Additional Services - Landlord Insurance, EPC's

43 High Street, Taunton,TA1 3PN t: 01823 284455 f :01823 351077 e: info@castlemoat.co.uk

ADDITIONAL SERVICES

DON’T TAKE THE RISK WITH YOUR RENTAL INCOME What is the Castle Moat at Taunton Limited Rent and Legal Costs Protection Plan? It is a protection plan to protect the landlord when a tenant fails to pay the rent due and/or the cost of legal action should an unforeseen problem arise. Up to 12 months rent due but not paid by the tenant is paid by Castle Moat at Taunton Limited Why should I have it? We pride ourselves on minimising the risk of a bad tenancy as far as is possible through the careful screening of prospective tenants and the efficient management of the tenancy. However, events such as the loss of employment, illness or a relationship break-up can transform an excellent tenancy into a major problem with the rent not being paid and legal action becoming necessary to gain possession. This can be expensive for a landlord and is a particular concern when the property is part financed by a mortgage. What are the advantages? • Rent not paid by the tenant is paid by Castle Moat at Taunton Limited direct into the landlord’s bank account within 15 working days of the due date. This means that landlords can plan their financial affairs with confidence, knowing that the rent will be paid by a particular date even if the tenant defaults. • There is no excess for the landlord to pay. • When vacant possession occurs in breach of the tenancy agreement, rental cover continues for up to one month after possession has been obtained providing the property is being re-marketed for letting on a sole agency basis by Castle Moat at Taunton Limited and the property is not re-let during this period. • Under this plan Castle Moat at Taunton Limited pay the rent if the tenant does not. This means that we have an even greater interest in ensuring that the tenants are carefully selected, and the tenancy is particularly carefully monitored. Our liability is backed by insurance arranged by Let Insurance Services Ltd for Castle Moat at Taunton Limited thus providing landlords with complete security. Why is this unusual? This plan is only available via a very limited number of agents meeting the most stringent requirements regarding their professional conduct. It is significantly better than other available schemes, where the cover provided is often restricted, and there are other drawbacks, such as a substantial excess on the policy and delay in the receipt of payments. A small price to pay for the peace of mind of knowing that the rent will be paid each month What is the cost? The cost at 2.95% + vat is similar to other schemes providing much less cover. This means that for an average tenancy where the rent is £600 per month the subscription would be less than £18 + vat per month. This is a small price to pay for the peace of mind of knowing that the rent will be paid each month and no unforeseen legal costs will be incurred. How do I participate? All new tenancies where we collect the rent will automatically be considered for inclusion in the plan unless clients specifically instruct us to the contrary. We will inform clients should a proposed tenancy be unacceptable for inclusion in the plan. Cover includes: Up to 12 months rent due but not paid by the tenant is paid by Castle Moat at Taunton Limited under this plan. plus Cover for up to £50,000 worth of legal expenses arising in respect of any material breach of the tenancy agreement by the tenant. ENERGY PERFORMANCE CERTIFICATES What is an EPC? An EPC gives home owners, tenants and buyers information on the energy efficiency of their property. Does everyone need an EPC? Yes an EPC is required by law in England and Wales when a building is rented, constructed or sold from 1 October 2008. LANDLORDS If you are a landlord, you’ll need to make an EPC available to prospective tenants the first time you let a home after 1 October 2008. An EPC is only required for a property which is self-contained, and is valid for 10 years. An EPC isn’t required when a tenant rents a room and shares facilities. How do you get an EPC? EPCs can only be produced as a result of a survey by an ‘accredited’ Domestic energy assessor. EPCs are used to collect standard information on the property; the information is then fed into a government approved software programme which produces the EPC. How much will it cost? The price of an EPC is set by the accredited organisations which issue them. When you obtain a Home Information Pack, the overall cost should include that of an EPC. Costs include vat 1 Bedroom properties £70.50 2 Bedroom properties £82.25 3 Bedroom properties £94.00 4 Bedroom properties £105.75 Above 4 Bedrooms to be agreed when order is placed. How long will it take to get an EPC? Obtaining one for an average sized home is likely to be the same time as a house valuation report. TENANTS If you are interested in renting a property then an EPC must be made available to you free of charge. An EPC is only required for a property which is self-contained, and is valid for 10 years. If you are a prospective tenant, an EPC isn’t required when you rent a room and share facilities. visit: http://www.direct.gov.uk/en/HomeandCommunity/BuyingandSellingyourHome/Home informationpacks/energyperformancecertificate s/index.htm for more information. RESIDENTIAL DEPOSIT PROTECTION From 6th April 2010 all deposits received on a residential tenancy have to be protected, this is a legal requirement in gaining possession of the property, and if not completed the landlord, together with the agent risks fines and returning of the deposit. There are various schemes but we as a company have chosen 2 principle schemes. The first of the deposit schemes is the TDS From www.mydeposits.co.uk all England and Wales resident landlords and is an insurance backed scheme, and they charge an administration fee in registering the deposit. For any changes to the tenants during the tenancy, and thus a landlord may have to pay a registration fee again if there is a change of tenant for example, regardless of when the change takes place. Our charge for this service is £30 plus vat. We have access to the deposit once we have a signed declaration from the tenant to access the money, and if there is any dispute the procedures are then employed. For full details go to: www.mydeposits.co.uk The second scheme we use is the DPS which has been designed for non resident landlords. We hand the money over to the scheme, which is owned by the government, and then have to organize the release of the deposit at the end of the tenancy. The Deposit Protection Service (the DPS) is open to all landlords and letting agents, and is the only scheme that is free to use. The funds are secured with UK approved banks so for safe, secure and straightforward deposit protection, the DPS is ideal . Fast Landlords and letting agents can access online accounts 24/7 and submit deposits in minutes. Free the DPS is the only government authorised custodial scheme that is free to use. Secure all funds are ring fenced in accordance with client money regulations. Inclusive the DPS is open to all private landlords and letting agents, with no preconditions to meet or assessments to take. Fair an independent and free alternative Dispute Resolution (ADR) service will aim to resolve any disputes quickly and without the need for court action. Landlords, agents and tenants could also earn interest on any proportion of the deposit they are entitled to retain at the end of a tenancy. Reliable the DPS is managed by Computershare Investor Services Plc, a global business with more than ten years’ deposit protection experience. For full details go to: www.depositprotection.com

Jean Sharp

Accounts Manager T: 01823 284455

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Jo Russell

Accounts T: 01823 284455

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