Landlord Guide

​

This page provides a basic guide for Landlords.  It explains what is typically involved in the process of letting your property.  Please contact us if you need further information or advice.

​

1. Request a free valuation

2. Letting Only Service

3. Full Management

4. Inventories

5. Consent to Let

6. Utilities

7. Tax

8. Tenancy Agreement

9. Legal Matters

 

​

Request a free valuation

​

Please contact us if you would like a free valuation or review of your property.

 

Back to top

​

 

Letting Only Service- includes

​

Our Letting Only service includes the following:

​

• A rental inspection and valuation

• Advice on furnishings, health and safety issues and any maintenance recommendations.

• Advertising CPM website, on UK's leading property portals, emailing and sms message details to all potential applicants along with newspaper advertising where appropriate.

• We accompany all viewings wherever possible

• Extensive referencing of tenants wishing to rent your property, via the Maras Group, using an extensive 25 point verification check on each and every applicant.  Maras also offers a range of enhanced financial security policies for landlords if applicable.

• Preparing a Tenancy Agreement

• Collecting initial rent and deposit.

• Setting up standing order mandates for future rent subject to tenancy commencing.

​

Back to top

​

 

Full Management

 

The complete service includes Our Letting Only service, and:

​

• A detailed inventory of contents and condition.

• Maintenance arrangements

• Dealing with tenancy issues during the course of the tenancy

• Transfer of utility accounts, electric, gas, council tax and water.

• The closing inspection and check out at end of tenancy period.

• Organising return of deposit subject to the property being returned in a satisfactory condition.

• Finding new tenants prior to the existing tenancy ending

​

Back to top

​

 

INVENTORIES

​

We strongly advise our Landlords to carry out a full inventory for each tenancy. Checking an inventory will establish any damages done to the property, which can only be done if descriptions and conditioning remarks are sufficiently detailed at the start and end of the tenancy.

 

In the terms of the tenancy agreement, the tenant is required to return the property and contents to the same condition at the start of the tenancy. Fair wear and tear is accepted. Without a proper inventory, signed by all parties, it is almost impossible to ascertain whether damage was caused during the tenancy.​

 

If needed, we will arrange a professional inventory in check to be carried out on your behalf.  The cost is borne by the Landlord.  Tenants are responsible for paying for the check out.

​

Back to top

​

 

CONSENT TO LET

 

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.

​

Back to top

​

​

UTILITIES

 

Tenants are responsible to pay their utility bills that may include one or more of the following; gas, electric, water, telephone, Internet, council tax and TV licence – unless it is agreed and stated otherwise. 

 

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.

​

Back to top

​

 

TAX

 

Under the Taxation of income from Land (nonresidents) 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.

​

Back to top

​

​

TENANCY AGREEMENTS

​

Most tenancies are classed as Assured Short Hold 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 Short Hold 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.

​

Back to top

​

 

LEGAL MATTERS

​

Staff at CPM are trained in the various legal aspects of lettings, which includes the areas of safety regulations, tenancy agreements and clauses and possessions.  We have in-depth knowledge and experience in these areas.  We are happy to discuss any questions you may have.

 

 

There may be instances where conflict arises between the Landlord and Tenant.  A need for a professional agent is important when it comes to closing any divide; this allows for a smooth and enjoyable letting experience for all the parties involved.  Whether you are a Landlord or a Tenant, we recommend you to conclude your property transactions via a reputable and reliable agent.

 

The Tenancy Law is now more regulated now than it had been previously, with rights given to all parties involved, tenants holding deposit held in Approved Scheme are returned at the end of their tenancy agreement.  This is subject to the property being returned to the condition that it was at the beginning and there being no outstanding costs remaining i.e. bills, utilities.  ​

 

The market for lettings has grown rapidly as a result of the Buy to let market.  With this increase to new build added, quality of the market place has improved.

​

Back to top