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Our commission fee is deducted from the first payment received from the tenant along
with any further deductions for inventories, gas checks and any other costs incurred in the
preparation of the tenancy.
The current charges for inventories and gas checks is available on request.
ADDITIONAL INFORMATION
We recommend you notify your insurance company that the property is to be let as When the property is subject to a mortgage you will need to obtain the mortgagers
this may effect your cover and it is essential to ensure that the policy covers third consent to the letting before entering into an agreement.
party claims and accidental damage. Landlords are responsible for the buildings
insuranceandtheircontentswiththetenantresponsiblefortheirownpossessions.
TAXATION
Income Tax
The rent after deducting allowable expenses will be subject to UK tax whether you are resident
in the UK or not, and must be reported in your Self Assessment Return. However with careful
planning and good advise it is possible to minimise tax exposure.
• Mortgage interest
• Ground rent and maintenance charges, if leasehold
• Agency letting and management fees
• Buildings and contents insurance
• Repair and maintenance of the property and contents, but not the cost of improvements
• Accountant fees
• The Inland Revenue will allow a deduction if the property is furnished, which is calculated as
rent minus water rates x 10%
THE ELECTRICAL EQUIPMENT (SAFETY) THE GAS SAFETY (INSTALLATION AND USE)
REGULATIONS 1994 REGULATIONS 1998
• Electrical supply and appliances within a property must be safe • All gas appliances and associated pipework and flues should be
• Any unsafe items should be removed from the property prior to maintained to ensure they are safe to use. An annual inspection by a
offering it to rent qualified registered CORGI gas engineer is now a requirement of Law
• No statutory checking procedure or timescale exists. However, we • A Gas Safety Record must be kept with the dates of inspection and
strongly recommend that all landlords have an annual inspection of any defects identified. This record must be provided to the tenant
electrical appliances including an annual electrical safety check, by a upon signing the tenancy agreement
qualified electrical engineer • Any gas appliance that is suspected or known to be faulty or
• Smoke alarms are advised to be fitted to all let properties and should incorrectly installed must not be used by anyone and should be
be regularly checked to ensure that they are in full working order removed/replaced or repaired immediately
• Ventilation is needed for gas appliances to work correctly and safely.
You should take care not to block vents and air bricks
TENANCY DEPOSIT PROTECTION SCHEME
6th APRIL 2007
• By law, ALL landlords and agents in England and Wales taking
deposits on assured shorthold tenancies starting after
5th April 2007 must join a Government-authorised tenancy
protection scheme
• Clarendon has become a member of Tenancy Deposit solutions
(www.mydeposits.co.uk). As a member of this scheme we can
protect deposits on all properties we are asked to manage on
behalf of our landlords
• Landlords who let their property through Clarendon but manage
the property themselves, will be required to join the custodial
scheme (The Deposit Protection Scheme). This scheme is
operated by Computershare Investor Services PLC
For further information: www.depositprotection.com