Please choose a link below, left for prospective tenants and
right for becoming a landord.
The letting process
as a prospective tenant
Letting your property,
becoming a landlord.
The letting process as a prospective
tenant...
Begin your search
Check the local press and
the letting agents' websites. Collect property lists from the
agents and ask them about the properties they have available.
Have a good idea of the size and type of property you are looking
for, your ideal locations and your price range. Our rental property
lists are regularly updated and our website allows you to search
for properties by price range and location.
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Viewing
When you find a suitable property, arrange to view it as early
as possible. Rental properties tend to be taken quickly!
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Reserving a property
If you would like to
take a property, let us know and we will contact the landlord
and put forward your offer. If the landlord is happy to proceed,
you will need to pay a reservation fee of £100 inc VAT
per applicant to reserve the property. This also covers the
cost of reference and credit checks before you can move in,
and inventory checks when you move out. Each person over the
age of 18 who will live in the property will be named on the
tenancy agreement and must undergo credit and reference checks.
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Application
You will need to complete an application form when reserving
a property, and we will submit the details for every applicant
to a reference and credit checking agency.
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Tenancy agreement
Once satisfactory references and credit checks are received
we will prepare the tenancy agreement for the landlord and each
of the tenants to sign. A normal tenancy agreement is for a
fixed six month term. At the end of the six months, the tenancy
continues until either the landlord or the tenant/s give the
required notice. It is sometimes possible to negotiate a shorter
term of tenancy, but this depends on the landlord's circumstances.
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Deposit and advance rent
Before you move in, we will ask for a month's rent in advance
and a deposit. We will pay the deposit back to you when you
move out, after deducting any dilapidation costs (see Vacating
the Property, below). Once these are received we can release
the keys to you and you can move in!
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After moving in...
Rent
The monthly payment of rent is due on the day of the month
that the tenancy began, ideally payable by standing order from
your bank account/s.
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Inventory
You will receive a copy of the inventory on moving in, which
lists the contents and condition of the property at the start
of the tenancy. This should be returned to us, with any comments,
within 14 days. This is the copy we refer to when you move out.
We ensure that the property is handed over to you in a clean
and tidy state, and with everything in full working order.
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Utilities
We will read the gas, electricity and water meters at the start
of your tenancy, but you will need to set up the accounts in
your name/s.
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Council tax
We will notify the council of the date your tenancy commenced.
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Telephone
We cannot arrange to have the telephone connected for you.
BT and NTL both offer their services in the Cambridge area and
you can contact them direct.
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Maintenance
If the landlord is dealing with
this himself, we will give you his contact details when you
move in. Otherwise, you should contact Smith & Co as soon
as you become aware of a maintenance problem.
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Vacating the property
We expect the house to be handed back in the same clean and
tidy condition as when you moved in. If there are any dilapidation
costs, these will be deducted from your deposit, and we will
provide copies of invoices regarding any items that we attend
to.
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Early vacation of the property
If you need to vacate the property before the end of your tenancy
term, and if the landlord is happy for us to do so, we can remarket
the property to find new tenants. Once a new contract has been
signed with the new tenants, your contractual obligations for
the property come to an end .
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Letting your property, becoming a landlord.
Valuation
We will visit your property, appraise the letting potential
of it and advise as to the current rental level and generally
provide guidance with regard to the Housing Acts and tenancy
agreements, Tax and other legal and statutory requirements.
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Marketing
This will include advertising the
property both in local papers and on our web, the erection (if
required) of a "to let" board
and conducting viewings at the property.
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Tenant Selection
We will interview prospective tenants and take the appropriate
references to include employers, a credit search, personal references,
the previous landlord (if applicable) and guarantor (if applicable).
Any lettings will take into account the landlord's instructions with regard
to such things as sharing, children, pets, smoking, etc.
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Tenancy Agreement
We will advise on the appropriate tenancy agreement in accordance
with the Housing Act. A standard form of tenancy agreement and
notices are normally used and, if requested, we will submit
the documentation to your Solicitor for approval.
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Inventory
An inventory and schedule of condition
to include a photographic record will be prepared prior to the
letting of your property. The cost of preparing the inventory
and the checking of it is included within the management fee.
A deposit will be collected from the tenant at the start of
the tenancy to cover any dilapidations, damage or for any breach
of their tenancy agreement obligations. Any deposits collected
will be held by Smith & Co as Stakeholders.
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Legal and Safety Regulations
Smith & Co will advise you on such matters as:
- The Gas Safety (Installation and use) Regulations 1998
- The
Furniture and Furnishings (Fire Safety) Regulations 1993
- The
Electrical Equipment (Safety) Regulations 1994
- The Building
Regulations 1992 - Smoke Alarms
Rent Collection
The rent will be demanded and accounted for to the landlord
on a monthly basis. Our fee for this service is deducted monthly
from the rental payment received.
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Providing Smith & Co are given the landlord's Bank or Building
Society details we will automatically transfer the net rental
receipts to that account within seven working days after we
have received cleared funds.
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Repairs and Maintenance
Smith & Co will
organise day to day repairs. Minor repairs will be dealt with
at our discretion. Where major works are necessary we will obtain
quotations and seek landlord's prior approval for such expenditure
unless immediate action is required.
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Utilities
We will ensure that final meter readings are taken and
transfer the utilities into the name of the landlord or the new
tenant as appropriate.
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Inspections
Smith & Co will carry out regular
inspections of the property in order to monitor the condition
of the property and the performance of the tenant in accordance
with their contractual obligations.
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Insurance
It is essential that you notify your insurance company
so that they may advise you of any additional cover that may be
necessary.
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Consent to Let
If you have a mortgage you must obtain consent from your mortgage
lender. If your interest in the property is leasehold your lease
may require you to obtain consent from your landlord prior to
subletting.
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Tenancy
Agreement II
With certain exceptions all
lettings will be on the basis of an Assured Shorthold tenancy
under the Housing Act 1988 (as amended). Smith & Co, as
Agents, would provide the necessary legal tenancy agreements.
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Taxation
Council Tax is the responsibility of the tenant. Income
from all lettings in the UK is subject to Income Tax.
On 6th April 1996 rules regarding payment of Tax for non resident landlords
changed. The Agent is no longer liable for the Tax. However, the Agent is required
to pay basic rate Tax to the Inland Revenue unless the landlord has applied
for and been granted a self-assessment status in which case the landlord may
receive the rent gross. He/she must still account to the Inland Revenue each
Tax year. If the landlord is not granted self-assessment status he will need
to apply to the Inland Revenue for a refund of excess Tax once his accounts
are up-to-date. The Agent is required to complete a return to submit to the
Inland Revenue and the landlord.
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