LANDLORDS
A to Z
ACCOUNT MANAGER
Upon employing the services of WPM, Clients are assigned a dedicated account manager. This provides a single point of contact ensuring clear lines of communication and a high quality personalised service.
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ADVERTISING / MARKETING
Marketing initiatives vary dependant on the property and supply / demand dynamics. Tools include advertising within publications such as Scotsman & ESPC, use of database of potential tenants, web generated enquires, direct notification to local public and private employers and internet portal websites such as Lettingweb, S1 Homes, Rightmove, Citylets etc.
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BUILDING INSURANCE
Landlords must ensure that they are suitably covered for letting under their building and contents insurance. Failure to inform insurers may invalidate the policy. WPM can organise insurance where required.
In addition WPM will ensure that all tenants take out an insurance policy covering the tenant against damage to the premises.
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COUNCIL TAX
The occupants are responsible for payment of Council Tax. We will advise the council tax office of any change in occupation.
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CLEANING
Prior to any tenancy the property must be in a clean and tidy condition. This can be arranged through WPM. We also suggest regular cleaning by one of our selected contractors.
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COMMUNAL AREAS
Tenants will be responsible for the payment for any stair cleaning or communal area charges such as gardening. This will however be the responsibility of the landlord during void periods.
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DEPOSITS
A security deposit (in excess or equivalent to one month's rent) is required from the tenant on entry to the property and will be returned at the end of the tenancy once a full check of inventory has been carried out, damages assessed and all outstanding bills received.
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ELECTRICAL SAFTEY REGULATIONS
All electrical appliances and equipment supplied within rented accommodation (including plugs and sockets, etc) must comply with safety regulations.
We suggest that a safety check covering all electrical appliances is undertaken by a qualified electrician on an annual basis.
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EVICTION
In exceptional circumstances we may need to take action to evict tenants. In most cases this would be the result of continued failure to pay rent.
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FEES
The Property Management fee structure is based on a simple calculation of 10% of total rent received
(plus VAT).For the avoidance of doubt fees are not paid during periods when the property is vacant.
The 10 % fee is all inclusive with the exception of Advertising in publications such as the Scotsman
and ESPC. If this is required the rate for the advert will be charged back at cost. In addition tradesman
/ contractors costs incurred to repair & maintain the property are also charged back at cost (i.e. without
mark up).
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FURNISHING & SOFT FURNISHINGS REGULATIONS
All upholstered furniture and fittings should comply with the Furniture (Fire) (Safety) Regulations.
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FURNISHINGS & FITTINGS
We will give advice on whether to let the property furnished or unfurnished. We can also source & select furnishings to suit your budget and target occupier.
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FIRE SAFETY
All properties must be provided with adequate means of fire detection & warning, provision of fire fighting equipment and adequate means of escape. This is especially relevant for Houses in Multiple Occupation (HMO) which must adhere to stringent fire safety requirements and pass an annual fire safety check.
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GAS SAFETY REGULATIONS
All gas appliances must comply with the latest Gas Safety Regulations.The regulations require that a qualified engineer (CORGI registered) must undertake an annual safety check to certify that gas installations are safe and working correctly. The landlord must provide Tenants with a copy of the inspection report.
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GARDENING
Gardens should be well maintained and WPM can arrange a gardener on a regular basis. Also see Communal Areas
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HEALTH & SAFTEY REGULATIONS
All rented properties must meet stringent Health and Safety regulations covering gas, electrical appliances, furnishings and fire prevention.
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HOUSES IN MULTIPLE OCCUPATION (HMO) REGULATIONS
Legislation requires that all properties with 3 or more, non related, occupiers must meet stringent standards of health and fire safety and all councils are required to introduce a licensing system for Houses in Multiple Occupation (HMO).
An HMO licence application is usually considered within 3 months and a final decision will be made within 12 months. The extended period is to allow the applicant additional time to obtain any permissions or carry out necessary work that may be required before the licence is issued.
