We offer an individually designed and tailored management service to Landlords both living in this country or resident abroad. Our company has many years’ experience in the management of all types of property and the requirements and problems that can occur.
An initial visit is made to inspect the property with a view to advising, in our opinion, the rental income that can be obtained.
At this initial meeting we advise in detail on all necessary procedures in advance of finding tenants. This entails advice on statutory requirements by building societies and lending institutions, the different types of tenancy agreements, whether the property should be let furnished or unfurnished, and advice pertaining to maintenance factors which should go towards reducing potential outlay on repairs.
Once we have agreed terms and conditions and the rental has been assessed we will endeavour to find suitable tenants as soon as possible. Your property will be advertised in the local newspaper, on our website and in our High Street offices via window advertising and our regularly updated rental lists. We are also in regular contact with companies and military establishments in the area looking for rented accommodation for their personnel.
Prior to signing any Tenancy Agreement references are taken up, these being employment, character and, where applicable, past landlord. A Credit Reference Agency is often used to check prospective tenants financial circumstances.
We advise our clients on the relevant aspect of the Housing Act 1998 and the amendments under the 1996 Housing Act. This involves types of tenancies and periods of tenancies, serving of Notices and other statutory procedures. It is important for landlords to obtain clear and accurate information on this subject, as there appears to be misleading information given on many occasions.
Under the present legislation of the 1996 Housing Act there is no differentiation between letting your property furnished or unfurnished with regards to obtaining possession and it is now much easier for landlords to obtain possession of their properties should their personal circumstances change unexpectedly.
If your rental income exceeds £5000 in any contract term and once the Tenancy Agreement has been endorsed by all parties, we then send it to the Government Stamping office to be officially stamped. The cost of this is £10, which is the Landlord’s responsibility.
Prior to the tenant moving in we carry out an Inventory & Schedule of Condition on all items and effects left in the property, be it furnished or unfurnished. This is agreed and signed by the tenant and landlord/landlord’s agent and is the document used at the end of the tenancy to judge against fair wear and tear.
We will collect a deposit from the tenant equivalent to one and a half's month rent at the start of the tenancy and this is held in a clients account throughout the tenancy. Once we have carried out our final inspection of the property at the end of the lease, and are satisfied that the property has been left in the same good clean condition as it was at the start of the tenancy, allowing for fair wear and tear, the deposit will then be returned to the tenant. Money will be deducted from the deposit for damage and cleaning if necessary.
Throughout the duration of the tenancy we undertake regular inspections of the property to ascertain how the tenants are maintaining the accommodation. We also note at these visits any repairs or maintenance that in our opinion are required and report to the landlord accordingly.
We advise that prior to letting a property a landlord should endeavour to put the property in a good, clean condition which makes it easier for us to ensure that the tenants maintain it to a good standard throughout their tenancy. Furthermore it makes it considerably easier to obtain good quality tenants and very often a higher rent when the property is presented to a high standard.
We will refer to you as much as possible before carrying out repairs. However if an emergency arises and you are unobtainable, we will then go ahead and arrange for the repair to be carried out. If you have anyone in particular you wish to carry out repairs and maintenance, please let us know at the start of the tenancy.
We would suggest that prior to the commencement of letting your property you consider obtaining service contracts for larger electrical appliances and more particularly for your central heating system. These contracts can often pay for themselves by saving you the cost of possible parts, labour and call out charges.
Where landlords are absent for more than two or three years we feel it is important to keep a regular programme of maintenance going on the property so that the value and saleability of the property is maintained should you wish to sell in the future.
Over the last few years new laws have been introduced tightening regulations governing rented property. These include:-
Gas Safety Regulations where landlords now have to obtain annually gas safety certificates for all gas appliances and pipe work in rented properties. We must have a gas safety certificate on our files at the commencement of the tenancy and are happy to arrange this and ongoing inspections each year.
Electrical Regulations are currently being introduced whereby all major appliances will have to be tested annually and a certificate issued.
Fire and Furnishings Act where all furnishings have to conform and have safety tags attached to each piece of furniture. This generally only applies to furniture with a foam content, i.e. beds arm chairs and sofas.
More and more in this day and age landlords are increasingly looking to obtain protection from loss of rent. Whilst the percentage risk is quite low for peace of mind we can offer a comprehensive range of rent guarantee schemes, house insurances and legal fee protection at very reasonable rates.
Rental income is credited to the Landlord’s account each month and a statement sent to the Landlord giving details of all income and expenditure within that period. Every possible effort is made to ensure that payment is made promptly into the landlord’s bank account, taking into account the inevitable delay in clearing funds through the banking system.
