In This Guide
Administration
Being a landlord
Buy to let investment
Choosing the property
Finding tenants
Letting property
Lettings agents
Levels of service
1. Levels of service
2. Let only
3. Letting and rent collection
4. Property management
5. Added value extras
6. Cost comparison
Preparing the property
Problem tenants
Tenancy
Levels of service
Added value extras
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You are not that likely to get too many extras with a let-only service, but some lettings agents will certainly bundle some additional services to entice you into opting for their full management service. Here are some things you should watch out for:
This gives you protection from disaster! Storm damage, frozen
and burst pipes, leaking rooves and smashed windows can be annoying
costs to meet. With call out charges for these often being ridiculously
high, this insurance will protect you against the burden of such
expenses. Policies cover the call out charges and a maximum amount
for labour, materials and parts.
This gives you a session with an affiliated chartered accountants,
tax planning service or property investment company. They will
make sure you make the best use of the many tax breaks that are
available to you, by claiming all the deductible expenses and
managing your affairs correctly. It involves a full analysis of
your financial circumstances, followed by with recommendations
of courses of action you should take. Even if you don't get this
for free, it is often well worth paying for such a service, as
you can end up saving money in the long run.
This gives you protection against problem tenants and provides
you with insurance that will pay your legal costs up to a maximum
amount. This can normally be used for various purposes such as
pursuing a claim for unpaid rent, obtaining vacant possession,
tracing tenants who have absconded and obtaining a judgement against
the tenants through the county court.
This is another useful policy that is often given away, which
provides protection against loss of income due to unpaid rent
during the term of the tenancy agreement, as well as providing
for accommodation expenses if you are trying to regain possession
of your property.
Due to their close ties with IFAs or agents of particular financial
services providers, lettings agents can often offer you other
insurance and financial products at a discount. This may be term
life assurance, household insurance or mortgage protection insurance.
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