Holmes Residential Lettings -

Questions Answered


Some Questions Answered


The rents quoted included Buildings Insurance, Ground Rents, Service and Maintenance Charges. The tenant is usually responsible for all Utility Charges, the TV License and Council Tax. If a Mortgage is in force you will need to obtain permission from your lender to do so, and likewise, if the property is Lease-hold you may require the Freeholders consent, in addition to the Mortgagor. We will need to be told as soon as possible of any special requirements they may have. Net Rental Income is Taxable whether or not you are Resident in the UK. We are registered under the NON-RESIDENT LANDLORD SCHEME Reg No:922/NA013211. For Landlords residing abroad the "Taxes Management Act 1970" imposes a duty on the Agent to pay any tax that arises. In these cases we will deduct tax at 25% of the net income. We will apply for an "EXEMPTION CERTIFICATE" for you if you are eligible under the N.R.L.S. The Fire and Furnishings (Fire) (Safety) Regulations 1988. Amended 1993. All upholstery and soft furnishings, which includes loose covers, must comply with Fire Resistance requirements. The offence carries six months imprisonment or a £5000.00 fine or BOTH. From 1st of March 1993 it has been an offence to "supply" furniture which does not comply with the FRR. Furnishings manufactured prior to 1950 is exempt unless re-upholstered since 1950. All Gas Appliances must be given a Gas Safety Check annually by a qualified Corgi Engineer, we suggest at the same time that the appliance be serviced. A Gas Safety Certificate must be granted before the appliance may be used. Low Voltage Electrical Equipment (Safety) Regulations 1989. Any electrical appliance not less than 50 volts and not over 1000 volts in the case of Alternating current (75-1000 using different current) must be "SAFE". The definition of safe is there must be no risk of death or injury to humans, domestic animals or of any damage to property. See that each item is tested by a qualified electrician and label each item giving name of tester and date. This applies to Immersion Heaters, kettles, toasters, TV's, cookers, spin dryers etc. THE LANDLORD will be responsible for this unless "Holmes" receive written instructions to the contrary.

The rents quoted included Buildings Insurance, Ground Rents, Service and Maintenance Charges. The tenant is usually responsible for all Utility Charges, the TV License and Council Tax.
If a Mortgage is in force you will need to obtain permission from your lender to do so, and likewise, if the property is Lease-hold you may require the Freeholders consent, in addition to the Mortgagor. We will need to be told as soon as possible of any special requirements they may have.
Net Rental Income is Taxable whether or not you are Resident in the UK. We are registered under the NON-RESIDENT LANDLORD SCHEME Reg No:922/NA013211. For Landlords residing abroad the "Taxes Management Act 1970" imposes a duty on the Agent to pay any tax that arises. In these cases we will deduct tax at 25% of the net income. We will apply for an "EXEMPTION CERTIFICATE" for you if you are eligible under the N.R.L.S.
The Fire and Furnishings (Fire) (Safety) Regulations 1988. Amended 1993. All upholstery and soft furnishings, which includes loose covers, must comply with Fire Resistance requirements. The offence carries six months imprisonment or a £5000.00 fine or BOTH. From 1st of March 1993 it has been an offence to "supply" furniture which does not comply with the FRR. Furnishings manufactured prior to 1950 is exempt unless re-upholstered since 1950.
All Gas Appliances must be given a Gas Safety Check annually by a qualified Corgi Engineer, we suggest at the same time that the appliance be serviced. A Gas Safety Certificate must be granted before the appliance may be used.
Low Voltage Electrical Equipment (Safety) Regulations 1989. Any electrical appliance not less than 50 volts and not over 1000 volts in the case of Alternating current (75-1000 using different current) must be "SAFE". The definition of safe is there must be no risk of death or injury to humans, domestic animals or of any damage to property. See that each item is tested by a qualified electrician and label each item giving name of tester and date. This applies to Immersion Heaters, kettles, toasters, TV's, cookers, spin dryers etc.

THE LANDLORD will be responsible for this unless "Holmes" receive written instructions to the contrary.


To let a property through "Holmes" Option 1: "FIND TENANT ONLY" This is for those landlords who wish to conduct the renting of their property personally. We will advise on the suitability of the property and highlight any areas where improvement may increase the letting potential and rental value. We will then effect our Marketing program to secure a suitable tenant, and carry out all negotiations on your behalf up to the commencement of the tenancy. i.e. Agree the rental period and amount, take up references, and providing these are satisfactory and to your approval, we will prepare to draw up an Assured Shorthold Tenancy Agreement. Option 2: "RENT COLLECTION SERVICE" As for OPTION 1 but for those Landlords who wish to maintain a "Hands-on" approach with physically maintaining the property and keeping it in good condition, but who prefer us to retain the financial aspects, collect the rent each month and to pay them directly. Option 3: "RENTAL MANAGEMENT SERVICE" As for OPTION 1 where on the point of entry we shall check the inventory*, if instructed, read the meters, organise to have the Utilities put into the name of the Tenants and be your intermediary should any problems arise. During the tenancy we will provide detailed invoices and accounts on a monthly basis in line with the rental payments, and settle any expenses you may incur from the rental income such as insurance premiums etc. As the tenancy nears a close we will serve the appropriate notice for regaining possession and supervise the exit, take the final meter readings and check dilapidations allowing for fair wear and tear. We require that the Tenants pay a DILAPIDATION DEPOSIT equal to at least ONE & A HALF MONTHS RENT, and we expect all rents to be paid MONTHLY IN ADVANCE. There are NO CHARGES during any void Periods before tenancies start, although Holmes accept no responsibility whilst a property is unoccupied. Regular inspection visits can be arranged by negotiation.

