared at the beginning and end of the tenancy by an independent Inventory Clerk and for a professional cleaning company to implement pre-tenancy and end-of-tenancy professional clean of the property (separate charges will apply).

Property Management

We can also undertake managing your property especially if you are based abroad and it is a hassle for you to supervise things from overseas. We will visit your property at least four times in any twelve month period, and can arrange for minor renewals/repairs providing at least 3 quotes to you prior, or organise for emergency call out for urgent problems. At your instruction we can also arrange re-decoration, renewal or repairs of your property on the basis of estimates obtained, and first approved by you. By separate agreement we are able to advise upon and make all insurance arrangements.

Regulations

We also are willing to help you with arranging the Gas Safety Certificate, Energy Performance Certificate, and Portable Appliance Test prior to the tenancy. Landlords in the UK are required to adhere to stringent safety regulations designed to protect tenants from avoidable hazards. Please pay attention to the following specific pieces of legislation:

  • The Gas Safety (Installation and Use) Regulations 1998 stipulate that all gas appliances must be inspected annually by a Gas Safe Register - registered engineer. A valid Gas Safety Record must be issued each time and updated every twelve months. Non-compliance is a criminal offence with serious penalties.
  • An EPC is a legal requirement for any new tenancies that details the energy performance of a property. From 1st October 2008, if you're letting a property the law requires you to provide an Energy Performance Certificate (EPC) to prospective tenants. It is carried out by an accredited Domestic Energy Assessor to ensure it meets all legal requirements and is valid for 10 years.
  • The Electrical Equipment (Safety) Regulations 1994 require that electrical equipment, including wiring, is safe. A Portable Appliance Test (or more detailed full electrical inspection, if necessary) should be carried out regularly and all electrical testing must be conducted by a qualified and registered engineer.

Please contact our office for further information.

BSE Mayfair is a member of The Property Ombudsman Scheme for Letting Agents and will comply with the Scheme's Code of Conduct (full details can be found at www.tpos.co.uk).