When you choose Stonelink International, you choose a high quality London property management service.
To help you start, we’ve made it easy with a quick guide and overview for Landlords below, to explain what is typically involved with letting and managing a property.
If you are too busy to read the quick guide below, call now on +44 (0) 207 993 4081 or send an email.
The complete service includes (all the above) plus:
The complete service includes by the Stonelink International London property management team (all the above) plus:
The following fees are payable by the landlord to us following the introduction of a tenant who enters into a tenancy:
Letting Only Service:
Our Fee is 12% of the annual rental income inclusive of vat.
The Renewal Fee for the same tenant for subsequent years is a 50% discount on the original annual fee, and you only pay 6% inclusive of vat (minimum £900.00 inclusive of vat)
Our Fee is 8% of the monthly rental income inclusive of vat (minimum £1,200.00 inclusive of vat annually)
Let & Management Service:
Our fee is 18% of the annual rental income inclusive of vat.
Tenancy Administration Fee:
Our fee is £240.00 inclusive of vat for the services covering; reference checks, guarantor checks (guarantor must be UK based), right to rent checks, preparation of the tenancy documentation and any other contract / administrative paperwork.
We strongly advise our Landlords to carry out a full inventory for each separate tenancy. The purpose of checking an inventory is to establish damages which can only be done if descriptions and conditioning remarks are sufficiently detailed at the commencement of the tenancy and then at the end of the term.
Under the terms of the tenancy agreement, the tenant is required to return the property and contents at the end of the tenancy in the same condition as they were at the commencement, fair wear and tear accepted. It is almost impossible to ascertain whether damage was caused during a tenancy without a proper inventory signed by all relevant parties.
If instructed we will arrange a professional inventory and check-in and check-out report, on your behalf, the cost of which is borne by the landlord.
A well-prepared inventory and check-in report protects landlords and tenants alike, providing an accurate description of the condition and contents of a property at the start of a tenancy.
The condition of the property and its contents at the end of the tenancy is then compared back to this report in the form of a check-out report. The inventory clerk will also provide an opinion on whether any damage that has arisen during the tenancy is attributable to the tenants to ‘fair wear and tear’ or to the landlord as required maintenance.
It is in a landlord’s interest to ensure that inventories are prepared for properties that they own. In the worst case scenario, should you end up in court, the judge will tend to look more favourably on an impartial, unbiased inventory prepared by a third party unconnected to either the landlord or the tenants. Inventories prepared by landlords could be viewed as biased and one-sided.
Normally an inventory of the property condition, furniture and fittings and effects will be prepared by the landlord, or an independent inventory clerk instructed by the landlord prior to the tenancy commencing. The tenancy is checked and agreed between the tenant and the landlord at the tenancy commencement.
If you have any queries or require additions / further amendments to the report, they must be received within the ten (10) day period of receiving the report (check in inventory or check out), as per AIIC regulations.
The security deposit is to be held in accordance with the Deposit Protection Scheme: www.depositprotection.com
An inspection of the property will be carried out by the inventory clerk, when the tenancy ends and all keys will be handed back and signed out at this time.
Upon receiving the check out report, both landlord and tenant have the ten (10) day period to raise any queries or require additions / further amendments to the report, as per AIIC regulations.
Should a compromise not be found, or you disagree with the tenant, your agent or yourself must submit the evidence for the adjudicator to make a final decision.
Further information is found on the Deposit Protection website:
If the landlord has a mortgage, it is normal for mortgagees to require notification of any proposed lettings and the landlord should seek their initial consent. In the case of leasehold premises the consent of the Head Lessee of Freeholder will be required. The landlord should also advise his insurance company of the proposal to let the property as this could either invalidate the insurance altogether or increase the premiums. You should obtain written documentation of these consents prior to letting.
The tenant will be responsible for the payment of gas, electricity, water, telephone, council tax and television licence – unless otherwise agreed and stated.
As the landlord you are still responsible for the payment of service charges and ground rent in leasehold properties and buildings insurance on Freehold properties.
Under the Taxation of income from Land (non residents) Regulations 1995, the rent receiving agent (or where there is no agent, the tenant) will be required to deduct an amount equivalent to Basic Rate Tax from the rent (after taking deductible expenses paid by the agent into account) and pay the balance to the Inland Revenue each quarter.
However, the overseas landlord can apply to the Inland Revenue for exemption from this requirement. Provided the landlords tax history is good and tax affairs are up to date, the overseas landlord will be issued with a certificate that will be sent to his rent receiving agent. This will authorise the agent to pay the rent to you with no tax deducted.
We can provide you with an NRL1 form which you must complete and send to the Inland Revenue. Neither your rent receiving agent nor your tax advisor can file this application for you – it must be done by you.
Failure to return this form in time may result in the exemption certificate not being issued before the payments become due. We would have no alternative but to make the required tax deduction before paying the rents to you.
Our company are not tax advisers so if you are unsure as to how the above will affect you, you would be advised to speak to an accountant or professional tax advisor.
Any Non resident Landlord Tax payments deducted by us, in the first quarter can be refunded, if the exemption certificate is in our possession before the first quarter has ended. Any deductions after the first quarter can only be reclaimed after the first year has ended. Any refunds due after the first quarter are made by the Inland Revenue.
Most tenancies are classed as Assured Shorthold Tenancies. Under the Housing Act 1998 (as amended 1996) landlords have more rights to possession than with tenancies commencing prior to the Acts and procedures for possession are now quicker and simpler (provided the process is carried out correctly).
There is no minimum period for an Assured Shorthold tenancy; however we recommend that the tenancy is for not less than twelve (12) months (generally with a break-clause).
Most tenancies are drawn up for a period of twelve months, some have break clauses. A break clause allows either party to terminate the agreement with two months notice after an initial period of four months the notice may be served. We will be happy to discuss the pros and cons of different time periods with you.
Our staff have been trained and receive ongoing training on the various legal aspects of letting including safety regulations, tenancy agreements and clauses, possession and have vast practical experience. They will be happy to discuss any questions you may have regarding more detailed legal matters.
The relationship between Landlord and Tenant can sometimes have its “ups” and “downs” and the need for a professional agent is paramount in closing any divide to allow for a smooth and enjoyable property experience for all parties concerned, whether you are a Landlord or Tenant you are best advised to conclude your property transaction via a reputable agent.
Tenancy law is now far better regulated than ever before with balanced rights for all parties, tenants holding deposit held in Approved Scheme and are returned at the end of the tenancy subject to the property being returned in the manner it was taken and subject to there being no outstanding bills relating to utilities etc. The lettings market has grown immensely due to the increasing Buy to let market and with an increase to new build added to the marketplace the level of quality has improved greatly.