How much will it cost me to let my property?
The costs involved in letting your property consist of:
Energy Performance Certificate
An EPC, which you will need to make available to prospective tenants at the earliest opportunity. Check if your estate agent can arrange for an EPC to be carried out on your behalf. GPM can arrange your EPC for you.
Inventory and check-in report
An inventory and check-in report, which should be organised before a tenant moves in. Ask your estate agent if they can arrange this on your behalf or provide an estimate. Costs vary depending on the size of the property.
Estate agent commission
Your estate agent's commission fee, which is usually payable when a tenant is introduced and enters into an agreement to let the property. This is charged as a percentage of the agreed rental price + VAT at the prevailing rate.
Are there any additional marketing costs?
Your estate agent should include all marketing expenses within their commission fee but it is worth checking this before you instruct an estate agent, as some may charge an additional fee for advertising etc.
Who will conduct viewings on my property and when will they occur?
Your estate agent should accompany all viewings during their opening hours. However, in some circumstances they may ask you to conduct the occasional viewing. It is advisable to choose an estate agent who offers flexible times to maximise viewing potential and minimise the number of viewings you have to conduct yourself.
Do I need to be present for viewings?
If your estate agent is accompanying all viewings and they have the access codes and keys for your property then your presence is not required. It is worth noting that tenants often feel more relaxed when the owner is not present.
What is an EPC and how long will it be valid?
An EPC (Energy Performance Certificate) measures the energy efficiency of a property using a scale of A-G and is valid for 10 years.
It is a legal requirement for landlords to have a valid EPC before their property is let. GPM can arrange an EPC for you.
How much will it cost to have my property managed?
Your estate agent's Property Management fee will be charged as a percentage of the rental price and is payable upon the tenant signing the Tenancy Agreement.
How much is the tenant's deposit and what happens to it?
Typically this is four to six weeks' rent and is payable upon the signing of the Tenancy Agreement. The deposit should then be registered with a tenancy deposit protection scheme within 14 days.
GPM hold the deposit as a stakeholder and register this with a deposit protection scheme, resulting in a faster and more efficient deposit release process at the end of the tenancy.
What does the new deposit scheme involve and how does it protect me?
All deposits being paid by a tenant for an Assured Short hold Tenancy are registered with a recognised deposit protection scheme within 14 days guaranteeing that any deposit disputes will be dealt with efficiently.
How much does an inventory cost and who is responsible for organising this?
Prices vary depending on the size of your property, however, your estate agent should be able to organise an inventory on your behalf. GPM can arrange an inventory for you.
How long does it take to receive my rent once paid by the tenant?
For a long let you should receive your rent by standing order on the rental due date each month. The due date is typically, although not always, the date on which the tenant moved in.
For a short let you will receive your rent in full prior to commencement of the tenancy.