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Hunters Marylebone Estate Agents

Marylebone Landlord Guide

Since the Stock market crash in 2008 more and more investors have turned to property, and with good reason. While stocks and shares can often leave investors needing a stiff drink as they watch their portfolio rise and plummet within a few hours, property has proven itself to be a worthwhile investment that offers security and very often a great return on investment.

With greater numbers now turning to property as an investment, Hunters of Marylebone have drawn up this valuable guide to help you navigate the various legal documents that you will be required to complete. It covers average property prices for the area for those considering a buy to let as well important factors to consider before letting your property out.

The tenancy agreement

Most of us have rented at one time or another and as such we will have encountered the tenancy agreement. This document must be signed by the landlord and the tenant, is there for protection and will list the conditions of the agreed let.

There are various forms of tenancy agreement. However, the most employed form is the Assured Shorthold Tenancy Agreement (AST).  The purpose of this agreement is to set out the rights of both the landlord and the tenant, safeguarding both and listing important factors such as length of tenancy, commencement date and of course, the landlord’s right to repossess the property at the end of the agreed period.

The title AST is a misnomer, and while it suggests a short tenancy, it is in fact suitable for longer tenancy agreements. However, should you wish to consider a period of longer than 36 months, you must seek the services of a solicitor in order to draw up the specific paperwork needed.

The AST doesn’t have a specific minimum period; however, it should be noted that the tenant does enjoy the right to stay in the property for a minimum of six months. What is more, as the landlord of the property, you will more often than not be required to give a minimum of two months’ notice should you wish the tenant vacate the premises.

The most important information that the AST will contain includes the following:

  • Landlord’s full name

  • Tenant’s full name

  • Address of property

  • The date when the tenancy will commence

  • The duration of the tenancy

  • The amount of rent payable, including details of how and when it should be paid

  • What other payments are expected of the tenant, including utilities bills and Council Tax

Landlord Inventory

Again, if you have rented a property in the past you will no doubt have come in to contact with this document. The precise purpose of this document is to ensure that the landlord is safe in the event of any of their property being damaged throughout the tenancy. Both parties are expected to sign the document and agree on the condition of all items within the property.

When the lease ends and the tenant moves out, everything should be in the condition that it was when the property was let, making reasonable allowances for wear and tear.

It is important that all parties keep a copy of this document, as in the event of any discrepancies, there is a fact sheet to check at the end of the agreement.   

Deposits

It is normal to charge a deposit when renting out any property and most landlords will ask for one. The purpose of this deposit being that payments can be made should the tenant cause any damage, beyond what is reasonable without making reparations before vacating the property. It also helps cover any shortfall, should the tenant decide to leave without paying any rent that is owed.

Upon receipt of the deposit it is the landlord’s responsibility to provide a receipt of the deposit paid. It is also the responsibility of the landlord to provide a document specifying precisely what the deposit is for.

At the end of the tenancy, the landlord may decide that the tenant has forfeit part or all of the deposit for one of the reasons listed above. If the landlord decides to take such a step it is their responsibility to notify the tenant, in writing, as soon as possible. Including evidence or receipts used to cover costs of repair, if relevant. If work has not been carried out, they should provide written estimates.

If the tenant has fulfilled their part of the agreement fully, the landlord must return the deposit as soon as possible. This should take no longer than one month from the end of the tenancy.

For further information on providing health and safety documentation see our Lettings Guide.

Property Prices in Marylebone

Currently, the average asking price for properties in Marylebone stands at £2,265,966  

By rooms, the average values of Marylebone properties break down like this:

1 bedroom flat

£916,191

2 bedroom flat

£1,614,916

3 bedroom flat

£2,527,879

4 bedroom flat

£3,120,109

5 bedroom flat

£6,996,735

1 bedroom house

£1,350,000

2 bedroom house

£1,830,707

3 bedroom house

£3,237,499

4 bedroom house

£2,948,332

5 bedroom house

£3,000,000

Hunters Marylebone Estate Agents & Letting Agents Office Front
Hunters Marylebone Estate Agents & Letting Agents Office Front

Contact us

Hunters Marylebone
34 Baker Street,
Marylebone,
London,
W1U 3EU
Sales: 020 7935 0355
Email: [email protected]

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Sun Dec 24 14:14:05 +0000 2017