OUR SERVICES TO LANDLORDS
Letting & Property Management Services
You should expect great service, good value and the best letting and property management
We believe we can deliver this and in a nutshell, our services are:
Full Management
The maximum yield - Absolutely everything taken care of (Most Popular with Landlords)
This service includes:
- Free Valuation of your Rental Property
- Free Advertising
- All viewings undertaken by our Specialist Team
- Robust Tenant Referencing which is included at no extra charge to the Landlord
- Preparation of Tenancy Agreement, Full Inventory including Meter Readings
- Collection of Rent and Deposit (Deposit will be held through the Deposit Protection Service to comply with Current Legislation)
- Moving the Tenants into the Property
- Dealing with any Maintenance Issues the Tenants may have during the Tenancy (We have our own Maintenance Team that can undertake any work required or alternatively we can inform the Landlord and they can arrange the necessary work themselves)
- Chasing up Unpaid Rent
- Issuing Relevant Notices to Tenants where they are required to leave the Property for Breach of Lease
- Undertaking any Mandatory Safety Checks
- Moving Tenants out of the Property at the end of their Tenancy Agreement if they do not wish to extend Their Agreement
- Handling the Tenants Deposit at the end of the Tenancy Agreement and making any Deductions if necessary via our Solicitor
(Please Note: We DO NOT charge Half the First Month's Rent unlike most Agents when a new tenant is found and we only take our commission providing that the Tenant has paid the rent. The commission would be deducted from the Rental Income and the remainder of the Rent would be transferred to the Landlords nominated account)
Let Only
A great tenant with robust referencing and to manage your own property
This service includes:
- Free Valuation of your Rental Property
- Free Advertising
- All viewings undertaken by our Specialist Team
- Tenant Referencing
- Preparation of Tenancy Agreement, Full Inventory including Meter Readings
- Collection of First Months Rent & Deposit (The Landlord would be solely responsible for Transferring the Deposit to Deposit Protection Scheme)
- Landlord would also be responsible for undertaking any Safety Checks that are required (Please Refer to Red Tape Guide)
- Landlord would be in full control of their Tenants once the Tenants have moved into the Property
(Please Note: The commission would be deducted from the first month's rent)
RED TAPE GUIDE
- There is a fair amount of red tape in the letting industry.
- Most of the legislation protects the tenants and is ultimately a good idea.
- We will do it all for you if you become a customer and your Property is Fully Managed By Us.
- The key issues are:
Gas Safety
Compulsory
Energy Performance Certificate (EPC)
Compulsory
Electrical Safety
Compulsory
Flues in Voids
Compulsory where relevant
Tax Guide
This guide is written in general terms. For any specific issues you should seek a good local accountant.
Income Tax
Letting income is taxable in the same way that your savings' interest and salary are taxable. The good news is that you can deduct the vast majority of costs associated with letting to reduce your tax liability, which include:
- The interest component of a mortgage repayments
- Agents fees
- Maintenance costs
- Buildings insurance
- Service charges (for apartments and leasehold property)
- A wear-and-tear allowance for furnished properties of 10% of the gross rent. Alternatively you can claim a "renewals" allowance which are costs associated with replacing furniture or equipment. This is slightly more complex and you should check your claims with an expert. You cannot claim both 'wear-and-tear' and 'renewals'
- Repairs but not improvements. While like-for-like repairs are deductible, any work to "improve" your property is not. For example, replacing an old kitchen with a new kitchen is normally allowed, but extending your kitchen into the side return is an improvement and not an allowable cost. If you are not sure where you stand, take professional advice.
- The direct costs of letting the property, eg phone, stationery
We send all managed landlords a full income and expenditure statement at the end of the financial tax year. Many clients ask us to send a copy to their accountant who will then process the letting income liability.
Non-Resident Landlord Tax
1Some of our clients live overseas and we are very experienced at handling all Non-Resident tax issues. Our Client Accounts Manager is an expert in this field and her team help hundreds of landlords each year.
A Non-Resident is defined by HMRC as:
- you left the UK to go abroad permanently or your absence and full-time work abroad lasts at least the whole tax year
- your visits to the UK are less than 183 days in a tax year and average less than 91 days a tax year over a maximum of four consecutive years
So of course it makes sense to fill out the NRL 1 form (NRL 2 for companies and NRL 3 for trustees) and gain exemption from HMRC. This means we can pay all your rent direct without removing tax. It is better for you and better for us. If you have questions just ask your office's client accountant.
We are legally obliged to give each Non-Resident Landlord a statement by 5th July detailing the rent paid and tax deducted for the previous financial tax year to 31 March.
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We Also offer Client Money Protection for all our valued Landlords.
We are also a member of the Property Redress Scheme who offer redress for consumers of Property Agents and Professionals for your peace of mind.
We are also a member of the Property Redress Scheme who offer redress for consumers of Property Agents and Professionals for your peace of mind.
