Guide to Letting Your Property
Property in prime central London is potentially a very profitable investment in terms of both capital growth and rental income, but a property portfolio must be handled with professionalism to get the best return.
Even a modest property in prime central London is likely to represent a million pound plus investment so it is vital to maximise the yield. Short 'void' periods when the property is empty can have a substantial impact on profitability.
At this level of the market, tenants expect the highest levels of design and finish, the latest bathrooms, kitchens and appliances of the highest specification. Tenants are prepared to pay well for the property they want.
The process of letting a property usually starts with an assessment of the premises, highlighting any work necessary to bring the place up to scratch. We strongly recommend a deep clean by a professional company and it may well be worth investing in new carpets and giving the property a lick of paint. If the kitchen or bathrooms are beginning to look tired consider updating them to a more modern style.
As a landlord it is your duty to ensure the property complies with electrical, gas and fire safety regulations. We can arrange for any necessary work to be done by professionally qualified and insured contractors.
At this point, the property is appraised to establish the rent that could be achieved given local market conditions. We advise on the right level at which to start marketing the property.
When the property is ready, we arrange for photographs to be taken ensuring the property is shown at its best and comprehensive floor plans will be prepared. An Energy Performance Certificate is required before any marketing commences and we would be delighted to organise this on behalf of the landlord.
These days the majority of marketing rental properties is done online and we use the popular portal websites such as primelocation.com and zoopla.com. However, traditional methods are still effective and we also advertise in the national and local press, placing property details in the window of our prominently located corner office and emailing our list of regular tenants.
All applicants are accompanied when viewing properties and any bidders are fully vetted before acceptance and references taken up.
All the necessary legal documents are professionally drawn up, including the Assured Shorthold Tenancy agreement (AST), safe lodging of the deposit (usually equivalent to six weeks rent) and setting up a standing order for future rent payments directly into the investor's UK bank account.
Before the tenant moves in, a full schedule of the condition of the property and inventory of the contents is taken by a professional inventory company who will also be responsible for checking the property at the end of the tenancy to ensure all damage or loss is fully compensated. The check in is paid for by the landlord with the tenant paying the check out fees (approximately £100).
Letting property in prime central London is a difficult but rewarding operation. We at Wellbelove Quested strive to make the process as smooth and profitable as possible.
Wellbelove Quested is a member of the Tenancy Deposit Scheme, which is administered by:
Deposit Protection Service
Phone: 0330 303 0030