If you are considering letting out your property in the NG2, NG11, NG12 postcode areas please call us to arrange for a free appraisal. Belvoir West Bridgford will visit and provide a comprehensive assessment of your needs, including your desired type of tenant, the best ways to market your property, your long-term aims and how to get the optimum rental income.
There are many potential reasons to consider letting:
- Excellent capital growth
- Regular monthly income
- As an important part of your pension planning
- To provide for family members financial needs in the future
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?
- Where can I get the best returns on my investment?
- What if I suddenly need my house back?
- What are my long-term goals?
Not all agencies are prepared to ask or answer these issues, which is one of the ways we set ourselves apart from the competition. We take great care to understand your needs, and if requested we can also provide access to some of the UK’s finest wealth management experts who can help us plan the best future for your investments.
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 a government approved custodial scheme. We also create highly detailed inventories of your property; so that it can be proved exactly what condition it was in when the tenant took residence. 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 will assist in the presentation of the evidence to end any dispute swiftly and fairly.
We use some of the most detailed referencing procedures in the industry, looking far beyond someone’s credit score as we understand that this can only provide part of the story. This helps us to ensure that you are getting the right tenant for you – saving you time and money in the future. We then present all that information to you for a final approval, ensuring that you remain in control.
Belvoir ensures that our tenancy agreements and other key documents are rigorously checked for compliance with any changes in legislation, meaning that you can rest assured that you have the maximum protection available. These can be tailored to your individual circumstances, and will run for a minimum of 6 months initially. After that point, subject to your wishes, the tenancy can either roll onto a month-to-month basis, or further fixed periods by agreement of all parties.
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. We can offer the services of trusted tradespeople for these repairs, or we can use ones nominated by you. Either way, we will arrange everything necessary after agreeing the works with you.
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 Let Alliance who can provide comprehensive & competitive rent and legal protection insurance, house building insurance and home contents insurance.
SCALE OF CHARGES
Let Only: £400 (£480 inc VAT) payable for each letting to a tenant introduced by The Agent - Payable at the commencement of a tenancy (and deducted from the rent collected prior to the commencement of that tenancy).
Letting and Rent Collection: £295 (£354 inc VAT) start up fee plus 8% (10% inc VAT) of rent, deducted from rent as received.
Full Management: £295 (£354 inc VAT) start up fee plus 10% (12% inc VAT) of rent, deducted from rent as received.
- Inventory preparation fee: From £85 (£102 inc VAT) for each Tenancy arranged by The Agent (included in the Full Management service charge).
- Deposit Protection Legislation: Included in both our Let Only & Full Management service charges.
Preparation of paperwork for:
- Alternative Dispute Resolution £50 (£60 inc VAT) per hour recorded.
- Duplicate Statements £50 (£60 inc VAT) per request received.
- Insurance claim handling fee 10% (12% inc VAT) of cost of works.
- Professional hourly rate £50 (£60 inc VAT) per hour recorded.
- Resigning fee £50 (£60 inc VAT) payable where The Agent arranges for a renewal of a tenancy (existing tenant) at The Landlord’s request.
- Re-Let fee £225 (£270 inc VAT) payable where The Agent, with The Landlord’s agreement, arranges a new tenancy.
Post Letting Service (Inclusive within our Full Management service)
- Tenant move out £50 (£60 inc VAT)
- Inventory Check (inc damage report) £100 (£120 inc VAT)
All prices are subject to change after two months’ written notice.
Where Full Management or Letting and Rent Collection service is cancelled during the tenancy (including any extensions) a fee of 50% (60% inc VAT) of one months’ rent will be payable, and The Agent agrees to deliver up a vacant property by serving the appropriate notice on the tenant.