Company

This relieves the landlord from dealing with the tenant as Antony Richards Property Services will be the tenant's only point of contact. If there

are any problems with the property or rental payment, a representative from this office will deal with the matter and report accordingly.

We will provide the exact same service as the Full Management package up to the tenant signing contracts and taking possession of the property.

At this point, the tenant will be informed of your details and instructed to deal directly with yourself. A copy of the signed contract, inventory

and DVD will be forwarded to you. The deposit will continue to be held in our clients’ account but see the section regarding deposits. We will not be responsible for the check out procedure required for the return of the deposit.

Whether you are intending to take advantage of our ‘Full Management’ service or just looking to utilise our ‘Finders Only’ service, this guide will emphasize our commitment to providing a professional letting service and to making your role as a landlord easier.

Antony Richards Property Services is a member of the National Approved Letting Scheme,

the Royal Institution of Chartered Surveyors, and the Central Association of Agricultural Valuers

A free valuation can be arranged whereby our representative will call to evaluate your property and provide a rental valuation based upon its location, condition and the current market demands. The representative will be able to offer advice on current legislature and be able to answer any queries you may have with the rental procedure. At this point, you can discuss potential tenants and whether you wish to accept pets, children, smokers, etc.

Advertising/Marketing

We run weekly adverts in the Cornishman newspaper which usually attracts adequate interest to enable the property to be let. We also keep a selective list of suitable potential tenants and, as a result, proeprties are often let prior to the newspaper publication. Properties will be advertised on this website.

Tenant Selection

Written references are obtained for the potential tenants including from a previous landlord, employer and a bank reference/credit check undertaken before being accepted for a property.

Record of Condition and Inventory

Before your tenant moves in, we will prepare a record of condition and inventory of fixture/fittings with your property. In addition a DVD recording of the property is undertaken. This record is vital to both you and your tenant, and is essential in settling any differences of opinion that may occur at the beginning, during or at the end of the tenancy.

Tenancy Agreements

Once a tenant has been selected, an appropriate tenancy agreement will be drawn up. This will incorporate any necessary legal documentation (including the "prescribed information" relating to deposits) and we are able to personalise the contract to suit your property if you have specific clauses that you wish to be included. Our tenancy agreements are reviewed regularly and approved by the Office of Fair Trading.

Collection of Rent

Rent monies are monitored closely and a tenant will be contacted immediately if any arrears arise. Normally a friendly telephone call or a more specific letter can easily rectify this. All money collected on your behalf is paid into a clients' account. Please note that we cannot be held responsible for any charges incurred due to late payment of rental monies. Any minimal interest accrued is retained.

We will collect a monetary deposit from the tenant (usually equivalent to one and a half month’s rent). For all tenancies commencing after 6^th April 2007, deposits need to be held under a Government regulated scheme.

On vacation (move out), a landlord cannot retain any part of the deposit without the agreement of the tenant - any disagreement needs to be determined by an Independent Case Examiner (ICE) based upon evidence provided. This now attaches far greater importance to the initial record of condition and to the check out procedure.

Should any deposit not be held in the correct manner the landlord is liable to a fine of three times the deposit as well as not being able to regain possession of the property.

During a tenancy, we will periodically inspect the property internally (usually every six months or so). Following these inspections, a written report will be forwarded to yourself. These can prove essential in monitoring the tenant and they can also prove to be an ideal opportunity for the tenant to bring any maintenance problems to our attention.

Note: Due to health and safety considerations (applicable in the UK), we do not inspect attics or lofts.

There are several factors that you need to bear in mind before renting out your property. There are several legal obligations now on the landlord that have been introduced over the last few years. There is also the implications of your mortgage company’s permission to let and your tax liability.

The Mortgage Company: If you have a mortgage on your property, you are obliged to inform your building society/bank of your intention to rent and request their permission. At present, it is quite rare for a mortgage company to refuse permission but the requirements of payments may increase. It is always our advice to contact your mortgage company/bank and make an initial enquiry before you make the decision to rent.

(Please note: The permission to let also applies to leasehold properties. We would

recommend that a leaseholder confirms the approval of their lessor before proceeding.)

Tax Liabilities: Any income received from a rental property is deemed to be a taxable one. Payment of income tax for a UK resident is the landlord’s responsibility and it will be up to you to file any tax returns or claims. Legislation provides for a range of landlord’s expenses that can be offset against the rental income. Some examples of these expenses are listed below, but this list is not exhaustive and professional advice should always be sought to guarantee that the full potential of the expenses are realised.

Insurance premiums still paid on the property, e.g. buildings/contents policies
Maintenance and repair costs of works carried out during a tenancy
Mortgage interest payments
Agents’ fees
Utility bills (if still paid by the landlord)

If you are to reside outside the UK then your tax liabilities differ. Under the Taxes Management Act 1970 and the relevant 1996 amendments where a landlord resides abroad and receives income from a rented property, the tax liability can be made to rest upon the party responsible for collection of the rent. Under the new FICO regulations, we as collectors of your rent will deduct tax from your rent each month and pay this to the Inland Revenue each quarter. Unfortunately this has to be carried out regardless of whether or not you are actually taxable on the income. Under recent changes though you are able to apply for an ‘exemption certificate’ from the Inland Revenue which waives us, as the rent collectors, from any liability. If this exemption is granted, we will pay any appropriate rent payments to you without any tax deductions.