Rent statements will be required for tax purposes as in most cases landlords will be liable for Schedule ‘D’ income tax, being the tax applicable to unearned income from renting your property. Whilst we are able to give advice on this matter we generally recommend that Landlords should employ a qualified accountant to act on their behalf.
Since 5th April 1996, under the Finance Act 1995, regulations have been introduced regarding taxation of rental income derived from the letter of residential property. This is all part of the new tax self-assessment regime introduced by the Government. These regulations apply particularly to Landlords who will be resident abroad as they will require tax exemption certificates and rental income will come under Schedule A.
We have to declare to H.M. Taxes the names of clients who are resident overseas on whose behalf we receive rent. From time to time the Inland Revenue will require the names of resident landlords.
If a tax exemption certificate is not held by us for non-resident landlords we, as agents, are liable to pay over any tax due under Schedule A. Under the rules of the Inland Revenue we have to deduct the tax applicable dependent upon your personal taxation circumstances less allowable expenses, and submit this direct to the Inland Revenue on a monthly basis.
It is therefore imperative that the tax exemption certificate is applied for as soon as possible, prior to you going abroad. This is a matter that we deal with direct with the relevant specialised tax office.
If the Landlord has a mortgage on the property it is usually a requirement that the necessary lending institution be informed of the property being let.
Where the property is insured through the lending institution the question of informing the insurance companies is automatically covered. However, where landlords have separate buildings and contents cover it is imperative that the insurance companies are informed that the property is being let as in most cases it will reduce the level of cover they provide.
The landlord is responsible for buildings insurance on the property and any contents, which belong to him. All contents belonging to the tenants should be insured by the tenants. We are agents for an insurance company who specialise in insuring rented property and can very often obtain extremely competitive quotes for both buildings and contents insurance. Please ask for further details.
The landlord is legally required to inform the local authority that they are vacating. It is also the responsibility of the ingoing tenant to inform the local authority that they are the new residents, as they become liable for the payment of council tax. We will arrange for gas, electricity, water rates etc. to be put into the tenants’ names and take final meter readings at the property. We can arrange to pay these final bills out of rent, or if you prefer, you can pay them direct.
Although this is a rare occurrence, should it be necessary to resort to court proceedings to obtain possession of the property, the landlord will be responsible for solicitors and all other legal costs.
We are able to offer Insurance Schemes to landlords who wish to protect their rental income. Further information on these and other insurance policies can be supplied upon request.
It depends upon the type of tenancy agreement used as to how and when a landlord can obtain possession of his property. This is advice we provide to Landlords prior to entering into any tenancy agreement.
This is deducted at source each month from the landlord’s rental income. This is a fully inclusive figure and there are no other hidden charges. We would normally discuss our terms with you when we visit the property.
Should you decide to use us as your Managing Agents, we will provide you with an agreement which we will require you to sign confirming and accepting our terms of business. This also sets out reasonable expectations of us as agents and you as landlords.
To the majority of prospective landlords, letting their property is a completely new and sometimes very worrying experience. However, the Housing Act of 1996 does provide Landlords with far greater safeguards than there used to be and the benefits of letting today are much more positive, especially if it coincides with a period of low interest rates.
For landlords who are working abroad, it offers an excellent way to maintain and cover mortgage payments.
HAVE YOU TOLD THE FOLLOWING ORGANISATIONS OF YOUR INTENDED MOVE?
Driving Licence & Car Registration
Car Insurnace Company
Other Insurance Policies (House,life)
Investment (shares)
Bank and Credit Cards
Social Security Office (child benefit pension, national insurance)
Inspector of Taxes
Salary office at work
Premium Bond Office
National savings
AA/RAC
Trade Union or Professional body
Blood Transfusion Service if you are a donor
Health Insurance Plan
T.V. Licence Office
Social or Sports Club
Lease or Rental (e.g. TV)
Doctor (if you register with another doctor this is automatic)
Dentist
Children’s school
Telephone Company
Water Authority
Gas Board
Electricity Board
Local Council
Magazine Subscriptions
Newspaper deliveries
Useful telephone numbers
POWERGEN - 08004791210
BRITISH GAS - 08459555715
ANGLIAN WATER AUTHORITY - 0800 919155
BRITISH TELECOM - 0800800150
LEE VALLEY WATER PLC - 01707 265797
MID BEDS DISTRICT COUNCIL
12 Dunstable Street, Ampthill, Beds. - 01525 402051
NORTH HERTS DISTRICT COUNCIL
Gernon Road, Letchworth, Herts. - 01462 474000
BEDFORD GENERAL HOSPITAL - 01234 355122
LISTER HOSPITAL, STEVENAGE 01438 314333
If you require any further information or would like us to look at your property, please do not hesitate to contact us.
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