Landlords Frequently Asked Questions
The questions and answers set out below should hopefully provide a useful starting point to help build an overview of the process. To get into the detail and look at it more comprehensively we recommend booking an initial consultation.
- This will cover giving you professional advice on being a landlord, the rental market, preparation of your property and rental valuation.
- Proceeding to marketing your property, we use the major internet portals, local and regional press and our own website.
- We provide vetted appointments with accompanied viewings. Prospective tenants are fully referenced to include credit searches. Accurate Tenancy Agreements are vitally important and our comprehensive documentation benefits from many years of experience to protect our landlords.
- We will run through Statutory Energy and Safety Compliance and give you advice to ensure your compliance including EPCs (Energy Performance Certificate), gas checks, electrical certificates and fire safety legislations.
- It is useful to understand Buildings and Contents Insurance to ensure that your insurance provides specific over against the risks faced as a Landlord.
- We will advise re Professional Cleaning, Maintenance, and any other preparation requirements.
- Inventories and Schedules of Condition are essential to protect your interests throughout and at the end of the tenancy, especially if there is a dispute.
GUARANTEED RENT SCHEMES & PRIVATE SECTOR LEASING
Private sector leasing is a partnership between Mack Residential and Local Authorities which provides Landlords with the security of GUARANTEED RENT, paid on time every month and peace of mind from professional property management.
If your property is placed on one of our lease schemes then we lease the property directly from you. This is for a fixed period at a fixed rent, with no set up fees, commission or monthly management charge. It is guaranteed void free income for the term.
A simple inspection to confirm the property meets our required standards is the first step towards accessing our GUARANTEED RENT schemes. From approval and acceptance onto a scheme the leasing process can be as quick as from 24 hours to a maximum of 10 days.
1. Do I need an agent?
Mack Residential have access to a broad range of prospective tenants and are very experienced when it comes to marketing a property. Our expertise and reach mean we will usually find a tenant, and fill your property more quickly than if you decide to go it alone.
Not only do we take the stress out of letting your property and dealing with the day to day issues, it is also useful to have a professional distance between landlord and tenant.
We also ensure your property is let in accordance with all the latest legislation and guidelines.
2. How much rent will my property achieve?
We assess your property, its overall condition and how it compares to other properties we let, while also taking into account local market conditions and similar properties to arrive at a realistic monthly rental value. Utilising our experience we will advise on potential improvements which may enhance the property and maximise the monthly rental.
3. Which is best - furnished or unfurnished?
The market the property is targeted at dictates furniture requirements. We will advise you accordingly.
4. Do I inform my mortgage lender?
Unless your property has a buy to let mortgage then you must inform them.
5. Do you carry out viewings and do I need to be present?
You do not need to be present and we accompany all viewings. This ensures we can answer any questions and more importantly get an instant commitment from an interested tenant.
If the property is currently tenanted we liaise with the tenant to ensure the viewing is at a suitable time.
6. What is the Tenancy Deposit Protection Scheme?
Legally all tenant deposits much be placed in a government-backed Tenancy Deposit Protection Scheme. We will ensure deposits are lodged in the correct manner and within the required timeframes.
7. When are rents paid?
We set up tenancies to receive rents between the 1st and 3rd of the month. We then pay all our landlords directly via BACS, so you will receive funds a few days later.
8. If my tenant fails to pay their rent what happens?
For managed properties or those on a rent collection service, we pursue all late and unpaid rents relentlessly as we strive for zero arrears.
Insure policies can provide additional protection and we can discuss the merits of these and types available if this is deemed appropriate.
9. Is rental income taxable?
Yes it is, and we advise taking advice from an accountant with regard to preparing your return and understanding deductible expenses.
10. Do you organise repairs and maintenance?
For all of our managed properties we will deal with any repairs or maintenance issues and we have a range of suppliers who we use. We can also liaise with your preferred suppliers if required.
We can also assist landlords of rent collection and let only properties who would like to outsource any maintenance or repair issues. This can be dealt with on a case by case basis.
