If you have to move in the near future, for whatever reason, think carefully before selling your home. Letting is a very attractive option.
- It helps pay the mortgage.
- It keeps you on the home ownership ladder.
- New laws make it much easier to let.
- In many cases your income will not be taxed.
Rent
We will be pleased to call to advise you on the market rent for your property .Rents are payable by the tenant monthly to our office account. You will be paid direct from this account and we will prepare, at regular intervals, an income and expenditure account which you can send to the Inland Revenue.
Deposit
We collect a deposit from the tenant to safeguard against damage. At the end of the tenancy we will inspect the property and the costs of any work attributed to the tenant will be deducted from the deposit. All deposits are taken and safeguarded within the boundaries of the most up to date regulations.
All deposits taken are registered and managed under the guidelines laid out by the Tenancy Deposit Scheme of which we are members.
Tenant
We will find a suitable tenant for your property and take up references and credit checks.
Agreement
We will prepare a legal agreement under current legislation to suit your particular circumstances. In general this will be for a period of not less than 6 months and then renewable on a month to month basis. This gives you the flexibility to re-occupy the house after giving the tenant two month's notice to quit. Similarly the tenant may terminate after the initial period by giving one month's notice.
Notice is always given with 2 clear rental date months.
Rates and Services
The payment of water rates, council tax, gas, electricity and telephone bills are generally the responsibility of the tenants.
Repairs
You are responsible for all repairs to the property with the exception of window glass or other breakages caused by the tenants. Small repairs can be carried out by our contractors, or ones nominated by you, and their charges deducted from your account. We will always ask for instructions before commencing any large scale repairs.
Building Society Mortgages
We always advise you to contact your Building Society in order to obtain their permission to let the property. Some lenders might charge higher interest rates for let properties and raise a service charge.
Tax
From the total rent received in a tax year you can normally deduct, for tax purposes, the following:
- Our fees
- Fair wear and tear & repair costs.
- 10% of rent for depreciation, if furnished or part furnished
- Interest paid to the Building Society or Mortgage Company.
- Insurance premiums
- You then pay tax on the remainder of the rent
- If you would like a more comprehensive tax service we can arrange this for you.
Insurance
We provide information and help on rent and legal protection insurance, building insurance and home contents insurance, all of which are important considerations when letting your home.
Fees
Our fees for managing the property are some of the most competitive to be found. For these fees we will -
- Find you a suitable tenant
- Take up references and credit check
- Draw up a tenancy agreement
- Take a Statement of Condition (or inventory)
- Collect the rent and account to you monthly
- Make regular inspections of the property and advise you all is in order
- Advise on any repairs that are necessary
- Provide information and help on insurance.
We also provide a tenant finding only service where full management is not required. Full details of fees and services are provided in our Terms of Business.
