The letting process
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Preparing to let
For some, letting a property is an appealing investment opportunity. For others, it can provide an economical solution to filling a room or property that is not currently in use. Either way, a number of considerations need to be made when preparing to let a property.
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Valuing your property
To determine the rental value of a property it is important to understand the local market and local rental demand.
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Choosing and appointing a letting agent
Letting agents can help with every aspect of the letting process. Some landlords will choose a letting agent to simply market a property and then take over the management of it. Others prefer the entire process, including rent collection and emergency repairs, renewals, gas and electrical safety checks to be managed by a professional letting agent.
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Presenting your property for viewings
Preparing a rental property for a viewing will be similar to presenting a property for sale. The property needs to be clean, outstanding repairs should be completed and freshly decorated properties may be more appealing to some tenants.
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Deciding on length of tenancy
For private rentals, the most common type of tenancy is an Assured Shorthold Tenancy (AST). These tenancies usually begin as fixed term tenancies where the duration is defined from the outset, typically anywhere between 6 months to three years and mutually agreed between the landlord and tenant.
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Finding the right tenants
Different types of properties will appeal to different people, so it is important to understand your market in order to find the right tenants.
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Agreeing the tenancy
Once a suitable tenant has been found and you have accepted the tenant application, there will be some important paperwork to complete before the tenancy can start.
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Taking the deposit and moving tenants in
Whether you are working with your letting agent on a managed or non-managed basis, they will ensure you comply with legislation to protect all deposits.
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Managing a letting
As a landlord, it is your responsibility to ensure the let property is safe and secure for your tenants, and when any issues arise, they will need to be managed and dealt with promptly.
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End of tenancy and renewals
If the tenancy is a fixed term agreement, the letting agent will usually determine what your intentions are and the tenants' intentions before the end of the term.
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