Landlords Frequently Asked Questions
10th Mar 20

Landlords Frequently Asked Questions

10th Mar 20

Landlords Frequently Asked Questions

 

Q: Do you register the tenant’s deposit with a Tenancy Deposit Scheme?

A: Yes, we do this as part of our standard management package. Bluestone Properties register all tenant deposits with MyDeposits, a government-approved tenancy deposit scheme.

 

Q: How much will it cost to let my property?

A: There are set legal requirements that will need to be met before you can let your property, including:

·         Registering as a landlord with the local council. Remember, you will need separate registrations for each council if you have properties in different areas.

·         Arranging an Energy Performance Certificate

·         Arranging a Gas Safety Certificate (if applicable), An Electrical Installation Condition Report (EICR) and PAT Testing

·         Ensuring adequate smoke and heat detectors are present in the property.

·         Bluestone Properties can assess your property and arrange any necessary works to ensure your property meets these standards.

Once your property is let, we charge only a one-off finder’s fee, and a set monthly factoring fee. There are no additional costs beyond this, and we operate a ‘No Let, No Fee’ arrangement, meaning no money is charged up-front; a charge only applies once we successfully let your property.

 

Q: Why should I have an inventory?

A: The inventory takes stock of the condition of the property at the outset of the lease, and is used as the basis to claim for costs for any cleaning or repairs required at the end of the lease. Without an inventory, you have no way of proving that the damage was caused during the tenancy, and no way of defending your claim.

Current legislation requires that all deposits be held in a government-approved Tenancy Deposit Scheme (TDS). At the end of the lease, the deposit is either refunded to the tenant, or transferred to the landlord if there are costs for cleaning or damages caused over the course of the tenancy. To quote from TDS:

“Tenancy deposit protection schemes do not disregard, out of hand, inventories that are not prepared by independent companies or individuals. However, they are likely to place less weight on their contents. It may also be necessary for a landlord to provide more corroborating evidence to show the condition of the property than would normally be required if the process was carried out by qualified and independent inventory clerks.”

As such, we strongly recommend all landlords to:

always have an inventory carried out at the outset of a lease,

have the inventory carried out by an independent inventory clerk.

Bluestone Properties use Hamilton James Inventory Specialists for all inventories, covering all of London areas. This arrangement allows us to offer competitive pricing options for landlords, while meeting legislative requirements.