Are you thinking of letting your property?

Finding The Right Tenant - The type of tenant that Peter Carrol & Co can secure for you obviously depends on your property and requirements. However, you can be assured that they will be fully referenced, and all information about them will be forwarded to you for your approval. Most of our tenants are working professionals, company relocations, family relocations and overseas relocations. Once we have received written instructions from you to let your property, we will advertise in the local press, as well as nationally and on this web site. All viewings will be accompanied by our staff so that you are not disrupted. Once we have found a suitable tenant, we can arrange an appointment for you to meet with them.

The Assured Shorthold Tenancy Agreement - Peter Carrol & Co is backed up by a team of solicitors who specialise in property law. They constantly keep us informed of any amendments to agreements or notices and of any new regulations which may affect our landlords. The Assured Shorthold Tenancy Agreement will be drawn up by Peter Carrol & Co, which will be provided to you in draft format well before any transaction takes place. Any advice that you may require during this process will also be provided by us, free of charge.

Inventories - Landlords must provide Peter Carrol & Co with a detailed inventory when renting out their property. This will allow you to protect possessions that remain whilst your property is being let. We will draw up a schedule of condition for all items listed, which will allow you to make deductions from the deposit at the end of a letting. If required, Peter Carrol can provide landlords with an inventory for their property.

Utilities/Council Tax - All utility bills and the Council Tax are usually the responsibility of the tenant and should be put in their name. The landlord will usually be responsible for water and service charges (if applicable.) Peter Carrol & Co can arrange the transfer of the utilities into the tenants name and arrange a final reading on the day of the occupancy.

Regulations - Landlords should have adequate smoke alarms fitted in any rented property. All gas and electrical appliances should also be regularly serviced in accordance with regulations and you should have a certificate of safety from a certified contractor before a tenancy begins. Peter Carrol & Co can provide further information regarding these regulations, if required. Please note that non-compliance with these regulations can lead to fines of up to £5000 or six months imprisonment.

Deposits - A deposit is always taken from a tenant prior to the occupation of the property. It is usually the equivalent of one months rent. If Peter Carrol is instructed to manage the property, we can hold the deposit on your behalf as your agents, which means we will transfer it as per your instructions at the end of the tenancy. Any disputes regarding the deposit can be clarified in the Tenancy Agreement, although Peter Carrol & Co can offer further advice on request.

Income Tax Liability - Under the terms of the Taxation of Income from Land (non-resident) Regulations 1995 (Finance Act 1995), while a landlord may be considered non resident for tax purposes, he still has to pay UK income tax on rents arising in this country. Unless the landlord can provide Peter Carrol & Co with an 'Exemption' certificate from the Inland Revenue, we will be obliged to deduct tax at the base rate from rents received and account to the Inland Revenue with these monies on a quarterly basis.

Landlords Responsibility - The Property should be in good decorative order and clean and tidy. All appliances should be in good working order, including the central heating system. We recommend a service agreement is taken out with British Gas where gas fires are involved. Unless other arrangements have been made and are written into the Tenancy, it is the landlord's responsibility to maintain the property in good order throughout the letting term.

Your Mortgage - If the property is under mortgage, then you are required to inform the lender of your intention to let out the premises. There will usually be no objection, provided there are no arrears, but there may be an administration charge payable, which will vary from lender to lender.

Insurance - Whether your property is to be let furnished or unfurnished, you will need to arrange both Building and contents cover. The building insurance may be included in your mortgage repayments but you will need to inform your existing contents insurers that you are renting out your home. Some companies refuse cover if a property is being rented. Peter Carrol can recommend reputable and cost effective policies for both contents and building insurance.

Scale Of Charges -

Peter Carrol & Co offer three different levels of service:

Introduction of Tenant 10% plus VAT

  1. Valuation of property for rental
  2. Advice on legal requirements for rental properties
  3. Marketing your property at the optimum rental value
  4. Advertising in local or national press
  5. Arranging viewings and where possible accompanying all Tenants
  6. Obtaining all relevant references and credit checks
  7. Advise on the preparation of an inventory and schedule of condition on request
  8. Collecting the first month rent and dilapidation deposit
  9. Arrange Bank standing order for future rent payments
  10. Register the in- going Tenant with the relevant borough for Council Tax
  11. Take meter readings in respect of Gas and Electricity supply
  12. Register in-going Tenant with utility companies
  13. On receipt of Instruction serve the required Notice for possession purposes
  14. Recommend Accountants and Solicitors for Tax or Legal Matters
  15. The fee for our introduction of Tenant Service is at a rate of 10% plus VAT of the rental for the period shown on the Tenancy Agreement. This Amount will be deducted from the rental received and the balance forwarded to you along with the deposit. An additional charge of £50:00 plus VAT will be deducted on preparation of the Tenancy Agreement. In the event of there being insufficient funds to cover the fee’s due, you will be required to forward the balance upon receipt of our invoice.

    Rent Collection 12.5% Plus VAT

    This service includes points 1 to 14, but in addition

  16. Collect rent as when it falls due
  17. Forward monthly statement of account to Landlord
  18. Remit rent to Landlord
  19. Liase with Inland Revenue for overseas Landlords if required ( a fee may be applicable for this service. Please ask for further details)
  20. The fee for our Rent Collection Service is at a rate of 2.5% plus VAT of the monthly rent, This amount will be deducted monthly from the rental and a balance will be remitted to you.

    Full Management 15% Plus VAT

    This service includes points 1 to 18, but in addition we

  21. Carry our regular inspections of the property
  22. Following an inspection, forward a report to Landlord
  23. Deal with all maintenance problems during the Tenancy
  24. Forward copies of all maintenance invoices
  25. Refund Tenants deposit on expiry of Tenancy, less dilapidation deductions
  26. Upon Request deduct additional outgoings, i.e. service charges, final bills etc., from the rental income

The fee for our full Management Service is at a rate of 5% plus VAT of the monthly rent. This does however include the fee for the Rent Collection service. This amount will be deducted monthly from the rental and the balance will be remitted to you.

For free advice, a valuation or a consultation please call Jon on 020 8450 8899