To assist you in completing your tax returns, we will obviously provide you with

regular rental statements detailing all deductions made and all payments made to you.

Utilities

A tenant will normally be responsible for all utility bills, i.e. council tax, water rates, gas and electric. We will advise the utilities upon each

Telephone

Upon vacating the property, you should request a ‘closing account’ from your telephone company and have the line disconnected. The onus is therefore upon the tenant to re-connect the line in their name if they then wish to use the telephone.

Our rents are due monthly on the first of each month. Naturally we need to allow time for cheque clearance and aim to forward to you less our fees and any disbursements around the 12^th of each month. Our preferred payment method is via direct electronic transfer to your nominated bank/building society account. This saves you a trip to the bank and gives you cleared funds earlier.

Many standard house insurance policies do not cover letting so you should always make sure that your property and any contents are adequately insured and fully covered. We cannot be held responsible for any difficulties arising as a result of failure to do this. There are ‘rent protection’ insurance policies also available.

Keys

You will be required to provide us with three full sets of keys for your property prior to letting it. One set of keys to be held by Antony Richards Property Services.

Tenants are expected to maintain lawned areas but we are unable to enforc maintenance of shrubs or flowerbeds to the high standard some landlords require.

We will only manage unfurnished properties and so all furniture and white goods must be removed prior to any tenant moving in. Occasionally these are ‘built-in’ and it may be appropriate to leave in situ. If this is the case, each appliance should be ‘hard-wired’ or subject to a’ portable appliance test’ (PAT). If the appliance fails the test, it must be removed. INSTRUCTION BOOKS MUST BE SUPPLIED.

It is now important to provide smoke alarms in rented property. We require all properties to be fitted with smoke alarms which should preferably be wired to the mains.

Condensation is another of our major causes of tenants’ complaints. Please ensure all windows can be easily opened and closed to allow your property to be ventilated and therefore reduce the likelihood of condensation.

The landlord is legally required to ensure that the heating and hot water system is maintained. It is necessary that the property is adequately heated in a viable manner. Maintenance of hot water and heating is the single most cause of complaints/referrals from tenants. Often this is ‘out of hours’ leading to an increased callout charge from plumbers/heating engineers.

A service of the boilers or heating system prior to the commencement of the tenancy and then annually (preferably in the autumn) should help to alleviate these problems. The instruction books must be made available to the engineers.

Problems can occur whilst during a tenancy which may not necessarily be the fault of the tenant but due to general wear and tear. We recommend that provision be made regarding maintenance. When a maintenance problem is reported to us, if the cost of the repair is below £150 we will authorise the repairs. If the cost is going to exceed this amount, we will report it to you so that you can choose whether you wish us to arrange the repair (with any costs being deducted from your next month’s rent) or to arrange it yourself.

Investment/Selling

We can advise on the best way to offer a property for sale and refer you to independent financial advice. We have a good relationship with most of the estate agents in Penwith and would happy to work with any agent you chose.

Following amendments made to this act in March 1993, any furniture included in accommodation must meet all fire resistance requirements. Due to the liability and regulations involved, we DO NOT manage furnished properties.

Electrical Equipment (Safety Regulations) 1994

This regulation came into force in January 1995 and makes it an offence to supply electrical equipment that is not safe. From January 1997, there is a further requirement upon manufacturers to mark equipment or the packaging with the ‘CE’ symbol to confirm that technical safety standards have been met.

To comply with the above regulations, a certificate is required stating that the electrical supply, equipment and appliances in the property are safe. This needs to be carried out by an electrician who is NICEIC approved (or equivalent) and inspected regularly thereafter. We require a current certificate prior to a tenant taking occupation. See also the paragraph relating to appliances.

Gas Safety (Installation & Use) Regulation 1994

The law states that any gas appliances in rented properties must be serviced and tested annually. These are usually undertaken simultaneously. A CORGI registered fitter must carry out this service and inspection and a certificate must be issued to the tenant prior to the commencement of the tenancy. We require a current certificate prior to a tenant taking occupation. INSTRUCTION BOOKS MUST BE SUPPLIED.

The penalty for non-compliance of the above regulations

This service is offered at a charge of 12.5% + VAT of any rent received. An additional administration charge is payable at the start of any new tenancy equivalent to one week's rent + VAT.

This service is offered at a charge equivalent to one month's rent. Due to the complexities of deposits, we recommend the full management service.

Due to the complexities of the tenancy deposit protection and the legal safety requirements, we will not draft a tenancy agreement until five days after receipt of all the required paperwork and keys. This includes:-

· Landlords Gas Safety Record – and evidence that all repairs have been undertaken

The five days then allow us to prepare for the tenancy properly and avoid future problems which should benefit you as the landlord to have a trouble free tenancy.