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Our Guide to Renting

It can be a complicated journey but below we help you navigate the path to finding your next home.

 

INVENTORY

At MILLENNIUM PARK HOMES, we advise our LANDLORDS to carry out a full inventory for each tenancy. If tenants are aware of that the state and the contents of the property have been itemised, they are more likely to ensure that the property is left in the same condition in which it was originally let.  Inventories are particularly important now that they form critical evidence in cases of dispute under tenancy deposit schemes.


Under the terms of the Tenancy Agreement, the TENANT is required to return the property its contents at the end of the tenancy to the same condition as they were at the commencement, fair wear and tear is accepted. 


If we are instructed to arrange a Professional Inventory and Check-in on your behalf and as well as check-out at end of tenancy term, the cost is the LANDLORD’S responsibility. 

CONSENT TO LET

If the LANDLORD has a mortgage, it is normal for mortgagees to require notification of any proposed LETTINGS and the landlord should seek initial consent. In the case of LEASEHOLD premises the consent of the Head Lessee of Freeholder will be required. The landlordshould also inform their insurance company of the proposal to LET the property as this could either INVALIDATE the insurance altogether or INCREASE their Premiums. Written documentation of these consents must be proved before letting out the property.

UTILITIES

If the LANDLORD has a mortgage, it is normal for mortgagees to require notification of any proposed LETTINGS and the landlord should seek initial consent. In the case of LEASEHOLD premises the consent of the Head Lessee of Freeholder will be required. The landlordshould also inform their insurance company of the proposal to LET the property as this could either INVALIDATE the insurance altogether or INCREASE their Premiums. Written documentation of these consents must be proved before letting out the property.

TAXATION

Under the Taxation of income from Land (Non-Residents) Regulations 1995, the rent receiving agent or in some instances where there is NO agent and the TENANT deals directly with the LANDLORD, will be required under LAW to deduct any amount equivalent to the Basic Rate Tax from the rent, this amount however, is deducted after expenses paid by the agent/tenant into the LANDLORDS accounts and the amount deducted must then be paid to Inland Revenue each quarter.


Overseas Landlord can apply to the Inland Revenue for exemption from this requirement. Landlords will be issued with a certificate that will be sent to their rent receiving agent.  This in turn authorises the agent to pay the rent to the landlord without any tax deducted. If you decide to move to another lettings agent the process must be repeated in order to authorise the new lettings agent.  


MILLENNIUM PARK HOMES can provide you with a NRL1 form which must be completed and sent back to the Inland Revenue. The NRL1 Application form can only be filled out by you the LANDLORD not by the Rent Receiving Agent or the Tax Advisor.  If the form is not filed on time, the Exemption Certificate may not arrive before amount is due, resulting in deducting the required taxation amount for Non-Residents.

The team at MILLENNIUM PARK HOMES are not tax advisers so if there is any uncertainty about any TAXATION related issues, specifically to Non- Resident Landlords and as to how the above will affect you, seek the advice of an Accountant or Professional Tax Advisor.


If the MILLENNIUM PARK HOMES team deducts any tax payments relating to Non-Residents in the first quarter and received your Exemption Certificate during this quarter and before it ends, then we will refund the amount.  Keep in mind that any deductions after the first quarter can only be reclaimed after the first year has ended, all further refunds due after the first quarter are made by Inland Revenue.

TENANCY AGREEMENTS

The majority of 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, as long as all prescribe information and procedures are followed.


There is no minimum period for an Assured Shorthold tenancy, however the team at MILLENNIUM PARK HOMES recommends that the tenancy is for no less than a six-month period.  The majority of tenancies are drawn up for a period of twelve months, with some including a break clauses.   The break clause allows either parties to terminate the agreement with two months’ notice after an initial period of four months at which point notice can be served. 

LEGAL MATTERS

The staff at MILLENNIUM PARK HOMES are a well-qualified team who are trained to Standard Approved courses and continue to update their knowledge through Continuous Training on legislative issues and other areas of letting including such as Safety Regulations, Tenancy Agreements, Clauses and Possession, as well as extensive practical experience. 


MILLENNIUM PARK HOMES team will do their utmost to guide and give sound advice to landlords in order to stay compliant and up-to-date with legislative changes.  

CLIENT MONEY PROTECTION

Every year, unprotected landlords and tenants lose money when funds are misappropriated. The best way to ensure money is kept safe especially if something goes wrong is to always choose an agent who has Money Client Protection.  We have ensured that all Client Money has been safeguarded.  View our Money Client Protection Certificate.  

Nil Deposit Renting

  • Nil Deposit as an alternative to a traditional deposit encourages more interest and applications from tenants for properties offering this choice.

  •  With Nil Deposit, tenants will still complete their referencing checks as per the usual process and will remain wholly responsible for any financial loss or damage covered by their Assured Shorthold Tenancy agreement.

  • If a landlord offers the choice of a Nil Deposit, tenants can choose between Nil Deposit and the traditional cash deposit.

  • Nil Deposit still offers cover up to the value of six weeks' rent whereas under the Tenant Fee Act 2015 most tenant deposits will be restricted to the value of five weeks' rent only.

  • Providing choice assists in renting properties faster and shortens void periods.

  • Click here for more information for landlords.