Frequently asked questions

Rents are usually paid on a calendar monthly basis in advance. An account is then raised, and commission deducted along with any relevant charges applicable. Payments are then sent to your bank account and an itemised statement to your chosen email address or by post.

It is necessary to prepare accounts each year on all properties let whether they are furnished or unfurnished. Your accounts should be presented to the Inland Revenue indicating what taxation liability might arise. Tax Liability is assessed on the tax year running from 5th - 4th April. As a landlord there are many allowances that can be claimed when letting your property that can be deducted from your profit. Such allowances included letting agent’s fees, solicitor’s fees, accountant fees, maintenance and repair work carried out during the letting or wear and tear allowance, lease hold, ground rent and service agreements on central heating and other appliance. Mortgage interest can also be offset. The responsibility of payment of tax depends on whether the Landlord lives in the UK or abroad. If the Landlord lives in the UK the Inland Revenue will access the Landlords for the appropriate tax. If the Landlord is abroad then the letting agent will be assessed for tax and will be responsible for paying it on the Landlords behalf on a quarterly basis direct to the Inland Revenue at the current rate of tax of the net rental. Since the introduction of self-assessment, it is now possible for Landlords to apply for an exemption certificate by completing a 'Non Resident Landlord Form' allowing the agent to continue paying the rental without deduction of tax.

The Home Agency are instructed to manage the property and are bound by agreement to endeavour to complete the following:

• Find and assess Tenants. A member of staff accompanies all viewings.
• Obtain Tenants references via an established credit reference agency.
• Take a full and accurate inventory/schedule of condition.
• Prepare and sign all legal documentation and including tenancy agreements for the property with Tenants.
• Thoroughly check through the inventory with the Tenants at the commencement of tenancy.
• Take one month rent plus one hundred pounds as deposit and a month's rent in advance at the time the contracts are signed. This will be held in an approved scheme.
• Carry out quarterly inspections of the property and send a subsequent report to Landlords.
• Collect Rental.
• Forward net income to your bank account with an accompanying statement sent to you via email or to your postal address.
• Cover all maintenance problems, advise you of faults and provide quotes where necessary and gain prior authorisation for our approved panel of trades personnel to carry out works as instructed.
• Check the Tenant out at the end of the tenancy using a professional inventory.
• Attend to and charge the Tenant for any damages that may have occurred.
• This is only a brief outline, for further information please free to contact us (note to designer- link this to contact page) and refer to our Lettings management agreement.