Once the let has been agreed
What does let agreed mean?
Let agreed means the property is no longer on the market. A tenant has been found and the landlord and or lettings agency are in the process of getting the documents signed that start the lease.
What happens after your property has been successfully let?
With the let agreed, you are a big step closer to letting your property! There are a few tasks your chosen lettings agent is now responsible for, whether they are managing the property or not.
Letting agent responsibilities to landlords
- Written communication to all parties to confirm the rent, how regular the rent is paid (e.g. weekly, monthly etc.) and any conditions of the tenancy.
- Obtaining references from the tenants and a guarantor if this is required.
- All parties will need to read and sign the Tenancy Agreement.
- Collect payments owed for the tenancy to start, such as the deposit and first month’s rent. All deposits should be registered with a deposit protection scheme.
While the lettings agency is busy with the above, there are a few tasks that you, as a landlord, will be responsible for.
- You will need to arrange a professional and comprehensive inventory report. This will set out all the items that are in the house such as carpets, any furniture that comes with the house etc. It also needs to set out the condition of any of the contents. This becomes especially important should you need to make any deductions at the end of a tenancy for any damage – supporting documentation will be needed otherwise the tenants will legally be able to challenge this.
- Should you decide to let your property through a lettings agency, this is something that can be carried out for you, each time a new tenant starts to rent the property and at the end of the tenancy. Both you and the tenants should be supplied with copies.
- At the start of any new tenancy, you must ensure your new tenants have set up the necessary accounts and transferred names for providers of utilities (gas, electric and water) and have provided meter readings if requested by the utility companies. They will also need to set up accounts or transfer the names for telephone suppliers, council tax and TV licensing.
- Make sure all furniture and furnishings comply with the latest fire regulations
- Ensure that all gas appliances and equipment have been serviced by a CORGI-registered engineer and that safety records are kept in a safe place
- Make sure that all electrical wiring has been checked and safety approved by a qualified electrician
The tenants also have some things that they need to do before moving day:
- Undergo a credit check and provide references
- Sign document that list important details such as bank details for the rent payments and contact information
- Prepare the deposit to be paid or alternatively using flatfair, the tenant can rent deposit-free with one-off flatfair membership and cover for any end of tenancy charges when moving out. Find out more here.
- Read through the inventory of the property to make sure it is all correct as agreed
Once all is complete, you can set a moving day that is mutually convenient to yourself and the new tenants.
When a date has been agreed, you can let the tenants move in and begin the lease. If the lettings agency holds the keys to the property, you will need to instruct them to release these to the tenants on moving day. If the property is to be managed by a property management service through the lettings agency, it is important the tenants are given the contact details.
Congratulations on successfully letting your property!
If you would like to speak to your local haart branch about letting your property, visit our branch finder page - our dedicated lettings teams will be delighted to help you.
Questions for us about letting your property? contact us.