11. Will tenants respect my property?
This cannot be guaranteed, but we treat your property as if it is our own and our focus is on identifying quality tenants to lessen the chances of damage and disputes.
For managed properties we carry out quarterly inspections which help identify any issues and we report back our findings and recommendations.
Landlord Fees
Standard Managed Service
| Management Fee | 10% of the monthly rent + VAT |
|---|---|
| Tenancy Set Up Fee | £250 + VAT (£300) |
| Inventory Fee | (depending on size, condition and furnishings in the property – see costs below) |
| Inventory Fees | Managed | Let Only | Managed | Let Only |
|---|---|---|---|---|
| 1 bed property – Unfurnished £70 + VAT (£84) | 1 bed property – Unfurnished £70 + VAT (£84) | 1 bed property – Furnished £85 + VAT (£102) | 1 bed property – Furnished£85 + VAT (£102) | |
| 2 bed property – unfurnished £80 + VAT (£96) | 2 bed property – unfurnished £80 + VAT (£96) | 2 bed property – Furnished £95 + VAT (£114) | 2 bed property – Furnished £95 + VAT (£114) | |
| 3 bed property – unfurnished £100 + VAT (£120) | 3 bed property – unfurnished £100 + VAT (£120) | 3 bed property – furnished £120 + VAT (£144) | 3 bed property – furnished £120 + VAT (£144) | |
| 4 bed property – unfurnished £120 + VAT (£134) | 4 bed property – unfurnished £120 + VAT (£134) | 4 bed property – furnished £150 + VAT (£180) | 4 bed property – furnished £150 + VAT (£180) | |
| 5 bed property – unfurnished £150 + VAT (£180) | 5 bed property – unfurnished £150 + VAT (£180) | 5 bed property – furnished £170 + VAT (£204) | 5 bed property – furnished £170 + VAT (£204) |
Let Only Service
| Tenant Introduction Fee | 75% of the first month rent + VAT |
|---|---|
| Inventory Fee | (depending on size, condition and furnishings in the property – see costs above) |
Additional Fees (if required by Landlord):
| Gas Safety Test Certificate | From £60 + VAT (£72) |
|---|---|
| Energy Performance Certificate | From £75 + VAT (£90) |
| Portable Appliance Test | From £60 + VAT (£72) |
| Section 21 Notice – Check Out Report Fee | From £85 + VAT (£102) |
| LET ONLY | FULLY MNAGED | |
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Marketing your property Via all the UK’s major internet portal, rightmove.co.uk, local and regional press and our own website Vetted Appointments with Accompanied Viewings Full References and Credit searches |
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Statutory Energy and Safety Compliance Professional advice to ensure your compliance including EPCs (Energy Performance Certificate), gas checks, electrical certificates and fire safety legislations |
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Buildings and Contents Insurance Professional advice to ensure that your insurance provides specific over against the risks faced as a Landlord (- additional cost) Professional Cleaning, Maintenance, and Other Preparation |
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Tenancy Agreement Comprehensive documentation benefiting from many years’ worth of hindsight and experience to protect our landlords |
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Inventory and Schedule of Condition Essential to protect your interests throughout and at the end of the tenancy (additional cost) |
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Inventory and Schedule of Condition Essential to protect your interests throughout and at the end of the tenancy (additional cost) |
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Register the Tenancy deposit To ensure your compliance with tenancy deposit legislation and protect your interests as a landlord |
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Tenancy renewal We will correspond with you about renewal dates ell in advance, advise, you, take your instructions and where appropriate negotiate and document renewals on the best possible terms |
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Routine Visit Carry out periodic visits to monitor the tenancy and gauge the tenant’s compliance with their tenancy obligations, reporting to the landlord |
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Repairs and Maintenance Organising and overseeing appropriate maintenance works and repairs with approved contractors |
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Final Inspections Check out your tenant at the end of the tenancy, appraise the condition of the property relative to the original inventory and administer the tenancy deposit |
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