Buy to Let Properties
If you own a property and have decided to let it or are considering purchasing a buy to let property you might use a letting agent to find a tenant or provide a fully managed service.Most letting agents will provide a free no obligation appraisal service to assess your requirements.
Which Service is Best for You?
Let Only Service
This is more suited to experienced landlords. The letting agent provides the advertising and marketing, a 'To Let' board at the property, carries out viewings, references the tenant(s), draws up the tenancy agreement and collects the tenancy deposit. All other aspects of the management are dealt with by the landlord. A let only service costs 1 month - 6 weeks rent.Fully Managed Service
This service again starts with the advertising and marketing of the property, a 'To Let' board at the property, carries out viewings, references the tenant(s), draws up the tenancy agreement and collects the tenancy deposit. In addition the letting agent prepares inventories, check-in/check-out, property inspections, oversees and arranges repairs, maintenance and other outgoings relieving the landlord of these tasks. A fully managed service costs 10% - 15% of the gross annual rent.Insurance
Relevant insurances need to be in place for rented property, including building and contents, loss of rent, legal protection and liability insurance.Building & Contents
These policies cover accidental damage, theft and malicious damage caused by tenants, property owner's liability, new for old. The premium payable can be reduced by increasing the policy excess.Rent & Legal Protection
This covers loss of rent for up to 12 months and legal cover in the event of a troublesome tenant.Energy Performance Certifcates
From 1 October 2008 this is a legal requirement for all rental properties. The certificates are provided by licensed Domestic Energy Assessors who visits the property. Once completed an energy performance certificate lasts for 10 years and gives a clear indication to tenants on how energy efficient the property is. Swell Dweller Sheffield can provide energy performance certificates for landlords from only £45 per property.Property Presentation/Upgrade
Letting agents can give advice on property presentation and potential upgrades to maximise the rental potential in terms of attracting tenants and the rent achievable. Also they will have contacts with contractors who will be able to carry out any upgrading or alterations considered worthwhile.Finance
Letting agents have contacts with independent financial advisors who can assist in providing finance for those looking to purchase a buy to let property or refinance properties already owned.General Advice
Letting agents provide advice on types of property in particular areas which are in demand for letting and the levels of rent that can be expected.[Back to Top]
