The first step would be for us to come out and complete a free No Obligation Market Valuation. Using market comparables combined with our detailed knowledge of the wide variety of diverse rental markets in Gloucester we will give you an achievable rental figure in the current market. We will also advise you of any legally required or suggested areas of improvement to the property prior to letting.
We collect the statutory 5 weeks of deposit from the tenant to safeguard against damage. At the end of the tenancy, if you have selected a managed service we will inspect the property and the costs of any work attributed to the tenant will be deducted from the deposit if the tenant is in agreement.
We will find a suitable tenant for your property and take up references and income stream checks. In most instances we meet the tenant in person (and if not, by video call) at the viewing and ensure that we would be happy to rent our own home to the prospective tenant.
We will prepare a legal agreement under current legislation to suit your particular circumstances. In general, this will be for a period of not less than 6 months and then renewable on a month to month basis. This gives you the flexibility to re-occupy the house after giving the tenant the legally required notice which has been as little as two months’ notice to quit & as long as 6 months. Similarly, the tenant may terminate after the initial period by giving one month’s notice.
From the total rent received in a tax year you can normally deduct some of the expenses incurred, though you will need to consult with a qualified accountant regarding current tax laws and upcoming changes.
Please ensure that you have the necessary Insurance to match your risk profile. We are able to provide you with quotes for Landlord Insurance that covers Buildings & Landlord Contents, Public Liability, Rent Guarantee & Tenant Eviction costs. Just ask a member of the team for a quote.
