Pre Checks & Verification Process
Here are our 29 core checks that we carry out on all of our listings
Part of our service to buyers is to ensure that all properties we list are fully investment grade. We carry out hundreds of rigorous checks on behalf of buyers on every property to assist with their due diligence of every investment.
It’s for this reason that none of our buyers ever need to view the property because all of the checks have already been carried out by Let Property to ensure the property is capable of a smooth transition between landlord to landlord.
Payment history & current rent verification
We collect proof of rental income from the seller and verify it against the rental amount in the tenancy agreement to ensure that rent is currently being paid on the property.
Valid tenancy agreement verification
We ensure that a valid tenancy agreement has been provided by the seller on the property and that it has been signed between the landlord and the tenant.
Professional condition check
All properties in Scotland are listed with a Home Report carried out by a RICS Chartered Surveyor. On English properties, Let Property asks the seller a range of questions to verify the conditional integrity of the property. Buyers in England can also request a survey be carried out during the completion conveyancing process. This will be a requirement during most mortgage purchases.
Property photography taken by Let Property
We take photographs of every listing on our platform and our photographers use a service guide to ensure that the property has been fully checked, this includes photos of all rooms, outside and heating system.
360 WalkThroughs for virtual viewing
We carry out 360 Walkthroughs on all of our listings powered by Matterport to allow prospective buyers to see every room.
Property floorplans
We provide property floorplans on our listings to allow buyers to understand the layout of all of our listings and understand the size of any of the rooms within the property.
Seller ownership verification
We verify the ownership of every property we list by checking . All properties listed through Let Property are directly from the vendor and not sold through any 3rd party agencies or service providers.
Length of tenancy check
We verify the length of the tenancy from the seller in writing or verbally, then compare it against the timeframe of the tenancy agreement that the seller has provided to us for verification.
Market rent check
We use Property Checker to get an indication as to what the market rent would be for any of the listings that we sell. We also prepare rent comparables in the investment pack for all properties we list.
Gas safety compliance certificate verification
We verify that every property will have a fully compliant Gas Safety Certificate upon completion of the sale, where applicable.
EICR compliance certificate verification
We verify that every property will have a fully compliant EICR Certificate upon completion of the sale, where applicable.
Basic mortgageability assessment
Let Property carries our pre-mortgageability assessment to ensure that the property has a high likelihood of being mortgageable. For cash only properties we indicate this on the Listing Pages of any properties we have on our platform.
Reason for selling check
We verify the seller's reason for selling on every listing to ensure that they are selling under legitimate circumstances.
Tenant means of funding check
We confirm where the tenants' means of funding comes from. Whether it’s from Employment or if the rent is Local Authority Funded. This information is available on all listing pages and the investment pack.
Tenure check
We check the Title of the Property and use the Property Checker to check the tenure of every listing we list through our platform. If the property is Leasehold we confirm the lease length.
Ground rent check
We confirm Ground Rent from sellers either verbally or in writing. We also Fully Verify the ground rent amount with documentation provided by the seller.
Factor fees check
We confirm the Factor Fees that the seller is paying for the property to assist with the calculations of monthly profit on any listing.
Estimated insurance costs check
We calculate the estimated costs of Landlord Insurance and put it on the cost breakdowns of all of our listings.
Other seller costs check
We confirm if there are any costs in relation to the tenancy. We include these in the profit breakdowns on our listing pages.
Outstanding charges against property check
We confirm that there are no outstanding charges against the property verbally and in writing from the seller of every property.
Heating system check
We confirm that the heating system is in full working order and we also, when applicable, take photographs of the heating system to allow buyers to understand the age of the unit within the property.
Valid EPC check
We ensure that all properties have a valid EPC Certificate upon being listed to allow buyers to see where Energy Performance improvements can easily be made within the property before purchase.
Length of tenancy check
We confirm where the tenants' means of funding comes from. Whether it’s from Employment or if the rent is Local Authority Funded. This information is available on all listing pages and the investment pack.
Council tax verification
We verify what band of Council Tax that every property has to help you understand costs in relation to this if the property was to ever have a void period.
HMO license documentation check
For HMO (House of Multiple Occupation) properties we verify license documentation to ensure that the property is a fully valid HMO within its local jurisdiction.
Portfolio checks
For all portfolios on our platform we create a detailed portfolio schedule which showcases a breakdown of all of the units within every portfolio.
Comparables check
All of our investment packs include comparables for both properties that have sold in the area along with properties that have been rented in the area.
Estimated capital growth rate
We carried out research on all UK postcodes to work out the average capital growth rates. Those rates are shown on all listings and can be used to calculate returns of properties over the long term.
Rental returns calculations
We calculate current yield, potential yield and ROI (for a mortgage purchase) on every listing. You can also use our live property calculator on any of our listings to work out precise returns based upon your agreed purchase price.
