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, part furnished or unfurnished.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.

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.

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.
  
  

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

In addition to our let only we provide a rent collection service which is suited for landlords who do not have the time and resources to deal with the issues that arise from chasing tenants for outstanding rent.

Our rent collection service does not imply debt collection, though every effort other than legal action is taken to obtain monies owed. Legal action is taken at the Landlord's instruction and expense, but free advice will be offered by our experienced staff.

Our let only with rent collection 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 our account
• Facilitate receipt of monthly rent and chase if required
• Arrange any extensions to initial term
• Holding Deposit in Approved Scheme

We will collect rent and remit to your bank and account to you on a monthly basis by sending statement of rents paid within 14 days of receipt

The responsibility of a landlord can be daunting. The property needs to be well cared for and problems must be resolved quickly. If you live out of the area or simply do not have enough time to look after the day-to-day issues, which arise from having a rental property, then our property management service is tailored to meet your needs. Managing a property is a specialised and time consuming business, especially when problems arise. You will be assigned a personal property administrator who will be your main point of contact. Our property management service deals with all aspects of looking after your investment.

In addition to the let only and let only with rent collection service's, our management service further includes:

• Collection of rent and monthly statements of account
• Property visits to identify any issues
• Written inspection updates
• Dealing with maintenance issues using approved contractors
• Service of notices
• Holding tenants deposits and assessing dilapidations
• Estimates for repairs and refurbishments
• Payment of routine outgoings
• Arrangement of Gas, electrical and furniture safety checks
• 24 hour emergency call out service - 07854 837 709
• Insurance assistance
• Extensions, renewals and remarketing

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.