How do I know what rent to charge?
Ask us to value your home. At Machards, we’re experts in the market, so we can tell you how other rental properties are doing in the area, and what kind of yield you can hope to expect. Book a valuation here.
What is an EPC?
The new legislation regarding Energy Performance Certification (EPC) for rental property requires properties to have an EPC after the 1st of October 2008.
What Is the Tenancy Deposit Scheme?
In accordance with the Housing Act 2004, Landlords are no longer permitted to retain a Tenant’s deposit and must select either an insured based or custodial based scheme in which to hold a Tenant’s deposit. We are a member of DPS, which is a Deposit Protection Service.
How do you reference applicants?
We appoint a specialized company to check all applicant references called Homelet. They will check employment, previous landlord, affordability and more.
Do I need an inventory?
We strongly advise our Landlords to carry out an inventory for each separate tenancy, as your letting agent we are more than happy to arrange this. The purpose of checking an inventory is to establish damages which can only be done if descriptions and conditioning remarks are sufficiently detailed at the commencement of the tenancy and then at the end of the term.
How is the rent paid?
Typically a standing order is set up from the Tenant’s bank account and the rent will be paid in advance. The rent is then paid by BACS directly into the account of your choice.
Can I manage my property myself?
You certainly can, however, many Landlords under-estimate the amount of time and skill that is required to manage a property and Tenant well. For a small monthly fee, we can handle virtually every aspect and provide a useful buffer between you and your Tenant. You still make all the decisions but we do all the work for you.
When do I find out what date I can move in?
The date set for you to move into the property, known as ‘completion’, will be agreed with your seller during the sales process. This date is usually confirmed by the Solicitors. We recommend at least one week between exchange and completion, to give all parties time to pack etc.
What does exchange of contracts mean?
If your offer is accepted, your dedicated agent will contact you to let you know. We will speak with you about dates for completion and discuss exchanging contracts on your behalf, before you agree the timescales and next steps for exchanging and completion with your Solicitor.
Should I retain the services of my existing solicitor?
If you have a solicitor who you know can work quickly and efficiently where conveyancing of properties is concerned, you can continue to use that firm. However, if you have any doubts we can confidently recommend one of our excellent solicitors.
How much deposit will I need to get a mortgage?
It is usual to pay 10% of the asking price, though your mortgage company may require more. If your purchase is dependent on a sale, your solicitor will typically use your buyer’s deposit for your related purchase.
How long does it take to buy a property?
The length of time it takes to buy a property varies and no two transactions are the same. On average, we find that it is usually around 3 months to get through to completion, but this can vary depending on circumstances,
What should I expect from a successful sale?
Although an estate agent cannot guarantee an accepted offer with progress to exchange and complete, they will keep you up to date throughout the sales process. Solicitors should also ensure that all relevant documents are ready to be signed or actioned before the sale. Your estate agent and solicitor should be available to discuss your concerns with at any point during the process. Selling your home can be a stressful process and your estate agent is there to make it easier for you and deal with any concerns and questions you may have.
Do I need to provide an Energy Performance Certificate (EPC)?
Yes. This is a legal obligation that has been in place since January 2013. It must be made available within 7 days of putting the property on the market. If you are selling your property through an estate agent then they will display the EPC rating in all marketing material. An EPC measures the energy efficiency of a property using a scale of A-G and is valid for 10 years.
Do I have to instruct a solicitor?
Not necessarily, however the legal side of selling a house can be incredibly complicated so it is recommended that you do use a solicitor or a licensed conveyancer. Although not using a solicitor or licensed conveyance may save you fees, the amount of time and effort required to organise this yourself may not be worth the monetary saving. An experienced solicitor will also bring to your attention concerns that an inexperienced person may well miss.
How long does it take to sell a property?
On average it takes around 3 months to get to completion, however dependent on the status of the seller and buyer the timescales may vary.
How much is a deposit?
A deposit for a long term tenancy is equivalent to 5 weeks’ rent.
Is my deposit protected and can I have a copy of the certificate?
Do I need to be present for the inventory check-in/out?
You don’t need to be present, however best practice is to be present if you can.
How do I renew my contract?
You should inform us as soon as possible before the end of your tenancy to allow enough time to arrange all the related administration. Contact us at email@example.com more information.
How do I serve notice to vacate my property?
Notice would need to be served in accordance with your particular lease agreement by emailing us formally at firstname.lastname@example.org. You can always give us a call before if you have any questions.
Who do I speak to if I have problems with my tenancy?
How do I pay rent?
For long lets you will be asked to set up a monthly direct debit with your bank. Depending on satisfactory references, we may require 6 months rental payments in advance (for example international students or no previous UK references).
For short lets you will need to pay the rent in full prior to the commencement of your tenancy. We accept bank transfers, cash and direct debits.
How do I work out a monthly rental payment?
In the UK, we advertise properties with a rent per week.
The best way to work out the monthly rental payment for a property is to multiply the weekly rent by 52 and divide the total by 12.
Example: £900 per week rent x 52 = 46,800 / 12 = £3,900 per month
Who is responsible for contacting the utility companies after I move in?
You as the tenant are responsible for setting up accounts with the utility companies directly when you move into your property and also when you leave, taking care to provide meter readings at the beginning and end of the tenancy.
What references do I need to get?
We work closely with Homelet that takes care of our tenants reference check.
Long let: you will be asked for a previous landlord, bank, employee and/or character references to demonstrate proof of income and suitability. You will also need to provide proof of ID, proof of address and proof of a ‘Right to Rent’ in England through a passport or combination of passport and valid visa.
Short let: you will be required to produce proof of address and either your passport, national ID card or driving licence and an employment or character reference detailing why a short let is required. For a short let tenancy where a company is the tenant you will be required to produce proof of ID for those staying at the property and a letter from the company confirming the full names of all proposed occupants.