LANDLORDS FEE SCHEDULE
Here at Urban Property, we offer a simple fee structure and an all-inclusive management package with no hidden fees.
FULL MANAGEMENT 12% inclusive VAT PCM
+ £450 inclusive VAT administration
LET ONLY £510 inclusive VAT
See what is included HERE
INVENTORY & SCHEDULE OF CONDITION
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. If possible, please also provide receipts for any items of value in the property so that it is easy to assess any dilapidation amounts at the end of the tenancy.
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. Landlords are not entitled to “betterment” any delapidations must take into account their original quality and cost, the age of the item and manufacturers lifespan, the number of tenants (children, pets), and the length of the tenancy, in order to ascertain if a deposit deduction is valid. It is almost impossible to ascertain whether any damage was caused during a tenancy without a proper inventory signed by all relevant parties at the commencement of the tenancy.
If instructed, we will arrange a professional inventory and check in on your behalf. Please note that, under any Housing Act tenancy, the tenant must agree to any deductions from their deposit. Once agreed the deduction should be made within 10 days from agreement. If there is a dispute, the amount of money not in dispute must be returned to the tenant, and your deposit protection scheme can offer ‘alternative dispute resolution’ which is binding. Alternatively, you can go to court for damages. In either case, the independent examiner or judge will expect to see proof of the condition of any items at the start of the tenancy.
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.
TAXES MANAGEMENT ACT & NON-RESIDENT LANDLORDS
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.
You are responsible for notifying the Inland Revenue of the tenancy and for your own tax liability if you reside within the UK.
If you reside abroad for any 6-month period (or longer) within any rolling 12-month period, the Inland Revenue will hold Urban Property, as your managing agent (or your tenant for let-only properties), responsible for the payment of any tax liability which arises on rents collected by us on your behalf, unless an Approval Certificate is provided by the Inland Revenue pursuant to The Finance Act 1995.
If the Inland Revenue does not provide Urban Property or your tenant (for let-only tenancies) with a valid approval certificate, it will be necessary for tax to be deducted at source at the appropriate rate (currently 20%).
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 no less than six months.
LEGAL MATTERS
Tenancy law is now far better regulated than ever before with balanced rights for all parties. Tenants holding deposits in approved schemes 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 in new builds added to the marketplace, the level of quality has improved greatly.
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.
RULES FOR RESIDENTIAL LETTING AGENTS
Code of Practice is mandatory for all Property Ombudsman (TPO) Members who are entitled to display the TPO and ‘Approved Code’ logos and who offer residential letting and/or management services in England.
In order to make a complaint against Urban Property via the TPO you must:
- Have complained via our internal complaints procedure and received our final response (‘final viewpoint’ letter) or more than eight weeks have passed since you made your first complaint.
- You must have complained within 12 months of the event you want to complain about, or the date you became aware of it.
- You must refer your complaint to TPO within 12 months of the date of our final response.
