skip to Main Content
01234 350360 info@wallacelettings.co.uk

Information for Landlords

First Steps to Letting Your Property
Once we have visited the property and assessed it, we will discuss all your requirements with you.

Having received instructions to act on your behalf in the management of your property, we will actively market the property to secure a suitable tenant or tenants.

Your property and its description will be displayed in our shop front window, marketed on Zoopla, on our web-pages and in our property list.

A Wallace Lettings‘To Let’ board can be displayed outside your property subject to your instructions.

All viewings to your property are accompanied, and at the earliest opportunity we will feedback the results to you.

Your Mortgage
If you have a mortgage, and if necessary, you should obtain the lenders permission to let the property. We may need to sign or stamp your lender’s consent form and might have to supply copies of the contractual documentation including the Tenancy Agreement and Tenant guides.

Some lenders will charge a fee for approving a let.

Tenancy Agreement
The preferred agreement is that of an Assured Shorthold Tenancy Agreement which conforms to the 1988 Housing Act and 1996 Amendment Act. This agreement provides the Landlord with maximum legal protection if possession of the property becomes an issue. It is worth noting that at present there is no difference between furnished and unfurnished tenancies in terms of recovery of possession.

Wallace Lettings, as the Agent, will arrange the Assured Shorthold Tenancy Agreement between the Landlord and the Tenant, but the Agent is not party to this Agreement and cannot be held responsible for any breach by either party.

An Assured Shorthold Tenancy Agreement will usually run for six months, thereafter it can continue on a month by month basis (periodic) or be extended by a further agreement (fixed term) if both parties are agreeable. Wallace Lettings can guide you on this.

A separate Terms and Conditions of Business Agreement between the Agent and the Landlord will also be prepared, and before commencement of any property rental, this Agreement will need to be signed by the Landlord and returned to Wallace Lettings.

We are careful to prepare our documents in accordance with the law but Wallace Lettings are very happy for you to consult with your solicitor to verify that your position is safeguarded.

Tax Implications of UK and Non-UK Resident
Landlords
Income Tax on the rental of a property is treated as unearned income by the Inland Revenue and is therefore subject to tax at the standard rate, whether you are resident in the UK or not.

If, as an expatriate, you use our services the Income Tax Management Act 1970 makes it clear that we are assessed for your tax due and in these cases we reserve the right to retain income to meet this demand. (Form IR 140 explains the current rules).

Allowances can be set against rental income and we would strongly advise you seek professional tax advice.

Tenant Introduction
We interview potential tenants and assess their suitability. Comprehensive references from employer or accountant, bank, previous landlord, credit checking agency and nominated character reference are sought. Subject to satisfactory replies, and after discussing the full details with you, we will agree to a tenancy.

Rent Guarantee
In association with ‘Homelet’ we offer a rent guarantee to our Landlords, please ask for information on this service. As your Agent we DO NOT guarantee your rent. [Note: Your property is at risk if you do not keep up repayments on a mortgage or other loan secured on it.]

Tenants Deposits
Since 6 April 2007 all tenant deposits held against an Assured Shorthold Tenancy must be protected in a government authorised scheme. There are four alternatives available.

The Deposit Protection Service (The DPS).

This custodial scheme is free of charge to users and deposits are held by the scheme provider during the tenancy.

The Dispute Service (TDS).
This is primarily aimed at letting agents and major landlords and is an insured scheme, an annual fee being payable. It allows the agent or landlord to hold the deposit.

My deposits
This insurance based scheme enables Agents and Landlords (either directly or through agents {not available to overseas landlords}) to hold deposits. The cost is in the form of a charge made on a per tenancy basis together with an annual joining fee.

No Deposits
Landlords can avoid the requirements of the scheme altogether by not taking tenancy deposits. This alternative should only be adopted where the risk of default is low, the prospective tenant has good previous references, or the Landlord has been covered by an appropriate rent guarantee or insurance policy. More information on ‘deposit free’ letting can be accessed by going to www.letlink.co.uk, fact sheet number 24.

Wallace Lettings have chosen ‘The Deposit Protection Service’.

Payment of Rent
We prefer tenants to pay rent by standing order monthly in advance. We account to you, the Landlord, on a monthly basis, transferring payment directly into your account via electronic transfer with The Royal Bank of Scotland. A statement will be sent to you monthly at the time of the rent transfer.

[Note: we take no responsibility for difficulties with the BACS or telephone systems beyond our control and will accept no liability for charges incurred by the clients as a result.].

Inventories/Condition of Property
Prior to each occupancy still photographs will be taken along with a comprehensive written check-in log, these are signed by the Landlord/Landlord’s Agent and the Tenant on the day of occupation. A copy is supplied to the Tenant with a further master copy held by the Agent.

Note: If you require an inventory listing by an independent inventory clerk please ask for details and charges. You may provide your own inventory; this is not recommended.

On vacating we will conduct a check-out visit and dilapidation’s will be attended to (in conjunction with the deposit scheme’s directive) if necessary .

It is essential that Landlords continue to insure their property and contents. Tenants are advised to insure their own personal contents and for damage to the Landlords property and belongings.

Council Tax
This is payable by the tenant but it is for you the Landlord to notify the Local Authority of the change of occupancy. The law only requires the Agent to provide relevant details as and when requested to do so.

Utilities
Your tenant is responsible for gas and electricity and in most cases water rates during the tenancy. Whilst we will take gas, electricity, and where possible water meter readings at the start and completion of a tenancy, it is the tenants responsibility to inform the relevant utility company, however of course we  are willing to assist if required.

We cannot take responsibility for services provided by the telephone companies. Under their own remit, it is the Landlords or Tenants responsibility to notify them of any changes. Increasingly telephone companies will only deal with the Landlord or the Tenant and are not willing to liaise with the Agent, being a third party.

It is worth noting that incoming tenants can take over these telephone services at no extra cost, providing there is no break of service.

 

Legislation re Landlords and their Properties

  • From the 1 March 1993 furniture must comply with fire and safety regulations (see accompanying leaflet).
  • All properties with a gas supply must have a Gas Safety Certificate issued by a registered Gas Safe engineer (see accompanying leaflet).
  • Energy Performance Certificates (EPCs) are needed before your property marketing can commence.
  • Electrical Safety Requirements (see accompanying leaflet).

Letting your property can create anxious times for you. The law, legislation, and the Housing Act of 1988 are all complex. Wallace Lettings aims to smooth the path to letting your property, so that you have only minimal effort, and enjoy maximum financial returns on your valuable asset.

Our highly competitive fee structure is set out below

Fee Structure
Full Management Service                                  10% (Min. fee £48)

Let only Service                                                  75% of first month’s rent

Non-UK Resident Full Management Service    12% (Min. fee £60)
Rent Collection                                                   8%
Tenant Finder                                                     6% of rent due (£300 minimum)
Tenancy and Renewal Agreements, Notices    £60

Tenancy Set-up Fee                                          £180

Additional Services Available

Serving Possession Notices
Preparing Court Papers
Advising on ‘Buy to Let’
Advice on where to buy
Advice on what to pay

No Hidden Charges
All Charges are subject to VAT (included) and are current as at 1st January 2017

RESIDENTIAL LETTING MANAGERS:
Margaret, Yve & Angela

Back To Top