Letting Your Property
Many of us now own more than one property, the private landlord has been one of the growth areas during the late 20th and early 21st centuries. Impending legislation will make the ownership of investment properties even more attractive. Investing in property does seem attractive and in many cases will provide returns considerably higher than other more conventional forms of investment.
However, being the private landlord is not always all gain, choosing the correct property to invest in and also subsequently arranging your tenancies can be fraught with serious pitfalls that can cause considerable pain on your anticipated gain!
It is important that you take professional advice. From the very outset our valuers can advise you on the types of property in which you should invest. Subsequently, we can advise you on anticipated levels of rental return and then give advice on putting the property on the rental market.
Our services include both managed and unmanaged terms. Many landlords prefer to remain distant from their tenants and to do this we will provide you with a full service that sets up the tenancy initially with credit references, interviews, etc, provides a tenancy agreement, undertakes preletting inspections, inventories, regular inspections during the term of the tenancy and a final inspection when the tenancy terminates. If the landlord is overseas or away we can arrange for repairs, submission of income tax returns, in fact take all the management of the investment away from you.
For those who wish to retain the "hands on" approach, we can offer a let only service that provides the necessary agreements, references, etc prior to the actual implementation of the tenancy.
Are you thinking of letting your property or buying a property for investment?
Nick Tart Lettings charge an arrangement fee equal to 70% of the first month’s rent subject to a minimum of £420 including VAT for arranging the tenancy for the initial period. In respect of subsequent periods, an arrangement fee of £25.00 including vat shall be payable in the event that the resident tenant undertakes to renew the tenancy for a further period. Should you request us to re-let the premises after the tenant leaves then the above charges will once more prevail
Please note that you are required to carry out a full inventory on your property before a tenancy commences. If you require Nick Tart Lettings to provide this service for you there is a charge of £50.00 including vat per hour with a minimum charge of £50.00 including vat
Nick Tart Lettings will charge an arrangement fee equal to 50% of one month’s rent + VAT subject to a minimum of £420 including vat and 10% + VAT for UK resident Landlords (12.5% for those resident outside the UK) of the calendar monthly rent for full management.
In the event that this agreement is cancelled by the landlord, once marketing has begun and prior to the arranging of a tenancy, an administration charge of £50.00 including vat is payable.
If Fully Managed and the agreement is cancelled during the period of a tenancy then the charge will be equal to the greater of either:
a. the management fees due to the end of the tenancy agreement.
b. the management fees due to the end of the tenant’s occupation of the property.
Should any of the bank details change or should you require payments to be made to a different account, a charge of £25.00 including vat may become payable prior to the changes taking effect
Fees & Commissions in the event of a sale
Should the property at any time be sold to the tenant introduced by Nick Tart Lettings the Landlord will be liable to a charge of 1% of the sale price (subject to VAT)
In the event that the Landlord takes up residence outside the United Kingdom, then, in accordance with the Finance Act 1995, a deduction in respect of Income Tax will be made until a valid exemption certificate is obtained from the Inland Revenue and lodged with Nick Tart Lettings.
Gas Safety charge £60 with service £80 including vat
EPC charge £60 including vat
Legionella Risk Assessment £75 including vat
Periodic Electrical Test (not a legal requirement) POA
*All charges may be subject to change given a minimum ninety days notice.
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