Landlord FAQ.
Thank you for viewing our site when considering us for letting your property. We hope we can be of assistance to you.
If this is the first time you have considered renting or even if you have let your property before, you will probably realise that it can be a hazardous business and often extremely time consuming. Although there are many to choose from, we would like to highlight a number of reasons for choosing us.
Questions:
- Why choose Broughton Property Management?
- Why is our office well located?
- How do we promote your property?
- Do you charge to provide an initial inspection?
- Are there any 'up-front' fees?
- What happens when you find a prospective tenant?
- Who are 'Homelet'?
- How much do you charge?
- What happens when you let my property?
- Do we have to pay a management fee?
- Why use an agent?
- Can you help me improve my property?
- What is HMO and can you help with 'HMO' licensing?
- Can you arrange insurance?
- Can you help if I need a mortgage?
- How do we ensure customer service and client satisfaction?
- I like Broughton Property Management—What do I do next?
Answers:
Why choose Broughton Property Management?
We are a small, friendly team who will deal with your property on a personal basis. Many letting agents are unregulated and require no professional qualifications, we were established in 1997 and our staff have many years of experience in the property business. Qualified staff can offer advice and guidance to Landlords on all aspects of letting, being a member of the National Association of Estate Agents. We were also the first member in Scotland of The National Approved Letting Scheme, founded to promote standards of professionalism within the industry.
Why is our office well located?
Broughton Street is now very popular and vibrant, located within the EH1 area. We are highly visible on the main thoroughfare and are close to the St James Centre, Harvey Nichols and the new OMNI shopping and leisure development at Greenside. We have a constant demand from prospective tenants who are relocating to Edinburgh or already working in the city centre. Accommodation is sought in all areas and we register enquiries to match suitable tenants with properties, as and when they become available.
You will see our website has a 'Subscription' service that advises prospective tenants of properties matching their needs when they become available.
Our office is open to the public from Monday to Friday for telephone and personal enquiries.
How do we promote your property?
We publish a property list that is up-dated daily and can be collected, posted or emailed to prospective tenants. In addition, our listings are included in Edinburgh's principle rental magazines including 'The Letting Guide'.
Our prominent window display can advertise your property, including colour photographs, 24 hours a day, 7 days a week. As well as being included on our website, www.broughtonproperty.co.uk, which is continuously updated, has a subscription service and includes photographs, 'e' tours, maps and other details, your property will also be automatically added to the following popular websites, with photographs, www.citylets.co.uk, and www.lettingweb.com. Entries are also filtered to other major sites such as www.assertahomes.co.uk, www.s1homes.com and www.fish4lettings.co.uk.
Do you charge to provide an initial inspection?
We will be happy to visit your property at a mutually convenient time to advise on the likely rental income that can be achieved, and answer any questions which may arise regarding the letting of your property.
These may include: -
- Obligations to your Mortgage Lender and/or Insurer.
- Liability for Income Tax.
- Legal requirements relating to current fire safety regulations for furniture.
- Legal requirements relating to gas and electrical appliances/installation.
- Obligations to current gas, electrical and telephone rental suppliers.
- Responsibility for the payment of Council Tax.
Any further issues can be raised prior to or during the first visit.
Are there any 'up-front' fees?
If you decide you wish us to manage your property, we will leave forms to sign, which appoint us as agents. No fees are payable at this stage and from this point, we offer the following service:
- Adding your property details to our list, which is up-dated on a daily basis.
- Inclusion in our window display, including colour photographs where available.
- Arranging for a To Let board.
- Full internet advertising.
- Other advertising including press lineage or block ads may be offered at our discretion some of which may of necessity attract additional charges.
- Arranging accompanied viewings with prospective tenants.
What happens when you find a prospective tenant?
We do the following:
- Carry out a detailed reference and credit check on the proposed leaseholder, via Homelet. A schedule of referencing criteria is available on request.
- Prepare a detailed inventory of contents, for agreement with the tenant.
- Take meter readings and notify all relevant service organisations (with the exception of your telephone line supplier). We will also advise the local authority regarding responsibility for payment of Council Tax.
- Arrange payment of the first months rent, together with a holding deposit (this is usually equivalent to a months rent, plus an additional £100).
- The deposit is held by us in a separate account and refunded only when the property and inventory have been checked and we are satisfied it is in a proper condition for return.
- Prepare all necessary tenancy agreements and specified notices in accordance with the relevant Housing Acts.
- We arrange tenants' contents insurance, which also protects your fixtures and fittings against accidental damage.
Who are 'Homelet'?
All tenants are subject to reference, unless otherwise agreed. Unless agreed otherwise, we employ the services of 'Homelet' referencing services. They provide guarantees of rental payment should your tenant default, they will also arrange for legal services, if removal is required for this reason.. Details of their 'Rent Guarantee' scheme will be provided on request.
Please note this does not guarantee that all rental payments will be paid in full but subject to the conditions warranted by 'Homelet'.
How much do you charge?
