Founded in 1997, Payne & Co is a leading Letting agent in Ilford and the surrounding areas of East London and Essex, specialising in professional residential and property management.
Throughout our 25+ years of operation, Payne & Co has built a strong reputation for our approach, dedication to customer satisfaction and extensive knowledge of the local property market.
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We conduct thorough credit checks on prospective tenants.
We also check with previous landlords for information as to suitability, (All checks are via HomeLet) and reserve the right to decline any application.
After all, your home is very precious, and we take our responsibilities very seriously. Our rental arrears are low, and rent guarantee can be arranged if required.
If your property is being managed by Payne & Co, we may offer a rental guarantee cover for 12 months, at an additional fee.
Should you wish to continue with this service, you will be charged under our enhanced management fee
This guarantee is offered subject to satisfactory references and status of the tenant.
The guarantee includes an excess period of one month.
In addition to the preparation of all the legal documents (Leases & Notices), we also provide our landlords with a lot of practical advice to make the process as smooth as possible.
A damage deposit equivalent of 5 Weeks rent is usually taken and held in a Clients Account until the end of the tenancy.
Upon vacating, we re-inspect the property, then refund within a maximum of 14 days (assuming there is no dispute).
Our client account is protected by the ARLA Rules of Conduct, and the deposits themeselves must be protected by a Tenancy Deposit Scheme. Payne and Co are members of The Dispute Service and we adhere to their rules to protect the deposits held.
We inspect the property every 4 months of the tenancy. Our staff will carry out this inspection, and a written report is then sent to the landlord for them to act on any non-urgent issues.
We collect rent on a calendar monthly basis, usually in the first week of every month.
As we always collect our rents at this time, payment will usually be made to landlords between the 8th and the 12th of every month.
Therefore multiple landlords always receive their rent the same time every month. Rents are paid direct into the landlord’s account.
All repairs are organised by our office, and landlords are consulted regarding any amounts in excess of £300.00.
We undertake to ensure all repairs are genuine, and carried out by competent professionals. Full details are provided on our information packs.
Members of the Association of Residential Letting Agents (ARLA)
Our letting office is a member of ARLA, which is the only professional self-regulating body to be solely concerned with lettings.
Probity and Protection – ARLA leads the industry in setting and regulating the highest standards in the industry and demands certain levels of professionalism and commitment to customer service from its membership.
ARLA members are required to work within a robust Code of Practice, which covers the key stages in letting and managing a property.
There are comprehensive membership Byelaws which include compliance with such issues as handling and accounting for Clients’ money; the mandatory ARLA Client Money Protection Bonding Scheme; Professional Indemnity Insurance; Dealing with Complaints and Disciplinary Procedures.
ARLA members are required to employ a minimum of at least one member of staff, in any office, who holds a suitable industry qualification, recognised by the Association.
ARLA keeps it members up to date with changes in legislation and provides wide-ranging training and guidance to help members understand and interpret all aspects of letting and managing a property.
You will find our charges to be more than competitive with discounted rates for managed properties, we also offer special incentive rates to landlords of multiple properties (three or more) please feel free to contact Graham Jones or Colin McComas on 0208 554 6233 to discuss our charging structure further.
Payne & Co offer a free and informative management guide that can help all prospective landlords through the complicated and sometimes difficult process of understanding the rental procedure.
We are Members of The Association of Residential Letting Agents (ARLA) and The National Association of Estate Agents (NAEA). Member firms are kept informed of the ever changing raft of new regulations and are required to adhere to a strict code of practice.
ARLA and NAEA both operate bonding schemes insuring all client monies held by member firms. In other words, any money we hold on behalf of your or your tenant is insured. An annual accountant’s undertaking is required to confirm Members “Client Bank Accounts” are being correctly administered.
To protect you further, we hold significant professional indemnity insurance.
