Landlords

We provide a comprehensive and customer focused level of service offering advice on the expected market rent, property presentation and Landlord’s obligations such as health and safety legislation and insurance.

Priory Park Properties offer a range of property services, from simply finding you a suitable tenant, finding you a tenant and collecting the rent through to a comprehensive full management service.

Once you have decided to let your property with us you will be required to:

  • Apply for mortgage lenders consent from your bank or building society prior to the commencement of the tenancy.  If your property is leasehold, you will also require consent from the Head Lessor, Freeholder or Management Company
  • Obtain gas and electrical appliances safety certificates
  • Remove all personal items from the property
  • Notify your insurance company
  • Make sure the property is in a clean and tidy condition (we do recommend that a professional cleaning company are employed as this will ensure that the tenants on vacating the property are also obliged to have a professional cleaning company
  • Apply for tax exemption certificates (overseas landlords only)
  • Ensure that you have three set of keys to give to us (2 for the tenant 1 for us)
Gas and Electrical Safety

The gas safety (installation and use) regulations 1994 state that all let and managed property must be annually tested for safety.  Failure to comply with these regulations can result in a    substantial fine or even in the worst case imprisonment.  We are able to supply a fully qualified contractor to carry out both gas and electrical tests.

The electrical equipment (safety) regulations 1994 state that supplying unsafe electrical goods     is an offence.  When an unsafe appliance is found in rented accommodation, Trading Standards check that the landlord or the agent has taken all reasonable precautions to avoid supplying an unsafe item.  Duty of care demands that an electricity safety test is carried out on a regular basis, particularly at the point at which the property first becomes available for let.

Overseas Landlord’s Information

Overseas Landlords who live abroad are regarded as non-UK residents for tax purposes you need to apply to the Inland Revenue for non-resident landlord status.  A landlord who has already been approved to receive rents without deduction of tax from the Inland Revenue must contact the Inland Revenue and request that a NRL8 be issued to the letting agent

The non-resident landlords scheme requires UK Lettings agents to deduct basic rate tax from  any rent they collect for non-resident landlords.  (Current rate is  20%). Lettings agents do not  have to deduct tax if the Inland revenue tells them not to.  The Inland Revenue will tell an    agent not to deduct tax if non-resident landlords have successfully applied for approval to receive rents with no tax deducted.  Even though the rent may be paid with no tax deducted it remains liable to UK tax therefore non resident landlords must include it in any tax return that Inland Revenue sends them.

Insurance

You will need to advise your insurance company that you are renting the property and ensure  that you comply with any conditiions imposed.  This applies to both buildings and contents insurance. Your tenant should also have contents insurance in place.  You are not responsible for their possessions.

Tenancy Deposit Scheme

Legislation came into effect on 6th April 2007 all deposits taken for assured shorthold tenancies have to be protected by a tenancy deposit scheme.

 

Please note that we are a ARLA LICENCED MEMBER – for more information contact www.arla.co.uk. We have client money protection provided by ARLA and Independent Redress with theThe Property Ombudsman.

LANDLORD FEES

WE OFFER THE FOLLOWING RANGE OF SERVICES:-

 1.             TENANCY ONLY SERVICE

This service includes:-

  • Introducing a tenant/s to the property
  • Taking up bank, employer and credit reference.  Where necessary, additional security would be requested by means of a guarantor and/or a previous landlord’s reference
  • Drawing up the Tenancy Agreement
  • Collection of one month’s rent in advance and six week’s deposit – all deposits to be protected by the Deposit Protection Service
  • Drawing up a standing order mandate (if applicable) in respect of rental payments
  • Lodge the Deposit with the Deposit Protection Service

          Fees

  • Up to 1 year of the tenancy with same tenant               8.5% (inclusive of VAT)
  • 2nd & subsequent terms let to the same tenan t    no charge
  • Preparation of Tenancy Agreement                                 £80.00

The total amount of commission due is payable at the commencement of each tenancy and/or extension. If the tenancy terminates before the due date commission will be refunded on a pro rata basis

2.             RENT COLLECTION SERVICE

In addition to our Tenancy Only Service as outlined above, we will:

  • Collect the rental during the tenancy
  • Credit the net amount to the landlord’s bank or remit direct to the landlord on a monthly basis
  • Advise all transactions on a monthly statement

                Fees

  • 9.5% of the monthly rental deducted monthly throughout the term of the tenancy and/or any extensions  (inclusive of VAT)
  • Preparation of Tenancy Agreement                                 £80.00

3.             FULL MANAGEMENT SERVICE

In addition to the former service outlined above we will:

  • Deal with any problems and queries raised by tenants
  • Arrange payment of insurances, service agreements, repairs, ground rents, service charges, etc. where requested
  • Monitor and maintain the property.  Carry out routine repairs up to a value of £200 normally without referral to the Landlord.  All major repairs or work would be subject to the Landlord’s approval, unless the repair has to be dealt with on an emergency basis
  • Carry out quarterly property inspections and report to the Landlord
  • Collect the rent monthly and pay over to the Landlord monthly (normally paid by direct bank transfer within 3 days of collection) less any outgoings
  • Send a detailed Statement of Account to the Landlord monthly showing all rents received, property outgoings paid and the balance due to the landlord
  • Lodge the Deposit with the Deposit Protection Service and handle any termination issues with the Tenant and the tenancy deposit scheme provider
  • To remit and balance the financial return to HMRC quarterly for non-resident Landlords

                  Fees

  • 10% of the monthly rental deducted monthly throughout the term of the tenancy and/or any extensions   (Inclusive of VAT).
  • Preparation of Tenancy Agreement                           £80.00

The only other charge the Landlord will incur will be the drawing up of the Inventory at the start of the Tenancy  and  the Check  Out fee at the end of the Tenancy.   These prices vary depending on the number of bedrooms and/or size of the property and outbuildings.