Questions on our guaranteed rent scheme in London for Landlords

 

 

 

Thank you for choosing to work with Reality Properties and our Let it & Forget it service.

 

You will, by now, have received the Heads of Terms which outline the salient points relating to your rental.

 

As part of the onboarding process, listed below is each step of the process.  We will keep you informed & updated as we move from one stage to another.  

 

Stage

Brief description

Stage
1

 

HEADS OF TERMS ISSUED

 

Landlord/Freeholder to sign this document at earliest convenience in order to progress to next stage.

Stage

2a

 

COMPLIANCE INSPECTION

A date will be arranged for a compliance inspection.

If no work is required, then the property will be allocated a “go live date” in which case the tenancy will begin 10 working days after the go live date.   Rental payments will be made monthly in arrears thereafter.

 

Stage

2b

 

PLEASE PROVIDE THE FOLLOWING:

 

 

  1. LAND REGISTRY PROOF OF OWNERSHIP - copy of the land registry deeds relating to the property(ies) in question (dated within past 2 months)
  2. PHOTO ID - is required for each named legal owner as stated on land registry deeds. Acceptable forms of Photo ID are Full valid UK Passport or Driving licence.
  3. PROOF OF ADDRESS - is also required for each named legal owner as stated on land registry deed. The following is accepted
    1. Full UK Photo driving licence
    2. UK Bank or credit card statement
    3. UK Council tax bill
    4. UK Mortgage statement
    5. Utility bill


Both photo and address proofs must be attested. Certification can only be by:

    1. Bank or building society official
    2. Barrister/ Solicitor
    3. Chartered accountant / surveyor
    4. Councillor
    5. Commissioner of Oaths
    6. Dentist / Doctor
    7. Judge

 

Those certifying the photo ID and proof of address must state the following text directly below

each document:

‘Certified to be a true copy of the original seen by me’ on the document.  The document must be signed and dated with their printed name under the signature, as well as their their occupation, address and telephone number

 

  1. BUILDING INSURANCE - copy of your building insurance for the property(ies) in question.  We will review the cover (and where applicable) will advise where you are required to update your cover to accommodate a long term tenancy agreement.
  2. NICEIC CERTIFICATE

  3. GAS SAFETY CERTIFICATE

  4. EPC

  5. FIRE ALARM CERTIFICATE - Certificate must state D1 (D or D2 is required for family properties (re-certifying not required) / All HMOs)
  6. HMO LICENCE

  7. 3 FULL SET OF KEYS

  8. PROVIDE YOUR BANK ACCOUNT DETAILS (for rental payments)

 

 

Stage

2c

 

UTILITIES NOTE

 

All utility meters must be on Monthly/Quarterly Billing.  If Pay As You Go meters are present, a post-pay exchange is required - once you have arranged this please provide the following:

 

  1. Confirmation of the meter exchange date
  2. Confirmation that you will keep the meters topped up until exchanged, even if the initial exchange doesn’t proceed.

 

If you require our assistance in arranging a meter exchange, please let us know.

Stage

3

 

TENANCY CONTRACTS ISSUED

 

Your contract will state a “go live date”.  Your tenancy will begin 10 working days after the go live date.   Your rental payments will be made monthly in arrears thereafter.

 

Guaranteed Rents - Frequently Asked Questions (FAQs)

 

When will I receive my rent payments?

Your contract will provide more details around how much and on what basis you will be paid.  This is usually monthly in arrears, by BACS.  Please ensure you provide the landlord’s bank account as part of the above onboarding process.

 

 

Who are the occupants of my property(ies)?

Our contracts are with Central Government backed institutions (not to be confused with Local Authority).  The occupant may vary over the term of the contract but ultimately, as a landlord your key concern is around timely rental payments, ensuring your property is returned to you in a reasonable condition (subject to fair wear & tear) and on a fixed date at the end of term.  In all three of these key areas, the Let it & Forget it service provides the comfort you seek as a property owner.

Does the property have to be furnished?

Unless agreed otherwise, furniture is not required.   Unfurnished properties are accepted (see note below regarding appliances/white goods).

What appliances / white goods do I have to provide?‍

If the property is required unfurnished, the landlord will still need to supply the following items;

●      Cooker and oven

●      Net and heavy curtains, or blinds

●      Carpets or other suitable flooring

Who pays the bills and Council Tax?‍

Whether the property is tenanted or vacant, during the period of your contract, the landlord will not be responsible for paying utility bills or Council Tax which will become our responsibility.


Can you issue leases longer than 5 years?

Currently 5 years is the standard form. Leases longer than 7 years incur a SDLT charge.   There may be a possibility to stretch to just short of 7 years subject to a 5 year break clause.   That said, the likelihood is that the contract will simply roll over to an additional 5-year term (once the initial 5-year term expires). 

 

 

 

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