Buckinghams Estate Agents

Managing Your Property

Buckinghams are experienced in managing property; we have a reliable team of trustworthy, professional tradesmen to support any emergency or maintenance situation.

Should a problem arise, our professional team will arrange to remedy the situation promptly, minimising any inconvenience to your tenant by using the most cost effective solution.

Buckinghams ensure all contractors hold required accreditation and public liability insurance.

Management Visits

We will inspect all fully managed properties at least every 6 months and will forward copies of our report to both tenant and landlord.

By taking a regular interest in your property we have found the tenant's standard of care is considerably higher.

Rental Payments to Landlord

Buckinghams use a sophisticated client accounting/property management computer system.

A landlord's account will be credited usually within 3 working days of receipt of rent, an itemised statement showing all receipts and expenditure will be forwarded at the same time, together with supporting invoices.

Annual income and expenditure statements can also be provided to assist with self-assessment returns.

Taxation

Current Legislation states that rental income is taxable, any costs incurred (agent, accountant, legal fees & maintenance/gardening costs) may be offset against final income, currently a furnished property may have a maximum of 10% 'off-set' for fair wear and tear.

Landlords resident overseas will need to complete the relevant FICO form for zero tax liability on rental income. Assuming your tax affairs are in order, approval is usually granted without delay.

Without this approval Buckinghams will be required to deduct 24% of any income received and pass this onto the revenue on a quarterly basis.

We recommend that you consult your accountant to discuss the full tax implications before letting your property.

Outgoings

Usually a Landlord will be responsible for:

• Payment of Ground Rent
• Service Charges
• Repairs and Maintenance to the property and appliances
• Buildings and Contents Insurance.

The tenant will assume responsibility for all other charges (Subject to any provision to the contrary in the Tenancy Agreement) they will also be responsible for insuring their own possessions.

Checking-out the Tenant

When a tenant gives notice of their intention to leave (usually at least 60 days) and following your instructions, re-marketing of the property would commence immediately in order to avoid a gap between tenancies.

Where possible the same inventory clerk will check-out the tenant under the same conditions as the check-in. The check-out report will include any costs for decoration or repairs and with the agreement of both parties will be deducted from the deposit.

Where the landlord is managing the property the refund/part refund of the deposit will be made once Buckinghams have received instruction that all parties are in agreement.

Range of Services

We offer 3 different levels of service to suit your requirements:

Full Management
A complete service, designed for landlords who wish to leave all the day to day management of the property to professionals but still retain control over important decisions on expenditure over and above an agreed level (typically £300.00)

Rent Collection
Service suits landlords able to be on 24 hour call, with their own emergency maintenance staff, and who are prepared to deal with tenants directly on any matter. We would normally only liaise with the tenant for renewals, notices and collection of rent to us.

Tenant Find Only
Service offered to Landlord's requiring a tenant search only.