How much can Lisa save me?
High Street agents will typically charge 10% of the first year’s rent for new lettings and a further 10% for property management, totaling 20%. Lisa charges a flat rate of £10 for letting and 1% (exc. gocardless/bank costs) of rent for property management.
Example: On a property with a UK average rent of £921 per calendar month (£11,052 per annum), high street agents will charge £2,210. Lisa will cost £231.
What are the Government requirements for letting my property?
- keep your rented properties safe and free from health hazards
- make sure all gas and electrical equipment is safely installed and maintained
- fit and test smoke alarms and carbon monoxide alarms
- provide an Energy Performance Certificate for the property
- protect your tenant’s deposit in a government-approved scheme
- check your tenant has the right to rent your property if it’s in England
What are the steps to letting a property?
What is involved in property management?
- Preparing the tenancy agreement
- Organising and managing the collection of the tenant’s deposit
- Preparing the inventory and conducting a state of repair assessment on the property
- Checking in the tenant and agreeing the inventory
- Collecting the rent from the tenant
- Managing and arranging any necessary repairs
- Inspecting the property periodically and feeding back any comments to you
- Providing tenants with notice at the end of the tenancy
What materials need to be provided to the tenants?
- AST lease
- Tenancy Deposit Scheme certificate
- Gas/electricity certificate
How to bring a tenancy to an end?
- The landlord can serve a Section 21(1)b (notice requiring possession) giving at least 2 months notice before the last day of the expiry date (or break option date if relevant). This document is usually appended to the AST lease.
- If the landlord wishes to retain the existing tenant, then a new AST lease agreement may be offered.
- If the landlord (whether he served a Section 21 notice or not) does nothing to bring the tenancy to an end at expiry, then your tenancy will automatically become a Periodic Tenancy. A periodic tenancy is for a period equal to the rent payment periods (i.e. monthly) and continues indefinitely, until one or other party decides to terminate. This is done using a Section 21(4)a notice and also requires 2 months notice.
- The balance of the deposit must be returned within 10 days of agreement on deductions (if any).