Services for Landlords| Technical Information for Landlords |
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| Complex legislation creating a framework for lettings at market rents within the well known Assured Shorthold tenancy. The bureaucracy of the original legislation has been reduced by the 1996 Act but a number of strict procedures and a range of prescribed forms are still required which with legacies from previous enactments leaves many potential pitfalls. Very few interpretations of the law even under the 1988 Act have been made by the Courts leaving a concerning number of principles to be put to the test. Sheldon Bosley have established an extensive working knowledge of the Act having obtained numerous legal opinions and from direct study of the text. Attendance to the correct procedures is a matter of routine for the skilled personnel at Sheldon Bosley. The position of the Landlord will be proteced so far as market conditions and the law allow. |
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| Sheldon Bosley have considerable experience of tenancies subject to controlled rents and security of tenure, which affect virtually all granted before 1989. Complex regulations relate to matters as diverse as inheritance and repairs. Skilled staff supervised by Chartered Surveyors ensure that correct procedures are adopted and time constraints observed. The Rent Officer sets the rent that may legally be charged by reference to strict criteria. This judgement may be challenged by appeal to the Rent Assessment panel. A charge of £100 will be made for application to the Rent Officer to review the Registered rent with a further £75 where the matter is referred to the Rent Assessment Committe, each subject to VAT. Correct service of prescribed notices and applications is a matter of routine for the experienced staff of Sheldon Bosley. |
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| Many tenants are assisted with rental payments by government funding. New rules may limit entitlement and a range of conditions must be satisfied by the tenant with their circumstances under periodic review. Payments may be reclaimed by the authorities if entitlement is found to be exceeded. Although the support provides some security the arrangement is not entirely reliable. Sheldon Bosley make careful enquiries about the level and likely consistency of Housing Benefit payments. |
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| Requirements for a tenant to carry out other than minor internal repairs in the case of terms of less than 7 years are unenforcable. The Landlord is compelled to maintain a dwelling in the condition for which it was let. Sheldon Bosley would normally assume your instructions to employ contractors in matters of routine maintenance and repair where is less than £250 plus VAT with payment deducted from rent in hand. No fees would be charged. Repairs costing in excess of £250 plus VAT (£1,000 plus VAT in the case of Management Plus) would be subject to an administration fee of 10% of the cost. Except in cases of dire emergency, your prior instructions following advice and discussion, would always be obtained in respect of larger works. Routine repairs administered by Sheldon Bosley withour charge. Contractors appointed as instructed or recommended if required. |
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| Carefully drafted formal documentation will be provided by Sheldon Bosley to set out the required conduct of the tenant. No charge will be made to you although the tenant will contribute to administration costs. Documentation provided without charge to owners. Administration charge payable by tenant |
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| Reliable character profiles are notoriously difficult to establish. less direct personal contact by financial institutiongs, greater mobility and less frequent career appointments eith single emplyers add to the difficulty. Personal judgements by experienced profesionals are normally reinforced by the services of a Credit Reference Agency, and other referees as appropriate. Referees' costs are fully paid by the potential tenants. |
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| In the case of furnished lettings, a record of contents and condition is firmly recommended but is subject to a separate time charge. Please note that where a client undertakes preparation of an inventory no responsibillity can be accepted by Sheldon Bosley. For furnished lettings a detailed description of contents will be prepared at a cost to be agreed. (Note: An administrative contribution will be obtained from the tenant) |
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| Records of interior condition, where furniture is not provided are important to establish the care with which premises are occupied. For unfurnished lettings a schedule of condition will be prepared by Sheldon Bosley at no cost to you under our Management and Management Plus option. |
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| A minimum deposit of one month's rent is automatically a condition of each tenancy and is held by Sheldon Bosley as stakeholder to be refunded at our discretion. No interest is paid to either party A minimum deposit of one month's rent is taken for each new tenancy and held by Sheldon Bosley. |
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| The instigation and negotiation of rent reviews will take place automatically with Management Plus. In the case of standard Management we will tell you when a review is thought appropriate but administration of the increase will be subject to a separate charge. An administration charge of £75 plus VAT will be made when rents are reviewed. A part of Management Plus. Available as an extra service with other levels of instruction |
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| During marketing, between tenancies and on other occasions, it is freequently unavoidable that buildings are unoccupied. Regular attendance, in addition to clearing mail and establishing the absence of unlawful entry or vandalism, are all matters covered by void care. A charge of £15 plus VAT will be made in respect of each visit A part of Management Plus. Available as an extra service with other levels of instruction |
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| The consent of the freeholder may be necessary before leasehold premises may be let. In some cases there may be an absolute prohibition against subletting when legal advice could be required. Ground Rent and Service Charges, where appropriate, would normally continue to be your responsibillity. Sheldon Bosley will assume any necessary consents have been obtained from the freeholder |
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| The consent of a mortgage lender is usually required before a property may be let. Additional interest becomes payable in some cases. It will be assumed that mortgagee's consent has been obtained |
