At Regal Estates, we want to make the process of letting your property as stress free as possible. We have done this for over 500 Landlords and counting.
If you are thinking of letting property in Willesden Green or the surrounding North West London area then read our lettings guide below for more information on how to sucessfully let property.
Research and prepare
Becoming a landlord is a big responsibility that should not be rushed into. Planning your approach will give you the best opportunity to enjoy strong financial yields further down the line.
Whether you are considering a buy-to-let mortgage or renting out an existing property, start by looking at the local market to get an idea of current rates.
The best way to do this is to book a free rental valuation with us. Our professional and experienced lettings team will be able to provide an accurate market appraisal of your property using the most up-to-date market insights. We will compare similar properties to let in Willesden Green and North West London and provide information and statistics on how we will achieve the highest rental rates.
As part of the appraisal, we will also go though your legal obligations as a landlord, including EPC Certificates, Gas Safety Checks and Right to Rent Checks.
Consider the costs
Once you have an idea of how much rent you can charge, you should start to weigh the figure up against the other costs that come with letting.
If a mortgage is still being paid off on the property the net figure will have to cover this at a minimum. There is also tax on rental income to consider, which will range between 20-40% depending on your earnings bracket.
For properties still attached to a mortgage you have to inform the lender of the change of status so you can be granted a ‘consent for let’ that ensures you avoid violating your contract.
Factor in a surplus to pay for any maintenance and repairs, which can also be used to cover mortgage payments in the event you do not have any tenants inside the property for a period of time.
Finally, if you wish to go ahead, arrange a landlord insurance policy. It is not a legal requirement but it does offer protection for the property and your tenants.
Get the property ready to let
Before putting the property onto the market you need to make sure it is ready for tenants to move into.
Decide whether the property will be let furnished or unfurnished and remove any unnecessary items from the rooms. Also tidy up the front of the property to create a good first impression and declutter the garden if required.
Neutral colours (white/cream) will be more attractive to prospective tenants so redecorate where needed.
Windows and front/back doors should have strong locks and carry out any repairs that may be required – while ensuring any appliances that are part of the let are working to a good standard.
Once you have prepared your property, we can begin marketing and advertising it to our database of registered applicants as well as RightMove, Zoopla, PrimeLocation, OnTheMarket and many other property portals.
Use A Reputable Letting Agent
By using a reputable letting agent you will benefit from their local knowledge and ability to find good quality tenants on your behalf.
Not only can they advise on the right letting rate, but also use their network to market the property, take care of viewings, handle references and manage the tenancy if required.
At Regal Estates, we let and manage over 600 properties throughout North West London and most of our business is based on referrals from existing happy clients. We believe that you will not find a letting service as comprehensive as ours. Check out what our clients say about us.
We are also members of a variety of professional bodies in the property industry such as ARLA Propertymark, The Property Ombudsman and Client Money Protection, which means we work to the highest standards in the industry. A full list of our accreditations can be found here.
Finding the right tenants
Most enquires will come through online but you should request a viewing in person so they can see if the property is right for them and to see if they will be a suitable tenant.
We can take care of this process by accompanying property viewings and keeping you updated via email, telephone and text message on viewings and feedback. Each time a viewing is booked you will be notified by text message so you know exactly when viewings are taking place and we are happy to liaise with current tenants to ensure a good line of communication between parties is kept.
Once you accept an offer, we will take the holding deposit from the applicant and begin our referencing process. This process includes right to rent checks, full employer referencing, affordability checks along with previous landlord and credit checks. We will collect all necessary documents to ensure that you have the most suitable tenant.
This process is included in all of our lettings services.
Once the suitability of the tenant has been confirmed, the tenancy agreements can be drawn up. All of our tenancy agreements comply with the latest legislation and are some of the most comprehensive on the market, ensuring that the agreement is understood by both landlord and tenant.
After the tenancy agreement is signed and the final balances are completed, we can create an inventory of the property if required. This is a document detailing each room within the property, its contents and their condition and can be helpful in the case of any tenant or landlord disputes around damages. It can also be a great way to check the condition of the property when a tenant moves out, to see whether there are any damages beyond general wear and tear.
We will then arrange a key collection for the tenant, and they can move into the property.
If you would like to know more about our lettings process and services, please contact one of our letting agents in Willesden Green who will be happy to assist you.