Lexingtons - Residential Sales Lettings & Property Management

Letting a property can appear a complex and sometimes daunting process, which Lexingtons aim to guide landlords through in a trouble free, assured manner. We regard advice like this as fundamental to our service, be it before or during the course of a tenancy. We can advise and guide you through every aspect such as rental valuations, investment buying, tenancy types, furnishings, property management, tax and legal matters.

1. In providing our Letting Service, we will do the following:

1.1 We will visit and carry out a market appraisal of your property. We will provide guidance and knowledge of the current rental market, the possible price that can be achieved and any decorations or maintenances that may be necessary to make your property the most desirable to rent in order to attain the best rent for your property.

We will also discuss whether you want the property to be let out, furnished or unfurnished and advise on any change this will have on the rental income. Once you instruct Lexingtons to let the property and sign our Terms of Business, we will offer your property to prospective Applicants.

1.2 We will undertake a comprehensive marketing campaign to ensure that we will let your property out in the time indicated by you. We will use many marketing strategies such as: register the property on our internal data base, our website and advertise on popular property portals to achieve the maximum exposure and erect a ‘to let’ board (with your approval). When required we will advertise your property through our associated offices and distribute the property amongst relocation agents and our corporate contacts. When required we will advertise in one of the glossy London monthly magazines to further target your property to many corporate Applicants. Additional marketing will include advertising your property in the local paper and within our internal office LCD window displays.

1.3 Lexingtons will arrange appointments to view your property and will accompany the prospective Applicants to your property.

1.4 Lexingtons will inform you of all offers received. If the Applicant’s offer is accepted we will negotiate the main terms of the tenancy, between the landlord and the Applicant. At this stage we will take a non-refundable holding fee from the Applicant, so that the property is taken off the market.

1.5 Lexingtons will then obtain up to 3 references (such as financial references employer or trade reference and where possible previous Landlord’s reference), or use a recognised and reputable Credit Referencing Agency. Once we have all the references we will discuss the credentials of the Applicant and get your approval to proceed. As we rely on information provided by a third party and do not warrant in any way the accuracy or completeness of the information. Any company investigations or searches would be charged separately

1.6 Lexingtons will draw up a tenancy agreement. Our tenancy agreement is reviewed and updated on regular basis by our legal property advisers, however we are not solicitors and if you require more information and advice, you should consult your solicitor about your rights as a Landlord.

1.7 Lexingtons will require three copies of professional inventory outlining the condition of the premises, fixtures, fittings and contents prior to the commencement of the tenancy. For your protection we advise an independent inventory clerk to compile the inventories and carry out the inventory check in with the tenant. The fees that any inventory company charges are completely independent of the Agent. Lexingtons cannot be held responsible for any error or omission on the part of the appointed inventory clerk.

1.8 A deposit equivalent to six weeks rent (unless agreed otherwise) is paid by the tenant as the commencement of the tenancy and held by the tenancy deposit scheme in accordance with the terms outlined in the tenancy agreement. Corporate tenants may offer letter of guarantee in lieu of a financial deposit (if this is the case, we will discuss the pro’s and cons with you).

1.9 At the beginning of the tenancy we will need you to inform us details of all the utility providers for your property. The Tenant will be also asked to provide this information at the end of the tenancy. Once we have this information, we will notify the local authority and suppliers of gas, electricity and water of change of occupant/user. Please note we will only contact utility providers once we have their details. We can not accept any responsibility for any inaccuracies or delays on the part of the local authority or utility companies’ concerned. Please be advised that these companies are now requesting to deal directly with the landlord or the tenant.

We can not arrange the transfer of the telephone. This is due to the telephone company wanting to deal with the tenant or landlord and not a third party.

1.10 Before or prior to the expiry the initial term of your tenancy we will contact both you and the Tenant in connection with the renewal of the tenancy agreement. We will negotiate the terms of the renewal based on your instructions and will draw up a Renewal Memorandum (unless otherwise agreed with you) documenting the terms agreed.

1.11 Unless instructed otherwise Lexingtons will arrange an independent inventory clerk to check the inventory at the termination of the tenancy and to supply the check-out report. Any damages which may have occurred during the tenancy are recorded on the report, copies of which are sent to the Landlord and the Tenant who mutually agree what amount (if any) is to be deducted from the deposit.

ADVICE FOR LANDLORDS

General Landlord’s information:

Safety requirements

As a Landlord you are obliged to make sure your property is safe for any prospective tenant before their occupation. The regulations below outline your responsibilities as a Landlord and must be complied with.
If you need further advice, please contact our lettings department on 0207 435 7775.