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| A series of Statutory Instruments has been implemented to enforce various safety regulations: Gas Safety Regulations 1994 - It is the unavoidable responsibillity of the Landlord to commission regular safety and service checks for any gas fired equipment and installation. The tenant must be provided with current certification from a CORGI registered installer. Failure to fulfil the duty imposed is a criminal offence. Due to the size of our management department we are able to arrange high quality work at competitive rates. Sheldon Bosley will make the necessary arrangements for service attendances on your behalf unless instructed to the contrary deducting contractors charges from funds in hand. Fire and Safety regulations (amended) 1993 - In buildings constructed or converted after 1992, provision of adequate warning of fire is the responsibillity of the Landlord to provide. The installation of smoke detectors in sufficient numbers appears to satisfy this duty. Fitting of mains operated detectors is firmly recommended as maintenance of alarms is the duty of the landlord. Sheldon Bosley have secured the services of electrical contractors to fit mains operated units at competitive rates. We will arrange installation if required deducting contractor's charges from funds in hand. Fire and Safety Regulations (amended) 1993 (Furnishings) - Since 1st January 1997 all furnishings supplied in lettings comprisinga business venture should have conformed to prescribed levels of smoke emission, fire resistance and flammabillity. A single short term letting of the owner's home would appear to be exempt. Theses regulations do seem, however, to have been sufficient to discourage the vast majority of furnished lettings. Detailed provisions are complex and highly technical but copies of the regulations are available from the Trading Standards Office of the County Council. (A guide to the Furniture and Furnishings Regulations) Briefly, any upholstered furnishings manufactured between 1950 and 1990 are unlikely to comply. A manufacturer's kite market is the only positive assurance of compliance. Criminal proceedings could result in the event of injury due to a failure to comply. Sheldon Bosley will assume compliance with the regulations AS A CONDITION of accepting your instructions. |
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| Insurers will normally require to be informed if a house is let and advised if it is occupied. Sheldon Bosley will be pleased to provide advice regarding claims and appropriate sums insured. The submission and negotiation of claims would be subject to a time charge, while assessment of replacement cost would be charged at 0.1% of the sum plus VAT. It would normally suffice to insure the standard range of perils for let property. It is worthy of note that furniture will not normally be covered against theft but replacement of rent lost as a result of fire can be added to most policies. Due to the size of our management portfolio Sheldon Bosley are able to negotiate highly competitive premium rates for let premises. Our block policy includes a wide range of perils often omitted in individual policies with no quibble over payment of genuine claims. Any client is welcome to take advantage of this beneficial arrangement. Sheldon Bosley will assume necessary information has been given to Insurers. Cover under the Sheldon Bosley block policy is available. |
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| Efficiencies Rent is normally considered as a part of income and taxed accordingly. Landlords can be taxed differently to other occupiers not always to their advantage. Expert advice is recommended. All legitimate expenses are subject to relief including repairs, insurance, agent's fees etc. In addition to interest on loans. Taxes Management Act 1970 Only Landlords who are NON RESIDENT in the UK for tax purposes are concerned with this legislation. Managing Agents are obliged to deduct tax at the standard rate from all rental collections on behalf of expatriots and remit to the Inland Revenue quarterly unless an Approval Certificate has been obtained allowing us to make a gross remittance. Payment of UK tax by non-residents is a complex issue. It is strongly recommended that a suitably experienced Chartered Accountant is instructed to represent your interests. Tax must be deducted and remitted to the Inland Revenue if you are non resident and no Approval Certificate has been obtained. No interest is payable by Sheldon Bosley or the Inland Revenue on funds held against tax liability. |
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| Should the tenant fall into arrears or otherwise fail to comply with the terms of the tenancy, you will be kept advised of our efforts to correct the situation. No additional charge is made by Sheldon Bosley in respect of these services or that of briefing solicitors to act on your behalf and attendance at court hearings should legal action become unavoidable. Monitoring, corrective measures and briefing lawyers undertaken by Sheldon Bosley without charge, under our Management and Management Plus options. Exposure to loss of rent and legal costs can be avoided by use of the Sheldon Bosley Rental Guarantee and Legal Charges Indemnity as part of the Management Plus option in our range of services. |
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| Remittance of Funds Receipts of income less charges due to Sheldon Bosley, repair costs and other outgoings will be remitted by cheque or electronic transfer as you prefer. These accounts will indicate the source of income and the nature of disbursements to provide a record for taxation purposes. Monthly remittance of funds. Payment by cheque or electronic transfer. |
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| Rates of charge are indicated on the page Range of Services. Payment will generally be taken by deduction from funds held on your behalf. No initial payments required. Settlement by deduction from funds collected. |
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| A budget of proposed expenditure will be agree at the outset. Costs to a maximum of this sum are normally recovered from rental receipts but Sheldon Bosley may require reimbursement on demand No charge is made above the agreed budget. |
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The Tenant is normally responsible for the following:
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| Naturally we hope that these circumstances will not arise but if for any reason you no longer wish Sheldon Bosley to act on your behalf at least one month's written notice would be required subject to a minimum charge of the appropriate fee under the letting option (normally 10% of 6 months rent) To withdraw your instructions simply serve one month's notice. |
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