Landlords
Simply Bow Quarter don't charge many of the hidden or extra fees like most high street agents charge and we promote truth and fairness in all of out dealings with you.
We are a nice friendly agency and you can be assured of continuity as you will only deal with Shania or Harshini. From our first meeting we can have your property live on the internet in a matter of hours and because we are open 7 days a week, you can be assured of a speedy letting. We will provide you with a secure login to our website and you can view all aspects of your property 24/7.
Introduction of Tenant
What you get…
- Visiting you at your property, and advising on rental valuation and any other advice which you may require about letting your property
- Professional advice to ensure your property meets regulatory requirements
- Professional digital photographs and well written particulars.
- Listings on leading websites including Rightmove
- Accompanying tenant applicants to view the property
- Collecting first months rent and deposit from the tenant
- Credit checks and references approved by professional agencies – all tenants are fully referenced
Obtaining guarantors if required
- Preparation of an Assured Shorthold Tenancy Agreement (AST) and arranging tenants' signatures
- Collection and transferring of the deposit to the insurance backed Tenancy Deposit Scheme – saving you the time and fees of transferring to a custodial scheme.
Further optional services available as outlined below:
Introduction of Tenant, rent collection & property management
What you get..
- All the above service together with…
- Providing you with your own login in on our web site – so that you may view the status of your account at any time.
- Preparing a professional independent inventory and schedule of condition.
- Checking the tenant into the property and agreeing the inventory
- Organising the transfer of electricity and council tax accounts into the tenant's name
- Receiving rental payments monthly in advance, and paying you promptly, together with a detailed statement
- Inspecting the property periodically, and reporting any problems to you
- Arranging any necessary repairs or maintenance, first liaising with you in the case of larger works
- Keeping in touch with the tenant on a routine basis, and arranging renewals of the agreement as necessary
- Checking tenants out of the property as required and re letting
- Rent Guarantee Insurance can be provided for an extra 1.75% plus VAT if required/requested.
Further optional services available as outlined below:
Optional Services
- EPC – Energy Performance Certificate
- Check in and preparation of full professional inventory.
- Check out – professional report (cross referenced to the original check in inventory) on condition and what is recommended to withhold, if anything from tenants' deposit.
- Professional clean – price dependant on size of property and condition
- Obtaining possession/representing landlord in court - cost to be discussed if ever required
- Completion of Self Assessment Property pages – Fully managed properties only
Sale of property
Should a tenant, associate of a tenant, prospective tenant, or person introduced by Simply Bow Quarter purchase a property introduced by us, a fee of 1% plus VAT of the sale price will be payable by the landlord on completion of the sale.
Fees rebate
If a tenant legitimately uses a break clause (if applicable) and the property is re-let through Simply Bow Quarter, 100% of the fees paid for the out-going standing period will be refunded. If the property is not re-let through Simply Bow Quarter, 50% of the fees for the outstanding period will be refunded.
We look forward to working with you and if you require a property service that we are not currently offering, please do let us know. If you have found your own tenant and would like our help with paperwork or management please call for an individual quote.
Valuation and advice
If you are considering renting out your apartment, or have made a firm decision to do so, the first step is to give us a call to arrange a meeting. No charge will be made for this visit as the purpose is for us to meet one another, discuss what rental could be realistically achieved and to discuss our services with you. Help with home staging, decoration etc can be provided together with things like DIY repairs to enable you to fulfil your obligation as landlord.
Mortgage and leasehold property
Generally, landlords are required to seek permission from their lenders if a mortgage is outstanding on the property to be let. As the properties here are leasehold, permission to let should be obtained from the freeholder via the management company. We will provide The Bow Quarter Estate Office with a copy of the rental agreement together with any relevant details. Please ensure you have permission as failure to do so may prejudice the tenancy.
Energy Performance Certificate (EPC)
It is best practice to provide the tenant with sight of the EPC at the time of viewing. However, due to the speed of which letting can commence it will be made available to the tenant prior to signing the tenancy agreement at the latest. EPCs are valid for 10 years, so if you already have one for your property, please do let us know.
Deposit
We are members of the Tenancy Deposit Scheme (TDS). It guarantees the protection of the deposit and a fair, independent and expert assessment and settlement of any disputes over its return at the end of a tenancy. Please note under the new provisions of the Housing Act 2004 it is illegal for an agent or a landlord to hold a deposit under an "Assured Shorthold Tenancy" unless they are members of a scheme such as the TDS. We hold client money protection insurance as required by ARLA.
Buildings & contents insurance
The buildings insurance is arranged by BQRM and is paid via your service charges, however, you will still be responsible for insuring your own contents. Please make sure that you are adequately covered. In association with Homelet Insurance we can provide a full range of Landlords Contents policies specifically designed for rented property.
