As landlord you are obligated to ensure that your property meets all legal liabilities and that the property is safe. Below are a list of your obligations (please follow the link to more details):
If your property is on our full management service, we will arrange for all works approved by the you to be carried out by our network of local tradesmen and contractors. We will liaise with the tenant, process the invoice and forward the payment to the contractor. Alternatively, if you have a preferred contractor you may instruct them instead, however due to GDPR and for insurance purposes we cannot instruct them on your behalf but will provide you the information required.
It is always important that the Landlord and tenants understand clearly where their responsibilities lie when it comes to repairs and maintenance. For example, a bulb which needs replacing in a cooker hood we would expect the tenant to carry out, whereas a bulb in a security light at a height requiring a ladder would be unreasonable to ask a tenant to carry out.
You can let your property Fully furnished, part furnished or unfurnished the choice is up to you. But you must ensure that any furniture you leave comply with furniture and furnishing regulations. We usually find unfurnished properties are more popular and attract longer term tenants.
The tenant is responsible for the upkeep and maintenance of the garden as specified in the tenancy agreement.
If your property is on either our fully managed or rent collection service we will chase all late and unpaid rent, we will assist you with choosing the right course of action in the event the tenant does not pay the rent or fails to vacate the premises.
You are liable to pay tax on any profit your rental property has generated. Tax amounts payable will depend on your circumstances. If you are away overseas for more than 6 months in any tax year, you will be classed as a non-resident landlord. Under the current legislation we are required to deduct the Revenue tax at the basic rate and pass this over to the inland Revenue, unless we are in receipt of a letter of exemption from the inland Revenue. After we have received a letter of exemption we will no longer need to deduct any tax.
Your tenant will pay the rent into our client account. Once the money has cleared the rent will be paid by BACS into the account of your choice less any expenditure i.e. management fees or repairs. We will forward a statement of the account by email for your records.
Your outgoings are normally as follows:
• Mortgage payments
• Maintenance and repairs
• Managing agents fee
• Utilities and council tax (when the property is empty)
• Ground rent and services (if Leasehold)
Initially we will issue a 6 Month Assured Shorthold Tenancy Agreement in the majority of cases, but there are a number of different agreements that may be required depending on the circumstances of the landlord, tenant or the property. Upon the expiry of this initial tenancy most landlord look to renew the fixed term with either a 6, 9 or 12 month tenancy which will secure the period and rental income from the tenant. We will of course discuss this with you in more detail at the time including discussing any potential rent increase.