In The Best Estate Agents Guide 2021
As a landlord who has taken care and pride in their property, you want to ensure that your chosen letting agent will find the right tenants that will continue to maintain the property to the highest possible standard as well as pay their rental consistently on time and in full.
As an agent we have a careful selection process of all tenants. As a company we take a personal interest in providing you with the best possible service. Our staff have in-depth knowledge of the lettings industry achieving the best possible rent for your property and the technical know-how to oversee and manage your property efficiently and effectively.
Successful rental investment is comprised of long term capital growth, maximum rental yield achievable and near constant occupation. Our highly experienced lettings staff will advise you on how to present their property in order to secure a maximum rental return to your obligations as a Landlord.
We offer a full range of services from Tenant Find Only, Rent Collection right through to the full management service so you can be assured of a tailor made service to suit your personal needs.
Full Management Service
Our fully comprehensive property management service is designed to deal with almost anything that may arise in the day to day running of the tenancy giving our Landlords total peace of mind.
Should any maintenance matters arise on your property, our expert and cost effective maintenance contractors are reputable tradesmen and are always on hand to resolve the problem. However, should you have a preferred contractor then we are happy to instruct them on your behalf.
For this fully comprehensive service we charge a monthly commission fee of only 10% plus VAT of the Monthly rental thereafter.
You may find that you have the time and would prefer to fully manage the property yourself, in which case we can provide you with our ‘Tenant Find’ Service.
The tenant find service fee is from just £450 plus Vat
Should you require the option for an Inventory & Schedule of condition the fee is dependent on the size of the property and its furnishings. Typically around £99 plus Vat for an unfurnished property. Please don’t hesitate to contact us for a fixed quotation.
For the Landlord who wishes to keep control of the day to day management but wishing to use the rental collection accounting services. This service includes all of the Tenant Find Only service with the addition of the following features:
Our standard monthly commission fee is only 6% plus Vat of the Monthly rental thereafter.
Should you require the option for an Inventory & Schedule of condition the fee is dependent on the size of the property and its furnishings. Typically £99.00 plus Vat for an unfurnished property. Please don’t hesitate to contact us for a fixed quotation.
As a landlord there are some key safety and legislative regulations which you must be aware of and implement.
You can speak to any member of the Stanford’s lettings team who will be able to talk to you in more detail about all aspects of safety regulations. The key areas are:
Gas Safety (Installation and use) Regulations
Every let must have a Gas Safety Record carried out by a qualified Corgi engineer, this is in place to ensure all gas appliances, pipes and flues are in safe working order before tenants move into the property. This must be checked every 12 months, and we can remove this worry by arranging these checks for you.
The Furniture and Furnishing (Fire) (Safety) Regulations This legislation applies to all domestic upholstered furniture and furnishings, and sets out the level of fire resistance if you are planning to let your property on a fully furnished basis. We can give advice on the regulations and items which may not be compliant. All compliant furniture must display standard labels and these must be attached to the furniture in a prominent position.
These mainly apply to the Electrical Equipment (Safety) Regulations and The Plug and Socket (Safety) Regulations. All electrical equipment must be safe for use, and we recommend either an Installation Survey or a Portable Appliance Testing to ensure you are compliant.
Building Regulations Part P
Stanford’s only use qualified electricians who have the Part P qualification. This means that any domestic installation work such as new wiring or electrical work in the kitchen or shower can only be certified by an approved Part P qualified electrician.
Energy Performance Certificates
In an attempt to reduce CO2 emissions legislation has been passed that an Energy Performance Certificate (EPC)
is required for every new let (in England and Wales) as from 1st October 2008. This has to be made available upon marketing and a copy produced for the tenant before they view the property.
Houses in Multiple Occupation (HMOs)
Part of the Housing Act 2004, is aimed at maintaining the safety standards of properties of a certain criteria, particularly those properties which may typically appeal to a group of professional
people on a shared basis, or students. Depending on whether the house is set over 3 stories and let to a group of 5
or more, or even a property with shared facilities, the landlord will need to apply for a mandatory License. Stanford’s can help guide you through this legislation as failure to comply can result in significant penalties. For more information contact your local authority on their specific requirements as this can vary across the country.
Housing, Health and Safety Rating System (HHSRS)
As part of the Housing Act 2004, a new method of assessing the condition of a property was introduced. It enables local authorities to apply a risk assessment based on the types of hazards, and the aim is to maintain good standards in the private rented sector. Stanford’s can help you understand how this legislation may apply to your property, and ensure that it is compliant to rental purposes.
Deposit Protection Service
Where there is an Assured Shorthold Tenancy, in England and Wales, all security deposits must be protected by an approved scheme. Stanford’s has subscribed to The Deposit Protection Service and provide this protection FREE to all our landlords.
We will handle the administration of
the protection of the security deposit and provide your tenant with all the details of the scheme and a copy of
the certificate of protection. Failure to protect a security deposit in accordance with the legislation can mean that the landlord may have to pay compensation to the tenant, together with a delay in the possession of the property.
Tax doesn’t have to be taxing
Income tax is payable on rental income irrespective of where you live. Landlords must declare this income on a Self- Assessment Tax Return and have a legal responsibility to notify the Inland Revenue of any liability.
In cases where properties are jointly owned, each party is liable to pay tax. Both the income and expenditure will be split equally between the individuals.
A Non-Resident Landlord is a person who has UK rental income and whose “usual place of abode” is outside of the UK.
Individuals who are outside the UK temporarily (less than 6 months) are not Non-Resident Landlords
Non-Resident Landlords include members of HM Armed Forces and other Crown Servants who are outside the UK for over 6 months.
If Stanford’s receives rent on behalf of a Non-Resident Landlord on our fully managed service, we have a statutory obligation to deduct 20% of the net income and make payments to the Inland Revenue on a quarterly basis.
When a Non-Resident Landlord on our Let Only service receives rent direct
from the tenant, the tenant has a statutory obligation to deduct 20% of the net income and make payments to the Inland Revenue on a quarterly basis.
Non-Resident Landlords can apply to the Inland Revenue for approval that will permit Stanford’s not to deduct tax
at source by completing an NRL1 form. However, approval of an NRL1 does not mean that the rent is exempt from UK tax. In cases of a jointly owned property, each owner must complete their own NRL1 application form.
Established in 2005 and firmly rooted as an industry leaders within the sector
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With Stanford's, you're with the winning team. Your interest is our concern