To let a property through "Holmes"

Option 1: "FIND TENANT ONLY"
This is for those landlords who wish to conduct the renting of their property personally. We will advise on the suitability of the property and highlight any areas where improvement may increase the letting potential and rental value. We will then effect our Marketing program to secure a suitable tenant, and carry out all negotiations on your behalf up to the commencement of the tenancy. i.e. Agree the rental period and amount, take up references, and providing these are satisfactory and to your approval, we will prepare to draw up an Assured Shorthold Tenancy Agreement.

Option 2: "RENT COLLECTION SERVICE"
As for OPTION 1 but for those Landlords who wish to maintain a "Hands-on" approach with physically maintaining the property and keeping it in good condition, but who prefer us to retain the financial aspects, collect the rent each month and to pay them directly.

Option 3: "RENTAL MANAGEMENT SERVICE"
As for OPTION 1 where on the point of entry we shall check the inventory*, if instructed, read the meters, organise to have the Utilities put into the name of the Tenants and be your intermediary should any problems arise.

During the tenancy we will provide detailed invoices and accounts on a monthly basis in line with the rental payments, and settle any expenses you may incur from the rental income such as insurance premiums etc. As the tenancy nears a close we will serve the appropriate notice for regaining possession and supervise the exit, take the final meter readings and check dilapidations allowing for fair wear and tear.

We require that the Tenants pay a DILAPIDATION DEPOSIT equal to at least ONE & A HALF MONTHS RENT, and we expect all rents to be paid MONTHLY IN ADVANCE.

There are NO CHARGES during any void Periods before tenancies start, although Holmes accept no responsibility whilst a property is unoccupied.

Regular inspection visits can be arranged by negotiation.


Our Fees: Option 1: For this a Finders fee equal to 75% of the first months rental, plus V.A.T. is payable on commencement of the tenancy. Our fees will be deducted from the initial payments and the balance forwarded to you with a detailed invoice and account. Option 2: Our fees are 10% plus V.A.T. of the monthly rental and should you wish us to find a tenant under this option, we will REDUCE out Finders Fee to 25% plus V.A.T. of the monthly rental. Option 3: Our fees are 12.5% plus V.A.T. of the monthly rental and also under this option should you wish us to find a tenant our Finders Fee is again reduced to 25% plus V.A.T. of the monthly rental. Fixed Charges: Agreement charge of £48.00p plus V.A.T and a Checking Charge of £30.00p plus V.A.T. *If you require an inventory this can be prepared and the charge would be dependent upon size and time, which includes a copy for you, for the tenant and for our files. Video inventories can also be arranged. In the landlord's interest we can offer literature from "HOMELET" who can arrange Rent Guarantee and Legal Protection Insurance to minimise any unnecessary financial loss. A detailed brochure giving further details is available, and an individual quote will be given for each property. "HOMELET" can also arrange Tenant Contents Insurance to include Landlords Contents including accidental damage. In the event of a sale being agreed to the tenant or affiliated party, "HOLMES" shall be entitled to a Sales Commission of 1.5% plus V.A.T on the Agreed Selling Price, payable on completion, and in such cases a refund of the Management fee relating to any period after completion, wold be offset against these fees. File 1 (33kb)

Our Fees:

Option 1:
For this a Finders fee equal to 75% of the first months rental, plus V.A.T. is payable on commencement of the tenancy. Our fees will be deducted from the initial payments and the balance forwarded to you with a detailed invoice and account.

Option 2:
Our fees are 10% plus V.A.T. of the monthly rental and should you wish us to find a tenant under this option, we will REDUCE out Finders Fee to 25% plus V.A.T. of the monthly rental.

Option 3:
Our fees are 12.5% plus V.A.T. of the monthly rental and also under this option should you wish us to find a tenant our Finders Fee is again reduced to 25% plus V.A.T. of the monthly rental.

Fixed Charges:
Agreement charge of £48.00p plus V.A.T and a Checking Charge of £30.00p plus V.A.T.

*If you require an inventory this can be prepared and the charge would be dependent upon size and time, which includes a copy for you, for the tenant and for our files.

Video inventories can also be arranged.

In the landlord's interest we can offer literature from "HOMELET" who can arrange Rent Guarantee and Legal Protection Insurance to minimise any unnecessary financial loss.

A detailed brochure giving further details is available, and an individual quote will be given for each property.

"HOMELET" can also arrange Tenant Contents Insurance to include Landlords Contents including accidental damage.

In the event of a sale being agreed to the tenant or affiliated party, "HOLMES" shall be entitled to a Sales Commission of 1.5% plus V.A.T on the Agreed Selling Price, payable on completion, and in such cases a refund of the Management fee relating to any period after completion, wold be offset against these fees.

File 1 (33kb)