Taylor William Letting and Estate Agents

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1 Taylor William Letting and Estate Agents Landlords Information Pack 108a Main Street Larbert FK5 3AS 1 Albert Place Main Street Maddiston, FK2 0JX Tel: Tel:

2 Taylor William Letting and Estate Agents is an established company with offices located in Larbert and Brightons. At Taylor William we offer a reliable, efficient, comprehensive service. We put the landlord first and ensure the successful management of your property. Finding a Tenant Finding the right tenant for a property is essential. We discuss with you the criteria for the sort of person you wish to occupy your property. We will find prospective tenants that meet the criteria. Prospective tenant s must provide us with suitable references. Only after checking these references will we then proceed with a tenancy. We obtain references from employer, character reference, landlord reference and credit check. If for any reason the references do not meet our expectations we will discuss with yourself whether you would like to proceed with the applicant. Rent Rental payments are due every calendar month, in advance, starting from the commencement of the tenancy agreement. We do encourage tenants to pay their rent by standing order. We do however also accept payments by cash and debit/credit card. Deposits We always request a deposit when a prospective tenant applies for a property. This is always the equivalent of one month s rent. Deposits are held to help ensure the tenant looks after the property and as a safeguard against unpaid rent. It is refundable at the end of a tenancy, only after the tenant has vacated the property, providing the property is in an acceptable condition. When the tenant vacates the property, you will have an opportunity to inspect the property yourself prior to the deposit being refunded. Should you wish to so do, you must make arrangements to view the property as soon as possible, once the tenant has vacated. Deposits will be held by Safe Deposit Scotland for the duration of the tenancy. At the end of the tenancy the scheme will pay it back to the tenant that has recently vacated. In the event of a dispute, both parties will be asked to provide evidence and it will be referred to an Independent adjudicator to resolve disputes.

3 Commencement of Tenancy The tenancy commences on a date mutually agreed by the new tenant and landlord. Prior to the tenant moving in we will compile an inventory of the property. The inventory will list all furnishings, fixtures and fittings and contain a description of the condition of the property. A copy of the inventory is given to the tenant. This provides the tenant with an opportunity to list any discrepancies. Prior to the tenant moving in to the property we will take any meter readings. These readings are then passed on to the appropriate utility companies. At the same time we also inform the council of the change in tenancy. Tenancies All new tenancies commence with a maximum six month assured Shorthold Tenancy Agreement. If after the initial six month tenancy you wish the tenant to vacate the property you must issue the tenant with 2 months notice in writing. The notice to vacate documents must be served to the Tenant by a Sherriff s Officer. If the tenant wishes to vacate after the initial six month tenancy they must also provide you with two month s notice in writing. If you are happy for the tenancy to continue it will do so on a month to month basis. Alternatively, you can choose to renew for a period of six months or more if the tenant is in agreement to sign another tenancy. Please note: when a tenant is issued a notice requiring possession the tenant must vacate the property on the date specified. However, should the tenant fail to vacate the property, enforcement of this notice can only be arranged through the courts. End of Tenancy Once a tenancy comes to an end, we make arrangements to meet the tenant at the property. We then inspect the property again and take meter readings and also obtain a forwarding address for the tenant. The deposit is refunded to the tenant once we are convinced that everything is in order. Should there be any disputes regarding the property condition, the first course of action is to give the tenant an opportunity to rectify the problem. If the tenant does not rectify the situation, we can then make a deduction from the deposit (valid estimates must be obtained indicating the exact cost of repair). Should an agreement not be reached between the landlord and tenant, we will then forward the dispute to Safe Deposit Scotland and an independent adjudicator will make the decision in regards to the dispute. Inspections We conduct regular inspections of all tenanted properties. These inspections allow us to visit the tenant to ensure they are taking care of the property. We also check for of any issues or damages. If anything needs attention, we will then inform you as soon as possible and advise you therefore reducing the risk of the problem escalating.

4 Repairs It is highly likely that every property will require a repair at some point during a tenancy. We are the first point of contact for a tenant to contact if there is an issue at the property they need to report, we will then make contact with you immediately If a serious fault occurs (water burst, flood, etc) and we are unable to reach you, we will authorise a repair. In the case of an emergency a decision must be made quickly to avoid further damage and to ensure that the tenant is living in a habitual property, therefore we will make the decision in the event that we are unable to contact you. Once a property is tenanted, landlords have an obligation to ensure it is well maintained. Carrying out repairs quickly is as important for you as it is for the tenant. Gas Appliances It is a legal requirement that gas installations in residential tenanted properties are inspected on an annual basis. Inspections must be carried out by a Corgi-registered engineer and have to meet strict conditions before a safety report is issued. A copy of the report must be left at the premises. In addition, we must keep a copy in our files. We can arrange for the safety inspection to be carried out for you by our local gas engineer, unless you have a preferred contractor. Should you have a contract with Scottish Gas etc we must be provided with the details of this contract so that the details can be kept in your property file and should the tenant have any problems, we will contact your service provider on your behalf. Alarms It is a requirement that all properties are fitted with mains smokes alarms. A smoke detector is required to be fitted on each level of the property and also in the main living area. A heat detector is also required to be fitted. If your property has gas appliances then you must install a carbon monoxide alarm (these detect the build-up of dangerous gasses). Should the property have a burglar alarm fitted at the property we must be provided with the code prior to a tenant moving in. This information will be kept on your property file. Furnishings Any furniture left in a property should be safe to use and well maintained. Any soft furnishings must comply with fire regulations and the original fire regulation labels should be attached. If not, the furnishings must be removed from the property and they cannot be stored at the rented address.

5 Mortgages If the property is subject to a mortgage, the mortgage lender must be informed of your intention to let. This should be done before a tenant moves into the property. Insurance As a landlord you are still responsible for the building and accordingly the buildings insurance. Please note buildings insurance will not cover the costs of replacing or repairing carpets if they become damaged but it does however cover fixtures and fittings. If the property is furnished or partfurnished you may also wish to consider contents insurance. We will always encourage a tenant to take out contents insurance and ask that this cover includes accidental damage to any belongings in the property belonging to the landlord. Tax Income received from renting property is subject to tax and therefore we strongly recommend that you take advice from an accountant. Expenses incurred can be set against tax liability, as can the interest paid on the mortgage. Overseas Landlords Landlords who reside overseas and own rented property in the UK are able to apply to the Inland Revenue for an exemption certificate, which enables us to pay them gross rent (subject to our deductions). However, if they do not apply for exemption, it is a statutory requirement that letting agents deduct tax at source, currently rated at the lowest prevailing tax rate. Empty Property When the property is vacant we cannot be held responsible for the upkeep etc of the property. Keys We require three sets of keys for the property. We will provide the tenant with two sets of keys upon occupation and the third set is retained in our office for use in the event of an emergency. If you have any questions regarding the content of this document please do not hesitate to speak to any of our friendly staff.

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