We have always been very diligent when dealing with the rental of your properties here at Devere Letting Bureau and I have written before about the importance in finding the right tenant. Gut Feeling isn’t a bad instinct to follow.
Although we have always adhered to this as a company, from 1 February 2016, all private landlords or their agents will have to check that potential tenants have the right to be in the UK before you can consider renting out a property to them.
Right to Rent was introduced as part of the Government’s Immigration Act 2014, to reform the immigration system. The new legislation means that landlords, including those who sublet or take in lodgers, must check that the prospective tenant is in the UK legally before they can grant occupation. Landlords who fail to process the checks could face a penalty of up to £3,000 per occupant, (or enough to almost wipe out most of your years rental income on that studio apartment)!
Landlords will have to check and take copies of all original identification documents for all adult occupiers who will be residing at the property. As it happens, my colleagues and I also ask for a copy of a utility bill relating to a previous address if applicable. Anyone else who will be living at the property, who contributes to paying the rent in some way but is not named on the residential tenancy agreement will also need to be checked.
We ask to see either a UK passport, a European Economic Area passport or identity card, a permanent residence card or a travel document showing indefinite leave to remain. A Home Office immigration status document,
Certificate of registration or naturalization as a British citizen will need to be seen.
Not only do Right to Rent checks have to be carried out prior to completing a tenancy agreement, but a follow-up Right to Rent check is required on some occasions, such as where an individual evidences a time limited right to be in the UK. In these instances, if the tenant cannot show that they have renewed their right to reside in the UK the landlord must make a report to the Home Office to avoid being given a penalty.
This new legislation is further evidence of the increasingly litigious nature of what we do in the lettings business and the need for landlords to use a reputable lettings agent such as De Vere Letting Bureau to handle the letting of your property.
So how have we found the market so far this year? Well, looking back at the same period last year, it really is a case of Deja Vu!
There is still a shortage of good quality property available on the market to let. Landlords selling off and current tenants choosing to renew their Tenancy Agreements, both contributing to a rather lean market.
This continues to contribute to significant rent rises with studio apartments, which a year ago were renting for for between £600.00 and £700.00 a month. Now you’ll have to pay at least £750.00 to £800.00. A bigger increase has resulted in us letting one-bedroom apartments for between £975.00 to £1050.00, again significantly up on 2015.
The demand for three and four bedroom houses remains strong, (if you can find one) and of course, rental prices reflect this.
In the market for a large executive house? If you’re in the market for a Four, Five or Six bedroom house for upwards of £4000.00 then it just may be possible to do a deal with the landlord, especially if the house has been vacant for a while.
We are here to offer you honest, impartial advice. With so many ‘estate agents’ now offering to let properties out, it is important and quite reasonable to ask if they have the right experience. At Devere Letting Bureau we’ll strive to do our best for you.