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Keenans Lettings Ltd - Landlord FAQ

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Landlord FAQ's

Things to do to let your property

  1. How much will it cost me to let my property?
  2. Are there any additional marketing costs?
  3. Who will conduct viewings on my property and when will they occur?
  4. Do I need to be present for viewings?
  5. What is an EPC and how long will it be valid?
  6. How much will it cost to have my property managed?
  7. How much is the tenant's deposit and what happens to it?
  8. What does the new deposit scheme involve and how does it protect me?
  9. How much does an inventory cost and who is responsible for organising this?
  10. How long does it take to receive my rent once paid by the tenant?

1. 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 before marketing can begin. Keenans 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 agent if they can arrange this on your behalf or provide an estimate. Costs vary depending on the size of the property.

Agent's commission

Your 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 inclusive of VAT plus an initial set up fee.

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2. Are there any additional marketing costs?

Your agent should include all marketing expenses within their commission fee, but it is worth checking before you instruct an agent, as some may charge an additional fee for advertising etc.

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3. Who will conduct viewings on my property and when will they occur?

Your 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 agent who offers longer opening hours to maximise viewing potential and minimise the number of viewings you have to conduct yourself.

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4. Do I need to be present for viewings?

If your 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.

If you would like to meet the prospective tenant prior to taking references talk with your agent.

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5. 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. From the 1st of April 2016 tenants can require landlords to improve the efficiency of F and G rated properties and from April 2018 properties with a rating of F or G cannot be let.

Keenans can arrange an EPC for you.

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6. How much will it cost to have my property managed?

Your 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. Refer to your agent's Terms and Conditions for an outline of the services provided by their Property Management department and the corresponding fee.

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7. How much is the tenant's deposit and what happens to it?

Typically this is one calendar month’s rent and is payable a week before your chosen move in date. The deposit should then be registered with a tenancy deposit protection scheme within 30 days.

Keenans send deposits to the DPS, (Deposit Protection Service) resulting in a faster and more efficient deposit release process at the end of the tenancy.

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8. What does the new deposit scheme involve and how does it protect me?

All deposits being paid by a tenant for an Assured Shorthold Tenancy are registered with a recognised deposit protection scheme within 30 days of being received, guaranteeing that any deposit disputes will be dealt with efficiently.

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9. How much does an inventory cost and who is responsible for organising this?

Prices vary depending on the size of your property, however, your agent should be able to organise an inventory on your behalf.

Keenans can arrange an inventory for you by our Association of Professional Inventory Providers (APIP Propertymark) representative.

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10. How long does it take to receive my rent once paid by the tenant?

The rent due date appears on the AST, payment is usually by standing order to your agent and once received, reconciled on the next working day and processed, becomes payable to the landlord, dependent on the bank, the funds can take up to 3 working days to process into your account.

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