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How to prepare your property for letting & how to be compliant

AG Estate Agents • May 3, 2022

Being a landlord can be a mind field and not knowing where to start with your property that you wish to let is a very common scenario many landlords face. In this blog you will find a lot of useful information to help you get started. Please bear in mind that a lot of the information you find below will relate to properties let under Assured Shorthold Tenancies to a single household and is not an exhaustive blog covering all aspects of property lettings.


1) Ensure you have all the relevant safety certificates in hand before you decorate or start marketing your property.


The safety certificates or actions you will need to take are:


  • Gas safety certificate: This must be performed by a Gas Safe engineer and the certificate must state all the gas appliances that have been tested and any relevant comments relating to the safety of the appliances. The most common appliances will be a gas boiler and a gas hob. The certificate will be valid for one year.
  • EICR (Electrical Installation Condition Report): This must be performed by a competent and qualified electrician. This exercise of carrying out an EICR will ensure all the electrics within the property are safe and highlight any hazards which must be rectified. An EICR is generally valid for up to five years.
  • EPC (Energy Performance Certificate): This report will advise on how energy efficient your property is and list any potentially recommendations to make your property more energy efficient. Your property must be band E or above to let your property.
  • Legionella Risk Assessment: This should be performed every two years by a competent person, to prevent or reduce the risk of any occupiers catching legionnaires disease.
  • Smoke Alarms to be fitted on every floor with any living accommodation & a carbon monoxide alarm in any room where a solid fuel is used. The landlord is responsible for ensuring all alarms are working on the commencement date of each new tenancy.
  • Check if you need either a selective or an additional license to let your property. You can find out if you need a license or not on your local authority’s website. Again, this is advisable to check before decorating etc as many of the licenses will have certain stipulations and requirements that your property must meet.
  • Ensure your property meets Housing Health and Safety Rating System (HHSRS) 2004 and the Homes (Fitness for Human Habitation) Act 2018.
  • Register with a recognised deposit scheme (My Deposits, TDS & Deposit Protection Scheme)


It’s very common to find remedial works are necessary following on from the above safety checks, especially on an older property that hasn’t been checked over for several years. So, it’s good practice to have all the certificates mentioned above in place before decorating. This way you won’t be in a position in having to drill wholes etc on any freshly painted walls and ceilings.


2) Decorate and prepare your property for your target market:


Once you have all the safety certificates etc mentioned above, it’s time to think about decorating and renovating your property, especially if no renovations have taken place in the last five to ten years. However, think about your target market before doing so and renovate accordingly.


Generally, it’s best to decorate in neutral colours such as white and look for modern designs for kitchens and bathrooms.

 

3) Insurance:


Insurance policies for rental properties are completely different to homeowner policies and getting the correct level of cover and type of policy is vital to ensure your asset is protected. You may also wish to take out a rent protection and legal expenses policy so you are covered for any potential rent arrears and eviction costs should the worst-case scenario transpire.


4) Gain the relevant consents:


  • If your property is leasehold, then you may need to obtain consent from the freeholder to sublet the property.
  • If you currently have a residential mortgage, then you will need to either gain consent to let from your lender or change to a buy to let mortgage product.


5) To Let furnished or Unfurnished?


This a question we get asked a lot by landlords and there are pros and cons for both situations. Those who are moving out of home for the first time will appreciate the lower costs associated with renting a fully furnished property. There are, however, greater numbers of long term renters now and many will have their own furniture. The biggest factor to consider when letting a property unfurnished or furnished is to look at your target market and what their requirements are likely to be. A small studio or one bedroom apartment for example will likely attract single people or couples who may be new to the area or moving out for the first time and may appreciate some furniture provided, on the other hand a three bedroom house would appeal more to a family and the requirements for furniture may not be as crucial.

If you decide to let your property furnished, then ensure all relevant pieces of furniture meet the Furniture and Furnishings (Fire) (Safety) Regulations 1988.