The Gas Safety (Installation and use) Regulations 1998:

Any person letting their property must ensure that all gas appliances and installation pipe work in that property are maintained in the safe condition to prevent risk of injury. All such appliances and pipe work must be checked annually by an approved CORGI registered contractor and a gas safety certificate obtained. The tenant must be given a copy of the certificate within 28 days of the inspection being carried out. The gas safety certificate must be kept for at least 2 years.

At the start of the new tenancy, tenant must be given a copy of the gas safety certificate.

If the Landlord fails to provide a tenant with the current gas safety certificate the agent has the authority to arrange a gas safety check before the start of the tenancy and every year thereafter.

If found guilty of non-compliance the Landlord will have a criminal record and will face a fine, imprisonment or both. Should a tenant die the charges would be manslaughter.

It is important that you check the record when receiving it from the CORGI engineer to ensure that all gas appliances are listed on the record and they have been passed as safe.

Furniture and Furnishing (fire)(safety)Regulations 1988 as amended in 1993:

This covers soft furnishings such as mattresses, padded, headboards, bed bases, armchairs, sofas, chairs, cushions etc.

All furniture and furnishings must have a label attached.

Please be aware this Act can not be bypassed by selling, giving or leaving the furniture for the tenants as this is a still considered supplying.

Non-compliance can mean that you will be found guilty of a criminal offence and face a fine, imprisonment or both.

Smoke detection Act 1991:

This act makes it compulsory to fit mains-powered smoke alarms in new residential buildings-one on each floor. Even though it is not compulsory in older properties, it is good idea to install smoke alarms always.

Electrical equipment (safety) Regulations 1994:

Any person supplying electrical equipment must ensure that is safe, will not cause danger and satisfies the requirements of the regulations. This require electrical equipment to be safe and constructed with good engineering practice. All electrics (wiring, plugs and sockets etc) appliances should be checked before the start of the tenancy and regularly thereafter.

Lease holds property:

If the property to be let is lease hold, it is a Landlord’s responsibility to ensure:-

i). any proposed letting is allowed under the terms of the lease
ii). the proposed letting is for period finishing before the expiry of your lease
iii) The written permission of your superior Landlord is obtained where required and a license to sublet is granted.

If the property is subject to a mortgage or loan, it is the Landlord’s responsibility to ensure that written permission is obtained from the mortgagee and / or lender. Please be aware that if you apply for permission after a tenant has been found it could prejudice the tenancy. Some corporate companies renting for their employees may request a copy of written confirmation that permission has been granted.

Change of the address:

The tenant is legally entitled to know the Landlord’s address wherever it is in the world and an address in England and Wales where the Landlord maybe contacted. Failure to provide such information is an offence and may allow the tenant to withhold rent. The agent must be provided with details of any changing address within 14 days of such change.

The property and its contents should be comprehensively insured to include third party and occupier's liability risks. Failure to inform the insurer that the property is let could render the policy void. The Landlord should get detailed advice from the insurer as to the nature and extend of insurance cover required.

All Landlords whether in the UK or Overseas Residents have a legal obligation to:-

1. declare residential rental income arising in the UK
2. notify the Inland Revenue at the commencement of every tenancy
3. notify the Inland Revenue of any changes in the personal circumstances

If your home is outside the UK we are legally responsible for the payment of any tax liability arising on rental income through out the term of the tenancy. Landlords can apply to Inland Revenue to obtain approval to be assessed directly and to receive gross rents with no tax deduction. This form can be obtained directly from the Inland Revenue.

If the Inland Revenue has not given us an approval number and you live outside the UK, for more than six months we will be obliged to deduct tax at the basic rate and account to the inspector of taxes on a quarterly basis.

If the property is jointly owned then the relevant forms will be needed to be completed by each owner.

Landlords can offset various cost and expenses against tax.

We advise you to obtain the latest and most up to date information regarding your accounts and taxation by appointing a qualified Accountant.

LEXINGTONS MANAGEMENT SERVICE

If Lexingtons is appointed to manage your property, we shall maintain the property on your behalf as per Landlords obligation set out in your tenancy agreement and subject to the provisions of The Landlord and Tenant Act 1985. (as amended by the Housing Act 1988 and 1996).

Statutory obligations include keeping in repair the structure and exterior of the dwelling house including drains, gutters and external pipes and to keep in repair and proper working order the installation for the supply of water, gas, electricity and sanitation including basins, sinks, baths and sanitary conveniences and the installations for space heating and heating of water.

Repair and maintenance:

Lexingtons will ask you to let us know of any tradesmen that you prefer to use.

*If the preferred contractor is unable to collect keys from our office or give a specific time of call, we will make charges for our waiting time at the property.

