Landlord Information
Why Use Michael Poole Residential Lettings to Let your Property?
Tennancy Deposit Scheme (Managed & Let Only)
Download our Terms and Conditions
Why Use Michael Poole Residential Lettings to Let your Property?
Reputation - since we were established in 1994 we have become the market leader across the region and have achieved this through personal recommendation.
Variety - we offer everything from studio flats to substantial executive houses and everything in between. Whether it's £300pcm or £2000pcm we ensure the quality is right.
Coverage - we have 7 high-profile branches offering unrivalled coverage across the Tees Valley
Stability - we are the largest Letting Agent in the region, managing a substantial portfolio and employing over 40 dedicated staff. Don't risk your money and property by employing cut-price cowboy agencies who will disappear tomorrow taking your money with them!
Competitive - we offer a competitive fee structure with no hidden charges and no advertising costs.
Experience - with unrivalled combined experience our staff are well-trained, friendly and helpful and across the Company we can offer expertise on all areas of Lettings and Property Management.
Website - our site is continually evolving to incorporate the latest developments, is easy to use and is updated daily. We offer a huge choice of properties. We also use many of the most successful Property Portal sites such as Rightmove and Findaproperty.
Choice - we can offer either a Full Management service or Letting Only. Whichever you choose, the quality of the service will be the same.
Results - we let more properties in one month than some of our competitors let in a whole year and we only let to quality Tenants.
Tenants - access to quality tenants through contracts with Relocation Agencies and large employers throughout the region.
Peace of Mind - we keep ourselves at the fore front of any changes in legislation or trends affecting the market, giving you the assurance you need from a quality Agent.
Professional Qualifications - we have passed the stringent tests required to become 
members of ARLA (The Association of Residential Letting Agents) and NALS (the National Approved Letting Scheme) thus ensuring that we are accountable and your money is protected.
Rent Guaranteee Service
We are delighted to now be able to offer a rent guarantee service to landlords. In this the rent is basically guaranteed by the company who carry out our tenant reference checks (Homelet). As normal, a thorough tenant vetting service is already included in our agreement with the landlord. This is know as the ‘Comprehensive plus’. This not only checks for bad credit and CCJs etc., but requires a reference from any past landlords, employers, previous employers, and a tenancy recommendation. Within this pack, you will find a leaflet called ‘Protection for Landlords’ from Homelet. This outlines the Rent Guarantee services available. For Full details including pricing please download this pdf.
Tennancy Deposit Scheme
From 6 April 2007 all landlords must protect tenants' bonds by registering them with a Government approved scheme (see the Housing Act 2004). Joining one of the schemes is mandatory and the penalties for non-compliance are considerable.
Where the property is Managed by Michael Poole
Landlords will notice very little difference and we will guide you through the new regulations and processes as the need arises.
Michael Poole is a member of ARLA (the Association of Residential Letting Agents), and is an approved member of the Tenancy Deposit Scheme (TDS), via membership of 'The Dispute Service Ltd'.
Deposits are held by the Agent as Stakeholder which means that agreement between Landlord and Tenant must be reached regarding any proposed deductions at the end of the tenancy. If deductions can not be agreed amicably then the parties will be forced into arbitration via TDS.
Our comprehensive inventory and schedule of condition will greatly assist in settling disputes.
Any disputes that should arise will initially be handled by Michael Poole.
Landlords can no longer hold the deposit themselves unless they are registered with an approved scheme in their own right.
Tenants have the right to know which scheme their deposit is registered with and we will issue them with all the information they need within the prescribed timescales thus protecting our Landlords from unnecessary legal action.
Tenants prefer to deal with a reputable managing agent in most cases as they know that their deposit will be protected properly at all times.
Where the Landlord manages the property themselves (Let Only Service)
Landlords have to join one of the three schemes approved by the Government in order to handle their own deposits.
Each scheme has it's own rules which bind the Landlord.
The Landlord then has 14 days from receiving the bond to advise the Tenant where the deposit is held and to issue the Prescribed Information as defined in the Housing Act 2004.
- If landlords use the custodial scheme then bonds must be paid over to that scheme within 14 days.
- If landlords use the Insurance based schemes, they will have to pay a fee and/or premium.
Failure to comply fully will result in the Landlord being liable to a fine of three times the deposit amount, payable to the Tenant. In addition the Landlord may be ordered to repay the deposit to the Tenant with immediate effect and will lose the usual right to obtain possession under the Act.
MICHAEL POOLE CAN RELIEVE LANDLORDS OF THIS COMPLICATED BURDON VIA OUR FULL MANAGEMENT SERVICE.
For further information see:
www.depositprotection.com
www.mydeposits.co.uk
www.thedisputeservice.co.uk
Why do I need a letting agent?
We can save you a great deal of time, money and stress. Finding the right Tenant for your property could take a long time if you wait for responses from private adverts or rely on word of mouth locally and these methods tend to attract the worst sort of Tenants who are trying to bypass referencing and credit checks. We have access to an enormous pool of quality Tenants via huge internet exposure, our network of prominent branches, the latest Tenant- matching software and our links with Relocation Agents and major employers. Because we vet Tenants so thoroughly, we have fewer problems with rent arrears and other such issues which makes our Letting Fee money well spent. We can also guide you through the maze of regulations which changes constantly to help keep you safe from prosecution.