6) Decide if you will self-manage or appoint a reputable letting agent:


If you are confident, knowledgeable, and competent in sourcing new tenants and managing a tenancy yourself then you may wish to opt for the self-managed route and there are plenty of online agents which may be suitable for you. An online agent will help you advertise your property on the major portals, generate enquiries for your property and may also aid in tenant referencing, setting up a tenancy agreement and register the tenants deposit for an additional fee. However, in most cases, you will have to handle all the initial tenant enquiries, conduct viewings, and negotiate offers etc yourself.


On the other hand, if you’re new to the property investment world then you’re likely to be better off appointing an agent to handle the whole process for you as there are well over 100 pieces of legislation to comply with and the need to have a tenancy set up and overseen correctly has never been so important.


7) After you’ve agreed an offer with a tenant:


Once you’ve agreed an offer with a potential tenant you will need to:


  • Conduct a credit check, employment, and landlord reference on the tenants
  • Take a deposit from the tenants in line with the Tenant Fees Act
  • Register the tenants deposit with one of the three approved schemes
  • Prepare and sign a strong tenancy agreement
  • Issue all relevant paperwork to the tenant in line with the Deregulations Act 2015
  • Prepare and have the tenant sign a professional inventory
  • Check in the tenant
  • Make notes of opening and closing meter readings for utilities


8) Select the right letting agent:


If you have a property to let in Milton Keynes or London, then of course AG Estate Agents will be your first port of call! However, outside of these areas, you will need to consider the following about the letting agent you appoint:


  • If the agent is accredited through any professional bodies
  • Their level of insurance cover
  • What services they offer
  • Whether they will handle any of the legal aspects for you
  • How they will market your property for you
  • If they will conduct any property inspections for you
  • Their fees and charges
  • How they handle repairs and maintenance
  • Their reviews
  • They must have client money protection insurance in place
  • They must be registered either with the Property Ombudsman or the Property Redress Scheme


Having an excellent letting agent in place from the start can save you a lot of headaches later. So, ensure you choose the right agent by doing your own research.


Feel free to call us on 0208 614 0740 if you require any more information and we’ll be happy to assist. 

The Pros and Cons of Living in Milton Keynes: A Modern Urban Oasis

By Keval Gudka • May 25, 2023
Milton Keynes, located in Buckinghamshire, England, is a unique and vibrant town known for its innovative urban planning and contemporary lifestyle. Designed with a vision of creating a balanced environment for residents, Milton Keynes offers a host of advantages that make it an attractive place to live. However, like any location, it has its drawbacks as well. In this blog post, we will explore the pros and cons of living in Milton Keynes, helping you make an informed decision if you're considering this town as your future home. Pros of Living in Milton Keynes: 1. Modern Infrastructure and Planning: One of the biggest advantages of living in Milton Keynes is its meticulously planned infrastructure. The town boasts excellent road networks, efficient public transportation systems, and a network of pedestrian and cycling paths. This makes commuting within the town and traveling to nearby cities incredibly convenient, reducing the stress associated with transportation. 2. Green Spaces and Parks: Milton Keynes is renowned for its abundance of green spaces, parks, and lakes. The town is adorned with more than 20 million trees, offering a refreshing environment and ample opportunities for outdoor activities. Whether you enjoy cycling, jogging, or simply unwinding amidst nature, you'll find plenty of picturesque spots to explore. 3. Cultural and Entertainment Hub: Despite being a relatively young town, Milton Keynes offers a vibrant cultural scene. It boasts a range of art galleries, theatres, and live music venues, hosting a diverse array of performances throughout the year. The famous Milton Keynes Theatre is the largest outside of London, attracting renowned productions and world-class performers. Additionally, the town houses the National Bowl, a renowned open-air venue that has hosted some of the biggest music concerts and festivals. 4. Shopping and Dining: Milton Keynes is a shopper's paradise, offering a variety of shopping centres and retail parks, such as Centre:MK and intu Milton Keynes. These destinations house a wide range of high-street brands, independent boutiques, and eateries, catering to all tastes and preferences. Whether you're looking for fashionable clothing, household items, or delicious cuisine, you'll find an abundance of options in Milton Keynes. Cons of Living in Milton Keynes: 1. Lack of Historical Charm: As a new town, Milton Keynes lacks the historical charm found in some other British towns. If you're someone who appreciates centuries-old architecture and a rich heritage, you may find the town's modern aesthetics somewhat impersonal. 2. Limited Job Market: While Milton Keynes is home to several national and international corporations, such as Red Bull Racing and Santander, the job market can be relatively competitive, especially in certain sectors. Depending on your profession or industry, you may find it challenging to secure the job opportunities you desire within the town itself. 3. Traffic Congestion: Although Milton Keynes is known for its excellent infrastructure, it can still experience traffic congestion during peak hours. The town's popularity and rapid growth have resulted in increased traffic volumes, especially on major roads and roundabouts. It's important to consider commuting times and plan accordingly to avoid unnecessary delays. 4. Cost of Living: Like many desirable locations, the cost of living in Milton Keynes can be relatively high compared to surrounding areas. Housing prices can be steep, making it challenging for first-time buyers or individuals on a limited budget to find affordable housing options. Conclusion : In conclusion, Milton Keynes presents a distinctive blend of advantages and disadvantages for those considering it as their place of residence. The town's well-planned infrastructure, abundance of green spaces, and vibrant cultural scene undoubtedly make it an attractive destination. Commuters will appreciate the efficient transportation networks, while nature enthusiasts can indulge in the numerous parks and lakes. Additionally, the town's shopping and dining options cater to a wide range of tastes and preferences. However, it's important to acknowledge the limitations of living in Milton Keynes. The lack of historical charm may be a downside for individuals seeking a more traditional setting. Moreover, the competitive job market and traffic congestion during peak hours can pose challenges for some residents. Additionally, the relatively high cost of living, particularly in terms of housing prices, may be a deterrent for those on a tight budget.  Ultimately, whether Milton Keynes is the right place for you to call home depends on your priorities and preferences. Consider the town's modern appeal, cultural offerings, and convenient amenities alongside the potential drawbacks. With careful consideration, you can make an informed decision that aligns with your lifestyle and aspirations.