Where we are instructed to process rent payments, rent will be forwarded to you within five working days of receiving cleared funds (except in exceptional circumstances) less agreed deductions.
Where we are instructed to process rent payments, rent will be forwarded to you within five working days of receiving cleared funds (except in exceptional circumstances) less agreed deductions.
Take a look at the government legislation below to ensure you are compliant:
Rental income is liable to tax whether or not the landlord resides in the UK. Tax is levied on rental profit. Mortgage interest, agency charges, furniture depreciation, repairs and maintenance is all taken into account. Landlords are recommended to seek independent tax advice.
Under current legislation, landlords must apply for an exemption certificate to be issued to us permitting us to pay the rent to you gross. Only the Landlord can make the application which, if granted, will be issued directly to the agent. If the property is jointly owned and both owners are overseas, then exemption certificates are required for both owners.
Until an exemption certificate is received we are legally required to withhold a percentage of the net rental income as a provision against tax. Tenants paying rent directly to an overseas landlord should still withhold tax. The landlord has a duty of care to make the tenant aware of this.
This is held as security against damage, rent arrears and any other breaches of the tenancy agreement. From 6th April 2007 all tenants’ deposits held on Assured Shorthold Tenancies (commencing after this date) must be protected by one of three schemes. Company Lets and other forms of tenancies are exempt.
Deposits held on tenancies commencing prior to 6th April 2007 which are allowed to become periodic (roll on without a new agreement being drawn up) need not be protected. There are two insured schemes where either the agent or the landlord may hold the deposit and a Custodial Scheme which is free but the scheme holds the deposit.
Under The Tenancy Deposit Protection Scheme, tenants must agree to any deductions made from the deposit.
In the event of a dispute that cannot be resolved (unless the disputed sum exceeds £5000) the matter can be referred to a free but binding dispute resolution service (or you can still choose to go to Court). In any event you will need to provide documentary evidence to prove the loss or damage you are claiming was caused by the tenant.
Whilst it is not a legal requirement, if you cannot produce a detailed inventory, signed by the tenant at the start of the tenancy, together with a signed, and equally meticulous “Check In” and “Check Out” report, a case examiner working for any of the schemes or a Court of Law, will almost certainly award the disputed sum to the tenant.
Most properties do not require licensing but our understanding is that properties affected are as follows:
Those with 3 or more storeys, including a basement or loft conversion (includes split level flats with shops beneath). Flats that are 3 storeys from the ground or higher – excluding (we understand) purpose-built flats. Converted flats or bedsits that SHARE amenities e.g. bathroom, kitchen, toilet, i.e. not completely self-contained
Licensing is required where such properties are occupied by 5 or more people(including children) comprising 2 or more households, who share amenities i.e. bathroom, kitchen or toilet facilities. Further clarification should always be sought directly with the local authority as failure to comply can result in a fine of up to £20,000.
We are prepared to introduce tenants to properties requiring licensing (although unless the property is already licensed, we will not know if a license is required until the number of tenants taking occupation, and their relationship is established). However we can only accept instructions on a Tenant Introduction basis.
From 1st April 2020, landlords must ensure the Energy Performance Certificates for their lets meet a new standard. This is for new and existing tenancies. On 1st April 2018, it became a legal requirement for residential landlords to ensure their Energy Performance Certificates (EPCs) have a minimum rating of E
The landlord must advise their insurers if their property is rented as failure to do so may invalidate the policy. As well as insuring the property, landlords may also wish to consider insuring their own contents and to take out public liability cover in case of injury to a tenant in the property. As introducers to HomeLet we can provide further information if required.
The landlord is responsible for the payment of ground rent and service charges (but not utilities) throughout the tenancy. Where we are instructed to manage the property, arrangements may be made for such payments to be deducted from rents received.
You will require written authority from your Lender to rent the property. In the case of a leasehold property, permission is also required from the Freeholder.
Download our landlord fees schedule to understand our process better, and to give you peace of mind.
