We are able to manage your residential property and we abide by the Service Charge Residential Management Code
We offer a Full Service Management Package, at the following rates:
- Management for first year -12% of annual rent
- Management for second and subsequent years -10% of annual rent
In the event that repairs or building works are required, we will only levy an additional charge where the value of the repairs exceeds £250.00. We find the appropriate professional and charge a management fee of 10% of the total costs of the work.
When you start renting out property, you must tell HM Revenue & Customs and you may have to pay tax. If you fail to do so, you could face a penalty.
Please check the following link to the government’s website regarding payment of tax:
Income tax is paid on the income received from the rent, and the following deductions are made for ‘allowable expenses’.
- buildings and contents insurance
- letting agents’ fees
- legal fees for lets of a year or less, or for renewing a lease for less than 50 years
- accountants’ fees
- interest on property loans
- maintenance and repairs to the property (but not improvements)
- utility bills such as gas, water and electricity
- your own rent, ground rent, service charges
- Council Tax
- services you pay for, such as cleaning or gardening
- other direct costs of letting the property, such as phone calls, stationery and advertising
- If you are an overseas landlord, you can apply for tax exemption but you will need to contact your local tax office. We are able to assist you in the process and paperwork that is required.
For any other management fees in relation to your property, please contact us