The 5 stages to renting a property with Crown Home Letting
01
Nov.

If you are an overseas landlord looking to rent your property here in the UK the rental process can seem confusing and complicated. However, here at Crown Home Letting, we want to help you understand and show you a clear breakdown of the process.

We have created a 5 stage breakdown to explain the processes that take place if you decide to rent out your property with us fully managed.

Stage 1: The paperwork

1. You will receive a service contract from us which you will need to read and sign
2. After accepting our terms we will collect the keys and inspect the apartment on your behalf, overseeing the snagging process to ensure any last-minute adjustments are completed by the developer
3. We will provide our rental price suggestions and confirm with you the desired rental price
4. Work with you to arrange the interior design of your property
5. Create tailored marketing for your apartment through professional video and images
6. Publish your property across the relevant digital channels, including Rightmove, to help you find a tenant

For all of the above to happen you, the landlord, will need to provide:

1. A scanned copy of your passport and proof of address
2. Fill in and apply for the overseas landlord tax. The advantage of applying for this in advance is to avoid having 20% tax deducted from your first month of rent taking

 

Stage 2: Helping you find a suitable tenant

1. Assist you with negotiating rent and occupancy conditions with the tenant(s). After all the parties have agreed on a rental price, one week's rent is taken as a holding deposit
2. We commission a third-party professional agency to conduct background checks on the tenants and feedback to us and you on the results. If you are not satisfied with the result, you can decide to not go ahead with the tenancy and refund the deposit
3. If you are satisfied with the result, we will draw up the rental agreement according to UK law and regulations. This contract is sent to you and your tenant for review and signature
4. After signing the contract, we will collect the first months' rent plus five weeks rent as a deposit on your behalf. If the annual rent is more than £50,000, six weeks rent will be charged. Under UK law, deposits must be kept with a third-party regulator
5. We will arrange a professional inventory company to make a report on the conditions of the property and furniture
6. On the day of check-in, our Property Manager will meet the new tenant and verify their identity and visa. They will then conduct the check-in if everything is correct

 

Stage 3: When the property is occupied by a tenant

1. Assist in transferring all the energy bills to the tenant’s name(s) to avoid additional energy costs. For example water, electricity, heat, etc.
2. We pay the service charge, ground rent and deduct any service-related costs on your behalf. This will avoid any late penalties payments
3. After collecting the rent, and deducting the corresponding costs, we will then transfer the funds to you
4. A property management service will be provided to handle daily issues related to the property and deal with the tenants' queries
5. We will provide a special out of hours maintenance contact for the tenant(s), as well as manage and deal with the emergency maintenance issues
6. Then, every 6 months a property visit will be conducted to check in with the tenant(s) and your property
7. We will assist you in preparing year-end personal tax returns, helping communicate between yourself and the accountant to prepare the tax returns

 

Stage 4: Once the tenancy comes to an end

If the tenant would like to renew:
1. We will assist you with negotiating terms and conditions with the tenant(s), adjusting the rent according to inflation and market research data to maximise your rental income
2. Prepare renewal contract and related procedures, and re-register the deposit

If the tenant would like to leave:
1. We will communicate with the tenant in advance and carry out new marketing and promotion ahead of the tenant(s) vacating the property. This is with the aim of minimising the time your property is vacant for between tenancies

 

Stage 5: After the tenant has left

1. We will arrange a professional company to make an inventory report of the property and furniture condition
2. Our Property Manager will then check the property again to avoid any missing details
3. The deposit refund will then be arranged. If the tenant has caused any loss or damage to the property, suitable deductions will be made from the deposit corresponding to the correct amount
4. We will manage the vacancy period according to your needs, such as energy costs, house cleaning and other related matters, in order to facilitate your needs

 

We hope this helps break down what is covered in our fully managed service in a little more detail. If you would like to know more or have any questions, please get in touch today and we will be more than happy to help. 

Cashmere Wharf / 1 Bedroom
£3,000 PCM
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