Accounting
All monies received from tenants are paid into LPS’s Residential Lettings Client Account, and invoices due on clients’ properties are paid from this account.

A monthly statement will be provided which will show the deduction of costs, the balance of which will be forwarded to the landlord, their representative or a nominated bank account within four working days. All landlords are paid at the end of the month. This is to allow LPS time to receive rents, clear cheques and settle disputes.

Tax
Income received from renting any property is subject to tax.  We strongly recommend that you take advice from your accountant.  Expenses incurred can be set against this liability, as can interest paid on the mortgage.

Keys
We would normally require three sets of keys to the property.  Two will be handed to the tenant on occupation, the other will be retained in our office for emergencies.  Note:  if you wish to use or collect these keys at any time, you must bring proof of identification as a security measure.

Empty Property
The agreement you signed when the property was put on our books does not cover periods when the property is vacant. If you are concerned about the property and want us to manage it while it is empty, you must inform us of this and we can make arrangements to do so.

Insurance
It is imperative that you advise your insurance company of this letting. This may result in an increase in the premiums. We can, however, provide details of a specialist rental property company who can provide you with a competitive quote.

As landlord you are still responsible for the building and, accordingly, the buildings insurance.  Please note buildings insurance will not cover the costs of replacing or repairing carpets if they become damaged.  It does, however, cover fixtures and fittings.  If the property is furnished or part-furnished, or contains white goods, you may also wish to consider contents insurance.

Mortgages
If the property is mortgaged, it is necessary for you to obtain the consent of your building society, bank or lender before placing a tenant in the property.

Normally there is no problem subject to the mortgage account not being in arrears.  However, we suggest that you mention that we have been instructed to act as your Letting Agent, and we will be happy to provide a letter to this end.  Some lenders do ask to see a copy of the tenancy agreement which the tenant will be asked to sign.  We will happily provide them with this.  The lender may make a small charge to cover administration costs.

Safety Regulations
There are six main statutory regulations that affect the letting of a property:-

1.  The Low Voltage Electrical Equipment (Safety Regulation 1989) (as amended).

2.  The Gas Safety (Installation and Use) Regulations 1984 (as amended).

3.  The Fire and Furnishings (Fire Safety) Regulations 1988 & 1993 (as amended).

4.  The Housing Act 1988.

5.  Energy Performance Certificates (EPC).

6.  Houses of Multiple Occupancy.

It is now a legal requirement that landlords and Letting Agents satisfy all of these regulations and provide annual safety certificates for inspection by the Regulators and your tenant.  Failure to comply is a criminal offence and could lead to imprisonment and/or a fine of up to £5,000. 

LPS require Safety Testing, to assess the aforementioned matters, and provide the relevant safety gas, electric and furnishings certificates. We have negotiated preferential rates for our clients - please ask for details.  A safety record must be issued every 12 months.

As a landlord you have a duty of care to your Tenant(s).  Therefore, we also require that two smoke alarms be fitted in all rental properties.  While this is not a legal requirement, failure to take adequate precautions (such as fitting smoke alarms) could lead to a landlord being prosecuted if something did happen.  Smoke alarms are inexpensive and are easily fitted.  They can and do save lives.  Once installed, these devices must be checked on a regular basis

If your property has gas appliances, then you may wish to consider the installation of carbon monoxide alarms (these detect the build up of dangerous gasses).  These units cost a little more than smoke alarms but again do serve a very useful purpose

If any furniture is left in the property the landlord has a duty to ensure it is maintained.  Any soft furnishings that are left in the property must comply with fire regulations and should have a label prominently displayed stating that they do so.  A Safety Certificate is required to confirm that the items meet regulations.  Otherwise, the furnishings must be removed from the property.

Landlords must not let a property with five bedrooms or more over three floors or more if they are not registered as a landlord for multiple occupation with the local council.

As of October 2008 any let property must have an EPC. These are valid for 10 years and we can arrange for these to be carried out for you.

Utility Services
The utilities become the responsibility of the tenants from the day they move into the property.  As part of our service, we aim to inform all relevant utility companies, providing them with meter readings the day the tenants move into the property.

At the end of the tenancy, the process will be reversed and returned to the landlord’s name.

We cannot however inform British Telecom of the change in Tenancy.  This must be done by the user of the service.  Therefore, you must ensure that BT know that you no longer require a service at the property.  Then tenants should contact BT should they wish to be re-connected.

Emergency Repairs
Every property at some point will need some work doing to it.  If things go wrong and the tenant contacts us, we then contact you.  In the majority of cases, the problem can be resolved quickly.

