Whether you are an Investment Landlord with a number of Properties, or a First Time Landlord, we understand that no two Properties or two Landlords are the same.
1.
Our fee structure for managing property is clear and consists of an initial set up fee, plus a monthly management fee. During your let there are no hidden extra costs.
Our fees may fund:
Resida offers landlords a free, no obligation property appraisal. During the appraisal full details of the landlord's circumstances and requirements are discussed and full property particulars are taken in order to provide a realistic market valuation and a recommendation on the lettings potential of the property. At the appraisal an overview of the residential lettings process, current regulatory requirements and an overview of Resida's services.
To receive a free, independent appraisal of your property's potential rental income please contact your nearest Resida office. Rents received are payable by the tenant monthly to our client account. You will be paid direct from this account and we will prepare, at regular intervals, a clear income and expenditure account that you can send to the Inland Revenue.
2.
We can collect a deposit from the tenant to safeguard against damage and can take on the responsibility of protecting the deposit via a government approved Tenancy Deposit Protection scheme. At the end of the tenancy we will inspect the property and the costs of any work attributed to the tenant will be deducted from the deposit. Any disputes will be referred to the dispute resolution service of the Tenancy Deposit Protection scheme used.
The Housing Act 2004 came into effect on 6 April 2007, and made provision for the protection of tenancy deposits and the resolution of disputes over their return. All deposits taken for Assured Shorthold Tenancies (AST) after this date must be covered by a tenancy deposit scheme (TDS) within 14 calendar days of receipt by the landlord or letting agent.
3.
We will aim to find a suitable tenant for your property and take up essential references and credit checks.
We aim to introduce good quality tenants that match your requirements. Certain restrictions (e.g. no smokers or pets) can be imposed, but no illegal restrictions, such as age, race or sex discrimination.
4.
We can prepare an easy to read legal agreement, which complies with current legislation. In general this will be for a period of not less than six months and then renewable on a month-to-month basis. This gives you, the landlord, the flexibility to re-occupy or re-let the house after giving the tenant the required period of notice to quit. Similarly the tenant may terminate after the initial period by giving at least one month's notice.
For more information on Resida's rental agreements please visit our office or contact us by telephone or email.
5.
The payment of water rates, council tax, gas, electricity and telephone bills are generally the responsibility of the tenants.
Tenants are formally checked in against the inventory. Keys and user manuals for any appliances at the property are handed over and meter readings are taken.
6.
Although Resida can help and advise you with repairs, it is your responsibility to ensure that the property is in good condition, with the exception of window glass or other breakages caused by the tenants. Repairs can be carried out by contractors nominated by you, or our own contractors with their charges deducted from your account. We will always ask for instructions before commencing any large-scale repairs.
Our office has a database of expert contractors that we can call on to deal promptly and effectively with any emergencies and repairs. Resida only uses reputable, professional tradesmen and because we deal with them day in and day out, and pay them promptly, we are able to acquire their services much quicker and at better rates than an independent landlord is likely to achieve. Depending on your agreement with our offices, once the cost for maintenance is approved by the landlord, we will commission the job, leaving landlords free to enjoy a stress-free life.
7.
There are numerous and increasing rules and regulations regarding a landlord's duty of care to their tenants. Looking after a rental property should be taken very seriously and landlords who neglect to maintain properties adequately may find themselves in breach of section 11 of the Landlord and Tenant Act.
It can be much more convenient for a landlord to have an agent to deal with maintenance issues. Under the terms of Resida's full management service we can act on the landlord's behalf and take swift action to resolve problems.
8.
Under Self Assessment landlords are legally required to keep and retain records, enabling a tax return to be completed or to make a claim for relief. This legal requirement came into force in April 1997 and a penalty of up to £3000 can be charged for each year of assessment where there has been a failure to maintain or retain adequate records. Resida is able to provide landlords with details of income and expenditure and the lender can supply an annual statement of interest. Records regarding rental properties must be retained until the fifth anniversary of 31 January following the year of assessment (ie five years 10 months).
The Self-assessment system was introduced in April 1997. Landlords should take independent financial advice from an accountant regarding this subject, since it can be complex and rules do change periodically. If you wish Resida to introduce you to a reputable accountant, please let us know. Some important points to consider include:
For the record
Under Self Assessment landlords are legally required to keep and retain records, enabling a tax return to be completed or to make a claim for relief. This legal requirement came into force in April 1997 and a penalty of up to £3000 can be charged for each year of assessment where there has been a failure to maintain or retain adequate records. Resida is able to provide landlords with details of income and expenditure and the lender can supply an annual statement of interest.
Records regarding rental properties must be retained until the fifth anniversary of 31 January following the year of assessment (ie five years 10 months).
9.
Resida landlords are provided with access to our unique insurance packages. These include specialist rent and legal protection insurance, house building insurance and home contents insurance. Our insurance packages are comprehensive and typically cost a third of their nearest competitor – saving you money while ensuring your property is properly protected.
We can offer the following policies:
Building And Contents
Rent and Legal
The Resida residential property owners' legal expenses and tenant default insurances has been tailor-made for Resida, giving our landlords peace of mind.
Full details can be provided on request, but can provide cover in respect of:
Covers the property not the tenancy