If you are considering letting out your property please call us to arrange for a FREE appraisal. We will visit the property and give you our view of the market rent. We will go through the options open to you and advise on how to prepare the property for letting and discuss the type of tenants you are seeking.
We have listed below some of the reasons you may consider letting:
- new laws make it much easer to let
- it is a medium to long term investment
- it helps pay the mortgage
- in many cases your income will not be taxed
- it is a good way of building a pension
- it gives you options for later
There are a number of important questions, which need serious consideration before entering into any agreement:
- will my mortgage provider allow me to let?
- how much tax will I pay on the rental income?
- how will tenants treat my house?
- what if I suddenly need my house back?
However, these questions need not be a worry to you if you entrust the letting to a competent and effective property management team. Our sole focus at BELVOIR! West Bridgford is residential letting; our service is personal yet professional and we take great care to understand the needs of the Landlord.
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 your accountants and/or the Inland Revenue.
We collect a deposit from the tenant to safeguard against damage which will be lodged in the government approved custodial scheme. At the end of the tenancy we will inspect the property and the costs of any work attributed to the tenant may be deducted from the deposit, following agreement by all parties. In the event of a dispute we can assist in the presentation of the evidence to support stated conditions.
We will find a suitable tenant for your property and carry out comprehensive referencing and credit status checks. Ultimately the landlord decides on a tenants applicability.
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 during their period of occupancy.
You are responsible for all repairs to the property with the exception of window glass or other breakage’s caused by the tenants. Our team of prefered contractors or ones nominated by you, can carry out small repairs, and their charges will be deducted from your account. We will always ask for instructions before commencing any large-scale repairs.
From the total rent received in a tax year you can normally deduct, for tax purposes, the following:
- Our charges and management fees.
- Fair wear and tear & repair costs.
- 10% of rent for depreciation, (if furnished or part furnished).
- Interest paid to the Mortgage provider.
- Insurance premiums related to the property.
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.
We have a partnership with ENDSLEIGH who can provide comprehensive & competitive rent and legal protection insurance, house building insurance and home contents insurance.