Choosing the right Letting Agent

mopat_3

Have been trying to sell our house for the past 7 months to no avail.

Fed up chasing the market down and receiving offers from buyers which are either ridiculous, or even worse withdraw their offer at first stages of commitment.

So, have made the decision to move anyway and rent out our existing home. years of overpaying on our mortgage has meant that we are able to increase the term out to 25 years to drop repayments to a level that allows us a low-ish break-even in terms of realising a rent. (I have permission from lender to let property out). Mortgage £570, looking to rent out for £800pm

I have 4 Letting Agents scheduled to view the house on Saturday and have trawled this site and the Letting Agent's documents for fees and additional charges to expect.

Would be grateful if any landlords can give me advice on what to look for and what charges are fair and reasonable please!

Relocating from S.E England to Scotland so would be looking for a Fully Managed Service if that helps.

Fully Managed Service - 12.5% to 15% being quoted (would like to think I could negotiate down a little bit - any tips on what I should pay)

Intro Fee - £200 + VAT?
Inventory - £100 + VAT (3 bed house)
Check Out - £75 +VAT?
Tenancy Agreement - £150?
Tax Advice - £90
Maintenance Float £500?

I know that I need a Gas Safety Certificate (about £50 average I think) and I need to speak to Building Insurance company to seek permission to let.

Any questions that I should be asking Letting Agent when interviewing them? Deposit Protection Scheme is one that I have.

Tips gratefully received.

poppysarah

Reduce the price and sell it.

If trying to sell it annoyed you, then renting it out will stress you so much more.

mopat_3

Thanks for the reply Poppysarah.

Point is that don't have to sell the house at the moment and loathe to sell it for the offers that we have been getting as I believe the house is worth more to us than the offers been getting.

Selling process didn't stress me, it annoyed me. Had too many buyers unwilling to show commitment and follow up their offers that I have lost all confidence in the market at the moment. Would rather bide my time and sell when confidence returns.

BrixMorta

[FONT=Arial+2][FONT=Arial+2]A lot of EA’s are now turning to lettings as a source of income. This has led to untrained staff dealing with residential lettings. With this in mind make sure the agent you choose is a member of the NAEA, ARLA & the ombudsman. [/FONT][/FONT]

jay7_2

Also check EA reviews on www.allagents.co.uk. You don't want to use a lettings agent unpopular with tenants and landlords.

mchale

Ring up the LA's you are thinking of dealing with pretending to be a tenant, see how you are treated, its all about customer service!!!!!!!!!!! (thats why I manage my own properties)

Kynthia

Hi

I have a managing agent for 13% which includes the check in/out, inventory and inspection. This wasn't the original quote but when I said I wasn't happy they knocked the price down. I wish I'd asked more questions though as they aren't as thorough as my last agent. The previous ones were great, even writing to all the utility companies and council to inform them that a tenant was moving in/out and what relevent meter readings were (copying me in).

Along with the Gas Safety certificate, which needs to be done in advance, you'll also need a Energy Performance Certificate.

If you are renting the property furnished there may be council tax payable while it is vacant between lettings.

There is good information about the tax implications of having a rental income on www.direct.gov.uk

Rental insurance is something to consider in the current climate. What if your tenant is made redundant and can't pay the rent? Although not eveyone gets cover.

Good luck:j

socrates

try landlordZone.com lots of LL's there