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Residential Letting and
Management
Grant & Wilson Ltd operate a specialist Residential Letting Department
to cater for the leasing and management of all types and sizes of
property.
Our service is completely flexible and geared to suit individual
needs. We make sure that clients are kept fully informed at all
stages of the rental and management of their property.
Our management service includes:
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Viewing's with tenants; |
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Obtaining deposits and completion
of application forms; |
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Checking tenants' references
and obtaining landlord's consent to let; |
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Drawing up leases and compiling
inventories; |
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Checking the property at the
end of a lease; |
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Routine visits to property; |
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Organising repairs; |
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Collecting rent. |
Leasing -
your questions answered
Can
I be sure of regaining possession at the end of the lease?
Will my home be in safe hands while
I am away?
How much furniture must I leave in
the house?
What about an inventory?
Who will insure the house and contents
while the house is let?
Will my Building Society object to
my letting the house?
Should I arrange for the disconnection
of my telephone, electricity and gas?
Who looks after the house when it is
not let?
How often do you report on financial
matters?
Will I be liable for Income Tax on
the rental?
Can
I be sure of regaining possession at the end of the lease?
Under the terms and conditions of the Housing (Scotland) Act 1988,
the court must grant the landlord an order allowing him to evict
the tenant if he applies for one at the end of the tenancy period,
assuming the said tenancy complies with the Act.
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Will
my home be in safe hands while I am away?
There is always an element of risk in leaving a house. This is much
reduced, but not entirely eliminated, by letting the property. We
always obtain references in respect of prospective tenants, which
must be satisfactory. But these references are not guarantees and
we cannot guarantee tenants. During our management we endeavour
to visit the property to monitor the tenant's stewardship.
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How
much furniture must I leave in the house?
There is no legal requirement about this. However, unless letting
unfurnished, the house should be equipped with quality furnishings
in order to attract the best type of tenant. It is best not to leave
any item of real monetary or sentimental value. All upholstered
furnishings must comply with the fire and furnishings (fire safety)
regulations 1998, and all electrical equipment/appliances must be
checked for safety. This is to comply with Electricity at work act
1989. Many tenants bring their own things with them and do not require
an excess of landlord's equipment.
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What
about an inventory?
Prior to the start of each tenancy we prepare a full Inventory and
Schedule of Condition covering all areas of the property, except
for lofts/attics or rooms/other areas to which access is denied.
These documents are designed as a record and are checked when the
tenant leaves. But if damage is slight, or is concealed by some
means, we cannot accept responsibility as checking can only be at
a level which is practical and recognises fair wear and tear during
the period of the tenancy. In the event of damage every effort is
made to recover compensation from the tenant.
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Who
will insure the house and owners/landlords contents while the house
is let?
The landlord. We suggest that clients inform their insurers that
they will not be resident in the property. Landlords can arrange
all necessary insurance through Grant & Wilson Ltd. For the
avoidance of doubt landlords will only be responsible for their
contents. Tenants are responsible for the insurance of their own
or any third party property.
Will
my Lender object to my letting the house?
If the property is subject to mortgage, you should advise your lender
of your plans. Our experience confirms that most building societies
and banks will consent to the letting of your property although
this may involve completing some formalities. Our documentation
and code of practice has to date met with all their requirements.
There will be some formalities to attend to but, provided you are
intending to return within three years, we can comply with the requirements
of most societies.
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Should
I arrange for the disconnection of my telephone, electricity and
gas?
We recommend that you have your telephone disconnected, even though
there is a risk that you will come home to a new telephone number.
The tenant will reconnect in his own name and will thus be responsible
for his own telephone bills. Gas and electricity meters are read
by us at the beginning and end of each lease. We arrange for tenants
to be billed accordingly. No disconnections are involved.
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Who
looks after the house when it is not let?
We will regularly check the property when the house is not tenanted,
before or after a lease period, reporting any problems directly
to the owner or their representative or to the local police if required.
We will always respond to calls to step in should a problem arise,
regardless of the terms of our initial appointment.
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How
often do you report on financial matters?
Monthly. Each month you will receive a statement of Receipts and
Payments in summary form, so you always know where you stand. It
normally takes about seven working days, from receipt of rental,
for your funds to be transferred by giro credit to your nominated
bank account.
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Will
I be liable for Income Tax on the rental?
On the net profit, yes. This is the gross rental less any expenses
incurred in leasing the property (i.e. repairs) and any mortgage
interest paid by the client. Profits on net letting income are liable
to tax like any other source of income, However, if you are resident
overseas, it will be ourselves, as your managing agents, from whom
the tax will be demanded. We will apply to the Inland Revenue on
the client's behalf, as non-resident landlords are often permitted
by the Inland Revenue to receive rental income with no tax deducted.
If the tenant were to pay his rent to you direct, he would be obliged
by law to deduct tax from his payments. If the Inland Revenue does
not grant the right for clients to receive payment without tax being
deducted, we hold back funds, at the standard rate of tax, to meet
the contingent liability. This money is held in trust in a Building
Society, pending a demand from the Inland Revenue. Interest accrues
to the client.
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here for properties available for lease.
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