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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.
If you'd like one our specialist managers to conduct a valuation or review of your property, please click here to request a free valuation.
Inventory Fees
Student rentals Inventory
| Item | Explanation | Cost |
|---|---|---|
| EPC | Energy performance certificate | £100 |
| Gas safety certificate | Gas safety certificate | £80 |
| Electrical Safety Certificate (EICR) | Electrical Installation Condition Report | £175 |
| Tenancy agreement/ Referencing | Referencing per tenant this will include (ID checks, Right to rent checks, financial checks, obtaining reference from current or previous employers/ landlord and any other relevant information to assess affordability) | £99 |
| Guarantor Referencing | Covering credit referencing and preparing a Deed of Guarantee (Per Guarantor) | £99 |
| Deposit registration | Register tenant's and landlord's details and protect the security deposit with a government authorised scheme (Letting Only Service) | £40 |
| Additional property visits | To make specific visits to the property on the landlords behalf (All service levels) | £50 per visit |
| Tenancy renewal fee | Contract negotiation, amending and updating a further tenancy and agreement (All service levels) | £250 |
| Section 21 notice | Requiring possession of the property - Letter/ notice to tenant (All service levels) | £120 |
| Contractors Commission | 15% of contractors invoice. To cover the costs associated with arranging and facilitating the visit of a vetted professional tradesperson | 15% |
All fee above are subject to VAT
If the landlord has a mortgage, it is normal for mortgagees to require notification of any proposed lettings and the landlord should seek their initial consent. In the case of leasehold premises the consent of the Head Lessee of Freeholder will be required. The landlord should also advise his insurance company of the proposal to let the property as this could either invalidate the insurance altogether or increase the premiums. You should obtain written documentation of these consents prior to letting.
The tenant will be responsible for the payment of gas, electricity, water, telephone, council tax and television licence. (Unless otherwise agreed and stated)
As the landlord you are still responsible for the payment of service charges and ground rent in leasehold properties and buildings insurance on Freehold properties.
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.
Our company are not tax advisers so 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.
Any Non resident Landlord Tax payments deducted by us, in the first quarter can be refunded, if the exemption certificate is in our possession before the first quarter has ended. Any deductions after the first quarter can only be reclaimed after the first year has ended. Any refunds due after the first quarter are made by the Inland Revenue.
Most tenancies are classed as Assured Shorthold Tenancies. Under the Housing Act 1998 (as amended 1996) 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, 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.
Our staff have been trained and receive ongoing training on the various legal aspects of letting including safety regulations, tenancy agreements and clauses, possession and have vast practical experience. They will be happy to discuss any questions you may have regarding more detailed legal matters.
The relationship between Landlord and Tenant can sometimes have its "ups" and "downs" and the need for a professional agent is paramount in closing any divide to allow for a smooth and enjoyable property experience for all parties concerned, whether you are a Landlord or Tenant you are best advised to conclude your property transaction via a reputable agent.
Tenancy law is now far better regulated than ever before with balanced rights for all parties, tenants holding deposit held in Approved Scheme and are returned at the end of the tenancy subject to the property being returned in the manner it was taken and subject to there being no outstanding bills relating to utilities etc. The lettings market has grown immensely due to the increasing Buy to let market and with an increase to new build added to the marketplace the level of quality has improved greatly.
