What are landlord services?
On this blog, we provide an overview of services and best practices for London landlords, explaining what is typically involved in letting a property. If you would like one of our specialist managers to conduct a valuation or review of your property, please contact us.
Services
- Rental valuation and inspection.
- Advice for landlords on furnishings, health and safety, and maintenance recommendations.
- Advertising and marketing your property on our state-of-the-art website and the UK’s leading property portals, as well as emailing and sending SMS details to potential applicants.
- Accompanied viewings.
- Extensive referencing of tenants who wish to rent your property, using a 25-point verification check on each applicant.
- A range of enhanced financial security policies for landlords, where applicable.
- Preparation of the tenancy agreement or agreements.
- Collection of initial rent and deposit.
- Setting up a standing order mandate for future rent, subject to the tenancy commencing.
INVENTORIES
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 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. See https://www.atticinventory.co.uk/
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.
LONG LET SHORT LET
With the popularity of Airbnb, we now offer a full Airbnb management services for all landlords across London. For our fees see Ovitzia https://ovitzia.com/airbnb-management-service/packages/
UTILITIES
The tenant will be responsible for the payment of broadband, gas, electricity, water, telephone, council tax and television licence. (Unless otherwise agreed and stated). 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
TAX
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 their 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 a tax adviser, 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.
More: GOV advice
