Guide to Letting Property

Type of tenants - do you have a preference for the type of tenants you want to attract ? Are you after working tenants, students, families ? Be clear on what you would like or accept from the beginning so that we can target the marketing message to attract the kind of tenants you are comfortable with.

Furnished or unfurnished - if you choose to let your property furnished then you will be responsible for repairing or replacing anything provided. If you decide to let the property as a HMO then you will normally be expected to furnish the property. Unfurnished property will still need the basics - carpets, white goods and probably curtains.

Pets or no pets - despite the government’s model tenancy agreement permitting tenants the right to have pets, few letting agents use this tenancy meaning that landlords can choose whether to accept tenants with pets or not. Since the Tenant Fee Ban, it is not possible to accept a higher Tenancy Deposit to cover any damages by pets, so there is a risk that pets could cause damage greater than the Tenancy Deposit - which may be difficult to recover.

However, regular inspections can quickly identify if damage is being done to the property. Also, tenants with pets often have great difficulty finding rental property that accepts pets. This means that you may be able to achieve a higher rent if you do accept pets and tenants will be more likely to stay for a long time because of the difficulty of moving.

The nicer you can make the property look the more attractive it will be to tenants and the quicker it will let. The property will need to be clean and tidy for the photos so that marketing the property has the best impact. If there are maintenance issues to be resolved or repainting to be done, it is best to do this before photos are taken and viewings take place so that the best impression is made for tenants straight away.

As a landlord you will have ongoing expenses to cover from your rental income, including:

• Management Fees - payable to the letting agent
• Mortgage payments - if you have a mortgage
• Landlord insurance - to cover the building, landlord contents and public liability
• Safety checks - certificates as they need renewing
• Maintenance - you will be responsible for maintaining the property
• Rent insurance - not compulsory, but highly recommended so that rent arrears and any legal action related to evicting tenants is covered

EPC (Energy Performance Certificate) - it is a legal requirement to have a valid EPC before you even market a property. It is also a legal requirement that rental properties have an EPC rating of E or better, and as of 2025 this requirement will increase to a C rating or better. An EPC is valid for 10 years.

Gas Safety Certificate - if your property has a gas supply for the boiler, cooker, fireplace or any other appliance then it is a legal requirement to have a valid Gas Safety Certificate. Gas Certificates need to be renewed every 12 months.

EICR (Electrical Installation Condition Report) - as of April 2021 all rental properties need to have a valid EICR. An EICR is valid for 5 years.

Smoke and Carbon Monoxide Detectors - all rental properties need to have a smoke detector on each level of the property as a minimum. If there is a solid fuel burning device in the property there also needs to be a carbon monoxide detector near the device, and most landlords put one next to any gas boilers they have. If your property is a HMO then there will be additional smoke detection and fire safety requirements that will depend on how many people are in the property and how many levels the property has. As HMO landlords ourselves, we can advise on the requirements for HMOs.

PAT (Portable Appliance Testing) - while not a legal requirement, it is good practice to have annual PAT certificates done for all electrical appliances that you provide in your rental property. Tenants are responsible for ensuring the safety of their own electrical items.

Legionella Risk Assessment - it is now a legal requirement that all rental properties have an up to date Legionella Risk Assessment on file, and that any measures required of tenants to mitigate the risk of legionella infection are clearly communicated to the tenants.

Rental Property License - all HMOs with 5 or more tenants are required to have a HMO License from the local authority. Councils also impose additional licensing requirements in some areas, and this can mean that HMOs of any size need a license or that any rental property requires a license. We can advise you of any additional licensing schemes in place and make sure you are properly licensed.

HHSRS (Housing Health and Safety Rating System) - all rental property is now required to have periodic HHSRS assessments on file to identify any risks or hazards to the tenants living in the property.

As can be seen from the long list of safety certificates and checks that are required, there is an ever growing list of legislation that landlords and letting agents need to comply with. It can be difficult for a landlord that is not focused on property full time to keep up to date with this ever-changing legislation.

Getting on the wrong side of landlord legislation can be very expensive, leading to significant fines from the Council, Rent Repayment Orders, being banned from letting property, not being able to serve notice to tenants and even to prison sentences.

A good letting agent will protect you from these risks completely, keeping you on the right side of the law and letting you sleep well at night. They will provide the following services:

• Market your property well so that it is visible to as many potential tenants as possible
• Advise you on the best rental rate for your property
• Ensure that all certificates and checks are in place before the tenancy starts
• Select and reference the best tenants for you
• Keep safety certificates up to date throughout the tenancy
• Ensure that all of the correct paperwork is provided to the tenants
• Manage the tenant’s deposit protection and paperwork
• Deal with all tenant enquiries and issues
• Ensure all maintenance issues are dealt with quickly and effectively

As a professional letting agency, Goldsmith Property has to fulfil a number of legal requirements.

We have a ring-fenced client account for the receipt of all rent and deposit payments, meaning that your funds are fully protected. As well as the client account we also are a member of Client Money Protect, which audits the transactions in the client account and insures the money in the account.

Goldsmith Property is a member of the UK Association of Letting Agents (UKALA) which requires it to maintain certain professional standards. We are part of the Property Redress Scheme, which deals with any complaints which are not adequately dealt with, and have an Information Commissioner’s Office License, allowing us to deal with tenant and landlord personal information.

Our GDPR policy, complaints policy, privacy policy and fees are all published on the website.

We endeavour to find the best tenants for your property, and an important part of that is to fully reference prospective tenants. We use a professional referencing company to do this, and checks are made on the identity of the applicants, address history, credit references and any County Court Judgements, employment references and affordability checks. Any guarantors for the tenancy are also referenced the same way.

While we can conduct a condition report for you at the beginning of the tenancy and check against this when the tenant leaves, a full inventory from a professional inventory company is by far the best option. In the event that a tenant challenges any proposed deductions from the deposit, having a professional report from the beginning of the tenancy could be vital in winning your claim.