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Landlord Guide

Landlord Guide

We let properties exclusively in the London Boroughs of Camden, Islington and Westminster We believe that our local knowledge will make a difference for you.


Knowing what people are really looking for is key to the rental market. We understand the North London area, and so are well-positioned to understand what properties suit which people. And crucially that doesn’t stop at the property itself. For Landlords looking to rent, this means we will only market your property to suitable prospective tenants, who at the end of the process will be happy in your property for all the right reasons. As you can imagine, the properties we deal with are not unlet for long.

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Letting Only Service-  includes

  • Rental Valuation & Inspection
  • Advice to landlords on furnishings, health and safety issues and any maintenance recommendations.
  • Advertising & Marketing your property on our State of the Art website, UK's leading property portals, emailing and sms message details to all potential applicants along with newspaper advertising where appropriate.
  • We accompany all viewings wherever possible
  • Extensive referencing of tenants who wish to rent your property, via the Maras Group, using an extensive 25 point verification check on each and every applicant, Maras also offer a range of enhanced financial security policies for landlords if applicable.
  • Preparation of the tenancy agreement/s.
  • Collection of initial rent and deposit.
  • Setting up standing order mandate for future rent subject to tenancy commencing.

Full Management

The complete service includes (all the above) plus:

  • A professionally prepared detailed inventory of contents and condition.
  • Arranging maintenance.
  • Dealing with day to day tenant problems that may arise.
  • Transfer of utility accounts, electric, gas, council tax and water.
  • Closing inspection and check out at end of tenancy.
  • Organising return of deposit subject to the property being returned in a satisfactory condition.
  • Look to find suitable new tenants prior to expiry of the existing tenancy.

INVENTORIES

We strongly advise our Landlords to carry out a full inventory for each separate tenancy. The purpose of checking an inventory is to establish damages which can only be done if descriptions and conditioning remarks are sufficiently detailed at the commencement of the tenancy and then at the end of the term.

Under the terms of the tenancy agreement, the tenant is required to return the property and contents at the end of the tenancy in the same condition as they were at the commencement, fair wear and tear accepted. It is almost impossible to ascertain whether damage was caused during a tenancy without a proper inventory signed by all relevant parties.

If instructed we will arrange a professional inventory and check in on your behalf, the cost of which is borne by the landlord. The tenants are responsible for paying for the check out.

CONSENT TO LET

If the landlord has a mortgage, it is normal for mortgagees to require notification of any proposed lettings and the landlord should seek their initial consent. In the case of leasehold premises the consent of the Head Lessee of Freeholder will be required. The landlord should also advise his insurance company of the proposal to let the property as this could either invalidate the insurance altogether or increase the premiums. You should obtain written documentation of these consents prior to letting.

UTILITIES

The tenant will be responsible for the payment of gas, electricity, water, telephone, council tax and television licence. (Unless otherwise agreed and stated)
As the landlord you are still responsible for the payment of service charges and ground rent in leasehold properties and buildings insurance on Freehold properties.

TAX

Under the Taxation of income from Land (non residents) Regulations 1995, the rent receiving agent (or where there is no agent, the tenant) will be required to deduct an amount equivalent to Basic Rate Tax from the rent (after taking deductible expenses paid by the agent into account) and pay the balance to the Inland Revenue each quarter.

However, the overseas landlord can apply to the Inland Revenue for exemption from this requirement. Provided the landlords tax history is good and tax affairs are up to date, the overseas landlord will be issued with a certificate that will be sent to his rent receiving agent. This will authorise the agent to pay the rent to you with no tax deducted.

We can provide you with an NRL1 form which you must complete and send to the Inland Revenue. Neither your rent receiving agent nor your tax advisor can file this application for you - it must be done by you.
Failure to return this form in time may result in the exemption certificate not being issued before the payments become due. We would have no alternative but to make the required tax deduction before paying the rents to you.
Our company are not tax advisers so if you are unsure as to how the above will affect you, you would be advised to speak to an accountant or professional tax advisor.

