FAQ – Landlords

Yes. Your mortgage lender needs to give you permission before you can let your property, and they may impose special conditions. If you are buying a property with the intention of letting it out, you may be able to obtain a buy to let mortgage.

We will value your home and advise you. We're experts in the market, so we can tell you how other rental properties are doing in the area, and what kind of yield you can hope to expect.

This really depends on how much support you need. We offer three main service levels: Tenant Find and Set-up, Letting and Account Management and Fully Managed. Each involves a different degree of service from us and the fees we charge reflect this. We will explain exactly what fees are involved and what you can expect from us after the valuation.

Choosing a fully managed service allows you to completely relax. You never have to worry about the let. It creates a professional distance between you and the tenancy, and means you can avoid having to deal with any issues that may arise like rent arrears and deposit disputes.

Landlords and letting agents are required to register tenants’ deposits with an approved Tenancy Deposit Scheme. At Elevation, we register deposits with DPS. The deposit is then either held by the landlord, the agent or the deposit scheme itself. The Tenancy Deposit Scheme is there to protect the tenant’s money and help to resolve any disputes at the end of the tenancy.

An Energy Performance Certificate, or EPC for short, is a report detailing the energy efficiency of a property. It gives a property an energy efficiency rating from A (most efficient) to G (least efficient) and is valid for 10 years.

All landlords are required to purchase an EPC for a property before they let it and, since 1st April 2018, the property must have a minimum rating of E on its EPC. It will be unlawful to let a property which breaches this requirement with a penalty of up to £4,000.

A Gas Safety Record (GSR) is in place to ensure that all gas appliances, pipes and flues are in safe working order. It must be carried out by a qualified Gas Safe Register engineer. This needs to be checked every 12 months.

You are required to ensure that any electrical devices within the property are safe for use. We recommend an Installation Survey or Portable Appliance Testing (PAT) so you can be sure you are compliant.

You must ensure that all furnishings comply with furniture and furnishing regulations. All compliant furniture must display standard labels in a prominent position. This is to reduce the risk of fire within the property.

If you choose a Rent Collect or Fully Managed service, we will organise for the tenant to pay the rent via standing order or direct debit. We will then transfer the money to your account minus our commission and any outgoings or fees (such as maintenance work fees). You will receive a statement every month.

If you have chosen a regulated agent like Elevation, then your money will be protected through the Tenancy Protection Scheme. Not all agents are regulated, but Elevation choose to be. We are members of the TPO.

All landlords could be liable to pay tax on their rental income, whether they live in the UK or are based overseas. Further information can be found on the Inland Revenue’s website.