Licences are renewed annually however this will soon change to every 18 months. All properties must be provided with adequate means
of fire detection & warning (smoke detectors), provision of fire fighting equipment (extinguishers & blankets) and adequate means of escape. An
electrical safety inspection (NICEIC or ECACS approved contractor) is required every 3 years and a Gas Inspection (CORGI registered) is
required annually. All upholstered furniture and fittings should comply with the Furniture (Fire) (Safety) Regulations.
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HOUSE FINDER
Our House Finder service takes the hassle factor out of the purchase process and provides the purchaser with eyes and ears in the local market. The element of risk associated with a blind purchase is removed ensuring clients purchase the most suitable properties at the right prices.
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HOUSE SITTING
The House Sitting service provides peace of mind whilst a client's property is unoccupied for a continuous period exceeding 7 days. The service includes periodic site visits, mail & garbage collection, property cleaning and the supply of basic provisions on return.
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INCOME TAX
(See Tax).
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INSPECTIONS
The account manager will carry out an inspection at the start and finish of the tenancy. We will also undertake routine visits throughout the tenancy (minimum every quarter), reporting any findings to the landlord.
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INSURANCE
Landlords must ensure that they are suitably covered for letting under the building and contents insurance. Failure to inform insurers may invalidate the policy. WPM can organize insurance where required.
In addition WPM will ensure that all tenants take out an insurance policy covering the tenant against damage to the premises.
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INVENTORY
Prior to handover of premises to a tenant, WPM will prepare a detailed written inventory including using digital photographs where necessary. This will be signed by the tenant prior to occupation. At the end of the tenancy we will ensure that all items contained within the inventory are handed over to WPM. Part of the deposit will be retained if items are missing or damaged.
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INTERNET MANAGEMENT SYSTEM
Our Internet Management System allows clients real time access to their portfolios providing in-depth financial information and an activities log book updated on a daily basis.
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KEY CUTTING
Keys must be cut for each tenant. WPM will hold two sets of keys for addition security and access in case of emergency.
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LANDLORD OBLIGATIONS
The Landlord must allow the tenant peaceful and quiet enjoyment of the property throughout the term created. The Landord is responsible for repairs to the structure and exterior of the property, heating and hot water installations, basins, sinks, baths and other sanitary installations; the safety of gas and electrical appliances; the fire safety of furniture and furnishings provided under the tenancy; ensuring that the property is fit for habitation; repairing and keeping in working order water heating equipment and the common areas in multi-occupancy dwellings
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LAWYERS
We recommend that purchasers discuss their requirements
with a solicitor before starting the buying process.
See www.vmh.co.uk
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LOGBOOK
A log book of all activities related to your property portfolio is available at a glance through our client log in section on our website. This is updated on a daily basis.
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MARKETING / ADVERTISING
To ensure a swift letting we will undertake certain marketing initiatives. The extent of the marketing efforts required will vary on the property and prevailing market conditions.
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MAINTENANCE
WPM can handle any ongoing maintenance to the property to ensure that the asset remains protected at all times. Our 24 hour call out service ensures rapid response to any emergency.
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MORTGAGE
Landlords must inform the lender of the decision to rent the premises and confirm their approval to do so in writing.
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NON RESIDENTIAL LANDLORDS
(OVERSEAS BASED LANDLORDS)
Non resident landlords must apply for an Exemption Certificate (Finance Act 1995). If non residents do not produce a valid Exemption Certificate WPM must under law deduct the basic rate of tax from the monthly rental income. We recommend that non resident landlords appoint an accountant to handle all taxation matters.
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PROJECT MANAGEMENT
This service provides landlords with the capability to undertake extensive periodic refurbishment works from remote locations with the knowledge that works are professionally managed and supervised on a daily basis.
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PROPERTY SEARCH
Our House Finder service takes the hassle factor out of the purchase process and provides the purchaser with eyes and ears in the local market. The element of risk associated with a blind purchase is removed ensuring clients purchase the most suitable properties at the right prices.
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QUALITY CONTROL
WPM only use tradesman and contractors of high standards and with good track records in servicing clients on time and within budget.
