The lettings market has changed beyond all recognition over recent years. The biggest legislative change was made with the 1988 Housing Act, which brought with it the Assured Shorthold Tenancy and which has revolutionised the market. With the much-publicised uncertainty in the world of investment and pensions, more and more Landlords have entered the residential lettings market as an alternative form of investment. Additionally, London is a global community with many employees being transferred to different parts of the world on short-term contracts and who are keen to have their properties rented and looked after in their absence.

Alex Neil has been working in Docklands since 1984 and as such our knowledge of the market and the properties is unrivalled. We have seen Docklands grow from a derelict wasteland into the most exciting and dynamic part of London. We have a strong team of experienced lettings professionals who understand the individual needs of landlords and tenants alike.

As members of both the National Association of Estate Agents and The National Approved Lettings Scheme, you have peace of mind in knowing that you are dealing with a responsible, professional, regulated agent. All NAEA and NALS members have Client Money Protection Insurance cover and are bound by a strict code of practice. NALS is supported by ARLA and The Royal Institute of Chartered Surveyors.

The law has changed regarding Tenant's deposits. Many agents don't fully understand these changes, however, it is the landlord who will be penalised for non-compliance so it is imperative you understand these changes. All deposits held by Landlords of Agents for an Assured Shorthold Tenancy MUST be protected by in a tenancy deposit protection scheme. This is now a mandatory legal requirement and the penalties for not complying with the law are severe.

Landlords will be able to choose between two types of scheme: a custodial scheme or one of the two insurance-based schemes. The costs to a private Landlord vary enormously and you must consider that to comply with the terms of the scheme, the tenancy agreement must comply with the prescribed wording.

It may not be enough for a Landlord to simply have the prescribed wording added to a tenancy agreement which they have previously used. One must consider the wording of the existing clauses which must not be contradictory, unfair or onerous. Full consideration must be given to the OFT guidance on unfair terms in tenancy agreements.

Landlords must also be aware that even if the tenancy commenced before the legislation came into force, where that tenancy is extended for a further fixed term, it falls under the scheme and the deposit must be protected. The exception is where the tenancy is allowed to continue beyond the fixed term on a statutory periodic basis. Alex Neil is happy to offer advice on this subject.

Alex Neil is registered with the Dispute Service Limited and in order to comply with their rules, are unable to hold deposits for landlords unless the terms of membership, and specifically the required clauses, are included in the tenancy agreement. We have a duty not only to the landlord, but also to the tenant. For the avoidance of doubt, Alex Neil will only use our own tenancy agreements to protect all parties interests.

Successful rental investment comprises three main factors - long term capital growth, maximum rental yield achievable and near constant occupation. Long term growth is determined by economic factors beyond the control of agents and landlords, however, one can maximise the rental achieved and increase the desirability of the property, thus reducing void periods, by ensuring that the property is presented in the best possible way.

It is important that the property looks inviting to prospective tenants. We strongly recommend that properties be professionally cleaned before the commencement of the tenancy. It is a condition of the tenancy that the property is left in the same condition at the end of the tenancy as it was found at the commencement. The rooms should be free from clutter with only the fixtures and fittings that are to be left for use by the incoming tenant on display.

Any maintenance issues should be addressed and décor should be of a high standard. We generally recommend a choice of neutral colours. Alex Neil has a number of approved contractors who can provide quotes free of charge for cleaning, decorating, general repair and supply of furnishings upon request. Furnishings should be of a quality and style in keeping with the property.

The property can be let either furnished or unfurnished. In either case, the property should have curtains and carpets where applicable. Where a property is to be let furnished, the property should have the appropriate number of beds, wardrobes and chests of drawers. The Kitchen must have white goods and the extent of these is a major factor in tenants paying the best rental values. For example, many tenants look for microwave ovens and tumble dryers in addition to the standard equipment. Crockery, cutlery and kitchen utensils are essential as is a table at which to eat. Bathrooms are also important and an increasing number of tenants specifically look for power showers.

The investment you put into the property will pay dividends as it will ensure not only the best rental, but will reduce marketing time in finding a tenant thus reducing any of the dreaded void periods.

There are many aspects to renting, but few so important as finding a suitable tenant quickly. Alex Neil always tries to find the right tenant whether private individuals or a Company let.

Marketing is the key issue. Alex Neil uses traditional advertising in a wide and varying range of publications. Our website ensures that all properties are displayed the same day as instructions are received to find a tenant. Additionally, all properties are advertised with an increasing number of property portals such as Rightmove, Findaproperty, Assertahome, Vebra, Evening Standard and many others ensuring continuous worldwide marketing. Our prominent office locations ensure significant 'walk-in' enquiries and our years of acting for a large number of prominent Financial Institutions generate a huge number of recommendations and Company lets.

All viewing appointments are accompanied by an experienced member of the lettings team.

Once a tenant agrees to rent a property, a holding deposit is taken together with referencing fees. An independent, specialist company who report to us on the suitability of the tenant seeks references. These findings are of course reported to you for your approval. Each tenant is assessed on the basis of:

• Employment reference
• Previous Landlord reference (where applicable)
• Search of public records for evidence of previous address and credit score
• Students are required to provide a guarantor who is referenced separately and who is obliged to sign a guarantors agreement.

Once we have finalised all the details of the tenancy, we will arrange for all parties to sign the agreement and collect one months advance rent together with the balance of the security deposit, equivalent to six weeks rent prior to release of keys.