Rent guarantee & legal protection insurance
In association with HomeLet Insurance we offer a rent guarantee & legal protection insurance policy ensuring complete peace of mind for all our Landlords. This is at a cost of 1.75% plus VAT of rental income.
Utilities
Generally, the Tenant will pay for the electricity and telephone. The water rates are collected via the service charges (most buildings) and it is your choice should you choose to pass this onto the tenant. Electricity meter readings will be taken by The Estate Office staff and passed to us. At the commencement of the tenancy, we will notify the electricity company. Please advise us of your account details before the tenancy commences. Unfortunately, we cannot arrange for the transfer of the telephone, as BT will only take instructions from those named on the account. The transfer of telephone is very straightforward and can be done by dialling 150 from a BT landline.
Post
Please notify the Post Office of your new address if applicable.
Council tax
Council tax is paid by the occupiers of the property and this is covered in our tenancy agreements. We will notify Tower Hamlets Council of new occupation.
Taxation
Many expenses arising from letting can be offset against tax liability –
Examples such as:
- Mortgage interest
- Maintenance and repair of equipment
- Internal and external decoration
- Expenses in connection with visiting the property
- Agents fees and commissions
- Service charges
- Building and contents insurance
- Depreciation allowance or Capital Expenditure allowance
We can provide you with an annual summary of income and expenditure in the format of the property section of your Self Assessment Return. This is free of charge for managed properties.
Landlord safety regulations
In recent years, new regulations have been introduced to improve safety in rented residential accommodation. All landlords who own property which is let need to be aware of the implications of the legislation. The penalties for non-compliance are severe and can include a substantial fine and/or imprisonment.
The Gas Safety (Installation and Use) Regulations 1994 and subsequent amendments
Bow Quarter Properties do not have any natural gas and therefore this regulation does not apply to any of the properties.
The Furniture and Furnishings (Fire) (Safety) Regulations 1988 and subsequent amendments
All landlords letting residential property will be expected to ensure that all upholstered furniture complies with the Fire and Furnishings (Fire) (Safety) Regulations 1988 and subsequent amendments. In general this means that all upholstered articles (i.e. beds, sofas, armchairs, seat cushions, headboards etc) must have fire resistant filling, which has passed the "cigarette test" and displays the appropriate labels.
The Electrical Equipment (Safety) Regulations and subsequent amendments
All electrical equipment and appliances supplied with a rental property need to be safe. Although there is currently no statutory annual testing interval or certification required all equipment should be checked by a suitably qualified engineer. Where the safe use of any equipment or appliance relies upon the user being aware of any particular characteristic, suitable information or instruction booklets should be provided.
Smoke alarms
Any new homes built after 1992 are required to have a mains operated smoke alarm installed. On pre 1992 buildings there is no legal requirement for a smoke alarm to be installed, however Simply Bow Quarter strongly recommend at least one smoke alarm is provided per floor.
Accounting
We have invested in state of the art technology and property software. We produce a BACS run every week and therefore no matter what time of the month the rent is due and/or paid to us, your money will be sent to you in a timely manner. To match the income received by you, a detailed statement will be emailed showing all income and expenditure. As already mentioned, you will also have your own login where you can view all income, expenditure and matters regarding your property.
Emergency repairs
The tenant is able to contact us 24 hours a day to directly arrange.
Maintenance
We will attend to the day-to-day matters of repair and maintenance up to a limit of £250 on any one item. However we always try to contact the landlord first before dealing with such matters. Unless in an absolute emergency prior authorisation is always sought for works likely to exceed £250.
No loading or additional administration fees are made for any repair or maintenance work and neither do we accept 'kick backs' from service suppliers. A copy of the invoice we pay on your behalf can be emailed to you via PDF or the original can be inspected by you. We promote complete truth and transparency. Should we agree to manage a property renovation then a small handling charge would become payable and we would agree this with you beforehand.
Property visits
Your property will be visited approximately every six months. These visits are purely superficial and are not intended to be a structural or inventory check. You will be updated on these visits and findings. If necessary (which we hope it won't be), we will contact you immediately.
Inventory check-out
At the end of the tenancy we/the inventory clerk will visit the property and produce a report confirming meter readings (taken by The Bow Quarter Estate Office), the cleanliness, state of repair, condition and decoration of the property. We will then use this report, take any action necessary and administer the deposit accordingly.
Utility transfer
Electricity and council tax accounts will be closed off and forwarded to the outgoing tenant.
Electrical safety inspections
We will arrange for the relevant inspections and certificates. As we use third party certified contractors there will be a charge for this service.