Landlords

Julie Davis - Director

If you are considering letting out your property please call me to arrange for a free appraisal. I or one of my colleagues will visit the property and give you our view of the market rent. We will go through all the options open to you and advise on how to prepare the property for letting and discuss the type of tenants you are seeking.

I have listed below some of the reasons you may consider letting:

• it helps pay the mortgage
  
• it gives you options for later
  
• new laws make it much easer to let
  
• it keeps you on the home ownership ladder
  
• in many cases your income will not be taxed
  
• it is a good way of building a pension
  
• it is a medium to long term investment
  

There are a number of important questions, which need serious consideration before entering into any agreement:

• how will tenants treat my house?
  
• what if I suddenly need my house back?
  
• will my building society allow me to let?
  
• how much tax will I pay on the rental income?

However, these questions need not be a worry to you if you entrust the letting to a competent and caring manager. Our sole job at BELVOIR! Colchester is residential letting; our service is personal yet professional and we take great care to understand the needs of the Landlord.

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 client 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.

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.

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 breakage’s caused by the tenants. Our contractors can carry out small repairs, or ones nominated by you, and their charges deducted from your account. We will always ask for instructions before commencing any large-scale repairs.

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, house building insurance and home contents insurance, all of which are important considerations when letting your home.

Service Personnel

We have particular expertise in the needs of Service Personnel who wish to let their property. A number of our branches are located in the vicinity of military bases

Fees

Our fees for managing the property are some of the most competitive to be found and are transparent. Call us for more information.