Information for Landlords

The Terrace Property Management are specialists in the letting and management of quality residential property. We are a family run business and have been established in Torquay since 1993 with 25 years experience in residential property rental.

We offer a first class service and never under estimate the importance of excellent customer service. We’ll do everything from selecting the best tenants to maintaining and inspecting the property quietly and efficiently, so that you get a smooth-running regular income and complete peace of mind. 

The demand for rental accommodation is stronger than ever in this area – high house prices and higher deposits result in fewer first time buyers, so for professionals wishing to save for their deposit, renting a property is often the first step. For others, they prefer to rent due to individual circumstances and due to uncertainty as to how long they will be located in this area.

We have found that a good relationship with tenants is the key to a smooth-running tenancy. As property managers, this relationship is our job, but it is important that the tenants should feel comfortable in their temporary home and that they are receiving value for their money. It follows therefore that a well presented and maintained property in a good decorative order will go towards this. Tenants are also more inclined to treat such a property with greater respect. Therefore, at the commencement of the tenancy the property must be in a thoroughly clean condition. At the end of each tenancy it is the tenant's responsibility to leave the property in a similar condition.

Tenant selection is a joint process between The Terrace Property Management and the landlord. The landlord may have someone in mind, or may wish to take advantage of our experience. Once instructed, we will prepare details of the landlord's property for immediate circulation to applicants and advertise in the local press, our own website and on Yell. 

Ideally, the property should first be offered for rental four to six weeks before it will become available. We are particularly selective in our choice of tenant and do our best to ensure that only those of the highest integrity are successfully placed. All our tenants are interviewed and are referenced using a specialised referencing company. All applicants are asked to complete a comprehensive Reference Form, which includes details of their employers, present landlord, bank and addresses of last 3 years. A credit search is also carried out. We aim to get things right at the start and because of our thorough procedure we have acquired a high standard of applicants - but the final decision is the landlords. We can also offer the landlord rent guarantee/legal expenses insurance.

INTRODUCTION FEE is equivalent to 3 weeks rent and covers all documentation to set up the new tenancy including an Assured Shorthold Tenancy Agreement, inventory, advertising, changeover of utilities. There are no hidden charges - this fee covers everything to put a tenant in your property.

 

MANAGEMENT FEE is 7.5% of the monthly rent (eg: Rent of £650 pcm less 7.5% (£48.75) and covers the collection of rent and payment onto the landlord, monthly statements, routine property inspections, dealing with maintenance problems, arrangement annual gas safety check, issue of legal notices if required, final inspection.

  

RENT/LEGAL EXPENSES INSURANCE This is recommended but is optional. The premium will be discussed if required.

We offer two levels of service –

A Tenant Find Service

A Tenant Find and Management of the Tenancy

We will be pleased to offer FREE advice regarding the rental of your property.

THE CONSUMER RIGHTS ACT 2015 

From 27 May 2015 new provisions in the Consumer Rights Act 2015 come into force. All Letting Agents are required to display a list of all fees charges or penalties payable by landlords and tenants for any letting agency or property management service. 

At present we are not VAT Registered.

WE HAVE NO HIDDEN CHARGES TO TENANT OR LANDLORD 

THE TERRACE PROPERTY MANAGEMENT ARE A MEMBER OF THE PROPERTY OMBUDSMAN 

SCHEME (membership No. D10857) – If you would like a copy of the Code of Practice, please enquire within.

The first step is to contact us to provide brief details about yourself and about the accommodation you require. We will then search for a suitable property for you to view. If not urgent we will log your details so that we can contact you as suitable properties become available. It is wise to start looking about a month before you wish to move.

Our tenancies are granted for a minimum term of 6 months.

Once you have decided on a property you will need to complete a reference form. We use an independent referencing company for this purpose who charge a referencing fee. We will discuss details with you.

Rents are quoted per calendar month and payable monthly in advance. The tenant is usually also responsible for Council Tax, water rates, gas, electricity and telephone costs. We will arrange for the transfer of utilities into your name, giving meter readings and your move-in date. All rents are payable by bank standing order to our company bank account.

A security deposit of a minimum of one month’s rental will be required. This deposit will be treated in accordance with the Tenancy Deposit Protection regulations and you will be informed of which protection scheme is utilised. The deposit is held to cover damage, breakages and any other liabilities under the terms of your tenancy agreement. Please note that under no circumstances can the deposit be used by the tenant to cover rent.

THE CONSUMER RIGHTS ACT 2015 

From 27 May 2015 new provisions in the Consumer Rights Act 2015 come into force. All letting agents are required to display a list of all fees, charges or penalties payable by landlords and tenants for any letting agency or property management service. 

TENANTS FEES - Nil from 1st June 2019

THE TERRACE PROPERTY MANAGEMENT ARE A MEMBER OF THE PROPERTY OMBUDSMAN SCHEME (membership No. D10857) – If you would like a copy of the Code of Practice, please enquire within. 

We will be pleased to discuss your requirements and answer any questions you may have, so don’t hesitate to call us.

An immaculate 2 bedroom unfurnished first floor apartment close to local amenities

2 double bedrooms, lounge with living flame gas fire, kitchen, bathroom, gas central heating 

£625 pcm EPC: tba 

3 bedroom unfurnished detached house situated almost opposite the Imperial hotel with lovely coastal views.

The spacious and immaculate accommodation comprises; lounge with dining area, sunroom, kitchen, 

utility room, cloakroom, 3 double bedrooms (1en-suite), family bathroom, gas central heating, gardens, garage & parking. 

£1,500 pcm EPC:tba