When a suitable tenant is found and all reference enquiries checked satisfactorily, we charge a one-off, all-inclusive, payment of £110.00 plus VAT, deductible from the first month's rent. Unlike many other agencies, there are no additional charges for internet and window advertising, 'To Let' boards, viewings, lease preparation, inventories, Citylets magazines, etc., unless you cancel your agreement, by giving two months' notice. Our monthly management fee is simply 10% plus VAT.
What happens when you let my property?
Inclusive in our monthly fee, we arrange:
- The collection of rents and undertake to pass on all monies due to you, by cheque or into your nominated bank/building society, within seven working days of receiving cleared funds.
- To pursue slow payers or rent arrears where necessary.
- To deal with all day-to-day matters, ensuring the tenancy runs as smoothly as possible. Additional fees may become due for services we undertake to have carried out on your behalf. (Please see agency agreement form.)
- The payment of emergency and/or routine maintenance and repairs (up to a pre-arranged amount - usually £150.00 excluding VAT, please see agency agreement form) deductible from rent monies received.
- To provide monthly rental income statements.
- To carry out inspections to verify that the condition of the property and furnishings are being maintained.
- To arrange lease renewals and extensions. Please note that there is no additional charge for this service.
- To arrange for service of Notices to Quit, where necessary.
- To check the property and inventory of contents at the expiry of a lease and arrange any deductions to be made from the deposit.
Do we have to pay a management fee?
We provide the same marketing service as the full management package up until the tenant moves in. From this point, the tenant will then deal with the landlord throughout the tenancy and the landlord will hold the deposit. It is important to note, however, that if you have a mortgage on the property, your mortgage lender may insist that an agent manages the property.
This service will be charged as a 'one-off' fee equivalent to the first months rent plus VAT.
Why use an agent?
The nature of our business means that we will hold money on behalf of tenants and landlords. Because of the position of trust this places us in, it is this firm's philosophy to offer additional protection for our customers. We subscribe to a Fidelity Bond, offered by the National Association of Estate Agents, providing a limit of £10,000 per individual claimant, in order to assure you that we can be relied upon to look after your rental money and protect you financially.
Can you help me improve my property?
This era of the 'Buy to Let' has raised the standards expected by tenants making the marketplace more competitive.
We can organise and arrange for our tradesmen and contractors to improve your property quickly and with minimal loss of 'letting time'. TV programmes such as 'The House Doctor' etc. amply demonstrate how improvements from a coat of paint to a complete makeover can vastly change the appearance of your property and its attraction to prospective tenants.
Our 10% fee (of the project cost) frees you from the hassle of writing specifications, obtaining quotes and the organisation of tradesmen.
We will manage the entire project, ensuring that costs are only incurred with your prior authorisation.
What is HMO and can you help with 'HMO' licensing?
HMO—(House in Multiple Occupation)
The Civic Government (Scotland) Act 1982, introduced HMO licensing by local authorities for houses occupied by unrelated people, a requirement that subsequently became mandatory from October 2000. The regulations are intended for those properties to ensure that specific standards for safety and accommodation are met and maintained.
See our links for the City of Edinburgh Council to download specific details from their website.
Broughton Property Management can submit your application and oversee all the works necessary to achieve an HMO license for your property. Our skilled contractors and tradesmen will carry out the work to ensure compliance.
Our 20% fee (of the project cost) frees you from the hassle of Council bureaucracy and organisation of tradesmen. We will arrange competitive quotes and liaise with all parties throughout and unlike many companies it is only when we are in receipt of the council inspector's report that we will we cost the work and arrange for it to be done.
Can you arrange insurance?
We can offer advice and obtain quotes, free of charge, on all types of building and contents insurance. Please ask if you require advice on this.
Tenants will be required to provide evidence of a suitable insurance being in place prior to being given occupancy. Alternatively we will provide them with insurance through 'Homelet'. However, we would advise that this is their insurance and we cannot insist that they claim for damage to your property.
Can you help if I need a mortgage?
Mortgage facilities can be arranged (subject to status) on varied types of loans, including Buy-To-Let. If you are interested in any advice without obligation, please contact us to arrange a suitable appointment with an independant Financial Consultant. Please note there is no additional charge for this service.
YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.
Written quotations of credit terms available on request. A Life assurance policy may be required.
How do we ensure customer service and client satisfaction?
Be assured that all our clients are important to us and we will do our utmost to ensure their satisfaction.
We are required as part of our membership of the NAEA to have in place a customer complaints procedure. Any complaints submitted in writing will be logged and dealt with in a timely manner. We make every endeavour to ensure that this log gathers dust on a shelf.
If at any time you feel aggrieved; perhaps because a telephone call is not returned, there appears to be a lack of information about your property or an issue does not appear to be receiving our best attention. For such concerns we have a separate procedure that will guarantee a response within 24hrs. Either email info@broughtonproperty.co.uk or telephone and ask specifically for the customer services manager.
I like Broughton Property Management—What do I do next?
If you would like to arrange an initial inspection, with no obligation, or if you would like to discuss any further aspect of letting or management, please do not hesitate to contact us [info@broughtonproperty.co.uk].
