For a property coming freshly onto the market, we would recommend a 8 week window for advertising. If the property is being re-let, we would start our marketing at the earliest opportunity. We regularly find tenants to take over the property with little or no void period. Often we can find a tenant before the property becomes available through our existing database of applicants.
By using our extensive knowledge of the area and looking at both historical data along with studying the current market and comparables in the area.
Routine visits take place every 4 months, followed by a report to the landlord (managed properties only).
In a managed property SP&M undertakes all maintenance and pays bills up to £200. Over that amount, the work will be agreed in discussion with the landlord.
SP&M will ask the landlord to send us a cheque to cover the cost.
SP&M ensures that the following are kept up to date:
By BACS payment within 7 days of SP&M receiving it.
The tenant pays a deposit of the equivalent of one and a half month's rent and it is registered with The Dispute Service. If there are pets, this may be increased to two month’s rent.
In the event of non-payment, SP&M do everything to chase the rent, we are also able to provide a rent protection scheme through our referencing agency.
Yes, rent is grossed up on to your existing income and taxed in whatever bracket it puts you into. However you are able to offset certain expenses.
It is the landlord's responsibility to declare the income on a self-assessment tax return at the end of each financial year and pay the calculated tax by 31 January the following year. www.inlandrevenue.gov.org
You will be classified as an overseas landlord and will need to complete NRL1 forms to register your status with the inland revenue in order to get authorization to receive your rent gross with no tax deducted at source.
You need their permission to let the house. We ask to see a copy of this letter.
You need their authorization to let and if they do not agree, you need to find another company who will insure a rented property. SP&M can advise.
SP&M staff are trained and qualified in legal aspects of letting. We will ensure that the tenancy agreement is drawn up in line with current legislation.
We ask you to sign a management agreement with us, mutually agreeing terms and conditions. Please ask us for a copy of this.
We draw up the appropriate agreement, usually for a minimum 6 months. For the majority of lets, this is an Assured Shorthold Tenancy. However, there are certain circumstances where a Non-Housing Act Tenancy may be required.
A full independent inventory is taken at the beginning of the tenancy and signed by the tenants confirming that it is correct. When they move out, the house is checked against the inventory and any damage is agreed with the tenants and charged to the deposit. The inventory and check in is paid by the Landlord and the check out is paid by the tenant.
SP&M deals with all problems as they arise and if necessary liaises with insurance companies with the permission of the landlord.
SP&M reads the meters at the start and end of any tenancy, informs the relevant companies and ensures that bills are sent to the correct addresses. It is the landlord's responsibility to finalise the telephone bill.
Not all tenants are good gardeners but are required to cut the grass and weed the flower beds under the terms of the tenancy agreement. If your garden is very large we recommend that you employ a gardener at least twice a year to cut hedges and prune shrubs.
"From initial marketing, through the setup of tenancy and ongoing maintenance, the team at SP&M have been great to deal with. As a new landlord I had a plethora of questions and their support has been invaluable. Detailed reports are provided at frequent intervals to help provide assurance that your property is being well managed and I've found the whole experience of becoming a landlord to be hassle free as a result."
We are pleased to advise that our offices are now open and we are working within government guidelines. If you do plan to visit us at the office, please ensure that you call ahead and arrange an appointment so that we can work in accordance with these guidelines and in a way that helps to protect us and you.