Any Non resident Landlord Tax payments deducted by us, in the first quarter can be refunded, if the exemption certificate is in our possession before the first quarter has ended. Any deductions after the first quarter can only be reclaimed after the first year has ended. Any refunds due after the first quarter are made by the Inland Revenue.

TENANCY AGREEMENTS

Most tenancies are classed as Assured Shorthold Tenancies. Under the Housing Act 1998 (as amended 1996) landlords have more rights to possession than with tenancies commencing prior to the Acts and procedures for possession are now quicker and simpler (provided the process is carried out correctly).

There is no minimum period for an Assured Shorthold tenancy; however we recommend that the tenancy is for not less than six months.

Most tenancies are drawn up for a period of twelve months, some have break clauses. A break clause allows either party to terminate the agreement with two months notice after an initial period of four months the notice may be served. We will be happy to discuss the pros and cons of different time periods with you.

LEGAL MATTERS

Our staff have been trained and receive ongoing training on the various legal aspects of letting including safety regulations, tenancy agreements and clauses, possession and have vast practical experience. They will be happy to discuss any questions you may have regarding more detailed legal matters.

The relationship between Landlord and Tenant can sometimes have its “ups” and “downs” and the need for a professional agent is paramount in closing any divide to allow for a smooth and enjoyable property experience for all parties concerned, whether you are a Landlord or Tenant you are best advised to conclude your property transaction via a reputable agent.

Tenancy law is now far better regulated than ever before with balanced rights for all parties, tenants holding deposit held in Approved Scheme and are returned at the end of the tenancy subject to the property being returned in the manner it was taken and subject to there being no outstanding bills relating to utilities etc. The lettings market has grown immensely due to the increasing Buy to let market and with an increase to new build added to the marketplace the level of quality has improved greatly.

Landlord Fees

Let and Rent Collection:

10% (No VAT)

Fees deducted annually from the rental income throughout the tenancy. The following services are included:

Appraising the rent, advertising and marketing of your property on the relevant portals and circulating details to Relocation Agents on a regular basis Provide guidance on compliance with regulations Accompanied viewings. Agreeing terms on your behalf with a prospective tenant and obtaining a non-refundable deposit equivalent to two weeks rent

Applying for references Preparing the Tenancy Agreement on your behalf subject to any agreed amendments

£60 (free with our property management service) Transferring the Tenant’s deposit to a custodial Government approved deposit scheme and registering the deposit with our scheme provider The Deposit Protection Service and providing the Tenant with a certificate confirming that the deposit has been protected

Rental and Occupancy Management

Rental fee of 15% (No VAT ) are deducted six monthly from the rental income throughout the tenancy and management fee of 5% on a rent receipt basis and includes the following services in addition to those provided under the rental collection service:

Arrange for any necessary repairs to be carried out during the tenancy and discharge payment to third party contractors on your behalf. We retain a working fund to deal with this

£12 For each written rent invoice/statement for each rent demand if requested

Arranging an inventory checkout report and professional cleaning at the end of the tenancy

Submit any unresolved disputes to The Dispute Service for adjudication

Provide a statement of income and expenses at the end of each tax year upon request

The inventory compilation and the subsequent check in fee is the Landlord’s responsibility

Arrange gas safety records, electrical safety checks and smoke & carbon monoxide alarms where required Hold keys throughout the Tenancy

Keys management throughout the Tenancy

Refurbishment and Furnishing Fee 12% Of the total refurbishment or furnishing cost

Tenancy Agreement Fee £150 Includes identity, immigration and visa confirmation for all tenants and guarantors and

Accompanied Check Out
This is provided at the landlords request and it is common practice that the cost of either the inventory check-in or check-out is paid for by the landlord(s).

Studio £110

1 bed £130

2 bed £160

3 bed 220

Tenancy Renewal

8% (No VAT)

£95 Contract negotiation and arranging further tenancy and agreement

Statement of tax returns

£42 - copies are emailed free on a monthly basis to each client but if a bulk request is sent for the year than a £42 charge will be applicable.

We are not VAT registered. My City Nest Ltd is not a member of a Client Money Protection Scheme. All of our deposits are protected under the custodial scheme of the Deposit Protection Service. Independent redress provided by The Property Redress Scheme

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