Why do I need an agent?
Of course there is nothing to stop a landlord acting without an agent. However, there are many legal requirements that a landlord has to fulfill; failure to comply with these may result in criminal prosecution.
Landlords occasionally have the misconception that it is cheaper to self manage their property. We know the value and benefit of using the services of a letting agent.
Quarters of Leeds can ensure a faster let to reduce void periods, provide rent collection services that reduces arrears and understand both tenant and landlord responsibilities to reduce maintenance costs. Our knowledge in these areas provides a cost effective service that is overall less expensive than self management.
What services do you offer?
Quarters of Leeds provides three levels of service to landlords:
1) Let Only Service – targeted at full time landlords whose daily business is the management of their portfolio.
2) Full Management Service – this provides the landlord with peace of mind as all tasks in the letting and management of the property are taken care of
3) Rent Collection – perfect for those landlords who want to stay in control of their own maintenance, but don’t want to have the difficulties of chasing rent payments.
What happens if the tenant doesn't pay the rent?
Quarters of Leeds carefully select the tenant for your property but on the rare occasion that there is a problem we have stringent processes that are applied to prevent any issue escalating.
However, people’s circumstances do sometimes change during a tenancy and if the rent is not paid, we’ll advise you on the appropriate course of action.
Can I access information out of office hours?
A dedicated login can be created for landlords so they can review statements and see management of a property. Login details can be requested from firstname.lastname@example.org.
Do you charge me to market the property?
Quarters of Leeds provide a No Let No Fee policy and no upfront cost for marketing is taken.
What are my legal responsibilities as a landlord?
Letting of residential property requires landlords to adhere to specific legislation and provision of:
- Energy Performance Certificate (EPC)
- Consent to let from your mortgage provider
- Appropriate landlord insurance
- Adhering to the Gas Safety Regulations by obtaining an annual Gas Safety Certificate
- Ensuring all fixed and portable wiring is safe and regularly monitored/tested and adheres to The Furniture and Furnishings (Fire) (Safety) Amendment Regulations 1993
- Ensuring all adult occupiers have the right to reside in the United Kingdom
Do landlords have to pay tax on rental properties?
All landlords have to declare their income and costs annually to HM Revenue & Customs (HMRC). We can refer you to numerous advisors and accountants if you require assistance.
Do I pay tax if I am an overseas landlord?
If you are living overseas, you must inform the HM Revenue & Customs (HMRC) and join The Non-Resident Landlords (NRL) Scheme. This scheme is for taxing the UK rental income of non-resident landlords.
Unless an “Exemption Certificate” is received from the Inland Revenue specifically permitting us to pay rental monies to the landlord without the deduction of tax, we are obliged by Law to deduct tax at the appropriate rate as directed by HM Treasury on all monies received and account to the Inland Revenue for these monies on a quarterly basis.
Whilst landlords are responsible for obtaining their own “Exemption Certificate”, we can advise you of how to go about it and supply you with the relevant forms to fill in.
What happens to the deposit?
If we are managing your property, the deposit is held with The Deposit Protection Service (DPS).
If the landlord opts for our let only or rent collection service then legally the landlord is responsible for registering the deposit. We will ask for confirmation of your chosen scheme prior to letting the property.
Will you be doing references on the tenant?
We conduct a thorough application process that includes full referencing on all tenants and guarantors. We use a reputable company to carry out full credit history checks, and carry out the stability and affordability assessments in-house.