I Want to Sell My Property: What Do I Do First?

By Keval Gudka • May 25, 2023
Deciding to sell a property is a significant step that can bring about various emotions and challenges. Whether you're looking to upgrade, downsize, or simply need a change, selling your property requires careful planning and preparation. To help you navigate this complex process, we've outlined the crucial first steps you should take to ensure a successful sale. 1. Evaluate Your Property: Before diving into the selling process, it's essential to evaluate your property objectively. Take a step back and assess its current condition, considering both its strengths and weaknesses. Look for any repairs or renovations that may be necessary to enhance its appeal to potential buyers. This evaluation will give you a clear idea of the property's market value and help you set a realistic asking price. 2. Research the Property Market: Understanding the current state of the property market in your area is vital. Research recent sales, average property prices, and trends specific to your location. This information will provide you with valuable insights into the demand, competition, and pricing dynamics of your local market. You can consult estate agents, online databases, and local property listings to gather relevant data. 3. Find a Reputable Estate Agent: Partnering with a professional estate agent can make a significant difference in the success of your property sale. Seek recommendations, read reviews, and interview multiple agents to find one who specializes in your area and has a proven track record of successful sales. A reliable agent will guide you through the entire selling process, offer valuable advice, help set the right price, market your property effectively, and negotiate on your behalf. 4. Set a Realistic Asking Price: Determining the right price for your property is crucial for attracting potential buyers. Your estate agent will assess the market value of your property based on factors such as its location, size, condition, and recent sales in the area. While it's tempting to aim for a higher price, setting a realistic and competitive asking price will attract more interest and help you sell your property faster. 5. Prepare Your Property for Sale: First impressions matter, especially when it comes to selling property. Take the time to make your home presentable and appealing to potential buyers. Declutter, deep clean, and consider staging your property to showcase its full potential. Address any necessary repairs, touch-ups, or improvements to enhance its overall appearance. Pay particular attention to the curb appeal as it creates the first impression for potential buyers. 6. Gather and Organize Documentation: To streamline the selling process, gather and organize all the necessary documentation related to your property. This includes property deeds, title deeds, mortgage information, warranties, permits, and any other relevant paperwork. Having these documents readily available will help facilitate the transaction and provide transparency to potential buyers. 7. Develop a Marketing Strategy: Effective marketing is essential for attracting potential buyers and maximizing the visibility of your property. Collaborate with your estate agent to create a comprehensive marketing strategy that utilizes online platforms, social media, professional photography, virtual tours, and traditional advertising methods. By reaching a wide audience, you increase the chances of finding the right buyer for your property. Conclusion: Selling a property can be a complex and overwhelming process, but you don't have to navigate it alone. By partnering with a reputable estate agent, you can unlock the full potential of your property sale. An experienced agent will provide valuable insights, expert guidance, and a tailored marketing strategy to attract the right buyers and secure a successful sale. With their knowledge of the local market and extensive network, a professional agent will ensure your property receives the exposure it deserves. From setting a competitive asking price to preparing your property for showings, they will handle the intricacies of the selling process, allowing you to focus on other important aspects of your life. So, if you're ready to embark on this exciting journey of selling your property, reach out to us, your trusted estate agent. Our team of dedicated professionals is committed to delivering exceptional service, personalized attention, and outstanding results. Let us help you make a smooth transition to the next chapter of your life. Contact us today, and together we'll turn your property into a desirable and sought-after listing.

