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What Do I Need To Think About When I Let My Property?Letting your property can be a very attractive option for many people:
* It helps pay the mortgage
* It keeps you on the home ownership ladder
* New laws make it much easier to let
* In many cases your income will not be taxed
* Buoyant demand from professional tenants
* You can enjoy the capital gains of a rising housing market without selling up
However, 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?
These questions need not be a worry to you if you entrust the letting to a competent and caring Lettings professional. Our sole focus at Belvoir! Lettings & Property Management is residential letting; our service is personal yet professional and we take great care to understand the needs of the Landlord, whether this is your first time letting or you are a season portfolio owner.
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.
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.
We will find a suitable tenant for your property and take up references and credit checks. Belvoir's credit check system is one of the most comprehensive used in the lettings industry.
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 two 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.
You are responsible for all repairs to the property with the exception of window glass or other breakages 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.
Building Society Mortgages
We can undertake all negotiations with your Building Society in order to obtain their permission to let the property. Some lenders might charge higher interest rates for let properties and raise a service charge.
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 advisory service we can arrange this for you.
We provide market leading rent and legal protection insurance, landlord's building insurance and landlord's contents insurance, all of which are important considerations when letting your home. You won't find more comprehensive policies and you may save money vs your current policies. Ask us for a free quote.
Our fees for managing your property are some of the most competitive to be found. For these fees we will:
* Advertise your property locally, in the press and on our easy to navigate website.
* Undertake accompanied viewings with prospective tenants
* Collect monthly rent and chase any late payments
* Act as your tenants' sole point of contact for all property maintenance
* Conduct all repairs, with your authorisation, and organise payments to all independent contractors