Vogue Property Solutions Limited offers three levels of service to the landlord
Let Only
Our let only service is suited for experienced landlords who have the time and resources to deal with the issues that arise from letting out a property. These can be situations such as emergency call outs, lost keys, insurance claims and faulty appliances. Please consider this before selecting your level of service.
Additionally, the service of notices is crucially important in order to regain possession of the property at the appropriate time. If you live overseas, you must by law provide a UK address at which notices can be served.
Our let only service includes:
• Initial market valuation
• Advice on presentation of the property
• Arrangement of safety checks upon request
• Accompanied viewings
• Submission and reporting of references
• Arrangement of an inventory (Optional & Additional Cost)
• Check in and Check out reports (Optional & Additional Cost)
• Receipt of cleared move in monies together with a security deposit
• Arrange set up of standing order directly to your account from the tenant
• Arrange any extensions to initial term, subject to a contract fee.
• Recommending an approved tenants deposit scheme.
Let and Rent collection
As above but includes
• Collecting the monthly rent and forwarding to the landlord less any fees. Rent is normally paid on a set day of each month by cheque or bank transfer.
Full Management
As above but also includes
• Liaising with Landlord or Tenants that utility companies are notified of new tenants
• Quarterly inspections of property
• Arranging repairs and maintenance including professional tradesman to visit the property, obtain estimates where necessary, supervise works and settle invoices using rents received.
• Upon request, arrange payments of service charges, insurance premiums etc.
• Forward any mail belonging to the landlord.
Marketing Strategy
Vogue Property solutions use a wide variety of marketing techniques to enable your property to be rented in the shortest timescale.
These include:-
• Rightmove.co.uk
• Findaproperty.com
• Primelocation.com
• Globrix.com
• Homesandproperties.com
• Corporate relocation contacts
• The Wharf newspaper
• The Property Guide
• The Property Mart
• Local Newspapers
• London wide newspapers
• Attractive For Let Boards
• Our own website
Viewings
All prospective tenants are accompanied on property viewings so that we can answer any questions that the tenant may have. All tenants will be offered the option of being chauffeur driven or met at the property.
Landlords are given regular updates after the viewings.
Furnishings
Presentation of your property is key. A co coordinated designer look will help you achieve the maximum rental return and could also mean a step into the lucrative corporate lettings market where returns are high and for the long term. Quality furnishings can help you transform your buy to let property to a positive income stream.
Our aim at Vogue Property Solutions is to ensure that your property is rented as quickly as possible to escape rent voids.
In offer competitive prices from our associate furnishing companies, so please feel free to discuss this with us.
Inventories and Check in and Check Outs
There are two main parts to our inventory service, the first is the main inventory and check in report, secondly, the check out report when the tenants finish their tenancy.
A well-prepared inventory and check-in report protects landlords and tenants alike, providing an accurate description of the condition and contents of a property at the start of a tenancy. This will help to prevent and resolve problems before they become major issues. Photographs can be taken where directed.
The condition of the property and its contents at the end of the tenancy is then compared back to this report in the form of a check-out report. The inventory clerk will also provide an opinion on whether any damage that has arisen during the tenancy is attributable to the tenants, to ‘fair wear and tear’ or to the landlord as required maintenance.
After Check Out, landlord and tenant will be asked to agree the terms of the deposit return. If they do not agree on any deductions to be made, (i.e. there is a dispute) it will be referred to the new adjudication services.
Adjudicators will review all documents (inventories, check in schedules, check out reports etc) before reaching judgments on disputes. It is therefore vital that all evidence is full, detailed, unbiased and preferably independent.
The new Legislation is designed to protect tenants. Landlords will now be required to ‘prove their case’ if they wish to deduct from tenants deposits. See further details regarding the new Legislation.
Vogue Property Solutions offer an in depth inventory containing digital photographs along with the check in report. A copy goes to both the tenant and the landlord. At check out, another inventory is done with photographs taken of any damage that may be attributable to tenants.
The cost of this service is detailed in our Terms and Conditions of business
Legal
Safety Legislation & Duty of Care
Landlords have a duty of care to ensure the safety of rented property and its contents so that Tenants, occupants, neighbours and the public do not suffer injury or damage.
Vogue Property Solutions can organise the Safety Checks in order that the prospective landlord does not fall fowl of the following:
THE GAS SAFETY (INSTALLATION AND USE) REGULATIONS 1994 (AMENDED 1998)
THE ELECTRICAL EQUIPMENT (SAFETY) REGULATIONS 1994 & ELECTRICITY AT WORK REGULATIONS 1989
THE FURNITURE AND FURNISHINGS (FIRE) (SAFETY) REGULATIONS 1988 (AMENDED 1989 & 1993)
SMOKE DETECTORS
Insurances
Building and Contents
The Landlord should insure the Building and their own Contents (including public liability) with a reputable Insurance Company.
Vogue can put you in touch with a specialist Insurance Company who caters for the Residential Rental sector.
Vogue Property Solutions can arrange quotes for you on request.
Rent Guarantee & Legal Protection
Although recent legislation has gone along way towards giving Landlords the right to get possession back of their property, there may be instances when it is necessary to take Court proceedings to achieve this. The cost of doing so can be between £800 - £1200 even if it is a straightforward case.
HOMELET Insurance who can provide cover for unpaid rent and vacating the property at the end of the tenancy.
Vogue Property Solutions can provide you with quotations for this cover.
Taxation
Income Tax is payable on all letting income received by a Landlord whether they are residing in the United Kingdom or abroad. The introduction of self assessment under the Finance Act 1995, requires that Landlords must complete a Tax Return form declaring their rental income for the tax period and it is the Landlords responsibility to inform the Inland Revenue accordingly. The tax due is calculated upon your rental income minus allowable expenses such as a) Mortgage Interest b) Insurance & Ground Rents c) Legal and Accounting charges d) Costs of maintenance and repairs but not the cost of improvements and e) Allowance of 10% for wear and tear (were applicable) and f) Agents fees including VAT at the prevailing rate.
Overseas Landlords
Even if you are not a permanent resident in the United Kingdom the profit made from rental income after the deduction of allowable expenses is subject to UK income tax. However, under current legislation, as the Letting Agency acting for you we are required BY LAW to withhold tax from rental income unless exempted by written authority from the Inland Revenue. Landlords can apply to the Inland Revenue’s Financial Intermediaries and Claims Office (FICO) for approval to receive their rent with no tax deducted, however Lettings Agency cannot pay the gross rent to a Landlord until receiving written confirmation of the same from the Inland Revenue.
You can contact the Inland Revenue direct or speak to a qualified accountant to have your tax position confirmed. It is best to get this sorted out in the beginning.