We charge 9.6% of annual rent for a let only service and a total of 15.6% of annual rent for letting and management. All fees are inclusive of VAT.
We outline on this page a basic, quick guide and overview for Landlords, to explain what is typically involved with letting property. If you need any further information or advice, please don’t hesitate to contact us.
The complete service includes (all the above) plus:
We strongly advise our Landlords to carry out a full inventory for each separate tenancy. The purpose of an inventory is to record the condition of the property and its contents.
Under the terms of the tenancy agreement, the tenant is required to return the property and contents at the end of the tenancy in the same condition as they were at the commencement, fair wear and tear accepted. It is almost impossible to ascertain whether damage was caused during a tenancy without a proper inventory signed by all relevant parties.
If instructed we will arrange a professional inventory and check in on your behalf which will include video footage of the property, the cost of which is borne by the landlord. The tenants are responsible for paying for the check-out.
Under the Taxation of income from Land (Non Residents) Regulations 1995, the rent receiving agent (or where there is no agent, the tenant) will be required to deduct an amount equivalent to Basic Rate Tax from the rent (after taking deductible expenses paid by the agent into account) and pay the balance to the Inland Revenue each quarter.
However, the overseas landlord can apply to the Inland Revenue for exemption from this requirement. Provided the landlords tax history is good and tax affairs are up to date, the overseas landlord will be issued with a certificate that will be sent to his rent receiving agent. This will authorise the agent to pay the rent to you with no tax deducted.
We can provide you with an NRL1 form which you must complete and send to the Inland Revenue. Neither your rent receiving agent nor your tax advisor can file this application for you - it must be done by you.
Failure to return this form in time may result in the exemption certificate not being issued before the payments become due. We would have no alternative but to make the required tax deduction before paying the rents to you.
If you are unsure as to how the above will affect you, you would be advised to speak to an accountant or professional tax advisor.
Most tenancies are classed as Assured Shorthold Tenancies. Under the Housing Act 1998 (as amended) landlords have more rights to possession than with tenancies commencing prior to the Acts and procedures for possession are now quicker and simpler (provided the process is carried out correctly).
There is no minimum period for an Assured Shorthold Tenancy; however we recommend that the tenancy is for not less than six months.
Most tenancies are drawn up for a period of twelve months and some have break clauses. A break clause allows either party to terminate the agreement with two months notice after an initial period of four months the notice may be served. We will be happy to discuss the pros and cons of different time periods with you.