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This page provides information relating to the purchase or letting of property in England.
CAN I GET MY PROPERTY BACK?
If a tenancy agreement is correctly drawn up and the proper Notices are served you will regain possession of your house after a fixed period of time. Very occasionally a tenant may continue in occupation and legal action is needed, but the new Accelerated Court Procedures can speed up repossession without the need for a Court Hearing in some instances.
HOW LONG SHOULD A TENANCY BE FOR?
Generally most tenants look for a period of 6-12 months, although some may require longer. Most Building Societies like an Assured Shorthold Tenancy to be used under the Housing Act 1988, as this allows for a tenancy of a minimum of 6 months.
HOW MUCH RENT WILL I RECEIVE?
You will be able to obtain an open market rent and this will depend upon the nature of the property and its condition. Generally, the more modern the decoration and fittings, the higher the rent obtained. S. Kershaw and Sons will be pleased to offer advice.
WILL RENTING AFFECT MY MORTGAGE OR INSURANCE?
You will need to consult with your building society and insurance company, although most will be agreeable to the property being let provided certain clauses safeguarding their interests are inserted into a tenancy agreement. There may be a modest adjustment to mortgage repayments or the insurance premiums.
WHAT INFORMATION IS OBTAINED ON A TENANT?
We seek a character/previous landlord reference together with references from a Bank and present employer.
DO I NEED AN INVENTORY?
Yes, it is essential that prior to a tenancy commencing an Inventory is prepared recording the household effects which are to be left, including their present condition, together with the state of the repair/décor to the interior of the house. A copy of the Inventory will be given to the tenant for their agreement. At the end of the tenancy, S. Kershaw and Sons will check the Inventory and any damage considered to be more than normal wear and tear will be costed and deducted from the dilapidation deposit, which is taken prior to them taking up occupation. For a fee the ARLA Arbitration Service can be used in the event of a dispute. Our Chartered Surveyors are available to advise on decoration and repairs.
SHOULD THE HOUSE BE FURNISHED OR UNFURNISHED?
This is for you to decide, though usually a furnished property will achieve a higher level of rent than one which is unfurnished, although this extra rent is not always substantially more. It is worth considering that Government legislation now requires safety checks on all gas and electrical appliances, and that upholstered furniture should be of fire retardant material. S. Kershaw and Sons will be pleased to offer advice about this.
DO I NEED FULL MANAGEMENT OR A LET ONLY FACILITY?
If you are living abroad, or if you are a relative not living close enough to deal quickly with any matters which may arise, or to be able to inspect the property periodically, then you would be advised to have a 'Full Management' service. Otherwise a 'Let Only Facility' will be adequate.
This has given you a brief insight into the letting of residential property. For further advice e-mail us, or download a copy of our ‘Guide to Residential Lettings’ - this is a text copy of the above advice.
SURVEYS AND VALUATIONS
For those purchasing a house, there are three forms of Reports available, these are summarised as follows:-
VALUATION
This is the most basic of the three types and is the minimum required by almost all lenders if a mortgage advance is required. The purpose of the valuation is to ensure that the property represents adequate security for the advance.
In the past, the purchaser has had to pay for this Valuation Report and consequently has been provided with a copy. With many lenders, the purchaser does not make any direct contribution and in some cases does not receive a copy of the report. It is important that this position is verified with the lender.
Where a copy of the valuation report is received it should be remembered that this may only identify major defects which affect the value of the property. It should certainly not be relied upon as a record of all defects within a property.
BUILDING SURVEYS (formerly referred to as a structural survey)
This comprises a detailed report on both the form of construction, and of its condition. The extent of the survey is similar to a ‘Housebuyers Report’ but it is the amount of detail in the report which differs.
The most suitable type of survey/valuation will depend upon the property type and the required needs of the purchaser. To rely purely upon a valuation report, as the majority of purchasers do, is not generally a wise decision. For most people the house is the largest purchase they will ever make and the lack of a professional survey may prove to be a false economy should serious defects be present.
Further information may be obtained from S. Kershaw and Sons or from the Royal Institution of Chartered Surveyors.
HOUSEBUYERS REPORT
The Housebuyers report was developed by the Royal Institution of Chartered Surveyors for the sole purpose of advising purchasers of the condition of a property prior to purchase, without the need for a full building survey. The housebuyers report was originally produced on pre-printed forms although this has changed to some extent due to the proliferation of wordprocessors. Several of the larger lenders have adapted the report to suit their own purposes but generally these remain similar.
The report is intended for only traditionally constructed dwellings less than approximately 90 years of age.
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