LET your PROPERTY in N8
One of the most important aspects for your property is to choose the right letting and property management team to maximise the return on your investment and there is no better way to achieve this without a regular rental income and high-quality services to protect your property asset.
We are working with corporate landlords, private landlord companies and with private individuals with one property to let. We can tailor a package to suit your individual requirements. Please contact us and we’ll let you know about our current offers.
One of the most important aspects of letting your property is to choose the right property management team to maximise the return on your investment. There’s no other way to achieve this without a regular rental income and services to protect your property asset.
You can gain peace of mind with us. Working with corporate landlords, private landlords companies with a large portfolio of properties and with individuals landlords with one property to let, we had gained expertise to offer full management services, tenant find and rent collection. Please contact us and we’ll call you back.
Please contact us if you’d like an independent appraisal of your property’s potential rental income. Rents received are payable by the tenant monthly to our client account and you’ll be paid directly from this account. We’ll then prepare, at regular intervals, a clear income and expenditure account.
We collect a deposit from the tenant to safeguard against damage and dilapidations and will take on the responsibility of protecting the deposit via a government approved Tenancy Deposit Protection scheme. 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. Any disputes will be referred to the dispute resolution service of the Tenancy Deposit Protection scheme used.
We will find a suitable tenant for your property and take up essential references and credit checks.
We will prepare an easy to read legal agreement which complies with current legislation. In general, this will be for a period of 16 months and then renewable on a month to month basis. This gives you, the landlord, the flexibility to re-occupy or re-let the house after giving the tenant two months’ notice to quit. Similarly, the tenant may terminate after the initial period by giving at least one 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.
Although we can help you with repairs, it is your responsibility to ensure the property is in good condition, with the exception of window glass or other breakages caused by the tenants. Repairs can be carried out by contractors nominated by you, or our own contractors with their charges deducted from your account. We will always ask for instructions before commencing any large-scale repairs.
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 Mortgage Company
- Insurance premiums
You then pay tax on the remainder of the rent. Getting the best tax advice can mean the difference between your Buy to Let being profitable – or not! If you would like a comprehensive tax service our office can arrange this for you.
Tenant Find Only Service
- 8.4% including vat (7.0% plus vat) of the gross rent for the term of the tenancy agreement plus £100 for preparation of the tenancy agreement + VAT.
- An initial market appraisal and professional advice on preparing the property for letting.
- Marketing and advertising of the property, including viewings by our staff and the subsequent introduction of a suitable tenant.
- Obtaining references through a specialist referencing agency, which includes a credit check, negotiating the terms of the tenancy agreement between yourself and the tenant(s) and liaising with solicitors if necessary.
- Preparation of the appropriate tenancy agreements and obtaining signatures from the landlord and tenant, together with arranging the preparation of the inventory by us (included) or with an independent inventory clerk (additional charge). In general, this will be for an initial period of 12 months with the option to renew.
- Arranging for the provision of a gas safety report and arranging the transfer of the services i.e. gas, electricity, water and council tax into the tenants’ name(s),(excluding phone lines, TV etc).
- Receipt of initial tenants’ payment, to include the first rental instalment and deposit, and preparation of a standing order for the payment of future rent.
Rent Collection Service
- 10.8% including vat (9% plus vat) of the gross rent payable under the agreement
- Everything in our ‘Tenant Find Service’, plus:
- The forwarding of rent to yourself, or your bank, after clearance of the funds received on a monthly basis.
- The deposit will be collected and administered by us with the Deposit Protection Service until the end of the tenancy.
- The submission of regular statements to you, and your accountant if required, outlining rent received and expenditure.
- In the event of rent being 7 days or more overdue, we will endeavour to notify the landlord and tenant of the outstanding amount.
Fully Managed Service
- 14.4% including vat (12% plus vat) of the gross rent payable under the agreement
- All of the above, including the ‘Tenant Find Only Service’, plus:
- registration of deposits with the DPS (Deposit Protection Service)
- rent collection*.
- check in/out appointments,
- Preparation of Inventory,
- re-advertising of property
- Repairs and replacements: we will look after all minor and major repairs for you and, where appropriate, obtain estimates for the necessary work for your approval.
- Periodic inspections and reporting to you defects that come to our attention.
*All clients monies are held in a protected Clients Bank Account however we are not currently members of the clients’ money protection scheme.
Managing your property’s outgoings. We can pay current outgoings such as ground rent, insurance premiums, and service charges or similar contributions to shared expenses (except mortgage liabilities) and account to you regularly. The above is a summary of our services.
Whether you are thinking about becoming a Buy to Let Landlord or already have a portfolio of properties to let we can help you to manage your lettings porfolio.
At Bracewells we offer a wide range of professional services within the commercial property market. Our commercial department offers NO UPFRONT marketing costs towards local advertising, colour details, accompanied viewings, window displays and of course the online advertising.— Richard Bracewell