Our exceptionally high standards, flexibility and attention to detail ensure a comprehensive and individually tailored service:
The advantages of using a letting agent range from the obvious such as the stress free process of finding, vetting, and contracting tenants, to the less obvious such as ensuring regulations and statutory obligations are met. Using the knowledge of an agency can certainly end up being good value for money if you are not familiar with the process or requirements yourself.
So how safe is letting? Well, again, this goes back to being confident that all legalities are met, use of the correct tenancy agreement and notice(s), and other regulations. It is also useful to know of issues that are not necessarily regulations but more guidelines and therefore ultimately make the process more simple and reliable. If all this is considered, letting your property can be a stress free process with risks minimalised and all eventualities easily dealt with. The advantages of property investment and securing a return from short-term lets go without saying.
With regard to tenancies, you must be sure that all tenancy agreements comply with the Housing Acts 1988 and 1996 and 1993 amendments, or relevant contract law. It's worth bearing in mind that letting agency's agreements are comprehensive and kept up to date with any relevant changes.
The most commonly used tenancy agreement is an Assured Shorthold Tenancy which will start with an agreed fixed-term, (for example 6 or 12 months) during which time both parties are contractually bound. Once the fixed-term has expired, however, unless a new fixed-term is agreed, all such tenancies automatically become Statutory Periodic Assured Shorthold tenancies, a period being the rent payment period - weekly or monthly etc. The periodic tenancy can then continue until either party gives the other a minimum period of notice to terminate in the prescribed form ending at the end of a rent period.
At the end of the fixed-term, therefore, there is no legal requirement for either party to do anything - the tenancy can continue on indefinitely on a periodic basis and on exactly the same terms as the original agreement, which still fully applies. Unless of course, notice is served correctly and in time for the tenancy to end upon expiry of the fixed term.
Insurances are another way of providing you, the landlord, with the assurance that your property is covered in the event of damage, and that you will not lose out should the tenant default in any way. There are various insurances available that cover such eventualities, some with conditions such as using the same company to reference your tenant before commencing with the tenancy. Letting agencies can usually recommend suitable cover, at Lettings South we have a selection we suggest our landlords consider.
What happens if it all goes wrong? Should your worst fears be realised when a problem arises with a tenancy, a letting agent should be able to provide you with advice on your situation and possible courses of action. They should also be able to recommend a qualified legal representative who can provide further advice and represent you should it be necessary.
However, remember that with careful preparation, all issues are addressed and all eventualities considered in advance, the numbers of tenancies that do not proceed smoothly are few, therefore you can sit back and relax while you reap the many benefits, of which you are probably familiar hence your interest in the first place!
Good luck and don't forget you can contact The Winchester Letting Company and Lettings South, for a free valuation and advice in preparing you for a life as a landlord.