Our let only service is suited for experienced landlords who have the time and resources to deal with the issues that arise from renting a property. One must consider issues such as emergency call outs, lost keys, insurance claims, faulty appliances etc. Additionally, the service of notices is crucially important in order to regain possession of the property at the appropriate time. If you live overseas, you must by law provide a UK address at which notices can be served.

Our let only service includes:

• Initial market valuation
• Advice on presentation
• Arrangement of safety checks upon request
• Accompanied viewings
• Submission and reporting of references
• Arrangement of a professional independent inventory where required
• Receipt of cleared move in monies together with a security deposit
• Arrange set up of standing order directly to your account
• Arrange any extensions to initial term
• Holding Deposit in Approved Scheme

Tenancy agreements are constantly evolving in accordance with changes in legislation. Alex Neil prides themselves on having up to date agreements that reflect the very latest changes. They are written in plain English and are consistent with the Office of Fair Trading's guidance in respect of Unfair Terms of Contract. Our agreements have been pre-approved by most major high street lenders and all prior notice grounds of possession are included as required. We regret that we are unable to use landlords own tenancy agreements unless they are specifically approved by one of our Directors.

Safety regulations are legal requirements for letting residential property. Non-compliance with these regulations carries substantial fines and possible imprisonment and is decided by the Courts. At all times, both a landlord and their agent have a duty of care to the tenant. There are four key areas one must consider:

• Gas Safety - It is a Statutory Requirement that all properties that have any gas appliances are tested annually. The tests cover general operation and safety, inspection of combustion, Pressure test, vent check and flue check. All checks must be undertaken by CORGI registered engineers. A written record must be kept and made available for inspection by any tenant. These inspection records must be kept for a period of not less than two years.
  
  
• Furniture and Furnishings - Anything in the property which is upholstered or has a filling material must comply with Fire Safety Regulations with the exception of antique furniture. All furniture manufactured after 1st March 1989 is required to comply with this legislation and will be labelled accordingly. If items are not labelled, they do not comply and may not be left in the property.
  
  
• Electrical safety - There are a number of regulations appertaining to electrical safety. The law requires that all equipment supplied is safe. In practice, the only effective way to ensure compliance and tenants safety is by employing a competent person to test the equipment before the property is let. Instruction booklets for the operation of electrical equipment should be supplied.
  
  
• Other safety regulations - Generally, any products supplied with the property must be in good working order. For example, lawnmowers should connect through RCD protected plugs, smoke detectors must be in good working order, any glass up to a height of 1500mm in doors and 800mm in glass panels from floor level must be 6mm toughened safety glass. Additionally, a landlord must provide the tenant with relevant operational information for any product which may have any risk associated with its use. The simplest way to deal with the regulations is to instruct Alex Neil to arrange the necessary inspections through our approved contractor.
  
  
• Consents - If your property is mortgaged you will need to obtain consent from your Bank or Building Society prior to letting. If your property is leasehold, you will also require consent from the Head Lessor, Freeholder or Management Company.
  
  
• Insurance - You will need to advise your Insurance Company that you are renting the property and ensure that you comply with any conditions imposed. This applies to both buildings and contents insurance. Your tenant should also have contents insurance in place. You are not responsible for their possessions.
  
  
• Tax - Income tax is payable on all rental income arising from property in the UK regardless of the residential status of the landlord. Under the 1995 Finance Act, a Letting agent is obliged to advise the Inland Revenue that a letting has been arranged for a landlord who is non-resident for UK tax purposes. As a Managing Agent, we are legally responsible for payment of any tax that arises and will retain monies to cover this liability. Non-resident landlords can apply to the Inland Revenue for approval to receive gross income. Without this approval we are obliged to deduct tax. We strongly advise any landlord to appoint an accountant to deal with their tax affairs as many of the costs incurred in renting can be offset against the income.
  
  
• Inventory - We consider it imperative that an independent, professional inventory be commissioned. This comprises not only a full list of contents, but also a schedule of condition. At the termination of the tenancy, a schedule of dilapidations will be drawn up to assess if there should be any deductions from the security deposit. Where we act as managing agent, we hold tenants deposits as stakeholder and will arbitrate in any disputes which arise.
  
  

Choosing a letting agent is an important decision, and choosing a managing agent even more so. Alex Neil prides itself on experience and technical knowledge. Both our lettings teams and property management department are overseen by a Director. Through an established network of professional contacts, Alex Neil has the resources to deal with all issues that may arise and provide whatever assistance is required.

We would be delighted to assist in finding a tenant for your property and ask that you simply sign a copy of our terms and conditions in order that we can commence marketing without delay. Please do not hesitate to contact us should you require any further information.

We don't just rent property. We have an established, highly successful sales department. They will be delighted to find a suitable applicant for the purchase of your home, we also have a number of landlords who are always looking to increase their portfolios and their relationship with our lettings colleagues is invaluable.

Yes, thats right, we offer free advice if you are experiencing problems with your tenants, property or agent. This information is provided to assist you in solving problems and, whilst not provided by a Solicitor, we will happilly point you in the right direction in the unlikely event we cant help. Please email eric.walker@alexneil.com for straight forward advice regarding your property - we are here to help.

Please Note: All advice is given in good faith and is based upon the information supplied by the Landlord or Tenant at the time. Neither Alex Neil, nor the its employees can be held liable for any loss suffered by the enquirer should inaccurate or incomplete information is given. Advice is non legal and based upon best practise. Where the assistance of a Solicitor is required, we are happy to recommend a specialist in the area required.