SHOULD I LET FURNISHED OR UNFURNISHED
This is one of the most frequent questions that is asked. The lettings market can vary on this and we have found that there is generally and even split. There is the potential to achieve a higher rent on furnished properties, providing that the furnishing is of good standard. As a minimum all properties should have carpets/flooring and curtains. The extent at which you wish to furnish is down to you, many landlords provide white goods, such as a cooker, washer and fridge freezer. Ultimately the better presented the property the higher achievable rent.

HOW WILL I KNOW THAT MY PROPERTY IS BEING LOOKED AFTER?
As part of our comprehensive service to Landlords we will arrange for and inventory and schedule of condition to be conducted on the property prior to the tenants moving in, this will detail everything from a mark on the wall to the colour of the cupboards. Every quarter we will complete a property inspection and provide you with a written report detailing any concerns.

WHO WILL THE DEPOSIT BE PAID TO?
On commencement of the tenancy we will collect the deposit equal to one months rent and the first months rent, we will then retain the deposit until the end of the tenancy once all meter readings have been taken, final bills settled and upon agreement with yourself we will release the deposit to the tenants.

WHEN WILL I RECEIVE MY RENT?
All rents are collected monthly in advance and paid directly into your bank account within 14 days of collection. Most of the time you will receive your rent with 5 days. You will receive a statement each month advising how much has been paid into your account. We ensure that all tenants pay us by standing order.

WHAT SAFETY REGULATIONS MUST I FOLLOW TO LET MY PROPERTY?
Landlords must ensure that all mains or bottled gas supplied appliances have a gas safety certificate. This applies to central heating, cookers, fires, water heaters must be serviced by a CORGI registered engineer who will then supply you with a gas safety certificate. We will arrange this in your behalf if required. Non compliance with the Gas Safety Regulations could result in a fine or imprisonment or both.

All houses built after 1992 must have linked, mains operated smoke detectors installed on each floor. Older properties are exempt from this but we do insist that you have at least one smoke detector on each floor.

The landlord is also responsible for the electrical appliances provided as well as the fixed wiring within the building this means that a periodic electrical safety certificate must be completed. We are happy to arrange this on your behalf.

All soft furnishings in furnished or partially furnished properties must comply with fire resistance requirements which came into force in 1988

TAXING MATTERS?!

Landlords may be liable to pay income tax on the net income of from their property, that is the gross income less allowable expenses which are incurred in letting the property.

Other taxes may be applicable dependant on your personal circumstances

For overseas landlords we strongly recommend you make contact with the Inland Revenue or your accountant to discuss your financial tax position.

For further information please click on the link below.

www.powerthompson.co.uk
www.inlandrevenue.gov.uk