If you do not have a preferred tradesmen, we have a list of independent tradesmen that we can appoint on your behalf.

To minimize fuss for both you and the Tenant, we will arrange for any minor jobs falling within the Landlords’ obligations and costing under £350 to be done as quickly as possible.

Payment for any maintenance jobs will be made out of the rental monies we receive. This will be outlined on the monthly statement with a copy of an invoice for the works carried out.

If the repairs or maintenance works exceed £350.00 we will obtain estimates and get your approval to start the works. We will try to get your approval for the works in excess of £350.00. However in the case of a emergency when it is not reasonably practical to get hold of you, we will act to protect your interests without getting hold of you. Lexingtons will also act as agents of necessity in less important cases, when we have not been able to get hold of you, but need to carry out work which we feel needs to be dealt with as soon as possible.

Payment of outgoings :

Once we have your instructions and subject to us obtaining sufficient funds, we will pay for ground rents, service charges, water rates, final utility and local authority bills and insurance premiums from your rental income, as and when demands are received. We will query any obvious mistakes, however we are entitled to accept and pay, without question demand and accounts that we feel are in order.

Gas and electrical safety tests:

We will arrange Landlord’s gas safety certificate prior to the start of the tenancy. This will be carried out by a CORGI registered engineer. When necessary we will arrange electrical equipment safety inspection by a qualified engineer.

Management visits:

Lexingtons will carry out visits to your property to assess the general condition of your property twice a year. Unless a defect requiring our inspection has been reported to us earlier. We will advice you if any works are required at the property

The Tenancy Deposit Scheme came into force on the 6th April 2007. If you are not protecting a tenant’s deposit you will be ordered to repay three times the amount to the tenant.

WHY PROTECT THE DEPOSITS?

Letting a property

When a landlord or letting agent takes a deposit from a tenant, the deposit must be protected by a government-authorised tenancy deposit scheme.

This new rule applies if the tenancy is an assured shorthold tenancy.

At the beginning of a new tenancy agreement, the tenant pays their deposit to their landlord or agent as usual. The landlord or agent must then ensure it is protected.

Landlords and agents have a choice of three schemes providers, offering two types of scheme to protect the deposit.

Custodial schemes

Money is held by the scheme until it is time for it to be repaid at the end of the tenancy. The custodial scheme is free to use. The landlord simply puts the deposit into the scheme at the beginning of the tenancy. There is one custodial scheme provider.

Insurance-based schemes

Under the insurance schemes the landlord keeps the deposit, and pays the insurance scheme to insure against the landlord failing to repay the tenant any money due to them. There is a choice of two insurance-based schemes.

Protecting the deposit

Within 14 days of taking the deposit, you must provide your tenant with details of how the deposit is being protected including:

Tenants have a responsibility to return the property in the same condition they took it on.

At the end of tenancy the condition and contents of the property should be checked against the agreement made at the start of the tenancy. The landlord or agent then agrees with the tenant how much of the deposit will be returned to them.

Within 10 days the agreed amount of the deposit will be returned to the tenant.

Resolving disputes

If no agreement can be reached about how much of the deposit should be returned, there will be a free service to help resolve disputes offered by the scheme which is protecting the deposit.

Lexingtons is centrally located and strategically positioned between Hampstead, Belsize Park and Swiss Cottage all within a short walk. This is an area known as Belsize Village. This location gives Lexingtons a large catchment area that also includes West Hampstead, South Hampstead, St. Johns Wood, Primrose Hill, Chalk Farm, Camden, Regents Park, Golders Green, Kentish Town, Highgate and Gospel Oak.

Established in 1992 Lexingtons has been renting, selling and managing properties in these areas for a varied clientele base who are both from the surrounding area and internationally.

Lexingtons has advised many prospective Buyers and Landlords about buying the right property that meets their needs be it for investment or for owner occupation.

Likewise Lexingtons has acted for numerous Landlords in finding suitable tenants as well as advising them on how to get the maximum return from their property. Lexingtons works in partnership with its clients to reach a mutual goal that is collectively rewarding to both parties.

With a balanced and committed approach Lexingtons has a team of highly trained, enthusiastic and motivated personnel that are committed to caring for your property needs.

With the fluctuations and recent changes in the property market, not only in price, but also statutorily, Lexingtons is prepared to meet the future challenges by keeping abreast of market trends and legislation.

Lexingtons is also geared up to meet the technology drive that has permanently changed to property marketplace and is constantly evolving. With Lexingtons internet presence as well as on our office touch-screen display where prospective buyers and sellers, landlords and tenants can collectively search for their ideal property as well as register their property and contact details. Lexingtons has managed to have a competitive edge on other property professionals.