What services do you offer?
We provide a "Letting Service" or a "Letting and Management Service" The Letting Service is geared towards experienced Landlords who's day-to-day business is the management of their portfolio. The majority of our clients choose the Letting and Management option as this provides a complete service from start to finish, offering you peace of mind and the satisfaction that your property is in capable hands. Click here for details.
Can I manage my property myself?
You certainly can however many Landlords under-estimate the amount of time and skill that is required to manage a property and Tenant well. For just a slightly higher fee than the Letting Service, we can handle virtually every aspect and provide a useful buffer between you and your Tenant. You still make all the decisions but we do all the work for you. Many major employers and Relocation Agents will only take on properties that are managed by a reputable Letting Agent.
How is the rent paid?
Typically a standing order is set up from the Tenant's bank account and the rent will be paid in advance.
Our automated accounts systems mean that, once the monies have 'cleared' through the banking system, the rent is paid by BACS directly into the account of your choice. A detailed statement of account is naturally part of our service.
What sort of agreement is used?
There are a number of different types of agreement that should be used depending on the circumstances of the tenants, the Landlord and indeed the property. In the majority of cases it will be what is called an Assured Shorthold Tenancy for a fixed period of at least 6 months.
What happens if the tenant doesn't pay the rent?
As part of our service we endeavor to ensure that the rent is paid on time. Having carefully selected the tenant in the first place, there's unlikely to be a problem. However people's circumstances do sometimes change during a tenancy and if the rent is not paid, we'll advise you on the appropriate course of action.
You can insure yourself against loss of rent and legal expenses - click here.
What about a deposit?
We ask tenants for a deposit which is usually equal to 1.25 x the monthly rent. It will only be returned when the tenant has given vacant possession of the property and left it in a satisfactory condition, allowing for wear and tear, and complied with his or her responsibilities under the Tenancy Agreement.
What happens when my property is empty?
You must advise your insurance company in accordance with their requirements regarding empty property. Please check your insurance policy for the relevant details. We only charge you commission on rents that we collect so when a property is empty, we're losing money too so rest assured we'll be doing everything we can to let it.
What are my outgoings?
These will usually include:
- Mortgage
- Insurance- Buildings & Contents (as a minimum)
- Repairs to the property and contents - unless caused by the tenants
- If leasehold - ground rent and service charges
- Managing agents fees
- When the property is empty, utilities and services
What about tax?
You will be liable to pay tax on any profit generated from letting your property- the amount of tax you pay will depend on your circumstances.
If you are overseas for more than six months in any tax year, you will be regarded as a non-resident Landlord. The current legislation requires us to deduct and pay over to the Revenue tax at the basic rate unless we are in receipt of an exemption letter from the Inland Revenue. Once we are notified by the Revenue that you are exempt, we will no longer need to deduct tax.
Please note that where there are joint Landlords (including married couples) an exemption is required for each Landlord. Our staff will be happy to discuss these arrangements with you.
Do I need to tell my insurance company?
Most certainly, yes - otherwise you may find your insurance is invalid. Your insurer may wish to increase the premiums or be unable to accommodate your wishes. Should you need it, we are able to offer alternative Buildings and Contents insurance cover. Please ask our staff for further details or click here.
What do I do if my property is leasehold?
The managing agents or freeholders must be advised as a change in the type of occupancy may affect the buildings insurance. You should obtain the freeholders or managing agents consent prior to letting and advise us of any restrictions within the head lease which your tenant should be aware of.
Who looks after the garden?
The maintenance and upkeep of the garden is usually the responsibility of the Tenant. However, should you have a particularly large garden or any precious plants then it may be advisable to arrange for a gardener- the cost of which should be incorporated in the rental value. It is advisable to provide the materials for maintaining your garden even if the property is unfurnished.
Do I have to provide furniture?
No. Interestingly enough, in most cases we have found that there is very little difference in rental values between furnished and unfurnished lettings. Our staff will advise you on the most appropriate option for your property.
An unfurnished property would require carpets, curtains and usually white goods. The requirements for a furnished property can vary depending upon the style and location of your property.
Are smoke alarms required?
Smoke alarms have to be installed in any new building or conversion. We would strongly recommend that you install at least one alarm per floor of your property.
What am I responsible for repairing?
As a Landlord you have a legal obligation under the Landlord and Tenant Act 1985 to maintain the structure of the building, the sanitation and the supply of services. In addition, should an item in the property require replacing or repairing through fair wear and tear then you would be expected within the terms of the Tenancy Agreement to deal with this.
Do I need to tell my mortgage company that I'm letting my property?
Yes, you'll normally find that there is a clause in your mortgage agreement which makes this a requirement but it is rare nowadays for your Lender to object to your request. To minimize the chance of objections, always use a reputable ARLA qualified Letting Agent.
What about all the various safety regulations that I hear about?
We will keep you advised of any current or future legislation that affects your property and guide you through it.
