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Call us Now 01553 670179
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.
We do advise all landlords to become a member of the Professional Landlords Association and keep up to date with all the changes in the industry even if your property is fully managed by an agent. Our founder, Inna Melnyk represents National Landlords Association in East Anglia if you are interested to join use a code 131 on NRLA's website https://www.nrla.org.
For all upcoming meetings in East Anglia, including Luton, Bedford, Cambridge, Peterborough, Wisbech, King's Lynn, Norwich, Bury St Edmunds and Ely visit NRLA website www.nrla.org.uk.
If you'd like one of our specialist managers to conduct a valuation or review of your property, please click here to request a free valuation.
HMO (House of Multiple Occupation) Management
We provide full management for HMO (Houses of Multiple Occupation) properties in Norfolk (Kings Lynn, Swaffham, Fakenham and Dereham), Cambridgeshire (Cambridge, Peterborough, Wisbech and others), Suffolk (Thetford, Brandon and Bury St Edmunds).
HMO Management includes all above service and advice about licencing required. Please refer to our fees structure and contact us for more information.
Serviced Accommodation and Holiday Let management
Our sister company Shortstay England www.shortstayengland.co.uk can advise you on all aspects of short term let.
Our Guaranteed Rent Management agreement removes all risks that come with usual buy to let - and at no extra cost to you. We are able to guarantee rent payments to you by, basically, becoming your tenant and paying you by BACS whether you have an actual tenant in situ or not. We do this while also managing repairs, tenant queries, check-ins and check-outs and inspections as with our regular fully managed service, plus a few extras outlined below…
How does it Work?
We strongly advise our Landlords to carry out a full inventory for each separate tenancy. The purpose of checking an inventory is to establish damages which can only be done if descriptions and conditioning remarks are sufficiently detailed at the commencement of the tenancy and then at the end of the term.
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 the 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, the cost of which is borne by the landlord.
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, usually serviced accommodation or HMOs utilities are landlords responsibility)
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 landlord's 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.
Sometimes we need to issue a licence rather than AST if non-exclusive possession is granted to the tenant and the service is provided.
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.
LEGAL and RENT GUARANTEE (Usually on Let Only properties)
For properties that we are not managing, we can not have insurable interest cover under our agency.
However, you can purchase the insurance for yourself online CLICK HERE.
We can give you access to award-winning, Price Beat Guarantee* policy.
Our partner landlord products are five-star-rated and automatically include:
Send us your name and requirements to office@myhouseonline.co.uk
If you prefer to buy online, you can get a quote and buy your insurance without the need to speak to anyone.
Further information can be found here - https://www.alanboswell.com/landlord-insurance/landlord-building-insurance/
When signing up to a new tenancy, tenants may wish to consider taking out a tenant contents insurance policy. This cover protects your possessions against loss, damage and theft. It can also provide cover for landlord’s fixtures and fittings, this extra cover gives you added peace of mind in knowing that damages can be claimed on your insurance policy, therefore protecting any potential deductions from your security deposit.
You should always shop around for the best cover, but if you need help finding suitable cover at a competitive price, we can introduce you to Alan Boswell Insurance Brokers, a Chartered Insurance Broker with many years’ experience in arranging such insurance. You can obtain a quotation from their quote and buy site which can be found at https://www.tenantsquote.co.uk/3262.
