With Great Letting - Comes Great Responsibility

Let's break down the process letting your property. Be proud to call yourself a 'Landlord' with Wonderlease and familiarise yourself with everything you need to know. First things first, the references. We are very thorough with our referencing procedure, as our main priority is to find you reliable tenants who will be able to afford the rental and who will look after your property. All references are collected in-house and are available for viewing, should you wish to do so. There are situations where all of the below are not obtainable and you will be notified of any exceptions. An example of this is first time workers who have been living at home and who have not rented before.

What References are Taken from Tenants?

+ Passport or Drivers Licence - Confirming the tenants identity + Employment Reference - Stating position held, length of employment, salary and reliability + Landlord's Reference - Stating length of time at property, was rent paid promptly and condition of property at surrender. + Bank Statements - last 3 months bank statements to show status of account. + Pay Slips - confirming tenant' earnings. + Utility Bills Notice - Confirming the tenants name proof of current address + Credit Check - Giving the applicant a credit score, how long they have been living at the address supplied and any adverse credit history.

How Long Will it Take For My Property to be Let?

We have large database of hardworking potential tenants who are keen to start renting in Walthamstow, within East London and the Essex borders. On average a property should be on the market for no longer than 15-20 days. From experience, in peak times we seen properties advertised and let on the same day! Of course, the properties presented in good condition will always attract suitable tenants within a few days. For advice to show your property at its best and for recommendations to make improvements in order to achieve the maximum rental potential, please ask one of our experienced staff who will be more than happy to help. Between the lettings team, we have buckets of experience assisting landlords to make the most of their property and show it off at its best.

What Type of Tenancy Agreement will be Signed?

Tenant's sign an Assured Shorthold Tenancy Agreement, which we constantly update according to any changes to legal and market conditions. The minimum period is 6 months. The most popular length of contract is for 12 months. Most of our clients prefer the 12 months contract, which can include a break clause agreement. This means that after the minimum period (usually 6 months) the tenant or landlord may serve a fixed notice period (usually 2 months) to terminate the agreement. From the tenants' point of view, this offers flexibility, especially in an uncertain job market, and this will ultimately give us 1-2 months to find another tenant for the property. However, we have many cases where our tenants have comfortably stayed in a rented property for over 10 years. We are able to sign 18 months & 2 year AST Agreements should this be of interest to you.

How Many Sets of Keys Should I Supply?

We would recommend that at least 2 sets of keys are supplied to the tenants, and that a spare management set of keys are supplied to Wonderlease when we are instructed to manage the property. Please also ensure all personal items other than those you intend to leave in the property are removed.

Should I Provide an Inventory?

We would advise for you to carry out a detailed inventory before the tenants move in to the property to ensure a written record, signed by both tenant and landlord, is available at the end of the agreement, should there be any dispute over damages. Failure to do so would put a landlord at a major disadvantage if a dispute over the deposit occurs. Wonderlease can arrange for an independent company to carry out a full and comprehensive inventory for you. We also carry out photo inventories in-house, which is included in our services.

The Tenant Deposit Scheme

Since April 2007, when a landlord or letting agent takes a deposit from a tenant, the deposit must be protected in a government-authorised tenancy deposit scheme. This new rule applies to all Assured Shorthold Tenancy Agreements. Wonderlease is a member of such a scheme and will automatically hold all tenants damage deposits unless a landlord can prove that they are also members of a government-authorised scheme. When a dispute occurs, and if landlord and tenant both agree to use the service to resolve disputes offered by their scheme provider, they are agreeing to be bound by its decision.

Can Wonderlease Sell My Property Once I No Longer Wish to Let?

As we have hundreds of landlords, many of whom are constantly looking to build upon their property portfolio, we are always able to sell any type of property with vacant possession or with existing tenants. We also offer a free, no-obligation rental valuation service. To take advantage of this fill out our landlord form and one of our lettings managers will be in contact shortly. Alternatively please call our lettings team on 020 8509 3000 for further information.

For further information please speak with one of our managers who will be more than happy to answer any questions.

Published on 01 September 2015

Source Wonderlease

Written by Marc Cohen

Free Valuation
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