The Evolving Milton Keynes Property Market: A Haven of Opportunity

By Keval Gudka • May 24, 2023
Introduction: Welcome to Milton Keynes, a vibrant town in Buckinghamshire, England, renowned for its modern architecture, innovative design, and sustainable living. With its strategic location, excellent infrastructure, and abundant employment opportunities, Milton Keynes has become an attractive destination for property investors and homeowners alike. In this blog, we will explore the evolving Milton Keynes property market, highlighting its key features, growth factors, and the opportunities it presents for prospective buyers and investors. 1. Rising Property Prices: Over the past decade, Milton Keynes has witnessed a steady increase in property prices, making it one of the fastest-growing property markets in the UK. The demand for housing, combined with limited supply, has resulted in a surge in property values. However, compared to nearby cities like London, the average property prices in Milton Keynes remain relatively affordable, making it an enticing option for first-time buyers and investors looking for value for their money. 2. Infrastructure and Connectivity: Milton Keynes is renowned for its excellent infrastructure and connectivity, providing residents with easy access to major cities and transportation hubs. The town boasts exceptional road and rail links, with direct train services to London Euston taking just over 30 minutes. Moreover, its close proximity to major airports, such as Luton and Birmingham, further enhances its accessibility and attractiveness to both domestic and international investors. 3. Employment Opportunities: One of the key factors driving the growth of the Milton Keynes property market is the abundance of employment opportunities. The town is home to numerous large corporations, including leading automotive, technology, and logistics companies. The presence of these industries has led to a strong job market and steady population growth, attracting young professionals and families seeking career advancement and a high standard of living. 4. Sustainable Living and Urban Design: Milton Keynes stands out for its unique urban planning and sustainable living initiatives. The town was designed with careful consideration for green spaces, pedestrian-friendly walkways, and an integrated transportation system. With numerous parks, lakes, and nature reserves, Milton Keynes offers residents a balance between urban convenience and natural beauty. This emphasis on sustainable living makes it an appealing choice for those seeking a greener lifestyle and a healthy environment for their families. 5. Development and Regeneration Projects: To accommodate the growing demand for housing, Milton Keynes has seen significant development and regeneration projects in recent years. The introduction of new residential areas, mixed-use developments, and urban renewal schemes has expanded the housing options available to buyers and investors. These initiatives not only provide a range of property types but also contribute to the overall improvement of the town's infrastructure and amenities. 6. Rental Market Potential: For investors looking to enter the buy-to-let market, Milton Keynes offers promising prospects. The high demand for rental properties, driven by a growing population and a thriving job market, presents opportunities for rental income and capital appreciation. Additionally, the presence of the Open University and Cranfield University attracts many students, further fuelling the demand for rental properties in the area. Conclusion: The Milton Keynes property market continues to thrive, fuelled by its exceptional infrastructure, strong employment opportunities, and commitment to sustainable living. Whether you're a first-time buyer, a property investor, or someone seeking a modern and vibrant place to call home, Milton Keynes offers a range of options to suit your needs. With its rising property prices and potential for growth, now is an opportune time to explore the property market in this dynamic and evolving city.
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