Quality Properties, Quality Tenants, Quality Standards
Here at Wilkinson Grant & Co we aim to provide you with not only a quality service, but quality tenants for your property.
Our particular aim is to give our Landlords the comfort of knowing that all matters relating to the letting of their property will be well cared for.
We specialise in all aspects of 'Residential Lettings', providing a comprehensive service from Tenant Finding to Full Property Management.
We are committed to ensuring that Landlords are given an efficient service that removes the worry of understanding the many complex legal issues relating to letting property. We cover the whole of Exeter and the surrounding area through our office in Exeter City Centre.
Frequently Asked Questions:
We have put together some Frequently Asked Questions & Concerns - the answers we hope will assist you in the letting of your property.
1.Is there a demand for rented property and how long will it take to find a suitable tenant(s)?
This varies from time to time and area to area but our experience suggests that there is always a high demand for quality residential property at rentals that are competitive within the marketplace.
2. How much rent will I achieve for my property?
This will depend on a number of factors to include location, condition, accommodation, facilities and level of equipment/furnishings. At Wilkinson Grant & Co Ltd, we offer a free, no obligation Rent Assessment and will advise you of the exact amount of rent we fell is realistic in the current marketplace. We will also suggest any improvements or alterations, which would help to encourage a swift let.
3. Will we have any income tax liability from income derived from letting our property?
Income received from rented property is subject to Income Tax. There are some expenses, which are treated as tax deductible. These are listed below:
- (a) 10% of total rent received against fair wear and tear
- (b) The costs of all structural repairs and renewals
- (c) All agency fees
- (d) Insurance premiums
- (e) The interest element on your mortgage repayments
- (f) Accountancy and other professional fees
- (g) Water Rates, if applicable
- (h) Charges incurred for postage and telephone class etc made to your agent.
The above list is not comprehensive and we strongly recommend that you consult a tax specialist or your local Inland Revenue Office for further advice.
If the Inland Revenue as not normally resident in the UK classes you, your managing agent, or any person receiving the rents on your behalf, will be responsible to the Inland Revenue for your Income Tax payments. They, therefore, need to withhold money each month at the ruling tax rate to meet your tax liability. You are still allowed to claim the allowances as outlined in (a) to (h) above. Please discuss this with a tax specialist if you have any further queries.
4. Do we let our property furnished or unfurnished?
The choice is yours as there is little difference in achievable rent. The current Housing Act (the successor of the old Rents Act) does not differentiate between furnished and unfurnished tenancies in cases of repossession.
5. What about inventories?
We thoroughly recommend that you do not let your home without an inventory being undertaken. We outsource our inventories to a company who have more than 20 years experience in the industry. The inventory at the commencement of the tenancy will be at your expense, however, at the end of the tenancy, we will ensure that the Check Out is paid for by your Tenants.
A signed copy of the inventory will be kept on file (for managed properties) to be used upon checking the property on the termination of the tenancy and interim inspections. For Tenant Find only properties, Landlords will be sent a copy of the inventory.
6. Should we inform our Building Society/Bank of intention to let?
Failure to do so may invalidate the terms of your mortgage. Our Tenancy Agreements comply fully with the legal requirements laid down by all major Building Societies/Banks.