Letting & Leasing 2 Flashcards
Explain a factor you have come across which impacts upon letting value / lease terms.
2 bedroom flat Headingley- been rented without any updates for number of years and now dated. Affected demand due to better comparables nearby.
Explain an example of when you have provided marketing/leasing strategy to a client.
1 bedroom flat Meanwood,
Explained to the client:
The letting method (comparable method) to achieve rental value.
Showed comps of similar layout and style and comps of similar with nicer decor.
I recommended a 1 month timescale from letting to completion based on advice provided to update decor.
Agreed for accompanied viewing including holding of keys.
Agreed to review strategy after 1 month with weekly updates and feedback after each viewing.
Talk me through an example of when you have let a property.
Eden Gardens:
Property to be let on a let only basis.
I advertised the property for let with information on rent amount and deposit and available dates.
Carried out viewings and received acceptable offer following tenant application form.
Landlord agreed rental and I started referencing and right to rent checks.
After completion of checks the AST was drafted and sent to the tenant and landlord for review.
The tenant paid the first months rent and deposit in advance into out client account which was confirmed view with a receipt.
Agreed day for tenant to sign contracts and collect keys. Informed the tenant of their right and responsibilities and how to contact their landlord if required as well as prescribed documents. Upon signing contracts and landlord signature we were able to give the keys and inventory as well as prescribed information to the tenants.
Tell me about an AST/licence you have drawn up.
Eden Gardens:
Once property had agreed let I drew up a AST tenancy agreement.
The agreement had the following information:
Tenants names and address
Landlords names and address
Property Address
Rent amount and due dates
Deposit amount.
Start and end dates of tenancy
Fixtures and fittings
Inventory.
How to rent guide
Prescribed information on deposit protection
Signatures of tenants and landlord.
Tell me about a viewing you have carried out.
Eden Garden:
Arrangements were made via the landlord and the previous tenants. I would only be given access with tenants permission therefore we had to give at least 24 hrs notice at reasonable times that suited them.
I would meet the perspective tenants outside the property and knock on the existing tenants door to ensure they were or were not in. If they were not in I would access the property keys given by landlord. I would guide the perspective tenants around the property ensuring their safety and also the safety of the existing tenants and their possessions.
After viewing I would ensure all doors and windows were locked and keys returned safely to the office for safe keeping.
What are typical building pathology issues you may encounter in relation to residential buildings?
Dampness- Penetrating, rising, leaks or condensation.
How do these impact upon letting?
They can affect the Fitness of Habitation right for a tenant.
I.e. can cause undue stress and uncomfortable living conditions.
What social factors impact on residential lettings?
Rental demand and value.
Economic factors
Sustainability and ESG.
Tell me about the current residential letting market in an area of your expertise.
Headingley, Leeds.
Predominantly student area due to location of Leeds university with young professionals and young families. Very little social housing due to property rental prices.
Wakefield-
Mix of professionals , families and social housing. Due to location of M1 has alot of commuter tenants that travel for work to Leeds, Sheffield or Manchester.
Eden Gardens, Leeds, tell me about the lettings requirements and property details.
3 bedroom semi-detached in a cul de sac. Let on a let only basis where the landlord looked after the tenancy once references and tenants were found.
Landlord wanted a professional or small family let for a rent of £750 which was average for this area based on local comps.
Talk me through how you vetted the tenant.
I carried our referencing checks through a third party agent (Homelet) who checked the landlord and employer referees as well as credit checks.
I carried out a Right To check with the information they provided in the tenancy application and passport ID and address verification.
How/why did you ensure that the tenant was aware of their rights and responsibilities?
The Housing Order 2007
The tenants were given the Prescribed information such as how to rent guide and Tenancy deposit scheme information on their rights and responsibilities.
They was also give a copy of the tenancy agreement in advance so they could read it and ask any questions prior to start of the tenancy if they were unsure of anything.
I also sat down with the tenants on the day they signed contracts and received keys to talk them through the tenancy and their rights and responsibilities.
Otley Road, Leeds, tell me about the referencing criteria.
I carried our referencing checks through a third party agent (Homelet) who checked the landlord and employer referees as well as credit checks.
I carried out a Right To check with the information they provided in the tenancy application and passport ID and address verification.
Talk me through the right to rent checks.
These checks are to ensure the perspective tenant has the right to live and rent in the UK.
- Check all adult tenants who will live in the property as their only or main home
- Ask tenants for original documents that show their right to be in the UK.
- Check the original documents with the tenant physically present and ensure they are valid.
- Make copies of the original documents and record when the check was completed
How did you calculate the amount of the deposit?
5 Weeks Rent:
-Multiply your monthly rent by 12 to get the annual rent
-Divide the annual rent by 52 to get the weekly rent
-Multiply the weekly rent by 5 to get 5 weeks’ worth of rent
