Looking for: Category: Type: Min Price: Max Price: Bedrooms:
Or Enter Property ID:

We outline on this page a basic, quick guide and overview for Landlords, to explain what is typically involved with letting property. If you need any further information or advice, please don’t hesitate to contact us.

  1. Request a free valuation
  2. Letting Only Service
  3. Letting and Rent Collection Service
  4. Full Management
  5. Inventories
  6. Consent to Let
  7. Utilities
  8. Tax
  9. Tenancy Agreement
  10. Legal Matters
  11. Right to Rent
  12. Sales Fee

Request a free valuation

Back to top

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
  • Referencing for tenant and guarantor (if applicable) including checking the Right To Let via a referencing agency and or self document checking.
  • Preparation of the tenancy agreement/s.
  • Collection of initial rent and deposit.
  • Setting up standing order mandate for future rent subject to tenancy commencing.
  • Letting only fee is 10% plus VAT (12% including VAT) of the total gross rent agreed under the terms of the Tenancy Agreement.
  • On renewal of a tenancy whereby at least one of the tenant of the previous tenancy is still occupying the property, a further fee is applicable as follows:
  • First Renewal: 9% plus VAT (10.8% including VAT) of the total gross rent agreed under the terms of the Tenancy Agreement.
  • Second Renewal: 8% plus VAT (9.6% including VAT) of the total gross rent agreed under the terms of the Tenancy Agreement.
  • Third Renewal: 7% plus VAT (8.4% including VAT) of the total gross rent agreed under the terms of the Tenancy Agreement.
  • First Renewal: 6% plus VAT (7.2% including VAT) of the total gross rent agreed under the terms of the Tenancy Agreement.
  • In case of a renewal with no new contract (periodic tenancy) a monthly fee of 12% (10% plus vat) is chargeable.
  • A fee is chargeable as long as the tenant is still in occupation regardless if there are rent arrears.

Back to top

Letting and Rent Collection Service

  • 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.
  • Collection of monthly rental including letter of reminder to the tenant on rent arrears.
  • Monthly Statement to landlords.
  • Setting up standing order mandate for future rent subject to tenancy commencing.
  • Letting and collection fee is 12% plus VAT (14.4% including VAT) of the total gross rent agreed under the terms of the Tenancy Agreement.

Back to top

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.
  • Organizing 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.
  • Full Management service fee is 15% plus VAT (18% including VAT) of the total gross rent agreed under the terms of the Tenancy Agreement. 
  • Management only service fee is 5% plus VAT (6% including VAT) of the total gross rent agreed under the terms of the Tenancy Agreement.
  • Arrangement Fee for works or refurbishment: 15% + VAT (18% including VAT)
  • Global Realty Lettings are not members of a Client Money Protection Scheme

Back to top

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.

Back to top

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.

Back to top

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.

Back to top

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 authorize 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 adviser 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 adviser.

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.

Back to top

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.

 

Back to top

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.

Back to top

RIGHT TO RENT

For all tenancies starting on and after the 1st February 2016, all occupiers have to undergo a Right to Rent Check.

STAGE 1

Establish who is living in the property.

  • * OBTAIN Original versions of one or more acceptable documents.
  • * CHECK The documents validity in the presence of the holder.
  • * COPY Make and retain a clear copy and record the date the checks were carried out.

You will need one or more original documents that demonstrate the Right To Rent in the UK for all occupiers aged 18 or over, in the presence of the holder.

Acceptable documents include a UK passport and a permanent residence card or travel document showing indefinite leave to remain or a valid visa. The full list of documents can be found on the link below:
https://www.gov.uk/government/publications/rules-and-acceptable-documents-right-to-rent-checks
If the prospective tenant does not have any restrictions on their right to stay in the UK, no further checks are necessary.

STAGE 2 Where the initial check shows that the prospective tenant has the right to be in the UK for a limited time, you can rent your property to that person but you must also make the adequate follow up checks.
Follow up checks must be carried out prior to the expiry date of the tenants’ rights to be in the UK or 12 months after the original checks.

STAGE 3 If the follow up check shows that the person no longer has the right to be in the UK, you must make a report to the Home Office. This report can be found on the link below:
https://www.gov.uk/report-immigration-crime
You can be fined up to £3,000 per tenant, if you rent your property to someone who is not allowed to stay in the UK and cannot prove that you checked their Right to Rent.
If you make a follow up check and do not make a report to the Home Office stating that a tenant’s visa has expired, you will incur a fine.
https://www.gov.uk/penalties-illegal-renting
We will be carrying out Right to Rent checks as part of our referencing process.
The checks need to be carried out within the 28 day period leading up to the start of the new tenancy.

Money Laundering - The Proceeds of Crime Act 2002

Under the above act we are obliged to obtain evidence of the identity of every new Landlord and Tenant by asking for a copy of their passport. If the Landlord or the Tenant is a company, we have to check the identity of at least two directors, unless it is a publicly quoted company. If it is an offshore company or trust we will need evidence of beneficial ownership.
The consequences of not following these procedures, leaves us as Agents open to prosecution and if we are suspicious about any transaction, we will comply with our legal duty to report it to the NCIS.
We are registered for Anti-Money Laundering.

Back to top

 

2% plus VAT (2.4% including VAT) of the total agreed sales price

Sales Fees

2% plus VAT (2.4% including VAT) of the total agreed sales price

Back to top