However, there are two important points to remember when it comes to repairs.:-

1.  If a serious fault does occur (water burst/flood) and we cannot contact you, we can authorise a repair.

2.  Once a property is tenanted you have an obligation to ensure it is well maintained.

Carrying out repairs quickly is often as important for you as it is for the tenant, as repairs caught early enough can save you a lot of money.  Remember that tenants do have rights: tenants can contact Environmental Health because repairs are not being attended to quickly and the ensuing ‘enforcement order’ could include extra repairs and a significantly higher final bill.

In the Landlords & Tenants Act 1985 under section 11, it is implied as a covenant in the tenancy agreement that the landlord is:-

a)  To keep in repair the structure and exterior of the dwelling (including it’s drains, gutters and external pipes).

b)  To keep in repair and proper working order the installations in the dwelling, for sanction and for the supply of water, gas and electricity as well as those for space heating and heating water.

(Journal for residential property professionals – July 1996, issue 2, volume 4)

If work is required that exceeds the agreed limit, written confirmation will be sought from the landlord, we can of course also obtain written estimates/quotations on your behalf if required.

Routine Visits
We conduct inspections of all tenanted properties.

These inspections serve numerous purposes:-

• To ensure tenant is looking after the property.
• To check for signs that something may be wrong with the property – if something needs attention, we can inform you as soon as possible, helping reduce the risk of the problem getting worse and the cost escalating

We get to know the tenants better, so that when the agreement is due for renewal, we can be confident in the advice we give to you.

Deposits
Before the commencement of the tenancy, LPS take a deposit from the tenant(s) to cover any dilapidations, normally equal to a minimum of one months rent.

Once the property has been inspected at the end of the tenancy, and everything is found to be in order, this deposit will be returned subject to the Government Legislation in force from 6 April 2007.

If the tenant does not leave the property in a satisfactory condition then deductions for remedial works can be made from the deposit. Valid invoices must be provided.

Tenants / Tenancies
Finding the right tenant for the property is fundamental.  We start by establishing, with yourself, a criteria for the sort of person you wish to occupy your property.  We then match this to prospective tenants who must provide us with guarantors.

When dealing with private tenants, we usually take employers or character, references.  Payments are due every calendar month, in advance, starting from the commencement of their tenancy.  All tenants are signed by to pay by standing order.

The tenancy commences on the date shown in the tenancy agreement.  Prior to the tenant moving in, we will carry out an inventory of the property, with a brief description of its condition (subject to the terms of your Appointment to Let).  We then send a copy of this inventory to yourself and the tenant to ensure agreement.

Whilst compiling the inventory, meter readings are taken and passed on to the appropriate companies.  At the same time we also inform the council of the change in tenancy. 

All new tenancies commence with a 12 month assured shorthold tenancy contract.

Rent
When we initially assess a property, we indicate what we believe to be a realistic rent.  Prospective tenants usually accept this figure but there may need to be some room for negotiation.

Marketing
Details of your property will be:-

• Matched to all clients on our database
• Advertised locally in the press
• Be available through our office, website (www.liverpoolpropertysolutions.com) and other outlets

Introduction of Tenants
Some landlords are keen to manage their own properties, and to this end we offer an introduction only service, to which we advertise, seek and place a suitable tenant into your property on your behalf.

This service provides:-

• Rental valuation - advice on the current rental value of your property/properties
• Advertising, viewing and introduction of suitable tenant obtaining all necessary guarantors
• Drawing up of an Assured Shorthold Tenancy Agreement
• Setting up of Standing Orders
• Checking in
• Inventory of property
• Advising utility companies of the new tenants details (gas/electric/water/council)
• Renewal of agreements

Rent Only Service
This service provides:-

• Rental valuation - advice on the current rental value of your property/properties
• Advertising, viewing and introduction of suitable tenant obtaining all necessary guarantors
• Drawing up of an Assured Shorthold Tenancy Agreement
• Setting up of Standing Orders and the processing of rents received
• Inventory of property
• Advising utility companies of the new tenants details (gas/electric/water/council)
• Renewal of agreements

Management Services
This service provides:-

• Rental valuation - advice on the current rental value of your property/properties.
• Advertising, viewing and introduction of suitable tenant obtaining all necessary guarantor
• Drawing up of a Assured Shorthold Tenancy Agreements
• Setting up of Standing Orders and the processing of rents receive
• Preparation of monthly statement of account and payment of rent into clients’ UK bank accounts
• Co-ordination of repairs/refurbishments at the property as authorised by the landlord
• Inventory of property
• Advising utility companies of the new tenants details (gas/electric/water/council)
• Renewal of agreements

Lettings
As well as sales and financial services, we specialise in lettings and management. Our lettings department believes in offering a quality service unmatched by other agents. Our services are designed to put the landlord first and to ensure the successful management of your property.

The letting of a property need not be daunting. You can be assured that LPS will give you the expert advice required to make the whole process as straight forward as possible.