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.
Are you a landlord?
If you are a landlord and would like to know more about our 'No Tenant Fees' campaign please contact us.
Landlords, are you struggling to let your property? Your agent's fees may be deterring good tenants
The Government plan to BAN TENANTS FEES and have announced a new 'Tenant Fees Bill'.
This Bill will prevent agents and landlords from making any charges to a tenant, other than the rent and a deposit (equivalent to one week's rent).
We expect the new law to be introduced in 2019 - possibly as early as the spring but almost certainly by the autumn.
In the meantime, some agents are still charging tenants exorbitant fees and others are looking to add new charges in advance of the ban. At Wilkinson Grant & Co we are aware that at the moment many landlords and tenants may be losing-out because of the fees charged to tenants by letting agents:-
- Tenants, because they cannot afford to move to a new rental property (Research by Citizens' Advice found that 42% of people paying letting agents' fees had to borrow money to pay them)
- Landlords, because they are not getting the choice of the widest pool of tenants and those tenants who can move are deterred from paying the quoted rents because of the added agents fees.
To help both landlords and tenants, Wilkinson Grant & Co have adopted a NO TENANTS FEES policy from 1st November 2018.
Whilst we do not believe the change in law will make renting cheaper for tenants, we do believe the change will help to make the rental market more transparent and simpler for tenants and landlords. It will also help to drive out unregulated letting agents who charge exorbitant tenant applicant fees.
If you're currently struggling to let your property, it might be because your letting agent has hiked up their applicant fees as a last hurrah before the ban. Of course, if this is the case, your letting agent could well be driving good tenants away from your investment property.
At first, your natural reaction to a lettings slump might be to drop your rental price in a bid to attract tenants, but before you do, it could be well worth you taking the time to check with your property manager to look at the admin fees they're currently charging both the landlord and the tenant applicant.
A word of advice
As mentioned, before you start dropping rental prices or take any further action, and once you've totted up all the admin fees and extra charges, if you're unhappy with what you see find, it might be time to jump ship and find a letting agent that has both your as well as your future tenants' best interests in mind. There's a fine line between an agent making a profit and providing a good, fair, quality service - and some letting agents just can't walk it.
So, take a deep breath, examine the fees and processes of your current letting agent, and make an informed decision that works best for you. You'll benefit in the end, trust us.
We hope this has helped and if you're an Exeter landlord in need of a quality, honest and effective property management service, please feel free to give us a shout - we'd love to help.
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.
