Rental Services

LETTING SERVICE ONLY

A charge of 7.8% of the agreed total rental amount including VAT

1. Prepare details and advertise property.
2. Find suitable tenant/s.
3. Take up three references (financial, employer and character). One of these would include a previous landlord if applicable.
4. Provide tenant with Tenancy Agreement, all documents and explanation of same.
5. Inform Gas, Electricity, British Telecom and Civic Centre of new occupier of property and instruct tenant on procedures required for change-over.
6. Collect first month’s rent and one month’s deposit. All further payments will be arranged between yourself and the tenant/s.

LETTING AND RENTAL COLLECTION SERVICE

A charge of 9.6% of the rental amount per month including VAT

1. Prepare details and advertise property.
2. Find suitable tenant/s.
3. Take up three references. Financial, employer and character. One of these would include a previous Landlord if applicable.
4. Provide tenant with Tenancy Agreement, all documents and explanation of same.
5. Inform Gas, Electricity, British Telecom and Civic Centre of new occupier of property and instruct tenant on procedures required for change-over.
6. Collect first month’s rent and one month’s deposit and pass to Landlord.
7. Arrange collection of rent and payment to Landlord with monthly Statement of Account.

FULL MANAGEMENT SERVICE

A charge of 10.2% of the rental amount includes VAT

1. Obtain Letter of Authorisation and Instruction for Landlord.
2. Take full Inventory of property contents.
3. Prepare details and advertise property.
4. Find suitable tenant/s.
5. Take up three references. Financial, employer and character. One of these would include a previous Landlord if applicable.
6. Provide tenant with Tenancy Agreement, all documents and explanation of same.
7. Arrange one month’s deposit from tenant against damage and accidental breakages etc.
8. Inform gas, electricity and civic centre of new occupier of property and instruct tenant on procedures required for change over.
9. Obtain signatures on Inventory of both parties.
10. Undertake all minor repairs up to £100 per month. Any major repairs to be discussed with Landlord before carrying out work. Obtain estimates where necessary.
11. Collect rent and pass to Landlord together with Monthly Statement of Account.
12. Inspect property at three monthly intervals or more often if thought to be necessary.

INCOME TAX

Your rental profit will be unearned income or investment income and is liable to tax regardless of whether you are resident in the United Kingdom. When we act as Rent Collectors or Managing Agents for Landlords living abroad, sufficient funds will be retained to meet tax liabilities unless other arrangements are made. The Inland Revenue will raise an assessment against us as your Managing Agent in this country under the provision of the Taxes Management Act 1970.

Deductions are made for all expenses relating to the property including T.V. rental, insurance of property and contents, repairs, cleaning, maintenance, agents fees including V.A.T. and sundries, general and water rates, mortgage interest paid gross, when not under M.I.R.A.S., accountancy charges for preparing statements, depreciation of furniture and fittings (wear and tear).

An allowance of 10% of the gross rent less general and water rates is given to allow for wear and tear.

We would advise that most owners appoint an Accountant or Financial Adviser to ensure that maximum relief is claimed on all expenditure to the property.

We prepare monthly statements showing rent received less expenditure incurred on your behalf. These statements are necessary for tax purposes.

INSURANCE

It is the Landlords responsibility to ensure adequate cover. We recommend that you inform your insurance company of your intention to let at an early stage to ensure the cover for the property and contents is not prejudiced in any way.

MORTGAGE

Consent to let is usually required from the Mortgage.

Mortemore Mackay are members of the Propertymark Client Money Protection. www.propertymark.co.uk We are also members of Ombudsman www.tpos.co.uk.

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