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Landlord related questions

I am thinking of buying an investment property to rent in Bristol, can you advise me on the best types and locations ?

We would be delighted to discuss this with you, areas and types of property can vary over time so please call or e-mail so we can arrange to discuss the various alternatives available in Bristol.

What is the Tenancy Deposit Scheme?

All Landlords are now required by law to register deposits with a deposit scheme.  The registration of the deposit must be made within a certain timescale and any proposed deductions at the end of the tenancy must be agreed with the tenant, again within a certain timeframe. The main implication is that an inventory must be extremely detailed as must any activities during the tenancy, including the check-out. There are 3 deposit schemes which can be considered.

Does Abode only Let and Manage properties in Bristol?

Abode can do a Viewings Only, Let Only or a Fully Managed Service, we will always try and accommodate a Landlord's particular requirements.

If managed how often is my property inspected?

Inspections of your rental flat or house will occur every quarter and a letter/report or e-mail will be sent to you after each visit. We specifically look for issues that may affect the structure of the building or faster than reasonable wear and tear on the property.

When do I receive rental into my bank account?

If your property is a Let Only we would transfer funds to you within 5 working days of move-in.

If your rental property in Bristol is fully managed your funds would clear your account on the 15th of each month for the month in question.

Who carries out maintenance on the managed properties?

Abode’s dedicated property managers will organise any maintenance on the properties Abode manages. All of our independent contractors have been employed by Abode for numerous years and are trustworthy and reliable.  For any large jobs a minimum of 2 quotes will be obtained.

What legal requirements are there in order to let my property ?

•    If your property has Gas Central Heating, a Landlord Gas Safety Test must be obtained, this has to be done every year.
•    An EPC is required, this is an Energy Performance Certificate and should last for 10 years.
•    All furniture must comply with the Furniture and Furnishings (Fire) (Safety) Regulations 1988.
•    There is no specific legal requirement for fire safety unless your property is an HMO (see below.) We recommend fire detection sensors at sensible spacings throughout the property.

What is an HMO ?

A house in multiple occupation is defined as any property that has members of a different family living together and sharing facilities. The rules can be quite complex and many HMOs are not subject to any legislation or licensing, but some are and it is important to know what to do and when. Please get in touch for more information regarding the latest legislation.

How much money should I withhold from the rent to put towards maintaining my property?

This very much depends on the initial condition of the property. Ignoring the structure of the building we advise that you should budget for 10% of the monthly rent to to put towards maintenance items over the period of a year. A few examples might be: redecoration, carpet replacement, boiler breakdowns, white goods breaking over time.

Do I need to inform utility companies?

For Let Only and Managed Properties, unless agreed otherwise, Abode will inform the Council tax, water and sewage providers, gas and electric companies that Tenants have moved in and their initial meter readings. Tenants are responsible for informing other companies such as TV licensing authority, TV and phone providers.

How often is our website updated?

www.yourabode.co.uk is updated daily with new houses and flats to rent in Bristol. Everyone who registers on our website gets text and email notifications when new properties come on the market.  We also advertise on various property portals.

How long does it take to find tenants?

As a rough guide we advise a time scale of 4-6 weeks from marketing the property until the tenants move in. This can be far less depending on the type of property and the rental level.

Do I need to inform my insurance company that I am renting out my property?

Yes, you should do this, or if your property is an apartment you should inform the management company to make sure the insurer has been informed.

Do you offer a rental guarantee?

We can offer a rental guarantee service, although we find our strict referencing criteria means that this is not often requested by our Landlords. Please contact us for further information.

Do I pay tax on the rental income?

The simple answer is yes, but there are a number of expenses that can be offset against the rental income to give you a figure against which tax will be charged. A few examples of this are:

• Mortgage or loan interest,
• Agency fees,
• Building insurance premiums,
• Cost of repairs and maintenance,
• For furnished properties the Inland Revenue allows a fixed sum of 10% as an allowance.

For further information please contact Steven Harris at Abode who is always keen to help and can also recommend further specialists or check out the http://www.hmrc.gov.uk website as this too is extremely useful. 

Do I need to do anything differently if I am going overseas?

Abode has in excess of 100 Landlords overseas, we understand communication is key and regular e-mail updates are sent as well as monthly statements via e-mail.

Unless a NRL1 exemption form is filled in for the Inland Revenue Abode will have to deduct tax from your rental income. The form is short, easy to fill in and can be downloaded from http://www.hmrc.gov.uk search for NRL1 form.