Letting Your Property
Thinking of letting your property?
Letting a property, which in many cases is your largest and most valuable asset can be a complex matter, but we at Priors intend to make this procedure as trouble free as possible. Being one of the longest established independent residential Letting Agents in Brighton & Hove, we aim to provide a comprehensive range of services, which can be tailored to each landlord’s individual requirements.
As a landlord, you can choose between a Full Management or a Straight Letting/Tenant Finding Only arrangement, should you wish to manage the property yourself, once we have secured suitable tenants.
What will it cost you?
Our Letting and Full Management service is charged at 10% + VAT. This rate can vary depending on the size, location of the property and size of portfolio.
Initial set up / administrative fee to cover:
- Taking references on all prospective tenants and guarantors where applicable
- Credit check to identify and adverse credit history / CCJ's
- Completing Government Right to Rent checks where applicable
- Producing tenancy and guarantor documents
- Supply of professional inventory
- Check in and out appointments with the tenants
For one tenant - £400.00 plus VAT
For two tenants - £600 plus VAT
For three or more tenants - an additional £75.00 plus VAT per tenant
Straight Intro / tenant find
Fee equivalent to 3 weeks' rent plus VAT
Tenancy Agreement fee £50.00 plus VAT
Inventory fee £95.00 plus VAT
Optional check out fee when tenant vacates £95.00 plus VAT
Our full Terms & Conditions are available on request. All our staff are experienced in providing a quality service and are always available to answer any queries that you may have.
Priors are a member of the Property Redress Scheme and our client money protection is provided by Propertymark.
Why let your property through Priors?
Once you have decided to let your property through our agency, we will immediately arrange to initiate proactive marketing in order to secure a suitable tenant(s) as quickly as possible. Our marketing campaign will include −
- To meet legal requirements, all properties now require an Energy Performance Certificate (EPC) which we can arrange on your behalf
- Weekly advertising in local publications/property supplements
- The property will be included on our comprehensive lettings list, which incorporates digital photographs
- The property will also be included on our website − www.wmprior.co.uk. This has been designed to be user friendly and again incorporates coloured digital photographs. It also offers prospective tenants the opportunity to be added to our mailing list which will automatically email details of suitable properties to them on a daily basis
- The property will also be featured on www.rightmove.co.uk and www.onthemarket.com
- An eye−catching ‘To Let’ board will be erected outside the property (subject to your consent)
- All viewings will be accompanied by a member of our experienced staff and we will report back to your regularly with an update/report
- All lettings are agreed on a ‘Subject to satisfactory references’ basis.
- Prospective tenants are required to complete an on-line application with our referencing provider Rentshield Direct'
- Rentshield based on the result of their enquires will confirm to us if the prospective tenant/s are considered suitable.
- To determine this they will check the applicants credit history for any adverse records (CCJ’s etc) and undertake an affordability check for the proposed rental amount.
- References will also be obtained where applicable from current / previous employers and landlords.
Once a suitable tenant has been secured, we will instruct our Inventory partners to prepare a detailed check in document for inclusion within the Tenancy Agreement pack. The Inventory will detail colours of carpets, walls etc. together with general statements regarding the condition of the property. This is the document we cross reference against when checking out the tenants at the end of the Tenancy Agreement. It will also include gas, electric and water meter readings, where applicable.
Once a tenant has been found
Any prospective tenant(s) will need to provide references and our reference requirements are as follows:-
- current employer
- current/previous landlord or character referee if prospective tenant has lived at home
- bank/building society
- if required, a rental guarantor
Completing the letting
Once satisfactory references are to hand, and a suitable moving in date has been agreed, the prospective tenant(s) will sign a six month Assured Shorthold Tenancy Agreement, pay one month’s rent in advance as well as a security deposit equivalent to six weeks’ rent (N.B. these have to be in cleared funds). If you have opted for the full management service, all the relevant details will then be computerised by our Accounts Department, who will demand and collect the rent, accounting to you on a monthly basis thereafter.
If you have opted for the straight letting arrangement, then our fees will be deducted with the balance of the monies being sent on to you with a detailed statement.
The Tenancy Agreement that we use is an Assured Shorthold Tenancy Agreement. This has been drafted in conjunction with our Company solicitors and is extremely comprehensive (a copy of our Tenancy Agreement is available on request). All our Tenancy Agreements are written for an initial term of five months. Towards the end of the Tenancy Agreement, we contact both the landlord and the tenant, to enquire as to whether each party wishes to extend the term of tenancy. If so, an additional Supplemental Agreement is prepared and signed by the tenants and landlord or agent. There is a tenancy renewal fee payable by both the landlord in the sum of £90 inclusive of VAT
Ifthe tenant decides not to extend the Tenancy Agreement, subject to the landlord’s instructions to re−let the property, we will arrange to re−market the property during the last month of the tenancy term in order to secure suitable replacement tenants. In most cases, we have potential replacement tenants lined up to move into the property, therefore avoiding any potential costly void period.
Tenancy deposit scheme
It is a mandatory requirement to protect a tenant’s deposit within a Government approved scheme and Priors are a member of The Dispute Service and all our deposits are safeguarded by the Tenancy Deposit Scheme, which is administered by: The Dispute Service Ltd, PO Box 541, Amersham, Bucks, HP6 6ZR, Phone: 0845 226 7837, email: email@example.com, Fax: 01494 431 123.
In relation to the Tenancy Deposit Scheme, our landlords are charged £20 plus VAT every six months towards fees incurred in this respect.
Alternatively, landlords who wish to make their own arrangement with a Government approved scheme can do so but must provide to us and the tenant a certificate confirming that the monies are protected by a Government approved scheme.
For further information regarding the services we undertake in our role as letting agents, please request a copy of our full Letting Terms and Conditions.
If you have a property that you are considering letting, please contact us. We will be more than happy to discuss the matter in more detail. As one of the city’s oldest independent established agents, we have a proven track record and we aim to provide impartial independent professional advice. We would be more than happy to carry out an inspection of the property, in order to advise you of the current rental value accordingly.