www.thedisputeservice.co.uk www.depositprotection.com www.mydeposits.co.uk
• Landlord management expenses – postage and Stationery • Heating, lighting and telephone (during void periods) • Garden maintenance • Preparing an inventory • Building society letting charges: You can allow for the depreciation of the contents of your home in one or two ways: a. Deduct 10% of the rent or Reptiles or birds on the property without the landlord's prior consent. • If applicable, return the oil tank to the same level at the end of the tenancy as it was found at the beginning. • If applicable, empty the septic tank throughout the tenancy. • Ensure the windows are thoroughly cleaned inside and outside throughout the tenancy and at the end. WHAT ARE MY RESPONSIBILITIES AS A LANDLORD? Income tax and your rented property USEFUL WEBSITES: BUILDINGS INSURANCE • HomeLet Prestige Deduct from the rent anything you pay that year for replacing furniture, fixtures or fittings. This is called the ‘Renewals Basis’. You may not choose both options; having chosen one, you may not change. The rules governing tax and allowable expenses change from time to time. If you are in doubt, you should contact your accountant or Income Tax Inspector. Tenancy Deposit Scheme Since April 2007, all deposits (for rent up to £25,000 per annum) taken by landlords and agents for assured shorthold tenancies in England and Wales must be protected by an authorised tenancy deposit scheme. Whites has joined the Tenancy Deposit Scheme for Regulated Agents (TDSRA) managed by the Dispute Service. This scheme is supported by the Royal Institution of Chartered Surveyors (RICS), the National Association of Residential Letting Agents (ARLA) and the National Association of Estate Agents (NAEA). Comprehensive buildings insurance Competitive rates for landlords with more than one property (portfolio insurance) • Loss of rent • Accidental damage by your tenant RENT GUARANTEE AND LEGAL COVER Sometimes, even the tenants with the best references fail to pay the rent through circumstances beyond their control, such as redundancy or relationship breakdown. The rent guarantee cover is designed to protect you and provide peace of mind.
The new legislation impacts the way agents manage deposits, and therefore, there is a nominal charge of £40 VAT to enable us to hold and anage a deposit on your behalf. This will be charged to you upon each new tenancy. Insurance HomeLet is a specialist provider of landlords’ insurance and offers a range of products to cover: • Level 1 (6 or 12 month policies) • Available at a cost from £50 per tenant 4 months’ rent paid on a 6 month tenancy; 5 months’ rent paid on a 12 month tenancy • Related legal expenses covered to obtain vacant possession (up to £25,000) • No rent is paid after vacant possession • Cover ceases when tenant vacates • Excess equivalent to 1 month’s rent • Specialist in-house legal and claims team to ensure any claim is dealt with promptly Cover provided by Rent4Sure. Available at a cost of 3% of the rent, e.g. £288 per year on a monthly rental of £800 (+ insurance premium tax at the current rate as set by HMRC) • Cover is on the property; not on the tenant • Full legal cover for up to £50,000 in eviction costs Included • Rental payment guaranteed for up to 12 months • 50% of rent paid for up to 3 months after vacant possession has been obtained • Excess equivalent to1 month’s rent For more detailed information about the insurance products available, please see the enclosed HomeLet brochure or phone HomeLet on 0330 333 7039 and quote, Whites Scheme Number 1402646. HomeLet is a trading name of Barbon Insurance Group Limited, which is authorised and regulated by the Financial Conduct Authority. The introduction of buy-to-let mortgages has led to greater flexibility a for the private investor who is able to consider property as an affordable long-term Whites has compiled a list of the most relevant points to consider when contemplating such a purchase. Marcus Shepherd, Director, Lettings and Management, said: “Whites can offer advice and assistance on all aspects, from selecting a suitable property advice on refurbishment through to obtaining tenants and managing the property.”
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