City Lord Real Estate provides landlords with expert, professional letting and property management services. Through our expertise, experience and market knowledge, we deliver landlords the best rental incomes for their properties while also offering far lower fees than our competitors. A member of both the NLA and RLA, we handle and manage the letting process so that you can enjoy a peace of mind and stress-free experience when it comes to letting your property.
Using the most effective and up-to-date marketing techniques, we showcase properties via our widely viewed agency website and on leading online property portals. During peak periods it is common for a property to be let on the same day it is advertised and on average we secure a tenant within 14 days of a property being on the market. The vast majority of tenants we find are young working professionals.
We are also quick to minimise any void periods when a tenancy ends - a property will be put back on the market one month before tenants are due to leave, allowing us to find you new tenants fast, and in doing so maximise your rental income.
The full list of services we offer include:
If you want a letting and property management agent you can trust, one that will produce the best yields on your rental property, and save you time, hassle and stress of the lettings process, simply give us a call, send an email, or visit our high street branch for a chat and free valuation.
Your Property For Rental
The rental market is highly competitive, so your property must be well presented. The front door and entire property should be clean and well-aired, the entrance hall should also be clear of any obstructions, and any garden space kept tidy.
Interior walls should be painted with neutral colours and floors furnished with plain carpets. All fabrics and furnishings (if any) should be able to withstand reasonable wear and tear, and be of suitable quality, while any animal odours should also be eliminated.
An inventory should be drawn up whether the property is furnished or unfurnished and accurate descriptions of the overall condition of wall/floor coverings,kitchen and bathroom fittings are essential.
Utilities such as gas/electricity/water/telephone & Council Tax will have to be transferred to the tenant. Further copies of keys will need to be provided if you have Management Agents acting for you. Mail should be redirected with the Post Office.
Transfer of Telephone Bills
If employed as your Managing Agents the only service we are not able to transfer for you is the telephone, as providers will only deal with the subscriber and not a third party. We advise arranging transfer on the day the tenants take occupation.
City Lord is part of the Tenancy Deposit Solutions Ltd (TDSL), a government approved deposit protection scheme for landlords and agents, which ensures all deposits up to £25,000 which are part of Assured Shorthold Tenancies in England and Wales are protected.
We will collect a deposit of 6 weeks rent from a prospective tenant at the start of a tenancy to cover for any dilapidations, damage or breach of Tenancy Agreement obligations.
The landlord, not the tenant has the option whether to safeguard the deposit in a custodial or insurance-based scheme, and has 30 days to safeguard a deposit from the day it is received and 30 days to provide a tenant with prescribed information about the scheme.
When a landlord and tenant agrees how a deposit should be returned, in full or in part, it must be returned within 10 working days, and when disputes occur in order to avoid going to court, the protections schemes are supported by an Alternative Dispute Resolution (ADR) service.
For more information call 0871 703 0552 or visit http://www.mydeposits.co.uk/
Amounts cannot be withheld from the tenant’s deposit unless loss or damage is proved to have been caused by the tenant. If any dispute over loss or damage to your property is not resolved amicably then it will be referred to the courts, and a judgment will be made on the basis of written documentation ie. the inventory.
Tenant Reference Checks
Any potential tenant will be subject to reference checks before being approved. Landlords will receive a detailed written report fully stating all of the findings on an applicant. These checks will include:
A Tenancy Agreement is a written statement and a legal binding contract of the terms of agreement between you and a tenant, and will be prepared for all tenants to sign before moving into a property.
Assured Shorthold Tenancy
From February 1997 all new tenancies are Assured Shorthold Tenancies. The minimum period is six months. The optimum period is 12 months with a break clause agreement. After the minimum period, the tenant or landlord may serve a fixed notice period (2 months) to terminate the agreement.
For both the tenant and landlord this offers flexibility, and also allows for at least two months to find another tenant for the property.
You do not have to give grounds for possession but must serve a two months’ written notice, which cannot end before the fixed term is finished. If a tenant does not leave after the notice expires you are legally required to obtain a possession order from the county court, which is a relatively simple process.
If a tenant moved in before 28th February 1997, and you did not tell the tenant it was an Assured Shorthold Tenancy (a Section 20 notice), then it will be an Assured Tenancy. For tenancies after that date, you will have to serve a special notice to say it is assured.
If you want to end an Assured Tenancy there are limited grounds upon which you can ask a tenant to leave, such as rent arrears. You will need to serve a notice stating the grounds for possession and, if the tenant does not leave, apply to the County Court for possession.
The first month’s rent is collected in advance. It will then be up to the Landlord to collect future rents from the Tenant if we are providing a let only service.
Income & Tax
Any rent received from letting a property is income and must be declared to the Inland Revenue. Allowances are made for landlords’ costs, such as legal fees, costs of renewing fixtures, and replacing furniture.
If you let a property which you have bought but never lived in, you may be liable for Capital Gains Tax when you sell it. You may also lose tax relief if you have a mortgage. If you are non-resident in the UK you are still liable for income tax on the rent received.
Legal Duty of Care
Under common law, the Landlord must ensure let properties are safe and failure to comply with Safety Legislation is a criminal offence and can result in legal action and prosecution. As a managing Agent, we can carry out safety checks upon request for a fee.
Your insurance company must be notified that a property is to be let out and appropriate insurance must be obtained for a tenanted property. Specialist insurance companies provide this and we can help you find the best provider.
Transfer of Utility Bills If City Lord Are NOT Managing A Property
Gas and Electricity. Inform companies of the date of transfer to the new tenants, providing their names, the meter reading, and your forwarding address so that they can send you a closing account bill.
Water Rates. Water Rates will become the Tenant’s responsibility in most cases, but please advise them of your new forwarding address. If your water charges are on meter, the tenant is responsible and a meter reading and date of transfer needs to be given to the supplier, together with your forwarding address.
Council Tax. The accommodation is self-contained, therefore by law the tenant must be registered for Council Tax. If you have joint tenants, they must each pay their share of the Council Tax.