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RENT
Tenants are requested to pay the monthly rent by direct debit ensuring a prompt payment to the landlord. Also See Rent Guarantee
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REFERENCES
References are obtained on all tenants prior to occupying the property to ensure that only the most suitable tenants are selected for you and your property. Copies of references are available on request.
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REMOTE RENOVATIONS
This service provides landlords with the capability to undertake extensive periodic refurbishment works from remote locations with the knowledge that works are professionally managed and supervised on a daily basis.
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REPAIRS
The landlord will be liable for any repairs to the property and equipment during the letting period, however, any repairs through negligence or misuse will be the responsibility of the tenant.
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RENT GUARANTEE
WPM provides a rental guarantee whereby we will make all monthly rental payments to the client on the agreed payment date regardless of the tenant having actually made any payment. Therefore WPM shoulders the risk of any non payment and the client benefits from the security of income throughout the term of agreement. (Note that this guarantee only applies to properties where WPM has secured the tenant(s).
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SAFTEY CHECK (NON HMO)
All rented properties must provide a safe and secure environment. Prior to renting we will arrange a Gas Inspection (Landlords Gas Installation Certificate), Electrical appliance & equipment check and an independent review of fire detection & fire fighting equipment, this includes ensuring that all upholstered furniture and fittings should comply with the Furniture (Fire) (Safety) Regulations .
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SIGNBOARDS
WPM does not erect "To Let" signboards on the exterior of client properties. Signboards serve two purposes, firstly to raise the profile of the property management company and secondly to advertise the fact that the property is unoccupied to all passing burglars.
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SURVEYORS
Prior to purchasing a property we recommend that Clients seek professional advice from a Chartered
Surveyor. Any lender will also require a written valuation prior to approving a mortgage.
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TENANT SCREENING
Tenants are fully vetted with a number of references taken prior to their application being accepted. This includes credit check, confirmation of employment and where possible previous landlord references. In certain circumstances we will also use a specialist assessment company.
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TELEPHONE BILLS
The landlord must inform the telecommunications service provider of the change of occupier and / or ensure they know that you no longer require the service at the property. The tenants are then responsible if they wish to be re-connected. This can be handled by WPM.
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TENANT SELECTION
Tenants are fully vetted with a credit reference taken prior to their application being accepted.
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TAX (UK BASED)
UK based landlords will be responsible for their own tax payments on income earned through rented property. Income from let property is treated as investment income. Certain expenses, such as management and maintenance costs, can be offset against income for tax purposes. The interest on any loan associated with the property is also normally allowable. Capital gains tax, less allowances, is normally payable on the sale of the property
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TAX (NON UK BASED)
Non resident landlords must apply for an Exemption Certificate (Finance Act 1995). If non residents do not produce a valid Exemption Certificate WPM must under law deduct the basic rate of tax from the monthly rental income. We strongly recommend that non resident landlords appoint an accountant to handle all taxation matters.
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TENANCY AGREEMENT (& AT5)
WPM will prepare all necessary legal documentation. The standard agreement will create a Short Term Assured Tenancy for a term of no less than six months. Upon expiry of the six month term the agreement can be terminated by either party upon providing one month's written notice.
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TERMINATION
We will serve legal notice on the tenants in order to terminate the tenancy.
We will undertake a thorough inspection of the premises and check all items off against the inventory. Any damages or costs for replacement items will be deducted from the deposit.
We will ensure that meter readings are taken and final utility bills paid.
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UTILITY BILLS
We will arrange for the transfer of gas, electricity and telecommunications accounts into the tenants name. We will undertake a meter reading prior to the tenancy and ensure full payments are made at the end of the term.
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VIEWING
WPM will undertake all viewings of the premises directly with any potential tenants. Keys to the property will not be given out under any circumstances.
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VETTING
Tenants are fully vetted with a number of references taken prior to their application being accepted. This includes credit check, confirmation of employment and where possible previous landlord references. In certain circumstances we will also use a specialist assessment company.
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WELCOME PACK
Upon handover of the premises and on behalf of the Landlord, WPM will provide a "Welcome Pack" to incoming tenants. This will include contact details in case of emergency and useful information on the surrounding area.
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