Page 10 - Microsoft Word - KingsAndCo Brochure_Including_Back_Cover
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Preparing Your Property Preparing Your Property -- Regulations (Continued)Regulations (Continued)
P
Preparing Your Property reparing Your Property -- Regulations (Continued)Regulations (Continued)
Mortgage & Leasehold Properties
If the property you are letting is subject to a mortgage, permission to let will be required
from your lender. Leasehold properties will also require consent to let.
Insurance
You should ensure that you are adequately covered for buildings insurance, as this will
remain your responsibility. Even if you are letting the property unfurnished it is advisable
to obtain the minimum contents insurance to cover floor coverings, curtains etc.
Furnished properties should be covered for the necessary amount. Tenants will be
responsible for insuring their contents. When insurance is obtained for the property it is
essential to ensure that this includes Landlords Liability, should the unthinkable happen.
Deposits and Inventories
If you are a Landlord in England and Wales and who lets residential property on an
Assured Shorthold tenancy, and if you take a deposit from the tenant at the beginning of
the tenancy, you are required under the provisions of the Housing Act 2004 to protect the
deposit against misuse the Act also places an obligation on the Landlord to make certain
information about the protection of the deposit available to the tenant. Kings & Co are a
member of The Deposit Protection Service and will on behalf of the landlord protect the
deposit within the scheme (Full Management only at an additional cost of £18inc).
Penalties and failures to protect the deposit
th
Protection of deposit is mandatory under the law from 6 April 2007
Failure to protect a deposit carries penalties for landlord client:
The landlord will be unable to use “notice only ground” to regain possession as
detailed under Section 21 of the Housing Act 1988)
Tenants can only apply for a court order requiring the deposit to be protected
and the prescribed information supplied to them
If the landlord fails to comply with these requirements, or the deposit is not
held in an authorised scheme, the court will order the landlord to repay the
deposit or to pay the deposit into an authorised scheme
The court will also fine the landlord three times the deposit amount, payable to
the tenant within 14days.
9
P
Preparing Your Property reparing Your Property -- Regulations (Continued)Regulations (Continued)
Mortgage & Leasehold Properties
If the property you are letting is subject to a mortgage, permission to let will be required
from your lender. Leasehold properties will also require consent to let.
Insurance
You should ensure that you are adequately covered for buildings insurance, as this will
remain your responsibility. Even if you are letting the property unfurnished it is advisable
to obtain the minimum contents insurance to cover floor coverings, curtains etc.
Furnished properties should be covered for the necessary amount. Tenants will be
responsible for insuring their contents. When insurance is obtained for the property it is
essential to ensure that this includes Landlords Liability, should the unthinkable happen.
Deposits and Inventories
If you are a Landlord in England and Wales and who lets residential property on an
Assured Shorthold tenancy, and if you take a deposit from the tenant at the beginning of
the tenancy, you are required under the provisions of the Housing Act 2004 to protect the
deposit against misuse the Act also places an obligation on the Landlord to make certain
information about the protection of the deposit available to the tenant. Kings & Co are a
member of The Deposit Protection Service and will on behalf of the landlord protect the
deposit within the scheme (Full Management only at an additional cost of £18inc).
Penalties and failures to protect the deposit
th
Protection of deposit is mandatory under the law from 6 April 2007
Failure to protect a deposit carries penalties for landlord client:
The landlord will be unable to use “notice only ground” to regain possession as
detailed under Section 21 of the Housing Act 1988)
Tenants can only apply for a court order requiring the deposit to be protected
and the prescribed information supplied to them
If the landlord fails to comply with these requirements, or the deposit is not
held in an authorised scheme, the court will order the landlord to repay the
deposit or to pay the deposit into an authorised scheme
The court will also fine the landlord three times the deposit amount, payable to
the tenant within 14days.
9
