Introduction
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Management Fees
Extranet System
Preparing your property
Property Maintenace
Property Cleaning
Safety Information
Furnished checklist
Stamp Duty
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The following serves as a useful guide.
You will need to tell the gas, electricity and telephone companies when you leave. Once this
is done you will have no further responsibility for these utilities.
Generally the tenants will pay the charges for water and sewage.
Council tax is the responsibility of the occupier. We will inform your local collection office
that you are leaving the property. During vacant periods the charge reverts to the owner. When
unoccupied but furnished, the charge is 50% of the normal rate. When unoccupied and 'substantially'
unfurnished, there is no charge for the first six months and thereafter a charge of 50% of the
normal rate. If we are to manage your property we will arrange for the transfer of Council Tax
and utility accounts to the Tenant.
You must advise your mortgagee who may wish to see a copy of the tenancy
agreement. Similarly it is essential that you contact your buildings and/or contents insurance company.
If your property is leasehold you will need the agreement of the freeholder.
Yes, you will be liable to pay tax upon the rental income you receive, but the following are normally deductible:
- Management fees and VAT
- Letting fees and VAT
- Standard council tax
- Water Rates
- Insurance (building, contents and breakdown such as British Gas)
- Servicing costs
- Maintenance and repairs
- Accountancy fees
- Mortgage interest not allowed under Mortgage Interest Relied at Source (MIRAS)
- 10% depreciation of the value of soft furnishings
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